UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-23117
JPMorgan Trust IV
(Exact name of registrant as specified in charter)
277 Park
Avenue
New York, NY 10172
(Address of principal executive offices) (Zip code)
Gregory S.
Samuels
277 Park Avenue
New York, NY 10172
(Name
and Address of Agent for Service)
Registrant’s telephone number, including area code: (800) 480-4111
Date of fiscal year end: Last Day of February
Date of reporting period: March 1, 2023 through February 29, 2024
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days
after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR
270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this
information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”)
control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC
20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment
Company Act of 1940 (17 CFR 270.30e-1).
b.) A copy of the notice transmitted to shareholders in reliance on
Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the
shareholder reports.
Annual Report
J.P. Morgan Money Market Funds
February 29, 2024
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, JPMorgan Institutional Tax Free Money Market Fund and JPMorgan Securities Lending Money Market Fund.
You could lose money by investing in a Fund. Because the share price of each Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. A Fund may impose a fee upon the sale of your shares. 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 and the JPMorgan 100% U.S. Treasury Securities Money Market Fund.
You could lose money by investing in a Fund. Although each Fund seeks to preserve the value of
your investment at $1.00 per share, it cannot guarantee it will do so. An investment in a Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. The Funds’ sponsor 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.
Letter to Shareholders
April 10, 2024 (Unaudited)
Dear Shareholder,
Overall, financial markets generally rallied from the final months of 2023 through the first quarter of 2024 as leading central banks declined to raise interest rates
further. For the twelve months ended February 29, 2024, equity markets largely outperformed bond
markets driven by four consecutive months of net gains in U.S. equity prices.
| |
“Regardless of the market environ- ment, JPMorgan Global Liquidity will strive to continue to provide investors with quality short-term fixed income solutions, supported by our global expertise and resources.” — John T. Donohue
|
Even as interest rates remained elevated throughout the period, economic data were stronger than many
economists expected. While economic growth itself was relatively weak in the first half of 2023,
U.S. gross domestic product rose by 4.9% in the third quarter and 3.4% in the fourth quarter. The U.S. unemployment rate increased somewhat during the second half of the year but remained below 4% for the entire
12 month period. Monthly job growth data periodically surpassed certain consensus forecasts of
economists.
The U.S. Federal Reserve (the “Fed”) continued to raise interest rates at regular intervals through the end of summer 2023, then settled on a benchmark lending rate range of
5.25% - 5.50%. The European Central Bank and the Bank of England also raised interest rates
regularly into the third quarter of 2023 and then held rates at those levels for the remainder of
the period.
The actions of the three central banks have raised some
investors’ expectations for lower interest rates in 2024 and optimism about the potential
for an economic “soft landing.”
There remain significant risks to the macroeconomic outlook. Slower economic growth brought on by elevated
interest rates, could leave the U.S. economy more vulnerable to potential shocks from
geopolitical events, natural disasters or political turmoil. Additionally, financial markets volatility may increase significantly if the Fed decides against reducing interest rates to the extent expected by investors. However,
the overall economic outlook remains positive and financial markets appear to be less volatile
than one year ago.
Regardless of the market environment, JPMorgan Global Liquidity will strive to continue to provide investors
with quality short-term fixed income solutions, supported by our global expertise and resources.
On behalf of JPMorgan Global Liquidity, we thank you for your continued partnership and trust in
our company and our products.
Sincerely,
John T. Donohue
CEO
Asset Management Americas & Head of Global Liquidity
J.P. Morgan Asset Management
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Prime Money Market
Fund
FUND FACTS
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
Seeks current income while seeking to maintain liquidity and a low volatility of principal |
| |
High quality, short-term, U.S. dollar-denominated money market instruments |
Suggested investment time frame |
|
| |
Academy, Agency, Capital, Empower, IM, Institutional Class, Morgan,
Premier and Reserve |
Net Assets as of February 29, 2024 |
|
Weighted Average Maturity(a) |
|
| |
|
7-DAY SEC YIELD AS OF February 29, 2024(d) |
|
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|
| |
|
| |
|
| |
|
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|
Institutional Class Shares |
|
| |
|
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|
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|
The
performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call
1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other
government agency.
| |
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made and may utilize the interest rate reset
date for variable or floating rate securities. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made. |
| |
Percentages indicated are based upon total investments as of February 29, 2024. |
| |
The yields for Academy Shares, Agency Shares, Capital Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier
Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without
these reimbursements and/or waivers, the yields would have been 5.54%, 5.43%, 5.54%,
5.53%, 5.59%, 5.49%, 5.19%, 5.27% and 3.65% for Academy Shares, Agency Shares, Capital
Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and
Reserve Shares, respectively. |
An unaudited, uncertified list of
prior-day portfolio holdings of the JPMorgan Prime Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information
regarding this facility and information on holdings.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Institutional Tax
Free Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
Aims to provide current income, while seeking to maintain liquidity and a low volatility of principal(a) |
| |
High quality short-term municipal securities, the interest on which is excluded from federal income taxes |
Suggested investment time frame |
|
| |
Agency, Capital, IM and Institutional
Class |
Net Assets as of February 29, 2024 |
|
Weighted Average Maturity(b) |
|
| |
|
7-DAY SEC YIELD AS OF February 29, 2024(e) |
|
| |
|
| |
|
| |
|
Institutional Class Shares |
|
The
performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call
1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other
government agency.
| |
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| |
A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to
certain state and local taxes. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made and may utilize the interest rate reset
date for variable or floating rate securities. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made. |
| |
Percentages indicated are based upon total investments as of February 29, 2024. |
| |
The yields for Agency Shares, Capital Shares, IM Shares and Institutional Class Shares reflect the reimbursements and/or waivers of certain
expenses. Without these reimbursements and/or waivers, the yields would have been 3.09%, 3.21%,
3.26% and 3.14% for Agency Shares, Capital Shares, IM Shares and Institutional Class
Shares, respectively. |
An unaudited, uncertified list of prior-day
portfolio holdings of the JPMorgan Institutional Tax Free Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further
information regarding this facility and information on holdings.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Securities Lending
Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
Seeks current income while seeking to maintain liquidity and a low volatility of principal |
| |
High quality, short-term, U.S. dollar-denominated money market instruments |
Suggested investment time frame |
|
| |
|
Net Assets as of February 29, 2024 |
|
Weighted Average Maturity(a) |
|
| |
|
7-DAY SEC YIELD AS OF February 29, 2024(d) |
|
| |
|
The
performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call
1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other
government agency.
| |
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made and may utilize the interest rate reset
date for variable or floating rate securities. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made. |
| |
Percentages indicated are based upon total investments as of February 29, 2024. |
| |
The yield for Agency SL Shares reflects the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers,
the yield would have been 5.57% for Agency SL Shares. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Securities Lending Money
Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on
holdings.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Liquid Assets
Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
Seeks current income with liquidity and stability of principal |
| |
High quality, short-term instruments including corporate notes, U.S.government securities, asset-backed securities, repurchase agreements, commercial paper, funding agreements, certificates of deposit, municipal obligations and bank obligations |
Suggested investment time frame |
|
| |
Agency, Capital, Institutional Class, Investor, Morgan, Premier and Reserve |
Net Assets as of February 29, 2024 |
|
Weighted Average Maturity(a) |
|
| |
|
7-DAY SEC YIELD AS OF February 29, 2024(d) |
|
| |
|
| |
|
Institutional Class Shares |
|
| |
|
| |
|
| |
|
| |
|
The
performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call
1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by
investing in the Fund.
| |
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made and may utilize the interest rate reset
date for variable or floating rate securities. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made. |
| |
Percentages indicated are based upon total investments as of February 29, 2024. |
| |
The yields for Agency Shares, Capital Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares
reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or
waivers, the yields would have been 5.37%, 5.47%, 5.42%, 5.10%, 5.04%, 5.21% and
4.95% for Agency Shares, Capital Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Liquid Assets Money Market Fund is
available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan U.S. Government
Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
Seeks high current income with liquidity and stability of principal |
| |
High quality, short-term securities issued or guaranteed by the U.S. government or by U.S. government agencies or instrumentalities and repurchase agreements collateralized by such obligations |
Suggested investment time frame |
|
| |
Academy, Agency, Capital, Empower, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service |
Net Assets as of February 29, 2024 |
|
Weighted Average Maturity(a) |
|
| |
|
7-DAY SEC YIELD AS OF February 29, 2024(d) |
|
| |
|
| |
|
| |
|
| |
|
| |
|
Institutional Class Shares |
|
| |
|
| |
|
| |
|
| |
|
| |
|
The
performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call
1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by
investing in the Fund.
| |
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made and may utilize the interest rate reset
date for variable or floating rate securities. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made. |
| |
Percentages indicated are based upon total investments as of February 29, 2024. |
| |
The yields for Academy Shares, Agency Shares, Capital Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan
Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or
waivers of certain expenses. Without these reimbursements and/or waivers, the yields
would have been 5.33%, 5.23%, 5.33%, 5.33%, 5.38%, 5.28%, 5.02%, 4.91%, 5.07%, 4.80% and 4.44% for Academy Shares, Agency Shares, Capital Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan
Shares, Premier Shares, Reserve Shares and Service Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan U.S. Government
Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on
holdings.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan U.S. Treasury Plus
Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
Seeks current income with liquidity and stability of principal |
| |
Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S.Treasury and repurchase agreements collateralized by U.S. Treasury securities
|
Suggested investment time frame |
|
| |
Academy, Agency, Capital, Empower, IM, Institutional Class, Investor, Morgan, Premier and Reserve
|
Net Assets as of February 29, 2024 |
|
Weighted Average Maturity(a) |
|
| |
|
7-DAY SEC YIELD AS OF February 29, 2024(d) |
|
| |
|
| |
|
| |
|
| |
|
| |
|
Institutional Class Shares |
|
| |
|
| |
|
| |
|
| |
|
The
performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call
1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by
investing in the Fund.
| |
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made and may utilize the interest rate reset
date for variable or floating rate securities. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made. |
| |
Percentages indicated are based upon total investments as of February 29, 2024. |
| |
The yields for Academy Shares, Agency Shares, Capital Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan
Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain
expenses. Without these reimbursements and/or waivers, the yields would have been
5.31%, 5.20%, 5.31%, 5.31%, 5.36%, 5.25%, 5.00%, 4.88%, 5.05% and 4.78% for Academy Shares, Agency Shares, Capital Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and
Reserve Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan U.S. Treasury Plus Money Market Fund
is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Federal Money
Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
Aims to provide current income while still preserving capital and maintaining liquidity |
| |
Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as debt obligations issued or guaranteed by U.S. government agencies or instrumentalities |
Suggested investment time frame |
|
| |
Agency, Institutional Class, Morgan and Premier
|
Net Assets as of February 29, 2024 |
|
Weighted Average Maturity(a) |
|
| |
|
7-DAY SEC YIELD AS OF February 29, 2024(d) |
|
| |
|
Institutional Class Shares |
|
| |
|
| |
|
The
performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call
1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by
investing in the Fund.
| |
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made and may utilize the interest rate reset
date for variable or floating rate securities. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made. |
| |
Percentages indicated are based upon total investments as of February 29, 2024. |
| |
The yields for Agency Shares, Institutional Class Shares, Morgan Shares and Premier Shares reflect the reimbursements and/or waivers of
certain expenses. Without these reimbursements and/or waivers, the yields would have been 5.19%,
5.25%, 4.86% and 5.04% for Agency Shares, Institutional Class Shares, Morgan Shares
and Premier Shares, respectively. |
An unaudited, uncertified list of
prior-day portfolio holdings of the JPMorgan Federal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information
regarding this facility and information on holdings.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan 100% U.S. Treasury
Securities Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
Aims to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal |
| |
Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes |
Suggested investment time frame |
|
| |
Academy, Agency, Capital, Empower, IM, Institutional Class, Morgan,
Premier and Reserve |
Net Assets as of February 29, 2024 |
|
Weighted Average Maturity(a) |
|
| |
|
7-DAY SEC YIELD AS OF February 29, 2024(d) |
|
| |
|
| |
|
| |
|
| |
|
| |
|
Institutional Class Shares |
|
| |
|
| |
|
| |
|
The
performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call
1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by
investing in the Fund.
| |
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made and may utilize the interest rate reset
date for variable or floating rate securities. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made. |
| |
Percentages indicated are based upon total investments as of February 29, 2024. |
| |
The yields for Academy Shares, Agency Shares, Capital Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier
Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without
these reimbursements and/or waivers, the yields would have been 5.30%, 5.19%, 5.30%,
5.30%, 5.35%, 5.25%, 4.87%, 5.03% and 4.78% for Academy Shares, Agency Shares, Capital
Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and
Reserve Shares, respectively. |
An unaudited, uncertified list of
prior-day portfolio holdings of the JPMorgan 100% U.S. Treasury Securities Money Market Fund is available upon request. Please contact your J.P. Morgan representative to
obtain further information regarding this facility and information on holdings.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money
Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
Aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and |
| |
High quality short-term municipal securities, the interest on which is excluded from federal income taxes |
Suggested investment time frame |
|
| |
Agency, Institutional Class, Morgan, Premier and Reserve |
Net Assets as of February 29, 2024 |
|
Weighted Average Maturity(b) |
|
| |
|
7-DAY SEC YIELD AS OF February 29, 2024(e) |
|
| |
|
Institutional Class Shares |
|
| |
|
| |
|
| |
|
The
performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call
1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by
investing in the Fund.
| |
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| |
A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to
certain state and local taxes. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made and may utilize the interest rate reset
date for variable or floating rate securities. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made. |
| |
Percentages indicated are based upon total investments as of February 29, 2024. |
| |
The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or
waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have
been 3.11%, 3.16%, 2.74%, 2.95% and 2.69% for Agency Shares, Institutional Class
Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Tax Free Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Municipal Money
Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
Seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal(a) |
| |
High quality short-term municipal securities, the interest on which is excluded from federal income taxes |
Suggested investment time frame |
|
| |
Agency, Institutional Class, Morgan, Premier and Service |
Net Assets as of February 29, 2024 |
|
Weighted Average Maturity(b) |
|
| |
|
7-DAY SEC YIELD AS OF February 29, 2024(e) |
|
| |
|
Institutional Class Shares |
|
| |
|
| |
|
| |
|
The
performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call
1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by
investing in the Fund.
| |
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| |
A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to
certain state and local taxes. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made and may utilize the interest rate reset
date for variable or floating rate securities. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made. |
| |
Percentages indicated are based upon total investments as of February 29, 2024. |
| |
The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares reflect the reimbursements and/or
waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have
been 3.13%, 3.19%, 2.80%, 2.99% and 2.31% for Agency Shares, Institutional Class
Shares, Morgan Shares, Premier Shares and Service Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Municipal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan California
Municipal Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
Aims to provide the highest possible level of current income which is exempt from federal and California personal income taxes, while still preserving capital and maintaining liquidity(a) |
| |
California short-term municipal obligations, the interest on which is excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. |
Suggested investment time frame |
|
| |
Agency, Institutional Class, Morgan, Premier and Service |
Net Assets as of February 29, 2024 |
|
Weighted Average Maturity(b) |
|
| |
|
7-DAY SEC YIELD AS OF February 29, 2024(e) |
|
| |
|
Institutional Class Shares |
|
| |
|
| |
|
| |
|
The
performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call
1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by
investing in the Fund.
| |
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| |
A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to
certain state and local taxes. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made and may utilize the interest rate reset
date for variable or floating rate securities. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made. |
| |
Percentages indicated are based upon total investments as of February 29, 2024. |
| |
The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares reflect the reimbursements and/or
waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have
been 2.91%, 2.96%, 2.61%, 2.75% and 2.08% for Agency Shares, Institutional Class
Shares, Morgan Shares, Premier Shares and Service Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan California Municipal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan New York Municipal
Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
Aims to provide the highest possible level of current income which is excluded from gross income and exempt from New York State and New York City personal income taxes, while still preserving capital and maintaining liquidity(a) |
| |
New York short-term municipal obligations, the interest on which is excluded from gross income for federal income tax purposes, exempt from New York personal income taxes and is not subject to the federal alternative minimum tax on individuals. |
Suggested investment time frame |
|
| |
Agency, Institutional Class, Morgan, Premier, Reserve and Service
|
Net Assets as of February 29, 2024 |
|
Weighted Average Maturity(b) |
|
| |
|
7-DAY SEC YIELD AS OF February 29, 2024(e) |
|
| |
|
Institutional Class Shares |
|
| |
|
| |
|
| |
|
| |
|
The
performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call
1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by
investing in the Fund.
| |
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| |
A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to
certain state and local taxes. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made and may utilize the interest rate reset
date for variable or floating rate securities. |
| |
The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal
amount must unconditionally be paid, or in the case of a security called for redemption, the date
on which the redemption payment must be made. |
| |
Percentages indicated are based upon total investments as of February 29, 2024. |
| |
The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the
reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers,
the yields would have been 3.06%, 3.11%, 2.64%, 2.90%, 2.38% and 2.29% for Agency
Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan New York Municipal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Prime Money Market
Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
| |
|
|
Repurchase Agreements — 17.8% |
Barclays Capital, Inc., 5.61%, dated 2/29/2024, due 4/4/2024, repurchase price $296,609, collateralized by Collateralized Mortgage Obligations, 0.00% - 8.94%, due 5/15/2028 - 1/25/2069, with a value of $318,600. |
|
|
Barclays Capital, Inc., 5.63%, dated 2/29/2024,
due 4/4/2024, repurchase price $150,821,
collateralized by Collateralized Mortgage
Obligations, 2.69% - 8.41%, due 10/15/2028
- 1/25/2069, with a value of $162,000. |
|
|
BMO Capital Markets Corp., 5.42%, dated 2/29/2024, due 3/6/2024, repurchase price $80,072, collateralized by Asset-Backed Securities, 0.00% - 13.34%, due 11/15/2027 - 12/27/2066, Collateralized Mortgage Obligations, 0.00% - 8.60%, due 2/25/2025 - 2/25/2069, Corporate Notes and Bonds, 1.60% - 9.00%, due 5/14/2024 - 12/1/2049, FNMA, 8.32% - 17.69%, due 12/26/2041 - 2/25/2049, GNMA, 4.50%, due 7/20/2052 and Sovereign Government Securities, 1.63%, due 1/22/2025, with a value of $86,398. |
|
|
BMO Capital Markets Corp., 5.42%, dated
2/29/2024, due 3/6/2024, repurchase price
$80,072, collateralized by Asset-Backed
Securities, 0.00% - 13.76%, due 11/15/2027
- 2/25/2067, Collateralized Mortgage
Obligations, 0.00% - 8.60%, due 11/25/2032
- 2/25/2069, Corporate Notes and Bonds,
1.00% - 9.00%, due 10/18/2024 - 3/1/2031,
FNMA, 8.32% - 17.69%, due 10/25/2029 -
2/25/2049 and Sovereign Government
Securities, 1.63%, due 1/22/2025, with a
value of $86,746. |
|
|
BMO Capital Markets Corp., 5.45%, dated 2/29/2024, due 3/7/2024, repurchase price $100,106, collateralized by Asset-Backed Securities, 0.00% - 13.77%, due 4/15/2026 - 11/25/2066, Collateralized Mortgage Obligations, 0.00% - 8.19%, due 9/25/2034 - 5/25/2068, Corporate Notes and Bonds, 1.00% - 9.00%, due 6/12/2024 - 12/1/2049, FNMA, 6.50% - 11.57%, due 9/25/2041 - 3/25/2054 and Sovereign Government Securities, 1.63%, due 1/22/2025, with a value of $109,409. |
|
|
| |
|
|
| |
BNP Paribas SA, 5.40%, dated 2/29/2024, due
3/5/2024, repurchase price $425,319,
collateralized by Asset-Backed Securities,
7.63%, due 1/15/2037, Collateralized
Mortgage Obligations, 3.87%, due 3/25/2062,
Corporate Notes and Bonds, 1.20% - 7.38%,
due 11/1/2025 - 1/15/2083 and FNMA,
8.67% - 10.97%, due 4/25/2042 -
7/27/2043, with a value of $447,442. |
|
|
BNP Paribas SA, 5.40%, dated 2/29/2024, due 3/6/2024, repurchase price $660,594, collateralized by Asset-Backed Securities, 3.15% - 7.81%, due 4/22/2030 - 4/25/2051, Collateralized Mortgage Obligations, 0.00% - 12.57%, due 10/27/2024 - 9/25/2068, Corporate Notes and Bonds, 0.00% - 7.38%, due 3/3/2024 - 1/15/2083^^, FNMA, 4.25% - 11.27%, due 5/27/2042 - 11/25/2059 and Sovereign Government Securities, 2.66% - 6.25%, due 5/24/2031 - 1/5/2054, with a value of $702,352. |
|
|
BNP Paribas SA, 5.46%, dated 2/29/2024, due
3/6/2024, repurchase price $100,091,
collateralized by Corporate Notes and Bonds,
10.50%, due 2/15/2028, with a value of
$108,116. |
|
|
BNP Paribas SA, 5.66%, dated 2/29/2024, due 4/4/2024, repurchase price $130,715, collateralized by Asset-Backed Securities, 3.88% - 9.02%, due 1/25/2033 - 12/25/2066, Corporate Notes and Bonds, 0.00% - 11.00%, due 9/20/2025 - 3/15/2082^^ and Sovereign Government Securities, 3.50%, due 7/9/2041, with a value of $144,647. |
|
|
BNP Paribas SA, 5.66%, dated 2/29/2024, due
4/4/2024, repurchase price $140,770,
collateralized by Corporate Notes and Bonds,
5.38% - 10.75%, due 7/1/2025 - 3/22/2030,
with a value of $153,341. |
|
|
BNP Paribas SA, 5.66%, dated 2/29/2024, due 4/4/2024, repurchase price $442,421, collateralized by Asset-Backed Securities, 0.01% - 13.08%, due 4/28/2025 - 3/25/2068, with a value of $491,001. |
|
|
BofA Securities, Inc., 5.34%, dated 2/29/2024,
due 3/1/2024, repurchase price $70,010,
collateralized by Commercial Paper, 0.00%, due
4/8/2024 - 12/17/2024 and FHLMC, 4.00%,
due 9/1/2045 - 7/15/2049, with a value of
$73,500. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Repurchase Agreements — continued |
BofA Securities, Inc., 5.34%, dated 2/29/2024, due 3/1/2024, repurchase price $450,067, collateralized by Commercial Paper, 0.00%, due 3/11/2024 - 9/16/2024 and U.S. Treasury Securities, 4.25%, due 2/28/2031, with a value of $464,287. |
|
|
BofA Securities, Inc., 5.35%, dated 2/29/2024,
due 3/1/2024, repurchase price $90,013,
collateralized by Commercial Paper, 0.00%, due
3/5/2024 - 10/30/2024, with a value of
$94,500. |
|
|
BofA Securities, Inc., 5.39%, dated 2/29/2024, due 3/1/2024, repurchase price $75,011, collateralized by Corporate Notes and Bonds, 1.65% - 7.63%, due 3/3/2024 - 9/30/2059, with a value of $78,750. |
|
|
BofA Securities, Inc., 5.39%, dated 2/29/2024,
due 3/1/2024, repurchase price $250,037,
collateralized by Corporate Notes and Bonds,
1.09% - 7.78%, due 3/17/2024 -
12/15/2066, with a value of $262,500. |
|
|
BofA Securities, Inc., 5.44%, dated 2/29/2024, due 3/1/2024, repurchase price $120,018, collateralized by Corporate Notes and Bonds, 0.00% - 14.00%, due 8/1/2024 - 12/31/2079^^ and Sovereign Government Securities, 11.95%, due 8/5/2031, with a value of $129,600. |
|
|
BofA Securities, Inc., 5.34%, dated 2/29/2024,
due 3/7/2024, repurchase price $80,083,
collateralized by Commercial Paper, 0.00%, due
3/7/2024 - 5/3/2024, with a value of
$84,000. |
|
|
BofA Securities, Inc., 5.35%, dated 2/29/2024, due 3/7/2024, repurchase price $120,125, collateralized by Commercial Paper, 0.00%, due 3/1/2024 - 4/17/2024, with a value of $126,000. |
|
|
BofA Securities, Inc., 5.39%, dated 2/29/2024,
due 3/7/2024, repurchase price $150,157,
collateralized by Corporate Notes and Bonds,
1.25% - 7.13%, due 3/12/2024 -
11/15/2060, with a value of $157,500. |
|
|
BofA Securities, Inc., 5.69%, dated 2/29/2024, due 4/4/2024, repurchase price $402,213, collateralized by Collateralized Mortgage Obligations, 0.00% - 10.43%, due 8/25/2031 - 12/25/2063, Commercial Paper, 0.00%, due 4/8/2024 and FNMA, 3.67% - 14.82%, due 8/25/2033 - 10/25/2059, with a value of $431,444. |
|
|
| |
|
|
| |
Credit Agricole Corporate and Investment Bank SA,
5.40%, dated 2/29/2024, due 3/7/2024,
repurchase price $140,147, collateralized by
Asset-Backed Securities, 2.31% - 8.59%, due
12/10/2029 - 10/15/2056, Collateralized
Mortgage Obligations, 2.76% - 6.73%, due
3/17/2036 - 12/17/2053, Corporate Notes
and Bonds, 1.60% - 7.75%, due 5/5/2024 -
10/1/2051^^, FNMA, 8.67%, due
11/25/2043 and Sovereign Government
Securities, 0.75% - 8.88%, due 4/15/2024 -
10/21/2030, with a value of $149,511. |
|
|
Fixed Income Clearing Corp., 5.30%, dated 2/29/2024, due 3/1/2024, repurchase price $1,500,221, collateralized by U.S. Treasury Securities, 1.13% - 3.88%, due 4/30/2029 - 2/15/2051, with a value of $1,530,000. |
|
|
Fixed Income Clearing Corp., 5.31%, dated
2/29/2024, due 3/1/2024, repurchase price
$2,500,369, collateralized by U.S. Treasury
Securities, 2.75% - 4.38%, due 8/31/2028 -
11/15/2040, with a value of $2,550,000. |
|
|
Goldman Sachs & Co. LLC, 5.66%, dated 2/29/2024, due 4/9/2024, repurchase price $100,629, collateralized by Asset-Backed Securities, 4.60% - 7.15%, due 9/1/2027 - 7/17/2046, Collateralized Mortgage Obligations, 4.30% - 5.76%, due 2/25/2034 - 10/15/2046 and Corporate Notes and Bonds, 0.00% - 12.00%, due 5/15/2024 - 3/7/2082^^, with a value of $107,993. |
|
|
Goldman Sachs & Co. LLC, 5.69%, dated
2/29/2024, due 4/9/2024, repurchase price
$573,604, collateralized by Asset-Backed
Securities, 0.00% - 14.28%, due 10/25/2025
- 5/15/2069, Collateralized Mortgage
Obligations, 0.00% - 11.57%, due 8/17/2026
- 12/16/2072 and Corporate Notes and Bonds,
0.00% - 10.25%, due 3/17/2024 -
3/7/2082^^, with a value of $612,000. |
|
|
HSBC Securities USA, Inc., 5.43%, dated 2/29/2024, due 3/1/2024, repurchase price $20,003, collateralized by Asset-Backed Securities, 2.44% - 6.23%, due 9/15/2026 - 4/20/2062, with a value of $21,203. |
|
|
HSBC Securities USA, Inc., 5.43%, dated
2/29/2024, due 3/1/2024, repurchase price
$350,053, collateralized by Corporate Notes
and Bonds, 0.70% - 8.25%, due 1/15/2025 -
2/15/2055, FHLMC, 7.00%, due 11/1/2053
and Sovereign Government Securities, 5.25%,
due 11/25/2027, with a value of $367,231. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Prime Money Market
Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Repurchase Agreements — continued |
ING Financial Markets LLC, 5.40%, dated 2/29/2024, due 3/1/2024, repurchase price $11,002, collateralized by Corporate Notes and Bonds, 1.45% - 5.54%, due 11/22/2024 - 11/1/2029, with a value of $11,552. |
|
|
ING Financial Markets LLC, 5.40%, dated
2/29/2024, due 3/1/2024, repurchase price
$125,019, collateralized by Corporate Notes
and Bonds, 1.38% - 7.50%, due 11/15/2024 -
4/1/2064 and Sovereign Government
Securities, 5.00% - 5.65%, due 6/15/2045 -
9/27/2047, with a value of $131,839. |
|
|
ING Financial Markets LLC, 5.55%, dated 2/29/2024, due 4/29/2024, repurchase price $504,625, collateralized by Common Stocks, with a value of $545,078. |
|
|
Mitsubishi UFJ Trust & Banking Corp., 5.45%,
dated 2/29/2024, due 3/7/2024, repurchase
price $1,001,060, collateralized by Corporate
Notes and Bonds, 0.00% - 4.70%, due
4/1/2024 - 2/25/2032, with a value of
$1,050,159. |
|
|
Pershing LLC, 5.71%, dated 2/29/2024, due 5/9/2024, repurchase price $151,666, collateralized by Commercial Paper, 0.00%, due 5/10/2024 and U.S. Treasury Securities, 0.00% - 5.00%, due 4/2/2024 - 11/15/2053, with a value of $155,605. |
|
|
RBC Capital Markets LLC, 5.42%, dated
2/29/2024, due 3/5/2024, repurchase price
$250,188, collateralized by Certificates of
Deposit, 0.00% - 5.80%, due 5/3/2024 -
8/21/2024, Commercial Paper, 0.00%, due
6/12/2024 - 11/25/2024 and Corporate Notes
and Bonds, 1.88% - 5.90%, due 3/8/2024 -
2/9/2064, with a value of $262,500. |
|
|
Societe Generale SA, 5.38%, dated 2/29/2024, due 3/1/2024, repurchase price $250,037, collateralized by Asset-Backed Securities, 1.94% - 8.21%, due 6/15/2029 - 2/25/2068, Collateralized Mortgage Obligations, 2.50% - 4.67%, due 11/25/2048 - 6/25/2058, Corporate Notes and Bonds, 0.63% - 7.85%, due 4/30/2024 - 9/14/2077^^, FNMA, 7.37% - 8.82%, due 12/27/2033 - 3/25/2042 and Sovereign Government Securities, 0.75% - 8.88%, due 6/19/2024 - 1/15/2050, with a value of $262,782. |
|
|
| |
|
|
| |
Societe Generale SA, 5.40%, dated 2/29/2024,
due 3/1/2024, repurchase price $135,020,
collateralized by Asset-Backed Securities,
1.94% - 8.21%, due 6/15/2029 - 2/25/2068,
Collateralized Mortgage Obligations, 2.50% -
4.67%, due 11/25/2048 - 12/17/2052,
Corporate Notes and Bonds, 0.95% - 7.25%,
due 6/25/2024 - 6/3/2060, FNMA, 7.37% -
10.32%, due 12/27/2033 - 9/25/2042 and
Sovereign Government Securities, 0.75% -
4.95%, due 9/22/2024 - 6/10/2044^^, with a
value of $142,636. |
|
|
Societe Generale SA, 5.45%, dated 2/29/2024, due 3/1/2024, repurchase price $140,021, collateralized by Asset-Backed Securities, 5.90% - 7.39%, due 7/25/2035 - 4/25/2037, Collateralized Mortgage Obligations, 5.92% - 9.47%, due 9/15/2034 - 11/15/2038, Corporate Notes and Bonds, 1.95% - 10.50%, due 1/30/2025 - 11/15/2066, FNMA, 9.67% - 10.82%, due 4/25/2042 - 5/26/2043 and Sovereign Government Securities, 3.25% - 9.38%, due 4/15/2024 - 2/17/2045, with a value of $151,153. |
|
|
Societe Generale SA, 5.47%, dated 2/29/2024,
due 3/5/2024, repurchase price $475,361,
collateralized by Asset-Backed Securities,
5.90% - 7.39%, due 7/25/2035 - 8/25/2036,
Collateralized Mortgage Obligations, 4.77% -
9.47%, due 9/15/2034 - 1/15/2049,
Corporate Notes and Bonds, 1.13% - 13.38%,
due 5/1/2024 - 12/31/2079^^, FNMA,
10.82%, due 3/25/2043 - 5/26/2043 and
Sovereign Government Securities, 3.25% -
9.88%, due 4/15/2024 - 11/14/2053, with a
value of $512,713. |
|
|
Societe Generale SA, 5.40%, dated 2/29/2024, due 3/6/2024, repurchase price $215,194, collateralized by Asset-Backed Securities, 1.94% - 3.27%, due 6/15/2029 - 11/25/2064, Collateralized Mortgage Obligations, 2.50% - 4.50%, due 10/17/2050 - 6/25/2058, Corporate Notes and Bonds, 0.63% - 7.85%, due 6/25/2024 - 7/15/2080^^, FNMA, 7.37% - 8.82%, due 12/27/2033 - 3/25/2042 and Sovereign Government Securities, 0.75% - 4.95%, due 6/19/2024 - 9/2/2070, with a value of $226,395. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Repurchase Agreements — continued |
Societe Generale SA, 5.65%, dated 2/29/2024,
due 5/6/2024, repurchase price $520,415,
collateralized by Asset-Backed Securities,
5.94% - 7.39%, due 7/25/2035 - 4/25/2037,
Collateralized Mortgage Obligations, 4.77% -
9.47%, due 9/15/2034 - 1/15/2049,
Corporate Notes and Bonds, 1.65% - 11.75%,
due 4/1/2024 - 11/1/2066^^, FNMA, 9.67% -
11.07%, due 4/25/2042 - 5/26/2043 and
Sovereign Government Securities, 3.25% -
9.88%, due 4/15/2024 - 11/14/2053, with a
value of $563,440. |
|
|
TD Securities (USA) LLC, 5.39%, dated 2/29/2024, due 3/1/2024, repurchase price $200,030, collateralized by Corporate Notes and Bonds, 3.25% - 7.96%, due 12/15/2025 - 6/15/2053, with a value of $210,032. |
|
|
TD Securities (USA) LLC, 5.41%, dated
2/29/2024, due 3/6/2024, repurchase price
$600,541, collateralized by Corporate Notes
and Bonds, 2.53% - 7.95%, due 2/1/2025 -
1/19/2055, with a value of $630,663. |
|
|
TD Securities (USA) LLC, 5.44%, dated 2/29/2024, due 3/6/2024, repurchase price $390,354, collateralized by Corporate Notes and Bonds, 4.15% - 7.00%, due 5/1/2025 - 3/15/2059, FHLB, 0.38% - 6.80%, due 4/24/2024 - 11/8/2038, FHLMC, 1.52% - 5.00%, due 12/25/2026 - 5/25/2033, FNMA, 2.70%, due 6/25/2025 and Sovereign Government Securities, 4.38% - 5.53%, due 4/4/2024 - 6/29/2026, with a value of $405,826. |
|
|
TD Securities (USA) LLC, 5.66%, dated
2/29/2024, due 4/26/2024, repurchase price
$126,120, collateralized by Corporate Notes
and Bonds, 2.13% - 7.20%, due 2/21/2026 -
2/7/2039, with a value of $132,571. |
|
|
UBS Securities LLC, 5.50%, dated 2/29/2024, due 3/7/2024, repurchase price $400,428, collateralized by Certificates of Deposit, 4.50% - 5.45%, due 4/12/2024 - 6/30/2028, Commercial Paper, 0.00%, due 5/2/2024 and Corporate Notes and Bonds, 0.80% - 11.75%, due 8/8/2024 - 1/18/2082^^, with a value of $423,855. |
|
|
Wells Fargo Securities LLC, 5.44%, dated
2/29/2024, due 3/6/2024, repurchase price
$85,077, collateralized by Certificates of
Deposit, 0.00% - 5.86%, due 5/3/2024 -
5/3/2030, with a value of $89,345. |
|
|
| |
|
|
| |
Wells Fargo Securities LLC, 5.76%, dated 2/29/2024, due 5/9/2024, repurchase price $176,960, collateralized by Sovereign Government Securities, 0.38% - 7.88%, due 1/31/2025 - 10/6/2070, with a value of $186,309. |
|
|
Wells Fargo Securities LLC, 5.76%, dated
2/29/2024, due 5/16/2024, repurchase price
$50,616, collateralized by Sovereign
Government Securities, 4.50% - 5.00%, due
10/23/2026 - 9/15/2032, with a value of
$53,257. |
|
|
Total Repurchase Agreements
(Cost $15,376,000) |
|
|
| |
| |
Alaska Housing Finance Corp., State Capital Project
Series 2022A, Rev., VRDO, LOC : Barclays Bank
plc, 5.35%, 3/7/2024 (a) |
|
|
| |
Macon-Bibb County Industrial Authority, Kumho
Tire Georgia Inc., Project, Rev., VRDO, LOC :
Korea Development Bank, 5.45%,
3/7/2024 (a) (b) |
|
|
| |
Iowa Student Loan Liquidity Corp., Student Loan
Series 2023-1, Rev., VRDO, LOC : Royal Bank of
Canada, 5.38%, 3/7/2024 (a) |
|
|
| |
Ecmc Group, Inc. Series 23-1, 5.46%,
3/7/2024 (a) |
|
|
| |
New Hampshire Business Finance Authority, Hanwa
Q Cells USA, Inc., Project Series 2024A, Rev.,
VRDO, LOC : Kookmin Bank, 5.61%,
3/7/2024 (a) (b) |
|
|
New Hampshire Business Finance Authority, University of Nevada Reno Project Series 2023, Rev., VRDO, LOC : Korea Development Bank, 5.45%, 3/7/2024 (a) (b) |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Prime Money Market
Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
North Texas Higher Education Authority, Inc. Series
2023-1, Rev., VRDO, LOC : Royal Bank of
Canada, 5.38%, 3/7/2024 (a) |
|
|
State of Texas, Veterans Series 2023A, GO, VRDO, LIQ : Texas State Comptroller, 5.40%, 3/7/2024 (a) |
|
|
| |
|
|
Total Municipal Bonds
(Cost $512,918) |
|
|
U.S. Government Agency Securities — 0.3% |
| |
|
|
| |
|
|
| |
|
|
Total U.S. Government Agency Securities
(Cost $305,603) |
|
|
| |
| |
Barclays Bank plc (United Kingdom) |
|
|
(OBFR + 0.20%), 5.51%, 3/1/2024 (b) (d) |
|
|
(OBFR + 0.20%), 5.51%, 3/1/2024 (b) (d) |
|
|
Total Corporate Bonds
(Cost $280,000) |
|
|
Short Term Investments — 79.8% |
Certificates of Deposits — 28.9% |
ABN AMRO Bank NV (Netherlands) , 5.44%, 8/27/2024 (c) |
|
|
Agricultural Bank of China Ltd. (China) , 5.84%,
3/18/2024 |
|
|
| |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (d) |
|
|
(SOFR + 0.19%), 5.50%, 3/1/2024 (d) |
|
|
| |
|
|
Bank of Montreal (Canada) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (d) |
|
|
(SOFR + 0.63%), 5.94%, 3/1/2024 (d) |
|
|
(SOFR + 0.64%), 5.95%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Certificates of Deposits — continued |
| |
|
|
Bank of Nova Scotia (The) (Canada) |
|
|
(SOFR + 0.55%), 5.86%, 3/1/2024 (d) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (d) |
|
|
(SOFR + 0.66%), 5.97%, 3/1/2024 (d) |
|
|
(SOFR + 0.70%), 6.01%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
Barclays Bank plc (United Kingdom) (SOFR +
0.32%), 5.63%, 3/1/2024 (d) |
|
|
| |
|
|
(SOFR + 0.19%), 5.50%, 3/1/2024 (d) |
|
|
(SOFR + 0.55%), 5.86%, 3/1/2024 (d) |
|
|
(SOFR + 0.55%), 5.86%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Canadian Imperial Bank of Commerce (Canada) |
|
|
(SOFR + 0.54%), 5.85%, 3/1/2024 (d) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (d) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
China Construction Bank Corp. (China) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Cooperatieve Rabobank UA (Netherlands) |
|
|
(SOFR + 0.69%), 6.02%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Certificates of Deposits — continued |
| |
|
|
| |
|
|
| |
|
|
Credit Agricole Corporate and Investment Bank
(France) |
|
|
(SOFR + 0.11%), 5.42%, 3/1/2024 (d) |
|
|
(SOFR + 0.20%), 5.51%, 3/1/2024 (d) |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Credit Agricole SA (France) |
|
|
| |
|
|
| |
|
|
Credit Industriel et Commercial (France) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
First Abu Dhabi Bank USA NV (SOFR + 0.20%), 5.51%, 3/1/2024 (d) |
|
|
Industrial & Commercial Bank of China Ltd. (China) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Certificates of Deposits — continued |
| |
|
|
ING Bank NV (Netherlands) |
|
|
| |
|
|
| |
|
|
KBC Bank NV (Belgium) , 5.32%, 3/7/2024 |
|
|
Kookmin Bank (South Korea) (SOFR + 0.35%),
5.66%, 3/1/2024 (d) |
|
|
Korea Development Bank (South Korea) |
|
|
(SOFR + 0.34%), 5.65%, 3/1/2024 (d) |
|
|
| |
|
|
Mitsubishi UFJ Trust & Banking Corp. (Japan) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (d) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (d) |
|
|
(SOFR + 0.22%), 5.53%, 3/1/2024 (d) |
|
|
(SOFR + 0.28%), 5.59%, 3/1/2024 (d) |
|
|
(SOFR + 0.30%), 5.61%, 3/1/2024 (d) |
|
|
(SOFR + 0.30%), 5.61%, 3/1/2024 (d) |
|
|
(SOFR + 0.47%), 5.78%, 3/1/2024 (d) |
|
|
| |
|
|
(SOFR + 0.10%), 5.41%, 3/1/2024 (d) |
|
|
(SOFR + 0.12%), 5.43%, 3/1/2024 (d) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (d) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (d) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (d) |
|
|
(SOFR + 0.23%), 5.54%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (d) |
|
|
(SOFR + 0.21%), 5.52%, 3/1/2024 (d) |
|
|
(SOFR + 0.35%), 5.66%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
National Australia Bank Ltd. (Australia) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Prime Money Market
Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Short Term Investments — continued |
Certificates of Deposits — continued |
| |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Nordea Bank Abp (Finland) |
|
|
(SOFR + 0.10%), 5.41%, 3/1/2024 (d) |
|
|
(SOFR + 0.51%), 5.82%, 3/1/2024 (d) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Oversea-Chinese Banking Corp. Ltd. (Singapore) |
|
|
(SOFR + 0.10%), 5.41%, 3/1/2024 (d) |
|
|
(SOFR + 0.28%), 5.59%, 3/1/2024 (d) |
|
|
(SOFR + 0.40%), 5.71%, 3/1/2024 (d) |
|
|
Royal Bank of Canada (Canada) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (d) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (d) |
|
|
Skandinaviska Enskilda Banken AB (Sweden) |
|
|
(SOFR + 0.15%), 5.46%, 3/1/2024 (d) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (d) |
|
|
(SOFR + 0.65%), 5.96%, 3/1/2024 (d) |
|
|
(SOFR + 0.70%), 6.01%, 3/1/2024 (d) |
|
|
Standard Chartered Bank (United Kingdom) |
|
|
(SOFR + 0.23%), 5.54%, 3/1/2024 (d) |
|
|
(SOFR + 0.24%), 5.55%, 3/1/2024 (d) |
|
|
(SOFR + 0.41%), 5.72%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
State Street Bank and Trust Co. |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (d) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (d) |
|
|
| |
|
|
| |
Certificates of Deposits — continued |
Sumitomo Mitsui Banking Corp. (Japan) |
|
|
(SOFR + 0.15%), 5.46%, 3/1/2024 (d) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (d) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (d) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (d) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (d) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (d) |
|
|
(SOFR + 0.21%), 5.52%, 3/1/2024 (d) |
|
|
(SOFR + 0.30%), 5.61%, 3/1/2024 (d) |
|
|
(SOFR + 0.31%), 5.62%, 3/1/2024 (d) |
|
|
(SOFR + 0.35%), 5.66%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Sumitomo Mitsui Trust Bank Ltd. (Japan) |
|
|
(SOFR + 0.12%), 5.43%, 3/1/2024 (d) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (d) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (d) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (d) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (d) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (d) |
|
|
(SOFR + 0.21%), 5.52%, 3/1/2024 (d) |
|
|
(SOFR + 0.21%), 5.52%, 3/1/2024 (d) |
|
|
(SOFR + 0.27%), 5.58%, 3/1/2024 (d) |
|
|
(SOFR + 0.30%), 5.61%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Svenska Handelsbanken AB (Sweden) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (d) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Toronto-Dominion Bank (The) (Canada) |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (d) |
|
|
(SOFR + 0.65%), 5.96%, 3/1/2024 (d) |
|
|
(SOFR + 0.70%), 6.01%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Certificates of Deposits — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (d) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (d) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (d) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (d) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (d) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (d) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (d) |
|
|
(SOFR + 0.65%), 5.96%, 3/1/2024 (d) |
|
|
Total Certificates of Deposit
(Cost $24,936,943) |
|
|
| |
Agricultural Bank of China Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
Australia & New Zealand Banking Group Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Canadian Imperial Bank of Commerce 5.31%, 3/1/2024 |
|
|
China Construction Bank Corp. 5.35%, 3/1/2024 |
|
|
Credit Agricole Corporate and Investment Bank |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
DNB Bank ASA 5.31%, 3/1/2024 |
|
|
Erste Group Bank AG 5.32%, 3/1/2024 |
|
|
First Abu Dhabi Bank USA NV 5.32%, 3/1/2024 |
|
|
Industrial & Commercial Bank of China Ltd. 5.35%, 3/1/2024 |
|
|
ING Bank NV 5.32%, 3/1/2024 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Time Deposits — continued |
| |
|
|
National Bank of Canada (Canada) 5.44%,
3/1/2024 |
|
|
Nordea Bank Abp 5.31%, 3/1/2024 |
|
|
Royal Bank of Canada 5.32%, 3/6/2024 |
|
|
Skandinaviska Enskilda Banken AB |
|
|
| |
|
|
| |
|
|
Svenska Handelsbanken AB 5.30%, 3/1/2024 |
|
|
Swedbank AB 5.31%, 3/5/2024 |
|
|
Total Time Deposits
(Cost $18,896,959) |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
ASB Bank Ltd. (New Zealand) |
|
|
(SOFR + 0.12%), 5.43%, 3/1/2024 (b) (d) |
|
|
Australia & New Zealand Banking Group Ltd. (Australia) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Bank of China Ltd. (China) |
|
|
| |
|
|
Bank of Montreal (Canada) |
|
|
(SOFR + 0.47%), 5.78%, 3/1/2024 (d) |
|
|
(SOFR + 0.49%), 5.80%, 3/1/2024 (d) |
|
|
(SOFR + 0.49%), 5.80%, 3/1/2024 (d) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (d) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Bank of Nova Scotia (The) (Canada) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (b) (d) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Prime Money Market
Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
(SOFR + 0.66%), 5.97%, 3/1/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
Series 2015, 5.40%, 4/17/2024 |
|
|
Barclays Bank plc (United Kingdom) |
|
|
| |
|
|
Barton Capital SA (France) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Bedford Row Funding Corp. |
|
|
(SOFR + 0.20%), 5.51%, 3/1/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
BNZ International Funding Ltd. (New Zealand) |
|
|
(SOFR + 0.40%), 5.71%, 3/1/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Canadian Imperial Bank of Commerce (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
Chesham Finance Ltd. (Cayman Islands) |
|
|
Series 2, 5.42%, 3/12/2024 (b) (c) |
|
|
China Construction Bank Corp. (China) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Credit Agricole Corporate and Investment Bank
(France) |
|
|
| |
|
|
DBS Bank Ltd. (Singapore) |
|
|
| |
|
|
| |
|
|
| |
Commercial Paper — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Erste Abwicklungsanstalt (Germany) |
|
|
| |
|
|
Federation des Caisses Desjardins du Quebec
(Canada) |
|
|
| |
|
|
First Abu Dhabi Bank PJSC (United Arab Emirates) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Glencove Funding DAC (Ireland) |
|
|
| |
|
|
| |
|
|
| |
|
|
Industrial & Commercial Bank of China Ltd. (China) |
|
|
| |
|
|
ING US Funding LLC (Netherlands) |
|
|
| |
|
|
(SOFR + 0.48%), 5.79%, 3/1/2024 (b) (d) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (b) (d) |
|
|
(SOFR + 0.57%), 5.88%, 3/1/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Kingdom of the Netherlands (Netherlands) |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
Liberty Street Funding LLC |
|
|
| |
|
|
Lloyds Bank plc (United Kingdom) |
|
|
(SOFR + 0.11%), 5.42%, 3/1/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Long Island Power Authority |
|
|
Series A-3, 5.40%, 3/15/2024 |
|
|
Macquarie Bank Ltd. (Australia) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
National Australia Bank Ltd. (Australia) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (b) (d) |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (b) (d) |
|
|
National Bank of Canada (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
National Westminster Bank plc (United Kingdom) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
NatWest Markets plc (United Kingdom) |
|
|
Series G, 5.32%, 3/5/2024 (b) (c) |
|
|
Nieuw Amsterdam Receivables Corp. |
|
|
| |
|
|
| |
|
|
Nordea Bank Abp (Finland) |
|
|
(SOFR + 0.15%), 5.46%, 3/1/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.23%), 5.54%, 3/1/2024 (b) (d) |
|
|
(SOFR + 0.32%), 5.63%, 3/1/2024 (b) (d) |
|
|
(SOFR + 0.40%), 5.71%, 3/1/2024 (b) (d) |
|
|
| |
|
|
| |
Commercial Paper — continued |
(SOFR + 0.42%), 5.73%, 3/1/2024 (b) (d) |
|
|
(SOFR + 0.43%), 5.74%, 3/1/2024 (b) (d) |
|
|
| |
|
|
Podium Funding Trust (Canada) |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (d) |
|
|
| |
|
|
Pricoa Short Term Funding LLC |
|
|
| |
|
|
Province of Quebec Canada (Canada) |
|
|
| |
|
|
Royal Bank of Canada (Canada) |
|
|
(SOFR + 0.31%), 5.62%, 3/1/2024 (b) (d) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (b) (d) |
|
|
(SOFR + 0.65%), 5.96%, 3/1/2024 (b) (d) |
|
|
(SOFR + 0.65%), 5.96%, 3/1/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Sheffield Receivables Co. LLC (United Kingdom) |
|
|
| |
|
|
Skandinaviska Enskilda Banken AB (Sweden) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (b) (d) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (b) (d) |
|
|
(SOFR + 0.65%), 5.96%, 3/1/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Standard Chartered Bank (United Kingdom) |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.19%), 5.50%, 3/1/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
Sumitomo Mitsui Banking Corp. (Japan) |
|
|
| |
|
|
Svenska Handelsbanken AB (Sweden) |
|
|
(SOFR + 0.30%), 5.61%, 3/1/2024 (b) (d) |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Prime Money Market
Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.38%), 5.69%, 3/1/2024 (b) (d) |
|
|
| |
|
|
Toronto-Dominion Bank (The) (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
TotalEnergies Capital (France) |
|
|
| |
|
|
Toyota Finance Australia Ltd. (Australia) |
|
|
| |
|
|
Toyota Motor Credit Corp. |
|
|
| |
|
|
| |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (b) (d) |
|
|
(SOFR + 0.20%), 5.53%, 3/1/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
United Overseas Bank Ltd. (Singapore) |
|
|
| |
|
|
Versailles Commercial Paper LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
Westpac Banking Corp. (Australia) |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
Total Commercial Paper
(Cost $18,440,801) |
|
|
| |
|
|
| |
U.S. Treasury Obligations — 7.6% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $6,545,094) |
|
|
Total Short Term Investments
(Cost $68,819,797) |
|
|
Total Investments — 98.8%
(Cost $85,294,318) |
|
|
Other Assets Less Liabilities — 1.2% |
|
|
| |
|
|
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. |
| |
Certain securities are perpetual and thus, do not have predetermined maturity dates. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The coupon rates shown are the rates in effect as of February 29, 2024. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market 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 February 29, 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 February 29, 2024. |
|
| |
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 29, 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 February 29, 2024
| |
|
|
| |
| |
Tender Option Bond Trust Receipts/Certificates
Series 2023-YX1319, Rev., VRDO, LOC : Barclays
Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
| |
City of Valdez, Exxon Pipeline Co. Project Series
1993A, Rev., VRDO, 3.65%, 3/1/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2023-XG0518, Rev., VRDO, LIQ : Royal Bank of Canada, 3.34%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Arizona Industrial Development Authority, 67 Flats
Project Series 2023A, Rev., VRDO, LOC : Barclays
Bank plc, 3.25%, 3/7/2024 (b) |
|
|
Arizona Industrial Development Authority, Juniper Square Project Series 2023A, Rev., VRDO, LOC : Barclays Bank plc, 3.25%, 3/7/2024 (b) |
|
|
Salt River Pima-Maricopa Indian Community, Rev.,
VRDO, LOC : Bank of America NA, 3.40%,
3/7/2024 (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XF3030, Rev., VRDO, LOC : Barclays
Bank plc, 4.08%, 3/1/2024 (a) (b) |
|
|
Series 2022-XX1237, GO, VRDO, LIQ : Barclays Bank plc, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2023-ZF3164, Rev., VRDO, LIQ : Barclays
Bank plc, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2022-XM1064, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
City of Colorado Springs, Utilities System
Improvement Series 2009C, Rev., VRDO, LIQ :
Sumitomo Mitsui Banking Corp., 3.30%,
3/7/2024 (b) |
|
|
Colorado State Education Loan Program Series 2023B, Rev., TRAN, 4.00%, 6/28/2024 |
|
|
RIB Floater Trust Various States Series 2022-038,
COP, VRDO, LIQ : Barclays Bank plc, 3.90%,
3/1/2024 (a) (b) |
|
|
| |
|
|
| |
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XG0420, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1619, Rev., VRDO, LIQ : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Connecticut Housing Finance Authority, Housing
Mortgage Finance Program Series 2022,
Subseries E-2, Rev., VRDO, GNMA / FNMA /
FHLMC COLL, LOC : Sumitomo Mitsui Banking
Corp., 3.28%, 3/7/2024 (b) |
|
|
State of Connecticut Series 2015B, GO, 5.00%, 6/15/2024 |
|
|
Tender Option Bond Trust Receipts/Certificates
Series 2022-YX1255, Rev., VRDO, LIQ : Barclays
Bank plc, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
District of Columbia — 0.2% |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-YX1195, Rev., VRDO, LIQ : Barclays
Bank plc, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-ZL0506, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
County of Escambia, Gulf Power Co., Project Series
R, Rev., VRDO, 3.40%, 3/7/2024 (b) |
|
|
County of St. Lucie, Power and Light Co., Project, Rev., VRDO, 3.85%, 3/1/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2021-XG0345, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF3080, Rev., VRDO, LOC : Barclays
Bank plc, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-ZL0485, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1666, Rev., VRDO, LIQ : TD Bank
NA, 3.35%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Development Authority of Monroe County (The), Gulf Power Co. Project Series 2002-1, Rev., VRDO, 3.40%, 3/7/2024 (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Illinois Finance Authority, The University of Chicago Medical Center Series 2009E-1, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 3.32%, 3/7/2024 (b) |
|
|
Illinois Housing Development Authority, Alden
Gardens Bloomingdale, Rev., VRDO, LOC : BMO
Harris Bank NA, 3.29%, 3/7/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-YX1326, Rev., VRDO, LOC : Barclays
Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2017-XG0108, Rev., VRDO, LOC : Barclays Bank plc, 3.38%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Iowa Finance Authority, CJ Bio America, Inc.,
Project, Rev., VRDO, LOC : Korea Development
Bank, 3.49%, 3/7/2024 (a) (b) |
|
|
Iowa Finance Authority, Single Family Mortgage, Social Bonds Series 2022H, Rev., VRDO, GNMA / FNMA / FHLMC COLL, LIQ : US Bank NA, 3.45%, 3/1/2024 (b) |
|
|
Iowa Finance Authority, Single Family
Mortgage-Backed Securities Program Series
2020E, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ :
TD Bank NA, 3.30%, 3/7/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-YX1196, Rev., VRDO, FNMA COLL,
LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a)
(b) |
|
|
Series 2023-XG0522, Rev., VRDO, GNMA / FNMA / FHLMC COLL, LIQ : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
East Baton Rouge Parish Industrial Development
Board, Inc., ExxonMobil Project, Gulf Opportunity
Zone Series A, Rev., VRDO, 3.67%, 3/1/2024 (b) |
|
|
| |
Maryland Health and Higher Educational Facilities
Authority, University of Maryland Medical System
Series 2008D, Rev., VRDO, LOC : TD Bank NA,
3.65%, 3/1/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2023-XF3152, Rev., VRDO, LOC : Barclays Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
|
|
| |
| |
City of Quincy, GO, BAN, 5.00%, 7/5/2024 |
|
|
Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group Series 2024 U-1, Rev., VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (b) |
|
|
Massachusetts Housing Finance Agency, Single
Family Housing |
|
|
Series 200, Rev., VRDO, LIQ : UBS AG, 3.40%, 3/7/2024 (b) |
|
|
Series 204, Rev., VRDO, LIQ : UBS AG, 3.40%,
3/7/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2022-ZL0339, GO, VRDO, LIQ : Morgan Stanley Bank NA, 3.32%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XX1259, Rev., VRDO, LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1667, Rev., VRDO, LOC : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF3151, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1581, Rev., VRDO, LIQ : TD Bank
NA, 3.34%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
City of Minneapolis, Health Care System, Fairview Health Services Series 2018C, Rev., VRDO, LOC : Wells Fargo Bank NA, 3.60%, 3/1/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates
Series 2023-XG0523, Rev., VRDO, LOC : Barclays
Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project |
|
|
Series 2007B, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Series 2007E, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Series 2009A, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Series 2009B, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Series 2009F, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Series 2009G, Rev., VRDO, 3.70%, 3/1/2024 (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 February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2011G, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Series 2007A, Rev., VRDO, 3.72%, 3/1/2024 (b) |
|
|
| |
|
|
| |
Health and Educational Facilities Authority of the
State of Missouri, Ranken Technical College Series
2011B, Rev., VRDO, LOC : Northern Trust Co.
(The), 3.65%, 3/1/2024 (b) |
|
|
Health and Educational Facilities Authority of the State of Missouri, St. Louis University Series 2008B, Rev., VRDO, LOC : Wells Fargo Bank NA, 3.55%, 3/1/2024 (b) |
|
|
Industrial Development Authority of the City of St.
Louis Missouri (The), Mid-America Transplant
Services Project, Rev., VRDO, LOC : BMO Harris
Bank NA, 3.90%, 3/1/2024 (b) |
|
|
Missouri Development Finance Board, St. Louis Convention Center Hotel Garage Project Series 2020 C, Rev., VRDO, LOC : US Bank NA, 3.70%, 3/1/2024 (b) |
|
|
RBC Municipal Products, Inc. Trust, Floater
Certificates |
|
|
Series C-16, Rev., VRDO, LOC : Royal Bank of Canada, 3.35%, 3/7/2024 (a) (b) |
|
|
Series G-121, Rev., VRDO, LOC : Royal Bank of
Canada, 3.50%, 6/3/2024 (a) (b) |
|
|
| |
|
|
| |
County of Washington, Cargill, Inc., Recovery Zone Facility Project Series 2010B, Rev., VRDO, 3.33%, 3/7/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-ZF3191, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2023-ZF3168, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates Series 2023-XG0494, Rev., VRDO, LIQ : UBS AG, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
Borough of South Plainfield, Pool Sewer Utility Series 2023A, GO, BAN, 4.50%, 4/11/2024 |
|
|
| |
|
|
| |
| |
City of Englewood Series 2023, GO, BAN, 4.50%,
3/15/2024 |
|
|
Township of Lacey Series 2023A, GO, BAN, 5.00%, 5/9/2024 |
|
|
| |
|
|
| |
City of New York, Fiscal Year 2006 Series 2006E-2,
GO, VRDO, LOC : Bank of America NA, 3.72%,
3/1/2024 (b) |
|
|
City of New York, Fiscal Year 2013 Series 2013A-3, GO, VRDO, LOC : Mizuho Bank Ltd., 3.70%, 3/1/2024 (b) |
|
|
City of New York, Fiscal Year 2014 Series 2014D-4,
GO, VRDO, LOC : TD Bank NA, 3.65%,
3/1/2024 (b) |
|
|
City of New York, Fiscal Year 2017 Series 2017A-7, GO, VRDO, LOC : Bank of the West, 3.70%, 3/1/2024 (b) |
|
|
City of New York, Fiscal Year 2022 Subseries D-4,
GO, VRDO, LIQ : State Street Bank & Trust Co.,
3.67%, 3/1/2024 (b) |
|
|
City of New York, Fiscal Year 2023 |
|
|
Series 2023A, Subseries A-3, GO, VRDO, LIQ :
Bank of Montreal, 3.65%, 3/1/2024 (b) |
|
|
Series 2023A, Subseries A-4, GO, VRDO, LIQ : TD Bank NA, 3.65%, 3/1/2024 (b) |
|
|
Metropolitan Transportation Authority, Dedicated
Tax Fund Series 2008A-1, Rev., VRDO, LOC : TD
Bank NA, 3.65%, 3/1/2024 (b) |
|
|
New York City Housing Development Corp., Multi-Family Rent Housing, Gold Street Series 2006A, Rev., VRDO, LOC : FNMA, 3.30%, 3/7/2024 (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., 3.45%,
3/1/2024 (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., 3.65%, 3/1/2024 (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., 3.65%,
3/1/2024 (b) |
|
|
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 2017 Series 2017 BB, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.70%, 3/1/2024 (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., 3.65%, 3/1/2024 (b) |
|
|
New York City Transitional Finance Authority, Future Tax Secured Series A-4, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.70%, 3/1/2024 (b) |
|
|
New York City Transitional Finance Authority, Future
Tax Secured, Fiscal Year 2023 |
|
|
Series 2023, Subseries A-2, Rev., VRDO, LIQ : UBS AG, 3.65%, 3/1/2024 (b) |
|
|
Series 2023, Subseries A3, Rev., VRDO, LIQ :
Bank of New York Mellon (The), 3.68%,
3/1/2024 (b) |
|
|
New York State Housing Finance Agency, 160 Madison Avenue LLC Series 2013A, Rev., VRDO, LOC : Landesbank Hessen-Thuringen Girozentrale, 3.55%, 3/1/2024 (b) |
|
|
RIB Floater Trust Various States Series 2022-009,
Rev., VRDO, LIQ : Barclays Bank plc, 3.90%,
3/1/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2023-XF3185, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.31%, 3/7/2024 (a) (b) |
|
|
Town of Monroe Series 2023A, GO, BAN, 5.00%,
8/2/2024 |
|
|
| |
|
|
| |
University of North Carolina, Hospital at Chapel Hill |
|
|
Series A, Rev., VRDO, LIQ : TD Bank NA, 3.65%,
3/1/2024 (b) |
|
|
Series B, Rev., VRDO, LIQ : TD Bank NA, 3.65%, 3/1/2024 (b) |
|
|
| |
|
|
| |
RBC Municipal Products, Inc. Trust, Floater
Certificates |
|
|
Series E132, Rev., VRDO, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series C-18, Rev., VRDO, LOC : Royal Bank of
Canada, 3.34%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
| |
Series C-22, Rev., VRDO, LOC : Royal Bank of Canada, 3.34%, 3/7/2024 (a) (b) |
|
|
State of Ohio, Cleveland Clinic Health System Series
2019F, Rev., VRDO, LIQ : US Bank NA, 3.45%,
3/1/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-ZL0355, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XG0525, Rev., VRDO, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XL0321, Rev., VRDO, LIQ : Bank of
America NA, 3.34%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates Series 2023-ZF1636, Rev., VRDO, LIQ : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
RIB Floater Trust Various States Series 2023-013, Rev., VRDO, LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-BAML5029, Rev., VRDO, LOC : Bank of America NA, 3.77%, 3/1/2024 (a) (b) |
|
|
Series 2023-XL0469, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2024-XG0550, Rev., VRDO, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
City of Cranston Series 2023-1, GO, BAN, 4.25%,
8/21/2024 |
|
|
| |
South Carolina Public Service Authority Series
2019A, Rev., VRDO, LOC : Bank of America NA,
3.40%, 3/7/2024 (b) |
|
|
| |
Clarksville Public Building Authority |
|
|
Series 2001, Rev., VRDO, LOC : Bank of America NA, 3.82%, 3/1/2024 (b) |
|
|
Series 2009, Rev., VRDO, LOC : Bank of America
NA, 3.43%, 3/7/2024 (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 February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Montgomery County Public Building Authority, Pooled Financing, Tennessee Country Pool Series 2006, Rev., VRDO, LOC : Bank of America NA, 3.75%, 3/1/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XF1421, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XL0369, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2018-XF2576, Rev., VRDO, LOC : Barclays Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1625, Rev., VRDO, LIQ : TD Bank
NA, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2024-XG0548, Rev., VRDO, LOC : Barclays Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Lower Neches Valley Authority Industrial
Development Corp., ExxonMobil Project |
|
|
Series 2002A, Rev., VRDO, 3.65%, 3/1/2024 (b) |
|
|
Rev., VRDO, 3.71%, 3/1/2024 (b) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2023-G-124, Rev., VRDO, LOC : Royal Bank of Canada, 3.50%, 3/1/2024 (a)
(b) |
|
|
| |
|
|
Series 2011A, GO, VRDO, LIQ : State Street Bank & Trust Co., 3.40%, 3/7/2024 (b) |
|
|
Series 2015A, GO, VRDO, LIQ : State Street Bank
& Trust Co., 3.40%, 3/7/2024 (b) |
|
|
State of Texas, Veterans Housing Assistance Program Series 2010C, GO, VRDO, LIQ : State Street Bank & Trust Co., 3.40%, 3/7/2024 (b) |
|
|
Tarrant County Cultural Education Facilities Finance
Corp., Baylor Healthcare System Project Series
2011C, Rev., VRDO, LOC : TD Bank NA, 3.65%,
3/1/2024 (b) |
|
|
Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project Series 2008-A, Rev., VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XF3121, Rev., VRDO, LOC : Barclays Bank plc, 4.08%, 3/1/2024 (a) (b) |
|
|
Series 2023-XF3128, GO, VRDO, PSF-GTD, LIQ :
UBS AG, 3.32%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
| |
Series 2023-XF3165, GO, VRDO, PSF-GTD, LIQ : Morgan Stanley Bank NA, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2023-ZF3201, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2022-XL0282, GO, VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XL0334, GO, VRDO, PSF-GTD, LIQ :
Bank of America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XL0335, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XL0360, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XL0362, GO, VRDO, PSF-GTD, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XM1050, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1664, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF3154, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XG0530, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XG0534, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XG0535, Rev., VRDO, LIQ : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XL0500, Rev., VRDO, LIQ : UBS AG,
3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XM1125, GO, VRDO, PSF-GTD, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a)
(b) |
|
|
Series 2023-XF1657, GO, VRDO, PSF-GTD, LIQ :
TD Bank NA, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2023-XG0505, GO, VRDO, PSF-GTD, LIQ : TD Bank NA, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF3147, GO, VRDO, LIQ : Wells Fargo
Bank NA, 3.35%, 3/7/2024 (a) (b) |
|
|
Texas Transportation Commission State Highway Fund, First Tier |
|
|
Series 2014-B, Rev., VRDO, LIQ : Sumitomo Mitsui
Banking Corp., 3.33%, 3/7/2024 (b) |
|
|
Series 2014-A, Rev., 5.00%, 4/1/2024 (c) |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
RBC Municipal Products, Inc. Trust, Floater
Certificates Series C-19, Rev., VRDO, LOC : Royal
Bank of Canada, 3.34%, 3/7/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-ZL0267, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XL0489, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
City of Seattle, Municipal Light and Power Series
2023 B, Rev., VRDO, LOC : TD Bank NA, 3.79%,
3/1/2024 (b) |
|
|
RIB Floater Trust Various States Series 2023-009, Rev., BAN, VRDO, LOC : Barclays Bank plc, 3.42%, 3/7/2024 (a) (b) |
|
|
State of Washington Series 2023-0012, Class A, GO,
VRDO, LIQ : Citibank NA, 3.34%, 3/7/2024 (a)
(b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-ZL0490, GO, VRDO, LIQ : Wells Fargo
Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-ZL0491, GO, VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2015-XF1017, Rev., VRDO, LOC : Barclays
Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Public Finance Authority, Health Care Systems Project Series 2023C, Rev., VRDO, LOC : TD Bank NA, 3.80%, 3/1/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XL0296, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF3076, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XL0483, Rev., VRDO, LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2024-XF1696, Rev., VRDO, GNMA / FNMA
/ FHLMC, LIQ : Royal Bank of Canada, 3.33%,
3/7/2024 (a) (b) |
|
|
Series 2024-XG0553, Rev., VRDO, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
Total Municipal Bonds
(Cost $835,891) |
|
|
| |
|
|
Variable Rate Demand Preferred Shares — 8.0% |
| |
Nuveen California AMT - Free Quality Municipal Income Fund Series 6, LIQ : Sumitomo Mitsui Banking Corp., 3.27%, 3/7/2024# (a) |
|
|
| |
Nuveen New York AMT - Free Quality Municipal Income Fund Series 2, LIQ : Royal Bank of Canada, 3.35%, 3/7/2024# (a) |
|
|
| |
Nuveen AMT - Free Municipal Credit Income Fund |
|
|
Series 6, LIQ : Sumitomo Mitsui Banking Corp.,
3.29%, 3/7/2024# (a) |
|
|
Series 5, LIQ : Societe Generale, 3.29%, 3/7/2024# (a) |
|
|
Nuveen AMT - Free Quality Municipal Income Fund |
|
|
Series 5-1000, LOC: Sumitomo Mitsui Banking Corp., 3.35%, 3/7/2024# (a) |
|
|
Series 4-4895, LIQ : Barclays Bank plc, 3.35%,
3/7/2024# (a) |
|
|
Series 3-PFD, LIQ : TD Bank NA, 3.35%, 3/7/2024# (a) |
|
|
| |
|
|
Total Variable Rate Demand Preferred Shares
(Cost $114,100) |
|
|
| |
|
|
Short Term Investments — 32.2% |
| |
Board of Regents of the University of Texas System |
|
|
Series A, 3.60%, 4/1/2024 |
|
|
Series A, 3.70%, 4/26/2024 |
|
|
Series A, 3.65%, 5/6/2024 |
|
|
Series A, 3.65%, 5/9/2024 |
|
|
Series A, 3.50%, 5/16/2024 |
|
|
Series A, 3.45%, 5/22/2024 |
|
|
Series A, 3.45%, 5/30/2024 |
|
|
Series A, 3.50%, 6/6/2024 |
|
|
Series A, 3.50%, 6/6/2024 |
|
|
Series A, 3.50%, 6/11/2024 |
|
|
Series A, 3.28%, 6/12/2024 |
|
|
Series A, 3.40%, 6/13/2024 |
|
|
Series A, 3.30%, 6/25/2024 |
|
|
Series A, 3.33%, 6/26/2024 |
|
|
Series A, 3.45%, 6/26/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Institutional Tax
Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
Series A, 3.38%, 6/28/2024 |
|
|
Board of Trustees Michigan State University |
|
|
Series G, 3.28%, 3/5/2024 |
|
|
California Statewide Communities Development
Authority |
|
|
Series 08-B, 3.45%, 3/19/2024 |
|
|
City of Atlanta Water and Wastewater |
|
|
| |
|
|
City of Dallas Waterworks and Sewer System |
|
|
Series G, 3.50%, 3/4/2024 |
|
|
| |
|
|
Series 2021, 3.58%, 4/23/2024 |
|
|
| |
|
|
Series E-1, 3.65%, 3/1/2024 |
|
|
Series B-6, 3.55%, 3/20/2024 |
|
|
| |
|
|
Series 2016, 3.95%, 4/10/2024 |
|
|
| |
|
|
Series A, 3.45%, 6/4/2024 |
|
|
| |
|
|
Series 2011, 3.47%, 3/8/2024 |
|
|
Series 08-C, 3.95%, 4/10/2024 |
|
|
City of San Antonio Electric and Gas Systems |
|
|
Series C, 3.58%, 4/26/2024 |
|
|
| |
|
|
Series A-1, 3.77%, 3/4/2024 |
|
|
Series C, 3.80%, 3/4/2024 |
|
|
Series A-1, 3.80%, 3/4/2024 |
|
|
Series K-2, 3.45%, 3/5/2024 |
|
|
| |
|
|
Series C, 3.40%, 3/6/2024 |
|
|
Series K-2, 3.47%, 3/14/2024 |
|
|
Series A-1, 3.40%, 4/1/2024 |
|
|
County of Harris Toll Road |
|
|
Series K, 3.60%, 3/20/2024 |
|
|
| |
|
|
| |
|
|
Series A, 3.53%, 3/4/2024 |
|
|
Series A, 3.52%, 3/13/2024 |
|
|
Series A, 3.27%, 3/19/2024 |
|
|
Series A, 3.40%, 3/25/2024 |
|
|
| |
|
|
Series B-1, 3.63%, 3/1/2024 |
|
|
Series B-2, 3.63%, 3/1/2024 |
|
|
| |
|
|
| |
Commercial Paper — continued |
| |
|
|
Indiana Finance Authority |
|
|
Series D-2, 3.42%, 3/6/2024 |
|
|
Jacksonville Aviation Authority |
|
|
Series 92, 3.82%, 3/4/2024 |
|
|
Louisville and Jefferson County Metropolitan Sewer District |
|
|
Series A-1, 3.50%, 3/4/2024 |
|
|
Lower Colorado River Authority |
|
|
Series B, 3.50%, 3/28/2024 |
|
|
Massachusetts Bay Transportation Authority Sales Tax |
|
|
Series C, 3.50%, 3/7/2024 |
|
|
Metropolitan Government of Nashville and Davidson County Health and Education Facility Board |
|
|
Series 2021, 3.58%, 4/12/2024 |
|
|
Municipal Electric Authority of Georgia |
|
|
Series B, 3.45%, 6/5/2024 |
|
|
Omaha Public Power District |
|
|
Series A, 3.53%, 5/20/2024 |
|
|
Series A, 3.53%, 6/5/2024 |
|
|
Rutgers, The State University of New Jersey |
|
|
Series A, 3.30%, 3/27/2024 |
|
|
Series B, 3.47%, 5/2/2024 |
|
|
| |
|
|
Series A-7, 3.52%, 5/14/2024 |
|
|
State of Oregon Department of Administrative Services |
|
|
Series A-2, 3.45%, 4/11/2024 |
|
|
State of Oregon Department of Transportation |
|
|
Series A-1, 3.67%, 3/7/2024 |
|
|
Texas Public Finance Authority |
|
|
Series 19, 3.55%, 3/7/2024 |
|
|
Series 19, 3.60%, 5/8/2024 |
|
|
Trustees of Indiana University |
|
|
Series 2018, 3.55%, 5/29/2024 |
|
|
| |
|
|
Series A, 3.50%, 5/14/2024 |
|
|
| |
|
|
Series F, 3.55%, 3/12/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
University of Pittsburgh-of the Commonwealth
System of Higher Education |
|
|
Series B-2, 3.85%, 3/7/2024 |
|
|
Total Commercial Paper
(Cost $455,114) |
|
|
Total Short Term Investments
(Cost $455,114) |
|
|
Total Investments — 99.3%
(Cost $1,405,105) |
|
|
Other Assets Less Liabilities — 0.7% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
Certificate of Participation |
| |
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 |
| |
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 February 29, 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, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 29, 2024. |
|
| |
Security is prerefunded or escrowed to maturity. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Securities Lending
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
| |
|
|
Repurchase Agreements — 15.7% |
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 5.31% - 5.32%, dated 2/29/2024, due 3/1/2024, repurchase price $300,044. (a) |
|
|
Agency Joint Trading Account III, J.P. Morgan
Investment Management Inc., as agent, 5.32%,
dated 2/29/2024, due 3/1/2024, repurchase
price $50,007. (a) |
|
|
BNP Paribas SA, 5.40%, dated 2/29/2024, due 3/6/2024, repurchase price $15,014, collateralized by Corporate Notes and Bonds, 1.38% - 5.16%, due 3/12/2025 - 10/1/2051, with a value of $15,767. |
|
|
BNP Paribas SA, 5.66%, dated 2/29/2024, due
4/4/2024, repurchase price $10,055,
collateralized by Corporate Notes and Bonds,
3.25% - 9.75%, due 3/15/2026 - 1/15/2031,
with a value of $10,957. |
|
|
Pershing LLC, 5.71%, dated 2/29/2024, due 5/9/2024, repurchase price $10,111, collateralized by U.S. Treasury Securities, 0.00% - 5.00%, due 8/1/2024 - 11/15/2047, with a value of $10,346. |
|
|
Societe Generale SA, 5.47%, dated 2/29/2024,
due 3/5/2024, repurchase price $10,008,
collateralized by Collateralized Mortgage
Obligations, 9.47%, due 9/15/2034, Corporate
Notes and Bonds, 1.95% - 8.38%, due
11/20/2025 - 12/31/2079, FNMA, 10.82%,
due 3/25/2043 and Sovereign Government
Securities, 4.88% - 9.38%, due 10/9/2026 -
5/30/2040, with a value of $10,811. |
|
|
Total Repurchase Agreements
(Cost $395,000) |
|
|
| |
| |
Alaska Housing Finance Corp., State Capital Project
Series 2018A, Rev., VRDO, 5.34%, 3/7/2024 (b) |
|
|
| |
Colorado Housing and Finance Authority, Single
Family Mortgage |
|
|
Series 2023 M 2, Rev., VRDO, GNMA COLL, LIQ : Bank of America NA, 5.34%, 3/7/2024 (b) |
|
|
Series 2023 P-2, Rev., VRDO, GNMA COLL, LIQ :
FHLB, 5.35%, 3/7/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
| |
Macon-Bibb County Industrial Authority, Kumho Tire Georgia Inc., Project, Rev., VRDO, LOC : Korea Development Bank, 5.45%, 3/7/2024 (b) (c) |
|
|
| |
Illinois Housing Development Authority Series 2023 M, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 5.35%, 3/7/2024 (b) |
|
|
| |
Massachusetts Housing Finance Agency, Social Bonds Series 229, Rev., VRDO, GNMA / FNMA / FHLMC COLL, LIQ : UBS AG, 5.35%, 3/7/2024 (b) |
|
|
| |
Ecmc Group, Inc. Series 23-1, 5.46%, 3/7/2024 (b) |
|
|
Minnesota Housing Finance Agency Series 2023 V,
Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : FHLB,
5.35%, 3/7/2024 (b) |
|
|
| |
|
|
| |
New Hampshire Business Finance Authority, Hanwa Q Cells USA, Inc., Project Series 2024A, Rev., VRDO, LOC : Kookmin Bank, 5.61%, 3/7/2024 (b) (c) |
|
|
| |
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2018E, Rev., VRDO, LOC : UBS AG, 5.35%, 3/7/2024 (b) |
|
|
| |
Cincinnati City School District, Rev., TAN, 5.56%, 3/28/2024 |
|
|
| |
North Texas Higher Education Authority, Inc. Series 2023-1, Rev., VRDO, LOC : Royal Bank of Canada, 5.38%, 3/7/2024 (b) |
|
|
Total Municipal Bonds
(Cost $215,782) |
|
|
Short Term Investments — 75.8% |
| |
Australia & New Zealand Banking Group Ltd. (Australia) |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
| |
|
|
| |
|
|
Bank of Montreal (Canada) |
|
|
(SOFR + 0.47%), 5.78%, 3/1/2024 (e) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (e) |
|
|
(SOFR + 0.66%), 5.97%, 3/1/2024 (e) |
|
|
| |
|
|
| |
|
|
Bank of Nova Scotia (The) (Canada) |
|
|
(SOFR + 0.66%), 5.97%, 3/1/2024 (c) (e) |
|
|
(SOFR + 0.66%), 5.97%, 3/1/2024 (c) (e) |
|
|
Barclays Bank plc (United Kingdom) |
|
|
| |
|
|
| |
|
|
| |
|
|
Board of Regents of the University of Texas System |
|
|
Series B, 5.40%, 3/27/2024 |
|
|
| |
|
|
| |
|
|
Canadian Imperial Bank of Commerce (Canada) |
|
|
(SOFR + 0.66%), 5.97%, 3/1/2024 (c) (e) |
|
|
| |
|
|
China Construction Bank Corp. (China) |
|
|
| |
|
|
Commonwealth Bank of Australia (Australia) |
|
|
(SOFR + 0.55%), 5.86%, 3/1/2024 (c) (e) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Industrial & Commercial Bank of China Ltd. (China) |
|
|
| |
|
|
ING US Funding LLC (Netherlands) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (c) (e) |
|
|
(SOFR + 0.57%), 5.88%, 3/1/2024 (c) (e) |
|
|
| |
|
|
| |
|
|
Landesbank Baden-Wurttemberg (Germany) |
|
|
| |
|
|
Long Island Power Authority |
|
|
Series A-3, 5.40%, 3/15/2024 |
|
|
Macquarie Bank Ltd. (Australia) |
|
|
| |
|
|
| |
|
|
| |
Commercial Paper — continued |
Massachusetts Educational Financing Authority |
|
|
Series A, 5.44%, 4/24/2024 |
|
|
Matchpoint Finance plc (Ireland) |
|
|
Series A, 5.39%, 5/28/2024 (c) |
|
|
| |
|
|
| |
|
|
National Australia Bank Ltd. (Australia) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (c) (e) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (c) (e) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (c) (e) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Oversea-Chinese Banking Corp. Ltd. (Singapore) |
|
|
| |
|
|
Royal Bank of Canada (Canada) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (c) (e) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Skandinaviska Enskilda Banken AB (Sweden) |
|
|
(SOFR + 0.70%), 6.01%, 3/1/2024 (c) (e) |
|
|
Societe Generale SA (France) |
|
|
(SOFR + 0.10%), 5.41%, 3/1/2024 (c) (e) |
|
|
| |
|
|
| |
|
|
Sumitomo Mitsui Trust Bank Ltd. (Japan) |
|
|
| |
|
|
Svenska Handelsbanken AB (Sweden) |
|
|
(SOFR + 0.63%), 5.94%, 3/1/2024 (c) (e) |
|
|
| |
|
|
| |
|
|
Toronto-Dominion Bank (The) (Canada) |
|
|
(SOFR + 0.70%), 6.01%, 3/1/2024 (e) |
|
|
| |
|
|
| |
|
|
Trustees of Princeton University (The) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Securities Lending
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
| |
|
|
| |
|
|
| |
|
|
Series A, 5.50%, 3/14/2024 |
|
|
Westpac Banking Corp. (Australia) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (c) (e) |
|
|
Total Commercial Paper
(Cost $842,155) |
|
|
Certificates of Deposits — 22.7% |
Bank of America NA , 5.80%, 6/7/2024 |
|
|
Bank of Montreal (Canada) (SOFR + 0.64%), 5.95%, 3/1/2024 (e) |
|
|
Bank of Nova Scotia (The) (Canada) |
|
|
(SOFR + 0.55%), 5.86%, 3/1/2024 (e) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (e) |
|
|
(SOFR + 0.66%), 5.97%, 3/1/2024 (e) |
|
|
(SOFR + 0.70%), 6.01%, 3/1/2024 (e) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Canadian Imperial Bank of Commerce (Canada) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (e) |
|
|
(SOFR + 0.70%), 6.01%, 3/1/2024 (e) |
|
|
| |
|
|
| |
|
|
Commonwealth Bank of Australia (Australia) , 5.92%, 9/23/2024 |
|
|
Cooperatieve Rabobank UA (Netherlands) |
|
|
(SOFR + 0.69%), 6.02%, 3/1/2024 (e) |
|
|
| |
|
|
| |
|
|
| |
|
|
Credit Agricole Corporate and Investment Bank (France) |
|
|
(SOFR + 0.09%), 5.40%, 3/1/2024 (e) |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (e) |
|
|
Credit Agricole SA (France) , 5.64%, 3/7/2024 (d) |
|
|
Credit Industriel et Commercial (France) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Certificates of Deposits — continued |
First Abu Dhabi Bank USA NV , 5.34%, 3/7/2024 (c) |
|
|
KBC Bank NV (Belgium) , 5.40%, 4/22/2024 |
|
|
Mitsubishi UFJ Trust & Banking Corp. (Japan) |
|
|
(SOFR + 0.12%), 5.43%, 3/1/2024 (e) |
|
|
(SOFR + 0.47%), 5.78%, 3/1/2024 (e) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
National Australia Bank Ltd. (Australia) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (e) |
|
|
| |
|
|
Nordea Bank Abp (Finland) |
|
|
(SOFR + 0.51%), 5.82%, 3/1/2024 (e) |
|
|
(SOFR + 0.51%), 5.82%, 3/1/2024 (e) |
|
|
(SOFR + 0.57%), 5.88%, 3/1/2024 (e) |
|
|
Norinchukin Bank (The) (Japan) , 5.40%,
4/26/2024 |
|
|
Oversea-Chinese Banking Corp. Ltd. (Singapore) |
|
|
| |
|
|
| |
|
|
Skandinaviska Enskilda Banken AB (Sweden) (SOFR
+ 0.65%), 5.96%, 3/1/2024 (e) |
|
|
Standard Chartered Bank (United Kingdom) |
|
|
(SOFR + 0.41%), 5.72%, 3/1/2024 (e) |
|
|
| |
|
|
Sumitomo Mitsui Banking Corp. (Japan) |
|
|
(SOFR + 0.08%), 5.39%, 3/1/2024 (e) |
|
|
| |
|
|
Svenska Handelsbanken AB (Sweden) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (e) |
|
|
(SOFR + 0.64%), 5.95%, 3/1/2024 (e) |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Certificates of Deposits — continued |
Toronto-Dominion Bank (The) (Canada) |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (e) |
|
|
(SOFR + 0.66%), 5.97%, 3/1/2024 (e) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (e) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (e) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (e) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (e) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (e) |
|
|
Westpac Banking Corp. (Australia) , 5.58%, 3/8/2024 |
|
|
Woori Bank (South Korea) , 5.46%, 5/2/2024 (c) |
|
|
Total Certificates of Deposit
(Cost $569,893) |
|
|
| |
Credit Agricole Corporate and Investment Bank 5.31%, 3/1/2024 |
|
|
Erste Group Bank AG 5.32%, 3/1/2024 |
|
|
First Abu Dhabi Bank USA NV 5.32%, 3/1/2024 |
|
|
Mizuho Bank Ltd. 5.32%, 3/1/2024 |
|
|
Skandinaviska Enskilda Banken AB 5.32%, 3/1/2024 |
|
|
Toronto-Dominion Bank (The) 5.32%, 3/1/2024 |
|
|
Total Time Deposits
(Cost $396,471) |
|
|
U.S. Treasury Obligations — 3.9% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $98,349) |
|
|
Total Short Term Investments
(Cost $1,906,868) |
|
|
| |
|
|
Total Investments — 100.1%
(Cost $2,517,650) |
|
|
Liabilities in Excess of Other Assets — (0.1)% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
|
| |
|
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
|
| |
|
| |
Metropolitan Transportation Authority |
| |
|
| |
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. |
| |
Agency Joint Trading Account II, III - At February 29, 2024, the Fund had proportionate interests in the Agency Joint Trading Account II and III with a maturity date of March 1, 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 February 29, 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 |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Securities Lending
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
At
February 29, 2024, the Agency Joint Trading Account II, III was fully collateralized
by: |
| |
|
|
Agency Joint Trading Account II |
|
|
| |
|
|
| |
|
|
| |
|
|
Agency Joint Trading Account III |
|
|
| |
|
|
| |
|
|
| |
Variable or floating rate security, the interest rate of which adjusts
periodically based on changes in current interest rates and
prepayments on the underlying pool of assets. The interest rate
shown is the current rate as of February 29, 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 February 29, 2024. |
| |
Variable or floating rate security, linked to the referenced
benchmark. The interest rate shown is the current rate as of
February 29, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Liquid Assets
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
| |
|
|
Repurchase Agreements — 15.6% |
Barclays Capital, Inc., 5.61%, dated 2/29/2024, due 4/4/2024, repurchase price $135,736, collateralized by Asset-Backed Securities, 0.00% - 15.31%, due 6/25/2024 - 7/15/2070 and Collateralized Mortgage Obligations, 2.69%, due 11/18/2054, with a value of $148,107. |
|
|
Barclays Capital, Inc., 5.63%, dated 2/29/2024,
due 4/4/2024, repurchase price $50,274,
collateralized by Asset-Backed Securities,
1.79% - 7.07%, due 9/15/2028 - 4/25/2067,
with a value of $55,000. |
|
|
BMO Capital Markets Corp., 5.42%, dated 2/29/2024, due 3/6/2024, repurchase price $20,018, collateralized by Asset-Backed Securities, 0.00% - 13.34%, due 1/26/2032 - 7/25/2063, Collateralized Mortgage Obligations, 1.00% - 8.60%, due 8/25/2028 - 2/25/2069, Corporate Notes and Bonds, 3.88% - 9.00%, due 4/15/2026 - 6/1/2029 and FNMA, 6.50% - 17.69%, due 10/25/2029 - 3/25/2054, with a value of $21,804. |
|
|
BMO Capital Markets Corp., 5.42%, dated
2/29/2024, due 3/6/2024, repurchase price
$20,018, collateralized by Asset-Backed
Securities, 6.80% - 7.80%, due 1/15/2031 -
7/25/2063, Collateralized Mortgage
Obligations, 0.01% - 8.60%, due 12/25/2035
- 2/25/2069, Corporate Notes and Bonds,
1.50% - 8.75%, due 2/11/2025 - 1/30/2032,
FNMA, 8.32% - 17.69%, due 1/27/2042 -
2/25/2049, GNMA, 6.20%, due 1/20/2070
and Sovereign Government Securities, 1.63%,
due 1/22/2025, with a value of $21,415. |
|
|
BNP Paribas SA, 5.40%, dated 2/29/2024, due 3/5/2024, repurchase price $325,244, collateralized by Corporate Notes and Bonds, 0.95% - 10.75%, due 4/1/2024 - 10/31/2082^^ and Sovereign Government Securities, 5.10%, due 6/18/2050, with a value of $341,858. |
|
|
BNP Paribas SA, 5.40%, dated 2/29/2024, due
3/6/2024, repurchase price $350,315,
collateralized by Corporate Notes and Bonds,
2.39% - 8.63%, due 7/15/2024 -
1/15/2084^^ and FNMA, 10.97% - 12.92%,
due 4/25/2042 - 4/27/2043, with a value of
$368,083. |
|
|
| |
|
|
| |
BNP Paribas SA, 5.66%, dated 2/29/2024, due 4/4/2024, repurchase price $100,550, collateralized by Corporate Notes and Bonds, 3.38% - 13.38%, due 10/15/2024 - 12/31/2079^^, with a value of $109,528. |
|
|
BNP Paribas SA, 5.66%, dated 2/29/2024, due
4/4/2024, repurchase price $100,550,
collateralized by Corporate Notes and Bonds,
3.88% - 11.75%, due 10/25/2024 -
12/31/2079^^, with a value of $109,562. |
|
|
BNP Paribas SA, 5.66%, dated 2/29/2024, due 4/4/2024, repurchase price $310,700, collateralized by Asset-Backed Securities, 0.97% - 13.08%, due 3/10/2028 - 8/25/2067, Collateralized Mortgage Obligations, 0.00% - 7.76%, due 3/6/2029 - 11/25/2068, Corporate Notes and Bonds, 2.45% - 9.77%, due 11/18/2024 - 12/31/2079^^, FHLMC, 2.23% - 4.80%, due 4/25/2025 - 5/25/2033, FNMA, 4.25% - 15.44%, due 7/25/2024 - 3/25/2061 , Municipal Debt Securities, 1.90%, due 11/25/2037 and Sovereign Government Securities, 3.50% - 4.25%, due 1/9/2038 - 7/9/2041, with a value of $336,934. |
|
|
BofA Securities, Inc., 5.34%, dated 2/29/2024,
due 3/1/2024, repurchase price $50,007,
collateralized by Commercial Paper, 0.00%, due
8/26/2024 - 12/17/2024, with a value of
$52,500. |
|
|
BofA Securities, Inc., 5.34%, dated 2/29/2024, due 3/1/2024, repurchase price $150,022, collateralized by Commercial Paper, 0.00%, due 3/8/2024 - 9/20/2024, with a value of $157,500. |
|
|
BofA Securities, Inc., 5.35%, dated 2/29/2024,
due 3/1/2024, repurchase price $60,009,
collateralized by Certificates of Deposit, 5.83%,
due 10/16/2024, Commercial Paper, 0.00%,
due 3/1/2024 - 4/17/2024 and U.S. Treasury
Securities, 4.00% - 5.45%, due 7/31/2025 -
11/15/2042, with a value of $61,967. |
|
|
BofA Securities, Inc., 5.39%, dated 2/29/2024, due 3/1/2024, repurchase price $25,004, collateralized by Corporate Notes and Bonds, 0.80% - 9.38%, due 4/15/2024 - 3/15/2052, with a value of $26,250. |
|
|
BofA Securities, Inc., 5.39%, dated 2/29/2024,
due 3/1/2024, repurchase price $50,007,
collateralized by Corporate Notes and Bonds,
0.82% - 7.66%, due 4/15/2024 - 9/15/2056,
with a value of $52,501. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Liquid Assets
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Repurchase Agreements — continued |
BofA Securities, Inc., 5.44%, dated 2/29/2024, due 3/1/2024, repurchase price $80,012, collateralized by Corporate Notes and Bonds, 0.00% - 14.00%, due 3/8/2024 - 12/27/2033 and Sovereign Government Securities, 0.00% - 11.75%, due 10/13/2024 - 3/31/2038, with a value of $86,400. |
|
|
BofA Securities, Inc., 5.34%, dated 2/29/2024,
due 3/7/2024, repurchase price $70,073,
collateralized by Certificates of Deposit, 5.88%,
due 3/5/2024 and U.S. Treasury Securities,
0.38% - 6.88%, due 8/15/2025 -
12/31/2028, with a value of $71,406. |
|
|
BofA Securities, Inc., 5.35%, dated 2/29/2024, due 3/7/2024, repurchase price $80,083, collateralized by Commercial Paper, 0.00%, due 3/1/2024 - 8/1/2024, with a value of $84,000. |
|
|
BofA Securities, Inc., 5.39%, dated 2/29/2024,
due 3/7/2024, repurchase price $50,052,
collateralized by Corporate Notes and Bonds,
2.80% - 7.88%, due 10/15/2024 -
10/1/2060, with a value of $52,500. |
|
|
BofA Securities, Inc., 5.69%, dated 2/29/2024, due 4/4/2024, repurchase price $246,355, collateralized by Asset-Backed Securities, 0.00% - 7.00%, due 7/17/2026 - 7/25/2037, Collateralized Mortgage Obligations, 0.00% - 5.96%, due 8/25/2031 - 12/25/2063 and FNMA, 3.00% - 15.94%, due 8/25/2033 - 10/25/2058, with a value of $264,600. |
|
|
Credit Agricole Corporate and Investment Bank SA,
5.40%, dated 2/29/2024, due 3/7/2024,
repurchase price $110,116, collateralized by
Asset-Backed Securities, 1.13% - 8.59%, due
12/10/2029 - 10/15/2074, Collateralized
Mortgage Obligations, 2.50% - 7.33%, due
7/15/2032 - 12/25/2057, Corporate Notes
and Bonds, 0.87% - 11.00%, due 8/26/2024 -
3/15/2048^^, Sovereign Government
Securities, 1.25% - 10.63%, due 4/15/2024 -
3/29/2047 and U.S. Treasury Securities,
1.75%, due 1/31/2029, with a value of
$117,306. |
|
|
Fixed Income Clearing Corp., 5.30%, dated 2/29/2024, due 3/1/2024, repurchase price $1,500,221, collateralized by U.S. Treasury Securities, 2.38% - 3.88%, due 3/31/2029 - 4/30/2029, with a value of $1,530,000. |
|
|
| |
|
|
| |
Fixed Income Clearing Corp., 5.31%, dated
2/29/2024, due 3/1/2024, repurchase price
$2,500,369, collateralized by U.S. Treasury
Securities, 0.00% - 3.25%, due 8/29/2024 -
8/15/2032, with a value of $2,550,000. |
|
|
Goldman Sachs & Co. LLC, 5.66%, dated 2/29/2024, due 4/9/2024, repurchase price $301,887, collateralized by Asset-Backed Securities, 3.50% - 13.87%, due 5/26/2026 - 10/15/2042, Collateralized Mortgage Obligations, 1.50% - 7.69%, due 10/12/2029 - 5/28/2058, Corporate Notes and Bonds, 0.00% - 15.00%, due 3/6/2024 - 6/4/2081^^, FHLMC, 2.50% - 6.00%, due 12/1/2036 - 11/1/2053 and FNMA, 2.00% - 6.50%, due 7/1/2031 - 12/1/2053, with a value of $322,267. |
|
|
Goldman Sachs & Co. LLC, 5.69%, dated
2/29/2024, due 4/9/2024, repurchase price
$654,109, collateralized by Asset-Backed
Securities, 0.00% - 13.31%, due 12/10/2024
- 4/20/2062, Collateralized Mortgage
Obligations, 0.00% - 8.53%, due 11/12/2032
- 12/25/2068, Corporate Notes and Bonds,
0.00% - 13.50%, due 3/6/2024 -
3/15/2054^^, FHLMC, 2.00% - 4.50%, due
12/1/2046 - 3/1/2052 and FNMA, 3.50% -
5.50%, due 12/1/2049 - 10/1/2053, with a
value of $697,598. |
|
|
HSBC Securities USA, Inc., 5.43%, dated 2/29/2024, due 3/1/2024, repurchase price $250,038, collateralized by Corporate Notes and Bonds, 0.90% - 9.02%, due 2/10/2025 - 12/31/2079, Sovereign Government Securities, 2.38% - 7.88%, due 10/17/2024 - 3/1/2057 and U.S. Treasury Securities, 0.00%, due 5/15/2038 - 11/15/2049, with a value of $262,539. |
|
|
ING Financial Markets LLC, 5.40%, dated
2/29/2024, due 3/1/2024, repurchase price
$50,008, collateralized by Corporate Notes and
Bonds, 1.50% - 6.88%, due 1/22/2025 -
3/15/2054, with a value of $52,508. |
|
|
ING Financial Markets LLC, 5.55%, dated 2/29/2024, due 4/29/2024, repurchase price $201,850, collateralized by Common Stocks, with a value of $218,031. |
|
|
Pershing LLC, 5.71%, dated 2/29/2024, due
5/9/2024, repurchase price $90,999,
collateralized by U.S. Treasury Securities,
0.00% - 5.00%, due 5/31/2024 - 8/15/2052,
with a value of $93,111. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Repurchase Agreements — continued |
RBC Capital Markets LLC, 5.42%, dated 2/29/2024, due 3/5/2024, repurchase price $100,075, collateralized by Certificates of Deposit, 0.00% - 6.03%, due 3/1/2024 - 10/9/2035, Collateralized Mortgage Obligations, 4.60% - 6.58%, due 10/19/2034 - 1/25/2037, Commercial Paper, 0.00%, due 3/28/2024 - 11/25/2024 and FNMA, 10.12%, due 10/25/2050, with a value of $105,025. |
|
|
Societe Generale SA, 5.38%, dated 2/29/2024,
due 3/1/2024, repurchase price $175,026,
collateralized by Asset-Backed Securities,
1.94% - 3.70%, due 4/1/2028 - 11/1/2033,
Collateralized Mortgage Obligations, 0.87% -
4.50%, due 12/15/2051 - 6/25/2058,
Corporate Notes and Bonds, 0.86% - 8.50%,
due 4/15/2024 - 9/14/2077, FNMA, 8.82%,
due 3/25/2042, Sovereign Government
Securities, 0.63% - 5.38%, due 9/17/2024 -
7/23/2060 and U.S. Treasury Securities,
0.00%, due 5/15/2048, with a value of
$184,203. |
|
|
Societe Generale SA, 5.40%, dated 2/29/2024, due 3/1/2024, repurchase price $90,014, collateralized by Asset-Backed Securities, 2.70% - 8.21%, due 4/1/2028 - 2/25/2068, Collateralized Mortgage Obligations, 2.75% - 4.67%, due 11/25/2048 - 6/25/2058, Corporate Notes and Bonds, 0.63% - 7.85%, due 6/6/2024 - 6/15/2054^^, FNMA, 7.37%, due 12/27/2033 and Sovereign Government Securities, 0.75% - 8.88%, due 10/26/2024 - 7/23/2060, with a value of $94,951. |
|
|
Societe Generale SA, 5.45%, dated 2/29/2024,
due 3/1/2024, repurchase price $60,009,
collateralized by Asset-Backed Securities,
5.90% - 7.39%, due 7/25/2035 -
10/25/2036, Collateralized Mortgage
Obligations, 4.32% - 9.47%, due 9/15/2034 -
8/16/2047, Corporate Notes and Bonds,
2.45% - 10.50%, due 8/1/2025 -
12/31/2079, FNMA, 9.67% - 11.07%, due
4/25/2042 - 9/25/2042 and Sovereign
Government Securities, 3.24% - 9.13%, due
4/15/2024 - 5/13/2054, with a value of
$64,445. |
|
|
| |
|
|
| |
Societe Generale SA, 5.47%, dated 2/29/2024, due 3/5/2024, repurchase price $65,049, collateralized by Asset-Backed Securities, 5.78%, due 11/25/2036, Collateralized Mortgage Obligations, 4.77% - 9.47%, due 9/15/2034 - 1/15/2049, Corporate Notes and Bonds, 3.20% - 9.00%, due 2/4/2025 - 12/1/2032, FNMA, 10.82%, due 5/26/2043 and Sovereign Government Securities, 5.00% - 9.38%, due 4/15/2024 - 1/27/2045, with a value of $70,257. |
|
|
Societe Generale SA, 5.40%, dated 2/29/2024,
due 3/6/2024, repurchase price $135,122,
collateralized by Asset-Backed Securities,
1.94% - 3.27%, due 6/15/2029 -
11/25/2064, Collateralized Mortgage
Obligations, 4.50%, due 6/25/2058, Corporate
Notes and Bonds, 0.86% - 7.44%, due
6/25/2024 - 1/31/2060^^, FNMA, 7.37% -
8.82%, due 12/27/2033 - 3/25/2042,
Sovereign Government Securities, 0.55% -
5.50%, due 6/19/2024 - 7/23/2060 and
U.S. Treasury Securities, 0.00%, due
5/15/2048, with a value of $142,036. |
|
|
Societe Generale SA, 5.65%, dated 2/29/2024, due 5/6/2024, repurchase price $171,788, collateralized by Collateralized Mortgage Obligations, 2.93% - 9.47%, due 9/15/2034 - 8/16/2047, Corporate Notes and Bonds, 2.13% - 10.50%, due 6/25/2024 - 12/31/2079^^, FNMA, 9.67% - 11.07%, due 4/25/2042 - 9/25/2042 and Sovereign Government Securities, 3.38% - 9.38%, due 4/15/2024 - 10/12/2046, with a value of $186,016. |
|
|
TD Securities (USA) LLC, 5.39%, dated
2/29/2024, due 3/1/2024, repurchase price
$100,015, collateralized by Corporate Notes
and Bonds, 3.45% - 6.27%, due 6/27/2024 -
4/15/2031, with a value of $105,016. |
|
|
TD Securities (USA) LLC, 5.42%, dated 2/29/2024, due 3/1/2024, repurchase price $100,015, collateralized by Corporate Notes and Bonds, 3.35% - 4.63%, due 4/15/2026 - 3/15/2059, with a value of $105,016. |
|
|
TD Securities (USA) LLC, 5.41%, dated
2/29/2024, due 3/6/2024, repurchase price
$300,271, collateralized by Corporate Notes
and Bonds, 2.65% - 7.96%, due 2/1/2025 -
2/9/2064, with a value of $315,332. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Liquid Assets
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Repurchase Agreements — continued |
TD Securities (USA) LLC, 5.44%, dated 2/29/2024, due 3/6/2024, repurchase price $110,100, collateralized by Corporate Notes and Bonds, 3.35% - 8.50%, due 5/1/2025 - 3/15/2064, with a value of $116,040. |
|
|
TD Securities (USA) LLC, 5.66%, dated
2/29/2024, due 4/26/2024, repurchase price
$75,672, collateralized by Corporate Notes and
Bonds, 2.45% - 11.50%, due 10/29/2026 -
10/1/2031, with a value of $80,648. |
|
|
Wells Fargo Securities LLC, 5.44%, dated 2/29/2024, due 3/6/2024, repurchase price $40,036, collateralized by Certificates of Deposit, 0.00% - 5.95%, due 5/31/2024 - 12/28/2028, with a value of $42,045. |
|
|
Wells Fargo Securities LLC, 5.76%, dated
2/29/2024, due 5/9/2024, repurchase price
$202,240, collateralized by Certificates of
Deposit, 0.00% - 6.07%, due 3/21/2024 -
1/26/2028 and Sovereign Government
Securities, 0.00% - 6.38%, due 8/23/2024 -
4/15/2070, with a value of $212,924. |
|
|
Wells Fargo Securities LLC, 5.76%, dated 2/29/2024, due 5/16/2024, repurchase price $40,493, collateralized by Certificates of Deposit, 0.00% - 5.85%, due 7/12/2024 - 12/22/2028, with a value of $42,605. |
|
|
Total Repurchase Agreements
(Cost $9,679,000) |
|
|
| |
| |
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%, 3/7/2024 (a) |
|
|
| |
Macon-Bibb County Industrial Authority, Kumho Tire Georgia Inc., Project, Rev., VRDO, LOC : Korea Development Bank, 5.45%, 3/7/2024 (a) (b) |
|
|
| |
Illinois Housing Development Authority Series 2023 M, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 5.35%, 3/7/2024 (a) |
|
|
| |
Iowa Student Loan Liquidity Corp., Student Loan Series 2023-1, Rev., VRDO, LOC : Royal Bank of Canada, 5.38%, 3/7/2024 (a) |
|
|
| |
|
|
| |
| |
New Hampshire Business Finance Authority, Hanwa Q Cells USA, Inc., Project Series 2024A, Rev., VRDO, LOC : Kookmin Bank, 5.61%, 3/7/2024 (a) (b) |
|
|
| |
Cincinnati City School District, Rev., TAN, 5.56%, 3/28/2024 |
|
|
| |
North Texas Higher Education Authority, Inc. Series 2023-1, Rev., VRDO, LOC : Royal Bank of Canada, 5.38%, 3/7/2024 (a) |
|
|
State of Texas, Veterans Series 2023A, GO, VRDO,
LIQ : Texas State Comptroller, 5.40%,
3/7/2024 (a) |
|
|
| |
|
|
Total Municipal Bonds
(Cost $272,900) |
|
|
| |
| |
Barclays Bank plc (United Kingdom) |
|
|
(OBFR + 0.20%), 5.51%, 3/1/2024 (b) (c) |
|
|
(OBFR + 0.20%), 5.51%, 3/1/2024 (b) (c) |
|
|
Total Corporate Bonds
(Cost $182,000) |
|
|
Short Term Investments — 82.5% |
Certificates of Deposits — 28.7% |
ABN AMRO Bank NV (Netherlands) , 5.44%, 8/27/2024 (d) |
|
|
Agricultural Bank of China Ltd. (China) , 5.84%,
3/18/2024 |
|
|
| |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (c) |
|
|
(SOFR + 0.19%), 5.50%, 3/1/2024 (c) |
|
|
| |
|
|
Bank of Montreal (Canada) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (c) |
|
|
(SOFR + 0.63%), 5.94%, 3/1/2024 (c) |
|
|
(SOFR + 0.64%), 5.95%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Certificates of Deposits — continued |
| |
|
|
Bank of Nova Scotia (The) (Canada) |
|
|
(SOFR + 0.55%), 5.86%, 3/1/2024 (c) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (c) |
|
|
(SOFR + 0.66%), 5.97%, 3/1/2024 (c) |
|
|
(SOFR + 0.70%), 6.01%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
Barclays Bank plc (United Kingdom) (SOFR + 0.32%), 5.63%, 3/1/2024 (c) |
|
|
| |
|
|
(SOFR + 0.19%), 5.50%, 3/1/2024 (c) |
|
|
(SOFR + 0.55%), 5.86%, 3/1/2024 (c) |
|
|
(SOFR + 0.55%), 5.86%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Canadian Imperial Bank of Commerce (Canada) |
|
|
(SOFR + 0.54%), 5.85%, 3/1/2024 (c) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (c) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
China Construction Bank Corp. (China) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Cooperatieve Rabobank UA (Netherlands) |
|
|
(SOFR + 0.69%), 6.02%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Certificates of Deposits — continued |
Credit Agricole Corporate and Investment Bank
(France) |
|
|
(SOFR + 0.11%), 5.42%, 3/1/2024 (c) |
|
|
(SOFR + 0.20%), 5.51%, 3/1/2024 (c) |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Credit Agricole SA (France) |
|
|
| |
|
|
| |
|
|
Credit Industriel et Commercial (France) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
DZ Bank AG (Germany) , 5.71%, 5/24/2024 |
|
|
First Abu Dhabi Bank USA NV |
|
|
(SOFR + 0.20%), 5.51%, 3/1/2024 (c) |
|
|
(SOFR + 0.27%), 5.58%, 3/1/2024 (c) |
|
|
Industrial & Commercial Bank of China Ltd. (China) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Liquid Assets
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Short Term Investments — continued |
Certificates of Deposits — continued |
ING Bank NV (Netherlands) |
|
|
| |
|
|
| |
|
|
KBC Bank NV (Belgium) , 5.32%, 3/7/2024 |
|
|
Kookmin Bank (South Korea) (SOFR + 0.35%), 5.66%, 3/1/2024 (c) |
|
|
Korea Development Bank (South Korea) |
|
|
(SOFR + 0.34%), 5.65%, 3/1/2024 (c) |
|
|
| |
|
|
Landesbank Baden-Wuerttemberg (Germany) , 5.33%, 3/5/2024 |
|
|
Mitsubishi UFJ Trust & Banking Corp. (Japan) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (c) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (c) |
|
|
(SOFR + 0.22%), 5.53%, 3/1/2024 (c) |
|
|
(SOFR + 0.28%), 5.59%, 3/1/2024 (c) |
|
|
(SOFR + 0.28%), 5.59%, 3/1/2024 (c) |
|
|
(SOFR + 0.30%), 5.61%, 3/1/2024 (c) |
|
|
(SOFR + 0.30%), 5.61%, 3/1/2024 (c) |
|
|
(SOFR + 0.47%), 5.78%, 3/1/2024 (c) |
|
|
| |
|
|
(SOFR + 0.10%), 5.41%, 3/1/2024 (c) |
|
|
(SOFR + 0.12%), 5.43%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (c) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (c) |
|
|
(SOFR + 0.23%), 5.54%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (c) |
|
|
(SOFR + 0.21%), 5.52%, 3/1/2024 (c) |
|
|
(SOFR + 0.35%), 5.66%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
National Australia Bank Ltd. (Australia) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Certificates of Deposits — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Nordea Bank Abp (Finland) |
|
|
(SOFR + 0.10%), 5.41%, 3/1/2024 (c) |
|
|
(SOFR + 0.51%), 5.82%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Oversea-Chinese Banking Corp. Ltd. (Singapore) |
|
|
(SOFR + 0.10%), 5.41%, 3/1/2024 (c) |
|
|
(SOFR + 0.28%), 5.59%, 3/1/2024 (c) |
|
|
(SOFR + 0.40%), 5.71%, 3/1/2024 (c) |
|
|
Royal Bank of Canada (Canada) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (c) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (c) |
|
|
Skandinaviska Enskilda Banken AB (Sweden) |
|
|
(SOFR + 0.15%), 5.46%, 3/1/2024 (c) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (c) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (c) |
|
|
(SOFR + 0.65%), 5.96%, 3/1/2024 (c) |
|
|
(SOFR + 0.70%), 6.01%, 3/1/2024 (c) |
|
|
Standard Chartered Bank (United Kingdom) |
|
|
(SOFR + 0.23%), 5.54%, 3/1/2024 (c) |
|
|
(SOFR + 0.24%), 5.55%, 3/1/2024 (c) |
|
|
(SOFR + 0.41%), 5.72%, 3/1/2024 (c) |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Certificates of Deposits — continued |
| |
|
|
| |
|
|
State Street Bank and Trust Co. |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (c) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (c) |
|
|
Sumitomo Mitsui Banking Corp. (Japan) |
|
|
(SOFR + 0.15%), 5.46%, 3/1/2024 (c) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (c) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (c) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (c) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (c) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (c) |
|
|
(SOFR + 0.21%), 5.52%, 3/1/2024 (c) |
|
|
(SOFR + 0.30%), 5.61%, 3/1/2024 (c) |
|
|
(SOFR + 0.31%), 5.62%, 3/1/2024 (c) |
|
|
(SOFR + 0.35%), 5.66%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Sumitomo Mitsui Trust Bank Ltd. (Japan) |
|
|
(SOFR + 0.12%), 5.43%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (c) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (c) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (c) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (c) |
|
|
(SOFR + 0.21%), 5.52%, 3/1/2024 (c) |
|
|
(SOFR + 0.27%), 5.58%, 3/1/2024 (c) |
|
|
(SOFR + 0.30%), 5.61%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
Svenska Handelsbanken AB (Sweden) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (c) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (c) |
|
|
(SOFR + 0.64%), 5.95%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Certificates of Deposits — continued |
Toronto-Dominion Bank (The) (Canada) |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (c) |
|
|
(SOFR + 0.65%), 5.96%, 3/1/2024 (c) |
|
|
(SOFR + 0.66%), 5.97%, 3/1/2024 (c) |
|
|
(SOFR + 0.70%), 6.01%, 3/1/2024 (c) |
|
|
(SOFR + 0.70%), 6.01%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (c) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (c) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (c) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (c) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (c) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (c) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (c) |
|
|
(SOFR + 0.65%), 5.96%, 3/1/2024 (c) |
|
|
Total Certificates of Deposit
(Cost $17,819,648) |
|
|
| |
Agricultural Bank of China Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
Australia & New Zealand Banking Group Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
China Construction Bank Corp. 5.35%, 3/1/2024 |
|
|
Credit Agricole Corporate and Investment Bank |
|
|
| |
|
|
| |
|
|
| |
|
|
DNB Bank ASA 5.31%, 3/1/2024 |
|
|
Erste Group Bank AG 5.32%, 3/1/2024 |
|
|
First Abu Dhabi Bank USA NV 5.32%, 3/1/2024 |
|
|
Industrial & Commercial Bank of China Ltd. 5.35%, 3/1/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Liquid Assets
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Short Term Investments — continued |
Time Deposits — continued |
ING Bank NV 5.32%, 3/1/2024 |
|
|
| |
|
|
| |
|
|
| |
|
|
Landesbank Hessen Thueringen Girozentrale |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Nordea Bank Abp 5.31%, 3/1/2024 |
|
|
Royal Bank of Canada 5.32%, 3/6/2024 |
|
|
Skandinaviska Enskilda Banken AB |
|
|
| |
|
|
| |
|
|
Svenska Handelsbanken AB 5.30%, 3/1/2024 |
|
|
Swedbank AB 5.31%, 3/5/2024 |
|
|
Total Time Deposits
(Cost $15,437,269) |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
ASB Bank Ltd. (New Zealand) |
|
|
(SOFR + 0.12%), 5.43%, 3/1/2024 (a) (b) |
|
|
Australia & New Zealand Banking Group Ltd.
(Australia) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Bank of China Ltd. (China) |
|
|
| |
|
|
Bank of Montreal (Canada) |
|
|
(SOFR + 0.47%), 5.78%, 3/1/2024 (c) |
|
|
(SOFR + 0.49%), 5.80%, 3/1/2024 (c) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (c) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Commercial Paper — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Bank of Nova Scotia (The) (Canada) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (b) (c) |
|
|
(SOFR + 0.66%), 5.97%, 3/1/2024 (b) (c) |
|
|
| |
|
|
Barclays Bank plc (United Kingdom) |
|
|
| |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (b) (c) |
|
|
| |
|
|
| |
|
|
Barton Capital SA (France) |
|
|
| |
|
|
| |
|
|
Bedford Row Funding Corp. |
|
|
(SOFR + 0.20%), 5.51%, 3/1/2024 (b) (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.51%), 5.82%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
BNZ International Funding Ltd. (New Zealand) |
|
|
(SOFR + 0.40%), 5.71%, 3/1/2024 (b) (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Canadian Imperial Bank of Commerce (Canada) |
|
|
| |
|
|
| |
|
|
Chesham Finance Ltd. (Cayman Islands) |
|
|
Series 2, 5.42%, 3/12/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Federation des Caisses Desjardins du Quebec (Canada) |
|
|
| |
|
|
First Abu Dhabi Bank PJSC (United Arab Emirates) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Glencove Funding DAC (Ireland) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
ING US Funding LLC (Netherlands) |
|
|
| |
|
|
(SOFR + 0.48%), 5.79%, 3/1/2024 (c) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (b) (c) |
|
|
(SOFR + 0.57%), 5.88%, 3/1/2024 (b) (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Kingdom of the Netherlands (Netherlands) |
|
|
| |
|
|
Landesbank Baden-Wurttemberg (Germany) |
|
|
| |
|
|
| |
|
|
| |
Commercial Paper — continued |
Liberty Street Funding LLC |
|
|
| |
|
|
| |
|
|
Lloyds Bank plc (United Kingdom) |
|
|
(SOFR + 0.11%), 5.42%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Macquarie Bank Ltd. (Australia) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
National Australia Bank Ltd. (Australia) |
|
|
(SOFR + 0.18%), 5.49%, 3/1/2024 (b) (c) |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (b) (c) |
|
|
(SOFR + 0.52%), 5.83%, 3/1/2024 (b) (c) |
|
|
National Bank of Canada (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
National Westminster Bank plc (United Kingdom) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
NatWest Markets plc (United Kingdom) |
|
|
Series G, 5.32%, 3/5/2024 (b) (d) |
|
|
Nieuw Amsterdam Receivables Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
Nordea Bank Abp (Finland) |
|
|
(SOFR + 0.15%), 5.46%, 3/1/2024 (b) (c) |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Liquid Assets
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
| |
|
|
(SOFR + 0.23%), 5.54%, 3/1/2024 (b) (c) |
|
|
(SOFR + 0.32%), 5.63%, 3/1/2024 (b) (c) |
|
|
(SOFR + 0.40%), 5.71%, 3/1/2024 (b) (c) |
|
|
(SOFR + 0.42%), 5.73%, 3/1/2024 (b) (c) |
|
|
(SOFR + 0.43%), 5.74%, 3/1/2024 (b) (c) |
|
|
| |
|
|
| |
|
|
Podium Funding Trust (Canada) |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (c) |
|
|
Pricoa Short Term Funding LLC |
|
|
| |
|
|
Province of Quebec Canada (Canada) |
|
|
| |
|
|
Royal Bank of Canada (Canada) |
|
|
(SOFR + 0.31%), 5.62%, 3/1/2024 (b) (c) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (b) (c) |
|
|
(SOFR + 0.65%), 5.96%, 3/1/2024 (b) (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Skandinaviska Enskilda Banken AB (Sweden) |
|
|
(SOFR + 0.53%), 5.84%, 3/1/2024 (b) (c) |
|
|
(SOFR + 0.60%), 5.91%, 3/1/2024 (b) (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Standard Chartered Bank (United Kingdom) |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.19%), 5.50%, 3/1/2024 (b) (c) |
|
|
| |
|
|
| |
|
|
Sumitomo Mitsui Banking Corp. (Japan) |
|
|
| |
|
|
Svenska Handelsbanken AB (Sweden) |
|
|
(SOFR + 0.30%), 5.61%, 3/1/2024 (b) (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Commercial Paper — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Toronto-Dominion Bank (The) (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
TotalEnergies Capital (France) |
|
|
| |
|
|
Toyota Credit Canada, Inc. (Canada) |
|
|
| |
|
|
Toyota Finance Australia Ltd. (Australia) |
|
|
| |
|
|
Toyota Motor Credit Corp. |
|
|
| |
|
|
| |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (b) (c) |
|
|
(SOFR + 0.20%), 5.53%, 3/1/2024 (b) (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
United Overseas Bank Ltd. (Singapore) |
|
|
| |
|
|
Versailles Commercial Paper LLC |
|
|
| |
|
|
| |
|
|
Westpac Banking Corp. (Australia) |
|
|
(SOFR + 0.50%), 5.81%, 3/1/2024 (b) (c) |
|
|
| |
|
|
| |
|
|
Total Commercial Paper
(Cost $14,579,057) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
U.S. Treasury Obligations — 5.4% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $3,329,126) |
|
|
Total Short Term Investments
(Cost $51,165,100) |
|
|
Total Investments — 98.9%
(Cost
$61,299,000) *
|
|
|
Other Assets Less Liabilities — 1.1% |
|
|
| |
|
|
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 |
| |
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 February 29, 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 February 29, 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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Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 29, 2024. |
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| |
The rate shown is the effective yield as of February 29, 2024. |
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SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan U.S. Government
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
| |
|
|
Repurchase Agreements — 42.1% |
Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 5.32%, dated 2/29/2024, due 3/1/2024, repurchase price $1,050,155. (a) |
|
|
Agency Joint Trading Account II, J.P. Morgan
Investment Management Inc., as agent, 5.31%
- 5.32%, dated 2/29/2024, due 3/1/2024,
repurchase price $982,574. (a) |
|
|
Agency Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 5.32%, dated 2/29/2024, due 3/1/2024, repurchase price $199,030. (a) |
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|
Bank of America NA, 5.32%, dated 2/29/2024,
due 3/1/2024, repurchase price $1,200,177,
collateralized by FHLMC, 3.50%, due
4/1/2042 and FNMA, 2.00% - 4.50%, due
12/1/2040 - 11/1/2051, with a value of
$1,224,000. |
|
|
Bank of Montreal, 5.32%, dated 2/29/2024, due 3/1/2024, repurchase price $1,400,207, collateralized by FHLMC, 2.25% - 4.00%, due 2/15/2028 - 5/25/2052, FNMA, 1.25% - 6.00%, due 4/25/2025 - 4/25/2053 and GNMA, 2.00% - 6.71%, due 1/20/2042 - 2/20/2073, with a value of $1,442,213. |
|
|
BMO Capital Markets Corp., 5.32%, dated
2/29/2024, due 3/6/2024, repurchase price
$500,443, collateralized by FHLMC, 1.13% -
6.50%, due 2/25/2025 - 10/25/2053,
FNMA, 0.50% - 10.94%, due 10/25/2024 -
7/25/2054 and GNMA, 0.00% - 7.00%, due
4/17/2034 - 1/20/2074, with a value of
$514,591. |
|
|
BNP Paribas SA, 5.40%, dated 2/29/2024, due 3/7/2024, repurchase price $2,002,100, collateralized by FHLMC, 1.00% - 7.00%, due 5/1/2032 - 2/25/2054, FNMA, 1.82% - 9.97%, due 4/25/2028 - 1/1/2054, GNMA, 2.00% - 8.00%, due 4/15/2028 - 12/20/2063 and U.S. Treasury Securities, 0.00% - 5.36%, due 4/2/2024 - 8/15/2053, with a value of $2,098,281. |
|
|
BNP Paribas SA, 5.42%, dated 2/29/2024, due
3/7/2024, repurchase price $1,001,053,
collateralized by FHLMC, 1.22% - 7.50%, due
1/1/2029 - 1/1/2054, FNMA, 1.50% -
7.00%, due 3/1/2025 - 2/1/2054 and
GNMA, 2.50% - 7.00%, due 5/20/2032 -
12/20/2053, with a value of $1,052,853. |
|
|
| |
|
|
| |
BNP Paribas SA, 5.48%, dated 2/29/2024, due 3/7/2024, repurchase price $1,001,066, collateralized by FHLMC, 2.00% - 6.50%, due 7/15/2032 - 1/1/2054, FNMA, 2.00% - 9.97%, due 6/1/2026 - 1/1/2054, GNMA, 2.00% - 7.50%, due 9/15/2028 - 12/20/2063 and U.S. Treasury Securities, 0.00% - 1.88%, due 5/15/2025 - 11/15/2033, with a value of $1,079,630. |
|
|
BNP Paribas SA, 5.50%, dated 2/29/2024, due
3/7/2024, repurchase price $1,001,069,
collateralized by FHLMC, 2.00% - 7.00%, due
2/1/2031 - 2/25/2054, FNMA, 1.83% -
7.44%, due 6/1/2026 - 12/1/2053, GNMA,
3.00% - 7.00%, due 10/15/2028 -
3/15/2059 and U.S. Treasury Securities,
0.00% - 4.13%, due 3/21/2024 -
10/31/2029, with a value of $1,048,840. |
|
|
BNP Paribas SA, 5.50%, dated 2/29/2024, due 3/7/2024, repurchase price $1,001,069, collateralized by FFCB, 2.82% - 2.93%, due 12/9/2041 - 2/3/2042, FHLB, 2.80% - 6.30%, due 7/11/2039 - 6/12/2043, FHLMC, 5.50%, due 8/1/2053, FNMA, 3.00% - 6.50%, due 7/1/2048 - 8/1/2053 and GNMA, 2.50% - 7.50%, due 11/15/2032 - 12/20/2063, with a value of $1,048,362. |
|
|
BofA Securities, Inc., 5.35%, dated 2/29/2024,
due 3/7/2024, repurchase price $1,001,040,
collateralized by FHLMC, 0.00% - 7.50%, due
1/1/2027 - 2/1/2054, FNMA, 0.00% -
8.00%, due 4/1/2024 - 2/1/2054 and
GNMA, 2.50% - 8.00%, due 8/15/2030 -
11/20/2063, with a value of $1,020,012. |
|
|
BofA Securities, Inc., 5.36%, dated 2/29/2024, due 4/18/2024, repurchase price $1,007,296, collateralized by FHLMC, 0.00% - 7.00%, due 12/1/2028 - 11/1/2053, FNMA, 0.00% - 7.50%, due 6/1/2025 - 12/1/2053 and GNMA, 2.50% - 7.00%, due 6/15/2029 - 9/20/2066, with a value of $1,020,429. |
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|
BofA Securities, Inc., 5.35%, dated 2/29/2024,
due 4/25/2024, repurchase price $252,081,
collateralized by FHLMC, 1.50% - 7.50%, due
10/1/2033 - 1/1/2054, FNMA, 1.50% -
5.95%, due 9/1/2026 - 8/1/2053 and
GNMA, 3.00% - 6.66%, due 9/16/2041 -
2/20/2054, with a value of $255,103. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Repurchase Agreements — continued |
Citigroup Global Markets Holdings, Inc., 5.31%, dated 2/29/2024, due 3/1/2024, repurchase price $2,100,310, collateralized by U.S. Treasury Securities, 0.13% - 5.50%, due 8/31/2025 - 8/15/2028, with a value of $2,142,000. |
|
|
Citigroup Global Markets Holdings, Inc., 5.31%,
dated 2/29/2024, due 3/1/2024, repurchase
price $3,000,442, collateralized by
U.S. Treasury Securities, 0.75% - 4.13%, due
4/30/2028 - 8/15/2028, with a value of
$3,060,000. |
|
|
Citigroup Global Markets Holdings, Inc., 5.32%, dated 2/29/2024, due 3/5/2024, repurchase price $5,003,694, collateralized by U.S. Treasury Securities, 0.38% - 5.50%, due 5/15/2024 - 8/15/2028, with a value of $5,100,000. |
|
|
Citigroup Global Markets Holdings, Inc., 5.32%,
dated 2/29/2024, due 3/7/2024, repurchase
price $2,002,069, collateralized by FHLMC,
1.50% - 8.00%, due 2/15/2034 -
2/25/2054, FNMA, 1.25% - 5.50%, due
10/25/2032 - 10/25/2051 and GNMA,
2.00% - 8.50%, due 2/16/2039 -
10/16/2064, with a value of $2,040,501. |
|
|
Citigroup Global Markets Holdings, Inc., 5.35%, dated 2/29/2024, due 5/15/2024, repurchase price $1,011,294, collateralized by FHLMC, 1.00% - 13.82%, due 3/25/2025 - 4/25/2062, FNMA, 1.09% - 7.50%, due 2/25/2026 - 11/25/2059 and GNMA, 2.50% - 7.00%, due 12/20/2034 - 2/20/2064, with a value of $1,025,630. |
|
|
Citigroup Global Markets Holdings, Inc., 5.35%,
dated 2/29/2024, due 5/22/2024,
repurchase price $1,012,335, collateralized
by FHLMC, 4.50% - 7.50%, due 1/1/2054
and FNMA, 4.05% - 7.50%, due 1/1/2054,
with a value of $1,020,001. |
|
|
Daiwa Capital Markets America, Inc., 5.32%, dated 2/29/2024, due 3/1/2024, repurchase price $3,000,443, collateralized by FFCB, 4.13% - 5.00%, due 10/2/2024 - 2/13/2029, FHLB, 0.00% - 5.59%, due 8/23/2024 - 9/27/2024, FHLMC, 1.50% - 6.50%, due 2/22/2027 - 3/1/2054, FNMA, 1.50% - 6.50%, due 12/1/2027 - 2/1/2054, GNMA, 1.50% - 7.50%, due 10/15/2032 - 2/20/2054 and U.S. Treasury Securities, 0.00% - 5.00%, due 3/28/2024 - 8/15/2053, with a value of $3,061,043. |
|
|
| |
|
|
| |
Deutsche Bank Securities, Inc., 5.32%, dated
2/29/2024, due 3/1/2024, repurchase price
$2,000,296, collateralized by FHLMC, 2.00%
- 7.00%, due 3/1/2035 - 3/1/2054 and
FNMA, 2.00% - 6.50%, due 3/1/2051 -
12/1/2053, with a value of $2,040,000. |
|
|
Deutsche Bank Securities, Inc., 5.32%, dated 2/29/2024, due 3/1/2024, repurchase price $2,250,332, collateralized by FNMA, 2.00% - 6.50%, due 6/1/2042 - 2/1/2054, with a value of $2,295,000. |
|
|
Federal Reserve Bank of New York, 5.30%, dated
2/29/2024, due 3/1/2024, repurchase price
$8,001,178, collateralized by U.S. Treasury
Securities, 0.63% - 4.63%, due 8/15/2027 -
5/15/2040, with a value of $8,001,178. |
|
|
Fixed Income Clearing Corp., 5.31%, dated 2/29/2024, due 3/1/2024, repurchase price $6,750,996, collateralized by U.S. Treasury Securities, 0.25% - 4.63%, due 7/31/2025 - 2/15/2053, with a value of $6,885,000. |
|
|
Fixed Income Clearing Corp., 5.31%, dated
2/29/2024, due 3/1/2024, repurchase price
$7,101,047, collateralized by U.S. Treasury
Securities, 0.00% - 5.57%, due 4/15/2024 -
5/15/2049, with a value of $7,242,000. |
|
|
Goldman Sachs & Co. LLC, 5.32%, dated 2/29/2024, due 3/1/2024, repurchase price $2,000,296, collateralized by FHLMC, 4.00%, due 8/1/2044 - 7/1/2049, FNMA, 3.50% - 4.50%, due 9/1/2048 - 7/1/2049, GNMA, 3.71% - 4.00%, due 12/15/2040 - 7/15/2057 and U.S. Treasury Securities, 0.00% - 5.36%, due 4/9/2024 - 8/15/2052, with a value of $2,040,000. |
|
|
Goldman Sachs & Co. LLC, 5.32%, dated
2/29/2024, due 3/1/2024, repurchase price
$3,500,517, collateralized by FHLMC, 2.00%
- 5.00%, due 7/1/2026 - 6/1/2051, FNMA,
2.00% - 7.50%, due 3/1/2025 - 11/1/2053,
GNMA, 2.50% - 6.50%, due 8/20/2033 -
10/15/2057 and U.S. Treasury Securities,
0.00% - 5.49%, due 4/15/2024 -
11/15/2052, with a value of $3,570,000. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan U.S. Government
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Repurchase Agreements — continued |
Goldman Sachs & Co. LLC, 5.32%, dated 2/29/2024, due 3/1/2024, repurchase price $4,750,702, collateralized by FHLMC, 1.50% - 5.50%, due 6/1/2025 - 9/1/2053, FNMA, 2.50% - 7.50%, due 5/1/2025 - 1/1/2054, GNMA, 1.50% - 7.50%, due 10/20/2024 - 3/15/2065 and U.S. Treasury Securities, 0.63%, due 7/15/2032, with a value of $4,845,000. |
|
|
Goldman Sachs & Co. LLC, 5.32%, dated
2/29/2024, due 3/1/2024, repurchase price
$5,000,739, collateralized by FHLMC, 1.00%
- 7.00%, due 9/1/2027 - 2/1/2054, FNMA,
1.50% - 7.00%, due 10/1/2026 - 1/1/2054,
GNMA, 1.50% - 7.00%, due 5/20/2030 -
4/15/2064 and U.S. Treasury Securities,
0.00% - 3.25%, due 8/31/2027 -
2/15/2040, with a value of $5,100,000. |
|
|
Goldman Sachs & Co. LLC, 5.32%, dated 2/29/2024, due 3/1/2024, repurchase price $6,500,961, collateralized by FHLMC, 1.50% - 7.00%, due 8/1/2029 - 2/1/2054, FNMA, 1.50% - 6.50%, due 1/1/2033 - 2/1/2054, GNMA, 0.00% - 6.00%, due 3/20/2028 - 3/16/2065 and U.S. Treasury Securities, 0.00% - 4.75%, due 5/15/2032 - 11/15/2053, with a value of $6,630,125. |
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|
Goldman Sachs & Co. LLC, 5.32%, dated
2/29/2024, due 3/4/2024, repurchase price
$3,001,773, collateralized by FHLMC, 1.50%
- 6.50%, due 1/1/2027 - 12/1/2053, FNMA,
1.41% - 7.00%, due 2/1/2026 - 2/1/2054,
GNMA, 0.00% - 7.00%, due 4/20/2032 -
8/16/2065 and U.S. Treasury Securities,
2.00% - 3.00%, due 11/15/2041 -
5/15/2042, with a value of $3,060,014. |
|
|
Goldman Sachs & Co. LLC, 5.42%, dated 2/29/2024, due 3/15/2024, repurchase price $2,004,517, collateralized by U.S. Treasury Securities, 0.00% - 4.88%, due 4/9/2024 - 2/15/2054, with a value of $2,040,000. |
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|
Goldman Sachs & Co. LLC, 5.47%, dated
2/29/2024, due 5/8/2024, repurchase price
$1,515,726, collateralized by FHLMC, 1.50%
- 6.50%, due 5/1/2031 - 12/1/2053 and
FNMA, 1.50% - 6.50%, due 4/1/2027 -
9/1/2053, with a value of $1,530,000. |
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|
| |
|
|
| |
HSBC Securities USA, Inc., 5.32%, dated 2/29/2024, due 3/1/2024, repurchase price $1,500,222, collateralized by FHLMC, 1.72% - 7.50%, due 6/1/2033 - 3/1/2054 and FNMA, 2.00% - 7.50%, due 3/1/2031 - 2/1/2054, with a value of $1,530,226. |
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|
ING Financial Markets LLC, 5.36%, dated
2/29/2024, due 3/21/2024, repurchase
price $351,094, collateralized by FHLMC,
2.00% - 6.50%, due 6/1/2047 - 12/1/2053
and FNMA, 2.00% - 6.50%, due 5/1/2033 -
2/1/2054, with a value of $359,605. |
|
|
Metropolitan Life Insurance Co., 5.31%, dated 2/29/2024, due 3/1/2024, repurchase price $1,000,147, collateralized by U.S. Treasury Securities, 0.00% - 3.63%, due 8/15/2027 - 11/15/2047, with a value of $1,020,150. |
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|
Mitsubishi UFJ Trust & Banking Corp., 5.32%,
dated 2/29/2024, due 3/5/2024, repurchase
price $680,502, collateralized by GNMA,
2.50% - 5.00%, due 9/20/2041 -
5/20/2052, with a value of $693,908. |
|
|
Natixis SA, 5.32%, dated 2/29/2024, due 3/1/2024, repurchase price $500,074, collateralized by FHLMC, 2.00% - 6.50%, due 5/15/2027 - 8/25/2053, FNMA, 1.61% - 6.50%, due 8/1/2028 - 12/25/2058, GNMA, 2.00% - 6.50%, due 5/20/2032 - 10/20/2053 and U.S. Treasury Securities, 2.88%, due 11/15/2046, with a value of $514,196. |
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|
Natixis SA, 5.35%, dated 2/29/2024, due
3/7/2024, repurchase price $2,002,081,
collateralized by FFCB, 2.90% - 2.92%, due
12/9/2041 - 12/16/2041, FHLMC, 2.50% -
7.00%, due 4/15/2032 - 3/1/2054, FNMA,
1.50% - 7.00%, due 12/25/2027 -
2/1/2054, GNMA, 3.00% - 6.00%, due
11/20/2048 - 10/20/2053, Tennessee Valley
Authority, 0.00%, due 1/15/2038 -
9/15/2065 and U.S. Treasury Securities,
0.00% - 5.00%, due 3/15/2024 -
2/15/2054, with a value of $2,055,629. |
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|
Norinchukin Bank (The), 5.32%, dated 2/29/2024, due 3/1/2024, repurchase price $350,052, collateralized by U.S. Treasury Securities, 1.25% - 3.50%, due 4/30/2028 - 5/15/2033, with a value of $357,000. |
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|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Repurchase Agreements — continued |
Norinchukin Bank (The), 5.34%, dated
2/29/2024, due 3/6/2024, repurchase price
$650,578, 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, 5.32%, dated 2/29/2024, due 3/1/2024, repurchase price $2,600,384, collateralized by FFCB, 0.27% - 5.98%, due 4/5/2024 - 6/21/2041, FHLB, 0.00% - 6.36%, due 3/15/2024 - 2/23/2044, FHLMC, 0.00% - 8.50%, due 7/15/2024 - 11/25/2052, FNMA, 0.00% - 7.00%, due 3/25/2024 - 3/25/2054, GNMA, 0.00% - 9.00%, due 4/15/2024 - 3/20/2064 , Tennessee Valley Authority, 0.00%, due 5/1/2024 - 4/1/2056 and U.S. Treasury Securities, 0.00% - 6.63%, due 3/26/2024 - 2/15/2054, with a value of $2,659,564. |
|
|
Royal Bank of Canada, 5.42%, dated
2/29/2024, due 3/7/2024, repurchase price
$1,001,054, collateralized by FHLMC, 2.50%
- 6.50%, due 1/1/2030 - 12/1/2053 and
FNMA, 2.00% - 7.00%, due 9/25/2027 -
7/1/2060, with a value of $1,048,283. |
|
|
Royal Bank of Canada, 5.42%, dated 2/29/2024, due 3/7/2024, repurchase price $2,002,108, collateralized by FHLMC, 3.00% - 6.50%, due 9/15/2031 - 11/25/2053 and FNMA, 0.95% - 7.00%, due 4/1/2025 - 2/1/2054, with a value of $2,096,228. |
|
|
Royal Bank of Canada, 5.50%, dated
2/29/2024, due 3/7/2024, repurchase price
$1,001,069, collateralized by FHLMC, 2.50%
- 6.50%, due 2/15/2032 - 12/1/2053 and
FNMA, 1.25% - 7.50%, due 8/1/2028 -
11/1/2061, with a value of $1,049,864. |
|
|
Societe Generale SA, 5.42%, dated 2/29/2024, due 3/4/2024, repurchase price $700,422, collateralized by U.S. Treasury Securities, 0.50% - 3.50%, due 3/31/2025 - 4/30/2030, with a value of $714,000. |
|
|
Sumitomo Mitsui Banking Corp., 5.31%, dated
2/29/2024, due 3/1/2024, repurchase price
$4,650,686, collateralized by U.S. Treasury
Securities, 0.38% - 4.88%, due 7/31/2024 -
5/15/2048, with a value of $4,748,293. |
|
|
TD Securities USA LLC, 5.31%, dated 2/29/2024, due 3/1/2024, repurchase price $750,111, collateralized by U.S. Treasury Securities, 1.50% - 6.13%, due 8/15/2026 - 5/15/2049, with a value of $765,113. |
|
|
| |
|
|
| |
The Northwestern Mutual Life Insurance Co.,
5.32%, dated 2/29/2024, due 3/1/2024,
repurchase price $1,000,148, collateralized
by FHLMC, 2.00% - 3.50%, due 9/1/2042 -
10/1/2051 and FNMA, 0.00% - 5.00%, due
12/1/2039 - 12/1/2052, with a value of
$1,020,151. |
|
|
Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 5.31%, dated 2/29/2024, due 3/1/2024, repurchase price $1,500,221. (a) |
|
|
UBS Securities LLC, 5.35%, dated 2/29/2024,
due 3/7/2024, repurchase price $200,208,
collateralized by FNMA, 1.21% - 3.75%, due
12/25/2030 - 9/25/2032, with a value of
$206,000. |
|
|
Wells Fargo Securities LLC, 5.32%, dated 2/29/2024, due 3/1/2024, repurchase price $1,000,148, collateralized by GNMA, 1.50% - 8.00%, due 11/20/2026 - 2/20/2064, with a value of $1,020,151. |
|
|
Wells Fargo Securities LLC, 5.32%, dated
2/29/2024, due 3/5/2024, repurchase price
$500,369, collateralized by FNMA, 1.50% -
7.00%, due 4/1/2025 - 1/1/2059, with a
value of $510,528. |
|
|
Wells Fargo Securities LLC, 5.43%, dated 2/29/2024, due 3/26/2024, repurchase price $2,208,628, collateralized by FNMA, 1.50% - 7.50%, due 11/1/2024 - 9/1/2057, with a value of $2,274,801. |
|
|
Wells Fargo Securities LLC, 5.39%, dated
2/29/2024, due 5/28/2024, repurchase
price $1,519,988, collateralized by FNMA,
1.50% - 8.00%, due 1/1/2025 - 6/1/2057,
with a value of $1,550,617. |
|
|
Total Repurchase Agreements
(Cost $112,661,429) |
|
|
U.S. Government Agency Securities — 18.3% |
FFCB, DN, 4.88%, 11/25/2024 (b) |
|
|
| |
|
|
(Federal Reserve Bank Prime Loan Rate US + (3.13)%), 5.37%, 3/1/2024 (c) |
|
|
(SOFR + 0.14%), 5.45%, 3/1/2024 (c) |
|
|
(SOFR + 0.15%), 5.46%, 3/1/2024 (c) |
|
|
(SOFR + 0.15%), 5.46%, 3/1/2024 (c) |
|
|
(SOFR + 0.15%), 5.46%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (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 February 29, 2024
(continued)
| |
|
|
U.S. Government Agency Securities — continued |
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (c) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (c) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (c) |
|
|
(SOFR + 0.19%), 5.50%, 3/1/2024 (c) |
|
|
(SOFR + 0.20%), 5.51%, 3/1/2024 (c) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.21%), 5.51%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.01%), 5.32%, 3/1/2024 (c) |
|
|
(SOFR + 0.01%), 5.32%, 3/1/2024 (c) |
|
|
(SOFR + 0.01%), 5.32%, 3/1/2024 (c) |
|
|
(SOFR + 0.01%), 5.32%, 3/1/2024 (c) |
|
|
(SOFR + 0.01%), 5.32%, 3/1/2024 (c) |
|
|
(SOFR + 0.10%), 5.41%, 3/1/2024 (c) |
|
|
(SOFR + 0.10%), 5.41%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (c) |
|
|
| |
|
|
| |
(SOFR + 0.19%), 5.50%, 3/1/2024 (c) |
|
|
(SOFR + 0.20%), 5.51%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
DN, 5.37%, 10/18/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
DN, 4.87%, 11/15/2024 (b) |
|
|
DN, 4.88%, 11/22/2024 (b) |
|
|
DN, 4.88%, 11/25/2024 (b) |
|
|
DN, 4.91%, 11/26/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Government Agency Securities
(Cost $48,986,008) |
|
|
U.S. Treasury Obligations — 6.0% |
U.S. Treasury Floating Rate Notes |
|
|
(US Treasury 3 Month Bill Money Market Yield +
(0.08)%), 5.25%, 3/1/2024 (c) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 5.47%, 3/1/2024 (c) |
|
|
(US Treasury 3 Month Bill Money Market Yield +
0.17%), 5.50%, 3/1/2024 (c) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.17%), 5.50%, 3/1/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $16,090,322) |
|
|
Short Term Investments — 34.7% |
U.S. Treasury Obligations — 34.7% |
| |
|
|
| |
|
|
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 $92,648,119) |
|
|
Total Short Term Investments
(Cost $92,648,119) |
|
|
Total Investments — 101.1%
(Cost
$270,385,878) *
|
|
|
Liabilities in Excess of Other Assets — (1.1)% |
|
|
| |
|
|
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 February 29, 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 March 1, 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 February 29, 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 |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan U.S. Government
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
At
February 29, 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 |
|
|
| |
|
|
| |
|
|
| |
|
|
Agency Joint Trading Account III |
|
|
| |
|
|
| |
|
|
Treasury Joint Trading Account I |
|
|
| |
|
|
| |
The
rate shown is the effective yield as of February 29, 2024. |
| |
Variable or floating rate security, linked to the referenced
benchmark. The interest rate shown is the current rate as of
February 29, 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 February 29, 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 February 29, 2024
| |
|
|
Repurchase Agreements — 42.3% |
BofA Securities, Inc., 5.32%, dated 2/29/2024, due 3/7/2024, repurchase price $1,001,034, collateralized by U.S. Treasury Securities, 0.00% - 4.25%, due 5/9/2024 - 2/15/2040, with a value of $1,020,000. |
|
|
BofA Securities, Inc., 5.34%, dated 2/29/2024,
due 3/7/2024, repurchase price $1,001,038,
collateralized by U.S. Treasury Securities,
0.88% - 4.25%, due 6/30/2026 - 8/15/2051,
with a value of $1,020,000. |
|
|
Citigroup Global Markets Holdings, Inc., 5.31%, dated 2/29/2024, due 3/1/2024, repurchase price $1,000,148, collateralized by U.S. Treasury Securities, 1.38% - 5.25%, due 5/15/2024 - 11/30/2028, with a value of $1,020,000. |
|
|
Citigroup Global Markets Holdings, Inc., 5.31%,
dated 2/29/2024, due 3/1/2024, repurchase
price $1,650,243, collateralized by
U.S. Treasury Securities, 0.75% - 5.50%, due
6/30/2028 - 10/15/2028, with a value of
$1,683,000. |
|
|
Citigroup Global Markets Holdings, Inc., 5.32%, dated 2/29/2024, due 3/5/2024, repurchase price $1,000,739, collateralized by U.S. Treasury Securities, 1.13% - 5.25%, due 8/15/2028 - 11/30/2028, with a value of $1,020,000. |
|
|
Federal Reserve Bank of New York, 5.30%, dated
2/29/2024, due 3/1/2024, repurchase price
$1,000,147, collateralized by U.S. Treasury
Securities, 0.25% - 2.63%, due 5/15/2024 -
5/15/2031, with a value of $1,000,147. |
|
|
Fixed Income Clearing Corp., 5.31%, dated 2/29/2024, due 3/1/2024, repurchase price $1,900,280, collateralized by U.S. Treasury Securities, 0.63% - 4.00%, due 7/31/2024 - 8/15/2030, with a value of $1,938,000. |
|
|
Fixed Income Clearing Corp., 5.31%, dated
2/29/2024, due 3/1/2024, repurchase price
$2,250,332, collateralized by U.S. Treasury
Securities, 0.00% - 4.63%, due 2/20/2025 -
11/15/2040, with a value of $2,295,000. |
|
|
Goldman Sachs & Co. LLC, 5.32%, dated 2/29/2024, due 3/5/2024, repurchase price $2,501,847, collateralized by U.S. Treasury Securities, 0.00% - 4.38%, due 2/28/2026 - 2/15/2052, with a value of $2,550,000. |
|
|
| |
|
|
| |
Goldman Sachs & Co. LLC, 5.37%, dated
2/29/2024, due 5/28/2024, repurchase price
$759,957, collateralized by U.S. Treasury
Securities, 0.00% - 2.88%, due 5/2/2024 -
2/15/2047, with a value of $765,000. |
|
|
ING Financial Markets LLC, 5.31%, dated 2/29/2024, due 3/1/2024, repurchase price $200,030, collateralized by U.S. Treasury Securities, 0.50% - 4.63%, due 8/15/2024 - 2/15/2049, with a value of $204,030. |
|
|
Norinchukin Bank (The), 5.32%, dated
2/29/2024, due 3/1/2024, repurchase price
$150,022, 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), 5.34%, dated 2/29/2024, due 3/6/2024, repurchase price $100,089, 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, 5.42%, dated 2/29/2024,
due 3/4/2024, repurchase price $300,181,
collateralized by U.S. Treasury Securities,
0.25% - 1.38%, due 9/30/2025 -
10/31/2028, with a value of $306,000. |
|
|
Societe Generale SA, 5.35%, dated 2/29/2024, due 4/2/2024, repurchase price $502,452, collateralized by U.S. Treasury Securities, 1.25% - 4.50%, due 11/15/2025 - 5/31/2029, with a value of $510,000. |
|
|
Treasury Joint Trading Account I, J.P. Morgan
Investment Management Inc., as agent, 5.31%,
dated 2/29/2024, due 3/1/2024, repurchase
price $2,025,299. (a) |
|
|
Total Repurchase Agreements
(Cost $17,325,000) |
|
|
U.S. Treasury Obligations — 10.4% |
U.S. Treasury Floating Rate Notes |
|
|
(US Treasury 3 Month Bill Money Market Yield +
(0.08)%), 5.25%, 3/1/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.13%), 5.45%, 3/1/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield +
0.14%), 5.47%, 3/1/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.17%), 5.50%, 3/1/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield +
0.25%), 5.57%, 3/1/2024 (b) |
|
|
| |
|
|
| |
|
|
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 February 29, 2024
(continued)
| |
|
|
U.S. Treasury Obligations — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $4,261,103) |
|
|
Short Term Investments — 43.4% |
U.S. Treasury Obligations — 43.4% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
U.S. Treasury Obligations — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $17,780,861) |
|
|
Total Short Term Investments
(Cost $17,780,861) |
|
|
Total Investments — 96.1%
(Cost
$39,366,964) *
|
|
|
Other Assets Less Liabilities — 3.9% |
|
|
| |
|
|
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 February 29, 2024, the Fund had proportionate interests in the Treasury Joint Trading Account I with a maturity date of March 1, 2024, as follows for JPMorgan U.S. Treasury Plus Money Market Fund (amounts in thousands): |
|
| |
|
|
Collateral Value
Allocation |
Treasury Joint Trading Account I |
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
Repurchase Agreements - At February 29, 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 |
|
|
| |
|
|
| |
|
|
| |
|
|
At
February 29, 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
February 29, 2024. |
| |
The
rate shown is the effective yield as of February 29, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Federal Money
Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
| |
|
|
U.S. Government Agency Securities — 24.4% |
| |
|
|
| |
|
|
DN, 4.88%, 11/25/2024 (a) |
|
|
DN, 4.80%, 12/26/2024 (a) |
|
|
| |
|
|
(US Treasury 3 Month Bill Money Market Yield +
0.05%), 5.35%, 3/1/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 5.44%, 3/1/2024 (b) |
|
|
(SOFR + 0.15%), 5.46%, 3/1/2024 (b) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (b) |
|
|
(SOFR + 0.17%), 5.48%, 3/1/2024 (b) |
|
|
(Federal Reserve Bank Prime Loan Rate US + (3.01)%), 5.49%, 3/1/2024 (b) |
|
|
(Federal Reserve Bank Prime Loan Rate US +
(3.00)%), 5.51%, 3/1/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.21%), 5.51%, 3/1/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.10%), 5.41%, 3/1/2024 (b) |
|
|
(SOFR + 0.14%), 5.45%, 3/1/2024 (b) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (b) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (b) |
|
|
(SOFR + 0.16%), 5.47%, 3/1/2024 (b) |
|
|
(SOFR + 0.20%), 5.51%, 3/1/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
DN, 4.89%, 11/15/2024 (a) |
|
|
DN, 4.94%, 11/29/2024 (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Government Agency Securities
(Cost $1,761,550) |
|
|
U.S. Treasury Obligations — 5.5% |
U.S. Treasury Floating Rate Notes |
|
|
| |
|
|
| |
(US Treasury 3 Month Bill Money Market Yield +
(0.08)%), 5.25%, 3/1/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 5.36%, 3/1/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield +
0.14%), 5.47%, 3/1/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.20%), 5.53%, 3/1/2024 (b) |
|
|
U.S. Treasury Notes, 0.75%, 11/15/2024 |
|
|
Total U.S. Treasury Obligations
(Cost $399,337) |
|
|
Short Term Investments — 71.4% |
U.S. Treasury Obligations — 71.4% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
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 $5,162,815) |
|
|
Total Short Term Investments
(Cost $5,162,815) |
|
|
Total Investments — 101.3%
(Cost
$7,323,702) *
|
|
|
Liabilities in Excess of Other Assets — (1.3)% |
|
|
| |
|
|
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 February 29, 2024. |
|
| |
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 29, 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 February 29, 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 February 29, 2024
| |
|
|
U.S. Treasury Obligations — 11.5% |
U.S. Treasury Floating Rate Notes |
|
|
(US Treasury 3 Month Bill Money Market Yield +
(0.08)%), 5.25%, 3/1/2024 (a) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 5.36%, 3/1/2024 (a) |
|
|
(US Treasury 3 Month Bill Money Market Yield +
0.13%), 5.45%, 3/1/2024 (a) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 5.47%, 3/1/2024 (a) |
|
|
(US Treasury 3 Month Bill Money Market Yield +
0.17%), 5.50%, 3/1/2024 (a) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.17%), 5.50%, 3/1/2024 (a) |
|
|
(US Treasury 3 Month Bill Money Market Yield +
0.20%), 5.53%, 3/1/2024 (a) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.25%), 5.57%, 3/1/2024 (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $21,137,643) |
|
|
Short Term Investments — 94.3% |
U.S. Treasury Obligations — 94.3% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
U.S. Treasury Obligations — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $173,114,998) |
|
|
Total Short Term Investments
(Cost $173,114,998) |
|
|
Total Investments — 105.8%
(Cost
$194,252,641) *
|
|
|
Liabilities in Excess of Other Assets — (5.8)% |
|
|
| |
|
|
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. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 29, 2024. |
|
| |
The rate shown is the effective yield as of February 29, 2024. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money
Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
| |
|
|
| |
| |
Mobile County Industrial Development Authority,
Pollution Control, Exxon Mobil Corp. Project,
Rev., VRDO, 3.65%, 3/1/2024 (a) |
|
|
| |
Alaska Housing Finance Corp., Home Mortgage
Series 2007B, Rev., VRDO, LIQ : FHLB, 3.28%,
3/7/2024 (a) |
|
|
City of Valdez, Exxon Pipeline Co. Project Series 1993-B, Rev., VRDO, 3.65%, 3/1/2024 (a) |
|
|
| |
|
|
| |
Arizona Health Facilities Authority Series
2015-XF2050, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-147, Rev., VRDO, LOC : Royal Bank of Canada, 3.33%, 3/11/2024 (a)
(b) |
|
|
Salt River Pima-Maricopa Indian Community, Rev.,
VRDO, LOC : Bank of America NA, 3.40%,
3/7/2024 (a) |
|
|
| |
|
|
| |
Alameda County Industrial Development Authority, Plyproperties Project Series 1997A, Rev., VRDO, LOC : Wells Fargo Bank NA, 3.34%, 3/7/2024 (a) |
|
|
City of San Jose, Multi-Family Housing, Almaden
Lake Village Apartments Series 1997A, Rev.,
VRDO, LOC : FNMA, 3.37%, 3/7/2024 (a) |
|
|
County of Sacramento, Special Facilities Apartment, Cessna Aircraft Co. Project, Rev., VRDO, LOC : Bank of America NA, 3.30%, 3/7/2024 (a) |
|
|
Eastern Municipal Water District, Water and
Wastewater Series 2018 A, Rev., VRDO, LIQ :
Bank of America NA, 3.25%, 3/1/2024 (a) |
|
|
Los Angeles Department of Water and Power, Power System Series A-6, Rev., VRDO, LIQ : Bank of America NA, 3.68%, 3/1/2024 (a) |
|
|
Southern California Public Power Authority,
Magnolia Power Project Series 2020-3, Rev.,
VRDO, LIQ : Bank of America NA, 3.71%,
3/1/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-BAML5025, Rev., VRDO, LIQ : Bank
of America NA, 3.70%, 3/1/2024 (a) (b) |
|
|
| |
|
|
| |
| |
Series 2022-XF3028, Rev., VRDO, LOC : Barclays Bank plc, 4.08%, 3/1/2024 (a) (b) |
|
|
Series 2021-XF2962, Rev., VRDO, LIQ : Barclays
Bank plc, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2022-XX1258, Rev., VRDO, LIQ : Barclays Bank plc, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2023-XG0502, Rev., VRDO, LIQ : Barclays
Bank plc, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2023-XX1325, Rev., VRDO, LIQ : Barclays Bank plc, 3.32%, 3/7/2024 (a) (b) |
|
|
University of California Series 2023BP-1, Rev.,
VRDO, 3.50%, 3/1/2024 (a) |
|
|
| |
|
|
| |
City of Colorado Springs, Utilities System Improvement Series 2009C, Rev., VRDO, LIQ : Sumitomo Mitsui Banking Corp., 3.30%, 3/7/2024 (a) |
|
|
Colorado Educational and Cultural Facilities
Authority, National Jewish Federation Series F2,
Rev., VRDO, LOC : TD Bank NA, 3.65%,
3/1/2024 (a) |
|
|
Colorado State Education Loan Program |
|
|
Series 2023B, Rev., TRAN, 4.00%, 6/28/2024 |
|
|
Series 2023B, Rev., TRAN, 5.00%, 6/28/2024 |
|
|
County of Arapahoe, Multi-Family Rental Housing,
Hunter's Run Holdings LP, Rev., VRDO, LOC :
FHLMC, 3.32%, 3/7/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-YX1254, Rev., VRDO, LOC :
Barclays Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1592, Rev., VRDO, LIQ : TD Bank NA, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2016-ZF0467, Rev., VRDO, LOC : Royal
Bank of Canada, 3.36%, 3/7/2024 (a) (b) |
|
|
University of Colorado, Hospital Authority Series 2018B, Rev., VRDO, LIQ : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
| |
|
|
| |
Connecticut Housing Finance Authority, Housing
Mortgage Finance Program |
|
|
Series 2022, Subseries E-2, Rev., VRDO, GNMA / FNMA / FHLMC COLL, LOC : Sumitomo Mitsui Banking Corp., 3.28%, 3/7/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2020 C-3, Rev., VRDO, LIQ : TD Bank NA,
3.30%, 3/7/2024 (a) |
|
|
Series A, Subseries A-3, Rev., VRDO, LIQ : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
Subseries 2020A-3, Rev., VRDO, LIQ : UBS AG,
3.30%, 3/7/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2017-YX1077, Rev., VRDO, LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Delaware State Economic Development Authority,
YMCA Delaware Project, Rev., VRDO, LOC : PNC
Bank NA, 3.30%, 3/7/2024 (a) |
|
|
University of Delaware Series 2013 C, Rev., VRDO, LIQ : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
| |
|
|
District of Columbia — 1.2% |
Metropolitan Washington Airports Authority
Aviation Series 2009D-2, Rev., VRDO, LOC : TD
Bank NA, 3.65%, 3/1/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-108, GO, VRDO, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XF3133, Rev., VRDO, LOC : Barclays Bank plc, 4.08%, 3/1/2024 (a) (b) |
|
|
Series 2022-ZL0319, Rev., VRDO, LIQ : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF3140, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XM1129, Rev., VRDO, LIQ : UBS AG,
3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-ZF3209, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.35%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Alachua County Housing Finance Authority,
Multi-Family, Santa Fe Apartments Project |
|
|
Series 2008, Rev., VRDO, LOC : FNMA, 3.30%, 3/7/2024 (a) |
|
|
Rev., VRDO, LOC : Citibank NA, 3.41%,
3/7/2024 (a) |
|
|
City of Jacksonville, Health Care Facilities, Baptist Health Series 2019B, Rev., VRDO, 3.30%, 3/7/2024 (a) |
|
|
| |
|
|
| |
| |
County of Escambia, Gulf Power Co., Project Series
R, Rev., VRDO, 3.40%, 3/7/2024 (a) |
|
|
County of Martin, Florida Power and Light Co. Project, Rev., VRDO, 3.40%, 3/7/2024 (a) |
|
|
County of Miami-Dade, Juvenile Courthouse Series
2003B, Rev., VRDO, AMBAC, LOC : TD Bank NA,
3.30%, 3/7/2024 (a) |
|
|
County of St. Lucie, Power and Light Co., Project |
|
|
Rev., VRDO, 3.85%, 3/1/2024 (a) |
|
|
Rev., VRDO, 3.90%, 3/1/2024 (a) |
|
|
Florida Housing Finance Agency, Sun Pointe Cove
Apartments Series 85 XX, Rev., VRDO, FNMA,
LIQ : FNMA, 3.24%, 3/7/2024 (a) |
|
|
Florida Housing Finance Corp., Multi-Family Mortgage, Kings Terrace LLC Series 2013B, Rev., VRDO, LIQ : FHLMC, 3.30%, 3/7/2024 (a) |
|
|
Florida Housing Finance Corp., Valencia Village
Apartments Series 1999G-1, Rev., VRDO, FNMA,
LIQ : FNMA, 3.40%, 3/7/2024 (a) |
|
|
Highlands County Health Facilities Authority, Adventist Health System Series 2012I-2, Rev., VRDO, 3.30%, 3/7/2024 (a) |
|
|
Hillsborough County Industrial Development
Authority, Baycare Health System Series 2020C,
Rev., VRDO, LOC : TD Bank NA, 3.30%,
3/7/2024 (a) |
|
|
JEA Water and Sewer System Series 2008A-1, Rev., VRDO, LIQ : US Bank NA, 3.45%, 3/1/2024 (a) |
|
|
Lee County Industrial Development Authority,
Florida Power and Light Co. Project Series
2016B, Rev., AMT, VRDO, 3.75%, 3/7/2024 (a) |
|
|
Lee County Industrial Development Authority, Power and Light Co. Project Series 2016 A, Rev., AMT, VRDO, 3.50%, 3/7/2024 (a) |
|
|
Pinellas County Housing Finance Authority, Booker
Creek Apartments, Rev., VRDO, LOC : FHLMC,
3.30%, 3/7/2024 (a) |
|
|
Sumter County Industrial Development Authority, Solid Waste Disposal, American Cement Co., LLC Project, Rev., VRDO, LOC : Bank of America NA, 3.50%, 3/7/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2021-XG0345, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF3100, Rev., VRDO, LIQ : Barclays
Bank plc, 3.33%, 3/7/2024 (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 February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2023-XM1155, Rev., VRDO, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XX1279, Rev., VRDO, LIQ : Barclays
Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2022-YX1216, Rev., VRDO, LOC : Barclays Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2022-YX1182, Rev., VRDO, LIQ : Barclays
Bank plc, 3.35%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Bartow-Cartersville Joint Development Authority Series 2023A, Rev., AMT, VRDO, LOC : Korea Development Bank, 3.81%, 3/7/2024 (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, 3.45%, 3/7/2024 (a) |
|
|
| |
|
|
| |
Idaho Health Facilities Authority, St. Luke's Health
System Project Series 2018C, Rev., VRDO, LOC :
US Bank NA, 3.45%, 3/1/2024 (a) |
|
|
| |
County of Kane, Glenwood School for Boys, Rev.,
VRDO, LOC : Northern Trust Co. (The), 3.60%,
3/7/2024 (a) |
|
|
County of Lake, A L Hansen Manufacturing Co. Project, Rev., VRDO, LOC : BMO Harris Bank NA, 3.33%, 3/7/2024 (a) |
|
|
County of Will, ExxonMobil Project, Rev., VRDO,
3.70%, 3/1/2024 (a) |
|
|
Illinois Educational Facilities Authority, University of Chicago |
|
|
Series 2009D-1, Rev., VRDO, LOC : TD Bank NA,
3.65%, 3/1/2024 (a) |
|
|
Series 2003B, Rev., VRDO, 3.30%, 3/7/2024 (a) |
|
|
Illinois Finance Authority, American Youth Hostels
Project, Rev., VRDO, LOC : BMO Harris Bank NA,
3.29%, 3/7/2024 (a) |
|
|
Illinois Finance Authority, Northwestern University Series 2008-B, Rev., VRDO, 3.23%, 3/7/2024 (a) |
|
|
| |
|
|
| |
| |
Illinois Finance Authority, OSF Healthcare System
Series 2018 C, Rev., VRDO, LOC : PNC Bank NA,
3.50%, 3/1/2024 (a) |
|
|
Illinois Finance Authority, The University of Chicago Medical Center Series 2009E-1, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 3.32%, 3/7/2024 (a) |
|
|
Illinois Finance Authority, The Wbez Alliance, Inc.,
Project, Rev., VRDO, LOC : BMO Harris Bank NA,
3.27%, 3/7/2024 (a) |
|
|
Illinois Finance Authority, University of Wesleyan, Rev., VRDO, LOC : PNC Bank NA, 3.35%, 3/7/2024 (a) |
|
|
Illinois Finance Authority,The University Of Chicago
Medical Center Series 2006E-2, Rev., VRDO, LOC
: Sumitomo Mitsui Banking Corp., 3.32%,
3/7/2024 (a) |
|
|
Illinois Housing Development Authority Series 2024A, Rev., VRDO, FHA, LIQ : FHLB, 3.25%, 3/7/2024 (a) |
|
|
Illinois Housing Development Authority,
Homeowner Mortgage Series C-3, Rev., AMT,
VRDO, LIQ : FHLB, 3.30%, 3/7/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-156, GO, VRDO, LOC : Royal Bank of Canada, 3.35%, 3/7/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2020-XL0145, Rev., VRDO, LOC : Barclays Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2022-XF3042, GO, VRDO, LIQ : Barclays
Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2022-XF3045, GO, VRDO, LOC : Barclays Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2022-XX1264, GO, VRDO, LOC : Barclays
Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2023-YX1327, GO, VRDO, LOC : Barclays Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2017-XG0108, Rev., VRDO, LOC :
Barclays Bank plc, 3.38%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
City of Hammond Series 2005, Rev., VRDO, 3.48%, 3/6/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Gary Chicago International Airport Authority,
Special Purpose Facilities, Jet Center Project,
Rev., VRDO, LOC : BMO Harris Bank NA, 3.33%,
3/7/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2022-XX1220, Rev., VRDO, LIQ : Barclays Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Iowa Finance Authority, CJ Bio America, Inc.,
Project, Rev., VRDO, LOC : Korea Development
Bank, 3.49%, 3/7/2024 (a) (b) |
|
|
Iowa Finance Authority, Midwestern Disaster Area, Cargill, Inc., Project Series 2011A, Rev., VRDO, 3.33%, 3/7/2024 (a) |
|
|
Iowa Finance Authority, Multi-Family Housing |
|
|
Series 2008-A, Rev., AMT, VRDO, LIQ : Wells Fargo Bank NA, 3.35%, 3/7/2024 (a) |
|
|
Series A, Rev., AMT, VRDO, LIQ : Wells Fargo
Bank NA, 3.35%, 3/7/2024 (a) |
|
|
Series B, Rev., AMT, VRDO, LIQ : Wells Fargo Bank NA, 3.35%, 3/7/2024 (a) |
|
|
Iowa Finance Authority, Single Family Mortgage
Series 2016B, Rev., AMT, VRDO, GNMA / FNMA /
FHLMC, LIQ : FHLB, 3.27%, 3/7/2024 (a) |
|
|
Iowa Finance Authority, Single Family Mortgage, Social Bonds Series 2022B, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : Royal Bank of Canada, 3.27%, 3/7/2024 (a) |
|
|
Iowa Finance Authority, Single Family
Mortgage-Backed Securities Program |
|
|
Series 2018 D, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : Royal Bank of Canada, 3.27%, 3/7/2024 (a) |
|
|
Series 2018B, Rev., VRDO, GNMA / FNMA /
FHLMC, LIQ : TD Bank NA, 3.30%,
3/7/2024 (a) |
|
|
Series 2019E, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
Series 2020B, Rev., VRDO, GNMA / FNMA /
FHLMC, LIQ : TD Bank NA, 3.30%,
3/7/2024 (a) |
|
|
| |
|
|
| |
| |
Series 2020E, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates
Series 2022-YX1196, Rev., VRDO, FNMA COLL,
LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a)
(b) |
|
|
| |
|
|
| |
City of Wichita Series 314, GO, 5.00%, 10/15/2024 |
|
|
Kansas Development Finance Authority, Health
System Series 2011J, Rev., VRDO, LOC : US Bank
NA, 3.70%, 3/1/2024 (a) |
|
|
| |
|
|
| |
Kentucky Economic Development Finance Authority, St. Elizabeth Medical Center Series 2009B, Rev., VRDO, LOC : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
Kentucky Higher Education Student Loan Corp.
Series 2023-1A-1, Rev., AMT, VRDO, LOC : Bank
of America NA, 3.32%, 3/7/2024 (a) |
|
|
Louisville Regional Airport Authority, UPS Worldwide Forwarding, Inc. |
|
|
Series 1999A, Rev., VRDO, 3.70%,
3/1/2024 (a) |
|
|
Series 1999C, Rev., VRDO, 3.95%, 3/1/2024 (a) |
|
|
Series 1999 B, Rev., VRDO, 4.15%,
3/1/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2023-XF3181, Rev., VRDO, LOC : Barclays Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
East Baton Rouge Parish Industrial Development
Board, Inc., ExxonMobil Project, Gulf
Opportunity Zone |
|
|
Series 2010B, Rev., VRDO, 3.67%, 3/1/2024 (a) |
|
|
Series A, Rev., VRDO, 3.67%, 3/1/2024 (a) |
|
|
Louisiana Public Facilities Authority, Children Medical Center Project Series 2017B, Rev., VRDO, LOC : UBS AG, 3.30%, 3/7/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money
Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Parish of St. Bernard, Mobil Oil Corp., Rev., VRDO,
3.70%, 3/1/2024 (a) |
|
|
State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates
Series 2023-BAML50, Rev., VRDO, LOC : Bank of
America NA, 3.77%, 3/1/2024 (a) (b) |
|
|
| |
|
|
| |
Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System Series 2008D, Rev., VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
Washington Suburban Sanitary Commission Series
B, GO, BAN, VRDO, GTD, LIQ : State Street Bank
& Trust Co., 3.74%, 3/1/2024 (a) |
|
|
| |
|
|
| |
City of Lawrence, GO, BAN, 4.50%, 9/1/2024 |
|
|
Massachusetts Development Finance Agency,
Children's Hospital Corp Obligated Group |
|
|
Series 2024 U-1, Rev., VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
Series 2024 U-2, Rev., VRDO, LOC : TD Bank NA,
3.65%, 3/1/2024 (a) |
|
|
Massachusetts Health and Educational Facilities Authority, Capital Asset Program |
|
|
Series 2002M-2, Rev., VRDO, LOC : Bank of
America NA, 3.40%, 3/7/2024 (a) |
|
|
Series 2004M-4A, Rev., VRDO, LOC : Bank of America NA, 3.44%, 3/7/2024 (a) |
|
|
Massachusetts Housing Finance Agency, Single
Family Housing |
|
|
Series 208, Rev., VRDO, LIQ : Royal Bank of Canada, 3.30%, 3/7/2024 (a) |
|
|
Series 196, Rev., VRDO, LIQ : UBS AG, 3.40%,
3/7/2024 (a) |
|
|
Series 204, Rev., VRDO, LIQ : UBS AG, 3.40%, 3/7/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater
Certificates Series E-148, GO, VRDO, LOC : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Town of Agawam, GO, BAN, 3.75%, 10/29/2024 |
|
|
| |
|
|
| |
|
|
| |
| |
Michigan Finance Authority, Trinity Health Credit
Group Series 2013MI-1, Rev., VRDO, 3.81%,
6/1/2024 (a) |
|
|
Michigan State Housing Development Authority, Rental Housing Series 2016E, Rev., AMT, VRDO, LIQ : UBS AG, 3.44%, 3/7/2024 (a) |
|
|
Michigan State Housing Development Authority,
Single Family Mortgage |
|
|
Series 2006C, Rev., VRDO, LIQ : TD Bank NA, 3.45%, 3/7/2024 (a) |
|
|
Series 2009D, Rev., VRDO, LIQ : TD Bank NA,
3.45%, 3/7/2024 (a) |
|
|
RIB Floater Trust Various States |
|
|
Series 46, Rev., VRDO, LOC : Barclays Bank plc,
3.90%, 3/1/2024 (a) (b) |
|
|
Series 47, Rev., VRDO, LIQ : Barclays Bank plc, 3.90%, 3/1/2024 (a) (b) |
|
|
Series 48, Rev., VRDO, LIQ : Barclays Bank plc,
3.90%, 3/1/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2018-ZF2716, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XM1130, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-YX1320, Rev., VRDO, LIQ : Barclays
Bank plc, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
City of Minneapolis, Health Care System, Fairview Health Services Series 2018C, Rev., VRDO, LOC : Wells Fargo Bank NA, 3.60%, 3/1/2024 (a) |
|
|
City of Minneapolis, University Gateway Project,
Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.35%,
3/7/2024 (a) |
|
|
City of Oakdale, Housing Cottage Homesteads, Rev., VRDO, LOC : FHLMC, 3.31%, 3/7/2024 (a) |
|
|
Minnesota Higher Education Facilities Authority,
Concordia University, St. Paul Series 6Q, Rev.,
VRDO, LOC : US Bank NA, 3.85%, 3/1/2024 (a) |
|
|
Minnesota Housing Finance Agency, Residential Housing Finance |
|
|
Series 2015G, Rev., AMT, VRDO, GNMA / FNMA /
FHLMC, LIQ : Royal Bank of Canada, 3.30%,
3/7/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2019D, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : Royal Bank of Canada, 3.30%, 3/7/2024 (a) |
|
|
Series 2015D, Rev., AMT, VRDO, GNMA / FNMA /
FHLMC, LIQ : Royal Bank of Canada, 3.35%,
3/7/2024 (a) |
|
|
Series 2017C, Rev., AMT, VRDO, GNMA / FNMA / FHLMC COLL, LIQ : FHLB, 3.35%, 3/7/2024 (a) |
|
|
| |
|
|
| |
Mississippi Business Finance Corp., Chevron USA,
Inc., Project Series 2007D, Rev., VRDO, 3.72%,
3/1/2024 (a) |
|
|
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project |
|
|
Series 2010L, Rev., VRDO, 3.50%,
3/1/2024 (a) |
|
|
Series 2007B, Rev., VRDO, 3.70%, 3/1/2024 (a) |
|
|
Series 2007C, Rev., VRDO, 3.70%,
3/1/2024 (a) |
|
|
Series 2007E, Rev., VRDO, 3.70%, 3/1/2024 (a) |
|
|
Series 2009A, Rev., VRDO, 3.70%,
3/1/2024 (a) |
|
|
Series 2009B, Rev., VRDO, 3.70%, 3/1/2024 (a) |
|
|
Series 2009C, Rev., VRDO, 3.70%,
3/1/2024 (a) |
|
|
Series 2009E, Rev., VRDO, 3.70%, 3/1/2024 (a) |
|
|
Series 2009F, Rev., VRDO, 3.70%,
3/1/2024 (a) |
|
|
Series 2009G, Rev., VRDO, 3.70%, 3/1/2024 (a) |
|
|
Series 2010I, Rev., VRDO, 3.70%,
3/1/2024 (a) |
|
|
Series 2007A, Rev., VRDO, 3.72%, 3/1/2024 (a) |
|
|
Series 2009D, Rev., VRDO, 3.72%,
3/1/2024 (a) |
|
|
Series 2010J, Rev., VRDO, 3.72%, 3/1/2024 (a) |
|
|
| |
|
|
| |
|
|
| |
| |
Health and Educational Facilities Authority of the
State of Missouri, BJC Health System |
|
|
Series 2008A, Rev., VRDO, LIQ : US Bank NA, 3.25%, 3/7/2024 (a) |
|
|
Series C, Rev., VRDO, LIQ : BJC Health System,
3.30%, 3/7/2024 (a) |
|
|
Health and Educational Facilities Authority of the State of Missouri, Ranken Technical College Series 2011B, Rev., VRDO, LOC : Northern Trust Co. (The), 3.65%, 3/1/2024 (a) |
|
|
Health and Educational Facilities Authority of the
State of Missouri, The Washington University
Series 2000 C, Rev., VRDO, LIQ : US Bank NA,
3.45%, 3/1/2024 (a) |
|
|
Industrial Development Authority of the City of St. Louis Missouri (The), Mid-America Transplant Services Project, Rev., VRDO, LOC : BMO Harris Bank NA, 3.90%, 3/1/2024 (a) |
|
|
Industrial Development Authority of the City of St.
Louis Missouri (The), St. Luke's Preservation
Partners LP, Rev., VRDO, LOC : FHLMC, 3.30%,
3/7/2024 (a) |
|
|
Missouri Development Finance Board, Cultural Facilities, Kauffman Center for The Performing Arts Project Series 2007A, Rev., VRDO, LIQ : PNC Bank NA, 3.96%, 3/1/2024 (a) |
|
|
Missouri Development Finance Board, St. Louis
Convention Center Hotel Garage Project Series
2020 C, Rev., VRDO, LOC : US Bank NA, 3.70%,
3/1/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates |
|
|
Series C17, Rev., VRDO, LOC : Royal Bank of
Canada, 3.34%, 3/7/2024 (a) (b) |
|
|
Series C-16, Rev., VRDO, LOC : Royal Bank of Canada, 3.35%, 3/7/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XG0382, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-YX1193, Rev., VRDO, LOC :
Barclays Bank plc, 3.34%, 3/7/2024 (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 February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Douglas County Hospital Authority No. 2, Health Facilities Series 2008-A, Rev., VRDO, LOC : US Bank NA, 3.70%, 3/1/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates
Series 2022-XX1253, Rev., VRDO, LIQ : Barclays
Bank plc, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XF3103, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XG0511, GO, VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XG0529, GO, VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates Series 2022-YX1190, Rev., VRDO, LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
Borough of Avalon, GO, BAN, 3.75%, 2/6/2025 |
|
|
Borough of Glassboro Series 2023A, GO, BAN,
5.00%, 8/16/2024 |
|
|
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, Pool Sewer Utility
Series 2023B, GO, BAN, 4.25%, 8/15/2024 |
|
|
City of Hackensack, Improvement Parking Utility, GO, BAN, 4.25%, 5/28/2024 |
|
|
City of Linden Series 2023, GO, BAN, 5.00%,
7/12/2024 |
|
|
City of Margate City Series 2023, GO, BAN, 4.75%, 11/8/2024 |
|
|
City of Ocean City, GO, BAN, 5.00%, 10/16/2024 |
|
|
City of Rahway, General Water Utility, GO, BAN, 5.00%, 7/26/2024 |
|
|
New Jersey Health Care Facilities Financing
Authority, Hospital Capital Asset Financing
Program Series 1985A, Rev., VRDO, LOC : TD
Bank NA, 3.31%, 3/7/2024 (a) |
|
|
RIB Floater Trust Various States |
|
|
Series 43, Rev., VRDO, LIQ : Barclays Bank plc,
3.89%, 3/1/2024 (a) (b) |
|
|
| |
|
|
| |
| |
Series 2023-005, GO, BAN, VRDO, LIQ : Barclays Bank plc, 3.93%, 3/1/2024 (a) (b) |
|
|
Series 20, Rev., VRDO, LIQ : Barclays Bank plc,
3.36%, 3/7/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2024-XG0557, Rev., VRDO, LOC : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2018-XX1093, Rev., VRDO, LOC : Barclays Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2022-YX1256, Rev., VRDO, LOC :
Barclays Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1480, Rev., VRDO, LOC : Barclays Bank plc, 3.34%, 3/7/2024 (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 |
|
|
Township of Hamilton Series 2024, GO, BAN,
3.75%, 5/15/2024 |
|
|
Township of Lacey Series 2023A, GO, BAN, 5.00%, 5/9/2024 |
|
|
Township of Lakewood Series 2023B, GO, BAN,
5.00%, 12/20/2024 |
|
|
Township of Monroe Series 2023A, GO, BAN, 4.25%, 9/11/2024 |
|
|
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 A, GO, BAN, 4.25%, 9/25/2024 |
|
|
Township of West Milford, GO, BAN, 4.25%,
9/13/2024 |
|
|
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, 4.25%, 8/16/2024 |
|
|
City of New York, Fiscal Year 2012 Series
2012D-3A, GO, VRDO, LIQ : Bank of New York
Mellon (The), 3.68%, 3/1/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
City of New York, Fiscal Year 2013 |
|
|
Series 2013, Subseries A-2, GO, VRDO, LOC :
Mizuho Bank Ltd., 3.70%, 3/1/2024 (a) |
|
|
Series 2013A-3, GO, VRDO, LOC : Mizuho Bank Ltd., 3.70%, 3/1/2024 (a) |
|
|
City of New York, Fiscal Year 2017 Series
2017A-7, GO, VRDO, LOC : Bank of the West,
3.70%, 3/1/2024 (a) |
|
|
City of New York, Fiscal Year 2022 Subseries D-4, GO, VRDO, LIQ : State Street Bank & Trust Co., 3.67%, 3/1/2024 (a) |
|
|
City of New York, Fiscal Year 2023 Series 2023A,
Subseries A-4, GO, VRDO, LIQ : TD Bank NA,
3.65%, 3/1/2024 (a) |
|
|
Gloversville Enlarged School District, GO, BAN, 4.75%, 6/27/2024 |
|
|
Hamilton Central School District, GO, BAN, 4.75%,
7/5/2024 |
|
|
Horseheads Central School District Series 2023, GO, BAN, 4.25%, 9/6/2024 |
|
|
Metropolitan Transportation Authority, Dedicated
Tax Fund |
|
|
Series 2008A-1, Rev., VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
Series 2008A-2B, Rev., VRDO, LOC : PNC Bank
NA, 3.30%, 3/7/2024 (a) |
|
|
New York City Housing Development Corp., Multi-Family Mortgage, Elliott Chelsea Development Series 2010A, Rev., VRDO, LIQ : FHLMC, 3.34%, 3/7/2024 (a) |
|
|
New York City Housing Development Corp.,
Multi-Family Rental Housing, West 89th Street
Development Series 2006A, Rev., VRDO, LOC :
FNMA, 3.15%, 3/7/2024 (a) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution |
|
|
Series 2009BB-1, Rev., VRDO, LIQ : UBS AG,
3.45%, 3/1/2024 (a) |
|
|
Series 2009BB-2, Rev., VRDO, LIQ : UBS AG, 3.68%, 3/1/2024 (a) |
|
|
New York City Municipal Water Finance Authority,
Water and Sewer System, Second General
Resolution, Fiscal Year 2008 Series 2008BB-5,
Rev., VRDO, LIQ : Bank of America NA, 3.65%,
3/1/2024 (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., 3.65%, 3/1/2024 (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, 3.72%,
3/1/2024 (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.,
3.65%, 3/1/2024 (a) |
|
|
Series 2014AA-4, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.70%, 3/1/2024 (a) |
|
|
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., 3.45%, 3/1/2024 (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., 3.65%, 3/1/2024 (a) |
|
|
Series 2023, Subseries B-1, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.78%, 3/1/2024 (a) |
|
|
New York City Transitional Finance Authority,
Future Tax Secured |
|
|
Series A-4, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.70%, 3/1/2024 (a) |
|
|
Series 2015E-4, Rev., VRDO, LIQ : Bank of
America NA, 3.72%, 3/1/2024 (a) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Series 2013C-5, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 3.30%, 3/7/2024 (a) |
|
|
New York City Transitional Finance Authority,
Future Tax Secured, Fiscal Year 2015 Series
2015A-3, Rev., VRDO, LIQ : Mizuho Bank Ltd.,
3.69%, 3/1/2024 (a) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 Series 2023, Subseries A3, Rev., VRDO, LIQ : Bank of New York Mellon (The), 3.68%, 3/1/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money
Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
New York State Housing Finance Agency,
10 Barclay Street Series 2004A, Rev., VRDO,
LOC : FNMA, 3.20%, 3/7/2024 (a) |
|
|
New York State Housing Finance Agency, 160 Madison Avenue LLC Series 2013A, Rev., VRDO, LOC : Landesbank Hessen-Thuringen Girozentrale, 3.55%, 3/1/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater
Certificates |
|
|
Series E-118, GO, VRDO, LOC : Royal Bank of Canada, 3.80%, 3/1/2024 (a) (b) |
|
|
Series E-120, Rev., VRDO, LOC : Royal Bank of
Canada, 3.80%, 3/1/2024 (a) (b) |
|
|
Series E-124, Rev., VRDO, LOC : Royal Bank of Canada, 3.80%, 3/1/2024 (a) (b) |
|
|
Series 2018-E129, Rev., VRDO, LOC : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series E-146, Rev., VRDO, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series E-86, GO, VRDO, LOC : Royal Bank of
Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series E-87, GO, VRDO, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series E-88, GO, VRDO, LOC : Royal Bank of
Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Schalmont Central School District, GO, BAN, 5.00%, 6/21/2024 |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XF1420, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XF1444, GO, VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XM1009, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XX1212, Rev., VRDO, LIQ : Barclays
Bank plc, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XL0441, GO, VRDO, LIQ : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Town of Monroe Series 2023A, GO, BAN, 5.00%,
8/2/2024 |
|
|
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2003B1, Rev., VRDO, LOC : US Bank NA, 3.45%, 3/1/2024 (a) |
|
|
| |
|
|
| |
|
|
| |
| |
Lower Cape Fear Water and Sewer Authority,
Bladen Bluffs Project, Rev., VRDO, LOC :
Cooperatieve Rabobank UA, 3.46%,
3/7/2024 (a) |
|
|
North Carolina Housing Finance Agency, Homeownership Series 52-C, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
North Carolina Medical Care Commission, Catholic
Health, Rev., VRDO, 3.51%, 3/7/2024 (a) |
|
|
Person County Industrial Facilities and Pollution Control Financing Authority, Recovery Zone Facility, Certainteed Gypsum, Inc., Rev., VRDO, LOC : Credit Industriel et Commercial, 3.34%, 3/7/2024 (a) |
|
|
University of North Carolina, Hospital at Chapel Hill |
|
|
Series A, Rev., VRDO, LIQ : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
Series 2003B, Rev., VRDO, LIQ : TD Bank NA,
3.28%, 3/7/2024 (a) |
|
|
| |
|
|
| |
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2015C, Rev., VRDO, LIQ : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
| |
Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Series 2013B-2, Rev., VRDO, LIQ : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
Ohio Housing Finance Agency, Mortgage-Backed
Securities Program Series 2016 G, Rev., AMT,
VRDO, GNMA / FNMA / FHLMC COLL, LIQ : TD
Bank NA, 3.40%, 3/7/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates |
|
|
Series 2019-E134, Rev., VRDO, LOC : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series E132, Rev., VRDO, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series C-18, Rev., VRDO, LOC : Royal Bank of
Canada, 3.34%, 3/7/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2022-XX1247, Rev., VRDO, LOC : Barclays Bank plc, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
RBC Municipal Products, Inc. Trust, Floater
Certificates Series E-140, Rev., VRDO, LOC :
Royal Bank of Canada, 3.33%, 3/6/2024 (a)
(b) |
|
|
| |
Port of Portland, International Airport Series
Subseries18B, Rev., AMT, VRDO, LOC : Industrial
& Commercial Bank of China, 3.70%,
3/7/2024 (a) |
|
|
State of Oregon Housing and Community Services Department Series 2020B, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 3.38%, 3/7/2024 (a) |
|
|
| |
|
|
| |
FHLMC, Multi-Family VRD Certificates Series
M019, Class A, Rev., VRDO, LIQ : FHLMC,
3.27%, 3/7/2024 (a) (b) |
|
|
| |
Delaware Valley Regional Finance Authority, Local
Government |
|
|
Series 2020D, Rev., VRDO, LOC : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
Series 2022E, Rev., VRDO, LOC : TD Bank NA,
3.30%, 3/7/2024 (a) |
|
|
Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project Series 2001A, Rev., VRDO, LOC : FNMA, 3.30%, 3/7/2024 (a) |
|
|
Montgomery County Redevelopment Authority,
Multi-Family Housing, Kingswood Apartments
Project Series 2001A, Rev., VRDO, LOC : FNMA,
3.32%, 3/7/2024 (a) |
|
|
Pennsylvania Higher Educational Facilities Authority, Susquehanna University Project Series 2001H-9, Rev., VRDO, LOC : PNC Bank NA, 3.30%, 3/7/2024 (a) |
|
|
Pennsylvania Housing Finance Agency, Single
Family Mortgage Series 2020-132B, Rev.,
VRDO, LIQ : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
Pennsylvania Turnpike Commission Series 2019, Rev., VRDO, LOC : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
Philadelphia Gas Works Co. |
|
|
Series 8B, Rev., VRDO, LOC : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
| |
|
|
| |
| |
Series 8D, Rev., VRDO, LOC : TD Bank NA,
3.30%, 3/7/2024 (a) |
|
|
Series C, Rev., VRDO, LOC : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
RIB Floater Trust Various States |
|
|
Series 2022-030, GO, VRDO, LIQ : Barclays Bank plc, 3.89%, 3/1/2024 (a) (b) |
|
|
Series 44, Rev., VRDO, LIQ : Barclays Bank plc,
3.89%, 3/1/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2023-XG0540, Rev., VRDO, LIQ : Bank of America NA, 3.34%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
City of Cranston Series 2023-1, GO, BAN, 4.25%,
8/21/2024 |
|
|
Rhode Island Health and Educational Building Corp., Educational Institution, International Institute of Rhode Island, Rev., VRDO, LOC : Bank of America NA, 3.38%, 3/7/2024 (a) |
|
|
Rhode Island Industrial Facilities Corp., Marine
Terminal, ExxonMobil Project, Rev., VRDO,
3.65%, 3/1/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2022-YX1198, Rev., VRDO, LIQ : Barclays Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
County Square Redevelopment Corp., South
Carolina Project Series 2024, Rev., BAN,
5.00%, 2/9/2025 |
|
|
Orangeburg County School District, GO, BAN, 5.00%, 8/16/2024 |
|
|
South Carolina Jobs-Economic Development
Authority, Prisma Health Obligated Group Series
2018B, Rev., VRDO, LOC : TD Bank NA, 3.65%,
3/1/2024 (a) |
|
|
South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC : Bank of America NA, 3.40%, 3/7/2024 (a) |
|
|
| |
|
|
| |
Clarksville Public Building Authority, Rev., VRDO,
LOC : Bank of America NA, 3.81%,
3/1/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money
Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Health Educational and Housing Facility Board of the City of Memphis (The), Ashland Lakes Apartments Series 2006A, Rev., VRDO, LOC : US Bank NA, 3.45%, 3/7/2024 (a) |
|
|
Metropolitan Government Nashville and Davidson
County Health and Educational Facilities Board,
Multi-Family Housing, Retreat Dry, Rev., VRDO,
LOC : Citibank NA, 3.45%, 3/7/2024 (a) |
|
|
Montgomery County Public Building Authority, Pooled Financing, Tennessee Country Pool, Rev., VRDO, LOC : Bank of America NA, 3.40%, 3/7/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-BAML5024, Rev., VRDO, LOC : Bank of America NA, 3.77%, 3/1/2024 (a)
(b) |
|
|
Series 2022-XL0369, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2018-XF2576, Rev., VRDO, LOC : Barclays Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
City of Austin, Texas Hotel Occupancy Tax,
Subordinate Lien |
|
|
Series 2008A, Rev., VRDO, LOC : UBS AG, 3.30%, 3/7/2024 (a) |
|
|
Series 2008-B, Rev., VRDO, LOC : Sumitomo
Mitsui Banking Corp., 3.38%, 3/7/2024 (a) |
|
|
Collin County Housing Finance Corp., Multi-Family Housing, Huntington Apartments Project, Rev., VRDO, LOC : Northern Trust Co. (The), 3.37%, 3/7/2024 (a) |
|
|
Gulf Coast Authority, American Acryl LP Project,
Rev., AMT, VRDO, LOC : Bank of Tokyo-Mitsubishi
UFJ Ltd., 3.31%, 3/7/2024 (a) |
|
|
Gulf Coast Authority, Waste Disposal Environmental Facilities, ExxonMobil Project, Rev., VRDO, 3.70%, 3/1/2024 (a) |
|
|
Harris County Cultural Education Facilities Finance
Corp., Texas Childrens Hospital |
|
|
Series 2015-2, Rev., VRDO, LOC : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
Series 2015-3, Rev., VRDO, LOC : TD Bank NA,
3.30%, 3/7/2024 (a) |
|
|
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project |
|
|
Series 2002A, Rev., VRDO, 3.65%,
3/1/2024 (a) |
|
|
| |
|
|
| |
| |
Rev., VRDO, 3.70%, 3/1/2024 (a) |
|
|
Series 2001B-2, Rev., VRDO, 3.70%,
3/1/2024 (a) |
|
|
Rev., VRDO, 3.71%, 3/1/2024 (a) |
|
|
Port of Port Arthur Navigation District, Texaco, Inc,
Project, Rev., VRDO, 3.72%, 3/1/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates |
|
|
Series E141, Rev., VRDO, LOC : Royal Bank of
Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series E-149, Rev., VRDO, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series E-150, Rev., VRDO, LOC : Royal Bank of
Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
Series 2011A, GO, VRDO, LIQ : State Street Bank
& Trust Co., 3.40%, 3/7/2024 (a) |
|
|
Series 2012B, GO, VRDO, LIQ : State Street Bank & Trust Co., 3.40%, 3/7/2024 (a) |
|
|
Series 2013B, GO, VRDO, LIQ : State Street Bank
& Trust Co., 3.40%, 3/7/2024 (a) |
|
|
Series 2015A, GO, VRDO, LIQ : State Street Bank & Trust Co., 3.40%, 3/7/2024 (a) |
|
|
State of Texas, Veterans Housing Assistance
Program Series 2008B, GO, VRDO, LIQ : State
Street Bank & Trust Co., 3.40%, 3/11/2024 (a) |
|
|
Tarrant County Cultural Education Facilities Finance Corp., Baylor Healthcare System Project Series 2011C, Rev., VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
Tarrant County Cultural Education Facilities Finance
Corp., Methodist Hospitals of Dallas Project
Series 2008B, Rev., VRDO, LOC : TD Bank NA,
3.71%, 3/1/2024 (a) |
|
|
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Series 2008A, Rev., VRDO, 3.30%, 3/11/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XF3101, GO, VRDO, LIQ : Morgan Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XL0446, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XM1105, Rev., VRDO, AGM, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a)
(b) |
|
|
Series 2022-XF1392, Rev., VRDO, LIQ : TD Bank
NA, 3.34%, 3/7/2024 (a) (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2023-XF1480, GO, VRDO, LIQ : TD Bank NA, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2023-XL0455, GO, VRDO, LIQ : Wells
Fargo Bank NA, 3.35%, 3/7/2024 (a) (b) |
|
|
Texas Transportation Commission State Highway Fund, First Tier |
|
|
Series 2014-B, Rev., VRDO, LIQ : Sumitomo
Mitsui Banking Corp., 3.33%, 3/7/2024 (a) |
|
|
Series 2014-A, Rev., 5.00%, 4/1/2024 (c) |
|
|
| |
|
|
| |
City of Murray, IHC Health Services, Inc. Series
2005D, Rev., VRDO, LIQ : Wells Fargo Bank NA,
3.65%, 3/1/2024 (a) |
|
|
County of Utah, IHC Health Services, Inc. Series 2018C, Rev., VRDO, LIQ : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
| |
|
|
| |
Albemarle County Economic Development
Authority, Sentara Martha Jeffers Series 2018B,
Rev., VRDO, LIQ : TD Bank NA, 3.65%,
3/1/2024 (a) |
|
|
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project Series 2016C, Rev., VRDO, 3.35%, 3/7/2024 (a) |
|
|
Loudoun County Economic Development Authority,
Howard Hughes Medical Institute Series 2003F,
Rev., VRDO, 3.36%, 3/7/2024 (a) |
|
|
Loudoun County Economic Development Authority, Jack Kent Cooke Foundation Project Series 2004, Rev., VRDO, LOC : Northern Trust Co. (The), 3.35%, 3/7/2024 (a) |
|
|
Norfolk Economic Development Authority, Sentara
Healthcare Series 2016B, Rev., VRDO, 3.30%,
3/7/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2022C-20, Rev., VRDO, LOC : Royal Bank of Canada, 3.34%, 3/7/2024 (a)
(b) |
|
|
| |
|
|
| |
| |
Roanoke Economic Development Authority,
Carilion Health System Obligated Group Series
2005A, Rev., VRDO, LIQ : PNC Bank NA, 3.30%,
3/7/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2018-XF0606, Rev., VRDO, LIQ : Bank of America NA, 3.36%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
City of Seattle, Municipal Light and Power Series
2023 B, Rev., VRDO, LOC : TD Bank NA, 3.79%,
3/1/2024 (a) |
|
|
Port of Tacoma, Subordinate Lien Series 2019A, Rev., AMT, VRDO, LOC : PNC Bank NA, 3.40%, 3/7/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates
Series 2022-XG0400, GO, VRDO, LIQ : Barclays
Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Washington State Housing Finance Commission Series 2011A, Rev., AMT, VRDO, LOC : FHLMC, 3.38%, 3/7/2024 (a) |
|
|
| |
|
|
| |
Public Finance Authority, Health Care Systems
Project Series 2023C, Rev., VRDO, LOC : TD
Bank NA, 3.80%, 3/1/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XF3117, Rev., VRDO, LOC :
Barclays Bank plc, 4.11%, 3/1/2024 (a) (b) |
|
|
Series 2024-XL0533, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.35%, 3/7/2024 (a) (b) |
|
|
Wisconsin Housing and Economic Development
Authority Housing |
|
|
Series 2023 C, Rev., VRDO, LIQ : FHLB, 3.30%, 3/7/2024 (a) |
|
|
Series 2023F, Rev., VRDO, LIQ : FHLB, 3.30%,
3/7/2024 (a) |
|
|
Wisconsin Housing and Economic Development Authority, Home Ownership |
|
|
Series 2015C, Rev., AMT, VRDO, LIQ : Royal
Bank of Canada, 3.30%, 3/7/2024 (a) |
|
|
Series 2019B, Rev., VRDO, FNMA COLL, LIQ : FHLB, 3.30%, 3/7/2024 (a) |
|
|
Series 2021B, Rev., VRDO, LIQ : FHLB, 3.30%,
3/11/2024 (a) |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money
Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Wyoming Community Development Authority |
|
|
Series 2021-2, Rev., VRDO, LIQ : Royal Bank of
Canada, 3.30%, 3/7/2024 (a) |
|
|
Series 2023 2, Rev., VRDO, GNMA / FNMA / FHLMC COLL, LIQ : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
| |
|
|
Total Municipal Bonds
(Cost $6,061,263) |
|
|
| |
|
|
Variable Rate Demand Preferred Shares — 8.1% |
| |
Nuveen California AMT - Free Quality Municipal Income Fund Series 6, LIQ : Sumitomo Mitsui Banking Corp., 3.27%, 3/7/2024# (b) |
|
|
Nuveen California Quality Municipal Income Fund |
|
|
Series 7, LIQ : Royal Bank of Canada, 3.37%, 3/7/2024# (b) |
|
|
Series 4, LIQ : Royal Bank of Canada, 3.37%,
3/7/2024# (b) |
|
|
Series 1-1362, LIQ : Societe Generale, 3.39%, 3/7/2024# (b) |
|
|
| |
|
|
| |
Nuveen AMT - Free Municipal Credit Income Fund |
|
|
Series 6, LIQ : Sumitomo Mitsui Banking Corp., 3.29%, 3/7/2024# (b) |
|
|
Series 5, LIQ : Societe Generale, 3.29%,
3/7/2024# (b) |
|
|
Nuveen AMT - Free Quality Municipal Income Fund |
|
|
Series 4-4895, LIQ : Barclays Bank plc, 3.35%,
3/7/2024# (b) |
|
|
Series 3-PFD, LIQ : TD Bank NA, 3.35%, 3/7/2024# (b) |
|
|
Nuveen Quality Municipal Income Fund |
|
|
Series 2-2525, LIQ : Barclays Bank plc, 3.40%, 3/7/2024# (b) |
|
|
Series 1-2118, LIQ : Barclays Bank plc, 3.40%,
3/7/2024# (b) |
|
|
| |
|
|
Total Variable Rate Demand Preferred Shares
(Cost $827,200) |
|
|
| |
|
|
Short Term Investments — 32.5% |
| |
Board of Regents of the University of Texas System |
|
|
Series A, 3.65%, 3/7/2024 |
|
|
Series A, 3.60%, 3/11/2024 |
|
|
Series A, 3.60%, 4/1/2024 |
|
|
Series A, 3.60%, 4/2/2024 |
|
|
Series A, 3.26%, 4/3/2024 |
|
|
Series A, 3.60%, 4/3/2024 |
|
|
Series A, 3.70%, 4/4/2024 |
|
|
Series A, 3.65%, 4/5/2024 |
|
|
Series A, 3.65%, 4/5/2024 |
|
|
Series A, 3.70%, 4/25/2024 |
|
|
Series A, 3.70%, 4/26/2024 |
|
|
Series A, 3.42%, 5/1/2024 |
|
|
Series A, 3.65%, 5/6/2024 |
|
|
Series A, 3.55%, 5/8/2024 |
|
|
Series A, 3.28%, 5/9/2024 |
|
|
Series A, 3.65%, 5/9/2024 |
|
|
Series A, 3.28%, 5/14/2024 |
|
|
Series A, 3.48%, 5/14/2024 |
|
|
Series A, 3.50%, 5/16/2024 |
|
|
Series A, 3.45%, 5/22/2024 |
|
|
Series A, 3.45%, 5/30/2024 |
|
|
Series A, 3.50%, 6/5/2024 |
|
|
Series A, 3.50%, 6/5/2024 |
|
|
Series A, 3.50%, 6/6/2024 |
|
|
Series A, 3.50%, 6/6/2024 |
|
|
Series A, 3.40%, 6/7/2024 |
|
|
Series A, 3.50%, 6/10/2024 |
|
|
Series A, 3.50%, 6/10/2024 |
|
|
Series A, 3.50%, 6/11/2024 |
|
|
Series A, 3.28%, 6/12/2024 |
|
|
Series A, 3.40%, 6/13/2024 |
|
|
Series A, 3.50%, 6/18/2024 |
|
|
Series A, 3.30%, 6/25/2024 |
|
|
| |
|
|
Series A, 3.32%, 6/26/2024 |
|
|
Series A, 3.33%, 6/26/2024 |
|
|
Series A, 3.45%, 6/26/2024 |
|
|
Series A, 3.33%, 6/27/2024 |
|
|
Series A, 3.35%, 6/27/2024 |
|
|
Series A, 3.38%, 6/28/2024 |
|
|
Series A, 3.55%, 7/10/2024 |
|
|
Series A, 3.44%, 8/12/2024 |
|
|
Series A, 3.55%, 8/14/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
Series A, 3.50%, 8/15/2024 |
|
|
Series A, 3.55%, 8/15/2024 |
|
|
Series A, 3.55%, 8/15/2024 |
|
|
California Statewide Communities Development Authority |
|
|
Series 09-D, 3.60%, 3/7/2024 |
|
|
Series 09-D, 3.58%, 3/12/2024 |
|
|
Series 9B-2, 3.55%, 3/13/2024 |
|
|
Series 08-B, 3.50%, 3/19/2024 |
|
|
Series 08-B, 3.25%, 4/1/2024 |
|
|
Series 08-B, 3.35%, 5/2/2024 |
|
|
Series 9B-1, 3.25%, 5/7/2024 |
|
|
Series 9B-3, 3.25%, 5/7/2024 |
|
|
Series 9B-4, 3.23%, 5/8/2024 |
|
|
Series B-6, 3.30%, 5/8/2024 |
|
|
Series 9B-3, 3.40%, 5/9/2024 |
|
|
Series 06-D, 3.39%, 5/14/2024 |
|
|
Series 06-D, 3.30%, 5/24/2024 |
|
|
| |
|
|
Series M-1, 3.45%, 4/2/2024 |
|
|
Series M-2, 3.45%, 4/2/2024 |
|
|
Series N-2, 3.45%, 4/2/2024 |
|
|
Series N-2, 3.55%, 4/2/2024 |
|
|
Series M-2, 3.58%, 4/2/2024 |
|
|
City of Atlanta Water and Wastewater |
|
|
| |
|
|
City of Dallas Waterworks and Sewer System |
|
|
Series G, 3.50%, 3/4/2024 |
|
|
| |
|
|
Series 2015, 3.60%, 3/18/2024 |
|
|
| |
|
|
Series E-1, 3.55%, 3/12/2024 |
|
|
Series G-2, 3.55%, 3/12/2024 |
|
|
Series E-1, 3.75%, 3/14/2024 |
|
|
Series B-6, 3.57%, 3/19/2024 |
|
|
Series B-1, 3.57%, 3/19/2024 |
|
|
Series B-6, 3.55%, 3/20/2024 |
|
|
Series B-4, 3.55%, 3/21/2024 |
|
|
| |
|
|
Series 94, 3.82%, 3/4/2024 |
|
|
Series 2016, 3.95%, 4/10/2024 |
|
|
City of Philadelphia Water and Wastewater |
|
|
Series B, 3.65%, 3/4/2024 |
|
|
Series A, 3.40%, 5/9/2024 |
|
|
| |
|
|
| |
Commercial Paper — continued |
| |
|
|
Series 2014, 3.30%, 3/5/2024 |
|
|
Series 2011, 3.47%, 3/8/2024 |
|
|
Series 08-C, 3.95%, 4/10/2024 |
|
|
| |
|
|
Series A, 3.45%, 7/10/2024 |
|
|
City of San Antonio Electric and Gas Systems |
|
|
Series C, 3.58%, 4/26/2024 |
|
|
| |
|
|
Series C, 3.80%, 3/4/2024 |
|
|
Series A-1, 3.80%, 3/4/2024 |
|
|
Series K-2, 3.47%, 3/26/2024 |
|
|
Series K-2, 3.53%, 4/23/2024 |
|
|
| |
|
|
Series A, 3.53%, 3/4/2024 |
|
|
Series A, 3.52%, 3/13/2024 |
|
|
Series A, 3.27%, 3/19/2024 |
|
|
Series A, 3.40%, 3/25/2024 |
|
|
Series A, 3.53%, 5/6/2024 |
|
|
Series A, 3.51%, 5/21/2024 |
|
|
Denver City & County Housing Authority |
|
|
| |
|
|
| |
|
|
Health and Educational Facilities Authority of the
State of Missouri |
|
|
Series 14-C, 3.45%, 3/8/2024 |
|
|
Health and Educational Facilities Authority of the
State of Missouri |
|
|
Series 14-E, 3.48%, 3/5/2024 |
|
|
Series 14-B, 3.48%, 4/4/2024 |
|
|
Series 14-D, 3.40%, 8/6/2024 |
|
|
Indiana Finance Authority |
|
|
Series D-2, 3.42%, 3/6/2024 |
|
|
Jacksonville Aviation Authority |
|
|
Series 92, 3.82%, 3/4/2024 |
|
|
Louisville and Jefferson County Metropolitan Sewer
District |
|
|
Series A-1, 3.50%, 3/4/2024 |
|
|
Lower Colorado River Authority |
|
|
Series B, 3.50%, 3/28/2024 |
|
|
Maryland Health and Higher Educational Facilities
Authority |
|
|
Series B, 3.25%, 3/7/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money
Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
Massachusetts Bay Transportation Authority Sales
Tax |
|
|
Series C, 3.50%, 3/7/2024 |
|
|
Massachusetts Water Resources Authority |
|
|
Series 2016, 3.63%, 3/13/2024 |
|
|
Metropolitan Government Nashville and Davidson
County Health and Educational Facilities Board |
|
|
| |
|
|
Metropolitan Government of Nashville and
Davidson County |
|
|
Series 2021, 3.45%, 3/28/2024 |
|
|
Metropolitan Government of Nashville and
Davidson County Health and Education Facility
Board |
|
|
Series 2021, 3.58%, 4/12/2024 |
|
|
| |
|
|
Michigan State University |
|
|
Series G, 3.38%, 3/11/2024 |
|
|
Municipal Electric Authority of Georgia |
|
|
Series B, 3.45%, 6/5/2024 |
|
|
Omaha Public Power District |
|
|
Series A, 3.63%, 4/4/2024 |
|
|
Series A, 3.67%, 4/5/2024 |
|
|
Series A, 3.48%, 5/7/2024 |
|
|
Series A, 3.63%, 5/8/2024 |
|
|
Series A, 3.65%, 5/9/2024 |
|
|
Series A, 3.51%, 5/15/2024 |
|
|
Series A, 3.53%, 6/5/2024 |
|
|
Rutgers, The State University of New Jersey |
|
|
Series B, 3.47%, 5/2/2024 |
|
|
Salt River Project Agricultural Improvement & Power District |
|
|
| |
|
|
Southwestern Illinois Development Authority |
|
|
Series 17-B, 3.55%, 3/8/2024 |
|
|
Series 17-B, 3.30%, 4/4/2024 |
|
|
| |
|
|
Series A-7, 3.52%, 5/14/2024 |
|
|
State of Oregon Department of Administrative
Services |
|
|
Series A-2, 3.45%, 4/11/2024 |
|
|
State of Oregon Department of Transportation |
|
|
Series A-1, 3.27%, 3/7/2024 |
|
|
Series A-1, 3.65%, 3/14/2024 |
|
|
| |
|
|
| |
Commercial Paper — continued |
Texas Public Finance Authority |
|
|
Series 19, 3.55%, 3/7/2024 |
|
|
Series 16-B, 3.50%, 3/8/2024 |
|
|
Series 19, 3.60%, 5/8/2024 |
|
|
Trustees of Indiana University |
|
|
Series 2018, 3.55%, 5/29/2024 |
|
|
Series 2018, 3.55%, 6/5/2024 |
|
|
| |
|
|
Series A, 3.50%, 5/22/2024 |
|
|
University of Massachusetts Building Authority |
|
|
Series 13B-1, 3.25%, 5/10/2024 |
|
|
| |
|
|
Series B, 3.65%, 5/9/2024 |
|
|
| |
|
|
Series F, 3.55%, 3/12/2024 |
|
|
Series G, 3.55%, 4/5/2024 |
|
|
Series 07-B, 3.65%, 5/9/2024 |
|
|
Series 07-C, 3.65%, 5/9/2024 |
|
|
University of Pittsburgh-of the Commonwealth System of Higher Education |
|
|
Series B-2, 3.85%, 3/7/2024 |
|
|
Series B-1, 3.35%, 5/14/2024 |
|
|
| |
|
|
Series A, 3.45%, 3/7/2024 |
|
|
Series A, 3.75%, 3/12/2024 |
|
|
Series A, 3.50%, 3/14/2024 |
|
|
Total Commercial Paper
(Cost $3,331,709) |
|
|
Total Short Term Investments
(Cost $3,331,709) |
|
|
Total Investments — 99.7%
(Cost
$10,220,172) *
|
|
|
Other Assets Less Liabilities — 0.3% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
Insured by Assured Guaranty Municipal Corp. |
| |
Insured by American Municipal Bond Assurance Corp. |
| |
|
| |
|
| |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
Federal Housing Administration |
| |
|
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
|
| |
|
| |
|
| |
|
| |
Metropolitan Transportation Authority |
| |
|
| |
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 February 29, 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 February 29, 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. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Municipal Money
Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
| |
|
|
| |
| |
Tender Option Bond Trust Receipts/Certificates
Series 2023-XM1131, Rev., VRDO, LOC : Royal
Bank of Canada, 3.35%, 3/7/2024 (a) (b) |
|
|
| |
Alaska Housing Finance Corp., Home Mortgage
Series 2002A, Rev., AMT, VRDO, LIQ : FHLB,
3.75%, 3/1/2024 (b) |
|
|
| |
Tender Option Bond Trust Receipts/Certificates
Series 2023-YX1272, Rev., VRDO, LOC : Barclays
Bank plc, 3.35%, 3/7/2024 (a) (b) |
|
|
| |
Alameda County Industrial Development Authority,
Plyproperties Project Series 1997A, Rev., VRDO,
LOC : Wells Fargo Bank NA, 3.34%,
3/7/2024 (b) |
|
|
California Public Finance Authority, Sharp Healthcare Series 2024E, Rev., VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (b) |
|
|
Mizuho Floater Series 2023-MIZ9122, Rev., VRDO,
LIQ : Mizuho Capital Markets LLC, 4.35%,
3/1/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XF3029, Rev., VRDO, LOC : Barclays
Bank plc, 4.08%, 3/1/2024 (a) (b) |
|
|
Series 2023-ZF3176, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.31%, 3/7/2024 (a) (b) |
|
|
Series 2022-XG0430, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-ZF3166, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
County of Arapahoe, Multi-Family Rental Housing,
Hunter's Run Holdings LP, Rev., VRDO, LOC :
FHLMC, 3.32%, 3/7/2024 (b) |
|
|
RIB Floater Trust Various States |
|
|
Series 2022-038, COP, VRDO, LIQ : Barclays Bank
plc, 3.90%, 3/1/2024 (a) (b) |
|
|
Series 2023-017, Rev., VRDO, LOC : Barclays Bank plc, 3.60%, 4/4/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XF3053, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.35%, 3/7/2024 (a) (b) |
|
|
Series 2022-XX1260, Rev., VRDO, LIQ : Barclays
Bank plc, 3.35%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
| |
Series 2022-ZF3061, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.35%, 3/7/2024 (a) (b) |
|
|
Series 2023-XM1151, Rev., VRDO, LOC : UBS AG,
3.35%, 3/7/2024 (a) (b) |
|
|
Series XX1261, Rev., VRDO, LIQ : Barclays Bank plc, 3.35%, 3/7/2024 (a) (b) |
|
|
Series 2016-ZF0467, Rev., VRDO, LOC : Royal
Bank of Canada, 3.36%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF3141, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.36%, 3/7/2024 (a) (b) |
|
|
Series 2022-XG0424, Rev., VRDO, LIQ : Royal
Bank of Canada, 3.37%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1621, Rev., VRDO, LIQ : Bank of America NA, 3.41%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Regional School District No. 18, GO, BAN, 5.00%,
8/15/2024 |
|
|
| |
University of Delaware Series 2013 C, Rev., VRDO,
LIQ : TD Bank NA, 3.65%, 3/1/2024 (b) |
|
|
District of Columbia — 0.3% |
Tender Option Bond Trust Receipts/Certificates
Series 2023-XL0454, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.35%, 3/7/2024 (a) (b) |
|
|
| |
County of Broward, Power and Light Co., Project
Series 2018A, Rev., AMT, VRDO, 3.90%,
3/1/2024 (b) |
|
|
County of St. Lucie, Power and Light Co., Project |
|
|
Rev., VRDO, 3.85%, 3/1/2024 (b) |
|
|
Rev., VRDO, 3.90%, 3/1/2024 (b) |
|
|
Florida Housing Finance Corp., Valencia Village
Apartments Series 1999G-1, Rev., VRDO, FNMA,
LIQ : FNMA, 3.40%, 3/7/2024 (b) |
|
|
Sumter County Industrial Development Authority, Solid Waste Disposal, American Cement Co., LLC Project, Rev., VRDO, LOC : Bank of America NA, 3.50%, 3/7/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XL0324, Rev., VRDO, LIQ : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XL0430, Rev., VRDO, LOC : Barclays
Bank plc, 3.35%, 3/7/2024 (a) (b) |
|
|
Series 2023-XX1322, Rev., VRDO, LOC : Barclays Bank plc, 3.35%, 3/7/2024 (a) (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2023-XF1523, Rev., VRDO, LOC : Royal
Bank of Canada, 3.36%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1637, Rev., VRDO, LOC : Royal Bank of Canada, 3.36%, 3/7/2024 (a) (b) |
|
|
Series 2023-XG0545, Rev., VRDO, LOC : Royal
Bank of Canada, 3.36%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1463, Rev., VRDO, LIQ : TD Bank NA, 3.40%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Bartow-Cartersville Joint Development Authority
Series 2023A, Rev., AMT, VRDO, LOC : Korea
Development Bank, 3.81%, 3/7/2024 (a) (b) |
|
|
Development Authority of Monroe County (The), Florida Power and Light Co. Project Series 2019, Rev., AMT, VRDO, 3.45%, 3/7/2024 (b) |
|
|
Development Authority of Monroe County (The),
Gulf Power Co. Project, Rev., AMT, VRDO, 3.45%,
3/7/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XF1593, Rev., VRDO, LIQ : Bank of
America NA, 3.35%, 3/7/2024 (a) (b) |
|
|
Series 2023-XG0520, Rev., VRDO, LIQ : Bank of America NA, 3.40%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates
Series 2022-YX1252, Rev., VRDO, LOC : Barclays
Bank plc, 3.35%, 3/7/2024 (a) (b) |
|
|
| |
Tender Option Bond Trust Receipts/Certificates
Series 2023-ZF1654, Rev., VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
County of Will, ExxonMobil Project |
|
|
Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Illinois Finance Authority, The University of Chicago Medical Center Series 2010B, Rev., VRDO, LOC : Wells Fargo Bank NA, 3.60%, 3/1/2024 (b) |
|
|
Illinois Finance Authority, Toyal America, Inc.,
Project, Rev., VRDO, LOC : MUFG Union Bank NA,
3.31%, 3/7/2024 (b) |
|
|
RIB Floater Trust Various States Series 41, Rev., VRDO, LIQ : Barclays Bank plc, 3.90%, 3/1/2024 (a) (b) |
|
|
| |
|
|
| |
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XG0434, GO, VRDO, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XX1265, GO, VRDO, LOC : Barclays
Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Series 2022-XX1243, Rev., VRDO, LOC : Barclays Bank plc, 3.35%, 3/7/2024 (a) (b) |
|
|
Series 2023-XG0538, Rev., VRDO, LOC : Royal
Bank of Canada, 3.36%, 3/7/2024 (a) (b) |
|
|
Series 2017-XG0108, Rev., VRDO, LOC : Barclays Bank plc, 3.38%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
City of Hammond Series 2005, Rev., VRDO, 3.48%,
3/6/2024 (b) |
|
|
City of Indianapolis, Multi-Family Housing, Limited Obligations Series 2004 A, Rev., AMT, VRDO, LOC : US Bank NA, 3.55%, 3/1/2024 (b) |
|
|
Gary Chicago International Airport Authority, Special
Purpose Facilities, Jet Center Project, Rev., VRDO,
LOC : BMO Harris Bank NA, 3.33%, 3/7/2024 (b) |
|
|
| |
|
|
| |
Iowa Finance Authority, Cone ENT Project Series 2007, Rev., VRDO, LOC : Wells Fargo Bank NA, 3.35%, 3/7/2024 (b) |
|
|
Iowa Finance Authority, Single Family
Mortgage-Backed Securities Program |
|
|
Series 2019E, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 3.30%, 3/7/2024 (b) |
|
|
Series 2020E, Rev., VRDO, GNMA / FNMA /
FHLMC, LIQ : TD Bank NA, 3.30%,
3/7/2024 (b) |
|
|
Iowa Finance Authority, Unitypoint Health Project Series 2013B-2, Rev., VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (b) |
|
|
| |
|
|
| |
Louisville Regional Airport Authority, UPS Worldwide
Forwarding, Inc. Series 1999A, Rev., VRDO,
3.70%, 3/1/2024 (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Municipal Money
Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
East Baton Rouge Parish Industrial Development
Board, Inc., ExxonMobil Project, Gulf Opportunity
Zone Series 2010B, Rev., VRDO, 3.67%,
3/1/2024 (b) |
|
|
Parish of St. Bernard, Mobil Oil Corp., Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
| |
|
|
| |
Maryland Community Development Administration,
Housing and Community Development Series
2006J, Rev., AMT, VRDO, LIQ : Wells Fargo Bank
NA, 3.33%, 3/7/2024 (b) |
|
|
Montgomery County Housing Opportunities Commission, Multi-Family Mortgage Series 2023A, Rev., VRDO, FHA, FNMA COLL, LOC : TD Bank NA, 3.65%, 3/1/2024 (b) |
|
|
RBC Municipal Products, Inc. Trust, Floater
Certificates Series 2023-G122, Rev., VRDO, LOC :
Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Cape Ann Transportation Authority, Rev., RAN, GTD, 4.50%, 7/3/2024 |
|
|
City of Peabody, GO, BAN, 4.00%, 7/12/2024 |
|
|
City of Pittsfield, GO, BAN, 4.00%, 2/21/2025 |
|
|
Dudley Charlton Regional School District, GO, BAN,
4.50%, 7/25/2024 |
|
|
Greater Attleboro-Taunton Regional Transit Authority, Rev., RAN, 4.25%, 8/16/2024 |
|
|
Lowell Regional Transit Authority, Rev., RAN,
4.50%, 8/16/2024 |
|
|
Metrowest Regional Transit Authority, Rev., TRAN, 4.50%, 9/13/2024 |
|
|
Nashoba Valley Technical High School District Series
2023, GO, 4.25%, 7/31/2024 |
|
|
RIB Floater Trust Various States Series 39, Rev., VRDO, LIQ : Barclays Bank plc, 3.91%, 3/1/2024 (a) (b) |
|
|
Southeastern Regional Transit Authority, Rev., RAN,
4.50%, 8/16/2024 |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2024-XF3218, Rev., VRDO, LOC : Barclays Bank plc, 4.08%, 3/1/2024 (a) (b) |
|
|
Town of East Bridgewater, GO, BAN, 4.50%,
7/26/2024 |
|
|
Town of Palmer, GO, BAN, 4.75%, 11/29/2024 |
|
|
| |
|
|
| |
Massachusetts — continued |
Town of Plainville, GO, BAN, 4.25%, 6/27/2024 |
|
|
Worcester Regional Transit Authority, Rev., RAN, 4.50%, 6/21/2024 |
|
|
| |
|
|
| |
Michigan State Housing Development Authority,
Rental Housing Series 2016E, Rev., AMT, VRDO,
LIQ : UBS AG, 3.44%, 3/7/2024 (b) |
|
|
RIB Floater Trust Various States |
|
|
Series 46, Rev., VRDO, LOC : Barclays Bank plc,
3.90%, 3/1/2024 (a) (b) |
|
|
Series 48, Rev., VRDO, LIQ : Barclays Bank plc, 3.90%, 3/1/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates
Series 2023-XF3143, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
City of Minneapolis, Health Care System, Fairview Health Services Series 2018C, Rev., VRDO, LOC : Wells Fargo Bank NA, 3.60%, 3/1/2024 (b) |
|
|
Minnesota Higher Education Facilities Authority,
Concordia University, St. Paul Series 6Q, Rev.,
VRDO, LOC : US Bank NA, 3.85%, 3/1/2024 (b) |
|
|
| |
|
|
| |
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project |
|
|
Series 2007B, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Series 2009A, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Series 2009B, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Series 2009C, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Series 2009E, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Series 2009F, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Series 2010I, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Series 2011G, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Series 2007A, Rev., VRDO, 3.72%, 3/1/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2023-XG0546, COP, VRDO, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Health and Educational Facilities Authority of the
State of Missouri, BJC Health System Series C,
Rev., VRDO, LIQ : BJC Health System, 3.30%,
3/7/2024 (b) |
|
|
Health and Educational Facilities Authority of the State of Missouri, Ranken Technical College Series 2011B, Rev., VRDO, LOC : Northern Trust Co. (The), 3.65%, 3/1/2024 (b) |
|
|
Missouri Development Finance Board, Cultural
Facilities, Kauffman Center for The Performing
Arts Project Series 2007A, Rev., VRDO, LIQ : PNC
Bank NA, 3.96%, 3/1/2024 (b) |
|
|
| |
|
|
| |
Douglas County Hospital Authority No. 2, Health Facilities Series 2008-A, Rev., VRDO, LOC : US Bank NA, 3.70%, 3/1/2024 (b) |
|
|
| |
Borough of Ringwood, GO, BAN, 5.75%, 4/5/2024 |
|
|
Borough of South River, General Improvement water
Utility Series 2023A, GO, BAN, 4.50%,
12/12/2024 |
|
|
City of Plainfield, GO, BAN, 4.50%, 8/9/2024 |
|
|
RIB Floater Trust Various States |
|
|
Series 2023-005, GO, BAN, VRDO, LIQ : Barclays Bank plc, 3.93%, 3/1/2024 (a) (b) |
|
|
Series 20, Rev., VRDO, LIQ : Barclays Bank plc,
3.36%, 3/7/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XL0470, Rev., VRDO, LOC : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2020-XF0957, Rev., VRDO, LOC : Royal Bank of Canada, 3.37%, 3/7/2024 (a) (b) |
|
|
Town of Dover, General Improvement Water Utility
Series 2024, GO, BAN, 4.50%, 1/23/2025 |
|
|
Town of Guttenberg, GO, BAN, 5.00%, 10/18/2024 |
|
|
Township of Cranbury, GO, BAN, 4.25%, 4/30/2024 |
|
|
Township of Manchester Series 2023A, GO, BAN, 4.50%, 5/10/2024 |
|
|
Township of Millburn, GO, BAN, 4.50%, 1/24/2025 |
|
|
Township of Upper Series 2023A, GO, BAN, 4.25%, 8/14/2024 |
|
|
| |
|
|
| |
Batavia City School District, GO, BAN, 4.25%,
6/11/2024 |
|
|
| |
|
|
| |
| |
City of Ithaca, GO, BAN, 4.75%, 7/19/2024 |
|
|
City of New York, Fiscal Year 2006 Series 2006,
Subseries I-4, GO, VRDO, LOC : TD Bank NA,
3.65%, 3/1/2024 (b) |
|
|
City of New York, Fiscal Year 2012 |
|
|
Series 2012G-6, GO, VRDO, LOC : Mizuho Bank
Ltd., 3.40%, 3/1/2024 (b) |
|
|
Series 2012D-3A, GO, VRDO, LIQ : Bank of New York Mellon (The), 3.68%, 3/1/2024 (b) |
|
|
City of New York, Fiscal Year 2013 Series 2013A-3,
GO, VRDO, LOC : Mizuho Bank Ltd., 3.70%,
3/1/2024 (b) |
|
|
City of New York, Fiscal Year 2018 Series 2018E, GO, VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (b) |
|
|
City of New York, Fiscal Year 2022 Subseries D-4,
GO, VRDO, LIQ : State Street Bank & Trust Co.,
3.67%, 3/1/2024 (b) |
|
|
City of New York, Fiscal Year 2023 |
|
|
Series 2023A, Subseries A-3, GO, VRDO, LIQ :
Bank of Montreal, 3.65%, 3/1/2024 (b) |
|
|
Series 2023A, Subseries A-4, GO, VRDO, LIQ : TD Bank NA, 3.65%, 3/1/2024 (b) |
|
|
County of Chemung Series 2023C, GO, BAN, 4.00%,
8/29/2024 |
|
|
East Meadow Union Free School District, GO, TAN, 5.00%, 6/21/2024 |
|
|
East Williston Union Free School District, GO, TAN,
4.75%, 5/23/2024 |
|
|
Hartford Central School District Series 2023, GO, BAN, 4.50%, 6/25/2024 |
|
|
Herricks Union Free School District, GO, TAN,
4.75%, 6/21/2024 |
|
|
Longwood Central School District, Suffolk County, GO, TAN, 4.75%, 6/21/2024 |
|
|
Metropolitan Transportation Authority, Dedicated
Tax Fund Series 2008A-1, Rev., VRDO, LOC : TD
Bank NA, 3.65%, 3/1/2024 (b) |
|
|
Mount Markham Central School District Series 2023, GO, BAN, 5.00%, 6/25/2024 |
|
|
New York City Municipal Water Finance Authority,
Water and Sewer System, Second General
Resolution Series DD-1, Rev., VRDO, LIQ : TD Bank
NA, 3.65%, 3/1/2024 (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Municipal Money
Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
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, 3.65%, 3/1/2024 (b) |
|
|
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.,
3.70%, 3/1/2024 (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., 3.65%, 3/1/2024 (b) |
|
|
New York City Transitional Finance Authority, Future
Tax Secured, Fiscal Year 2015 Series 2015A-3,
Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.69%,
3/1/2024 (b) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 Series 2023, Subseries A3, Rev., VRDO, LIQ : Bank of New York Mellon (The), 3.68%, 3/1/2024 (b) |
|
|
New York State Housing Finance Agency, 350 West
43rd Street Housing Series 2001A, Rev., VRDO,
LOC : Landesbank Hessen-Thuringen Girozentrale,
3.80%, 3/1/2024 (b) |
|
|
Palmyra Macedon Central School District Series A, GO, BAN, 5.00%, 7/18/2024 |
|
|
RBC Municipal Products, Inc. Trust, Floater
Certificates Series E-146, Rev., VRDO, LOC : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Skaneateles Central School District Series 2023, GO, BAN, 4.50%, 7/17/2024 |
|
|
Southold Union Free School District, GO, TAN,
4.50%, 6/26/2024 |
|
|
Springville-Griffith Institute Central School District, GO, BAN, 4.75%, 6/28/2024 |
|
|
State of New York Mortgage Agency Homeowner
Mortgage Series 247, Rev., VRDO, LIQ : TD Bank
NA, 3.30%, 3/7/2024 (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XF1603, Rev., VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
North Carolina — continued |
Series 2022-XM1011, Rev., VRDO, AGM, LOC : Royal Bank of Canada, 3.37%, 3/7/2024 (a)
(b) |
|
|
Series 2023-XG0527, Rev., VRDO, LIQ : Bank of
America NA, 3.39%, 3/7/2024 (a) (b) |
|
|
University of North Carolina, Hospital at Chapel Hill Series B, Rev., VRDO, LIQ : TD Bank NA, 3.65%, 3/1/2024 (b) |
|
|
| |
|
|
| |
Bowling Green City School District, Ohio Wood
County School Facilities General Obligation
Unlimited Tax, GO, BAN, 4.75%, 6/3/2024 |
|
|
City of Brecksville, GO, BAN, 4.63%, 9/19/2024 |
|
|
City of Delaware, GO, BAN, 4.63%, 7/3/2024 |
|
|
City of Westlake, Community Services Improvement Notes, GO, BAN, 4.25%, 8/29/2024 |
|
|
County of Belmont, Various Purpose Limited Tax,
GO, BAN, 4.50%, 8/15/2024 |
|
|
Dublin City School District, GO, BAN, 5.00%, 12/18/2024 |
|
|
Ohio Housing Finance Agency, Mortgage-Backed
Securities Program Series F, Rev., AMT, VRDO,
GNMA / FNMA / FHLMC, LIQ : TD Bank NA,
3.40%, 3/7/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XG0507, Rev., VRDO, LIQ : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2024-YX133, Rev., VRDO, LOC : Barclays Bank plc, 3.40%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates
Series 2023-XF1572, Rev., VRDO, LIQ : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
Marion County Housing Authority, Residence at
Marian, Rev., VRDO, LOC : US Bank NA, 3.99%,
3/7/2024 (b) |
|
|
Port of Portland, Special Obligation, Horizon Air Industries, Inc., Project, Rev., VRDO, LOC : Bank of America NA, 3.94%, 3/1/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-ZL0472, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.35%, 3/7/2024 (a) (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2023-ZL0520, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.40%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1493, Rev., VRDO, LIQ : Bank of America NA, 3.42%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
FHLMC, Multi-Family VRD Certificates Series M019,
Class A, Rev., VRDO, LIQ : FHLMC, 3.27%,
3/7/2024 (a) (b) |
|
|
| |
Philadelphia Authority for Industrial Development
Series B-2, Rev., VRDO, LOC : TD Bank NA,
3.30%, 3/11/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XF3041, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XG0412, Rev., VRDO, LIQ : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XG0413, Rev., VRDO, LIQ : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XG0536, GO, VRDO, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-ZF3186, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-ZL0514, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XG0437, Rev., VRDO, LOC : Barclays
Bank plc, 3.35%, 3/7/2024 (a) (b) |
|
|
Series 2022-XM1057, Rev., VRDO, LIQ : Bank of America NA, 3.35%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1634, Rev., VRDO, AGM, LOC :
Royal Bank of Canada, 3.36%, 3/7/2024 (a)
(b) |
|
|
Series 2024-XG0551, Rev., VRDO, LOC : Royal Bank of Canada, 3.36%, 3/7/2024 (a) (b) |
|
|
Series 2022-XM1083, Rev., VRDO, AGM, LOC :
Royal Bank of Canada, 3.38%, 3/7/2024 (a)
(b) |
|
|
| |
|
|
| |
Lexington County School District No. 1 Series 2023 C, GO, SCSDE, 4.75%, 3/1/2024 |
|
|
Tender Option Bond Trust Receipts/Certificates
Series 2024-XG0552, Rev., VRDO, LOC : Royal
Bank of Canada, 3.36%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
|
|
| |
| |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Retreat Dry, Rev., VRDO, LOC : Citibank NA, 3.45%, 3/7/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-YX1289, Rev., VRDO, LOC : Barclays Bank plc, 3.35%, 3/7/2024 (a) (b) |
|
|
Series 2022-XL0382, Rev., VRDO, LOC : Royal
Bank of Canada, 3.37%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Gilmer Industrial Development Corp., Duoline Technologies LP Series 2008-A, Rev., VRDO, LOC : Wells Fargo Bank NA, 3.45%, 3/7/2024 (b) |
|
|
Harris County Industrial Development Corp., Exxon
Corp. Project, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project Series 2001B3, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
Lower Neches Valley Authority Industrial
Development Corp., Mobil Oil Refining Corp.
Project, Rev., VRDO, 3.70%, 3/1/2024 (b) |
|
|
RIB Floater Trust Various States Series 2022-006, Rev., VRDO, LOC : Barclays Bank plc, 3.60%, 4/11/2024 (a) (b) |
|
|
State of Texas, Veterans, GO, AMT, VRDO, LIQ : State
Street Bank & Trust Co., 3.45%, 3/7/2024 (b) |
|
|
State of Texas, Veterans Housing Assistance Program Series 2002A-2, GO, AMT, VRDO, LIQ : State Street Bank & Trust Co., 3.45%, 3/7/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XF1448, GO, VRDO, PSF-GTD, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XM1050, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XM1056, GO, VRDO, LIQ : Morgan Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1447, Rev., VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1480, GO, VRDO, LIQ : TD Bank NA, 3.34%, 3/7/2024 (a) (b) |
|
|
Texas Transportation Commission State Highway
Fund, First Tier Series 2014-B, Rev., VRDO, LIQ :
Sumitomo Mitsui Banking Corp., 3.33%,
3/7/2024 (b) |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Municipal Money
Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XX1249, Rev., VRDO, LOC : Barclays
Bank plc, 3.35%, 3/7/2024 (a) (b) |
|
|
Series 2023-XM1146, Rev., VRDO, LOC : UBS AG, 3.35%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Roanoke Economic Development Authority, Carilion
Health System Obligated Group Series 2005A,
Rev., VRDO, LIQ : PNC Bank NA, 3.30%,
3/7/2024 (b) |
|
|
| |
Port of Tacoma, Subordinate Lien, Rev., AMT, VRDO,
LOC : PNC Bank NA, 3.40%, 3/7/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2023-ZL0513, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.35%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates
Series 2023-XL0447, Rev., VRDO, LOC : Barclays
Bank plc, 3.34%, 3/7/2024 (a) (b) |
|
|
Wisconsin Health and Educational Facilities Authority, Medical College of Wisconsin, Inc., (The) Series 2008B, Rev., VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (b) |
|
|
Wisconsin Housing and Economic Development
Authority Housing Series 2022C, Rev., VRDO, LIQ
: FHLB, 3.30%, 3/7/2024 (b) |
|
|
| |
|
|
| |
County of Lincoln, Pollution Control, ExxonMobile Project Series 2014, Rev., AMT, VRDO, 3.70%, 3/1/2024 (b) |
|
|
Total Municipal Bonds
(Cost $1,257,758) |
|
|
| |
|
|
Variable Rate Demand Preferred Shares — 3.5% |
| |
Nuveen AMT - Free Municipal Credit Income Fund
Series 6, LIQ : Sumitomo Mitsui Banking Corp.,
3.29%, 3/7/2024# (a) |
|
|
| |
|
|
| |
| |
Nuveen AMT - Free Quality Municipal Income Fund |
|
|
Series 4-4895, LIQ : Barclays Bank plc, 3.35%,
3/7/2024# (a) |
|
|
Series 3-PFD, LIQ : TD Bank NA, 3.35%, 3/7/2024# (a) |
|
|
Nuveen Quality Municipal Income Fund Series
2-2525, LIQ : Barclays Bank plc, 3.40%,
3/7/2024# (a) |
|
|
Total Variable Rate Demand Preferred Shares
(Cost $57,500) |
|
|
| |
|
|
Short Term Investments — 19.1% |
| |
Board of Regents of the University of Texas System |
|
|
Series A, 3.55%, 5/8/2024 |
|
|
Series A, 3.65%, 5/9/2024 |
|
|
Series A, 3.45%, 5/22/2024 |
|
|
Series A, 3.45%, 5/30/2024 |
|
|
Series A, 3.50%, 6/11/2024 |
|
|
Series A, 3.40%, 6/13/2024 |
|
|
Series A, 3.50%, 8/15/2024 |
|
|
California Statewide Communities Development Authority |
|
|
Series 9B-2, 3.55%, 3/13/2024 |
|
|
| |
|
|
Series M-2, 3.45%, 4/2/2024 |
|
|
Series N-2, 3.45%, 4/2/2024 |
|
|
City of San Antonio Electric and Gas Systems |
|
|
Series C, 3.58%, 4/26/2024 |
|
|
| |
|
|
Series A, 3.53%, 3/4/2024 |
|
|
| |
|
|
Series A, 3.60%, 3/1/2024 |
|
|
Series A, 3.28%, 3/5/2024 |
|
|
Series A, 3.60%, 5/13/2024 |
|
|
Health Care Authority of the City of Huntsville (The) |
|
|
| |
|
|
Miami Dade College Foundation, Inc. |
|
|
Series 2021, 3.45%, 4/2/2024 |
|
|
Series 2021, 3.45%, 5/7/2024 |
|
|
Municipal Electric Authority of Georgia |
|
|
Series B, 3.45%, 6/5/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
Rutgers, The State University of New Jersey |
|
|
Series A, 3.30%, 3/27/2024 |
|
|
State of Oregon Department of Transportation |
|
|
Series A-1, 3.67%, 3/7/2024 |
|
|
Texas Public Finance Authority |
|
|
Series 19, 3.60%, 5/8/2024 |
|
|
University of North Texas System |
|
|
Series A, 3.37%, 5/8/2024 |
|
|
Total Commercial Paper
(Cost $312,195) |
|
|
Total Short Term Investments
(Cost $312,195) |
|
|
Total Investments — 99.4%
(Cost
$1,627,453) *
|
|
|
Other Assets Less Liabilities — 0.6% |
|
|
| |
|
|
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 |
| |
Revenue Anticipation Note |
| |
|
| |
South
Carolina School District Enhancement |
| |
|
| |
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 February 29, 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 February 29, 2024. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan California
Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
| |
|
|
| |
| |
Alameda Public Financing Authority Series 2003A,
Rev., VRDO, LOC : Wells Fargo Bank NA, 3.05%,
3/7/2024 (a) |
|
|
California Housing Finance Agency, Montecito Village Affordable LP Series 2009B, Rev., VRDO, LIQ : FHLMC, 3.05%, 3/7/2024 (a) |
|
|
California Infrastructure and Economic Development
Bank, Industrial Development, Silva Corks USA LLC
Project Series 2006, Rev., VRDO, LOC : Bank of
America NA, 3.17%, 3/7/2024 (a) |
|
|
California Infrastructure and Economic Development Bank, Pleasant Mattress Inc. Series 2000A, Rev., VRDO, LOC : Wells Fargo Bank NA, 3.20%, 3/7/2024 (a) |
|
|
California Municipal Finance Authority, Multi-Family
Housing, Pacific Meadows Apartments Series
2010A, Rev., VRDO, LIQ : FHLMC, 3.35%,
3/7/2024 (a) |
|
|
California Public Finance Authority, Sharp Healthcare Series 2024E, Rev., VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
California Statewide Communities Development
Authority, American Modular System Series 2001A,
Rev., VRDO, LOC : Bank of the West, 3.06%,
3/7/2024 (a) |
|
|
California Statewide Communities Development Authority, Rady Children's Hospital Series 2008B, Rev., VRDO, LOC : Wells Fargo Bank NA, 3.40%, 3/1/2024 (a) |
|
|
City of Berkeley, Rev., TRAN, 5.00%, 7/24/2024 |
|
|
City of San Jose, Multi-Family Housing, Almaden Lake Village Apartments Series 2000A, Rev., VRDO, LOC : FNMA, 3.37%, 3/7/2024 (a) |
|
|
County of Riverside Series 2023A, GO, 3.88%,
10/18/2024 |
|
|
County of Sacramento, Special Facilities Apartment, Cessna Aircraft Co. Project, Rev., VRDO, LOC : Bank of America NA, 3.30%, 3/7/2024 (a) |
|
|
County of San Bernardino, Somerset Apartments LLC
Series 1999A, Rev., VRDO, LOC : FNMA, 2.42%,
3/7/2024 (a) |
|
|
County of San Diego, COP, VRDO, LOC : Northern Trust Co. (The), 2.40%, 3/7/2024 (a) |
|
|
County of San Diego, Museum of Art, COP, VRDO, LOC :
Wells Fargo Bank NA, 2.55%, 3/7/2024 (a) |
|
|
County of Santa Cruz, Rev., TRAN, 5.00%, 7/5/2024 |
|
|
| |
|
|
| |
| |
Los Angeles Department of Water and Power, Power
System |
|
|
Series 2002, Subseries A-3, Rev., VRDO, LIQ : Bank of America NA, 3.65%, 3/1/2024 (a) |
|
|
Series 2001,Subseries-3, Rev., VRDO, LIQ : Barclays
Bank plc, 3.74%, 3/1/2024 (a) |
|
|
Series 2019, Subseries A-2, Rev., VRDO, LIQ : Barclays Bank plc, 3.74%, 3/1/2024 (a) |
|
|
Series 2021A, Subseries A-1, Rev., VRDO, LIQ :
Royal Bank of Canada, 3.74%, 3/1/2024 (a) |
|
|
Metropolitan Water District of Southern California, Waterworks |
|
|
Series 2017A, Rev., VRDO, LIQ : PNC Bank NA,
3.60%, 3/1/2024 (a) |
|
|
Series 2016 B-2, Rev., VRDO, LIQ : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
Mizuho Floater Series 2023-MIZ9122, Rev., VRDO,
LIQ : Mizuho Capital Markets LLC, 4.35%,
3/1/2024 (a) (b) |
|
|
Modesto Public Financing Authority Series 2008, Rev., VRDO, LOC : BMO Harris Bank NA, 2.40%, 3/7/2024 (a) |
|
|
Norris School District Series 2014 B, GO, Zero Coupon,
5/1/2024 (c) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series C-21, Rev., VRDO, LOC : Royal Bank of Canada, 3.30%, 3/7/2024 (a) (b) |
|
|
RIB Floater Trust Various States |
|
|
Series 2022-042, Rev., VRDO, LIQ : Barclays Bank plc, 3.85%, 3/1/2024 (a) (b) |
|
|
Series 45, GO, VRDO, LIQ : Barclays Bank plc,
3.85%, 3/1/2024 (a) (b) |
|
|
Series 2022-010, Rev., VRDO, LOC : Barclays Bank plc, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 40, Rev., VRDO, LIQ : Barclays Bank plc,
3.85%, 3/7/2024 (a) (b) |
|
|
Series 2022-015, Rev., VRDO, LOC : Barclays Bank plc, 3.55%, 4/4/2024 (a) (b) |
|
|
Sacramento County Housing Authority, Multi-Family
Housing, Ashford Park Apartments Series 1996D,
Rev., VRDO, FNMA, LIQ : FNMA, 2.39%,
3/7/2024 (a) |
|
|
Sacramento County Housing Authority, River Terrace Apartments, Rev., VRDO, FNMA, LIQ : FNMA, 2.56%, 3/7/2024 (a) |
|
|
San Diego Housing Authority, Multi-Family Housing
Series 2006B, Rev., VRDO, LOC : Citibank NA,
3.38%, 3/7/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
San Diego Unified School District Series 2024A, Rev., TRAN, 5.00%, 6/28/2024 |
|
|
Southern California Public Power Authority, Magnolia
Power Project Series 2020-3, Rev., VRDO, LIQ :
Bank of America NA, 3.71%, 3/1/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XF3029, Rev., VRDO, LOC : Barclays
Bank plc, 4.08%, 3/1/2024 (a) (b) |
|
|
Series 2022-XF3030, Rev., VRDO, LOC : Barclays Bank plc, 4.08%, 3/1/2024 (a) (b) |
|
|
Series 2023-ZF3175, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.31%, 3/7/2024 (a) (b) |
|
|
Series 2023-ZF3176, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.31%, 3/7/2024 (a) (b) |
|
|
Series 2023-ZF3187, GO, VRDO, LIQ : Morgan
Stanley Bank NA, 3.31%, 3/7/2024 (a) (b) |
|
|
Series 2021-XF2962, Rev., VRDO, LIQ : Barclays Bank plc, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2022-XF3006, Rev., VRDO, LIQ : Barclays
Bank plc, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2022-XX1237, GO, VRDO, LIQ : Barclays Bank plc, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2022-XX1239, GO, VRDO, LIQ : Barclays
Bank plc, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2022-XX1262, Rev., VRDO, LIQ : Barclays Bank plc, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2022-XX1263, Rev., VRDO, LIQ : Barclays
Bank plc, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2022-YX1200, Rev., VRDO, LIQ : Barclays Bank plc, 3.32%, 3/7/2024 (a) (b) |
|
|
Series 2023-XM1153, Rev., VRDO, LIQ : UBS AG,
3.32%, 3/7/2024 (a) (b) |
|
|
Series 2022-XF1323, Rev., VRDO, LIQ : TD Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XF1326, GO, VRDO, LIQ : TD Bank NA,
3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XF1415, Rev., VRDO, LIQ : TD Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XF3025, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XG0372, COP, VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XG0393, GO, VRDO, LOC : Barclays
Bank plc, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XL0384, GO, VRDO, LOC : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XM1007, Rev., VRDO, LIQ : Royal Bank
of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
| |
|
|
| |
| |
Series 2022-XM1036, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XM1064, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-ZL0287, Rev., VRDO, LIQ : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XF1524, Rev., VRDO, LOC : Royal Bank
of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XG0501, GO, VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XL0445, Rev., VRDO, LIQ : Royal Bank
of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XL0501, GO, VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-XM1114, Rev., VRDO, LIQ : Royal Bank
of Canada, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-ZF3162, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2023-ZF3166, Rev., VRDO, LIQ : Wells Fargo
Bank NA, 3.33%, 3/7/2024 (a) (b) |
|
|
Series 2022-XF1376, Rev., VRDO, LIQ : Bank of America NA, 3.35%, 3/7/2024 (a) (b) |
|
|
Series 2022-XF1384, Rev., VRDO, LIQ : TD Bank
NA, 3.36%, 3/7/2024 (a) (b) |
|
|
Series 2022-XG0363, GO, VRDO, LOC : Bank of America NA, 3.38%, 3/7/2024 (a) (b) |
|
|
Series 2023-007, Rev., VRDO, LOC : Barclays Bank
plc, 3.55%, 3/21/2024 (a) (b) |
|
|
University of California Series 2013AL-3, Rev., VRDO, 3.65%, 3/1/2024 (a) |
|
|
Western Municipal Water District Facilities Authority
Series 2012A, Rev., VRDO, LOC : TD Bank NA,
2.40%, 3/7/2024 (a) |
|
|
| |
|
|
Total Municipal Bonds
(Cost $243,518) |
|
|
| |
|
|
Variable Rate Demand Preferred Shares — 9.1% |
| |
Nuveen California AMT - Free Quality Municipal
Income Fund Series 6, LIQ : Sumitomo Mitsui
Banking Corp., 3.27%, 3/7/2024# (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan California
Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Variable Rate Demand Preferred Shares — continued |
| |
Nuveen California Quality Municipal Income Fund Series 1-1362, LIQ : Societe Generale, 3.39%, 3/7/2024# (b) |
|
|
Total Variable Rate Demand Preferred Shares
(Cost $37,000) |
|
|
| |
|
|
Short Term Investments — 30.0% |
| |
California Educational Facilities Authority |
|
|
| |
|
|
| |
|
|
California Statewide Communities Development Authority |
|
|
Series 09-D, 3.60%, 3/7/2024 |
|
|
Series 08-C, 3.55%, 3/12/2024 |
|
|
Series 9B-2, 3.55%, 3/13/2024 |
|
|
| |
|
|
Series 9B-1, 3.25%, 5/7/2024 |
|
|
Series B-6, 3.30%, 5/8/2024 |
|
|
Series 06-D, 3.30%, 5/24/2024 |
|
|
| |
|
|
| |
|
|
| |
|
|
Municipal Improvement Corp. of Los Angeles |
|
|
Series A-3, 3.20%, 3/12/2024 |
|
|
Series A-3, 3.25%, 4/8/2024 |
|
|
Sacramento Municipal Utility District |
|
|
Series L-1, 3.55%, 5/15/2024 |
|
|
San Diego County Water Authority |
|
|
Series 10, 3.55%, 5/8/2024 |
|
|
San Diego Public Facilities Financing Authority Water |
|
|
Series A, 3.20%, 5/16/2024 |
|
|
| |
|
|
Series A-3, 3.45%, 3/6/2024 |
|
|
Series 11A-5, 3.40%, 4/3/2024 |
|
|
Series 11A-5, 3.20%, 4/4/2024 |
|
|
Series A-1, 3.22%, 5/2/2024 |
|
|
| |
|
|
| |
Commercial Paper — continued |
| |
|
|
Series A, 3.50%, 5/15/2024 |
|
|
Series A, 3.50%, 5/22/2024 |
|
|
Total Commercial Paper
(Cost $121,947) |
|
|
Total Short Term Investments
(Cost $121,947) |
|
|
Total Investments — 98.9%
(Cost
$402,465) *
|
|
|
Other Assets Less Liabilities — 1.1% |
|
|
| |
|
|
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 February 29, 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 February 29, 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. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan New York Municipal
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
| |
|
|
| |
| |
Albany Industrial Development Agency, Civic Facility,
Living Resources Corp., Project Series 2007A,
Rev., VRDO, LOC : HSBC Bank USA NA, 3.30%,
3/7/2024 (a) |
|
|
Alfred Almond Central School District, GO, BAN, 4.75%, 7/17/2024 |
|
|
Amherst Development Corp., Student Housing
Facility, South Lake Village Project Series 2010B,
Rev., VRDO, LOC : HSBC Bank USA NA, 3.40%,
3/7/2024 (a) |
|
|
Amityville Union Free School District, GO, TAN, 4.75%, 6/14/2024 |
|
|
Ballston Spa Central School District, GO, BAN,
4.25%, 9/13/2024 |
|
|
Batavia City School District, GO, BAN, 4.25%, 6/11/2024 |
|
|
Battery Park City Authority |
|
|
Series 2019D-1, Rev., VRDO, LIQ : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
Series 2019D-2, Rev., VRDO, LIQ : TD Bank NA,
3.30%, 3/7/2024 (a) |
|
|
Bemus Point Central School District, GO, BAN, 4.50%, 7/25/2024 |
|
|
Build NYC Resource Corp., The Asia Society Project,
Rev., VRDO, LOC : TD Bank NA, 3.30%,
3/7/2024 (a) |
|
|
Byron-Bergen Central School District, GO, BAN, 4.75%, 6/14/2024 |
|
|
Chenango Valley Central School District, GO, BAN,
4.60%, 6/27/2024 |
|
|
City of Glens Falls Series 2024, GO, BAN, 4.00%, 2/28/2025 |
|
|
City of Hudson, GO, BAN, 4.60%, 6/21/2024 |
|
|
City of Ithaca, GO, BAN, 4.75%, 7/19/2024 |
|
|
City of New York, Fiscal Year 2006 |
|
|
Series 2006, Subseries I-4, GO, VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
Series 2006E-2, GO, VRDO, LOC : Bank of
America NA, 3.72%, 3/1/2024 (a) |
|
|
City of New York, Fiscal Year 2008 |
|
|
Series 2008 L-4, GO, VRDO, LOC : US Bank NA,
3.45%, 3/1/2024 (a) |
|
|
Series 2008 L-3, GO, VRDO, LOC : Bank of America NA, 3.72%, 3/1/2024 (a) |
|
|
City of New York, Fiscal Year 2012 Series
2012D-3A, GO, VRDO, LIQ : Bank of New York
Mellon (The), 3.68%, 3/1/2024 (a) |
|
|
| |
|
|
| |
| |
City of New York, Fiscal Year 2013 Series 2013, Subseries A-2, GO, VRDO, LOC : Mizuho Bank Ltd., 3.70%, 3/1/2024 (a) |
|
|
City of New York, Fiscal Year 2014 Series 2014D-4,
GO, VRDO, LOC : TD Bank NA, 3.65%,
3/1/2024 (a) |
|
|
City of New York, Fiscal Year 2018 Series 2018E, GO, VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
City of New York, Fiscal Year 2022 |
|
|
Subseries D-4, GO, VRDO, LIQ : State Street Bank & Trust Co., 3.67%, 3/1/2024 (a) |
|
|
Series 2022D, Subseries D-3, GO, VRDO, LIQ :
State Street Bank & Trust Co., 3.72%,
3/1/2024 (a) |
|
|
City of New York, Fiscal Year 2023 |
|
|
Series 2023A, Subseries A-3, GO, VRDO, LIQ :
Bank of Montreal, 3.65%, 3/1/2024 (a) |
|
|
Series 2023A, Subseries A-4, GO, VRDO, LIQ : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
City of Peekskill, GO, BAN, 4.25%, 8/23/2024 |
|
|
City of Rome, GO, BAN, 4.75%, 6/12/2024 |
|
|
City of Troy Series 2024, GO, BAN, 4.00%,
1/31/2025 |
|
|
Cold Spring Harbor Central School District, GO, TAN, 4.75%, 6/26/2024 |
|
|
| |
|
|
Series 2023C, GO, BAN, 4.00%, 8/29/2024 |
|
|
Series 2023B, GO, BAN, 4.25%, 12/20/2024 |
|
|
County of Madison Series 2023, GO, BAN, 4.50%, 11/21/2024 |
|
|
County of Oneida Series 2023, GO, BAN, 4.50%,
3/1/2024 |
|
|
County of Tompkins Series 2024, GO, BAN, 4.00%, 2/14/2025 |
|
|
East Meadow Union Free School District, GO, TAN,
5.00%, 6/21/2024 |
|
|
Elmira City School District Series 2023, GO, BAN, 4.75%, 6/14/2024 |
|
|
Erie County Industrial Development Agency (The),
Our Lady Victory Corp. Series 2007A, Rev., VRDO,
LOC : HSBC Bank USA NA, 3.33%, 3/7/2024 (a) |
|
|
Farmingdale Union Free School District Series 2023, GO, TAN, 4.50%, 6/21/2024 |
|
|
Geneseo Central School District Series 2023, GO,
BAN, 4.75%, 6/27/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan New York Municipal
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Geneva City School District Series 2023, GO, BAN, 4.50%, 7/11/2024 |
|
|
Glen Cove City School District, GO, BAN, 4.25%,
6/27/2024 |
|
|
Greece Central School District Series 2024, GO, BAN, 4.38%, 6/28/2024 |
|
|
Greenport Union Free School District, GO, TAN,
4.50%, 5/15/2024 |
|
|
Haldane Central School District Series 2023B, GO, BAN, 4.50%, 8/23/2024 |
|
|
Hartford Central School District Series 2023, GO,
BAN, 4.50%, 6/25/2024 |
|
|
Hornell City School District, GO, BAN, 4.25%, 6/28/2024 |
|
|
Horseheads Central School District Series 2023, GO,
BAN, 4.75%, 6/21/2024 |
|
|
Long Island Power Authority, Electric System Series 2023D, Rev., VRDO, LOC : Barclays Bank plc, 3.20%, 3/7/2024 (a) |
|
|
Longwood Central School District, Suffolk County,
GO, TAN, 4.75%, 6/21/2024 |
|
|
Maine-Endwell Central School District Series 2023, GO, BAN, 4.25%, 9/27/2024 |
|
|
Metropolitan Transportation Authority |
|
|
Series 2005D-2, Rev., VRDO, LOC : Bank of Montreal, 3.50%, 3/1/2024 (a) |
|
|
Series 2015, Subseries E-3, Rev., VRDO, LOC :
Bank of America NA, 3.72%, 3/1/2024 (a) |
|
|
Series 2012G-1, Rev., VRDO, LOC : Barclays Bank plc, 3.78%, 3/1/2024 (a) |
|
|
Series 2015 E-1, Rev., VRDO, LOC : Barclays Bank
plc, 3.78%, 3/1/2024 (a) |
|
|
Series 2020B-1, Rev., VRDO, LOC : PNC Bank NA, 3.30%, 3/7/2024 (a) |
|
|
Series 2020B-2, Rev., VRDO, LOC : PNC Bank NA,
3.30%, 3/7/2024 (a) |
|
|
Metropolitan Transportation Authority, Dedicated Tax Fund |
|
|
Series 2008A-1, Rev., VRDO, LOC : TD Bank NA,
3.65%, 3/1/2024 (a) |
|
|
Series 2008A-2A, Rev., VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
Series 2008A-2B, Rev., VRDO, LOC : PNC Bank
NA, 3.30%, 3/7/2024 (a) |
|
|
Series 2005 E-2, Rev., VRDO, LOC : Bank of America NA, 3.36%, 3/7/2024 (a) |
|
|
Mineola Union Free School District, GO, TAN,
4.25%, 6/26/2024 |
|
|
| |
|
|
| |
| |
Mount Markham Central School District Series 2023, GO, BAN, 5.00%, 6/25/2024 |
|
|
Naples Central School District Series 2024, GO, BAN,
3.75%, 6/25/2024 |
|
|
Nassau County Industrial Development Agency, Clinton Plaza Senior Housing Project, Rev., VRDO, LOC : FNMA, 3.40%, 3/7/2024 (a) |
|
|
New York City Housing Development Corp.,
Multifamily Atlantic Court Apartments Series A,
Rev., VRDO, LOC : FHLMC, 3.82%, 3/7/2024 (a) |
|
|
New York City Housing Development Corp., Multi-Family Mortgage, Elliott Chelsea Development Series 2010A, Rev., VRDO, LIQ : FHLMC, 3.34%, 3/7/2024 (a) |
|
|
New York City Housing Development Corp.,
Multi-Family Mortgage, West 26th Street
Development |
|
|
Series 2011B, Rev., VRDO, 3.30%, 3/7/2024 (a) |
|
|
Series 2012A, Rev., VRDO, LIQ : FHLMC, 3.30%,
3/7/2024 (a) |
|
|
New York City Housing Development Corp., Multi-Family Rent Housing, Gold Street Series 2006A, Rev., VRDO, LOC : FNMA, 3.30%, 3/7/2024 (a) |
|
|
New York City Housing Development Corp.,
Multi-Family Rental Housing, West 89th Street
Development |
|
|
Series 2006A, Rev., VRDO, LOC : FNMA, 3.15%, 3/7/2024 (a) |
|
|
Series 2000A, Rev., VRDO, LOC : FNMA, 3.25%,
3/7/2024 (a) |
|
|
New York City Housing Development Corp., Multi-Family, 201 Pearl LLC Series 2006A, Rev., VRDO, LOC : FNMA, 3.30%, 3/7/2024 (a) |
|
|
New York City Housing Development Corp.,
Multi-Family, 90 Washington Street Series
2005A, Rev., VRDO, LOC : FNMA, 3.34%,
3/7/2024 (a) |
|
|
New York City Industrial Development Agency, Air Express International Corp., Project Series 1997, Rev., VRDO, LOC : Citibank NA, 3.40%, 3/6/2024 (a) |
|
|
New York City Industrial Development Agency, Civic
Facility, Rev., VRDO, LOC : TD Bank NA, 3.27%,
3/7/2024 (a) |
|
|
New York City Industrial Development Agency, Washington LLC Project, Rev., VRDO, LOC : Bank of China Ltd., 4.25%, 3/1/2024 (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 Series 2003F-2, Rev.,
VRDO, LOC : Citibank NA, 3.45%, 3/1/2024 (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., 3.45%,
3/1/2024 (a) |
|
|
Series DD-1, Rev., VRDO, LIQ : TD Bank NA, 3.65%, 3/1/2024 (a) |
|
|
Series BB 1A, Rev., VRDO, LIQ : State Street Bank
& Trust Co., 3.70%, 3/1/2024 (a) |
|
|
Series BB-1, Rev., VRDO, LIQ : Bank of America NA, 3.72%, 3/1/2024 (a) |
|
|
New York City Municipal Water Finance Authority,
Water and Sewer System, Second General
Resolution, Fiscal Year 2008 Series 2008BB-5,
Rev., VRDO, LIQ : Bank of America NA, 3.65%,
3/1/2024 (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., 3.65%, 3/1/2024 (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., 3.65%,
3/1/2024 (a) |
|
|
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., 3.30%, 3/7/2024 (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., 3.65%, 3/1/2024 (a) |
|
|
New York City Transitional Finance Authority, Future Tax Secured |
|
|
Series A-4, Rev., VRDO, LIQ : Mizuho Bank Ltd.,
3.70%, 3/1/2024 (a) |
|
|
Rev., VRDO, LIQ : Bank of America NA, 3.72%, 3/1/2024 (a) |
|
|
| |
|
|
| |
| |
New York City Transitional Finance Authority, Future
Tax Secured, Fiscal Year 2015 Series 2015A-3,
Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.69%,
3/1/2024 (a) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 Series 2023, Subseries A3, Rev., VRDO, LIQ : Bank of New York Mellon (The), 3.68%, 3/1/2024 (a) |
|
|
New York State Dormitory Authority, Columbia
University Series 2003B, Rev., VRDO, 2.85%,
3/7/2024 (a) |
|
|
New York State Dormitory Authority, Cornell University |
|
|
Series 2019B, Rev., VRDO, LIQ : US Bank NA,
3.40%, 3/1/2024 (a) |
|
|
Series 2004A, Rev., VRDO, LIQ : Bank of New York Mellon (The), 3.32%, 3/7/2024 (a) |
|
|
Series 2004B, Rev., VRDO, LIQ : Bank of New York
Mellon (The), 3.32%, 3/7/2024 (a) |
|
|
New York State Dormitory Authority, Fordham University Series 2008A-1, Rev., VRDO, LOC : Bank of America NA, 3.33%, 3/7/2024 (a) |
|
|
New York State Dormitory Authority, Northern
Westchester Hospital, Rev., VRDO, LOC : TD Bank
NA, 3.30%, 3/7/2024 (a) |
|
|
New York State Dormitory Authority, Royal Charter Properties, Rev., VRDO, LOC : FNMA, 3.71%, 3/7/2024 (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., 3.28%, 3/7/2024 (a) |
|
|
Series 2004C-1, Rev., VRDO, LOC : Mizuho Bank
Ltd., 3.30%, 3/7/2024 (a) |
|
|
Series 2005A-1, Rev., VRDO, LOC : Mizuho Bank Ltd., 3.32%, 3/7/2024 (a) |
|
|
Series 2010A-1, Rev., VRDO, LOC : Scotiabank,
3.34%, 3/7/2024 (a) |
|
|
New York State Housing Finance Agency Series 1995A, Rev., VRDO, LOC : FNMA, 3.82%, 3/7/2024 (a) |
|
|
New York State Housing Finance Agency,
10 Barclay Street Series 2004A, Rev., VRDO, LOC
: FNMA, 3.20%, 3/7/2024 (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 February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
New York State Housing Finance Agency, 160 Madison Avenue LLC |
|
|
Series 2013A, Rev., VRDO, LOC : Landesbank
Hessen-Thuringen Girozentrale, 3.55%,
3/1/2024 (a) |
|
|
Series 2014A, Rev., VRDO, LOC : Landesbank Hessen-Thuringen Girozentrale, 3.55%, 3/1/2024 (a) |
|
|
New York State Housing Finance Agency, 240 East
39th Street Housing Series 2000, Rev., AMT,
VRDO, LOC : FNMA, 3.82%, 3/7/2024 (a) |
|
|
New York State Housing Finance Agency, 29 Flatbush Avenue Housing |
|
|
Series 2010A, Rev., VRDO, LOC : Landesbank
Hessen-Thuringen Girozentrale, 3.32%,
3/7/2024 (a) |
|
|
Series A, Rev., VRDO, LOC : Landesbank Hessen-Thuringen Girozentrale, 3.32%, 3/7/2024 (a) |
|
|
New York State Housing Finance Agency, 316
Eleventh Avenue Housing Series 2009A, Rev.,
VRDO, LOC : FNMA, 3.15%, 3/7/2024 (a) |
|
|
New York State Housing Finance Agency, 330 Riverdale Ave Apartments Series 2008A, Rev., VRDO, LOC : Bank of America NA, 3.25%, 3/7/2024 (a) |
|
|
New York State Housing Finance Agency, 330 West
39th Street Housing Series 2010A, Rev., VRDO,
LOC : Landesbank Hessen-Thuringen Girozentrale,
3.30%, 3/7/2024 (a) |
|
|
New York State Housing Finance Agency, 350 West 43rd Street Housing Series 2002A, Rev., VRDO, LOC : Landesbank Hessen-Thuringen Girozentrale, 3.80%, 3/1/2024 (a) |
|
|
New York State Housing Finance Agency, 360 West
43rd Street Housing, Rev., VRDO, LOC : FNMA,
3.25%, 3/7/2024 (a) |
|
|
New York State Housing Finance Agency, 363 West 30th Street Housing, Rev., VRDO, LOC : FHLMC, 3.82%, 3/7/2024 (a) |
|
|
New York State Housing Finance Agency, 435 East
13th Street Housing Series 2016A, Rev., VRDO,
LOC : Landesbank Hessen-Thuringen Girozentrale,
3.30%, 3/7/2024 (a) |
|
|
New York State Housing Finance Agency, College ARMS Apartments Series 2008A, Rev., VRDO, LIQ : FHLMC, 3.35%, 3/7/2024 (a) |
|
|
| |
|
|
| |
| |
New York State Housing Finance Agency, Historic
Front Street Series 2003A, Rev., VRDO, LOC :
Landesbank Hessen-Thuringen Girozentrale,
3.37%, 3/11/2024 (a) |
|
|
New York State Housing Finance Agency, Maiden Lane Properties LLC Series 2004A, Rev., VRDO, LOC : FNMA, 3.30%, 3/7/2024 (a) |
|
|
New York State Housing Finance Agency, North End
Series 2004A, Rev., VRDO, LOC : FNMA, 3.15%,
3/7/2024 (a) |
|
|
New York State Housing Finance Agency, Weyant Green Apartments Series 2007A, Rev., VRDO, LOC : FNMA, 3.30%, 3/7/2024 (a) |
|
|
New York State Housing Finance Agency, Worth
Street, 23rd Chelsea Assocs LLC |
|
|
Rev., VRDO, LOC : FNMA, 3.25%, 3/7/2024 (a) |
|
|
Rev., VRDO, LOC : FNMA, 3.25%, 3/7/2024 (a) |
|
|
North Collins Central School District Series 2024, GO, BAN, 4.25%, 6/27/2024 |
|
|
Olean City School District Series 2024, GO, BAN,
3.75%, 6/28/2024 (b) |
|
|
Onondaga County Industrial Development Agency, Civic Facility, Syracuse Home Association Project, Rev., VRDO, LOC : HSBC Bank USA NA, 3.34%, 3/7/2024 (a) |
|
|
Owego Apalachin Central School District, GO, BAN,
4.50%, 8/16/2024 |
|
|
Oyster Bay-East Norwich Central School District Series 2023, GO, BAN, 4.50%, 7/12/2024 |
|
|
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, 3.33%, 3/7/2024 (a) (c) |
|
|
RBC Municipal Products, Inc. Trust, Floater
Certificates |
|
|
Series E-118, GO, VRDO, LOC : Royal Bank of Canada, 3.80%, 3/1/2024 (a) (c) |
|
|
Series E-120, Rev., VRDO, LOC : Royal Bank of
Canada, 3.80%, 3/1/2024 (a) (c) |
|
|
Series 23, Rev., VRDO, LIQ : Barclays Bank plc, 3.83%, 3/1/2024 (a) (c) |
|
|
Series G-120, Rev., VRDO, LOC : Royal Bank of
Canada, 3.36%, 3/7/2024 (a) (c) |
|
|
Series 2022-E154, Rev., VRDO, LOC : Royal Bank of Canada, 3.40%, 3/7/2024 (a) (c) |
|
|
Remsenburg-Speonk Union Free School District, GO,
TAN, 5.00%, 3/20/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Rib Floater Trust Various States |
|
|
Series 12, Rev., VRDO, LIQ : Barclays Bank plc,
3.18%, 3/1/2024 (a) (c) |
|
|
Series 2022-011, Rev., VRDO, LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-012, Rev., VRDO, LIQ : Barclays Bank
plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-008, Rev., VRDO, LOC : Barclays Bank plc, 3.55%, 4/4/2024 (a) (c) |
|
|
Series 2024-002, Rev., VRDO, LOC : Barclays
Bank plc, 3.55%, 4/4/2024 (a) (c) |
|
|
RIB Floater Trust Various States Series 2022-009, Rev., VRDO, LIQ : Barclays Bank plc, 3.90%, 3/1/2024 (a) (c) |
|
|
Roslyn Union Free School District, GO, BAN, 4.25%,
8/29/2024 |
|
|
Seaford Union Free School District, GO, TAN, 4.75%, 6/26/2024 |
|
|
Skaneateles Central School District |
|
|
Series 2023, GO, BAN, 4.50%, 7/17/2024 |
|
|
GO, BAN, 4.50%, 8/15/2024 |
|
|
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 |
|
|
Springville-Griffith Institute Central School District |
|
|
GO, BAN, 4.75%, 6/28/2024 |
|
|
Series 2023A, GO, BAN, 4.50%, 8/16/2024 |
|
|
State of New York Mortgage Agency Homeowner
Mortgage |
|
|
Series 207, Rev., VRDO, LIQ : Royal Bank of Canada, 3.20%, 3/7/2024 (a) |
|
|
Series 234, Rev., VRDO, LIQ : UBS AG, 3.20%,
3/7/2024 (a) |
|
|
Series 247, Rev., VRDO, LIQ : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
Series 199, Rev., AMT, VRDO, LIQ : Royal Bank of
Canada, 3.35%, 3/7/2024 (a) |
|
|
Series 249, Rev., AMT, VRDO, LIQ : TD Bank NA, 3.35%, 3/7/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XF3185, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.31%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF2996, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.32%, 3/7/2024 (a) (c) |
|
|
Series 2022-XG0428, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.32%, 3/7/2024 (a) (c) |
|
|
| |
|
|
| |
| |
Series 2022-XM1058, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.32%, 3/7/2024 (a) (c) |
|
|
Series 2022-XM1070, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.32%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF3160, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.32%, 3/7/2024 (a) (c) |
|
|
Series 2023-XL0414, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.32%, 3/7/2024 (a) (c) |
|
|
Series 2023-XM1142, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.32%, 3/7/2024 (a) (c) |
|
|
Series 2023-ZF3210, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.32%, 3/7/2024 (a) (c) |
|
|
Series 2019-XF0847, Rev., VRDO, LOC : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2020-XG0276, Rev., VRDO, LOC : Bank of America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF1312, Rev., VRDO, LIQ : TD Bank
NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF1339, GO, VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF1374, Rev., VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF1382, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF1383, Rev., VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF1393, Rev., VRDO, LIQ : TD Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF1399, Rev., VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF1400, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF1420, Rev., VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF1444, GO, VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF3002, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF3013, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF3016, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF3021, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF3043, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF3047, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (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 February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2022-XG0405, Rev., VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XL0274, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XL0322, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XL0353, GO, VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XL0381, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XM1006, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XM1010, Rev., VRDO, LIQ : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XM1015, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XM1031, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XM1052, Rev., VRDO, LIQ : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XM1069, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XM1073, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-XX1282, Rev., VRDO, LIQ : Barclays
Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-YX1183, Rev., VRDO, LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-YX1208, Rev., VRDO, LIQ : Barclays
Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-YX1242, Rev., VRDO, LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-YX1250, Rev., VRDO, LIQ : Barclays
Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-YX1257, Rev., VRDO, LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-YX1277, Rev., VRDO, LIQ : Barclays
Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-ZF1417, Rev., VRDO, LIQ : Royal Bank of Canada, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-ZL0263, Rev., VRDO, LIQ : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-ZL0350, GO, VRDO, LIQ : Morgan Stanley Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2022-ZL0393, Rev., VRDO, LIQ : Morgan
Stanley Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF0524, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
| |
|
|
| |
| |
Series 2023-XF1442, Rev., VRDO, LIQ : TD Bank
NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1495, Rev., VRDO, LIQ : TD Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1505, Rev., VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1506, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1507, Rev., VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1589, GO, VRDO, LIQ : TD Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1614, Rev., VRDO, LOC : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1622, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1633, Rev., VRDO, LIQ : TD Bank
NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1643, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1644, Rev., VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1652, Rev., VRDO, LIQ : TD Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1662, Rev., VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1663, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1665, Rev., VRDO, LIQ : Bank of
America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF3107, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF3161, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF3169, Rev., VRDO, LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF3182, Rev., VRDO, LIQ : Barclays
Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF3184, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XL0416, Rev., VRDO, LIQ : Barclays
Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XL0434, Rev., VRDO, LIQ : Bank of America NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XL0441, GO, VRDO, LIQ : Royal Bank
of Canada, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XL0463, Rev., VRDO, LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2023-XL0526, Rev., VRDO, LOC : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XX1281, Rev., VRDO, LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XX1323, Rev., VRDO, LIQ : Barclays
Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-XX1324, Rev., VRDO, LIQ : Barclays Bank plc, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-ZF1656, Rev., VRDO, LIQ : Royal
Bank of Canada, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-ZF3167, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-ZF3171, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-ZL0494, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2023-ZL0517, Rev., VRDO, LIQ : Wells
Fargo Bank NA, 3.33%, 3/7/2024 (a) (c) |
|
|
Series 2020-XF2868, Rev., VRDO, LOC : Barclays Bank plc, 3.34%, 3/7/2024 (a) (c) |
|
|
Series 2020-XF2878, Rev., VRDO, LOC : Barclays
Bank plc, 3.34%, 3/7/2024 (a) (c) |
|
|
Series 2020-XX1127, Rev., VRDO, AGM, LOC : Barclays Bank plc, 3.34%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF1357, Rev., VRDO, LIQ : TD Bank
NA, 3.34%, 3/7/2024 (a) (c) |
|
|
Series 2024-ZF1699, Rev., VRDO, LIQ : Bank of America NA, 3.34%, 3/7/2024 (a) (c) |
|
|
Series 2022-XF3065, Rev., VRDO, LOC : Barclays
Bank plc, 3.35%, 3/7/2024 (a) (c) |
|
|
Series 2023-XF1496, Rev., VRDO, LIQ : TD Bank NA, 3.35%, 3/7/2024 (a) (c) |
|
|
Series 2022-XG0379, Rev., VRDO, LIQ : Bank of
America NA, 3.36%, 3/7/2024 (a) (c) |
|
|
Series 2022-XG0394, Rev., VRDO, LIQ : Bank of America NA, 3.36%, 3/7/2024 (a) (c) |
|
|
Series 2022-XG0438, Rev., VRDO, LIQ : Bank of
America NA, 3.36%, 3/7/2024 (a) (c) |
|
|
Series 2023-XG0526, Rev., VRDO, LIQ : Bank of America NA, 3.36%, 3/7/2024 (a) (c) |
|
|
Series 2022-ZL0270, Rev., VRDO, LIQ : Barclays
Bank plc, 3.37%, 3/7/2024 (a) (c) |
|
|
Town of Lewisboro, GO, BAN, 5.75%, 4/12/2024 |
|
|
Town of North Hempstead Series 2023A, GO, BAN,
4.00%, 3/22/2024 |
|
|
Town of Tonawanda Series 2023, GO, BAN, 4.50%, 8/23/2024 |
|
|
| |
|
|
| |
| |
Town of West Seneca Series 2024, GO, BAN, 4.00%,
2/7/2025 |
|
|
Triborough Bridge and Tunnel Authority |
|
|
Series 2005B-4A, Rev., VRDO, LOC : TD Bank NA,
3.65%, 3/1/2024 (a) |
|
|
Series 2005 B-2B, Rev., VRDO, LOC : State Street Bank & Trust Co., 3.39%, 3/7/2024 (a) |
|
|
Triborough Bridge and Tunnel Authority, MTA
Bridges and Tunnels |
|
|
Series 2003B1, Rev., VRDO, LOC : US Bank NA, 3.45%, 3/1/2024 (a) |
|
|
Series 2005B-4C, Rev., VRDO, LOC : US Bank NA,
3.45%, 3/1/2024 (a) |
|
|
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax |
|
|
Series 2022A, Rev., BAN, 5.00%, 8/15/2024 |
|
|
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, 3.20%, 3/7/2024 (a) |
|
|
Series 2014B1, Rev., VRDO, 3.34%,
7/15/2024 (a) |
|
|
Series 2014B2, Rev., VRDO, 3.34%, 11/11/2024 (a) |
|
|
Trust for Cultural Resources of The City of New York,
The Museum of Modern Art |
|
|
Series 2006A-1, Rev., VRDO, 2.85%, 3/7/2024 (a) |
|
|
Series 2006A-2, Rev., VRDO, 2.85%,
3/7/2024 (a) |
|
|
Union Endicott Central School District Series 2023, GO, BAN, 5.00%, 10/18/2024 |
|
|
Victor Central School District Series 2023, GO, BAN,
4.25%, 9/13/2024 |
|
|
Village of Cooperstown Series 2024, GO, BAN, 4.50%, 3/28/2024 |
|
|
Village of Endicott, GO, BAN, 4.25%, 8/23/2024 |
|
|
Village of Freeport Series 2023E, GO, BAN, 4.75%, 11/14/2024 |
|
|
Village of Haverstraw Series A, GO, BAN, 4.25%,
9/13/2024 |
|
|
Village of New Paltz Series 2024A, GO, BAN, 4.50%, 1/31/2025 |
|
|
Village of Pelham, GO, BAN, 4.25%, 9/13/2024 |
|
|
Village of Scotia, GO, BAN, 4.75%, 6/28/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan New York Municipal
Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Waterford-Halfmoon Union Free School District
Series 2023, GO, BAN, 4.50%, 6/25/2024 |
|
|
West Genesee Central School District |
|
|
Series 2024A, GO, BAN, 4.00%, 7/19/2024 |
|
|
Series 2023B, GO, BAN, 4.75%, 7/19/2024 |
|
|
West Hempstead Union Free School District, GO,
TAN, 4.75%, 5/15/2024 |
|
|
Westchester County Industrial Development Agency, Northern Westchester Hospital, Rev., VRDO, LOC : TD Bank NA, 3.30%, 3/7/2024 (a) |
|
|
Williamson Central School District Series 2023, GO,
BAN, 4.25%, 12/19/2024 |
|
|
Windham-Ashland-Jewett Central School District, GO, BAN, 5.00%, 6/21/2024 |
|
|
| |
|
|
Total Municipal Bonds
(Cost $2,163,645) |
|
|
| |
|
|
Variable Rate Demand Preferred Shares — 6.4% |
| |
Nuveen New York AMT - Free Quality Municipal Income Fund |
|
|
Series 5, LIQ : TD Bank NA, 3.34%, 3/7/2024#
(c) |
|
|
Series 1, LIQ : Societe Generale, 3.35%, 3/7/2024# (c) |
|
|
Series 2, LIQ : Royal Bank of Canada, 3.35%,
3/7/2024# (c) |
|
|
Series 3, LIQ : Sumitomo Mitsui Banking Corp., 3.35%, 3/7/2024# (c) |
|
|
Nuveen New York Quality Municipal Income Fund
Series 1-PFD, LIQ : TD Bank NA, 3.39%,
3/7/2024# (c) |
|
|
Total Variable Rate Demand Preferred Shares
(Cost $149,100) |
|
|
| |
|
|
Total Investments — 99.6%
(Cost
$2,312,745) *
|
|
|
Other Assets Less Liabilities — 0.4% |
|
|
| |
|
|
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 |
| |
|
| |
|
| |
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 February 29, 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 February 29, 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 February 29, 2024
(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 February 29, 2024 (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 |
|
|
|
| |
|
|
|
| |
|
|
|
Investment securities sold |
|
|
|
| |
|
|
|
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 February 29, 2024 (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 |
|
| |
|
|
|
Investments in non-affiliates, 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 February 29, 2024 (continued)
(Amounts in thousands, except per share amounts)
| |
JPMorgan
Federal Money
Market Fund |
JPMorgan
100% U.S.
Treasury
Securities 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
|
| |
|
|
|
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 |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
(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 February 29, 2024 (continued)
(Amounts in thousands, except per share amounts)
| |
JPMorgan
Municipal
Money
Market Fund |
JPMorgan
California
Municipal Money
Market Fund |
JPMorgan New York Municipal 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 |
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS
OF OPERATIONS
FOR THE YEAR ENDED February 29, 2024
(Amounts in
thousands)
| |
JPMorgan
Prime Money
Market Fund |
JPMorgan
Institutional
Tax Free Money
Market Fund |
JPMorgan
Securities
Lending 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.) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
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 |
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS
OF OPERATIONS
FOR THE YEAR ENDED February 29, 2024 (continued)
(Amounts in thousands)
| |
JPMorgan
Liquid
Assets Money
Market Fund |
JPMorgan
U.S. Government
Money
Market Fund |
JPMorgan
U.S. Treasury
Plus Money
Market Fund |
| |
|
|
|
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 |
|
|
|
| |
|
|
|
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 assets resulting from operations |
|
|
|
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 |
| |
|
|
|
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 assets resulting from operations |
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS
OF OPERATIONS
FOR THE YEAR ENDED February 29, 2024 (continued)
(Amounts in thousands)
| |
JPMorgan
Municipal
Money
Market Fund |
JPMorgan
California
Municipal Money
Market Fund |
JPMorgan
New York
Municipal 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.) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
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 assets resulting from operations |
|
|
|
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
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 |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
(a)
On January 31,
2023, Class C Shares for JPMorgan Prime Money Market Fund were merged into Reserve Shares. Additionally, as of February 1, 2023, the Class C Shares are no longer
offered.
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
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 |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
(a)
On January 31,
2023, Class C Shares for JPMorgan Liquid Assets Money Market Fund were merged into Reserve Shares. Additionally, as of February 1, 2023, the Class C Shares are no longer
offered.
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
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 |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
(a)
On January 31,
2023, Class C Shares for JPMorgan U.S. Treasury Plus Money Market Fund were merged into Reserve Shares. Additionally, as of February 1, 2023, the Class C Shares are no longer
offered.
(b)
Liquidated on September 29, 2023 for JPMorgan U.S. Government Money Market
Fund.
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
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 Tax
Free Money Market Fund |
JPMorgan
Municipal Money Market Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
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
California Municipal Money
Market Fund |
JPMorgan
New York Municipal Money
Market Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
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
Prime Money Market Fund |
JPMorgan
Institutional Tax Free Money
Market Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
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 Class C 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)
On January 31,
2023, Class C Shares for JPMorgan Prime Money Market Fund were merged into Reserve Shares. Additionally, as of February 1, 2023, the Class C Shares are no longer
offered.
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
|
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 Morgan capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Premier capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Merger from Class C Shares |
|
|
|
|
Change in net assets resulting from Reserve capital transactions |
|
|
|
|
Total change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
(a)
On January 31, 2023, Class C Shares for JPMorgan Prime Money Market Fund were merged into Reserve Shares. Additionally, as of February 1, 2023, the Class C Shares are no longer offered.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan
Prime Money Market Fund |
JPMorgan
Institutional Tax Free Money Market Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
|
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Institutional Class Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
(a)
On January 31, 2023, Class C Shares for JPMorgan Prime Money Market Fund were merged into Reserve Shares. Additionally, as of February 1, 2023, the Class C Shares are no longer offered.
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
|
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Merger from Class C Shares |
|
|
|
|
| |
|
|
|
|
(a)
On January 31, 2023, Class C Shares for JPMorgan Prime Money Market Fund were merged into Reserve Shares. Additionally, as of February 1, 2023, the Class C Shares are no longer offered.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan
Securities Lending Money
Market Fund |
JPMorgan
Liquid Assets Money Market Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
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 Class C 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 |
|
|
|
|
(a)
On January 31, 2023, Class C Shares for JPMorgan Liquid Assets Money Market Fund were merged into Reserve Shares. Additionally, as of February 1, 2023, the Class C Shares are no longer offered.
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
|
CAPITAL TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
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 |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Merger from Class C Shares |
|
|
|
|
Change in net assets resulting from Reserve capital transactions |
|
|
|
|
Total change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Agency SL Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
(a)
On January 31, 2023, Class C Shares for JPMorgan Liquid Assets Money Market Fund were merged into Reserve Shares. Additionally, as of February 1, 2023, the Class C Shares are no longer offered.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan
Securities Lending Money Market Fund |
JPMorgan
Liquid Assets Money Market Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
|
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Institutional Class Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Investor Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Merger from Class C Shares |
|
|
|
|
| |
|
|
|
|
(a)
On January 31, 2023, Class C Shares for JPMorgan Liquid Assets Money Market Fund were merged into Reserve Shares. Additionally, as of February 1, 2023, the Class C Shares are no longer offered.
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
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 Class C 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 |
|
|
|
|
(a)
On January 31, 2023, Class C Shares for JPMorgan U.S. Treasury Plus Money Market Fund were merged into Reserve Shares. Additionally, as of February 1, 2023, the Class C Shares are no longer offered.
(b)
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
|
CAPITAL TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
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 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 |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Merger from Class C Shares |
|
|
|
|
Change in net assets resulting from Reserve capital transactions |
|
|
|
|
(a)
On January 31, 2023, Class C Shares for JPMorgan U.S. Treasury Plus Money Market Fund were merged into Reserve Shares. Additionally, as of February 1, 2023, the Class C Shares are no longer offered.
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
|
CAPITAL TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Service capital transactions |
|
|
|
|
Total change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
(a)
On January 31, 2023, Class C Shares for JPMorgan U.S. Treasury Plus Money Market Fund were merged into Reserve Shares. Additionally, as of February 1, 2023, the Class C Shares are no longer offered.
(b)
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
|
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Institutional Class Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Investor Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Merger from Class C Shares |
|
|
|
|
| |
|
|
|
|
(a)
On January 31, 2023, Class C Shares for JPMorgan U.S. Treasury Plus Money Market Fund were merged into Reserve Shares. Additionally, as of February 1, 2023, the Class C Shares are no longer offered.
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
|
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended February 28, 2023 |
| |
|
|
|
|
| |
|
|
|
|
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 |
|
STATEMENTS
OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan
Federal Money Market Fund |
JPMorgan
100% U.S. Treasury Securities Money Market Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended February 28, 2023 |
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 |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended February 28, 2023 |
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Institutional Class Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended February 28, 2023 |
| |
|
|
|
|
| |
|
|
|
|
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 |
|
| |
JPMorgan Tax
Free Money Market Fund |
JPMorgan
Municipal Money Market Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended February 28, 2023 |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Institutional Class Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended February 28, 2023 |
| |
|
|
|
|
| |
|
|
|
|
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 |
|
| |
JPMorgan
California Municipal Money Market Fund |
JPMorgan
New York Municipal Money Market Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended February 28, 2023 |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Institutional Class Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
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 Prime Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
February 23, 2021 (f) through February 28, 2021 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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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|
| |
|
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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) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
| |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
| |
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 |
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) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Securities Lending Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
| |
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 |
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)(a) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Liquid Assets Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
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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|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
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)(a) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Liquid Assets Money Market
Fund (continued)
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
| |
Calculated based upon average shares outstanding. |
| |
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 |
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
February 23, 2021 (g) through February 28, 2021 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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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|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
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)
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
Net asset
value,
end of
period |
JPMorgan U.S. Treasury Plus Money Market Fund |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
September 30, 2020 (g) through February 28, 2021 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
February 23, 2021 (g) through February 28, 2021 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
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)
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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: |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
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|
| |
|
|
|
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|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
(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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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
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)(a) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Federal Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
| |
Calculated based upon average shares outstanding. |
| |
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 |
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 100% U.S. Treasury Securities Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
September 30, 2020 (g) through February 28, 2021 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
February 23, 2021 (g) through February 28, 2021 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
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) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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)(a) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Tax Free Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
| |
Calculated based upon average shares outstanding. |
| |
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 |
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)(a) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Municipal Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
| |
Calculated based upon average shares outstanding. |
| |
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 |
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
| |
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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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|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
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) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 February 29, 2024
(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:
| |
|
|
Diversification Classification |
JPMorgan Prime Money Market Fund |
Academy, Agency, Capital, Empower, IM,
Institutional Class, Morgan, Premier and Reserve |
|
|
JPMorgan Institutional Tax Free Money Market Fund |
Agency, Capital, IM and Institutional Class |
|
|
JPMorgan Securities Lending Money Market Fund |
|
|
|
JPMorgan Liquid Assets Money Market Fund |
Agency, Capital, E*Trade(1), Institutional Class,
Investor, Morgan, Premier and Reserve |
|
|
JPMorgan U.S. Government Money Market Fund |
Academy, Agency, Capital, E*Trade(1), Empower, IM,
Institutional Class, Investor, Morgan, Premier,
Reserve and Service |
|
|
JPMorgan U.S. Treasury Plus Money Market Fund |
Academy, Agency, Capital, Empower, IM,
Institutional Class, Investor, Morgan, Premier and
Reserve |
|
|
JPMorgan Federal Money Market Fund |
Agency, Institutional Class, Morgan and Premier |
|
|
JPMorgan 100% U.S. Treasury Securities Money Market Fund |
Academy, Agency, Capital, Empower, IM,
Institutional Class, Morgan, Premier and Reserve |
|
|
JPMorgan Tax Free Money Market Fund |
Agency, Institutional Class, Morgan, Premier and Reserve |
|
|
JPMorgan Municipal Money Market Fund |
Agency, E*Trade(1), Institutional Class, Morgan,
Premier and Service |
|
|
JPMorgan California Municipal Money Market Fund |
Agency, E*Trade(1), Institutional Class, Morgan,
Premier and Service |
|
|
JPMorgan New York Municipal Money Market Fund |
Agency, E*Trade(1), Institutional Class, Morgan,
Premier, Reserve and Service |
|
|
| |
| |
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.
| |
J.P. Morgan Money Market Funds |
|
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.
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 valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market based approach
| |
J.P. Morgan Money Market Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
through which trades or quotes from market makers are used
to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models
which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in
order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Valuations reflected in
this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the
report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.
•
Level
1 — 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 securities, interest rates, prepayment speeds, credit risk, etc.).
•
Level 3 — Significant unobservable inputs (including the Funds’ own
assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both
individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication
of the risk associated with investing in those securities. For example, certain money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):
| |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Total Investments in Securities (a) |
|
|
|
|
| |
| |
Please refer to the SOI for specifics of portfolio holdings. |
Institutional Tax Free Money Market
Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Total Investments in Securities (a) |
|
|
|
|
| |
| |
Please refer to the SOI for specifics of portfolio holdings. |
Securities Lending Money Market
Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Total Investments in Securities (a) |
|
|
|
|
| |
| |
Please refer to the SOI for specifics of portfolio holdings. |
Liquid Assets Money Market
Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Total Investments in Securities (a) |
|
|
|
|
| |
| |
Please refer to the SOI for specifics of portfolio holdings. |
| |
J.P. Morgan Money Market Funds |
|
U.S. Government Money Market
Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Total Investments in Securities (a) |
|
|
|
|
| |
| |
Please refer to the SOI for specifics of portfolio holdings. |
U.S. Treasury Plus Money Market
Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Total Investments in Securities (a) |
|
|
|
|
| |
| |
Please refer to the SOI for specifics of portfolio holdings. |
Federal Money Market
Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Total Investments in Securities (a) |
|
|
|
|
| |
| |
Please refer to the SOI for specifics of portfolio holdings. |
100% U.S. Treasury Securities Money Market Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Total Investments in Securities (a) |
|
|
|
|
| |
| |
Please refer to the SOI for specifics of portfolio holdings. |
Tax Free Money Market
Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Total Investments in Securities (a) |
|
|
|
|
| |
| |
Please refer to the SOI for specifics of portfolio holdings. |
Municipal Money Market
Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Total Investments in Securities (a) |
|
|
|
|
| |
| |
Please refer to the SOI for specifics of portfolio holdings. |
| |
J.P. Morgan Money Market Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
California Municipal Money Market
Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Total Investments in Securities (a) |
|
|
|
|
| |
| |
Please refer to the SOI for specifics of portfolio holdings. |
New York Municipal Money Market
Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Total Investments in Securities (a) |
|
|
|
|
| |
| |
Please refer to the SOI for specifics of portfolio holdings. |
B. Restricted
Securities— Certain securities held by the Funds may
be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of
1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation
may be difficult and could adversely affect the NAVs of the Funds.
As of February 29, 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 February 29, 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 February 29, 2024 are detailed on the SOIs, if any.
| |
J.P. Morgan Money Market Funds |
|
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 year ended February 29, 2024 are as follows:
| |
|
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. |
| |
J.P. Morgan Money Market Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (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 February 29, 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.
The following amounts were reclassified within the capital accounts:
| |
|
Accumulated
undistributed
(distributions in
excess of)
net investment
income |
Accumulated
net realized
gains (losses) |
Federal Money Market Fund |
|
|
|
The reclassifications for the Funds relate primarily to tax equalization.
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 year ended February 29, 2024, the effective 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
| |
J.P. Morgan Money Market 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:
| |
|
|
|
| |
|
|
|
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 waived distribution fees as outlined in Note 3.F.
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 |
|
|
|
|
|
|
100% U.S. Treasury Securities Money Market Fund |
|
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|
|
Tax Free Money Market Fund |
|
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|
|
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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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|
Liquid Assets Money Market Fund |
|
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|
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 |
|
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New York Municipal Money Market Fund |
|
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| |
|
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|
| |
J.P. Morgan Money Market Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
JPMDS has entered into shareholder services contracts with
affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds.
Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian
and Accounting Fees— JPMCB provides portfolio custody
and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions
and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees
on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on
the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers
and Reimbursements— The Adviser, Administrator and
JPMDS have contractually agreed to waive fees and/or reimburse the Funds except IM Shares of Prime Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus
Money Market Fund and 100% U.S. Treasury Securities Money Market Fund, to the extent that total annual operating expenses (excluding acquired fund fees and expenses other
than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and 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:
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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 |
|
|
|
|
|
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 |
|
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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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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 |
|
|
|
|
|
|
|
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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| |
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|
The
expense limitation agreements were in effect for the year ended February 29, 2024 and the contractual expense limitation percentages in the table above are in place until at
least June 30, 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 year ended February 29, 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.
| |
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|
| |
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|
|
|
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 |
|
|
|
|
|
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market
funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the year ended February 29, 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. |
JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the year ended February 29, 2024, the amount of these reimbursements were as follows:
| |
|
| |
|
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 |
|
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.
| |
J.P. Morgan Money Market Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
Certain Funds earn interest on certain uninvested cash
balances held at the custodian, which is included in the Interest income from affiliates on the Statements of Operations.
The Trusts adopted a
Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to
performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended February 29, 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, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures,
for the year ended February 29, 2024, the Funds below engaged in such transactions in the following amounts:
| |
|
|
|
Institutional Tax Free 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 year ended February 29, 2024 were as follows:
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Institutional Tax Free Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Liquid Assets Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
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 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
J.P. Morgan Money Market Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
| |
|
|
Municipal Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
California Municipal Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
New York Municipal Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
5. Federal Income Tax Matters
For Federal income tax
purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 29, 2024 equals their book cost and unrealized appreciation
(depreciation) in value of investments.
The tax character of distributions paid during the year ended
February 29, 2024 was as follows:
| |
|
Net
Long-Term
Capital Gains |
|
|
| |
|
|
|
|
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 |
|
|
|
|
| |
| |
Short-term gain distributions are treated as ordinary income for income tax purposes. |
| |
J.P. Morgan Money Market Funds |
|
The tax character of distributions paid
during the year ended February 28, 2023 was as follows:
| |
|
Net
Long-Term
Capital Gains |
|
|
| |
|
|
|
|
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 |
|
|
|
|
| |
| |
Short-term gain distributions are treated as ordinary income for income tax purposes. |
As of February 29, 2024, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as
follows:
| |
Current
Distributable
Ordinary
Income |
Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover) |
|
Unrealized
Appreciation
(Depreciation) |
| |
|
|
|
|
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 cumulative timing differences primarily consist of dividends payable.
At February 29, 2024, the following Funds had net capital loss carryforwards which are available to offset future
realized gains as follows:
| |
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 |
|
|
| |
J.P. Morgan Money Market Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
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 |
|
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. |
6. Borrowings
The Funds rely upon an
exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The
Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds.
Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely
disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current
repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are
all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
As of February 29, 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 year ended February 29, 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 year ended February 29, 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 year ended February 29, 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 |
|
As of February 29, 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 increase interest rates or the timing, frequency, or magnitude of such increases. 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.
London Interbank Offered Rate ("LIBOR") was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some LIBOR settings continue to be published but only on a temporary, synthetic and non-representative basis. Regulated entities have generally ceased entering into new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector actors have worked to establish alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR which may affect the value, volatility, liquidity or return on certain of the Funds' loans, notes, derivatives and other instruments or investments comprising some or all of the Funds' investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions and entering into new trades. Certain of the Funds' investments may have transitioned from LIBOR or will transition from LIBOR in the future. The transition from LIBOR to alternative reference rates may result in operational issues for the Funds or their investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on the Funds and their investments.
| |
J.P. Morgan Money Market Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
The Funds are subject to infectious disease
epidemics/pandemics risk. For example, the outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world, including those in which
the Funds invest. The effects of any future pandemic or other global event to business and market conditions may have a significant negative impact on the performance of a
Fund's investments, increase a Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of
businesses and populations. 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 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
February 29, 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:
| |
|
Liquid
Assets
Money
Market
Fund |
| |
|
|
8. Subsequent Event
Subsequent to February 29, 2024, Securities Lending Money Market Fund had net redemptions of $850,006 which
represented 34% of the Fund's net assets as of February 29, 2024.
| |
J.P. Morgan Money Market Funds |
|
REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Boards of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan Prime Money Market Fund, JPMorgan Institutional Tax Free Money Market Fund, JPMorgan Securities Lending Money Market Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan Municipal Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Prime Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund (six of the funds constituting JPMorgan Trust I), JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund and JPMorgan Municipal Money Market Fund (four of the funds constituting JPMorgan Trust II) and JPMorgan Institutional Tax Free Money Market Fund and JPMorgan Securities Lending Money Market Fund (two of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the "Funds") as of February 29, 2024, the related statements of operations for the year ended February 29, 2024, the statements of changes in net assets for each of the two years in the period ended February 29, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 29, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 29, 2024 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express
an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our
audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included
performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our
procedures included confirmation of securities owned as of February 29, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/
PricewaterhouseCoopers LLP
New York, New York
April 24, 2024
We have served as the
auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
| |
J.P. Morgan Money Market Funds |
|
The Funds' Statement of Additional
Information includes additional information about the Funds' Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan
Funds’ website at www.jpmorganfunds.com.
Name (Year of Birth);
Positions With
the Funds (1) |
Principal Occupation
During Past 5 Years |
Number of
Funds in Fund
Complex Overseen
by Trustee (2) |
Other Directorships Held
During the Past 5 Years |
| |
|
John F. Finn (1947); Chair
since 2020; Trustee since 1998. |
Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). |
|
Director, Greif, Inc. (GEF) (industrial package products and services) (2007-2023); Trustee, Columbus Association for the Performing Arts (1988-present). |
Stephen P. Fisher (1959);
Trustee since 2018. |
Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). |
|
|
Gary L. French (1951);
Trustee since 2014. |
Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017). |
|
Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014). |
Kathleen M. Gallagher (1958);
Trustee since 2018. |
Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). |
|
Non- Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). |
Robert J. Grassi (1957);
Trustee since 2014. |
Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012). |
|
|
| |
J.P. Morgan Money Market Funds |
|
Name (Year of Birth); Positions With the Funds (1) |
Principal Occupation
During Past 5 Years |
Number of
Funds in Fund
Complex Overseen
by Trustee (2) |
Other Directorships Held During the Past 5 Years |
Independent Trustees (continued) |
|
Frankie D. Hughes (1952);
Trustee since 2008. |
President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). |
|
|
Raymond Kanner (1953);
Trustee since 2017. |
Retired; Managing Director and Chief Investment Officer, IBM Retirement Funds (2007-2016). |
|
Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017- present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016- 2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). |
Thomas P. Lemke (1954);
Trustee since 2014. |
|
|
(1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018). |
Lawrence R. Maffia (1950);
Trustee since 2014. |
Retired; Director and President, ICI Mutual Insurance Company (2006-2013). |
|
Director, ICI Mutual Insurance Company (1999-2013). |
Mary E. Martinez (1960); Vice
Chair since 2021; Trustee since 2013. |
Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). |
|
|
Marilyn McCoy (1948);
Trustee since 1999. |
Retired; Vice President of Administration and Planning, Northwestern University (1985-2023). |
|
|
| |
J.P. Morgan Money Market Funds |
|
TRUSTEES
(Unaudited) (continued)
Name (Year of Birth); Positions With the Funds (1) |
Principal Occupation
During Past 5 Years |
Number of
Funds in Fund
Complex Overseen
by Trustee (2) |
Other Directorships Held During the Past 5 Years |
Independent Trustees (continued) |
|
Dr. Robert A. Oden, Jr. (1946); Trustee
since 1997. |
Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). |
|
Trustee, The Coldwater Conservation Fund (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, Dartmouth- Hitchcock Medical Center (2011-2020). |
Marian U. Pardo* (1946);
Trustee since 2013. |
Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). |
|
Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
Emily A. Youssouf (1951);
Trustee since 2014. |
Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation. |
|
Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019). |
| |
|
Robert F. Deutsch** (1957);
Trustee since 2014. |
Retired; Head of ETF Business for JPMorgan Asset Management (2013-2017); Head of Global Liquidity Business for JPMorgan Asset Management (2003-2013). |
|
Treasurer and Director of the JUST Capital Foundation (2017-present). |
Nina O. Shenker** (1957);
Trustee since 2022. |
Vice Chair (2017-2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management. |
|
Director and Member of Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present). |
| |
| |
The year shown is the first year in which a Trustee became a member of any of the following: the JPMorgan Mutual Fund Board, the JPMorgan
ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve
an indefinite term, until resignation, retirement, removal or death. The Board's
current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the JPMorgan Mutual Fund Board prior to January 1, 2022 and was born
prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the
Trustee attains the age of 78. |
| |
A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes
of investment and investor services or have a common investment adviser or have an investment
adviser that is an affiliated person of the investment adviser of any of the other
registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eight registered investment companies (167 J.P. Morgan Funds). |
| |
In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan
Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective
January 1, 2013, and deferred compensation payments from JPMorgan Chase in the
amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
| |
J.P. Morgan Money Market Funds |
|
| |
Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person
of the Adviser. |
| |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172. |
| |
J.P. Morgan Money Market Funds |
|
Name (Year of Birth),
Positions Held with
the Trusts (Since) |
Principal Occupations During Past 5 Years |
Brian S. Shlissel (1964),
President and Principal Executive
Officer (2016) |
Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment
Management Inc. since 2014. |
Timothy J. Clemens (1975),
Treasurer and Principal Financial
Officer (2018) |
Managing Director, J.P. Morgan Investment Management Inc. Mr. Clemens has been with J.P. Morgan
Investment Management Inc. since 2013. |
Gregory S. Samuels (1980),
Secretary (2019) (formerly Assistant
Secretary 2010-2019) |
Managing Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Samuels has been with
JPMorgan Chase & Co. since 2010. |
Stephen M. Ungerman (1953),
Chief Compliance Officer (2005) |
Managing Director, JPMorgan Chase & Co. Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
Kiesha Astwood-Smith (1973),
Assistant Secretary (2021) |
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Senior Director and
Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance
Company) from September 2015 through June 2021. |
Matthew Beck (1988),
Assistant Secretary (2021)* |
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since May 2021; Senior Legal Counsel,
Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company
from April 2014 through May 2018. |
Elizabeth A. Davin (1964),
Assistant Secretary (2005)* |
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Davin has been with JPMorgan
Chase & Co. (formerly Bank One Corporation) since 2004. |
Jessica K. Ditullio (1962)
Assistant Secretary (2005)* |
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Ditullio has been with JPMorgan
Chase & Co. (formerly Bank One Corporation) since 1990. |
Anthony Geron (1971),
Assistant Secretary (2018) |
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since September 2018; Lead Director
and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and
Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
|
Carmine Lekstutis (1980),
Assistant Secretary (2011) |
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Lekstutis has been with
JPMorgan Chase & Co. since 2011. |
Max Vogel (1990),
Assistant Secretary (2021) |
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Associate, Proskauer
Rose LLP (law firm) from March 2017 to June 2021. |
Zachary E. Vonnegut-Gabovitch
(1986),
Assistant Secretary (2017) |
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Vonnegut-Gabovitch has been
with JPMorgan Chase & Co. since September 2016. |
Frederick J. Cavaliere (1978),
Assistant Treasurer (2023)** |
Executive Director, J.P. Morgan Investment Management Inc. Mr. Cavaliere has been with JPMorgan Chase &
Co. since May 2006. |
Michael M. D’Ambrosio (1969),
Assistant Treasurer (2012) |
Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan
Investment Management Inc. since 2012. |
Aleksandr Fleytekh (1972),
Assistant Treasurer (2019) |
Executive Director, J.P. Morgan Investment Management Inc. Mr. Fleytekh has been with J.P. Morgan
Investment Management Inc. since February 2012. |
Shannon Gaines (1977),
Assistant Treasurer (2018)* |
Executive Director, J.P. Morgan Investment Management Inc. Mr. Gaines has been with J.P. Morgan Investment
Management Inc. since January 2014. |
Jeffrey D. House (1972),
Assistant Treasurer (2017)* |
Vice President, J.P. Morgan Investment Management Inc. Mr. House has been with J.P. Morgan Investment
Management Inc. since July 2006. |
Michael Mannarino (1985),
Assistant Treasurer (2020) |
Vice President, J.P. Morgan Investment Management Inc. Mr. Mannarino has been with J.P. Morgan Investment
Management Inc. since 2014. |
Joseph Parascondola (1963),
Assistant Treasurer (2011)** |
Executive Director, J.P. Morgan Investment Management Inc. Mr. Parascondola has been with J.P. Morgan
Investment Management Inc. since 2006. |
| |
J.P. Morgan Money Market Funds |
|
Name (Year of Birth), Positions Held with the Trusts (Since) |
Principal Occupations During Past 5 Years |
Gillian I. Sands (1969),
Assistant Treasurer (2012) |
Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment
Management Inc. since September 2012. |
| |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172. |
| |
The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
| |
The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
| |
J.P. Morgan Money Market Funds |
|
SCHEDULE
OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur
two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments
and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing
in the Funds and to compare these ongoing costs with the ongoing costs of investing in other
mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning
of the reporting period, September 1, 2023, and continued to hold your shares at the end of the
reporting period, February 29, 2024.
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account
values and actual expenses. You may use the information in this line, together with the amount
you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line of each Class under the heading titled “Expenses Paid During the
Period” to estimate the expenses you paid on your account during this
period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual
expense ratio and an assumed rate of return of 5% per year before expenses, which is not the
Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs
of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports of the other
funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs
only and do not reflect any transaction costs, such as sales charges (loads). Therefore, the
second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included,
your costs would have been higher. The examples also assume all dividends and distributions have
been reinvested.
| |
Beginning
Account Value
September 1, 2023 |
Ending
Account Value
February 29, 2024 |
Expenses
Paid During
the Period* |
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JPMorgan Prime Money Market Fund |
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J.P. Morgan Money Market Funds |
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Beginning
Account Value
September 1, 2023 |
Ending
Account Value
February 29, 2024 |
Expenses
Paid During
the Period* |
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JPMorgan Institutional Tax Free Money Market Fund |
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JPMorgan Securities Lending Money Market Fund |
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JPMorgan Liquid Assets Money Market Fund |
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JPMorgan U.S. Government Money Market Fund |
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J.P. Morgan Money Market Funds |
|
SCHEDULE
OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| |
Beginning
Account Value
September 1, 2023 |
Ending
Account Value
February 29, 2024 |
Expenses
Paid During
the Period* |
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JPMorgan U.S. Government Money Market Fund (continued) |
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JPMorgan U.S. Treasury Plus Money Market Fund |
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J.P. Morgan Money Market Funds |
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Beginning
Account Value
September 1, 2023 |
Ending
Account Value
February 29, 2024 |
Expenses
Paid During
the Period* |
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JPMorgan Federal Money Market Fund |
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JPMorgan 100% U.S. Treasury Securities Money Market Fund |
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JPMorgan Tax Free Money Market Fund |
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J.P. Morgan Money Market Funds |
|
SCHEDULE
OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| |
Beginning
Account Value
September 1, 2023 |
Ending
Account Value
February 29, 2024 |
Expenses
Paid During
the Period* |
|
JPMorgan Tax Free Money Market Fund (continued) |
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JPMorgan Municipal Money Market Fund |
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JPMorgan California Municipal Money Market Fund |
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JPMorgan New York Municipal Money Market Fund |
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J.P. Morgan Money Market Funds |
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| |
Beginning
Account Value
September 1, 2023 |
Ending
Account Value
February 29, 2024 |
Expenses
Paid During
the Period* |
|
JPMorgan New York Municipal Money Market Fund (continued) |
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Expenses are equal to each Class’ respective annualized net expense ratio, multiplied by the average account value over the period, multiplied
by 182/366 (to reflect the one-half year period). |
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J.P. Morgan Money Market Funds |
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TAX
LETTER
(Unaudited)
(Dollar values in thousands)
Certain tax information for the J.P.
Morgan Funds is required to be provided to shareholders based upon the Funds' income and
distributions for the taxable year ended February 29, 2024. The information and distributions
reported in this letter may differ from the information and taxable distributions reported to the
shareholders for the calendar year ending December 31, 2024. The information necessary to
complete your income tax returns for the calendar year ending December 31, 2024 will be provided
under separate cover.
Long Term Capital Gain
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 29,
2024:
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Long-Term
Capital Gain
Distribution |
JPMorgan Tax Free Money Market Fund |
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JPMorgan New York Municipal Money Market Fund |
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Qualified Interest Income (QII) and Short-Term Capital Gain
Each Fund listed below paid the following amount, or maximum allowable amount, of ordinary distributions treated as qualified interest income and short-term capital gains
for the fiscal year ended February 29, 2024:
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Qualified
Interest
Income |
JPMorgan Prime Money Market Fund |
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JPMorgan Liquid Assets Money Market Fund |
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JPMorgan U.S. Government Money Market Fund |
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JPMorgan U.S. Treasury Plus Money Market Fund |
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JPMorgan Federal Money Market Fund |
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JPMorgan 100% U.S. Treasury Securities Money Market Fund |
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Tax Exempt Income
Each Fund listed below had the following amount, or maximum allowable amount, of dividends paid from
investment income that are exempt from federal income tax for the fiscal year ended February 29,
2024:
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Exempt
Distributions
Paid |
JPMorgan Institutional Tax Free Money Market Fund |
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JPMorgan Tax Free Money Market Fund |
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JPMorgan Municipal Money Market Fund |
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JPMorgan California Municipal Money Market Fund |
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JPMorgan New York Municipal Money Market Fund |
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Treasury Income
Each Fund listed below had the following percentage, or maximum allowable percentage, of income earned from
direct U.S. Treasury Obligations for the fiscal year ended February 29, 2024:
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Income from
U.S. Treasury
Obligations |
JPMorgan Prime Money Market Fund |
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JPMorgan Institutional Tax Free Money Market Fund |
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JPMorgan Securities Lending Money Market Fund |
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JPMorgan Liquid Assets Money Market Fund |
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JPMorgan U.S. Government Money Market Fund |
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JPMorgan U.S. Treasury Plus Money Market Fund |
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JPMorgan Federal Money Market Fund |
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JPMorgan 100% U.S. Treasury Securities Money Market Fund |
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JPMorgan Tax Free Money Market Fund |
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JPMorgan Municipal Money Market Fund |
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JPMorgan New York Municipal Money Market Fund |
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Interest Dividends
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible to be treated as 163(j) interest
dividends for the fiscal year ended February 29, 2024:
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JPMorgan Prime Money Market Fund |
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JPMorgan Liquid Assets Money Market Fund |
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JPMorgan U.S. Government Money Market Fund |
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JPMorgan U.S. Treasury Plus Money Market Fund |
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JPMorgan Federal Money Market Fund |
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JPMorgan 100% U.S. Treasury Securities Money Market Fund |
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J.P. Morgan Money Market Funds |
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WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
| |
Financial companies choose how they share your personal information. Federal law gives consumers
the right to limit some but not all sharing. Federal law also requires us to
tell you how we collect, share, and protect your personal
information. Please read this notice carefully to understand what
we do. |
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The types of personal information we collect and share depend on the product or service you have
with us. This information can include: |
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○Social Security number and account balances
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○transaction history and account transactions
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○checking account information and wire transfer
instructions |
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When you are no longer our customer, we continue to share your information as described in this
notice. |
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All financial companies need to share customers’ personal
information to run their everyday business. In the section below,
we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this
sharing. |
Reasons we can share your personal information |
Does J.P. Morgan
Funds share? |
Can you limit this
sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or
report to credit bureaus |
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For marketing purposes — to offer our products and services to you |
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For joint marketing with other financial companies
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For our affiliates’ everyday business purposes — information about your transactions and experiences |
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For our affiliates’ everyday business purposes — information about your creditworthiness |
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For nonaffiliates to market to you |
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Questions? Call 1-800-480-4111 or go to
www.jpmorganfunds.com |
|
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Who is providing this notice? |
|
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How does J.P. Morgan Funds protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures
that comply with federal law. These measures include computer safeguards and
secured files and buildings. We authorize our employees to access
your information only when they need it to do their work and we
require companies that work for us to protect your information. |
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How does J.P. Morgan Funds
collect my personal
information? |
We collect your personal information, for example, when you: |
○open an account or provide contact information
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○give us your account information or pay us by check
|
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We also collect your personal information from others, such as credit bureaus, affiliates and other
companies. |
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Why can’t I limit all sharing? |
Federal law gives you the right to limit only: |
○sharing for affiliates’ everyday business purposes –
information about your creditworthiness |
○affiliates from using your information to market to
you |
○sharing for nonaffiliates to market to you
|
State laws and individual companies may give you additional rights to limit sharing. |
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Companies related by common ownership or control. They can be financial and nonfinancial
companies. |
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○J.P. Morgan Funds does not share with our
affiliates. |
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Companies not related by common ownership or control. They can be financial and nonfinancial
companies. |
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○J.P. Morgan Funds does not share with
nonaffiliates so they can market to you. |
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A formal agreement between nonaffiliated financial companies that together market financial
products or services to you. |
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○J.P. Morgan Funds doesn’t jointly
market. |
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.
Effective January 24, 2023, the SEC adopted rule and form amendments that will result in changes to the design and delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.
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. February
2024.
AN-MMKT-224
Annual Report
J.P. Morgan Municipal Bond Funds
February 29, 2024
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.
Letter to Shareholders
April 15, 2024 (Unaudited)
Dear Shareholder,
Financial markets largely rallied through the final months of 2023 and into the first quarter of 2024, as leading central banks refrained from implementing further interest
rate increases. Equity markets generally outperformed bond markets for the twelve months ended
February 29, 2024, led by four consecutive months of net gains in U.S. equity
prices.
| |
“The global economic outlook for the year ahead remains positive and financial markets appear more resilient than a year ago.” — Brian S. Shlissel
|
Economic data were stronger than many economists expected in the face of elevated interest rates throughout
the year. Following weak but positive economic growth in the first half of 2023, U.S. gross
domestic product increased to 4.9% in the third quarter and 3.4% growth in the final quarter of the year. While the U.S. unemployment rate rose slightly during the second half of the year, it remained below 4% for
the entire 12 month period and monthly job growth data frequently surpassed the consensus
forecasts of economists.
Meanwhile, the U.S. Federal Reserve (the “Fed”) continued to raise interest rates through the end
of summer 2023, then settled on a benchmark lending rate range of 5.25 - 5.50% through the first
quarter of 2024. The European Central Bank and the Bank of England followed similar trajectories, raising interest rates at regular intervals into the third quarter of 2023 and then holding rates at those elevated
levels for the remainder of the period. Notably, the Bank of Japan raised interest rates for the
first time in 17 years in mid-March 2024, ending eight years of negative interest rates and setting its benchmark rate range at 0.0 to 0.1%.
The Fed and certain other leading central banks fueled investor expectations for interest rate reductions in
2024 and growing optimism that developed market economies could enjoy a “soft
landing” of positive growth coupled with relatively low unemployment.
However, there remain significant risks to the macroeconomic backdrop. Slower economic growth due to the impact of higher interest rates could leave the U.S. economy more
vulnerable to potential shocks from geopolitical events, natural disasters or political turmoil,
particularly taking into account the upcoming U.S. presidential election. Additionally, financial markets may also come under pressure should the Fed decide not to reduce interest rates to the extent anticipated by
investors. Finally, the recent run-up in U.S. equity prices could lead to increased volatility in
certain sectors of the market.
The global economic outlook for the year ahead remains positive and financial markets appear to be more
resilient than a year ago. Global growth is estimated at 2.9% this year and 3.0% for 2025, with a
continued decline in inflation, according to the Organization for Economic Cooperation and Development’s February 2024 forecast. However, across market cycles, we believe that those investors who hold a
well-diversified portfolio and a long-term view are best positioned.
Our suite of investment solutions seeks to provide investors with the ability to build durable portfolios that
meet their financial goals, regardless of macroeconomic and geopolitical
uncertainties.
Sincerely,
Brian S. Shlissel
President, J.P. Morgan Funds
J.P. Morgan Asset Management
1-800-480-4111 or www.jpmorganfunds.com for more information
| |
J.P. Morgan Municipal Bond Funds |
|
J.P. Morgan Municipal Bond
Funds
MARKET OVERVIEW
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
While bond markets generally underperformed equity markets during the period, fixed income securities rallied in late 2023 as
leading central banks signaled that they could begin to lower interest rates in 2024. Overall, U.S. high yield bonds (also known as junk bonds) and emerging markets debt outperformed other sectors of the bond market, and corporate debt generally outperformed U.S. Treasury bonds and other developed markets sovereign debt for the twelve months ended February 29, 2024.
Global economic
growth was stronger than expected in the first quarter of 2023, but in late March, Silicon Valley Bank collapsed after management sold off the bank’s portfolio of U.S.
Treasury bonds at a steep loss, which triggered a run on the bank’s deposits. While U.S. regulators moved swiftly to guarantee some deposits at the bank to prevent
further contagion, depositors began withdrawing cash from First Republic Bank. At the end of April, U.S. regulators announced First Republic Bank had been closed and sold to
J.P. Morgan Chase & Co. Meanwhile, the Swiss government brokered a takeover of troubled Credit Suisse by UBS Group AG. These events sharply elevated market volatility in the banking sector, particularly in U.S. regional bank stocks.
Throughout the first
half of 2023, leading central banks continued to raise interest rates at regular intervals in an effort to ease inflationary pressures. By the end of summer 2023, inflation
data in the U.S. and across Europe had shown significant reduction in core consumer prices. In response, the U.S. Federal Reserve, the European Central Bank and the Bank of
England in separate decisions each declined to raise interest rates further during the final months of 2023.
By the start of the
second half of 2023, the general consensus view of economists was that interest rates would remain elevated for an extended period, particularly in the U.S. where labor
markets remained tight and economic growth was generally stronger than expected. However, at its December meeting, the U.S. Federal Reserve indicated that it was prepared to
begin the process of cutting interest rates in 2024, given the trajectory of inflation data.
Global economic
growth largely proved more resilient than economists’ forecasts during the period, led by expansions in the U.S., Japan, India and select emerging markets. Meanwhile,
the Eurozone, U.K., China and Canada struggled with weaker growth. China’s economy faced low levels of consumer spending and business confidence, along with
long-standing debt issues in the domestic property sector. Across Europe, weakness in consumer and business spending and ongoing stresses from the war in Ukraine weighed
on economic growth. Notably, inflation data in the U.K. indicated that prices were declining at a somewhat slower pace than in other developed markets.
However, investor concerns about a potential economic recession receded during the period as data showed a general
trend toward stability in labor markets amid declining inflation and the pivot in the policies of leading central banks.
For the twelve months ended February 29, 2024, the Bloomberg 1 Year Municipal Bond Index returned 3.53%, Bloomberg
U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned 4.62% and the Bloomberg US Municipal Index returned 5.42%.
| |
J.P. Morgan Municipal Bond Funds |
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JPMorgan California Tax
Free Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
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Bloomberg LB California 1–17 Year Muni Index |
|
Net Assets as of 2/29/2024 (In Thousands) |
|
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|
INVESTMENT OBJECTIVE**
The JPMorgan
California Tax Free Bond Fund (the “Fund”) seeks to provide high after-tax total return for California residents consistent with moderate risk of capital.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 29, 2024, the Fund’s Class I Shares outperformed the Bloomberg LB California 1-17 Year Muni Index (the
“Benchmark”).
Relative to the Benchmark, the Fund’s longer overall duration was a leading contributor to performance as interest rates generally fell during the second half of the
period. Generally, bonds with longer duration will experience a larger price increase compared
with shorter duration bonds when interest rates fall. The Fund’s underweight position in California general obligation bonds, which underperformed certain other general obligation bonds, also contributed to relative
performance.
The Fund’s underweight positions in bonds rated single-A and BBB were leading detractors from relative performance as lower rated bonds generally outperformed higher rated
bonds during the period. The Fund’s overweight position in the 0-to-1 year portion of the
yield curve and Fund’s shorter duration within the transportation and hospital sectors also detracted from relative performance. The yield curve shows the relationship between yields and maturity dates for a set
of similar bonds at a given point in time.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers preferred to invest in issuances from large, highly rated state and local
municipalities. Among revenue bond sectors, the portfolio managers preferred essential service
sectors, including water & sewer. Fund positioning is generally a result of security structure, duration, credit quality and the unique characteristics of the California municipal bond market.
CREDIT QUALITY ALLOCATIONS
AS OF FEBRUARY 29, 2024 |
PERCENT OF
TOTAL
INVESTMENTS |
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*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects
adjustments made to the net asset values in accordance with accounting principles generally
accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
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J.P. Morgan Municipal Bond Funds |
|
JPMorgan California Tax
Free Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED February 29,
2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF February 29, 2024
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Sales Charge for Class A Shares is 3.75%. |
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Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR FUND PERFORMANCE (2/28/14 TO 2/29/24)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown
because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan
California Tax Free Bond Fund and the Bloomberg LB California 1-17 Year Muni Index from February 28, 2014 to February 29, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain
distributions, if any, and does not include a sales charge. The performance of the Bloomberg LB California 1-17 Year Muni Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted
to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg LB California 1-17 Year Muni Index represents the performance of California municipal
bonds with maturities from 1 to 17 years.
Capital gain distributions are subject to Federal income tax; a portion of the Fund’s income distributions
may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain
periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting
from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total
return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made
to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively
"Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or
guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal
Income Fund
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024
(Unaudited)
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|
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Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index |
|
Net Assets as of 2/29/2024 (In Thousands) |
|
| |
|
INVESTMENT OBJECTIVE**
The JPMorgan
National Municipal Income Fund (the “Fund”) seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For
purposes of the Fund’s investment objective, “gross income” means gross income
for federal tax purposes.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the
twelve months ended February 29, 2024, the Fund’s Class I Shares underperformed the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark").
Relative to the Benchmark, the Fund’s underweight positions in the housing and leasing sectors and its
overweight allocation to bonds of 0-to-2 year maturities were leading detractors from performance
relative to the Benchmark. The Fund’s shorter duration in California and New Jersey bonds also detracted from relative performance. Generally, bonds of shorter duration will experience a smaller increase in price
compared with longer duration bonds when interest rates fall.
The Fund’s longer overall duration was a leading contributor to relative performance as interest rates
generally rose in the second half of the period. The Fund’s underweight allocations to
bonds rated AAA and AA, its underweight positions in state general obligation bonds and its overweight position in
industrial development revenue/pollution
control revenue bonds also contributed to relative performance.
HOW WAS THE FUND POSITIONED?
During the period, the Fund’s portfolio managers employed a bottom-up, security selection-based
investment approach and sought to take advantage of opportunities stemming from increased
volatility, supply pressures and headline credit risk.
CREDIT QUALITY ALLOCATIONS
AS OF FEBRUARY 29, 2024 |
PERCENT OF
TOTAL
INVESTMENTS |
| |
|
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|
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|
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|
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|
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|
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects
adjustments made to the net asset values in accordance with accounting principles generally
accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal
Income Fund
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024
(Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF February 29, 2024
| |
| |
Sales Charge for Class A Shares is 3.75%. |
| |
Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR FUND PERFORMANCE (2/28/14 TO 2/29/24)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown
because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan National
Municipal Income Fund and the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index from February 28, 2014 to February 29, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain
distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund
and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index
represents the performance of municipal bonds with maturities from 1 to 17 years.
Capital gain distributions are subject to Federal income tax; a portion of the Fund’s income distributions
may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class I Shares have a $1,000,000 minimum
initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement
of expenses for certain periods. Without these waivers and reimbursements, performance would have
been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total
return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made
to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively
"Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or
guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan New York Tax Free
Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
|
Fund (Class A Shares, without a sales charge) * |
|
Bloomberg New York Intermediate (1–17 Year) Maturities Index |
|
Net Assets as of 2/29/2024 (In Thousands) |
|
| |
|
INVESTMENT OBJECTIVE**
The JPMorgan New
York Tax Free Bond Fund (the “Fund”) seeks to provide monthly dividends that are excluded from gross income for federal income tax purposes and are exempt from New York State and New York City personal income
taxes. It also seeks to protect the value of your investment.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 29, 2024, the Fund’s Class A Shares underperformed the Bloomberg New York Intermediate (1-17 year) Maturities Index (the
“Benchmark").
Relative to the Benchmark, the Fund’s longer overall duration was a leading contributor to performance as interest rates fell in the second half of the period. Generally,
bonds of longer duration will experience a larger increase in price compared with shorter
duration bonds when interest rates fall. The Fund’s overweight position in the industrial development revenue/pollution control revenue bonds sector, its underweight position in the water & sewer bonds sector
and its overweight allocation to bonds rated single-A and lower also contributed to relative
performance.
The Fund’s overweight position in the 0-to-1 year portion of the yield curve, and its underweight positions in the transportation and hospitals sectors were leading detractors
from performance relative to the Benchmark.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers preferred to invest in issuances from large, highly rated state and local
municipalities. Among revenue bond sectors, the managers preferred essential service sectors.
Fund positioning is generally a result of security structure, duration, credit quality and the unique characteristics of the New York State municipal bond market.
CREDIT QUALITY ALLOCATIONS
AS OF FEBRUARY 29, 2024 |
PERCENT OF
TOTAL
INVESTMENTS |
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects
adjustments made to the net asset values in accordance with accounting principles generally
accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan New York Tax Free
Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED February 29,
2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF February 29, 2024
| |
| |
Sales Charge for Class A Shares is 3.75%. |
| |
Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR FUND PERFORMANCE (2/28/14 TO 2/29/24)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown
because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan New York
Tax Free Bond Fund and the Bloomberg New York Intermediate (1–17 Year) Maturities Index from February 28, 2014 to February 29, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain
distributions, if any, and does not include a sales charge. The performance of the Bloomberg New York Intermediate (1–17 Year) Maturities Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and
has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg New York Intermediate (1–17 Year) Maturities Index represents the
performance of New York municipal bonds with maturities from 1 to 17 years.
Capital gain distributions are subject to Federal income tax; a portion of the Fund’s income distributions
may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class A Shares have a $10,000 minimum
initial investment and carry a 3.75% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain
periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting
from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8
years, the 10 year average annual total return shown above for Class C Shares reflects Class A
Share's performance for the period after conversion.
The returns shown are based on net asset values
calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally
accepted in the United States of America.
Source: Bloomberg Index Services Limited.
BLOOMBERG® is a trademark
and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in
the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any
warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Short-Intermediate
Municipal Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
|
Fund (Class A Shares, without a sales charge) * |
|
Bloomberg U.S. 1-5 Year Blend (1-6) Municipal Bond Index |
|
Net Assets as of 2/29/2024 (In Thousands) |
|
| |
|
INVESTMENT OBJECTIVE**
The JPMorgan
Short-Intermediate Municipal Bond Fund (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the
twelve months ended February 29, 2024, the Fund underperformed the Bloomberg U.S. 1-5 Year Blend (1-6) Municipal Bond Index (the “Benchmark").
Relative to the Benchmark, the Fund’s overweight positions in the hospitals and special tax sectors were
leading detractors from performance. The Fund’s overweight allocation to local general
obligation bonds and its overweight allocation to bonds of 5-to-6 year durations also detracted from relative performance. Duration is a measure of a bond’s price sensitivity relative to changes in interest rates.
Generally, bonds of shorter duration will experience a smaller increase in price relative to
longer duration bonds when interest rates fall.
The Fund’s overweight allocation to bonds with durations of 6+ years was a leading contributor to
relative performance as interest rates generally fell during the period. The Fund’s
overweight positions in the industrial development revenue/pollution control revenue and leasing
sectors, and its overweight allocation to bonds rated single-A and BBB also contributed to
performance.
HOW WAS THE FUND POSITIONED?
During the period, the Fund's portfolio managers employed a bottom-up, security selection-based investment
approach. The Fund’s managers sought to take advantage of opportunities stemming from
increased volatility, supply pressures and headline credit risk while maintaining the Fund’s bias toward higher quality issuances.
CREDIT QUALITY ALLOCATIONS
AS OF FEBRUARY 29, 2024 |
PERCENT OF
TOTAL
INVESTMENTS |
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects
adjustments made to the net asset values in accordance with accounting principles generally
accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Short-Intermediate
Municipal Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED February 29,
2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF February 29, 2024
| |
| |
Sales Charge for Class A Shares is 2.25%. |
| |
Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR FUND PERFORMANCE (2/28/14 TO 2/29/24)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown
because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan
Short-Intermediate Municipal Bond Fund and the Bloomberg U.S. 1-5 Year Blend (1-6) Municipal Bond Index from February 28, 2014 to February 29, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain
distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. 1-5 Year Blend (1-6) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund
and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. 1-5 Year Blend (1-6) Municipal Bond Index is an
unmanaged index of investment grade tax-exempt municipal bonds with maturities of 1–5.999 years. Investors cannot invest directly in an index.
Capital gain
distributions are subject to federal income tax; a portion of the Fund’s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class A Shares have a $1,000 minimum initial investment and carry a 2.25% sales charge.
Fund performance may
reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for
the period after conversion.
The returns shown are based on net asset values calculated for shareholder
transactions and may differ from the returns shown in the financial highlights, which reflect
adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively
"Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or
guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Tax Free Bond
Fund
FUND COMMENTARY
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
|
Fund (Class A Shares, without a sales charge) * |
|
Bloomberg US Municipal Index |
|
Net Assets as of 2/29/2024 (In Thousands) |
|
| |
|
INVESTMENT OBJECTIVE**
The JPMorgan Tax
Free Bond Fund (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 29, 2024, the Fund outperformed the Bloomberg US Municipal Index (the “Benchmark").
Relative to the Benchmark, the Fund’s longer overall duration was a leading contributor to performance as interest rates generally fell during the second half of the
period. Generally, bonds of longer duration will experience a larger increase in price compared
with shorter duration bonds when interest rates fall. The Fund’s underweight allocation to bonds rated AA and its overweight allocation to bonds rated single-A and BBB also contributed to relative performance as
lower quality bonds outperformed higher quality bonds during the period. The Fund’s
overweight allocation to 4% coupons and its overweight positions in the industrial development revenue/pollution control revenue and special tax sectors also contributed to relative performance.
The Fund’s underweight positions in the housing, transportation and leasing sectors were leading detractors from performance relative to the Benchmark. The Fund’s
allocation to credit default swaps to hedge credit risk in the portfolio, and its
out-of-Benchmark allocations to bonds rated
BB and CCC also detracted from relative performance.
HOW WAS THE FUND POSITIONED?
The Fund's portfolio managers continued to employ a bottom-up, security selection-based investment approach
and sought to take advantage of opportunities stemming from increased volatility, supply
pressures and headline credit risk.
CREDIT QUALITY ALLOCATIONS
AS OF FEBRUARY 29, 2024 |
PERCENT OF
TOTAL
INVESTMENTS |
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects
adjustments made to the net asset values in accordance with accounting principles generally
accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Tax Free Bond
Fund
FUND COMMENTARY
TWELVE MONTHS ENDED February 29,
2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF February 29, 2024
| |
| |
Sales Charge for Class A Shares is 3.75%. |
| |
Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR FUND PERFORMANCE (2/28/14 TO 2/29/24)
The
performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks.
Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown
because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Tax Free
Bond Fund and the Bloomberg US Municipal Index from February 28, 2014 to February 29, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge.
The performance of the Bloomberg US Municipal Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain
distributions of the securities included in the benchmark, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. Investors cannot invest
directly in an index.
Capital gain distributions are subject to federal income tax; a portion of the
Fund’s income distributions may be subject to the alternative minimum tax and some investors
may be subject to certain state and local taxes.
Class A Shares have a $1,000 minimum initial investment and carry a 3.75% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower.
Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total
return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made
to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively
"Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or
guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short
Municipal Fund
FUND COMMENTARY
TWELVE MONTHS ENDED February 29,
2024 (Unaudited)
| |
|
| |
|
Bloomberg 1 Year Municipal Bond Index |
|
Net Assets as of 2/29/2024 (In Thousands) |
|
| |
|
INVESTMENT OBJECTIVE**
The JPMorgan
Ultra-Short Municipal Fund (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 29, 2024, the Fund outperformed the Bloomberg 1 Year Municipal Bond Index (the “Benchmark").
Relative to the Benchmark, the Fund’s overweight allocation to bonds with durations of 1 to 2 years was a leading contributor to performance. Duration is a measure of a
bond’s price sensitivity relative to changes in interest rates. Generally, bonds of longer
duration will experience a larger increase in price compared with shorter duration bonds when interest rates fall. The Fund’s underweight position in the pre-refunded bond sector and its overweight allocations to bonds
rated single-A and BBB also contributed to relative performance.
The Fund’s out-of-Benchmark allocation to variable rate notes, which were used to manage the Fund’s day-to-day liquidity and are an integral part of Fund strategy, was
a leading detractor from performance. The Fund’s shorter duration within the hospital bonds
sector and its overweight allocation to New Jersey bonds also detracted from relative performance.
HOW WAS THE FUND
POSITIONED?
During the period, the Fund sought to maintain an average weighted maturity of two years or less, and the Fund’s investment adviser used a risk/reward analysis to
identify investments that it believed would perform well over market cycles.
CREDIT QUALITY ALLOCATIONS
AS OF FEBRUARY 29, 2024 |
PERCENT OF
TOTAL
INVESTMENTS |
| |
|
| |
|
| |
|
| |
|
| |
|
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects
adjustments made to the net asset values in accordance with accounting principles generally
accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short
Municipal Fund
FUND COMMENTARY
TWELVE MONTHS ENDED February 29,
2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF February 29, 2024
| |
| |
Performance of Class A Shares reflects no initial sales charge. Prior to September 15, 2020, the maximum initial sales charge applicable to
Class A Shares was 2.25%, which is not reflected in the performance shown in the table
above. |
LIFE OF FUND PERFORMANCE (5/31/16 TO 2/29/24)
The
performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks.
Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The Fund commenced operations on May 31, 2016.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Ultra-Short Municipal Fund and the Bloomberg 1 Year Municipal Bond Index from May
31, 2016 to February 29, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg 1 Year
Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the
benchmark, if applicable. The Bloomberg 1 Year Municipal Bond Index is an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding
of at least $5 million, and have maturities of 1 to 2 years. Investors cannot invest directly in an index.
Capital gain distributions are subject to federal income tax; a portion of the Fund’s income distributions may be subject to the alternative minimum tax and some investors may be
subject to certain state and local taxes.
Class I Shares have a $1,000,000 minimum initial investment.
Subsequent to the inception of the Fund on May 31, 2016 until August 31, 2016, the Fund did not experience any
shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance
would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made
to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively
"Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or
guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan California Tax
Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
| |
|
|
Municipal Bonds—97.7% (a)
|
| |
| |
Southeast Alabama Gas Supply District (The), Project No. 2, Series 2024 B, Rev., 5.00%, 5/1/2032 (b) (c) |
|
|
| |
| |
Arizona Industrial Development Authority, National
Charter School Revolving Loan Fund, Series 2023A,
Rev., 5.00%, 11/1/2042 |
|
|
| |
Certificate of Participation/Lease—0.4% |
County of San Diego, County Public Health and Capital Improvement |
|
|
Series 2023, COP, 5.00%, 10/1/2036 |
|
|
Series 2023, COP, 5.00%, 10/1/2037 |
|
|
| |
|
|
| |
California Educational Facilities Authority, Art Centre
College of Design, Series 2022A, Rev., 5.00%,
12/1/2032 |
|
|
California Educational Facilities Authority, Stanford University |
|
|
Series T-1, Rev., 5.00%, 3/15/2039 |
|
|
Series U-4, Rev., 5.00%, 6/1/2043 |
|
|
Series U-6, Rev., 5.00%, 5/1/2045 |
|
|
California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2 |
|
|
Series 2022A, Rev., 4.00%, 6/1/2027 (d) |
|
|
Series 2022A, Rev., 4.00%, 6/1/2031 (d) |
|
|
California School Finance Authority, Green Dot Public
Schools Project, Series 2022A, Rev., 5.00%,
8/1/2032 (d) |
|
|
California State University, Systemwide, Series 2023A, Rev., 5.00%, 11/1/2044 |
|
|
Palmdale Elementary School District |
|
|
Series 2023, 5.00%, 8/1/2041 |
|
|
Series 2023, 4.00%, 8/1/2043 |
|
|
Series 2023, 5.00%, 8/1/2044 |
|
|
| |
|
|
Series 2014AM, Rev., 5.00%, 5/15/2024 |
|
|
Series 2014AM, Rev., 5.25%, 5/15/2024 |
|
|
Series 2020BE, Rev., 5.00%, 5/15/2034 |
|
|
Series 2016AR, Rev., 5.00%, 5/15/2035 |
|
|
| |
|
|
| |
| |
Series 2023BN, Rev., 5.00%, 5/15/2042 |
|
|
University of California, Limited Project, Series 2018O,
Rev., 5.00%, 5/15/2034 |
|
|
| |
|
|
| |
Allan Hancock Joint Community College District, GO, 5.00%, 8/1/2030 |
|
|
City and County of San Francisco, California General
Obligation, Earthquake Safety and Emergency
Response, Series 2018C, GO, 4.00%, 6/15/2029 |
|
|
Coast Community College District, Election of 2002, Series 2006B, GO, AGM, Zero Coupon, 8/1/2030 |
|
|
East Side Union High School District, Series B, GO, NATL
- RE, 5.25%, 2/1/2026 |
|
|
Encinitas Union School District, Election 2010Series 2015, GO, Zero Coupon8/1/2025 |
|
|
Escondido Union High School District, Capital
Appreciation, Election of 2008 |
|
|
Series A, GO, AGC, Zero Coupon, 8/1/2025 |
|
|
Series A, GO, AGC, Zero Coupon, 8/1/2029 |
|
|
Evergreen School District, Series 2009B, GO, AGC, Zero Coupon, 8/1/2024 |
|
|
Los Alamitos Unified School District, School Facilities
Improvement District, Election of 2018, Series C, GO,
4.00%, 8/1/2045 |
|
|
Los Angeles Community College District, Election of 2008 |
|
|
Series M, GO, 5.00%, 8/1/2037 |
|
|
Series M, GO, 5.00%, 8/1/2038 |
|
|
Los Angeles Unified School District, Dedicated Unlimited
Ad Valorem Property Tax, Series 2023 QRR, GO,
5.25%, 7/1/2040 |
|
|
Menlo Park City School District, Capital Appreciation |
|
|
GO, Zero Coupon, 7/1/2031 |
|
|
GO, Zero Coupon, 7/1/2032 |
|
|
Murrieta Valley Unified School District, GO, AGM, Zero
Coupon, 9/1/2024 |
|
|
Napa Valley Unified School District, Election of 2006, Series 2010A, GO, Zero Coupon, 8/1/2027 |
|
|
Palo Alto Unified School District, Election of 2008 |
|
|
Series 2008-2, GO, Zero Coupon, 8/1/2025 |
|
|
Series 2008-2, GO, Zero Coupon, 8/1/2026 |
|
|
San Diego Unified School District, Series 2023 A-3, GO, 4.00%, 7/1/2053 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan California Tax
Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
General Obligation — continued |
San Diego Unified School District, Election of 1998 |
|
|
Series C-2, GO, AGM, 5.50%, 7/1/2024 |
|
|
Series G-1, GO, AGM, 5.25%, 7/1/2028 |
|
|
San Diego Unified School District, Election of 1998, Series G-1, GO, AGM, 5.25%, 7/1/2028 (e) |
|
|
San Francisco Unified School District, GO, 5.00%,
6/15/2031 |
|
|
San Jose Evergreen Community College District |
|
|
Series C, GO, 4.00%, 9/1/2041 |
|
|
Series C, GO, 4.00%, 9/1/2043 |
|
|
San Jose Unified School District, Election of 2002,
Series C, GO, NATL - RE, Zero Coupon, 6/1/2031 |
|
|
San Mateo County Community College District, Election of 2001, Series 2005B, GO, NATL - RE, Zero Coupon, 9/1/2027 |
|
|
San Mateo County Community College District, Election
of 2005 |
|
|
Series A, GO, NATL - RE, Zero Coupon, 9/1/2026 |
|
|
Series A, GO, NATL - RE, Zero Coupon, 9/1/2029 |
|
|
Series 2006B, GO, NATL - RE, Zero Coupon, 9/1/2034 |
|
|
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 |
|
|
| |
|
|
| |
General Obligation — continued |
Windsor Unified School District |
|
|
Series 2023, GO, 5.00%, 8/1/2035 |
|
|
Series 2023, GO, 5.00%, 8/1/2037 |
|
|
| |
|
|
| |
California Enterprise Development Authority, Scripps
Health, Series 2024 C-1, Rev., VRDO, 2.05%,
3/11/2024 (b) |
|
|
California Health Facilities Financing Authority, Adventist Health System |
|
|
Series 2013A, Rev., 5.00%, 3/1/2026 |
|
|
Series 2016A, Rev., 4.00%, 3/1/2029 |
|
|
California Health Facilities Financing Authority,
Cedars-Sinai Medical Center |
|
|
| |
|
|
| |
|
|
Series A, Rev., 5.00%, 8/15/2033 |
|
|
Series B, Rev., 5.00%, 8/15/2035 |
|
|
California Health Facilities Financing Authority, Lucile Salter Packard Children's Hospital at Stanford |
|
|
Series 2014A, Rev., 5.00%, 8/15/2027 |
|
|
Series 2014A, Rev., 5.00%, 8/15/2028 |
|
|
Series 2014A, Rev., 5.00%, 8/15/2030 |
|
|
Series A, Rev., 5.00%, 8/15/2030 |
|
|
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 Statewide Communities Development
Authority, Loma Linda University Medical Center,
Series 2016 A, Rev., 5.25%, 12/1/2056 (d) |
|
|
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 (c) |
|
|
Series 2024A, Rev., 5.00%, 1/15/2045 (c) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
California Infrastructure and Economic Development Bank, California Academy of Science, Series 2024A, Rev., 3.25%, 8/1/2029 (c) |
|
|
California Municipal Finance Authority, Terracina at
Westpark Apartments, Series 2024A, Rev., 3.20%,
8/1/2027 (b) |
|
|
| |
|
|
Industrial Development Revenue/Pollution Control Revenue—1.8% |
California Pollution Control Financing Authority, Republic Services, Inc., Project, Series 2010B, Rev., 3.70%, 5/1/2024 (b) (d) |
|
|
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, Clean Energy Project, Series 2023 G-1, Rev., 5.25%, 4/1/2030 (b) |
|
|
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 |
|
|
California Infrastructure and Economic Development
Bank, The J. Paul Getty Trust, Series 2023 B, Rev.,
5.00%, 10/1/2026 (b) |
|
|
Contra Costa County Transportation Authority, Sales Tax, Series 2015A, Rev., 5.00%, 3/1/2032 |
|
|
CSCDA Community Improvement Authority, Essential
Housing, Towne at Glendale Apartments, Series
2022B, Rev., 5.00%, 9/1/2037 (d) |
|
|
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2017A-1, Rev., 5.00%, 6/1/2024 (e) |
|
|
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 |
|
|
| |
|
|
| |
Other Revenue — continued |
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 |
|
|
Los Angeles County Public Works Financing Authority, Series 2022G, Rev., 5.00%, 12/1/2037 |
|
|
Midpeninsula Regional Open Space District, Promissory
Notes, 2004 Project Lease, Series NTS2015, Rev.,
5.00%, 9/1/2031 |
|
|
Municipal Improvement Corp. of Los Angeles |
|
|
Series 2023-A, Rev., 5.00%, 5/1/2042 |
|
|
Series 2023-A, Rev., 5.00%, 5/1/2043 |
|
|
Pasadena Public Financing Authority, Rose Bowl
Renovation Project, Series 2010A, Rev., Zero Coupon,
3/1/2030 |
|
|
San Bernardino County Transportation Authority, Sales Tax, Series 2023 A, Rev., 5.00%, 3/1/2039 |
|
|
San Diego Regional Building Authority, County
Operations Center, Series 2016A, Rev., 5.00%,
10/15/2033 |
|
|
Santa Ana Financing Authority, Police Administration and Holding Facility Lease, Series 1994A, Rev., NATL - RE, 6.25%, 7/1/2024 (e) |
|
|
Santa Ana Financing Authority, Police Administration
and Holding Facility Lease, Series 1994A, Rev., NATL
- RE, 6.25%, 7/1/2024 |
|
|
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 (e) |
|
|
Campbell Union High School District, GO, 5.00%, 8/1/2024 (e) |
|
|
Campbell Union High School District, Election of
2016Series B, GO, 5.00%, 8/1/2026 (e) |
|
|
Los Angeles Community College District, Series 2015A, GO, 5.00%, 8/1/2024 (e) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan California Tax
Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
San Jose Unified School District, Election of 2012,
Tax-ExemptSeries C, GO, 5.00%, 8/1/2024 (e) |
|
|
State of California Department of Water Resources, Central Valley Project, Water System, Series AW, Rev., 5.00%, 12/1/2026 (e) |
|
|
| |
|
|
| |
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 2020A, Rev., AMT, 3.95%, 1/30/2025 (b) (d) |
|
|
California Municipal Finance Authority, Linxs
Apartments Project, Senior Lien, Series 2018A, Rev.,
AMT, 5.00%, 12/31/2028 |
|
|
City of Long Beach Harbor |
|
|
Series 2014B, Rev., 5.00%, 5/15/2026 |
|
|
Series 2014B, Rev., 5.00%, 5/15/2027 |
|
|
Series C, Rev., AMT, 5.00%, 5/15/2030 |
|
|
Series A, Rev., AMT, 5.00%, 5/15/2033 |
|
|
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 Senior, Series D, Rev., AMT, 5.00%, 5/15/2030 |
|
|
City of Los Angeles Department of Airports,
International Airport Subordinate |
|
|
Series 2018A, Rev., AMT, 5.00%, 5/15/2030 |
|
|
Series C, Rev., 5.00%, 5/15/2031 |
|
|
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 (e) |
|
|
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 |
|
|
Series 2014A, Rev., AMT, 5.00%, 8/1/2027 |
|
|
Series 2014A, Rev., AMT, 5.00%, 8/1/2031 |
|
|
| |
|
|
| |
Transportation — continued |
San Diego County Regional Airport Authority, Series
2023B, Rev., AMT, 5.25%, 7/1/2037 |
|
|
San Diego County Regional Airport Authority, Subordinate Airport |
|
|
Series B, Rev., AMT, 5.00%, 7/1/2034 |
|
|
Series A, Rev., 5.00%, 7/1/2035 |
|
|
San Francisco City and County Airport Commission, San
Francisco International Airport |
|
|
Series 2017D, Rev., AMT, 5.00%, 5/1/2025 |
|
|
Series 2019A, Rev., AMT, 5.00%, 5/1/2034 |
|
|
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 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 2014C, Rev., 5.00%, 7/1/2027 |
|
|
Series 2018D, Rev., 5.00%, 7/1/2031 |
|
|
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 |
|
|
Sacramento Municipal Utility District, Electric, Series
2023K, Rev., 5.00%, 8/15/2041 |
|
|
Southern California Public Power Authority, Apex Power Project, Series 2014A, Rev., 5.00%, 7/1/2030 |
|
|
| |
|
|
| |
California Infrastructure and Economic Development
Bank, Clean Water State Revolving Fund, Rev.,
4.00%, 10/1/2040 |
|
|
California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project, Rev., AMT, 5.00%, 7/1/2035 (d) |
|
|
City of Bakersfield, Wastewater, Series 2015A, Rev.,
5.00%, 9/15/2031 |
|
|
City of Los Angeles, Wastewater System |
|
|
Series A, Rev., 5.00%, 6/1/2028 |
|
|
Series B, Rev., 5.00%, 6/1/2033 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
Water & Sewer — continued |
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 (c) |
|
|
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 |
|
|
Los Angeles Department of Water and Power, Water System, Series 2021 B, Rev., 5.00%, 7/1/2051 |
|
|
Metropolitan Water District of Southern California,
Waterworks |
|
|
Series 2022A, Rev., 5.00%, 10/1/2029 |
|
|
Series 2022B, Rev., 5.00%, 7/1/2039 |
|
|
Series 2020C, Rev., 5.00%, 7/1/2040 |
|
|
Orange County Sanitation District, Series 2015A, Rev.,
5.00%, 2/1/2035 |
|
|
San Diego Public Facilities Financing Authority, Series 2023A, Rev., 5.00%, 8/1/2042 |
|
|
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 |
|
|
Santa Clara Valley Water District, Water System, Series A, Rev., 5.00%, 6/1/2030 |
|
|
Southern California Water Replenishment District |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
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 |
|
|
| |
|
|
| |
|
|
| |
| |
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) |
|
|
| |
|
|
| |
| |
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023, Rev., 5.00%, 12/1/2028 (b) (d) |
|
|
| |
Ohio Air Quality Development Authority, Duke Energy Corp., Series 2022A, Rev., AMT, 4.25%, 6/1/2027 (b) |
|
|
| |
|
|
| |
| |
Pennsylvania Economic Development Financing Authority, Senior Insured, Capitol Region Parking System, Series 2024 A, Rev., AGM, 4.13%, 1/1/2044 (c) |
|
|
| |
| |
Puerto Rico Sales Tax Financing Corp. Sales Tax, Series
A-2, Rev., 4.78%, 7/1/2058 |
|
|
| |
| |
Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024 A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 |
|
|
Total Municipal Bonds
(Cost $294,817) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan California Tax
Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Short-Term Investments—4.9% |
Investment Companies—4.9% |
JPMorgan Institutional Tax Free Money Market Fund
Class IM Shares, 3.37% (f) (g)(Cost $15,118) |
|
|
Total Investments—102.6%
(Cost $309,935) |
|
|
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. |
| |
|
| |
Certificate of Participation |
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
|
| |
Insured by National Public Finance Guarantee Corp. |
| |
|
| |
|
| |
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 February 29, 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 February 29, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal
Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
| |
|
|
Municipal Bonds — 97.6% (a)
|
| |
Black Belt Energy Gas District, Gas Project Series
2022B-1, Rev., 4.00%, 10/1/2027 (b) |
|
|
| |
|
|
Series 2024, Rev., 5.00%, 10/1/2035 |
|
|
Series 2024, Rev., 5.00%, 10/1/2039 |
|
|
Series 2024, Rev., 5.25%, 10/1/2043 |
|
|
Series 2024, Rev., 5.25%, 10/1/2049 |
|
|
Lower Alabama Gas District (The), Gas Project Series
2016A, Rev., 5.00%, 9/1/2031 |
|
|
Montgomery County Public Building Authority, Facilities Project Rev., 5.00%, 3/1/2024 (c) |
|
|
Southeast Alabama Gas Supply District (The),
Project No. 1 Series 2018A, Rev., 5.00%,
4/1/2024 (c) |
|
|
Southeast Energy Authority A Cooperative District, Project No. 1 Series 2021A, Rev., 4.00%, 10/1/2028 (b) |
|
|
Southeast Energy Authority A Cooperative District,
Project No. 2 Series 2021B, Rev., 4.00%,
12/1/2031 (b) |
|
|
| |
|
|
| |
Arizona Industrial Development Authority, Aliante and Skye Canyon Campus Project Series 2021A, Rev., 4.00%, 12/15/2051 (d) |
|
|
Arizona Industrial Development Authority, Doral
Academy of Northern Nevada Project |
|
|
Series 2021A, Rev., 4.00%, 7/15/2028 (d) |
|
|
Series 2021A, Rev., 4.00%, 7/15/2032 (d) |
|
|
Series 2021A, Rev., 4.00%, 7/15/2033 (d) |
|
|
Series 2021A, Rev., 4.00%, 7/15/2035 (d) |
|
|
Series 2021A, Rev., 4.00%, 7/15/2036 (d) |
|
|
Series 2021A, Rev., 4.00%, 7/15/2037 (d) |
|
|
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 |
|
|
Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev., 4.00%, 7/1/2036 |
|
|
City of Phoenix Civic Improvement Corp., Senior
Lien, Airport System Rev., AMT, 5.00%,
7/1/2037 |
|
|
City of Yuma, Arizona Utility System Rev., 4.00%, 7/1/2038 |
|
|
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) |
|
|
Industrial Development Authority of the County of
Yavapai (The), Regional Medical Center Series
2013A, Rev., 5.25%, 8/1/2033 |
|
|
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., 5.00%, 10/1/2026 (d) |
|
|
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) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal
Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
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 |
|
|
| |
|
|
| |
Arcadia Unified School District GO, 4.00%, 8/1/2038 |
|
|
California Community Choice Financing Authority,
Clean Energy Project Series 2021B-1, Rev.,
4.00%, 8/1/2031 (b) |
|
|
California Community Housing Agency, Fountains at Emerald Park Series 2021A-2, Rev., 4.00%, 8/1/2046 (d) |
|
|
California County Tobacco Securitization Agency, Los
Angeles County Securitization Corp. |
|
|
Series 2020A, Rev., 5.00%, 6/1/2024 |
|
|
Series 2020A, Rev., 5.00%, 6/1/2027 |
|
|
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2026 (c) |
|
|
California Health Facilities Financing Authority,
Sutter Health Series 2016A, Rev., 3.25%,
11/15/2025 (c) |
|
|
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%, 7/1/2038 (d) |
|
|
Rev., AMT, 5.00%, 11/21/2045 (d) |
|
|
California Public Finance Authority, Enso Village
Project Series 2021B-3, Rev., 2.13%,
11/15/2027 (d) |
|
|
| |
|
|
| |
| |
California State Public Works Board Series C, Rev., 5.00%, 3/1/2032 |
|
|
Castaic Lake Water Agency, Capital Appreciation,
Water System Improvement Project Series
1999A, COP, AMBAC, Zero Coupon, 8/1/2025 |
|
|
City of Los Angeles, Wastewater System Series 2013A, Rev., 5.00%, 6/1/2026 |
|
|
City of San Francisco, Public Utilities Commission
Water Series A, Rev., 5.00%, 11/1/2035 |
|
|
CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%, 12/1/2046 (d) |
|
|
East Bay Municipal Utility District, Water System
Series 2015B, Rev., 5.00%, 6/1/2024 |
|
|
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2025 (c) |
|
|
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 |
|
|
Plumas Unified School District, Election of 2016 Series B, GO, 5.00%, 8/1/2024 |
|
|
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 Series 2018A, GO, 5.00%, 8/1/2030 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
University of California Series 2013AL-3, Rev.,
VRDO, 3.65%, 3/1/2024 (b) |
|
|
West Hills Community College District GO, AGM, 4.00%, 8/1/2037 |
|
|
| |
|
|
| |
Boulder Valley School District No. Re-2 Boulder GO,
4.13%, 12/1/2046 |
|
|
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 2022A, Rev., AMT, 5.50%, 11/15/2035 |
|
|
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 |
|
|
Series 2021A, GO, 5.00%, 12/1/2050 |
|
|
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project |
|
|
Rev., 4.00%, 12/1/2030 (d) |
|
|
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) |
|
|
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 |
|
|
Reunion Metropolitan District Series 2021A, Rev.,
3.63%, 12/1/2044 |
|
|
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 |
|
|
State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement COP, 5.00%, 6/15/2041 |
|
|
Third Creek Metropolitan District No. 1, Limited Tax
Series 2022A-1, GO, 4.75%, 12/1/2051 |
|
|
Verve Metropolitan District No. 1 |
|
|
| |
|
|
| |
|
|
| |
|
|
Waterview II Metropolitan District Series 2022A, GO, 5.00%, 12/1/2041 |
|
|
Windler Public Improvement Authority, Limited Tax |
|
|
Series 2021 A-1, Rev., 4.00%, 12/1/2031 |
|
|
Series 2021A-1, Rev., 4.00%, 12/1/2036 |
|
|
Series 2021A-1, Rev., 4.00%, 12/1/2041 |
|
|
| |
|
|
| |
City of Stamford, Water Pollution Control System
and Facility |
|
|
Series 2013A, Rev., 5.00%, 8/15/2024 |
|
|
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) |
|
|
State of Connecticut Series 2014A, GO, 4.00%, 4/9/2024 |
|
|
Steel Point Infrastructure Improvement District,
Steelpointe Harbor Project Rev., 4.00%,
4/1/2036 (d) |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal
Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Delaware State Economic Development Authority, Newark Charter School, Inc., Project Rev., 5.00%, 9/1/2040 |
|
|
District of Columbia — 1.3% |
| |
|
|
Series 2015A, GO, 5.00%, 6/1/2031 |
|
|
Series 2015A, GO, 5.00%, 6/1/2036 |
|
|
Metropolitan Washington Airports Authority Aviation
Series A, Rev., AMT, 5.00%, 10/1/2032 |
|
|
Washington Metropolitan Area Transit Authority Series 2017B, Rev., 5.00%, 7/1/2032 |
|
|
Total District of Columbia |
|
|
| |
Alachua County Health Facilities Authority, Shands
Teaching Hospital and Clinic Series B-1, Rev.,
5.00%, 12/1/2035 |
|
|
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 |
|
|
County of Miami-Dade Rev., Zero Coupon, 10/1/2040 |
|
|
County of Miami-Dade, Building Better Communities
Program |
|
|
Series 2016A, GO, 5.00%, 7/1/2033 |
|
|
Series 2016A, GO, 5.00%, 7/1/2034 |
|
|
Florida Development Finance Corp., Central Charter School Project Series 2022, Rev., 5.25%, 8/15/2037 (d) |
|
|
Florida Development Finance Corp., Educational
Facilities, River City Science Academy Projects
Series 2022A-1, Rev., 4.00%, 7/1/2031 |
|
|
Florida Development Finance Corp., Idea Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (d) |
|
|
Lee County School Board (The) Series A, COP,
5.00%, 8/1/2042 |
|
|
Miami-Dade County Health Facilities Authority, Niklaus Children's Hospital Series 2021A, Rev., 4.00%, 8/1/2046 |
|
|
Middleton Community Development District A, City
of Wildwood, Florida Special Assessment 5.85%,
5/1/2037 |
|
|
| |
|
|
| |
| |
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 |
|
|
Cherokee County Water and Sewer Authority Series 2023, Rev., 5.00%, 8/1/2039 |
|
|
City of Atlanta, Water and Wastewater Rev., 5.00%,
11/1/2029 |
|
|
County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026 |
|
|
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 |
|
|
| |
|
|
| |
|
|
| |
|
|
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 |
|
|
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2037 |
|
|
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) |
|
|
Private Colleges and Universities Authority, Emory University Series 2013A, Rev., 5.00%, 10/1/2043 |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
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 |
|
|
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, Clark-Lindsey Village
Series 2022A, Rev., 5.13%, 6/1/2032 |
|
|
Illinois Finance Authority, Plymouth Place, Inc. |
|
|
Series 2022B-2, Rev., 5.25%, 3/25/2024 |
|
|
Series 2022B-1, Rev., 6.00%, 11/15/2027 |
|
|
Illinois Finance Authority, Smith Crossing |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
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%, 1/1/2031 |
|
|
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 2018A, GO, 4.00%, 5/1/2024 |
|
|
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 |
|
|
State of Illinois, Sales Tax Series 2016D, Rev., 5.00%, 6/15/2024 |
|
|
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 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, DePauw University |
|
|
Series 2022A, Rev., 5.00%, 7/1/2029 |
|
|
Series 2022A, Rev., 5.00%, 7/1/2030 |
|
|
Series 2022A, Rev., 5.00%, 7/1/2031 |
|
|
Series 2022A, Rev., 5.00%, 7/1/2032 |
|
|
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 |
|
|
Series 2019A, Rev., 4.00%, 11/1/2039 |
|
|
Indiana Housing and Community Development Authority, Vita of Marion Project |
|
|
Series 2021B, Rev., 4.00%, 4/1/2024 |
|
|
Series 2021A, Rev., 5.25%, 4/1/2041 (d) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal
Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
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 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
City of Topeka, Kansas Health Care Facilities |
|
|
Series 2022B, Rev., 5.13%, 12/1/2026 |
|
|
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 |
|
|
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 |
|
|
| |
|
|
| |
|
|
| |
| |
City of Shreveport, Water and Sewer, Junior Lien Series 2018C, Rev., 5.00%, 12/1/2029 |
|
|
Louisiana Public Facilities Authority, Lincoln
Preparatory School Project |
|
|
Series 2021A, Rev., 5.00%, 6/1/2031 (d) |
|
|
Series 2021A, Rev., 5.00%, 6/1/2041 (d) |
|
|
Louisiana Public Facilities Authority, Materra Campus Project Series 2021C, Rev., 4.00%, 6/1/2031 (d) |
|
|
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) |
|
|
Louisiana State University and Agricultural and
Mechanical College, Auxiliary Facilities System
Rev., 3.75%, 7/1/2024 (c) |
|
|
| |
|
|
| |
City of Baltimore, Consolidated Public Improvement Series 2017B, GO, 5.00%, 10/15/2027 |
|
|
City of Baltimore, Wastewater Projects Series
2017A, Rev., 5.00%, 7/1/2041 |
|
|
Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue Rev., 4.00%, 7/1/2050 |
|
|
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 |
|
|
| |
|
|
| |
City of Lawrence, State Qualified Municipal Purpose Loan of 2022 Bonds GO, 4.00%, 6/1/2036 |
|
|
City of Lowell Series 2023, GO, 4.25%, 9/1/2048 |
|
|
Commonwealth of Massachusetts Series A, GO, 5.00%, 7/1/2036 |
|
|
Commonwealth of Massachusetts, Consolidated
Loan Series E, GO, AMBAC, 5.00%, 11/1/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
Massachusetts — continued |
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 |
|
|
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 |
|
|
Massachusetts Development Finance Agency, Salem Community Corp. Rev., 5.13%, 1/1/2040 |
|
|
Massachusetts Health and Educational Facilities
Authority, Massachusetts Institute of Technology
Series M, Rev., 5.25%, 7/1/2025 |
|
|
Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2024 |
|
|
| |
|
|
| |
City of Detroit, Unlimited Tax Series 2021A, GO,
5.00%, 4/1/2037 |
|
|
Grand Rapids Public Schools, Unlimited Tax GO, AGM, 5.00%, 11/1/2037 |
|
|
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 |
|
|
State of Michigan, Environmental Program Series
2014A, GO, 5.00%, 12/1/2028 |
|
|
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., 4.00%, 11/15/2048 |
|
|
Series 2018A, Rev., 5.00%, 11/15/2049 |
|
|
| |
|
|
| |
| |
|
|
Series 2018A, GO, 4.00%, 11/1/2026 (c) |
|
|
Series 2018A, GO, 5.00%, 11/1/2026 (c) |
|
|
Series 2018A, GO, 4.00%, 11/1/2038 |
|
|
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2025 |
|
|
| |
|
|
| |
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 |
|
|
Metropolitan St. Louis Sewer District, Wastewater
System Improvement Series 2015B, Rev., 5.00%,
5/1/2035 |
|
|
| |
|
|
| |
County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2032 (d) |
|
|
| |
Central Plains Energy Project, Gas Project No. 5 Series 2022-1, Rev., 5.00%, 10/1/2029 (b) |
|
|
Douglas County School District No. 001, Omaha
Public GO, 4.00%, 12/15/2041 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal
Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
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%, 1/1/2036 |
|
|
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 |
|
|
Series 2023, GO, 5.00%, 7/1/2053 |
|
|
Nye County School District Series 2023, GO,
PSF-GTD, 5.00%, 5/1/2035 |
|
|
| |
|
|
| |
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%, 6/1/2024 |
|
|
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., Global Community
Charter School Series 2022A, Rev., 4.00%,
6/15/2032 |
|
|
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 2018, Rev., 5.00%, 9/1/2034 |
|
|
Series 2018, Rev., 5.00%, 9/1/2035 |
|
|
Metropolitan Transportation Authority |
|
|
Series C-1, Rev., 5.25%, 11/15/2029 |
|
|
Series 2017C-1, Rev., 5.00%, 11/15/2030 |
|
|
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
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 2022B, Subseries B-1, Rev., 4.00%, 8/1/2045 |
|
|
Series 2022C, Subseries C-1, Rev., 4.00%,
2/1/2047 |
|
|
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, New York University Series 2016A, Rev., 4.00%, 7/1/2043 |
|
|
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 2014C, Rev., 5.00%, 3/15/2033 |
|
|
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 |
|
|
Series 2015B, Rev., 5.00%, 3/15/2039 |
|
|
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 Environmental Facilities Corp., State
Revolving Funds, Master Financing Program
Series 2014B, Rev., 5.00%, 5/15/2027 |
|
|
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 |
|
|
Series 2021A, Rev., 4.00%, 3/15/2046 |
|
|
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal
Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
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 |
|
|
Port Authority of New York and New Jersey,
Consolidated |
|
|
Series 223, Rev., AMT, 4.00%, 7/15/2039 |
|
|
Series 242, Rev., AMT, 5.00%, 12/1/2043 |
|
|
Series 93, Rev., 6.13%, 6/1/2094 |
|
|
Triborough Bridge and Tunnel Authority Series
2018D, Rev., 4.00%, 11/15/2038 |
|
|
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2012B, Rev., Zero Coupon, 11/15/2032 |
|
|
Utility Debt Securitization Authority |
|
|
Series 2013TE, Rev., 5.00%, 3/14/2024 |
|
|
| |
|
|
Utility Debt Securitization Authority, Federally Tax-Exempt Series 2013TE, Rev., 5.00%, 3/14/2024 |
|
|
Westchester County Local Development Corp.,
Kendal on Hudson Project |
|
|
Series 2022B, Rev., 5.00%, 1/1/2037 |
|
|
Series 2022B, Rev., 5.00%, 1/1/2041 |
|
|
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project |
|
|
Series 2021D, Rev., 2.88%, 4/1/2024 (d) |
|
|
Series 2021C-EFRB, Rev., 3.20%, 7/1/2028 (d) |
|
|
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 |
|
|
| |
|
|
| |
County of Wake Series 2023B, Rev., 5.00%,
4/1/2038 |
|
|
State of North Carolina Rev., 5.00%, 3/1/2033 |
|
|
| |
|
|
| |
|
|
| |
| |
Buckeye Tobacco Settlement Financing Authority |
|
|
Series 2020A-2, Rev., 4.00%, 6/1/2038 |
|
|
Series 2020B-2, Rev., 5.00%, 6/1/2055 |
|
|
County of Franklin, Health Care Facilities, Ohio Living Communities |
|
|
Series 2020B, Rev., 4.00%, 7/1/2028 |
|
|
Series 2020B, Rev., 4.00%, 7/1/2029 |
|
|
Series 2020B, Rev., 4.00%, 7/1/2030 |
|
|
Series 2020B, Rev., 4.00%, 7/1/2031 |
|
|
Series 2020B, Rev., 4.00%, 7/1/2033 |
|
|
Series 2020B, Rev., 4.00%, 7/1/2034 |
|
|
Series 2020B, Rev., 4.00%, 7/1/2035 |
|
|
Series 2020B, Rev., 5.00%, 7/1/2040 |
|
|
Jefferson County Port Authority, JSW Steel USA
Ohio, Inc., Project Series 2023, Rev., 5.00%,
12/1/2028 (b) (d) |
|
|
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2019A, Rev., 5.00%, 6/1/2029 |
|
|
State of Ohio Series 2021E, Rev., 4.00%,
1/15/2038 |
|
|
| |
|
|
| |
Oklahoma Capitol Improvement Authority Series 2014C, Rev., 5.00%, 7/1/2024 |
|
|
Oklahoma Development Finance Authority, Health
System, OU Medicine Project Series 2018B, Rev.,
5.00%, 8/15/2025 |
|
|
Oklahoma Turnpike Authority, Turnpike System, Second Senior Series 2017A, Rev., 5.00%, 1/1/2038 |
|
|
| |
|
|
| |
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Washington and Multnomah Counties School District
No. 48J Beaverton Series B, GO, 5.00%,
6/15/2024 (c) |
|
|
Yamhill County Hospital Authority, Friendsview, Tax Exempt Series 2021A, Rev., 5.00%, 11/15/2051 |
|
|
| |
|
|
| |
Allegheny County Airport Authority, Pittsburgh
International Airport Series 2023A, Rev., AMT,
AGM, 5.50%, 1/1/2053 |
|
|
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 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Commonwealth of Pennsylvania Series 1, GO, 4.00%, 3/19/2024 |
|
|
DuBois Hospital Authority, Penn Highlands
Healthcare |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
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, Waverly Heights Ltd., Project |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol Region Parking System Series 2024 B, Rev., GTD, 4.38%, 7/1/2053 (e) |
|
|
Pennsylvania Economic Development Financing
Authority, The Penndot Major Bridges Rev., AMT,
AGM, 5.00%, 12/31/2057 |
|
|
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 (c) |
|
|
| |
Knox County Health Educational and Housing Facility
Board, East Tennessee Children's Hospital Rev.,
4.00%, 11/15/2043 |
|
|
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Belmont University Series 2023, Rev., 5.00%, 5/1/2036 |
|
|
Metropolitan Government of Nashville and Davidson
County |
|
|
| |
|
|
| |
|
|
| |
|
|
Metropolitan Nashville Airport Authority (The) |
|
|
Series 2022B, Rev., AMT, 5.50%, 7/1/2037 |
|
|
Series 2022B, Rev., AMT, 5.50%, 7/1/2039 |
|
|
Series 2022B, Rev., AMT, 5.50%, 7/1/2040 |
|
|
Series 2022B, Rev., AMT, 5.50%, 7/1/2041 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal
Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
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, 4.00%, 7/1/2054 |
|
|
Series 2019B, Rev., AMT, 5.00%, 7/1/2054 |
|
|
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 2006B, Rev., 5.63%, 9/1/2026 |
|
|
Series 2023A-1, Rev., 5.00%, 5/1/2028 (b) |
|
|
| |
|
|
| |
Aledo Independent School District, Unlimited Tax
GO, PSF-GTD, 5.00%, 2/15/2048 |
|
|
Arlington Higher Education Finance Corp. |
|
|
Series 2021A, Rev., 5.00%, 8/15/2026 |
|
|
Series 2021A, Rev., 5.00%, 8/15/2027 |
|
|
Series 2021A, Rev., 5.00%, 8/15/2028 |
|
|
Series 2021A, Rev., 4.00%, 8/15/2029 |
|
|
Series 2021A, Rev., 4.00%, 8/15/2030 |
|
|
Series 2021A, Rev., 4.00%, 8/15/2031 |
|
|
Austin Independent School District, Unlimited Tax
Series 2023, GO, 5.00%, 8/1/2040 |
|
|
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%, 1/1/2040 |
|
|
Series 2021B, Rev., 4.00%, 1/1/2041 |
|
|
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 (c) |
|
|
| |
|
|
| |
| |
City of Mesquite, Combination tax GO, 4.13%, 2/15/2040 |
|
|
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 Series 2023A, GO, 5.00%, 9/15/2048 |
|
|
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 (c) |
|
|
Denison Independent School District, Unlimited Tax
Series 2023, GO, PSF-GTD, 4.00%, 8/1/2045 |
|
|
Houston Independent School District, Maintenance Tax Notes GO, 5.00%, 7/15/2031 |
|
|
Hutto Independent School District, Unlimited Tax
Series 2023, GO, PSF-GTD, 5.00%, 8/1/2053 |
|
|
Kermit Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 2/15/2048 |
|
|
Lamar Consolidated Independent School District,
Unlimited Tax Series 2023 A, GO, PSF-GTD,
5.00%, 2/15/2053 |
|
|
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 |
|
|
Permanent University Fund - Texas A&M University
System Series 2009A, Rev., 5.25%, 7/1/2028 |
|
|
Plano Independent School District, Unlimited Tax GO, 5.00%, 2/15/2041 |
|
|
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 Municipal Gas Acquisition & 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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
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, 3.65%,
3/1/2024 (b) |
|
|
Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax GO, 4.25%, 6/1/2041 (d) |
|
|
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 |
|
|
Series 2018A, Rev., 5.00%, 10/15/2028 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
City of Alexandria Series 2023, GO, 4.00%,
12/15/2048 |
|
|
Fairfax County Water Authority Series 2005B, Rev., 5.25%, 4/1/2025 |
|
|
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%, 7/1/2029 |
|
|
Rev., AMT, 4.00%, 1/1/2032 |
|
|
Series 2022, Rev., AMT, 4.00%, 7/1/2033 |
|
|
Rev., AMT, 4.00%, 1/1/2036 |
|
|
| |
|
|
| |
|
|
| |
| |
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 |
|
|
Energy Northwest, Columbia Generating Station Series 2017-A, Rev., 5.00%, 7/1/2034 |
|
|
Port of Seattle, Intermediate Lien |
|
|
Series B, Rev., 5.00%, 3/1/2032 |
|
|
Series B, Rev., 5.00%, 3/1/2034 |
|
|
State of Washington, State and Local Agency Real and Personal Property Series 2018C, COP, 5.00%, 7/1/2034 |
|
|
State of Washington, Various Purpose |
|
|
Series R-2015A, GO, 4.00%, 7/1/2026 |
|
|
Series 2018C, GO, 5.00%, 2/1/2037 |
|
|
Series 2015B, GO, 5.00%, 2/1/2040 |
|
|
Series 2018A, GO, 5.00%, 8/1/2040 |
|
|
Series 2023C, GO, 5.00%, 6/1/2041 |
|
|
Tacoma Metropolitan Park District, Unlimited Tax |
|
|
| |
|
|
| |
|
|
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, Piedmont Community
Charter School |
|
|
| |
|
|
| |
|
|
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, Triad Educational Services, Inc. |
|
|
Series 2021A, Rev., 4.00%, 6/15/2029 |
|
|
Series 2021A, Rev., 4.00%, 6/15/2031 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal
Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Public Finance Authority, Viticus Group Project |
|
|
Series 2022A, Rev., 4.00%, 12/1/2031 (d) |
|
|
Series 2022A, Rev., 4.00%, 12/1/2041 (d) |
|
|
Public Finance Authority, Wakemed Hospital Series 2019A, Rev., 5.00%, 10/1/2044 |
|
|
Wisconsin Health and Educational Facilities
Authority, Three Pillars Senior Living
Communities Series 2021A, Rev., 4.00%,
8/15/2041 |
|
|
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 $2,175,794) |
|
|
| |
|
|
Short-Term Investments — 1.2% |
Investment Companies — 1.2% |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.37% (f) (g)
(Cost $25,573) |
|
|
Total Investments — 98.8%
(Cost $2,201,367) |
|
|
Other Assets Less Liabilities —
1.2% |
|
|
| |
|
|
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 |
| |
|
| |
|
| |
Insured Bond Certificates |
| |
Insured Custody Certificates |
| |
|
| |
Metropolitan Transportation Authority |
| |
Insured by National Public Finance Guarantee Corp. |
| |
Permanent School Fund Guaranteed |
| |
|
| |
|
| |
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 February 29, 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 February 29, 2024. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
Futures contracts outstanding as of February 29, 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 February 29, 2024
| |
|
|
Municipal Bonds—93.8% (a)
|
| |
| |
Southeast Alabama Gas Supply District (The), Project No. 2, Series 2024 B, Rev., 5.00%, 5/1/2032 (b) (c) |
|
|
| |
| |
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
2020A, Rev., AMT, 3.95%, 1/30/2025 (b) (d) |
|
|
| |
|
|
| |
| |
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) |
|
|
| |
|
|
| |
| |
Kentucky Public Energy Authority, Series 2024A, Rev.,
5.00%, 7/1/2030 (b) |
|
|
| |
| |
Town of Bar Harbor, Series 2023, GO, 5.00%, 10/15/2043 |
|
|
| |
| |
Build NYC Resource Corp., Global Community Charter
School, Series 2022A, Rev., 4.00%, 6/15/2032 |
|
|
New York State Dormitory Authority, Series 2024, Rev., 5.25%, 7/1/2054 (c) |
|
|
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%, 7/1/2024 |
|
|
Series 2001-1, Rev., AMBAC, 5.50%, 7/1/2025 |
|
|
| |
|
|
| |
| |
New York State Dormitory Authority, Non Stop
Supported Debt, New School University, Series
2022A, Rev., 5.00%, 7/1/2033 |
|
|
New York State Dormitory Authority, School Districts Financing Program, Series 2009A, Rev., AGC, 5.00%, 10/1/2024 |
|
|
| |
|
|
| |
City of New York, Fiscal Year 2018 |
|
|
Series 2018F-1, GO, 5.00%, 4/1/2034 |
|
|
Series 2018E-1, GO, 5.25%, 3/1/2035 |
|
|
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 |
|
|
Series 2022A,SubseriesA-1, GO, 4.00%, 8/1/2041 |
|
|
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 |
|
|
| |
|
|
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 |
|
|
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 2022A, GO, 5.00%, 4/1/2037 |
|
|
Series 2023A, GO, AGM, 4.00%, 4/1/2042 |
|
|
| |
|
|
Series 2018, GO, 4.00%, 4/15/2029 |
|
|
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 |
|
|
Series 2022B, GO, 4.00%, 12/15/2035 |
|
|
Series 2023A, GO, 4.00%, 12/1/2038 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
General Obligation — continued |
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 |
|
|
| |
|
|
| |
|
|
Uniondale Union Free School District |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
New York State Dormitory Authority, Hospitals Center,
Langone Hospitals Obligated Group, Rev., 5.00%,
7/1/2026 |
|
|
New York State Dormitory Authority, Municipal Health Facilities Improvement Program, Series 2018 1, Rev., 5.00%, 1/15/2031 |
|
|
| |
|
|
| |
Hudson Yards Infrastructure Corp., Second Indenture |
|
|
Series 2017 A, Rev., 5.00%, 2/15/2031 |
|
|
Series 2017A, Rev., 5.00%, 2/15/2035 |
|
|
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 Industrial Development Agency, Queens
Baseball Stadium Project, Series 2021A, Rev., AGM,
5.00%, 1/1/2031 |
|
|
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015, Series 2015 S-1, Rev., 5.00%, 7/15/2031 |
|
|
New York City Transitional Finance Authority, Building
Aid, Fiscal Year 2018, Series 2018S-4A, Rev.,
5.25%, 7/15/2035 |
|
|
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 |
|
|
Series 2019S-2A, Rev., 5.00%, 7/15/2034 |
|
|
| |
|
|
| |
Other Revenue — continued |
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%, 8/1/2034 |
|
|
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 City Transitional Finance Authority, Future Tax
Secured, Tax-Exempt, Fiscal Year 2017, Series
2017E-1, Rev., 5.00%, 2/1/2034 |
|
|
New York Convention Center Development Corp., Hotel Unit Fee Secured, Rev., 5.00%, 11/15/2030 |
|
|
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, Personal Income
Tax, Series 2019A, Rev., 5.00%, 3/15/2024 (e) |
|
|
New York State Dormitory Authority, State Personal Income Tax, General Purpose |
|
|
Series 2019A, Rev., 5.00%, 3/15/2036 |
|
|
Series 2021A, Rev., 5.00%, 3/15/2036 |
|
|
Series 2020A, Rev., 4.00%, 3/15/2047 |
|
|
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 A, Rev., 5.00%, 3/15/2031 |
|
|
Series A, Rev., 5.00%, 3/15/2032 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan New York Tax Free
Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
Other Revenue — continued |
Series 2018E-2, Rev., 5.00%, 3/15/2033 |
|
|
Series 2017A, Rev., 5.00%, 3/15/2034 |
|
|
New York State Thruway Authority, Personal Income Tax |
|
|
Series 2022A, Rev., 5.00%, 3/15/2036 |
|
|
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 2014A, Rev., 5.00%, 3/15/2024 |
|
|
Series 2015A, Rev., 5.00%, 3/15/2032 |
|
|
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 |
|
|
New York State Urban Development Corp., State Sales
Tax, Series 2021 A, Rev., 4.00%, 3/15/2044 |
|
|
State of New York Mortgage Agency, Homeowner Mortgage, Series 197, Rev., 3.50%, 10/1/2044 |
|
|
Suffolk Tobacco Asset Securitization Corp., Series 2021
A-2, Rev., 5.00%, 6/1/2034 |
|
|
Triborough Bridge and Tunnel Authority Sales Tax, Series 2024A SUB A2, Rev., 5.25%, 5/15/2059 |
|
|
Westchester County Local Development Corp., Kendal on
Hudson Project |
|
|
Series 2022B, Rev., 5.00%, 1/1/2027 |
|
|
Series 2022B, Rev., 5.00%, 1/1/2032 |
|
|
| |
|
|
| |
Other Revenue — continued |
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 Urban Development Corp., State
Personal Income Tax, General Purpose, Series
2014A, Rev., 5.00%, 3/15/2024 (e) |
|
|
Sales Tax Asset Receivable Corp., Fiscal Year 2015, Series 2015A, Rev., 5.00%, 10/15/2024 (e) |
|
|
| |
|
|
| |
New York State Dormitory Authority, Personal Income
Tax, Series 2015B, Rev., 5.00%, 2/15/2035 |
|
|
| |
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 K, Rev., 5.00%, 1/1/2028 |
|
|
Series K, Rev., 5.00%, 1/1/2030 |
|
|
Series L, Rev., 5.00%, 1/1/2032 |
|
|
Series N, Rev., 4.00%, 1/1/2041 |
|
|
New York State Thruway Authority, Junior Lien, Series
2016A, Rev., 5.00%, 1/1/2035 |
|
|
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 |
|
|
Port Authority of New York and New Jersey, Consolidated |
|
|
Series 186, Rev., AMT, 5.00%, 10/15/2027 |
|
|
Series 185, Rev., AMT, 5.00%, 9/1/2028 |
|
|
Series 184, Rev., 5.00%, 9/1/2030 |
|
|
Series 185, Rev., AMT, 5.00%, 9/1/2030 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
Transportation — continued |
Series 207, Rev., AMT, 5.00%, 9/15/2031 |
|
|
Series 185, Rev., AMT, 5.00%, 9/1/2032 |
|
|
Series 207, Rev., AMT, 5.00%, 9/15/2032 |
|
|
Series 205, Rev., 5.00%, 11/15/2032 |
|
|
Series 214, Rev., AMT, 5.00%, 9/1/2036 |
|
|
Series 221, Rev., AMT, 4.00%, 7/15/2039 |
|
|
Triborough Bridge and Tunnel Authority, MTA Bridges
and Tunnels |
|
|
Series 2023A, Rev., 5.00%, 5/15/2025 |
|
|
Series 2018B, Rev., 5.00%, 11/15/2030 |
|
|
Series B, Rev., 5.00%, 11/15/2031 |
|
|
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 |
|
|
Series 2020 A, Rev., 5.00%, 11/15/2054 |
|
|
| |
|
|
| |
Long Island Power Authority, Electric System |
|
|
Series 2018, Rev., 5.00%, 9/1/2035 |
|
|
Series 2021A, Rev., 4.00%, 9/1/2041 |
|
|
New York Power Authority, Green Transmission Project |
|
|
Series 2022A, Rev., AGM, 5.00%, 11/15/2028 |
|
|
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%, 6/15/2026 |
|
|
Series 2016A, Rev., 5.00%, 12/15/2034 |
|
|
Series 2016 B, Rev., 5.00%, 12/15/2035 |
|
|
Series 2022TE-1, Rev., 5.00%, 12/15/2035 |
|
|
Series 2023 TE-1, Rev., 5.00%, 12/15/2041 |
|
|
| |
|
|
| |
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 2015 |
|
|
Series 2015EE, Rev., 5.00%, 6/15/2028 |
|
|
Series 2015DD, Rev., 5.00%, 6/15/2029 |
|
|
| |
|
|
| |
Water & Sewer — continued |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020 |
|
|
Series 2020-EE, Rev., 5.00%, 6/15/2030 |
|
|
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 |
|
|
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 2014A, Rev., 5.00%, 6/15/2027 |
|
|
Series 2016A, Rev., 5.00%, 6/15/2031 |
|
|
Series 2016A, Rev., 5.00%, 6/15/2032 |
|
|
Series 2015A, Rev., 5.00%, 6/15/2033 |
|
|
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 (e) |
|
|
New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program, Series 2021-B, Rev., 4.00%, 8/15/2039 |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan New York Tax Free
Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
Water & Sewer — continued |
| |
| |
Jefferson County Port Authority, JSW Steel USA Ohio,
Inc., Project, Series 2023, Rev., 5.00%,
12/1/2028 (b) (d) |
|
|
| |
Ohio Air Quality Development Authority, Duke Energy
Corp., Series 2022A, Rev., AMT, 4.25%,
6/1/2027 (b) |
|
|
| |
|
|
| |
| |
Pennsylvania Economic Development Financing
Authority, Senior Insured, Capitol Region Parking
System, Series 2024 A, Rev., AGM, 4.13%,
1/1/2043 (c) |
|
|
| |
| |
Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-2, Rev., 4.78%, 7/1/2058 |
|
|
| |
| |
Wisconsin Housing and Economic Development
Authority Home Ownership, Series 2024 A, Rev.,
GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 |
|
|
Total Municipal Bonds
(Cost $345,240) |
|
|
| |
|
|
Short-Term Investments—7.2% |
Investment Companies—7.2% |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.37% (f) (g)(Cost $26,812) |
|
|
Total Investments—101.0%
(Cost $372,052) |
|
|
Liabilities in Excess of Other Assets—(1.0)% |
|
|
| |
|
|
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. |
| |
|
| |
|
| |
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 February 29, 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 February 29, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Short-Intermediate
Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
| |
|
|
Municipal Bonds — 90.5% (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 2022C-1, Rev., 5.25%, 6/1/2027 |
|
|
Series 2022B-1, Rev., 4.00%, 10/1/2027 (b) |
|
|
Series 2022C-1, Rev., 5.25%, 12/1/2027 |
|
|
City of Huntsville, Warrants Series 2017D, GO, 5.00%,
11/1/2024 |
|
|
City of Montgomery, Warrants Series 2020, GO, 4.00%, 2/1/2025 |
|
|
| |
|
|
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.06 Series 2023B, Rev., LIQ : Royal Bank
of Canada, 5.00%, 6/1/2030 (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 |
|
|
State of Alaska Series 2023A, GO, 5.00%, 8/1/2024 |
|
|
| |
|
|
| |
Arizona Health Facilities Authority, Scottsdale Lincoln
Hospitals Series 2014A, Rev., 5.00%, 12/1/2025 |
|
|
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Series 2023A, Rev., 5.00%, 11/1/2028 |
|
|
Arizona State University Series 2021, Rev., 5.00%,
8/1/2024 |
|
|
City of Mesa Series 2016, GO, 3.00%, 7/1/2025 |
|
|
City of Phoenix Civic Improvement Corp., Junior Lien,
Water System Series 2014B, Rev., 5.00%,
7/1/2024 |
|
|
| |
|
|
| |
| |
City of Phoenix Civic Improvement Corp., Senior Lien, Airport System |
|
|
Series 2023, Rev., AMT, 5.00%, 7/1/2024 |
|
|
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 C, Rev., 5.00%, 10/18/2024 (b) |
|
|
Series 2023A-1, Rev., 5.00%, 5/15/2026 (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) |
|
|
Maricopa County Unified School District No. 11-Peoria
Series 2015, GO, AGM, 5.00%, 7/1/2024 |
|
|
Maricopa County Unified School District No. 41 Gilbert, Project of 2019 Series 2023C, GO, 5.00%, 7/1/2024 |
|
|
Tempe Industrial Development Authority, Friendship
Village of Tempe Project Series 2021C-1, Rev.,
1.50%, 12/1/2027 |
|
|
| |
|
|
| |
Arkansas Development Finance Authority Public Safety Charges, Division of Emergency Management Project |
|
|
| |
|
|
| |
|
|
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 |
|
|
| |
|
|
| |
|
|
University of Arkansas, Various Facilities Fayetteville Series 2012A, Rev., 5.00%, 5/1/2024 (c) |
|
|
University of Arkansas, Various Facility UAMS Campus |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Short-Intermediate
Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
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 Health Facilities Financing Authority,
Adventist Health System Series 2011A, Rev., VRDO,
3.00%, 3/1/2024 (b) |
|
|
California Municipal Finance Authority, Aymium Williams Project Series 2022, Rev., AMT, 4.00%, 6/26/2024 (b) (d) |
|
|
California Municipal Finance Authority, North Bay
Healthcare Group Series 2017A, Rev., 5.00%,
11/1/2024 |
|
|
California Public Finance Authority, Enso Village Project Series 2021B-3, Rev., 2.13%, 11/15/2027 (d) |
|
|
California School Finance Authority, River Springs
Charter School Project Series A, Rev., 6.38%,
7/1/2025 (c) (d) |
|
|
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 5.00%, 8/1/2028 |
|
|
City of Los Angeles Department of Airports,
International Airport Senior Series B, Rev., 4.00%,
5/15/2024 |
|
|
Grossmont Healthcare District |
|
|
Series C, GO, 5.00%, 7/15/2026 |
|
|
Series D, GO, 5.00%, 7/15/2026 |
|
|
Los Angeles Community College District, Election of
2016 Series C-1, GO, 5.00%, 8/1/2026 |
|
|
Los Angeles Department of Water and Power, Water System Series 2018A, Rev., 5.00%, 7/1/2025 |
|
|
Novato Unified School District |
|
|
Series 2014A, GO, 5.00%, 8/1/2025 |
|
|
Series 2014A, GO, 5.00%, 8/1/2026 |
|
|
Placentia-Yorba Linda Unified School District GO, 5.00%, 8/1/2025 |
|
|
San Francisco Bay Area Rapid Transit District, Election
of 2004 Series 2015D, GO, 5.00%, 8/1/2028 |
|
|
| |
|
|
| |
| |
Sequoia Union High School District Series 2014, GO, 4.00%, 7/1/2024 (c) |
|
|
Sonoma County Transportation Authority, Limited Tax
Rev., 5.00%, 12/1/2024 |
|
|
State of California, Various Purpose |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Stockton Public Financing Authority Rev., 5.00%, 3/1/2027 |
|
|
| |
|
|
| |
Board of Governors of Colorado State University
System Series E-2, Rev., 5.00%, 3/1/2024 |
|
|
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%), 4.17%,
3/7/2024 (e) |
|
|
Counties of Gunnison, Watershed School District No. 1J Series A, GO, 5.00%, 12/1/2024 (c) |
|
|
| |
|
|
Series 2013I, COP, 5.00%, 3/15/2024 (c) |
|
|
Series 2021A, COP, 4.00%, 12/15/2039 |
|
|
| |
|
|
| |
| |
|
|
Series 2021A, GO, 5.00%, 8/1/2024 |
|
|
Series 2021A, GO, 5.00%, 8/1/2025 |
|
|
State of Connecticut Special Tax Series 2018 B, Rev.,
5.00%, 10/1/2025 |
|
|
| |
|
|
| |
Delaware Transportation Authority Series 2022, Rev., 5.00%, 7/1/2024 |
|
|
District of Columbia — 1.8% |
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
District of Columbia — continued |
Washington Metropolitan Area Transit Authority |
|
|
Series A-1, Rev., 5.00%, 7/1/2024 |
|
|
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, Aviation System Series B, Rev., 5.00%, 10/1/2025 |
|
|
County of Pasco Series A, Rev., 5.00%, 10/1/2024 |
|
|
Fort Pierce Utilities Authority |
|
|
Series 2022A, Rev., AGM, 5.00%, 10/1/2028 |
|
|
Series 2022A, Rev., AGM, 5.00%, 10/1/2029 |
|
|
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 Series 2022C, GO, 5.00%, 6/1/2024 |
|
|
| |
|
|
| |
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 Atlanta, Airport Passenger Facility Charge,
Subordinate Lien Series 2023E, Rev., AMT, 5.00%,
7/1/2024 |
|
|
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 |
|
|
Dahlonega Downtown Development Authority, North
Georgia MAC, LLC Project |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
Main Street Natural Gas, Inc., Gas Supply Series
2023B, Rev., 5.00%, 3/1/2030 (b) |
|
|
| |
|
|
Series 2019A, GO, 5.00%, 7/1/2024 |
|
|
Series 2016F, GO, 5.00%, 7/1/2028 |
|
|
| |
|
|
| |
| |
|
|
Series 2021F, Rev., 5.00%, 1/1/2028 |
|
|
Series 2021F, Rev., 5.00%, 1/1/2030 |
|
|
| |
|
|
| |
Champaign County Community Unit School District No. 4 Champaign |
|
|
| |
|
|
| |
|
|
| |
|
|
Series 2019, GO, 4.00%, 6/1/2034 |
|
|
Chicago Midway International Airport, Senior Lien |
|
|
Series 2023 C, Rev., AMT, 5.00%, 1/1/2025 |
|
|
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 |
|
|
Series 2023 C, Rev., AMT, 5.00%, 1/1/2033 |
|
|
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 |
|
|
City of Springfield, Electric System, Senior Lien Series
2015, Rev., 5.00%, 3/1/2024 |
|
|
| |
|
|
Series 2018B, GO, AGM, 5.00%, 12/30/2025 |
|
|
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 |
|
|
Cook County School District No. 99 Cicero, Limited Tax |
|
|
Series 2019B, GO, 5.00%, 12/1/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Short-Intermediate
Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2019B, GO, 5.00%, 12/1/2025 |
|
|
DeKalb County Community Unit School District No. 428 DeKalb |
|
|
| |
|
|
| |
|
|
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 |
|
|
| |
|
|
| |
|
|
Illinois Finance Authority, Lake Zurich Community Unit
School District No. 95 Project |
|
|
| |
|
|
| |
|
|
Illinois Finance Authority, The University of Chicago Medical Center Series 2011B, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 3.25%, 3/11/2024 (b) |
|
|
Illinois Finance Authority, University of Chicago Series
2015A, Rev., 5.00%, 10/1/2025 (c) |
|
|
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 |
|
|
| |
|
|
| |
|
|
Maine Township High School District No. 207 of Cook Country |
|
|
Series 2019A, GO, 5.00%, 12/1/2027 |
|
|
Series 2019A, GO, 5.00%, 12/1/2028 |
|
|
Series 2019A, GO, 4.00%, 12/1/2029 |
|
|
Peoria County Community Unit School District No. 309 Brimfield |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Peoria Public Building Commission |
|
|
Series 2019A, Rev., AGM, 4.00%, 12/1/2025 |
|
|
Series 2019A, Rev., AGM, 4.00%, 12/1/2026 |
|
|
Series 2019A, Rev., AGM, 4.00%, 12/1/2027 |
|
|
| |
|
|
| |
| |
Series 2019A, Rev., AGM, 5.00%, 12/1/2028 |
|
|
Series 2019A, Rev., AGM, 5.00%, 12/1/2029 |
|
|
Sales Tax Securitization Corp. Series 2018C, Rev.,
5.00%, 1/1/2025 |
|
|
Southwestern Illinois Development Authority, Hospital Sisters Services, Inc., Obligated Group Series 2017A, Rev., 5.00%, 2/15/2027 |
|
|
| |
|
|
Series 2022A, GO, 5.00%, 3/1/2024 |
|
|
Series 2023D, GO, 5.00%, 7/1/2024 |
|
|
Series 2017 A, GO, 5.00%, 12/1/2026 |
|
|
Series 2023B, 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 Evansville, Sewage Works Rev., 4.00%,
7/1/2027 |
|
|
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 |
|
|
Purdue University, Student Fee Series DD, Rev., 5.00%, 7/1/2025 |
|
|
| |
|
|
| |
Iowa Finance Authority, Midwestern Disaster Area,
Archer-Daniels-Midland Co. Project Rev., VRDO,
3.55%, 3/11/2024 (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 |
|
|
Series 2019F, Rev., 4.00%, 11/1/2029 |
|
|
Seward County Unified School District No. 480 Liberal Series 2017-B, GO, 5.00%, 9/1/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
University of Kansas Hospital Authority, Health System |
|
|
Series 2017A, Rev., 5.00%, 3/1/2024 (c) |
|
|
Series 2017A, Rev., 5.00%, 3/1/2024 |
|
|
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 |
|
|
| |
|
|
| |
Kentucky Public Energy Authority Series 2023 A-1, Rev., 5.25%, 2/1/2032 (b) |
|
|
Kentucky Public Energy Authority, Gas Supply Series
2018A, Rev., 4.00%, 3/15/2024 (b) |
|
|
Northern Kentucky University Series 2014A, Rev., 5.00%, 9/1/2024 |
|
|
| |
|
|
| |
City of Shreveport, Water and Sewer, Junior Lien |
|
|
Series 2019B, Rev., AGM, 4.00%, 12/1/2025 |
|
|
Series 2018C, Rev., 5.00%, 12/1/2025 |
|
|
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 |
|
|
Jefferson Sales Tax District Series 2019B, Rev., AGM, 4.00%, 12/1/2032 |
|
|
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 2014C, GO, 5.00%, 8/1/2024 |
|
|
State of Louisiana Gasoline and Fuels Tax Series A,
Rev., 4.50%, 5/1/2025 (c) |
|
|
| |
|
|
| |
County of Prince George's, Consolidated Public Improvement Series 2020A, GO, 5.00%, 7/15/2032 |
|
|
| |
|
|
| |
| |
Commonwealth of Massachusetts, Consolidated Loan of 2015 Series 2015D, GO, 4.00%, 9/1/2030 |
|
|
Massachusetts Development Finance Agency, Suffolk
University Issue |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
City of Royal Oak, Limited Tax, Capital Improvement |
|
|
| |
|
|
| |
|
|
Jackson Public Schools, Unlimited Tax |
|
|
GO, Q-SBLF, 4.00%, 5/1/2025 |
|
|
GO, Q-SBLF, 4.00%, 5/1/2026 |
|
|
GO, Q-SBLF, 4.00%, 5/1/2027 |
|
|
Michigan State Hospital Finance Authority, Ascension
Health Credit Group Series 1999B-4, Rev., 5.00%,
11/15/2027 |
|
|
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%, 2/1/2025 |
|
|
Series 2019C, COP, 5.00%, 2/1/2025 |
|
|
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 |
|
|
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 (c) |
|
|
University of Minnesota Series 2016A, Rev., 5.00%, 4/1/2024 |
|
|
| |
|
|
| |
Medical Center Educational Building Corp., Capital
Improvements and Refinancing Project Rev.,
5.00%, 6/1/2031 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Short-Intermediate
Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
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 |
|
|
City of St. Peters COP, 4.00%, 5/1/2026 |
|
|
County of Greene, Missouri Capital Project Series 2018, COP, 4.00%, 9/1/2024 |
|
|
Health and Educational Facilities Authority of the State
of Missouri, SSM Health Care Obligated Group
Series 2022A, Rev., 5.00%, 6/1/2028 |
|
|
Missouri Highway and Transportation Commission Series 2022 A, Rev., 4.00%, 5/1/2033 |
|
|
| |
|
|
| |
Central Plains Energy Project, Gas Project No. 5 Series
2022-1, Rev., 5.00%, 10/1/2029 (b) |
|
|
Southeast Community College Area, Tax Supported |
|
|
| |
|
|
| |
|
|
| |
|
|
University of Nebraska, Lincoln Student Fees and Facilities Series 2015A, Rev., 5.00%, 7/1/2025 (c) |
|
|
| |
|
|
| |
County of Clark Series 2016, Rev., 5.00%, 7/1/2024 |
|
|
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 |
|
|
| |
Burlington County Bridge Commission, Government
Leasing Program Series C, Rev., 4.50%, 8/7/2024 |
|
|
| |
|
|
| |
| |
New Jersey Economic Development Authority, School Facilities Construction |
|
|
Series 2023RRR, Rev., 5.00%, 3/1/2025 |
|
|
Series 2017DDD, Rev., 5.00%, 6/15/2025 |
|
|
Series 2017DDD, Rev., 5.00%, 6/15/2026 |
|
|
Series 2024SSS, Rev., 5.00%, 6/15/2026 (f) |
|
|
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%, 12/1/2027 |
|
|
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 |
|
|
Township of Stafford Series 2016, GO, 4.00%,
8/1/2024 |
|
|
| |
|
|
| |
Albuquerque Municipal School District No. 12 Series 2023B, GO, 5.00%, 8/1/2024 |
|
|
City of Farmington, San Juan Project Series 2010A,
Rev., 0.88%, 10/1/2026 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Long Island Power Authority, Electric System |
|
|
Rev., 5.00%, 9/1/2025 (c) |
|
|
| |
|
|
Longwood Central School District, Suffolk County GO, 5.00%, 6/15/2026 |
|
|
Metropolitan Transportation Authority Series 2014C,
Rev., 5.00%, 11/15/2024 |
|
|
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
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 Convention Center Development Corp., Hotel
Unit Fee Secured Rev., 5.00%, 11/15/2026 |
|
|
New York State Dormitory Authority, Non Stop Supported Debt, New School University Series 2015A, Rev., 5.00%, 7/1/2024 (c) |
|
|
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 Thruway Authority Series J, Rev., 5.00%, 5/14/2024 |
|
|
New York State Urban Development Corp., State
Personal Income Tax Series 2017C, Rev., 5.00%,
3/15/2032 |
|
|
Schenectady County Capital Resource Corp., Union College Project Rev., 5.00%, 1/1/2025 |
|
|
White Plains City School District GO, 5.00%,
5/15/2024 |
|
|
| |
|
|
| |
Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Variable Rate, Health Care Series 2021B, Rev., 5.00%, 12/2/2024 (b) |
|
|
City of Charlotte Series 2014A, Rev., 5.00%,
7/1/2024 |
|
|
City of Winston-Salem, Water and Sewer System Series A, Rev., 5.00%, 6/1/2024 |
|
|
County of Mecklenburg Series 2015A, Rev., 5.00%,
10/1/2024 |
|
|
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (b) |
|
|
State of North Carolina Rev., 5.00%, 3/1/2024 |
|
|
| |
|
|
| |
|
|
| |
| |
| |
|
|
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%, 2/15/2025 |
|
|
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 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) (d) |
|
|
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2023A, Rev., 5.00%, 12/1/2024 |
|
|
State of Ohio Series 2023A, GO, 5.00%, 3/15/2027 |
|
|
| |
|
|
| |
Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project |
|
|
| |
|
|
| |
|
|
| |
|
|
Cleveland County Educational Facilities Authority |
|
|
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 |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Short-Intermediate
Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Muskogee Industrial Trust, Muskogee Public Schools Project |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Series 2019, Rev., 4.00%, 9/1/2029 |
|
|
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project Rev., 5.00%, 10/1/2025 |
|
|
Oklahoma State University, Agricultural Mechanical
Colleges Series 2021A, Rev., 5.00%, 9/1/2024 |
|
|
Wagoner County School Development Authority, Wagoner Public Schools Project Rev., 4.00%, 9/1/2025 |
|
|
| |
|
|
| |
Multnomah County School District No. 1 Portland
Series 2023, GO, 5.00%, 6/15/2024 |
|
|
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 |
|
|
Bethlehem Area School District Series 2021, GO, 5.00%, 11/15/2026 |
|
|
Charleroi Borough Authority Water System Rev., AGM,
4.00%, 12/1/2024 |
|
|
Commonwealth of Pennsylvania Series 2016-2, GO, 5.00%, 1/15/2025 |
|
|
| |
|
|
Series 2020B, GO, 4.00%, 9/1/2027 |
|
|
Series 2020B, GO, 4.00%, 9/1/2028 |
|
|
| |
|
|
Series 2019A, GO, 4.00%, 10/1/2026 |
|
|
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 2014A, Rev., 5.00%, 6/1/2024 |
|
|
| |
|
|
| |
| |
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 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Penn Hills School District GO, 5.00%, 10/1/2028 |
|
|
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Series 2021A-2, Rev., 4.60%, 10/1/2026 (b) |
|
|
Pennsylvania Turnpike Commission Series 2023 B,
Rev., VRDO, LOC : TD Bank NA, 3.30%,
3/11/2024 (b) |
|
|
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 |
|
|
School District of Philadelphia (The) Series 2024A, Rev., RAN, 5.00%, 6/28/2024 |
|
|
Southeastern Pennsylvania Transportation Authority,
Asset Improvement Program Rev., 5.00%,
6/1/2032 |
|
|
Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax |
|
|
Rev., AGM, 5.00%, 2/1/2030 |
|
|
Rev., AGM, 5.00%, 2/1/2031 |
|
|
State Public School Building Authority, Community
College of Philadelphia Project Rev., 5.00%,
6/15/2024 |
|
|
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
SUB B-1, Rev., 5.25%, 3/1/2031 (b) |
|
|
| |
City of Chattanooga Series A, Rev., 5.00%, 9/1/2024 |
|
|
City of Jackson Series 2019, GO, 5.00%, 6/1/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
County of Rutherford Series 2015A, GO, 5.00%,
4/1/2026 |
|
|
Johnson City Health and Educational Facilities Board, Ballad Health |
|
|
Series 2023A, Rev., 5.00%, 7/1/2024 |
|
|
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 |
|
|
Carroll Independent School District Series 2019 A, GO, PSF-GTD, 5.00%, 2/15/2025 |
|
|
City of Corpus Christi, Utility System Series C, Rev.,
5.00%, 7/15/2024 |
|
|
City of Denton GO, 5.00%, 2/15/2025 |
|
|
| |
|
|
Series 2023, GO, 5.00%, 8/15/2024 |
|
|
Series 2023, GO, 5.00%, 8/15/2025 |
|
|
City of Galveston GO, 4.00%, 5/1/2024 |
|
|
City of Garland, Water and Sewer System Series
2018A, Rev., 5.00%, 3/1/2026 |
|
|
City of Houston Airport System, Subordinate Lien Series 2018 B, Rev., 5.00%, 7/1/2025 |
|
|
City of Houston, Public Improvement Series 2017A,
GO, 5.00%, 3/1/2025 |
|
|
City of Lubbock, Electric Light and Power System Series 2022, Rev., AGM, 5.00%, 4/15/2024 |
|
|
City of Pearland, Permanent Improvement Series
2017, GO, 5.00%, 3/1/2025 |
|
|
| |
|
|
| |
| |
Conroe Independent School District, Unlimited Tax Series 2017, GO, PSF-GTD, 5.00%, 2/15/2025 |
|
|
County of Bexar, Venue Project Series 2015, Rev.,
AGM, 4.00%, 8/15/2024 (c) |
|
|
County of Fort Bend Series B, GO, 5.00%, 3/1/2024 |
|
|
Dallas Independent School District, Unlimited Tax
Series 2021, GO, PSF-GTD, 4.00%, 2/15/2025 |
|
|
Eagle Mountain and Saginaw Independent School District Series 2015, GO, PSF-GTD, 5.00%, 8/15/2024 |
|
|
Elgin Independent School District, Unlimited Tax Series
2022, GO, PSF-GTD, 5.00%, 8/1/2032 |
|
|
Forney Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2024 |
|
|
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 |
|
|
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 Series 2016, GO, 4.00%, 2/15/2032 |
|
|
Lower Colorado River Authority, LCRA Transmission
Services Corp. Project Series 2023A, Rev., AGM,
5.00%, 5/15/2030 |
|
|
North Texas Tollway Authority, First Tier |
|
|
Series 2023 A, Rev., 5.00%, 1/1/2026 |
|
|
Series A, Rev., 4.00%, 1/1/2033 |
|
|
S&S Consolidated Independent School District GO,
PSF-GTD, 4.00%, 2/15/2028 |
|
|
State of Texas, College Student Loan Series 2023A, GO, AMT, 5.25%, 8/1/2029 |
|
|
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Short-Intermediate
Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
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 |
|
|
Ysleta Independent School District Series 2020, GO,
PSF-GTD, 5.00%, 8/15/2024 |
|
|
| |
|
|
| |
Utah Infrastructure Agency, Tax-Exempt Telecommunications Series 2017A, Rev., 5.00%, 10/15/2025 |
|
|
West Valley City Municipal Building Authority |
|
|
Rev., AGM, 5.00%, 2/1/2025 |
|
|
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 (c) |
|
|
Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien Series 2021A, Rev., BAN, 5.00%, 7/1/2026 (c) |
|
|
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 (c) |
|
|
Virginia Small Business Financing Authority, Environmental Facilities Series 2022, Rev., 5.00%, 11/15/2024 (b) |
|
|
| |
|
|
| |
Energy Northwest, Columbia Generating Station Series
2017A, Rev., 5.00%, 7/1/2024 |
|
|
Energy Northwest, Project 3 Electric Series 2018C, Rev., 5.00%, 7/1/2024 |
|
|
| |
|
|
| |
| |
Snohomish County Public Utility District No. 1, Electric
System Rev., 5.00%, 12/1/2025 |
|
|
University of Washington Series 2022C, Rev., 4.00%, 8/1/2027 (b) |
|
|
Washington Health Care Facilities Authority,
Commonspirit Health Series 2019B-3, Rev., 5.00%,
8/1/2026 (b) |
|
|
| |
|
|
| |
State of Wisconsin Series 2016A, GO, 5.00%, 5/1/2026 |
|
|
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 Department of Transportation Series
2017-1, Rev., 5.00%, 7/1/2025 |
|
|
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018B-2, Rev., 5.00%, 6/24/2026 (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 (c) |
|
|
Total Municipal Bonds
(Cost $743,448) |
|
|
Collateralized Mortgage Obligations — 0.0% ^ |
FNMA, REMIC Series 2002-36, Class FS, 5.94%,
6/25/2032 (b)(Cost $15) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Short-Term Investments — 8.8% |
Investment Companies — 8.8% |
JPMorgan Institutional Tax Free Money Market Fund
Class IM Shares, 3.37% (g) (h)
(Cost $71,426) |
|
|
Total Investments — 99.3%
(Cost $814,889) |
|
|
Other Assets Less Liabilities —
0.7% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
Insured by Assured Guaranty Municipal Corp. |
| |
|
| |
|
| |
|
| |
Certificate of Participation |
| |
Federal Housing Administration |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
|
| |
|
| |
|
| |
Insured by National Public Finance Guarantee Corp. |
| |
Permanent School Fund Guaranteed |
| |
Qualified School Bond Loan Fund |
| |
Revenue Anticipation Note |
| |
|
| |
Real
Estate Mortgage Investment Conduit |
| |
|
| |
The
Securities Industry and Financial Markets Association |
| |
Variable Rate Demand Obligation |
| |
Amount rounds to less than 0.1% of net assets. |
| |
The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
|
| |
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 29, 2024. |
|
| |
Security is prerefunded or escrowed to maturity. |
|
| |
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
|
| |
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 29, 2024. |
|
| |
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
|
| |
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
|
| |
The rate shown is the current yield as of February 29, 2024. |
|
Futures contracts outstanding as of February 29, 2024 (amounts in thousands, except number of contracts):
| |
|
|
|
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| |
|
|
|
|
|
U.S. Treasury 5 Year Note |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Tax Free Bond
Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
| |
|
|
Municipal Bonds — 85.6% (a)
|
| |
Black Belt Energy Gas District, Gas Project Series
2023B-2, Rev., LIQ : Royal Bank of Canada, 5.25%,
12/1/2030 (b) |
|
|
| |
|
|
Series 2024, Rev., 5.25%, 10/1/2042 |
|
|
Series 2024, Rev., 5.25%, 10/1/2043 |
|
|
Series 2024, Rev., 5.25%, 10/1/2049 |
|
|
Montgomery County Public Building Authority, Facilities Project Rev., 5.00%, 3/1/2024 (c) |
|
|
Southeast Alabama Gas Supply District (The), Project
No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (b) |
|
|
Southeast Energy Authority A Cooperative District Project No.06 Series 2023B, Rev., LIQ : Royal Bank of Canada, 5.00%, 6/1/2030 (b) |
|
|
Southeast Energy Authority A Cooperative District,
Project No. 2 Series 2021B, Rev., 4.00%,
12/1/2031 (b) |
|
|
UAB Medicine Finance Authority Series 2017B-2, Rev., 3.50%, 9/1/2035 |
|
|
| |
|
|
| |
Alaska Industrial Development and Export Authority,
Tanana Chiefs Conference Project Series 2019 A,
Rev., 4.00%, 10/1/2049 |
|
|
Northern Tobacco Securitization Corp. Series 2021A CL1, Class 1, Rev., 5.00%, 6/1/2031 |
|
|
| |
|
|
| |
Arizona Industrial Development Authority, Aliante and
Skye Canyon Campus Project Series 2021A, Rev.,
4.00%, 12/15/2051 (d) |
|
|
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project Series 2021A, Rev., 4.00%, 7/15/2051 (d) |
|
|
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 |
|
|
| |
|
|
| |
| |
City of Phoenix Civic Improvement Corp., Junior Lien, Airport System Series 2019A, Rev., 4.00%, 7/1/2049 |
|
|
City of Phoenix Civic Improvement Corp., Junior Lien,
Water System Series 2021A, Rev., 4.00%,
7/1/2040 |
|
|
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 |
|
|
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 Series 2016A, Rev., 5.00%, 11/1/2037 |
|
|
| |
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 |
|
|
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2026 (c) |
|
|
California Infrastructure and Economic Development
Bank, Brightline West Passenger Rail Project |
|
|
Series 2020A-3, Rev., AMT, 8.00%, 8/15/2024 (b)
(d) |
|
|
Series 2020A, Rev., AMT, 3.95%, 1/30/2025 (b)
(d) |
|
|
California Infrastructure and Economic Development Bank, California Academy of Science Series 2024A, Rev., 3.25%, 8/1/2029 (e) |
|
|
California Municipal Finance Authority, Community
Health System Series 2021A, Rev., 4.00%,
2/1/2051 |
|
|
California Public Finance Authority, Henry Mayo Newhall Hospital |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
California School Finance Authority, Green Dot Public
School Projects |
|
|
Series 2018A, Rev., 5.00%, 8/1/2024 (d) |
|
|
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, Marin General Hospital Project Series 2018A, Rev., 4.00%, 8/1/2045 |
|
|
CSCDA Community Improvement Authority, Essential
Housing, Pasadena Portfolio Series 2021A-1, Rev.,
2.65%, 12/1/2046 (d) |
|
|
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 |
|
|
Mount San Antonio Community College District, Election of 2008 Series 2013A, GO, Zero Coupon, 8/1/2043 |
|
|
San Diego County Regional Airport Authority |
|
|
Series 2023B, Rev., AMT, 5.00%, 7/1/2048 |
|
|
Series 2023B, Rev., AMT, 5.00%, 7/1/2053 |
|
|
San Francisco City and County Airport Commission, San Francisco International Airport Series 2019A, Rev., AMT, 4.00%, 5/1/2049 |
|
|
| |
|
|
| |
Boulder Valley School District No. Re-2 Boulder GO,
4.13%, 12/1/2046 |
|
|
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%, 9/1/2052 |
|
|
Series 2022, Rev., 5.00%, 9/1/2057 |
|
|
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 |
|
|
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 |
|
|
State of Colorado Department of Transportation
Headquarters Facilities, Headquarters Facilities
Lease Purchase Agreement COP, 5.00%,
6/15/2041 |
|
|
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 |
|
|
| |
|
|
| |
City of Norwalk Series 2023, GO, 4.25%, 8/15/2053 |
|
|
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 — 2.9% |
District of Columbia, Kipp DC Project Rev., 4.00%,
7/1/2039 |
|
|
District of Columbia, Medlantic/Helix Issue, Tranche II Series 1998A, Rev., VRDO, LOC : TD Bank NA, 3.40%, 3/11/2024 (b) |
|
|
District of Columbia, Rocketship Obligated Group
Series 2021A, Rev., 5.00%, 6/1/2041 (d) |
|
|
Metropolitan Washington Airports Authority Aviation |
|
|
Series A, Rev., AMT, 5.00%, 10/1/2031 |
|
|
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 Kissimmee, Sales Tax Series 2022A, Rev., 4.00%, 10/1/2051 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Tax Free Bond
Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
City of Pompano Beach, John Knox Village Project
Series 2021A, Rev., 4.00%, 9/1/2051 |
|
|
City of Tampa, The University of Tampa Project Series 2020A, Rev., 4.00%, 4/1/2050 |
|
|
County of Hillsborough, Parks and Recreation Program
GO, NATL - RE, 5.25%, 7/1/2025 |
|
|
County of Miami-Dade, Transit System Series 2020A, Rev., 4.00%, 7/1/2047 |
|
|
Florida Gulf Coast University Financing Corp., Housing
Project Series 2020A, Rev., 4.00%, 2/1/2037 |
|
|
Lee County School Board (The) Series 2023A, COP, 4.00%, 8/1/2048 |
|
|
Miami-Dade County Health Facilities Authority, Niklaus
Children's Hospital Series 2021A, Rev., 4.00%,
8/1/2046 |
|
|
Middleton Community Development District A, City of Wildwood, Florida Special Assessment Series 2022, 6.10%, 5/1/2042 |
|
|
Village Community Development District No. 15
5.00%, 5/1/2043 (d) |
|
|
| |
|
|
| |
Carroll City-County Hospital Authority, Tanner Medical Center Project Rev., GTD, 4.00%, 7/1/2045 |
|
|
Downtown Development Authority of The City of
Dalton, Hamilton Health Care System Rev., NATL -
RE, 5.50%, 8/15/2026 |
|
|
George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054 |
|
|
George L Smith II Congress Center Authority,
Convention Center Hotel Second Series 2021B,
Rev., 5.00%, 1/1/2054 (d) |
|
|
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) |
|
|
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 C, Rev., 5.00%, 1/1/2025 |
|
|
Series 2018B, Rev., 5.00%, 1/1/2053 |
|
|
City of Chicago, Waterworks, Second Lien |
|
|
Series 2023B, Rev., AGM, 4.00%, 11/1/2040 |
|
|
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 Housing Development Authority Series 2024 A,
Rev., GNMA / FNMA / FHLMC, 6.00%,
10/1/2054 (e) |
|
|
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 2022B, GO, 5.00%, 3/1/2033 |
|
|
Series 2021A, GO, 5.00%, 3/1/2036 |
|
|
| |
|
|
Series 2023B, GO, 4.50%, 5/1/2048 |
|
|
State of Illinois, Sales Tax Series 2021C, Rev., 5.00%, 6/15/2032 |
|
|
Village of Bolingbrook Series 2018A, GO, AGM,
5.00%, 1/1/2033 |
|
|
Will County School District No 86 Joliet Series 2015A, GO, 4.00%, 3/1/2024 |
|
|
Winnebago and Boone Counties School District No.
205 Rockford Series 2015B, GO, 3.75%,
2/1/2033 |
|
|
| |
|
|
| |
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (d) |
|
|
Indiana Finance Authority, CHF- Tippecanoe LLC-
Student Housing Project Series 2023A, Rev.,
5.00%, 6/1/2053 |
|
|
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project Series 2020A, Rev., 5.00%, 7/1/2055 |
|
|
Indiana Finance Authority, Parkview Health System,
Inc. Series 2018A, Rev., 4.00%, 11/1/2048 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Indiana Health and Educational Facilities Financing Authority, Ascension Senior Credit Group Series 2006B-1, Rev., 4.00%, 11/15/2046 |
|
|
Indiana State University, Housing and Dining System
Rev., 5.00%, 4/1/2029 |
|
|
| |
|
|
| |
Kentucky Public Energy Authority Series 2023 A-1, Rev., 5.25%, 2/1/2032 (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,
3.65%, 3/1/2024 (b) |
|
|
Tobacco Settlement Financing Corp. Series 2013A, Rev., 5.25%, 5/15/2035 |
|
|
| |
|
|
| |
Maine Health and Higher Educational Facilities
Authority, Mainehealth Series 2021A, Rev., AGM,
4.00%, 7/1/2038 |
|
|
Maine Health and Higher Educational Facilities Authority, MaineHealth Series 2020A, Rev., 4.00%, 7/1/2045 |
|
|
| |
|
|
| |
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 |
|
|
| |
|
|
| |
| |
|
|
Series 2023 B, GO, 5.00%, 12/15/2041 |
|
|
Series 2023 B, GO, 5.00%, 12/15/2042 |
|
|
Series 2023 B, GO, 5.00%, 12/15/2043 |
|
|
| |
|
|
| |
Massachusetts — continued |
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 State Building Authority, Facilities Program
Series 2023-II, Rev., 4.00%, 10/15/2047 |
|
|
Michigan State Housing Development Authority, Single Family Mortgage Series 2015A, Rev., AMT, 4.00%, 6/1/2046 |
|
|
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 2021A, Rev., 4.00%, 11/15/2044 |
|
|
West Ottawa Public Schools, School Building and Site,
Unlimited Tax Series 2014-1, GO, 4.00%,
5/1/2024 (c) |
|
|
| |
|
|
| |
Aurora Independent School District No. 2711, School Building, Capital Appreciation |
|
|
Series 2017B, GO, Zero Coupon, 2/1/2026 |
|
|
Series 2017B, GO, Zero Coupon, 2/1/2027 |
|
|
Series 2017B, GO, Zero Coupon, 2/1/2028 |
|
|
Series 2017B, GO, Zero Coupon, 2/1/2030 |
|
|
City of Minneapolis, Health Care System, Fairview
Health Services Series 2018A, Rev., 4.00%,
11/15/2048 |
|
|
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Tax Free Bond
Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Minnesota Housing Finance Agency, Residential
Housing Finance |
|
|
Series C, Rev., AMT, GNMA / FNMA / FHLMC, 4.00%, 1/1/2045 |
|
|
Series 2017B, Rev., AMT, GNMA / FNMA / FHLMC
COLL, 4.00%, 7/1/2047 |
|
|
| |
|
|
| |
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project Series 2011C, Rev., VRDO, 2.90%, 3/1/2024 (b) |
|
|
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 |
|
|
Health and Educational Facilities Authority of the State
of Missouri, St. Luke's Episcopal-Presbyterian
Hospitals Rev., 5.00%, 12/1/2030 |
|
|
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program Series B2, Rev., GNMA / FNMA / FHLMC, 4.00%, 11/1/2045 |
|
|
Missouri Housing Development Commission, Single
Family, First Place Homeownership Loan Program
Series 2024 A, Rev., GNMA / FNMA / FHLMC,
5.75%, 5/1/2055 (e) |
|
|
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) |
|
|
Omaha Public Power District, Electric System Series
2021B, Rev., 4.00%, 2/1/2046 |
|
|
| |
|
|
| |
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series 2018B, Rev., AGM, 4.00%, 6/1/2048 |
|
|
Las Vegas Convention and Visitors Authority,
Convention Center Expansion Series 2018B, Rev.,
4.00%, 7/1/2049 |
|
|
Las Vegas Valley Water District, Limited Tax Series 2022A, GO, 4.00%, 6/1/2046 |
|
|
| |
|
|
| |
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 Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048 |
|
|
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 Program Series 2020AA, Rev., 4.00%, 6/15/2045 |
|
|
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2018A, Rev., 5.00%, 6/1/2046 |
|
|
Series 2018A, Rev., 5.25%, 6/1/2046 |
|
|
| |
|
|
| |
New Mexico Mortgage Finance Authority, Single
Family Mortgage Program Series B-1, Class I, Rev.,
AMT, GNMA / FNMA / FHLMC, 3.75%, 3/1/2048 |
|
|
| |
Build NYC Resource Corp., Grand Concourse Academy
Charter School Series 2022A, Rev., 5.00%,
7/1/2052 |
|
|
City of New York, Fiscal Year 2006 Series 2006, Subseries I-4, GO, VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (b) |
|
|
City of New York, Fiscal Year 2020 Series 2020D-1,
GO, 4.00%, 3/1/2050 |
|
|
Dutchess County Local Development Corp., Millbrook School Project Series 2021, Rev., 4.00%, 9/1/2051 |
|
|
Metropolitan Transportation Authority, Dedicated Tax
Fund Series B-1, Rev., 5.00%, 11/15/2035 |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020 Series 2022FF, Rev., 4.00%, 6/15/2041 |
|
|
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 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, 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 |
|
|
Series 2022B, Subseries B-1, Rev., 4.00%,
8/1/2045 |
|
|
Series 2022F, Subseries F-1, Rev., 5.00%, 2/1/2051 |
|
|
| |
|
|
| |
| |
New York City Transitional Finance Authority, Future
Tax Secured, Fiscal Year 2023 |
|
|
Series 2023, Subseries A-2, Rev., VRDO, LIQ : UBS AG, 3.65%, 3/1/2024 (b) |
|
|
Series 2023F, Subseries F-1, Rev., 4.00%,
2/1/2051 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024 Series 2024F, Subseries F-1, Rev., 5.25%, 2/1/2053 |
|
|
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 2020A,
Rev., 4.00%, 7/1/2053 |
|
|
New York State Dormitory Authority, Northwell Health Obligated Group Series 2022A, Rev., 5.00%, 5/1/2052 |
|
|
New York State Dormitory Authority, Personal Income
Tax Series 2019D, Rev., 4.00%, 2/15/2047 |
|
|
New York State Dormitory Authority, St. John's University Series 2021A, Rev., 4.00%, 7/1/2035 |
|
|
New York State Dormitory Authority, State Personal
Income Tax, General Purpose Series 2020A, Rev.,
4.00%, 3/15/2044 |
|
|
New York State Dormitory Authority, State Sales Tax Series 2018A, Rev., 5.00%, 3/15/2037 |
|
|
New York State Urban Development Corp., State
Personal Income Tax, General Purpose Series
2020C, Rev., 4.00%, 3/15/2041 |
|
|
New York State Urban Development Corp., State Sales Tax Series 2021A, Rev., 4.00%, 3/15/2046 |
|
|
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Tax Free Bond
Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Port Authority of New York and New Jersey, Consolidated |
|
|
Series 242, Rev., AMT, 5.00%, 12/1/2044 |
|
|
Series 93, Rev., 6.13%, 6/1/2094 |
|
|
Suffolk County Economic Development Corp., St.
Johnland Assisted Living Inc., Project Series 2021,
Rev., 5.38%, 11/1/2054 (d) |
|
|
Suffolk Tobacco Asset Securitization Corp. Series 2021 A-2, Rev., 5.00%, 6/1/2032 |
|
|
Town of Orangetown, Rockland County, Sparkill-
Palisades Fire District |
|
|
GO, AGM, 4.00%, 11/15/2040 |
|
|
GO, AGM, 4.00%, 11/15/2041 |
|
|
GO, AGM, 4.00%, 11/15/2042 |
|
|
GO, AGM, 4.00%, 11/15/2043 |
|
|
Triborough Bridge and Tunnel Authority Sales Tax, TBTA Capital Lockbox Series 2023A, Rev., 4.13%, 5/15/2053 |
|
|
Triborough Bridge and Tunnel Authority, MTA Bridges
and Tunnels |
|
|
Series 2022A, Rev., 4.00%, 5/15/2041 |
|
|
Series 2022A, Rev., 4.00%, 5/15/2051 |
|
|
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax Series 2021A-1, Rev., 4.00%, 5/15/2046 |
|
|
Utility Debt Securitization Authority Series 2013TE,
Rev., 5.00%, 3/14/2024 |
|
|
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project Series 2021C-EFRB, Rev., 3.20%, 7/1/2028 (d) |
|
|
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 |
|
|
| |
|
|
| |
North Carolina Housing Finance Agency,
Homeownership Series 37-A, Rev., AMT, 3.50%,
7/1/2039 |
|
|
Water and Sewer Authority of Cabarrus County Series 2024, Rev., 4.00%, 6/1/2049 |
|
|
| |
|
|
| |
|
|
| |
| |
Buckeye Tobacco Settlement Financing Authority
Series 2020B-2, Class 2, Rev., 5.00%, 6/1/2055 |
|
|
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 |
|
|
County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. Series 2015A, Rev., 4.25%, 11/1/2045 |
|
|
County of Franklin, Health Care Facilities, Ohio Living
Communities Series 2020B, Rev., 5.00%,
7/1/2045 |
|
|
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University Rev., 5.25%, 5/1/2040 |
|
|
Jefferson County Port Authority, JSW Steel USA Ohio,
Inc., Project Series 2023, Rev., 5.00%,
12/1/2028 (b) (d) |
|
|
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) |
|
|
Ohio Water Development Authority, Drinking Water Assistance Fund |
|
|
Series 2022A, Rev., 5.00%, 12/1/2039 |
|
|
Series 2022A, Rev., 5.00%, 12/1/2040 |
|
|
Series 2022A, Rev., 5.00%, 12/1/2042 |
|
|
Olmsted Falls City School District Series 2017A, GO, 4.00%, 12/1/2051 |
|
|
| |
|
|
| |
Oklahoma Development Finance Authority, Health
System, OU Medicine Project Series 2018B, Rev.,
AGM, 4.00%, 8/15/2048 |
|
|
| |
City of Portland, Sewer System Series 2023 A, Rev.,
5.00%, 12/1/2040 |
|
|
County of Benton GO, 4.13%, 6/1/2053 |
|
|
Deschutes County Hospital Facilities Authority, St.
Charles Health System Series 2020A, Rev., 4.00%,
1/1/2037 |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Allegheny County Airport Authority, Pittsburgh International Airport Series 2023A, Rev., AMT, AGM, 5.50%, 1/1/2053 |
|
|
Allegheny County Hospital Development Authority,
Allegheny Health Network Obligated Group Series
2018A, Rev., 4.00%, 4/1/2044 |
|
|
Chester County Industrial Development Authority, Longwood Gardens Project Series 2021, Rev., 4.00%, 12/1/2046 |
|
|
Commonwealth Financing Authority, Tobacco Master
Settlement Payment |
|
|
| |
|
|
Rev., AGM, 4.00%, 6/1/2039 |
|
|
Commonwealth of Pennsylvania Series 2018A, COP, 4.00%, 7/1/2046 |
|
|
DuBois Hospital Authority, Penn Highlands Healthcare
Rev., 4.00%, 7/15/2048 |
|
|
Erie City Water Authority Series 2018A, Rev., AGM, 5.00%, 12/1/2043 |
|
|
General Authority of Southcentral Pennsylvania,
Wellspan Health Obligated Group Series 2019E,
Rev., VRDO, LIQ : US Bank NA, 2.80%,
3/1/2024 (b) |
|
|
Lancaster County Hospital Authority, Health Center, Masonic Villages Project |
|
|
| |
|
|
| |
|
|
| |
|
|
Montgomery County Higher Education and Health Authority, Thomas Jefferson University |
|
|
Series 2018A, Rev., 4.00%, 9/1/2038 |
|
|
Series 2018A, Rev., 4.00%, 9/1/2043 |
|
|
Montgomery County Industrial Development Authority,
Acts Retirement-Life Communities, Inc., Obligated
Group Series 2020C, Rev., 5.00%, 11/15/2045 |
|
|
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 (e) |
|
|
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 2017-122, Rev., AMT, 4.00%,
10/1/2046 |
|
|
| |
|
|
| |
| |
Pennsylvania Turnpike Commission Series 2023 B, Rev., VRDO, LOC : TD Bank NA, 3.30%, 3/11/2024 (b) |
|
|
Pennsylvania Turnpike Commission Oil Franchise Tax
Series 2021B, Rev., 4.00%, 12/1/2051 |
|
|
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project Series 2020A, Rev., 5.00%, 8/1/2040 |
|
|
School District of Philadelphia (The) Series 2018B,
GO, AGM, 4.00%, 9/1/2043 |
|
|
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038 |
|
|
| |
|
|
| |
Puerto Rico Sales Tax Financing Corp. Sales Tax Series
A-2, Rev., 4.78%, 7/1/2058 |
|
|
| |
Horry County School District Series 2015A, GO,
SCSDE, 4.00%, 3/1/2028 |
|
|
Patriots Energy Group Financing Agency Series 2023 SUB B-1, Rev., 5.25%, 3/1/2031 (b) |
|
|
| |
|
|
| |
City of Cleveland Series 2018B, GO, 4.00%,
6/1/2028 (c) |
|
|
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Series 2018A, Rev., 4.00%, 7/1/2040 |
|
|
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 |
|
|
Series 2022B, Rev., AMT, 5.50%, 7/1/2052 |
|
|
Metropolitan Nashville Airport Authority (The),
Subordinate Airport Series 2019A, Rev., 5.00%,
7/1/2049 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Tax Free Bond
Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
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 |
|
|
Series 2023, GO, PSF-GTD, 5.00%, 2/15/2053 |
|
|
Birdville Independent School District, Unlimited Tax
Series 2023A, GO, PSF-GTD, 5.00%, 2/15/2045 |
|
|
City of Denton GO, 4.00%, 2/15/2053 |
|
|
City of Fort Worth Series 2023, Rev., 4.25%,
2/15/2053 |
|
|
City of Houston, Airport System, United Airlines, Inc., Terminal E Project Rev., AMT, 5.00%, 7/1/2029 |
|
|
City of Houston, Combined Utility System, Junior Lien
Series 2002A, Rev., AGM, 5.75%, 12/1/2032 (c) |
|
|
Clifton Higher Education Finance Corp., Idea Public Schools Rev., 6.00%, 8/15/2033 |
|
|
Clifton Higher Education Finance Corp., Yes Prep
Public School, Inc. Series 2023, Rev., PSF-GTD,
4.25%, 4/1/2048 |
|
|
Conroe Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 4.00%, 2/15/2049 |
|
|
Conroe Local Government Corp., Conroe Convention
Center Hotel Series 2021A, Rev., 4.00%,
10/1/2050 |
|
|
County of Harris Series 2023A, GO, 5.00%, 9/15/2048 |
|
|
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 |
|
|
Series 2022, GO, PSF-GTD, 4.00%, 8/15/2051 |
|
|
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 |
|
|
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 |
|
|
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 |
|
|
Leander Independent School District, Unlimited Tax
Series A, GO, PSF-GTD, Zero Coupon, 8/15/2035 |
|
|
Lewisville Independent School District, Unlimited Tax Series 2015, GO, 5.00%, 8/15/2024 |
|
|
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 |
|
|
Series 2022A, Rev., PSF-GTD, 5.00%, 8/15/2052 |
|
|
Series 2022A, Rev., PSF-GTD, 5.00%, 8/15/2057 |
|
|
North Texas Tollway Authority, Second Tier Rev., 4.00%, 1/1/2038 |
|
|
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 |
|
|
Tarrant County Cultural Education Facilities Finance
Corp., Retirement Facility, MRC Stevenson Oaks
Project Series 2020A, Rev., 6.75%, 11/15/2051 |
|
|
Texas Water Development Board Series 2023 A, Rev., 5.00%, 10/15/2058 |
|
|
Trinity River Authority, Tarrant County Water Project
Series 2023, Rev., 5.00%, 2/1/2043 |
|
|
| |
|
|
| |
City of Salt Lake City, Airport System |
|
|
Series 2023A, Rev., AMT, 5.25%, 7/1/2040 |
|
|
Series 2023A, Rev., AMT, 5.25%, 7/1/2048 |
|
|
| |
|
|
| |
Vermont Student Assistance Corp., Education Loan |
|
|
Series 2018A, Rev., AMT, 3.63%, 6/15/2029 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2018A, Rev., AMT, 3.75%, 6/15/2030 |
|
|
Series 2018A, Rev., AMT, 4.00%, 6/15/2031 |
|
|
Series 2018A, Rev., AMT, 4.00%, 6/15/2032 |
|
|
Series 2018A, Rev., AMT, 4.00%, 6/15/2033 |
|
|
Series 2018A, Rev., AMT, 4.00%, 6/15/2034 |
|
|
| |
|
|
| |
City of Alexandria Series 2023, GO, 4.00%, 12/15/2048 |
|
|
| |
State of Washington, Various Purpose Series 2023A, GO, 5.00%, 8/1/2043 |
|
|
Washington Health Care Facilities Authority,
Commonspirit Health Series 2019A-2, Rev., 5.00%,
8/1/2028 |
|
|
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, United Health System Series 2018A, Rev., 4.00%, 6/1/2051 |
|
|
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, ENO River Academy Project
Series 2020A, Rev., 5.00%, 6/15/2054 (d) |
|
|
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Series 2020A, Rev., 4.75%, 11/15/2053 (d) |
|
|
Public Finance Authority, Renown Regional Medical
Center Project |
|
|
Series 2020A, Rev., 5.00%, 6/1/2032 |
|
|
Series 2016A, Rev., 4.00%, 6/1/2035 |
|
|
| |
|
|
| |
| |
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. |
|
|
Series 2021A, Rev., 4.00%, 6/15/2051 |
|
|
| |
|
|
| |
|
|
Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project Series 2024, Rev., 5.00%, 8/1/2027 (d) (e) |
|
|
Wisconsin Health and Educational Facilities Authority,
Oakwood Lutheran Senior Ministries Rev., 4.00%,
1/1/2047 |
|
|
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Series 2021A, Rev., 4.00%, 8/15/2046 |
|
|
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 |
|
|
| |
|
|
| |
University of Wyoming Series 2021C, Rev., AGM,
4.00%, 6/1/2041 |
|
|
Total Municipal Bonds
(Cost $703,520) |
|
|
| |
|
|
Short-Term Investments — 15.3% |
Investment Companies — 15.3% |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.37% (f) (g)
(Cost $127,684) |
|
|
Total Investments — 100.9%
(Cost $831,204) |
|
|
Liabilities in Excess of Other Assets —
(0.9)% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Tax Free Bond
Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
| |
Insured by Assured Guaranty Municipal Corp. |
| |
|
| |
|
| |
|
| |
Certificate of Participation |
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
|
| |
|
| |
|
| |
|
| |
Metropolitan Transportation Authority |
| |
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 February 29, 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 February 29, 2024. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short
Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
| |
|
|
Municipal Bonds — 96.8% (a)
|
| |
Alabama Community College System, Gadsen State
Community College Series 2018, Rev., 5.00%,
6/1/2025 |
|
|
Alabama Federal Aid Highway Finance Authority Series A, Rev., 5.00%, 9/1/2024 (b) |
|
|
Alabama Special Care Facilities Financing
Authority-Birmingham Rev., 5.00%, 6/1/2025 |
|
|
Alabaster Board of Education, Alabama Special Tax Series 2014A, AGM, 4.00%, 9/1/2024 (b) |
|
|
Birmingham Airport Authority |
|
|
| |
|
|
| |
|
|
Black Belt Energy Gas District, Gas Project No. 7 Series 2021C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 3.65%, 3/7/2024 (c) |
|
|
Black Belt Energy Gas District, Gas Supply Series
2022D-2, Rev., LIQ : Royal Bank of Canada,
(SOFR + 1.40%), 4.96%, 3/7/2024 (c) |
|
|
County of Jefferson 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) |
|
|
Montgomery County Public Building Authority, Facilities Project Series 2014, Rev., 5.00%, 3/1/2024 (b) |
|
|
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 Alabama Gas Supply District (The),
Project No. 2 Series 2018A, Rev., 4.00%,
6/1/2024 (d) |
|
|
Southeast Energy Authority A Cooperative District, Project No. 4 Series 2022B-2, Rev., (SOFR + 1.79%), 5.35%, 3/7/2024 (c) |
|
|
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 3,
Rev., 5.00%, 12/1/2026 |
|
|
| |
|
|
| |
| |
Borough of Matanuska-Susitna, Goose Creek Correctional Center Project |
|
|
| |
|
|
| |
|
|
City of Valdez, Phillips Trans Alaska Project |
|
|
Series 1994A, Rev., VRDO, 3.33%, 3/11/2024 (d) |
|
|
Series 2002, Rev., VRDO, 3.33%, 3/11/2024 (d) |
|
|
State of Alaska Series 2023A, GO, 5.00%, 8/1/2024 |
|
|
University of Alaska Series V-1, Rev., 5.00%,
10/1/2024 |
|
|
| |
|
|
| |
Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals |
|
|
Series 2014A, Rev., 5.00%, 12/1/2025 |
|
|
Series 2014A, Rev., 5.00%, 12/1/2026 |
|
|
Arizona Industrial Development Authority, Phoenix
Children's Hospital Series 2020A, Rev., 5.00%,
2/1/2026 |
|
|
Arizona State University Energy Management LLC Rev., 4.50%, 7/1/2024 |
|
|
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, 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 |
|
|
Industrial Development Authority of The City of
Phoenix, Downtown Phoenix Student Housing LLC
- Arizona State University Project Series 2018A,
Rev., 5.00%, 7/1/2024 |
|
|
Maricopa County Industrial Development Authority, Banner Health |
|
|
Series C, Rev., 5.00%, 10/18/2024 (d) |
|
|
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short
Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Maricopa County Unified School District No. 95, Queen Creek, School Improvement GO, 3.00%, 7/1/2024 |
|
|
Salt River Project Agricultural Improvement and
Power District, Arizona Electric System Series
2015A, Rev., 5.00%, 12/1/2045 |
|
|
| |
|
|
| |
Pulaski County Public Facilities Board, Baptist Health Series 2014, Rev., 5.00%, 12/1/2024 (b) |
|
|
Southern Arkansas University Series 2019 A, Rev.,
AGM, 4.00%, 3/1/2024 |
|
|
State of Arkansas, Federal Highway GO, 5.00%, 10/1/2025 |
|
|
University of Central Arkansas, Student Fee |
|
|
Series 2020A, Rev., 5.00%, 11/1/2026 |
|
|
Series 2020A, Rev., 5.00%, 11/1/2027 |
|
|
| |
|
|
| |
California Community Choice Financing Authority, Green Bond Series 2022A-2, Rev., (SOFR + 1.70%), 5.26%, 3/7/2024 (c) |
|
|
California Health Facilities Financing Authority,
Adventist Health System |
|
|
Series 2011A, Rev., VRDO, 3.00%, 3/1/2024 (d) |
|
|
Series 2013A, Rev., 5.00%, 3/1/2024 |
|
|
California Health Facilities Financing Authority, St. Joseph Health System |
|
|
Series 2013A, Rev., 5.00%, 7/1/2024 |
|
|
Series 2016B-2, Rev., 4.00%, 10/1/2024 (d) |
|
|
California Infrastructure and Economic Development
Bank, Brightline West Passenger Rail Project
Series 2020A, Rev., AMT, 3.95%, 1/30/2025 (d)
(e) |
|
|
California Infrastructure and Economic Development Bank, The Broad Sustainability Bonds Series 2018C, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 3.65%, 3/6/2024 (c) |
|
|
California Pollution Control Financing Authority,
Republic Services, Inc., Project Series 2010B,
Rev., 3.70%, 5/1/2024 (d) (e) |
|
|
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 Vernon, Electric System |
|
|
Series 2021A, Rev., 5.00%, 4/1/2024 |
|
|
Series 2021 A, Rev., 5.00%, 10/1/2024 |
|
|
Sacramento Municipal Utility District, Electric Series
2019B, Rev., 5.00%, 10/15/2025 (d) |
|
|
San Francisco Municipal Transportation Agency Series 2014, Rev., 5.00%, 3/1/2024 (b) |
|
|
Silicon Valley Clean Water, WIFIA Rescue Project
Series 2021A, Rev., 0.25%, 3/1/2024 |
|
|
State of California, Various Purpose GO, 5.00%, 12/1/2027 |
|
|
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 & Weld Countes St. Vrain Valley
School District Re-1J Series 2014A, GO, 5.00%,
12/15/2025 |
|
|
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 |
|
|
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, 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 State Education Loan Program Series 2023A, Rev., TRAN, 5.00%, 6/28/2024 |
|
|
Denver Urban Renewal Authority Series 2010B-1,
Rev., 5.00%, 12/1/2025 |
|
|
E-470 Public Highway Authority Series 2021B, Rev., (SOFR + 0.35%), 3.91%, 3/7/2024 (c) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
El Paso County School District No. 49 Falcon Series
2017B, COP, 5.00%, 12/15/2024 |
|
|
Regional Transportation District, Denver Transit Partners |
|
|
Series 2020A, Rev., 5.00%, 7/15/2024 |
|
|
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 2018N, COP, 5.00%, 3/15/2024 |
|
|
Series 2018L, COP, 5.00%, 3/15/2025 |
|
|
University of Colorado, Hospital Authority Series 2019C, Rev., 5.00%, 11/15/2024 (d) |
|
|
| |
|
|
| |
City of Danbury Series 2024, GO, BAN, 5.00%,
9/24/2024 (e) |
|
|
City of New Britain Series 2016 A, GO, 5.00%, 3/1/2024 (b) |
|
|
City of New London GO, BAN, 5.00%, 3/15/2024 |
|
|
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%, 7/1/2024 |
|
|
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%, 7/1/2026 |
|
|
South Central Connecticut Regional Water Authority
Series A, Rev., 5.00%, 8/1/2024 (b) |
|
|
| |
|
|
Series 2015A, GO, 5.00%, 3/15/2024 |
|
|
Series 2016 A, GO, 5.00%, 3/15/2024 |
|
|
Series 2020C, GO, 3.00%, 6/1/2024 |
|
|
Series F, GO, 5.00%, 11/15/2026 |
|
|
Series G, GO, 5.00%, 11/15/2028 |
|
|
Town of Wolcott GO, BAN, 4.25%, 2/11/2025 |
|
|
University of Connecticut Series 2016 A, Rev.,
5.00%, 3/15/2024 |
|
|
| |
|
|
| |
|
|
| |
| |
Delaware River and Bay Authority Series C, Rev., 5.00%, 5/1/2024 |
|
|
Delaware State Economic Development Authority,
Delmarva Power and Light Co. Project Series
2020A, Rev., 1.05%, 7/1/2025 (d) |
|
|
| |
|
|
District of Columbia — 0.3% |
District of Columbia Housing Finance Agency, Multifamily Housing Edgewood Apartments Project Series 2023, Rev., FHA, 5.00%, 6/1/2026 (d) |
|
|
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 |
|
|
District of Columbia, Gallaudet University Project
Series 2021A, Rev., 5.00%, 4/1/2026 |
|
|
Washington Metropolitan Area Transit Authority Series A-1, Rev., 5.00%, 7/1/2025 |
|
|
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%, 7/1/2027 |
|
|
Central Florida Expressway Authority, Senior Lien |
|
|
Series 2016B, Rev., 5.00%, 7/1/2025 |
|
|
Series 2019B, Rev., 5.00%, 7/1/2026 |
|
|
Series 2016 B, Rev., 5.00%, 7/1/2028 |
|
|
City of Gainesville, Utilities System Series 2017 A,
Rev., 5.00%, 10/1/2028 |
|
|
City of Jacksonville Series B, Rev., 5.00%, 10/1/2024 (b) |
|
|
City of South Miami Health Facilities Authority, Inc.,
Baptist Health South Florida Obligated Group
Rev., 5.00%, 8/15/2028 |
|
|
City of Tallahassee, Energy System Series 2018, Rev., 5.00%, 10/1/2024 |
|
|
County of Broward, Airport System Series 2013C,
Rev., 5.25%, 10/1/2026 |
|
|
County of Escambia, International Paper Co. Project, Environmental Improvement Series 2019B, Rev., 2.00%, 10/1/2024 (d) |
|
|
County of Miami-Dade Series 2016 B, Rev., 5.00%,
4/1/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short
Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
County of Miami-Dade, Aviation System |
|
|
Series 2020A, Rev., 5.00%, 10/1/2024 |
|
|
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 B, Rev., 5.00%, 10/1/2028 |
|
|
Series A, Rev., 5.00%, 10/1/2029 |
|
|
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 Okeechobee, Solid Waste Disposal, Waste
Management, Inc., Okeechobee Landfill Project
Series 2004A, Rev., 0.55%, 7/1/2024 (d) |
|
|
Duval County Public Schools Series A, COP, AGM, 5.00%, 7/1/2027 |
|
|
Florida Department of Environmental Protection
Series 2015A, Rev., 5.00%, 7/1/2025 |
|
|
Florida Department of Management Services Series 2018A, COP, 5.00%, 11/1/2026 |
|
|
Florida Higher Educational Facilities Financial
Authority, Ringling College Project Rev., 5.00%,
3/1/2024 |
|
|
Florida Housing Finance Corp., Culmer Apartments Series 2023C, Rev., 5.00%, 12/1/2025 (d) |
|
|
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%, 10/1/2027 |
|
|
Series 2018A, Rev., 4.00%, 10/1/2028 |
|
|
Series 2016A, Rev., 5.00%, 10/1/2028 |
|
|
Hillsborough County Industrial Development
Authority, Baycare Health System Series 2020D,
Rev., VRDO, LOC : TD Bank NA, 2.90%,
3/1/2024 (d) |
|
|
JEA Water And Sewer System Series 2014A, Rev., 5.00%, 4/1/2024 (b) |
|
|
Lee County School Board (The) Series A, COP,
5.00%, 8/1/2024 |
|
|
Lee Memorial Health System |
|
|
Series A-1, Rev., 5.00%, 4/1/2024 |
|
|
Series A-1, Rev., 5.00%, 4/1/2025 |
|
|
| |
|
|
| |
| |
Martin County Health Facilities Authority, Martin
Memorial Medical Center Series 2015, Rev.,
5.00%, 11/15/2024 (b) |
|
|
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 |
|
|
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) |
|
|
Miami-Dade County Industrial Development Authority, Solid Waste Disposal, Waste Management, Inc., Project Series 2018B, Rev., AMT, (SIFMA Municipal Swap Index Yield + 0.38%), 3.68%, 3/7/2024 (c) |
|
|
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) |
|
|
Palm Beach County Health Facilities Authority,
Baptist Health South Florida Obligated Group
Rev., 5.00%, 8/15/2024 |
|
|
Palm Beach County School District |
|
|
Series 2014B, COP, 5.00%, 8/1/2024 |
|
|
Series 2017B, COP, 5.00%, 8/1/2024 |
|
|
Series 2022B, COP, 5.00%, 8/1/2024 |
|
|
Series 2017A, COP, 5.00%, 8/1/2025 |
|
|
Series 2018B, COP, 5.00%, 8/1/2027 |
|
|
Pasco County School Board |
|
|
Series 2013A, COP, 5.00%, 8/1/2024 |
|
|
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 |
|
|
School Board of Miami-Dade County (The), Florida
Certificates Of Participation |
|
|
Series 2016, GO, 5.00%, 3/15/2024 |
|
|
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2015A, COP, 5.00%, 5/1/2026 |
|
|
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 |
|
|
Series 2012A, COP, 4.00%, 8/1/2028 |
|
|
Series 2014D, COP, 5.00%, 11/1/2028 |
|
|
School District of Broward County, Florida Certificates Of Participation |
|
|
Series A, 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 |
|
|
Tampa Sports Authority Series 2015, Rev., 5.00%, 1/1/2026 |
|
|
Village Community Development District No. 13
Series 2019, 2.63%, 5/1/2024 |
|
|
Volusia County School Board Series 2019, COP, 5.00%, 8/1/2024 |
|
|
Volusia County School Board, Master Lease Program
Series 2014B, COP, 5.00%, 8/1/2027 |
|
|
| |
|
|
| |
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 2013FIRST, Rev., 2.88%, 8/19/2025 (d) |
|
|
Cherokee County Board of Education Series B, GO,
5.00%, 8/1/2025 |
|
|
Cobb County Kennestone Hospital Authority Rev., 5.00%, 4/1/2024 |
|
|
County of Forsyth Series B, GO, 5.00%, 3/1/2024 |
|
|
Development Authority for Fulton County, Georgia Tech Facilities Series 2013, Rev., 5.00%, 11/1/2024 |
|
|
| |
|
|
| |
| |
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 |
|
|
Private Colleges And Universities Authority, The
Savannah College of Art And Design Project
Series 2014, Rev., 5.00%, 4/1/2024 (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 |
|
|
| |
|
|
| |
State of Hawaii Series FH, GO, 5.00%, 10/1/2028 |
|
|
| |
University of Idaho Series 2020A, Rev., 5.00%, 4/1/2024 |
|
|
| |
Carol Stream Park District Series 2020C, GO, 4.00%, 11/1/2026 |
|
|
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 |
|
|
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 System, Senior Lien |
|
|
Series 2015, Rev., 5.00%, 3/1/2024 |
|
|
Series 2015, Rev., 5.00%, 3/1/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short
Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Cook County Community College District No. 508, Unlimited Tax, City Collage of Chicago Series 2013, GO, 5.25%, 12/1/2029 |
|
|
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 2021B, GO, 4.00%, 11/15/2026 |
|
|
Series 2021 A, GO, 5.00%, 11/15/2026 |
|
|
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 Health Care
Series 2014, Rev., 5.00%, 8/1/2024 (b) |
|
|
Illinois Finance Authority, Ann & Robert H Lurie Child Series 2017, Rev., 5.00%, 8/15/2024 |
|
|
Illinois Finance Authority, Northwestern Memorial
Healthcare Series 2021A, Rev., 5.00%,
7/15/2024 |
|
|
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%), 4.00%,
3/7/2024 (c) |
|
|
Illinois Finance Authority, Presence Health Network Series 2016 C, Rev., 5.00%, 2/15/2027 |
|
|
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 |
|
|
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, University of Chicago |
|
|
Series 2015A, Rev., 5.00%, 10/1/2025 (b) |
|
|
Series 2014A, Rev., 5.00%, 10/1/2027 |
|
|
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 |
|
|
Illinois State Toll Highway Authority |
|
|
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 |
|
|
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 2014 A, Rev., 5.00%, 6/1/2024 (b) |
|
|
| |
|
|
Series 2022A, GO, 5.00%, 3/1/2024 |
|
|
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 2016, GO, 5.00%, 2/1/2027 |
|
|
Series FEBRUARY 2014, GO, AGM - CR, 5.00%,
2/1/2027 |
|
|
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 2018A, GO, 5.00%, 5/1/2029 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
State of Illinois Sales Tax Series 2013, Rev., 5.00%,
6/15/2026 |
|
|
Village of Oswego Series 2016, GO, 5.00%, 12/15/2025 (b) |
|
|
| |
|
|
| |
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 |
|
|
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, 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 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 Municipal Power Agency, Power Supply System |
|
|
Series 2016 C, Rev., 5.00%, 1/1/2025 |
|
|
Series 2014A, Rev., 5.00%, 1/1/2027 |
|
|
Series 2014A, Rev., 5.00%, 1/1/2028 |
|
|
Indianapolis Local Public Improvement Bond Bank, Courthouse And Jail Project Series 2019A, Rev., 5.00%, 2/1/2025 |
|
|
Ivy Tech Community College of Indiana, Student Fee
Series R-1, Rev., 5.00%, 7/1/2024 |
|
|
Town of Schererville, Sewage Works Rev., 4.00%, 3/1/2024 |
|
|
| |
|
|
| |
|
|
| |
| |
County of Polk Series 2019, GO, 4.00%, 6/1/2025 |
|
|
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project Rev., VRDO, 3.55%, 3/11/2024 (d) |
|
|
University of Iowa (The), Parking System Bond
Anticipation Project Series 2023, Rev., BAN,
3.50%, 7/1/2026 |
|
|
| |
|
|
| |
City of Derby Series 2024-1, GO, 4.00%, 12/1/2026 (f) |
|
|
Sedgwick County Unified School District No. 265
Goddard Series 2020A, GO, 3.00%, 10/1/2024 |
|
|
Wyandotte County Unified School District No. 202 Turner Series 2019A, GO, AGM, 3.00%, 9/1/2024 |
|
|
| |
|
|
| |
Kentucky Asset Liability Commission, Federal
Highway Trust Fund |
|
|
| |
|
|
Series 2023A, Rev., 5.00%, 9/1/2024 |
|
|
Series A, Rev., 5.00%, 9/1/2025 |
|
|
Series A, Rev., 5.00%, 9/1/2026 |
|
|
Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group Series 2019A-1, Rev., 5.00%, 8/1/2025 |
|
|
Kentucky Public Energy Authority, Gas Supply Series
2018A, Rev., 4.00%, 3/15/2024 (d) |
|
|
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. 110 Rev., 5.00%, 8/1/2024 |
|
|
Kentucky State Property and Building Commission, Project No. 112 |
|
|
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short
Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
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 |
|
|
| |
|
|
| |
Calcasieu Parish School District No. 23, Public
School Improvement GO, 5.00%, 9/1/2024 |
|
|
Central Community School System Series 2014, GO, 4.00%, 3/1/2024 (b) |
|
|
City of Shreveport, Water and Sewer, Junior Lien
Series 2018C, Rev., 5.00%, 12/1/2026 |
|
|
East Baton Rouge Sewerage Commission Series 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) |
|
|
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, Hurricane
Recovery Program Series 2014, Rev., 5.00%,
6/1/2024 (b) |
|
|
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-1, Rev., 2.13%, 7/1/2024 (d) |
|
|
Series 2017B-2, Rev., 2.38%, 7/1/2026 (d) |
|
|
St Tammany Parish Wide School District No. 12
Series 2014, GO, 5.00%, 3/1/2024 (b) |
|
|
State of Louisiana Series D-1, GO, 5.00%, 12/1/2027 |
|
|
| |
|
|
| |
| |
State of Louisiana Gasoline and Fuels Tax Series A,
Rev., 4.50%, 5/1/2025 (b) |
|
|
State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2023 A-2, Rev., VRDO, LOC : TD Bank NA, 2.95%, 3/1/2024 (d) |
|
|
| |
|
|
| |
Maine Health and Higher Educational Facilities
Authority, Mainehealth Series 2020A, Rev.,
5.00%, 7/1/2026 |
|
|
| |
County of Baltimore, Consolidated Public
Improvement Series 2018, GO, 5.00%,
3/1/2024 |
|
|
County of Montgomery, Trinity Health Credit Group Series 2013MD, Rev., VRDO, 3.75%, 6/3/2024 (d) |
|
|
County of Prince George's, Consolidated Public
Improvement Series 2014A, GO, 4.00%,
9/1/2028 |
|
|
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 2013A, Rev., 4.00%, 8/15/2024 |
|
|
| |
|
|
Series 2013A, Rev., 5.00%, 8/15/2024 |
|
|
Maryland Stadium Authority, Construction and
Revitalization Program Series 2018 A, Rev.,
5.00%, 5/1/2025 |
|
|
| |
|
|
Series 2018 A, GO, 5.00%, 3/15/2024 |
|
|
Series B, GO, 4.00%, 6/1/2025 |
|
|
Series 2016, GO, 4.00%, 6/1/2027 |
|
|
State of Maryland Department of Transportation, Second Issue Rev., 5.00%, 6/1/2025 |
|
|
| |
|
|
| |
City of Quincy Series 2023, GO, BAN, 4.50%,
7/5/2024 |
|
|
Massachusetts Bay Transportation Authority, Sales Tax Series 2021, Rev., BAN, 4.00%, 5/1/2025 |
|
|
Massachusetts Development Finance Agency,
Caregroup |
|
|
Series 2015 H-1, Rev., 5.00%, 7/1/2024 (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
Massachusetts — continued |
Series 2015 H-1, Rev., 5.00%, 7/1/2024 |
|
|
Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group Series 2024 U-2, Rev., VRDO, LOC : TD Bank NA, 3.65%, 3/1/2024 (d) |
|
|
Massachusetts Development Finance Agency,
Partners Healthcare System Issue Series
2017S-2, Rev., 5.00%, 1/30/2025 (d) |
|
|
Massachusetts Development Finance Agency, Suffolk University Issue Rev., 5.00%, 7/1/2024 |
|
|
Massachusetts School Building Authority, Dedicated
Sales Tax Series 2015C, Rev., 5.00%,
8/15/2025 (b) |
|
|
Massachusetts State College Building Authority Series 2016A, Rev., 5.00%, 5/1/2025 (b) |
|
|
Massachusetts Water Resources Authority Series
2014F, Rev., 5.00%, 8/1/2024 (b) |
|
|
Montachusett Regional Transit Authority Rev., RAN, GTD, 4.50%, 7/26/2024 |
|
|
Southeastern Massachusetts Regional 911 District
GO, BAN, 5.00%, 10/10/2024 |
|
|
Town of Hatfield GO, BAN, 4.50%, 5/16/2024 |
|
|
Town of Randolph GO, BAN, 4.75%, 6/27/2024 |
|
|
Town of West Springfield GO, BAN, 4.75%, 6/20/2024 |
|
|
| |
|
|
| |
Charter Township of Commerce, Limited Tax Series
2016 A, GO, 5.00%, 4/1/2024 |
|
|
City of Gladstone, Capital Improvement, Limited Tax |
|
|
| |
|
|
| |
|
|
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%, 7/1/2027 |
|
|
Huron Valley School District, Unlimited Tax GO,
Q-SBLF, 2.00%, 5/1/2024 |
|
|
Jackson Public Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2024 |
|
|
| |
|
|
| |
| |
Michigan Finance Authority, Beaumont Health Credit
Group Series 2015A, Rev., 5.00%, 8/1/2024 (b) |
|
|
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 |
|
|
Series 2015MI, Rev., 5.50%, 12/1/2027 |
|
|
Michigan Finance Authority, Local Government Loan
Program, Detroit Water and Sewerage
Department, Sewage Disposal |
|
|
Series 2014C-3, Rev., AGM, 5.00%, 7/1/2027 |
|
|
Series 2014C-3, Rev., AGM, 5.00%, 7/1/2028 |
|
|
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 |
|
|
Michigan State Building Authority, Facilities Program |
|
|
Series 2023-I, Rev., VRDO, 3.40%,
3/11/2024 (d) |
|
|
Series 2019 I, Rev., 5.00%, 4/15/2025 |
|
|
Michigan State Hospital Finance Authority,
Ascension Health Credit Group Series 2010F-3,
Rev., 4.00%, 7/1/2024 (d) |
|
|
Michigan State Hospital Finance Authority, Trinity Health Credit Group Series 2008C, Rev., 5.00%, 12/1/2024 |
|
|
Michigan Strategic Fund, Waste Management, Inc.,
Project Rev., 0.58%, 8/1/2024 (d) |
|
|
RIB Floater Trust Various States Series 46, Rev., VRDO, LOC : Barclays Bank plc, 3.90%, 3/1/2024 (d) (e) |
|
|
Roseville Community Schools, Unlimited Tax Series
2015, GO, Q-SBLF, 5.00%, 5/1/2025 (b) |
|
|
Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group Series 2014D, Rev., 5.00%, 3/1/2024 (b) |
|
|
South Lyon Community Schools Series 2023-2, GO,
4.00%, 5/1/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short
Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
University of Michigan Series 2017 A, Rev., 5.00%, 4/1/2024 |
|
|
Wayne State University Series 2015A, Rev., 5.00%,
11/15/2025 |
|
|
| |
|
|
| |
City of Wayzata, Folkestone Senior Living Community Rev., 3.00%, 8/1/2024 |
|
|
Duluth Economic Development Authority,
Benedictine Health System Series 2021A, Rev.,
3.00%, 7/1/2024 |
|
|
Duluth Independent School District No. 709 Series 2019B, COP, 5.00%, 2/1/2028 |
|
|
Minneapolis-St. Paul Metropolitan Airports
Commission Series A, Rev., 5.00%, 1/1/2027 |
|
|
State of Minnesota Series 2014A, GO, 5.00%, 8/1/2026 |
|
|
| |
|
|
| |
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) |
|
|
| |
|
|
| |
| |
|
|
Series 2022A, GO, 5.00%, 2/1/2025 |
|
|
Series 2017C, Rev., 5.00%, 9/1/2027 |
|
|
Series 2017 C, Rev., 5.00%, 9/1/2028 |
|
|
City of Kansas City, Downtown Arena Project Series
E, Rev., 5.00%, 4/1/2028 |
|
|
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, 2.85%, 3/1/2024 (d) |
|
|
Health and Educational Facilities Authority of the
State of Missouri, St. Louis University Rev.,
5.00%, 11/15/2028 |
|
|
Lawson Reorganized School District No. R-14 Series 2019 A, GO, 4.00%, 3/1/2024 |
|
|
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 |
|
|
North Kansas City School District No. 74 Series
2016 B, GO, 4.00%, 3/1/2024 |
|
|
St. Louis County Special School District COP, 4.00%, 4/1/2024 |
|
|
| |
|
|
| |
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 B, Rev., 5.00%, 1/1/2026 |
|
|
Series 2016A, Rev., 5.00%, 1/1/2027 |
|
|
Series C, Rev., 5.00%, 1/1/2028 |
|
|
Series A-1, Rev., 5.00%, 1/1/2029 |
|
|
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
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 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 |
|
|
County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien Series 2019D, Rev., 5.00%, 7/1/2025 |
|
|
Henderson Public Improvement Trust, Touro College
And University System Series 2014A, Rev.,
5.50%, 7/1/2024 (b) |
|
|
| |
|
|
| |
New Hampshire Business Finance Authority, Waste Management, Inc., Project Series 2018A, Rev., AMT, (SIFMA Municipal Swap Index Yield + 0.38%), 3.68%, 3/7/2024 (c) |
|
|
| |
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project |
|
|
Series 2021A, Rev., AGM, 5.00%, 7/1/2024 |
|
|
Series 2021A, Rev., AGM, 5.00%, 7/1/2026 |
|
|
Bergen County Improvement Authority (The) Series
2023, Rev., GTD, 4.50%, 5/31/2024 |
|
|
Borough of Carlstadt GO, BAN, 4.50%, 5/3/2024 |
|
|
Borough of Carteret Series 2023, GO, BAN, 4.75%,
5/31/2024 |
|
|
Borough of Glen Ridge GO, BAN, 4.50%, 7/11/2024 |
|
|
Borough of High Bridge GO, BAN, 5.00%,
6/13/2024 |
|
|
Borough of Montvale GO, BAN, 4.50%, 4/11/2024 |
|
|
Borough of Mountainside GO, BAN, 5.00%,
7/19/2024 |
|
|
Borough of North Caldwell GO, BAN, 4.50%, 7/12/2024 |
|
|
Borough of Point Pleasant, General Capital Water
and Sewer Utility GO, BAN, 4.50%, 8/30/2024 |
|
|
Borough of Ramsey GO, BAN, 4.50%, 2/28/2025 (f) |
|
|
| |
|
|
| |
| |
Borough of Union Beach GO, BAN, 4.50%,
4/23/2024 |
|
|
Burlington County Bridge Commission, Government Leasing Program Series 2023A, Rev., GTD, 4.00%, 4/10/2024 |
|
|
City of Ventnor City GO, BAN, 4.50%, 7/10/2024 |
|
|
Gloucester County Improvement Authority (The), Landfill Project Series 2016 A, Rev., GTD, 4.00%, 3/1/2024 |
|
|
Jersey City Municipal Utilities Authority, Sewer
Project Notes Series 2023A, Rev., 4.00%,
5/3/2024 |
|
|
Jersey City Municipal Utilities Authority, Water Project Notes Series 2023B, Rev., 4.00%, 5/3/2024 |
|
|
New Brunswick Parking Authority, Tax-Exempt Series
2020B, Rev., GTD, 5.00%, 9/1/2024 |
|
|
New Jersey Economic Development Authority Series A, Rev., 4.00%, 11/1/2027 |
|
|
New Jersey Economic Development Authority,
School Facilities Construction |
|
|
Series 2023 RRR, Rev., 5.00%, 3/1/2024 |
|
|
Series 2014RR, Rev., 5.00%, 6/15/2024 (b) |
|
|
Series 2021QQQ, Rev., 5.00%, 6/15/2024 |
|
|
Series 2019GGG, Rev., 5.25%, 9/1/2024 (e) |
|
|
Series 2024SSS, Rev., 5.00%, 6/15/2026 (f) |
|
|
Series 2024SSS, Rev., 5.00%, 6/15/2027 (f) |
|
|
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement Series 2014A, Rev., 5.00%, 9/1/2024 |
|
|
New Jersey Educational Facilities Authority,
Princeton University Series 2014 A, Rev., 5.00%,
7/1/2024 |
|
|
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Series 2019B-1, Rev., 5.00%, 7/1/2024 (d) |
|
|
New Jersey Health Care Facilities Financing
Authority, Virtua Health Obligated Group Rev.,
5.00%, 7/1/2025 |
|
|
New Jersey Transportation Trust Fund Authority, Capital Appreciation Series 2010A, Rev., Zero Coupon, 12/15/2028 |
|
|
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short
Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
New Jersey Turnpike Authority |
|
|
Series 2014A, Rev., 5.00%, 1/1/2027 |
|
|
Series 2014A, Rev., 5.00%, 1/1/2028 |
|
|
Passaic County Improvement Authority (The), City of Paterson Project Rev., GTD, 5.00%, 8/15/2026 |
|
|
Penns Grove-Carneys Point Regional School District
GO, GAN, 4.50%, 7/3/2024 |
|
|
State of New Jersey GO, 5.00%, 6/1/2025 (b) |
|
|
State of New Jersey, COVID-19 Emergency Bonds
Series 2020A, GO, 5.00%, 6/1/2026 |
|
|
State of New Jersey, Various Purpose GO, 5.00%, 6/1/2024 |
|
|
Tobacco Settlement Financing Corp. |
|
|
Series 2018A, Rev., 5.00%, 6/1/2026 |
|
|
Series 2018A, Rev., 5.00%, 6/1/2028 |
|
|
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 Eastampton GO, BAN, 4.50%, 7/24/2024 |
|
|
Township of Lawrence GO, BAN, 5.00%, 6/7/2024 |
|
|
Township of Middle, General Improvement Sewer Utility GO, BAN, 4.50%, 9/5/2024 |
|
|
Township of Mount Holly Series 2023A, GO, BAN,
4.50%, 9/26/2024 |
|
|
Township of Rochelle Park GO, BAN, 4.50%, 8/9/2024 |
|
|
Township of Saddle Brook GO, BAN, 4.50%,
5/10/2024 |
|
|
Township of Scotch Plains GO, BAN, 4.50%, 1/17/2025 |
|
|
Township of Tewksbury Series 2023A, GO, 4.50%,
5/14/2024 |
|
|
Township of West Orange Series 2023, GO, BAN, 4.00%, 3/26/2024 |
|
|
Village of Ridgefield Park GO, BAN, 4.50%,
4/5/2024 |
|
|
| |
|
|
| |
New Mexico Finance Authority, State Transportation, Subordinate Lien Series 2014A, Rev., 5.00%, 6/15/2025 |
|
|
| |
|
|
| |
| |
New Mexico Hospital Equipment Loan Council,
Presbyterian Health Care Services Series 2015A,
Rev., 5.00%, 8/1/2025 (b) |
|
|
State of New Mexico, Capital Projects Series A, GO, 5.00%, 3/1/2024 |
|
|
| |
|
|
| |
Build NYC Resource Corp., The New York Methodist
Hospital Project Series 2014, Rev., 5.00%,
7/1/2024 (b) |
|
|
Canton Central School District Series 2023B, GO, BAN, 4.50%, 7/5/2024 |
|
|
Chenango Forks Central School District Series B, GO,
BAN, 4.50%, 6/28/2024 |
|
|
City of Geneva Series 2023, GO, BAN, 4.50%, 5/2/2024 |
|
|
City of Long Beach Series 2024A, GO, BAN, 4.50%,
9/27/2024 |
|
|
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%, 8/1/2025 |
|
|
City of New York, Fiscal Year 2018 Series B-5, GO, VRDO, LIQ : Barclays Bank plc, 2.85%, 3/1/2024 (d) |
|
|
City of Troy GO, BAN, 4.50%, 7/26/2024 |
|
|
Clarence Central School District GO, BAN, 4.50%, 6/20/2024 |
|
|
Corning City School District Series 2023A, GO, BAN,
5.00%, 6/21/2024 |
|
|
Deposit Central School District Series A, GO, BAN, 4.75%, 6/28/2024 |
|
|
East Islip Union Free School District GO, BAN,
4.50%, 6/26/2024 |
|
|
Eastport-South Manor Central School District Series 2019, GO, 5.00%, 3/1/2024 |
|
|
Evans-Brant Central School District Series B, GO,
BAN, 4.50%, 6/20/2024 |
|
|
Fonda-Fultonville Central School District GO, BAN, 4.50%, 7/12/2024 |
|
|
Frewsburg Central School District GO, BAN, 4.50%,
7/9/2024 |
|
|
Greenwich Central School District GO, BAN, 4.50%, 6/25/2024 |
|
|
Guilderland Central School District GO, BAN, 4.50%,
7/26/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Half Hollow Hills Central School District, Huntington and Babylon Suffolk County Series 2013A, GO, 4.00%, 4/15/2024 |
|
|
Hempstead Union Free School District GO, RAN,
5.00%, 6/28/2024 |
|
|
Lafayette Central School District |
|
|
GO, RAN, 5.00%, 6/14/2024 |
|
|
GO, BAN, 4.50%, 6/28/2024 |
|
|
Le Roy Central School District Series B, GO, BAN,
4.75%, 6/28/2024 |
|
|
Letchworth Central School District of Gainesville GO, BAN, 4.75%, 6/21/2024 |
|
|
Long Island Power Authority, Electric System Rev.,
1.00%, 9/1/2025 |
|
|
Lyncourt Union Free School District GO, BAN, 4.50%, 6/27/2024 |
|
|
Malone Central School District GO, BAN, 4.50%,
6/27/2024 |
|
|
Massena Central School District GO, BAN, 4.50%, 6/28/2024 |
|
|
Metropolitan Transportation Authority |
|
|
Series 2002G-1F, Rev., (SOFR + 0.43%), 3.99%, 3/7/2024 (c) |
|
|
Series 2014B, Rev., 5.00%, 11/15/2024 |
|
|
Series 2015F, 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 |
|
|
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., 3.78%, 3/1/2024 (d) |
|
|
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.,
2.85%, 3/1/2024 (d) |
|
|
Series 2014D-1, Rev., 5.00%, 4/2/2024 |
|
|
Series 2014 B-1, Rev., 5.00%, 11/1/2027 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 |
|
|
Series 2015B SUB B-1, Rev., 5.00%, 8/1/2027 |
|
|
Series 2015 A-1, Rev., 5.00%, 8/1/2028 |
|
|
| |
|
|
| |
| |
New York State Dormitory Authority, Education,
State Personal Income Tax Series 2005 B, Rev.,
AMBAC, 5.50%, 3/15/2024 |
|
|
New York State Dormitory Authority, Hospitals Center, Langone Hospitals Obligated Group Series 2016A, Rev., 5.00%, 7/1/2024 |
|
|
New York State Dormitory Authority, New York
University Series 2017 A, Rev., 5.00%,
7/1/2028 |
|
|
New York State Dormitory Authority, State Personal Income Tax, General Purpose |
|
|
Series 2015A, Rev., 5.00%, 3/15/2024 (b) |
|
|
Series 2018A, Rev., 5.00%, 3/15/2024 (b) |
|
|
Series 2021 D, Rev., 5.00%, 3/15/2024 |
|
|
Series 2017 A, Rev., 5.00%, 2/15/2025 (b) |
|
|
Series 2014A, Rev., 5.00%, 2/15/2029 |
|
|
New York State Dormitory Authority, State Sales Tax |
|
|
Series 2015 B, Rev., 5.00%, 3/15/2024 (b) |
|
|
Series 2015A, Rev., 5.00%, 3/15/2024 (b) |
|
|
Series 2018 C, Rev., 5.00%, 3/15/2024 (b) |
|
|
Series 2018C, Rev., 5.00%, 3/15/2025 (b) |
|
|
New York State Environmental Facilities Corp., State
Clean Water and Drinking Water Revolving Funds,
Municipal Water Finance Authority Projects -
Second Resolution |
|
|
Series 2014A, Rev., 5.00%, 6/15/2026 |
|
|
Series 2014A, Rev., 5.00%, 6/15/2027 |
|
|
New York State Thruway Authority |
|
|
Series J, Rev., 5.00%, 5/14/2024 |
|
|
Series K, Rev., 5.00%, 1/1/2027 |
|
|
New York State Urban Development Corp., State
Personal Income Tax |
|
|
Series 2016 A, Rev., 4.00%, 3/15/2024 |
|
|
Series 2015 A, Rev., 5.00%, 3/15/2024 |
|
|
New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2016A, Rev., 5.00%, 3/15/2024 |
|
|
Newark Valley Central School District GO, BAN,
4.75%, 8/30/2024 |
|
|
Onondaga Central School District GO, BAN, 4.50%, 6/28/2024 |
|
|
Oriskany Central School District Series B, GO, BAN,
4.50%, 7/5/2024 |
|
|
Otego-Unadilla Central School District, New York General Obligation Anticipation GO, BAN, 4.50%, 7/18/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short
Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Owego Apalachin Central School District GO, BAN,
4.50%, 7/5/2024 |
|
|
Saranac Lake Central School District GO, BAN, 4.50%, 6/21/2024 |
|
|
Schenectady City School District GO, BAN, 4.50%,
7/19/2024 |
|
|
Shenendehowa Central School District GO, BAN, 4.50%, 6/28/2024 |
|
|
Spencer Van Etten Central School GO, BAN, 4.50%,
6/28/2024 |
|
|
Three Village Central School District Brookhaven and Smithtown GO, TAN, 4.50%, 6/24/2024 |
|
|
Town of Dryden Series 2024, GO, BAN, 4.50%,
1/23/2025 |
|
|
Town of Goshen Series 2023, GO, BAN, 4.50%, 4/25/2024 |
|
|
Town of Haverstraw Series 2023, GO, BAN, 4.50%,
5/10/2024 |
|
|
Town of Lancaster Series A, GO, BAN, 4.50%, 7/19/2024 |
|
|
Town of Orchard Park GO, BAN, 4.50%, 8/16/2024 |
|
|
Town of Oyster Bay Series 2023, GO, BAN, 4.75%, 8/23/2024 |
|
|
Town of Stillwater Series 2023, GO, BAN, 4.50%,
5/31/2024 |
|
|
Town of Wawarsing GO, BAN, 4.50%, 7/25/2024 |
|
|
Tully Central School District GO, BAN, 4.50%,
6/27/2024 |
|
|
Village of Farmingdale Series l, GO, BAN, 4.25%, 1/30/2025 |
|
|
Village of Freeport Series 2023C, GO, BAN, 4.50%,
4/26/2024 |
|
|
Village of Highland Falls Series 2024A, GO, BAN, 4.00%, 9/27/2024 |
|
|
Village of Ilion Series 2023, GO, BAN, 4.50%,
5/10/2024 |
|
|
Village of Kenmore Series 2023, GO, BAN, 4.50%, 5/17/2024 |
|
|
Village of Skaneateles GO, BAN, 5.00%, 6/14/2024 |
|
|
Warwick Valley Central School District Series 2023A, GO, BAN, 4.75%, 6/28/2024 |
|
|
Watertown Enlarged City School District Series
2023, GO, BAN, 4.50%, 6/27/2024 |
|
|
Wayne Central School District GO, BAN, 4.50%, 7/26/2024 |
|
|
| |
|
|
| |
| |
Westfield Central School District GO, BAN, 5.00%,
6/13/2024 |
|
|
Windsor Central School District GO, BAN, 4.50%, 7/26/2024 |
|
|
| |
|
|
| |
Charlotte-Mecklenburg Hospital Authority (The),
Atrium Health Variable Rate, Health Care Series
2021B, Rev., 5.00%, 12/2/2024 (d) |
|
|
| |
|
|
Series 2015B, COP, 5.00%, 6/1/2024 |
|
|
Series 2015C, COP, 5.00%, 12/1/2024 (b) |
|
|
Series 2021A, Rev., 5.00%, 7/1/2025 |
|
|
City of Raleigh, Downtown Improvement Projects Series 2005-B-1, COP, VRDO, LIQ : PNC Bank NA, 3.10%, 3/11/2024 (d) |
|
|
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 Forsyth Series 2019B, GO, 5.00%,
3/1/2024 |
|
|
County of New Hanover Series 2017, Rev., 5.00%, 10/1/2024 (b) |
|
|
County of Orange Series 2012, GO, 4.00%,
4/1/2024 |
|
|
| |
|
|
Series 2019 B, GO, 5.00%, 3/1/2024 |
|
|
Series 2021, Rev., 5.00%, 3/1/2024 |
|
|
North Carolina Eastern Municipal Power Agency
Series 1993 B, Rev., NATL - RE, 6.00%,
1/1/2025 (b) |
|
|
North Carolina Medical Care Commission, Duke University Health Health Series 2016 A, Rev., 5.00%, 6/1/2024 |
|
|
North Carolina Medical Care Commission, Vidant
Health Series 2015, Rev., 5.00%, 6/1/2025 (b) |
|
|
Raleigh Durham Airport Authority Series 2020B, Rev., 5.00%, 5/1/2025 |
|
|
| |
|
|
| |
|
|
Series 2014C, Rev., 5.00%, 5/1/2027 |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
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., Combined Hydroelectric Projects Series 2020A, Rev., 5.00%, 2/15/2027 |
|
|
American Municipal Power, Inc., Electric System
Improvement, City of Wapakoneta Project Rev.,
BAN, 4.50%, 6/21/2024 |
|
|
Athens City School District, Unlimited Tax Series 2023, GO, BAN, 4.75%, 6/3/2024 |
|
|
Bowling Green City School District, Ohio Wood
County School Facilities General Obligation
Unlimited Tax GO, BAN, 4.75%, 6/3/2024 |
|
|
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 Strongsville Series 2023, GO, BAN, 4.50%,
6/7/2024 |
|
|
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, 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, Hospital Facility Cincinnati Children's Hospital Series 2014S, Rev., 5.00%, 5/15/2027 |
|
|
County of Hamilton, Metropolotan Sewer district of
Greater Cincinnati Series 2014A, Rev., 5.00%,
12/1/2028 |
|
|
County of Lorain Series 2023, GO, BAN, 4.13%, 5/2/2024 |
|
|
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 |
|
|
| |
|
|
| |
| |
Lucas-Plaza Housing Development Corp. Series B,
Rev., FHA, Zero Coupon, 6/1/2024 (b) |
|
|
New Albany Plain Local School District Series 2021 A, GO, 4.00%, 12/1/2024 |
|
|
North Canton City School District Series 2023, GO,
BAN, 4.63%, 7/23/2024 |
|
|
Ohio Higher Educational Facility Commission, Case Western Reserve University Project Series 2015A, Rev., 5.00%, 12/1/2024 |
|
|
Ohio Higher Educational Facility Commission,
Cleveland Clinic Health System Series 2008-B4,
Rev., VRDO, LIQ : Barclays Bank plc, 2.80%,
3/1/2024 (d) |
|
|
Ohio Higher Educational Facility Commission, Denison University 2017 Project Series 2017 A, Rev., 5.00%, 11/1/2024 |
|
|
Salem City School District Series 2023, GO, BAN,
5.25%, 6/3/2024 |
|
|
| |
|
|
Series 2017 A, GO, 5.00%, 3/15/2024 (b) |
|
|
Series 2017 A, GO, 5.00%, 3/15/2024 |
|
|
State of Ohio, Adult Correctional Building Fund
Projects Series 2016 C, Rev., VRDO, 3.30%,
3/11/2024 (d) |
|
|
State of Ohio, Cleveland Clinic Health System Series 2019F, Rev., VRDO, LIQ : US Bank NA, 3.45%, 3/1/2024 (d) |
|
|
State of Ohio, Conservation Projects Series 2017A,
GO, 5.00%, 3/1/2024 |
|
|
State of Ohio, University Hospitals Health System, Inc. Series 2015A, Rev., VRDO, 3.60%, 3/11/2024 (d) |
|
|
| |
|
|
| |
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%, 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 2014A, Rev., 5.00%, 6/1/2028 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short
Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Kingfisher County Educational Facilities Authority,
Lomega Public Schools Project Rev., 3.00%,
3/1/2024 |
|
|
Oklahoma Capitol Improvement Authority |
|
|
Series 2014 A, Rev., 5.00%, 7/1/2027 |
|
|
Series 2014 A, Rev., 5.00%, 7/1/2028 |
|
|
Oklahoma Development Finance Authority, Health
System, Integris Obligated Group Series 2015A,
Rev., 5.00%, 8/15/2024 |
|
|
Oklahoma Municipal Power Authority, Power Supply System |
|
|
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 |
|
|
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 |
|
|
| |
|
|
| |
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 B, Rev., 5.00%, 4/1/2027 |
|
|
| |
|
|
| |
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%, 6/1/2024 |
|
|
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 |
|
|
Chester County Health and Education Facilities
Authority, Main Line Health System Series
2020A, Rev., 3.00%, 9/1/2024 |
|
|
| |
|
|
| |
| |
| |
|
|
Series 2017A, GO, 5.00%, 8/1/2024 |
|
|
Series 2019A, GO, 5.00%, 8/1/2024 |
|
|
Series 2019B, GO, 5.00%, 2/1/2025 |
|
|
Series 2019 A, GO, 5.00%, 8/1/2025 |
|
|
Series 2019B, GO, 5.00%, 2/1/2028 |
|
|
City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2026 |
|
|
Commonwealth Financing Authority |
|
|
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 2ND, GO, 4.38%, 3/19/2024 |
|
|
Series 2ND, GO, 5.00%, 3/19/2024 |
|
|
Series 1ST, GO, 5.00%, 6/15/2024 (b) |
|
|
Series 2018A, COP, 5.00%, 7/1/2027 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
County of Lackawanna Series 2020A, GO, 4.00%,
3/15/2024 |
|
|
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 |
|
|
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) |
|
|
General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group |
|
|
Series 2019E, Rev., VRDO, LIQ : US Bank NA,
2.80%, 3/1/2024 (d) |
|
|
Series 2014A, Rev., 5.00%, 6/1/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Lancaster County Hospital Authority, University of
Pennsylvania Health System Series 2016A, Rev.,
5.00%, 8/15/2026 |
|
|
Montgomery County Higher Education and Health Authority, Arcadia University Rev., 5.00%, 4/1/2024 |
|
|
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) |
|
|
New Castle Area School District GO, 4.00%, 3/1/2024 |
|
|
Pennsylvania Economic Development Financing
Authority, Solid Waste Disposal, Republic
Services, Inc., Project Series 2010 B, Rev.,
3.75%, 4/1/2024 (d) |
|
|
Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center Series 2017A, Rev., 5.00%, 11/15/2026 |
|
|
Pennsylvania Economic Development Financing
Authority, UPMC Series 2014A, Rev., 5.00%,
2/1/2028 |
|
|
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project Series 2017A, Rev., AMT, 0.58%, 8/1/2024 (d) |
|
|
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 Higher Educational Facilities Authority, University of Pennsylvania Health System |
|
|
Series 2015, Rev., 5.00%, 8/15/2024 |
|
|
Series 2016 C, Rev., 5.00%, 8/15/2024 |
|
|
Pennsylvania State University (The) Series 2020 E,
Rev., 5.00%, 3/1/2024 |
|
|
Pennsylvania Turnpike Commission |
|
|
Rev., VRDO, LOC : TD Bank NA, 3.30%,
3/11/2024 (d) |
|
|
Series A-2, Rev., 5.00%, 12/1/2024 |
|
|
Series A-1, Rev., 5.00%, 12/1/2025 |
|
|
Series 2020B, 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 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 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%, 10/1/2028 |
|
|
Philadelphia Gas Works Co. Series 13, Rev., 5.00%,
8/1/2024 |
|
|
Philadelphia Gas Works Co., 1998 General Ordinance |
|
|
Series A-2, Rev., VRDO, LOC : TD Bank NA,
3.30%, 3/11/2024 (d) |
|
|
Series 14TH, Rev., 5.00%, 10/1/2024 |
|
|
Series 14TH, Rev., 5.00%, 10/1/2026 |
|
|
Series 14TH, Rev., 5.00%, 10/1/2028 |
|
|
School District of Philadelphia (The) Series F, GO,
5.00%, 9/1/2024 |
|
|
Southeastern Pennsylvania Transportation Authority Series 2019, Rev., 5.00%, 3/1/2024 |
|
|
Spring-Benner-Walker Joint Authority Series A, Rev.,
4.00%, 9/1/2024 |
|
|
Township of East Coventry |
|
|
| |
|
|
| |
|
|
Township of Radnor GO, 3.00%, 6/15/2024 |
|
|
Uniontown Area School District GO, 3.00%, 10/1/2024 |
|
|
Unionville-Chadds Ford School District Series 2016,
GO, 5.00%, 6/1/2025 |
|
|
Wyalusing Area School District |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Rhode Island Commerce Corp., Department of
Transportation Series 2016 B, Rev., 5.00%,
6/15/2025 |
|
|
| |
Anderson County School District No. 1 Series 2022,
GO, SCSDE, 5.00%, 3/1/2024 |
|
|
Beaufort County School District Series 2022D, GO, SCSDE, 5.00%, 3/1/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short
Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
South Carolina — continued |
Berkeley County School District |
|
|
Series 2023A, GO, SCSDE, 5.00%, 5/30/2024 |
|
|
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 |
|
|
County of Dorchester, Transportation Project Series
2013 A, GO, 4.00%, 3/15/2024 |
|
|
County of Lancaster Series 2019, GO, 5.00%, 3/1/2024 |
|
|
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%, 3/1/2024 |
|
|
Series 2016, Rev., 5.00%, 3/1/2024 |
|
|
Piedmont Municipal Power Agency Series 2015A,
Rev., 5.00%, 1/1/2026 |
|
|
Richland County School District No. 1 Series 2014C, GO, SCSDE, 5.00%, 3/1/2024 |
|
|
SCAGO Educational Facilities Corp. for Pickens
School District |
|
|
Series 2015, Rev., 5.00%, 12/1/2024 |
|
|
Series 2015, Rev., 5.00%, 12/1/2025 |
|
|
| |
|
|
South Carolina Association of Governmental
Organizations Series 2023A, COP, SCSDE, 5.00%,
3/1/2024 |
|
|
South Carolina Public Service Authority Series 2014C, Rev., 5.00%, 12/1/2024 |
|
|
York County School District No. 3 Rock Hill Series
2017 B, GO, SCSDE, 5.00%, 3/1/2024 |
|
|
| |
|
|
| |
Harrisburg School District No. 41-2 Series 2019, GO, 5.00%, 8/1/2024 |
|
|
South Dakota Health And Educational Facilities
Authority, Sanford Obligated Group Series 2015,
Rev., 5.00%, 11/1/2024 |
|
|
| |
|
|
| |
City of Knoxville, Gas System Series 2021-AA, Rev., 5.00%, 3/1/2024 |
|
|
City of Memphis Series 2014A, GO, 5.00%,
11/1/2024 |
|
|
| |
|
|
| |
| |
Metropolitan Government Nashville and Davidson County Industrial Development Board, Waste Management, Inc., Project Rev., 0.58%, 8/1/2024 (d) |
|
|
Metropolitan Government Nashville and Davidson
County, Health and Educational Facilities Board,
Shelby House Apartments Project Series 2021B,
Rev., 1.25%, 12/1/2024 (d) |
|
|
Tennessee Energy Acquisition Corp., Commodity Project Series 2021A, Rev., 5.00%, 11/1/2026 |
|
|
| |
|
|
| |
Argyle Independent School District, Unlimited Tax
Series 2014, GO, PSF-GTD, 5.00%,
8/15/2024 (b) |
|
|
Arlington Housing Finance Corp. Series 2023, Rev., 4.50%, 4/1/2027 (d) |
|
|
Austin Community College District Public Facility
Corp., Lease, Highland Campus Parking Garage
Project |
|
|
Series 2018C, Rev., 5.00%, 8/1/2024 |
|
|
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) |
|
|
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 |
|
|
Capital Area Housing Finance Corp., Multi-Family Housing, Grand Avenue Flats Ltd. Rev., 0.29%, 8/1/2024 (d) |
|
|
Capital Area Housing Finance Corp., Variable
Lockhart Farms Apartments Rev., 0.70%,
6/1/2024 (d) |
|
|
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 |
|
|
Central Texas Turnpike System |
|
|
Series C, Rev., 5.00%, 8/15/2025 |
|
|
Series C, Rev., 5.00%, 8/15/2026 |
|
|
Series C, Rev., 5.00%, 8/15/2028 |
|
|
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 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
| |
|
|
Series 2014, GO, 5.00%, 2/15/2026 |
|
|
Series 2014, GO, 5.00%, 2/15/2027 |
|
|
Series 2014, GO, 5.00%, 2/15/2028 |
|
|
City of Denton, Utility System Series 2017, Rev., 5.00%, 12/1/2027 |
|
|
City of El Paso Series 2020A, GO, 5.00%,
8/15/2024 |
|
|
City of El Paso Water and Sewer |
|
|
Series 2014, Rev., 5.00%, 3/1/2024 |
|
|
Series 2015, Rev., 5.00%, 3/1/2024 (b) |
|
|
Series 2017, Rev., 5.00%, 3/1/2024 |
|
|
City of Garland, Water and Sewer System |
|
|
Series 2014A, Rev., 5.00%, 3/1/2024 |
|
|
Series 2017, Rev., 5.00%, 3/1/2024 |
|
|
City of Houston Airport System, Subordinate Lien |
|
|
Series 2018D, Rev., 5.00%, 7/1/2025 |
|
|
Series 2018D, Rev., 5.00%, 7/1/2027 |
|
|
City of Houston, Airport System, Subordinate Lien Series 2023B, Rev., AGM, 5.00%, 7/1/2028 |
|
|
City of Houston, Combined Utility System, First Lien |
|
|
Series 2014 C, Rev., 5.00%, 5/15/2026 |
|
|
Series 2014D, Rev., 5.00%, 11/15/2026 |
|
|
Series 2014D, Rev., 5.00%, 11/15/2027 |
|
|
City of Houston, Public Improvement |
|
|
Series 2014A, GO, 4.00%, 3/1/2024 (b) |
|
|
Series 2019 A, GO, 5.00%, 3/1/2024 |
|
|
Series 2019A, GO, 5.00%, 3/1/2027 |
|
|
City of Lubbock, Electric Light and Power System |
|
|
Series 2018, Rev., 5.00%, 4/15/2026 |
|
|
Series 2018, Rev., 5.00%, 4/15/2027 |
|
|
City of Plano Series 2022, GO, 4.00%, 9/1/2024 |
|
|
City of Port Arthur, Combination Tax, Certificates of
Obligation Series 2020A, GO, AGM, 5.00%,
2/15/2025 |
|
|
City of San Antonio, Electric and Gas Systems Series 2018, Rev., 5.00%, 2/1/2027 |
|
|
City of San Marcos Series 2014A, GO, 5.00%,
8/15/2025 |
|
|
Clear Lake City Water Authority, Waterworks And Sewer System Series 2018, GO, 5.00%, 3/1/2024 |
|
|
Clint Independent School District Series 2015, GO,
PSF-GTD, 5.00%, 8/15/2025 (b) |
|
|
| |
|
|
| |
| |
Comal Independent School District Series 2017, GO, PSF-GTD, 5.00%, 2/1/2028 |
|
|
Comal Independent School District, Unlimited Tax
Series 2015A, GO, PSF-GTD, 5.00%, 2/1/2026 |
|
|
Conroe Independent School District, Unlimited Tax Series 2014A, GO, PSF-GTD, 4.00%, 2/15/2028 |
|
|
County of Bexar, Combination Tax Series 2014, GO,
5.00%, 6/15/2024 (b) |
|
|
County of Harris, First Lien Series 2022A, Rev., 5.00%, 8/15/2027 |
|
|
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, Limited Tax Series 2015, GO,
5.00%, 2/15/2028 |
|
|
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%, 11/1/2025 |
|
|
Series 2021B, Rev., 5.00%, 11/1/2026 |
|
|
Series 2020 A, 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 2014A, GO, PSF-GTD, 5.00%,
8/15/2024 (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 |
|
|
Galveston Public Facility Corp., The Oleanders at Broadway Rev., 0.47%, 8/1/2024 (d) |
|
|
Granbury Independent School District Series 2015,
GO, PSF-GTD, 5.00%, 8/1/2024 (b) |
|
|
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System |
|
|
Series 2019C-2, Rev., (SIFMA Municipal Swap
Index Yield + 0.57%), 3.87%, 3/7/2024 (c) |
|
|
Series 2020C-2, Rev., 5.00%, 12/1/2024 (d) |
|
|
Series 2014A, Rev., 5.00%, 12/1/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short
Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2020C-3, Rev., 5.00%, 12/1/2026 (d) |
|
|
Series 2014A, Rev., 5.00%, 12/1/2027 |
|
|
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) |
|
|
Houston Housing Finance Corp. Multi Family Housing Sunset Garden Apartments Series 2022, Rev., FHA, 4.00%, 10/1/2024 (d) |
|
|
Irving Independent School District Series 2015, GO,
PSF-GTD, 5.00%, 2/15/2028 |
|
|
Judson Independent School District Series 2016, GO, PSF-GTD, 5.00%, 2/1/2025 |
|
|
Keller Independent School District, Unlimited Tax |
|
|
Series 2015A, GO, PSF-GTD, 4.00%, 2/15/2025 (b) |
|
|
Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2026 |
|
|
Series 2015, GO, PSF-GTD, 5.00%, 8/15/2026 |
|
|
Leander Independent School District, Unlimited Tax
Series 2014D, GO, PSF-GTD, Zero Coupon,
8/15/2024 (b) |
|
|
Lewisville Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2026 |
|
|
Lower Colorado River Authority, LCRA Transmission
Services Corp. Project |
|
|
| |
|
|
Series 2023A, Rev., AGM, 5.00%, 5/15/2026 |
|
|
Series 2021, Rev., 5.00%, 5/15/2027 |
|
|
Lytle Independent School District, Unlimited Tax GO,
PSF-GTD, 4.00%, 2/15/2028 |
|
|
Metropolitan Transit Authority of Harris County, Sales and Use Tax Series 2014, Rev., 5.00%, 11/1/2024 (b) |
|
|
Mission Economic Development Corp., Waste
Management, Inc., Project Rev., AMT, (SIFMA
Municipal Swap Index Yield + 0.38%), 3.68%,
3/7/2024 (c) |
|
|
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project Series 2020A, Rev., 2.25%, 1/1/2025 |
|
|
| |
|
|
| |
| |
North Harris County Regional Water Authority,
Senior Lien |
|
|
| |
|
|
Series 2016, Rev., 5.00%, 12/15/2027 |
|
|
Series 2016, Rev., 5.00%, 12/15/2028 |
|
|
North Texas Tollway Authority, First Tier |
|
|
Series 2016A, Rev., 5.00%, 1/1/2025 |
|
|
Series A, Rev., 5.00%, 1/1/2025 |
|
|
Series 2015 B, Rev., 5.00%, 1/1/2029 |
|
|
North Texas Tollway Authority, Second Tier |
|
|
Series 2021B, Rev., 5.00%, 1/1/2025 |
|
|
Series 2020 C, Rev., 5.00%, 1/1/2026 |
|
|
Northside Independent School District, Unlimited Tax Series 2017, GO, PSF-GTD, 5.00%, 8/15/2024 |
|
|
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 |
|
|
Plano Public Facility Corp., K Avenue Lofts Rev.,
0.65%, 12/1/2024 (d) |
|
|
| |
|
|
Series 2014A, GO, 4.00%, 10/1/2024 (b) |
|
|
Series 2014A, GO, 5.00%, 10/1/2024 (b) |
|
|
Series 2018B-2, GO, 5.00%, 8/1/2027 |
|
|
Series A, GO, 5.00%, 10/1/2028 |
|
|
State of Texas, Veterans Series 2011A, GO, VRDO,
LIQ : State Street Bank & Trust Co., 3.40%,
3/7/2024 (d) |
|
|
State of Texas, Veterans Housing Assistance Program Series 2008B, GO, VRDO, LIQ : State Street Bank & Trust Co., 3.40%, 3/11/2024 (d) |
|
|
State of Washington Series 2014, GO, 5.00%,
10/1/2025 |
|
|
Texas Department of Housing and Community Affairs, Fishpond at Corpus Christi Apartments Series 2020, Rev., VRDO, 4.00%, 3/1/2024 (d) |
|
|
Texas Home Collaborative, 1518 Apartments Series
2023, Rev., 5.00%, 10/1/2026 (d) |
|
|
Texas State University System |
|
|
Series 2017 A, Rev., 5.00%, 3/15/2024 |
|
|
Series A, Rev., 5.00%, 3/15/2024 |
|
|
Travis County Water Control and Improvement
District No. 17, Texas Steiner Ranch Defined Area
Unlimited Tax |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
| |
|
|
| |
|
|
Trinity River Public Facility Corp., Cowan Place
Apartments Series 2021, Rev., 4.40%,
4/1/2024 (d) |
|
|
| |
|
|
Series 2016 A, Rev., 4.00%, 2/15/2026 |
|
|
Series 2016A, Rev., 4.00%, 2/15/2027 |
|
|
Waco Independent School District Series 2015, GO,
PSF-GTD, 4.00%, 8/15/2024 (b) |
|
|
| |
|
|
| |
Alpine School District, Utah School Bond Guaranty Program Series 2014, GO, 5.00%, 3/15/2024 |
|
|
Central Valley Water Reclamation Facility Series
2021C, Rev., 5.00%, 3/1/2024 |
|
|
County of Utah, IHC Health Services, Inc. Series 2020B-1, Rev., 5.00%, 8/1/2024 (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 |
|
|
| |
|
|
| |
Alexandria Industrial Development Authority,
Alexandria Residential Care Facilities Mortgage,
Goodwin House, Inc. Series 2015, Rev., 5.00%,
10/1/2024 (b) |
|
|
Chesterfield County Economic Development Authority, County Project Series 2019 B, Rev., 5.00%, 4/1/2024 |
|
|
Fairfax County Industrial Development Authority,
Virginia Health Care, Inova Health System Project
Series 2018C, Rev., VRDO, 3.35%,
3/11/2024 (d) |
|
|
Virginia College Building Authority Series 2014B, Rev., 4.00%, 9/1/2025 |
|
|
Wise County Industrial Development Authority,
Electric and Power Co. Project Series 2009A,
Rev., 0.75%, 9/2/2025 (d) |
|
|
| |
|
|
| |
Chelan County Public Utility District No.1 Series 2008B, Rev., VRDO, LIQ : Barclays Bank plc, 3.40%, 3/11/2024 (d) |
|
|
| |
|
|
| |
| |
Franklin County School District No. 1 Pasco,
Unlimited Tax Series 2015, GO, 5.00%,
12/1/2025 |
|
|
Port of Seattle, Intermediate Lien |
|
|
Series 2016, Rev., 5.00%, 2/1/2025 |
|
|
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%, 8/1/2028 |
|
|
State of Washington Series R-2015B, GO, 5.00%, 7/1/2026 |
|
|
Washington Health Care Facilities Authority, Catholic
Health Initiatives Series B-2, Rev., (SIFMA
Municipal Swap Index Yield + 1.40%), 4.70%,
3/7/2024 (c) |
|
|
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance Rev., 5.00%, 3/1/2026 |
|
|
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%, 9/1/2027 |
|
|
Series A, Rev., 5.00%, 9/1/2028 |
|
|
West Virginia Economic Development Authority, Correctional Juvenile and Public Safety Facilities Series 2012A, Rev., 5.00%, 6/1/2025 |
|
|
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 Lottery Excess Lottery Series 2015A, Rev., 5.00%, 7/1/2024 |
|
|
| |
|
|
| |
City of Milwaukee, Promissory Notes |
|
|
Series N2, GO, 4.00%, 3/15/2024 |
|
|
Series N4, GO, 5.00%, 4/1/2024 |
|
|
Series N2, GO, 4.00%, 3/15/2025 |
|
|
City of Watertown, Promissory Notes GO, 3.00%,
6/1/2024 |
|
|
County of Manitowoc, Promissory Notes GO, AGM, 4.00%, 4/1/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short
Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
(continued)
| |
|
|
Municipal Bonds — continued |
| |
County of Rusk, Promissory Notes GO, 3.00%,
3/1/2024 |
|
|
Gateway Technical College District, Kenosha And Walworth Counties Series 2019C, GO, 4.00%, 4/1/2024 |
|
|
Lakeshore Technical College District Series 2019A,
GO, 3.00%, 3/1/2024 |
|
|
Pewaukee School District Series 2019A, GO, 5.00%, 3/1/2024 |
|
|
State of Wisconsin Series 2017 B, GO, 5.00%,
5/1/2025 (b) |
|
|
State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Series 2015-1, Rev., 5.00%, 6/1/2024 (b) |
|
|
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 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, Children's Hospital Series 2017, Rev., 5.00%, 8/15/2024 |
|
|
Wisconsin Health and Educational Facilities
Authority, Hmong American Peace Academy Rev.,
4.00%, 3/15/2024 |
|
|
Wisconsin Health and Educational Facilities Authority, Unity Point Health Series 2014A, Rev., 5.00%, 12/1/2025 |
|
|
Wisconsin Housing and Economic Development
Authority, Home Ownership Series 2021B, Rev.,
VRDO, LIQ : FHLB, 3.30%, 3/11/2024 (d) |
|
|
| |
|
|
Total Municipal Bonds
(Cost $1,691,696) |
|
|
| |
|
|
Short-Term Investments — 2.9% |
Investment Companies — 2.9% |
JPMorgan Institutional Tax Free Money Market Fund
Class IM Shares, 3.37% (g) (h)
(Cost $50,708) |
|
|
Total Investments — 99.7%
(Cost $1,742,404) |
|
|
Other Assets Less Liabilities —
0.3% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
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 |
| |
|
| |
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 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 February 29, 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 February 29, 2024. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
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 February 29, 2024. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
STATEMENTS
OF ASSETS AND LIABILITIES
AS OF February 29, 2024
(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 |
|
|
|
| |
|
|
|
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 |
|
| |
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 |
|
STATEMENTS
OF ASSETS AND LIABILITIES
AS OF February 29, 2024 (continued)
(Amounts in thousands, except per share amounts)
| |
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 |
|
| |
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 YEAR ENDED February 29, 2024
(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) |
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
JPMorgan
California
Tax Free
Bond Fund |
JPMorgan
National Municipal
Income Fund |
JPMorgan New York Tax Free |
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 YEAR ENDED February 29, 2024 (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.) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Less expense reimbursements |
|
|
|
| |
|
|
|
Net investment income (loss) |
|
|
|
(a)
Amount rounds to less than one thousand.
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 |
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
|
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
|
|
|
|
Net investment income (loss) |
|
|
|
|
| |
|
|
|
|
Distributions of capital gains received from investment company affiliates |
|
|
|
|
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 |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
(a)
Amount rounds to
less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
JPMorgan New
York Tax Free Bond Fund |
JPMorgan
Short-Intermediate
Municipal Bond Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
|
|
|
|
Net investment income (loss) |
|
|
|
|
| |
|
|
|
|
Distributions of capital gains received from investment company affiliates |
|
|
|
|
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 Tax
Free Bond Fund |
JPMorgan
Ultra-Short Municipal Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
|
|
|
|
Net investment income (loss) |
|
|
|
|
| |
|
|
|
|
Distributions of capital gains received from investment company affiliates |
|
|
|
|
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
California Tax Free Bond Fund |
JPMorgan
National Municipal Income Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended February 28, 2023 |
| |
|
|
|
|
| |
|
|
|
|
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 |
|
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended February 28, 2023 |
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Class R6 Shares |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
JPMorgan New
York Tax Free Bond Fund |
JPMorgan
Short-Intermediate
Municipal Bond Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended February 28, 2023 |
| |
|
|
|
|
| |
|
|
|
|
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 |
|
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 |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended February 28, 2023 |
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Class R6 Shares |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
JPMorgan Tax
Free Bond Fund |
JPMorgan
Ultra-Short Municipal Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended February 28, 2023 |
| |
|
|
|
|
| |
|
|
|
|
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 |
|
STATEMENTS
OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan Tax
Free Bond Fund |
JPMorgan
Ultra-Short Municipal Fund |
| |
Year Ended
February 29, 2024 |
Year Ended
February 28, 2023 |
Year Ended
February 29, 2024 |
Year Ended February 28, 2023 |
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Class R6 Shares |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond 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)(a) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
Net asset
value,
end of
period |
JPMorgan California Tax Free Bond Fund |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
| |
Calculated based upon average shares outstanding. |
| |
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 |
Total return
(excludes
sales
charge)(b) |
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
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)(a) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan National Municipal Income Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| |
| |
Calculated based upon average shares outstanding. |
| |
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 |
Net asset
value,
end of
period |
Total return
(excludes
sales
charge)(b) |
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 Municipal Bond Funds |
|
FINANCIAL
HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(a) |
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
| |
Calculated based upon average shares outstanding. |
| |
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 |
| |
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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| |
|
|
|
|
|
| |
|
|
|
|
|
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)(a) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
Net asset
value,
end of
period |
JPMorgan Short-Intermediate Municipal Bond Fund |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
| |
Calculated based upon average shares outstanding. |
| |
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 |
Total return
(excludes
sales
charge)(b) |
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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|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
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)(a) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
Net asset
value,
end of
period |
JPMorgan Tax Free Bond Fund |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
| |
Calculated based upon average shares outstanding. |
| |
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 |
Total return
(excludes
sales
charge)(b) |
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
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)(a) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
Net asset
value,
end of
period |
JPMorgan Ultra-Short Municipal Fund |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
| |
| |
Calculated based upon average shares outstanding. |
| |
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 |
Total return
(excludes
sales
charge)(b) |
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024
(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. Swap contracts are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events
and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that
are used in determining the valuation of the 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 |
|
|
|
|
National Municipal Income
Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Investments in Securities |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total Investments in Securities |
|
|
|
|
Appreciation in Other Financial Instruments |
|
|
|
|
| |
|
|
|
|
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
New York Tax Free Bond
Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Investments in Securities |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total Investments in Securities |
|
|
|
|
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 |
|
|
|
|
Appreciation in Other Financial Instruments |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Investments in Securities |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total Investments in Securities |
|
|
|
|
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 February 29, 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.
| |
J.P. Morgan Municipal Bond Funds |
|
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 February
29, 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 February 29, 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.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In
the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional
cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional
collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may
incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
The Funds did not lend out any securities during the year ended February 29, 2024.
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
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 year ended February 29, 2024 |
| |
Value at
February 28,
2023 |
|
|
|
Change in
Unrealized
Appreciation/
(Depreciation) |
Value at
February 29,
2024 |
Shares at
February 29,
2024 |
|
Capital Gain
Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.37% (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 February 29, 2024. |
| |
Amount rounds to less than one thousand. |
National Municipal Income Fund |
For the year ended February 29, 2024 |
| |
Value at
February 28,
2023 |
|
|
|
Change in
Unrealized
Appreciation/
(Depreciation) |
Value at
February 29,
2024 |
Shares at
February 29,
2024 |
|
Capital Gain
Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.37% (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 February 29, 2024. |
New York Tax Free Bond
Fund |
For the year ended February 29, 2024 |
| |
Value at
February 28,
2023 |
|
|
|
Change in
Unrealized
Appreciation/
(Depreciation) |
Value at
February 29,
2024 |
Shares at
February 29,
2024 |
|
Capital Gain
Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.37% (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 February 29, 2024. |
| |
J.P. Morgan Municipal Bond Funds |
|
Short-Intermediate Municipal Bond Fund |
For the year ended February 29, 2024 |
| |
Value at
February 28,
2023 |
|
|
|
Change in
Unrealized
Appreciation/
(Depreciation) |
Value at
February 29,
2024 |
Shares at
February 29,
2024 |
|
Capital Gain
Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.37% (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 February 29, 2024. |
| |
For the year ended February 29, 2024 |
| |
Value at
February 28,
2023 |
|
|
|
Change in
Unrealized
Appreciation/
(Depreciation) |
Value at
February 29,
2024 |
Shares at
February 29,
2024 |
|
Capital Gain
Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.37% (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 February 29, 2024. |
| |
Amount rounds to less than one thousand. |
Ultra-Short Municipal
Fund |
For the year ended February 29, 2024 |
| |
Value at
February 28,
2023 |
|
|
|
Change in
Unrealized
Appreciation/
(Depreciation) |
Value at
February 29,
2024 |
Shares at
February 29,
2024 |
|
Capital Gain
Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.37% (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 February 29, 2024. |
F. Derivatives
—National Municipal Income Fund, Short-Intermediate
Municipal Bond Fund, Tax Free Bond Fund and Ultra-Short Municipal Fund used derivative instruments including futures contracts and swaps, in connection with their investment
strategy. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the
Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Funds may be
subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate
or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a
liquid market for these contracts allowing the Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain
derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of
Assets and Liabilities.
The Funds are party to various derivative contracts governed by International
Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds' ISDA agreements, which are separately negotiated with each dealer
counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the
event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing,
absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
credit rating below a specified level). Such rights for both
a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse
effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and
to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of
the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market
gains to the Funds.
Notes F(1) — F(2) below describe the various derivatives used by the
Funds.
(1) Futures Contracts— National Municipal Income Fund, Short-Intermediate Municipal Bond Fund, Tax Free Bond Fund and Ultra-Short Municipal 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).
(2) Swaps
— National Municipal Income Fund and Tax Free Bond Fund
engaged in various swap transactions, including total return basket swaps, to manage total return risks within its portfolio. The Funds also used swaps as alternatives to
direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between a fund and a counterparty or are centrally cleared
(“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows,
assets, foreign currencies or market-linked returns at specified, future intervals.
Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Portfolio Investments, while cash deposited, which is considered restricted, is reported as Deposits at broker for centrally cleared swaps on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on swaps on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.
The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk
is limited to the failure of the clearinghouse.
The Funds’ OTC swap contracts are subject to master netting arrangements.
Credit Default Swaps
National Municipal Income Fund and Tax Free Bond Fund entered into credit default swaps to simulate long and/or short
bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference
obligation.
The underlying reference obligation may be a single issuer of corporate or sovereign debt, a
basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that
represents some part of the credit
| |
J.P. Morgan Municipal Bond Funds |
|
market as a whole. Index credit default
swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes
periodically.
Credit default swaps involve one party, the protection buyer, making a stream of payments
to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation.
In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract
term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.
If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.
(3) Summary
of Derivatives Information—The following tables
present the value of derivatives held as of February 29, 2024, by their primary underlying risk exposure and respective location on the Statements of Assets and
Liabilities:
| |
National
Municipal
Income Fund |
Short-Intermediate
Municipal
Bond
Fund |
Interest Rate Risk Exposure: |
|
|
Unrealized Appreciation on Futures Contracts * |
|
|
Net Fair Value of Derivative Contracts: |
|
|
Unrealized Appreciation (Depreciation) on Futures
Contracts * |
|
|
| |
| |
Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day’s variation margin is
reported within the Statements of Assets and Liabilities. |
The following tables present the effect of derivatives on the Statements of Operations for the year ended February 29, 2024, by primary underlying risk exposure:
| |
National
Municipal
Income Fund |
Short-Intermediate
Municipal
Bond
Fund |
|
Ultra-Short
Municipal Fund |
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations: |
Interest Rate Risk Exposure: |
| |
|
|
|
|
| |
| |
|
|
|
|
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: |
Interest Rate Risk Exposure: |
| |
|
|
|
|
| |
| |
|
|
|
|
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
Derivatives Volume
The table below discloses the volume of the Funds' futures contracts and swaps activity during the year ended February 29, 2024.
Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:
| |
National
Municipal
Income Fund |
Short-Intermediate
Municipal
Bond
Fund |
|
Ultra-Short
Municipal Fund |
| |
|
|
|
|
Average Notional Balance Long |
|
|
|
|
Average Notional Balance Short |
|
|
|
|
Ending Notional Balance Long |
|
|
|
|
| |
|
|
|
|
Average Notional Balance - Buy Protection |
|
|
|
|
G. Security
Transactions and Investment Income— Investment
transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost
basis.
Interest income is determined on the basis of coupon interest accrued using the effective interest method, which
adjusts for amortization of premiums and accretion of discounts.
H. Allocation of Income and Expenses— Expenses directly attributable to a Fund are charged directly to
that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and
losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency
fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended February 29, 2024 are 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 |
|
|
|
|
|
| |
|
|
|
|
|
| |
| |
Amount rounds to less than one thousand. |
| |
J.P. Morgan Municipal Bond Funds |
|
I. Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of February 29, 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.
The following amounts were reclassified within the capital accounts:
| |
|
Accumulated
undistributed
(distributions in
excess of)
net investment
income |
Accumulated
net realized
gains (losses) |
National Municipal Income Fund |
|
|
|
New York Tax Free Bond Fund |
|
|
|
Short-Intermediate Municipal Bond Fund |
|
|
|
| |
|
|
|
Ultra-Short Municipal Fund |
|
|
|
The reclassification for the Funds relate primarily to tax adjustments on certain investments.
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 year ended February 29, 2024, the effective rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds'
sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the
Administrator.
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
C. Distribution Fees— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.
The Boards have adopted
a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I and
Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes,
distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares, except for Ultra-Short Municipal Fund which has no sales charge, and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended February 29, 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 year ended February 29, 2024 and the contractual expense
limitation percentages in the table above are in place until at least June 30,
2024.
For
the year ended February 29, 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 year ended February 29, 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 |
|
JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees.
For the year ended February 29, 2024, the amount of these reimbursements 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 |
|
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
G. Other— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a
Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to
performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended February 29, 2024, the Funds 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 year ended February 29, 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 year ended February 29, 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 February 29, 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 |
|
|
|
|
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain investments and wash sale loss deferrals.
| |
J.P. Morgan Municipal Bond Funds |
|
The tax character of distributions paid
during the year ended February 29, 2024 was 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 |
|
|
|
| |
| |
Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended February 28, 2023 was as follows:
| |
|
Net
Long-Term
Capital 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 |
|
|
|
|
| |
| |
Short-term gain distributions are treated as ordinary income for income tax purposes. |
As of February 29, 2024, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as
follows:
| |
Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover) |
|
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 |
|
|
|
The cumulative timing differences primarily consist of post-October capital loss deferrals, tax adjustments on certain investments and wash sale loss deferrals.
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
At February 29, 2024, the following Funds had net capital
loss carryforwards which are available to offset future realized gains as follows:
| |
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 |
|
|
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) |
| |
|
|
California Tax Free Bond Fund |
|
|
National Municipal Income Fund |
|
|
New York Tax Free Bond Fund |
|
|
Short-Intermediate Municipal Bond Fund |
|
|
| |
|
|
Ultra-Short Municipal Fund |
|
|
6. Borrowings
The Funds
rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the
“Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the
borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise
might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order,
by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and
the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year
ended February 29, 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 year ended February 29, 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% (the "Applicable Margin"), 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 8, 2023, 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 year ended February 29, 2024.
| |
J.P. Morgan Municipal Bond Funds |
|
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of February 29,
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 increase interest rates or the timing, frequency, or magnitude of such increases. 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.
London Interbank Offered Rate ("LIBOR") was a leading floating rate benchmark used in loans, notes, derivatives and
other instruments or investments. As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some LIBOR settings continue to be published but only on a
temporary, synthetic and non-representative basis. Regulated entities have generally ceased entering into new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector actors have worked to establish alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR which may affect the value, volatility, liquidity or return on certain of the Funds' loans, notes, derivatives and other instruments or investments comprising some or all of the Funds' investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions and entering into new trades. Certain of the Funds' investments may have transitioned from LIBOR or will transition from LIBOR in the future. The transition from LIBOR to alternative reference rates may result in operational issues for the Funds or their investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on the Funds and their investments.
The Funds are subject to infectious disease epidemics/pandemics risk. For example, the outbreak of COVID-19
negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of any future pandemic or other
global event to business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO
FINANCIAL STATEMENTS
AS OF February 29, 2024 (continued)
(Dollar values in thousands)
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 |
|
REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Boards of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan California Tax Free Bond Fund, JPMorgan National Municipal Income Fund, JPMorgan New York Tax Free Bond Fund, JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Tax Free Bond Fund and JPMorgan Ultra–Short Municipal Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan California Tax Free Bond Fund, JPMorgan National Municipal Income Fund and JPMorgan New York Tax Free Bond Fund (three of the funds constituting JPMorgan Trust I), JPMorgan Short-Intermediate Municipal Bond Fund and JPMorgan Tax Free Bond Fund (two of the funds constituting JPMorgan Trust II) and JPMorgan Ultra-Short Municipal Fund (one of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the "Funds") as of February 29, 2024, the related statements of operations for the year ended February 29, 2024, the statements of changes in net assets for each of the two years in the period ended February 29, 2024, including the related notes, and the financial highlights for each of the five years in the period ended February 29, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 29, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 29, 2024 and each of the financial highlights for each of the five years in the period ended February 29, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our
audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements,
whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New
York
April 24, 2024
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
| |
J.P. Morgan Municipal Bond Funds |
|
The Funds' Statement of Additional
Information includes additional information about the Funds' Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan
Funds’ website at www.jpmorganfunds.com.
Name (Year of Birth);
Positions With
the Funds (1) |
Principal Occupation
During Past 5 Years |
Number of
Funds in Fund
Complex Overseen
by Trustee (2) |
Other Directorships Held
During the Past 5 Years |
| |
|
John F. Finn (1947); Chair
since 2020; Trustee since 1998. |
Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). |
|
Director, Greif, Inc. (GEF) (industrial package products and services) (2007-2023); Trustee, Columbus Association for the Performing Arts (1988-present). |
Stephen P. Fisher (1959);
Trustee since 2018. |
Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). |
|
|
Gary L. French (1951);
Trustee since 2014. |
Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017). |
|
Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014). |
Kathleen M. Gallagher (1958);
Trustee since 2018. |
Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). |
|
Non- Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). |
Robert J. Grassi (1957);
Trustee since 2014. |
Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012). |
|
|
| |
J.P. Morgan Municipal Bond Funds |
|
Name (Year of Birth); Positions With the Funds (1) |
Principal Occupation
During Past 5 Years |
Number of
Funds in Fund
Complex Overseen
by Trustee (2) |
Other Directorships Held During the Past 5 Years |
Independent Trustees (continued) |
|
Frankie D. Hughes (1952);
Trustee since 2008. |
President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). |
|
|
Raymond Kanner (1953);
Trustee since 2017. |
Retired; Managing Director and Chief Investment Officer, IBM Retirement Funds (2007-2016). |
|
Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017- present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016- 2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). |
Thomas P. Lemke (1954);
Trustee since 2014. |
|
|
(1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018). |
Lawrence R. Maffia (1950);
Trustee since 2014. |
Retired; Director and President, ICI Mutual Insurance Company (2006-2013). |
|
Director, ICI Mutual Insurance Company (1999-2013). |
Mary E. Martinez (1960); Vice
Chair since 2021; Trustee since 2013. |
Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). |
|
|
Marilyn McCoy (1948);
Trustee since 1999. |
Retired; Vice President of Administration and Planning, Northwestern University (1985-2023). |
|
|
| |
J.P. Morgan Municipal Bond Funds |
|
TRUSTEES
(Unaudited) (continued)
Name (Year of Birth); Positions With the Funds (1) |
Principal Occupation
During Past 5 Years |
Number of
Funds in Fund
Complex Overseen
by Trustee (2) |
Other Directorships Held During the Past 5 Years |
Independent Trustees (continued) |
|
Dr. Robert A. Oden, Jr. (1946); Trustee
since 1997. |
Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). |
|
Trustee, The Coldwater Conservation Fund (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, Dartmouth- Hitchcock Medical Center (2011-2020). |
Marian U. Pardo* (1946);
Trustee since 2013. |
Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). |
|
Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
Emily A. Youssouf (1951);
Trustee since 2014. |
Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation. |
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Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019). |
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Robert F. Deutsch** (1957);
Trustee since 2014. |
Retired; Head of ETF Business for JPMorgan Asset Management (2013-2017); Head of Global Liquidity Business for JPMorgan Asset Management (2003-2013). |
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Treasurer and Director of the JUST Capital Foundation (2017-present). |
Nina O. Shenker** (1957);
Trustee since 2022. |
Vice Chair (2017-2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management. |
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Director and Member of Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present). |
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The year shown is the first year in which a Trustee became a member of any of the following: the JPMorgan Mutual Fund Board, the JPMorgan
ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve
an indefinite term, until resignation, retirement, removal or death. The Board's
current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the JPMorgan Mutual Fund Board prior to January 1, 2022 and was born
prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the
Trustee attains the age of 78. |
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A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes
of investment and investor services or have a common investment adviser or have an investment
adviser that is an affiliated person of the investment adviser of any of the other
registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eight registered investment companies (167 J.P. Morgan Funds). |
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In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan
Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective
January 1, 2013, and deferred compensation payments from JPMorgan Chase in the
amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
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J.P. Morgan Municipal Bond Funds |
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Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person
of the Adviser. |
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The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172. |
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J.P. Morgan Municipal Bond Funds |
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Name (Year of Birth),
Positions Held with
the Trusts (Since) |
Principal Occupations During Past 5 Years |
Brian S. Shlissel (1964),
President and Principal Executive
Officer (2016) |
Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment
Management Inc. since 2014. |
Timothy J. Clemens (1975),
Treasurer and Principal Financial
Officer (2018) |
Managing Director, J.P. Morgan Investment Management Inc. Mr. Clemens has been with J.P. Morgan
Investment Management Inc. since 2013. |
Gregory S. Samuels (1980),
Secretary (2019) (formerly Assistant
Secretary 2010-2019) |
Managing Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Samuels has been with
JPMorgan Chase & Co. since 2010. |
Stephen M. Ungerman (1953),
Chief Compliance Officer (2005) |
Managing Director, JPMorgan Chase & Co. Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
Kiesha Astwood-Smith (1973),
Assistant Secretary (2021) |
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Senior Director and
Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance
Company) from September 2015 through June 2021. |
Matthew Beck (1988),
Assistant Secretary (2021)* |
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since May 2021; Senior Legal Counsel,
Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company
from April 2014 through May 2018. |
Elizabeth A. Davin (1964),
Assistant Secretary (2005)* |
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Davin has been with JPMorgan
Chase & Co. (formerly Bank One Corporation) since 2004. |
Jessica K. Ditullio (1962)
Assistant Secretary (2005)* |
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Ditullio has been with JPMorgan
Chase & Co. (formerly Bank One Corporation) since 1990. |
Anthony Geron (1971),
Assistant Secretary (2018) |
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since September 2018; Lead Director
and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and
Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
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Carmine Lekstutis (1980),
Assistant Secretary (2011) |
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Lekstutis has been with
JPMorgan Chase & Co. since 2011. |
Max Vogel (1990),
Assistant Secretary (2021) |
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Associate, Proskauer
Rose LLP (law firm) from March 2017 to June 2021. |
Zachary E. Vonnegut-Gabovitch
(1986),
Assistant Secretary (2017) |
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Vonnegut-Gabovitch has been
with JPMorgan Chase & Co. since September 2016. |
Frederick J. Cavaliere (1978),
Assistant Treasurer (2023)** |
Executive Director, J.P. Morgan Investment Management Inc. Mr. Cavaliere has been with JPMorgan Chase &
Co. since May 2006. |
Michael M. D’Ambrosio (1969),
Assistant Treasurer (2012) |
Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan
Investment Management Inc. since 2012. |
Aleksandr Fleytekh (1972),
Assistant Treasurer (2019) |
Executive Director, J.P. Morgan Investment Management Inc. Mr. Fleytekh has been with J.P. Morgan
Investment Management Inc. since February 2012. |
Shannon Gaines (1977),
Assistant Treasurer (2018)* |
Executive Director, J.P. Morgan Investment Management Inc. Mr. Gaines has been with J.P. Morgan Investment
Management Inc. since January 2014. |
Jeffrey D. House (1972),
Assistant Treasurer (2017)* |
Vice President, J.P. Morgan Investment Management Inc. Mr. House has been with J.P. Morgan Investment
Management Inc. since July 2006. |
Michael Mannarino (1985),
Assistant Treasurer (2020) |
Vice President, J.P. Morgan Investment Management Inc. Mr. Mannarino has been with J.P. Morgan Investment
Management Inc. since 2014. |
Joseph Parascondola (1963),
Assistant Treasurer (2011)** |
Executive Director, J.P. Morgan Investment Management Inc. Mr. Parascondola has been with J.P. Morgan
Investment Management Inc. since 2006. |
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J.P. Morgan Municipal Bond Funds |
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Name (Year of Birth), Positions Held with the Trusts (Since) |
Principal Occupations During Past 5 Years |
Gillian I. Sands (1969),
Assistant Treasurer (2012) |
Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment
Management Inc. since September 2012. |
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The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172. |
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The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
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The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
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J.P. Morgan Municipal Bond Funds |
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SCHEDULE
OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur
two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments
and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing
in the Funds (not including expenses of the Underlying Funds) and to compare these ongoing costs
with the ongoing costs of investing in other mutual funds. The examples assume that you had a
$1,000 investment in each Class at the beginning of the reporting period, September 1, 2023, and continued to hold your shares at the end of the reporting period, February 29, 2024.
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account
values and actual expenses. You may use the information in this line, together with the amount
you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line of each Class under the heading titled “Expenses Paid During the
Period” to estimate the expenses you paid on your account during this
period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual
expense ratio and an assumed rate of return of 5% per year before expenses, which is not the
Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs
of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports of the other
funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs
only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees,
and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In
addition, if these transaction costs were included, your costs would have been higher. The
examples also assume all dividends and distributions have been reinvested.
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Beginning
Account Value
September 1, 2023 |
Ending
Account Value
February 29, 2024 |
Expenses
Paid During
the Period* |
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JPMorgan California Tax Free Bond Fund |
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J.P. Morgan Municipal Bond Funds |
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Beginning
Account Value
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Ending
Account Value
February 29, 2024 |
Expenses
Paid During
the Period* |
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JPMorgan New York Tax Free Bond Fund |
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JPMorgan Short-Intermediate Municipal Bond Fund |
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JPMorgan Ultra-Short Municipal Fund |
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Expenses are equal to each Class’ respective annualized net expense ratio, multiplied by the average account value over the period, multiplied
by 182/366 (to reflect the one-half year period). |
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J.P. Morgan Municipal Bond Funds |
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LIQUIDITY
RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds covered in this report
has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated
Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment
Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess,
manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining
investors’ interests in the fund. Pursuant to an exemptive order (the “Exemptive
Order”) from the Securities and Exchange Commission, the Program permits the Funds to use
liquidity definitions and classification methodologies that differ from the requirements under
the Liquidity Rule in some respects. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program
and assesses the adequacy and effectiveness of its implementation, including the operation of any
Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.1
The
Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly
meetings, on February 7, 2024, the Board reviewed the Program Administrator’s annual
written report (the “Report”) concerning the operation of the Program for the period
from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The
Report addressed the operation of the Program and assessed its adequacy and effectiveness of
implementation, including, where applicable, the operation of a Fund’s HLIM. There were no
material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program
Adminis
trator in
assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage,
and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2)
the methodology and inputs for classifying the investments of a Fund into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions; (3)
whether a Fund invested primarily in “Highly Liquid Investments” (as defined or
modified under the Program), as well as whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM)
and the procedures for monitoring for any HLIM; (4) whether a Fund invested more than 15% of its
assets in “Illiquid Investments” (as defined or modified under the Program) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period.
The Report further summarized the conditions of the Exemptive Order and whether all applicable
Funds were in compliance with the terms of the Exemptive Order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to
effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been
adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
1 Effective
July 24, 2024, the J.P. Morgan Funds will implement the Tailored Shareholder Reports for Mutual Funds and Exchanged-Traded Funds Rule. This rule rescinds the currently-required statement regarding the operation and effectiveness of a fund’s
Liquidity Risk Management Program from the shareholder report.
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J.P. Morgan Municipal Bond Funds |
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TAX
LETTER
(Unaudited)
(Dollar values in thousands)
Certain tax information for the J.P.
Morgan Funds is required to be provided to shareholders based upon the Funds' income and
distributions for the taxable year ended February 29, 2024. The information and distributions
reported in this letter may differ from the information and taxable distributions reported to the
shareholders for the calendar year ending December 31, 2024. The information necessary to
complete your income tax returns for the calendar year ending December 31, 2024 will be provided
under separate cover.
Tax Exempt Income
Each Fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income that are exempt from federal income tax for the
fiscal year ended February 29, 2024:
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Exempt
Distributions
Paid |
JPMorgan California Tax Free Bond Fund |
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JPMorgan National Municipal Income Fund |
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JPMorgan New York Tax Free Bond Fund |
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JPMorgan Short-Intermediate Municipal Bond Fund |
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JPMorgan Tax Free Bond Fund |
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JPMorgan Ultra-Short Municipal Fund |
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J.P. Morgan Municipal Bond Funds |
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WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
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Financial companies choose how they share your personal information. Federal law gives consumers
the right to limit some but not all sharing. Federal law also requires us to
tell you how we collect, share, and protect your personal
information. Please read this notice carefully to understand what
we do. |
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The types of personal information we collect and share depend on the product or service you have
with us. This information can include: |
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○Social Security number and account balances
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○transaction history and account transactions
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○checking account information and wire transfer
instructions |
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When you are no longer our customer, we continue to share your information as described in this
notice. |
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All financial companies need to share customers’ personal
information to run their everyday business. In the section below,
we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this
sharing. |
Reasons we can share your personal information |
Does J.P. Morgan
Funds share? |
Can you limit this
sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or
report to credit bureaus |
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For marketing purposes — to offer our products and services to you |
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For joint marketing with other financial companies
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For our affiliates’ everyday business purposes — information about your transactions and experiences |
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For our affiliates’ everyday business purposes — information about your creditworthiness |
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For nonaffiliates to market to you |
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Questions? Call 1-800-480-4111 or go to
www.jpmorganfunds.com |
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Who is providing this notice? |
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How does J.P. Morgan Funds protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures
that comply with federal law. These measures include computer safeguards and
secured files and buildings. We authorize our employees to access
your information only when they need it to do their work and we
require companies that work for us to protect your information. |
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How does J.P. Morgan Funds
collect my personal
information? |
We collect your personal information, for example, when you: |
○open an account or provide contact information
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○give us your account information or pay us by check
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We also collect your personal information from others, such as credit bureaus, affiliates and other
companies. |
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Why can’t I limit all sharing? |
Federal law gives you the right to limit only: |
○sharing for affiliates’ everyday business purposes –
information about your creditworthiness |
○affiliates from using your information to market to
you |
○sharing for nonaffiliates to market to you
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State laws and individual companies may give you additional rights to limit sharing. |
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Companies related by common ownership or control. They can be financial and nonfinancial
companies. |
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○J.P. Morgan Funds does not share with our
affiliates. |
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Companies not related by common ownership or control. They can be financial and nonfinancial
companies. |
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○J.P. Morgan Funds does not share with
nonaffiliates so they can market to you. |
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A formal agreement between nonaffiliated financial companies that together market financial
products or services to you. |
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○J.P. Morgan Funds doesn’t jointly
market. |
THIS PAGE
IS INTENTIONALLY LEFT BLANK
THIS PAGE
IS INTENTIONALLY LEFT BLANK
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 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.
Effective January 24, 2023, the SEC adopted rule and form amendments that will result in changes to the design and
delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.
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. February
2024.
AN-MUNIBOND-224
ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s
principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant
has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such
amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its
code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by
the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons
performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of
the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
The Registrant has adopted a code of ethics that
applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose
that the registrant’s board of directors has determined that the registrant either:
(i) Has at least one audit
committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert
serving on its audit committee.
The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial
expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form
N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board
of Trustees in the absence of such designation or identification.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee
may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
The Audit committee financial experts are Gary L. French, Kathleen M. Gallagher, Raymond Kanner and
Lawrence R. Maffia, each of whom is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert
determination.
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it
does not have an audit committee financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
AUDIT FEES
2024 – $123,181
2023 – $156,343
(b) Disclose, under
the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s
financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
AUDIT-RELATED FEES
2024 – $17,178
2023 – $30,334
Audit-related
fees consists of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
TAX FEES
2024
– $29,167
2023 – $40,723
The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax
years ended February 29, 2024 and 2023, respectively.
For the last fiscal year, no tax fees were required to be approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) Disclose,
under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.
Registrants shall describe the nature of the services comprising the fees disclosed under this category.
ALL OTHER FEES
2024 – Not applicable
2023 – Not applicable
(e) (1)
Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation
S-X.
Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee
pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit
Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a
sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services
may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that
have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the
“Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval
List
that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from
the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.
One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such
services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit
committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
2024 – 0.0%
2023
– 0.0%
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the
registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Not applicable—Less than 50%.
(g) Disclose the
aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that
provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
The aggregate
non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:
2023 – $35.0 million
2022 – $31.7 million
(h)
Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not
including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides
ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee has considered whether the provision
of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is
compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.
(i) A registrant identified by
the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public
accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority
in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must
submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.
Not applicable.
(j) A registrant that is a foreign
issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of
the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company
Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below
disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that
results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign
operating entity or entities. A registrant must disclose:
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(1) |
That, for the immediately preceding annual financial statement period, a registered public accounting firm that
the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant; |
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(2) |
The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which
the registrant is incorporated or otherwise organized; |
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(3) |
Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public
accounting firm have a controlling financial interest with respect to the registrant; |
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(4) |
The name of each official of the Chinese Communist Party who is a member of the board of directors of the
registrant or the operating entity with respect to the registrant; and |
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(5) |
Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any
charter of the Chinese Communist Party, including the text of any such charter. |
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the
registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing
audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is
acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If
applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit
committees.
Not applicable.
ITEM 6. INVESTMENTS.
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING
POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASE OF EQUITY SECURITIES BY
CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes
were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
No material changes to report.
ITEM 11. CONTROLS AND
PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar
functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as
of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the
Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR
240.13a-15(b) or 240.15d-15(b)).
The Registrant’s principal
executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure
controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time
periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its
principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) Disclose any change
in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the 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 12.
DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. 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.
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(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), 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.
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(b) |
A separate or combined certification for each principal executive officer and principal officer of the
registrant as required by Rule 30a-2(b) under the Act of 1940. |
Certifications
pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
JPMorgan Trust IV
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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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May 6, 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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May 6, 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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May 6, 2024 |
