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THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS”
LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES
ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS
ADVERTISING OR SALES LITERATURE WITH THE GENERAL
PUBLIC. The list is submitted for the general information of the
shareholders of the Fund. It is not authorized for distribution to
prospective investors in the Fund unless preceded or accompanied by a
prospectus. The list has been created from the books and records of
the Fund. Holdings are available 60 days after the fund’s fiscal quarter,
using a trade date accounting convention, by contacting the appropriate
service center. The list is subject to change without notice. The list is
for informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
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JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
|
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J.P. Morgan Distribution Services, Inc., member FINRA.
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© J.P. Morgan Chase & Co., 2024.
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INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — 91.3% (a)
|
||
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Alabama — 1.0%
|
||
|
County of Jefferson
|
|
|
|
Series 2024, Rev., 5.00%, 10/1/2035
|
1,000,000
|
1,108,069
|
|
Series 2024, Rev., 5.25%, 10/1/2049
|
1,000,000
|
1,060,808
|
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Total Alabama
|
|
2,168,877
|
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Alaska — 0.1%
|
||
|
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046
|
185,000
|
183,459
|
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Arizona — 4.4%
|
||
|
Arizona Board of Regents Series 2024, Rev., 5.00%, 8/1/2043
|
1,060,000
|
1,159,529
|
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Arizona Industrial Development Authority, Aliante and Skye Canyon Campus Project Series
2021A, Rev., 4.00%,
12/15/2051 (b)
|
250,000
|
195,783
|
|
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Series
2022A, Rev., 5.00%, 11/1/2037
|
900,000
|
967,184
|
|
Arizona Industrial Development Authority, KIPP Nashville Project
|
|
|
|
Series 2022A, Rev., 5.00%, 7/1/2030
|
245,000
|
256,172
|
|
Series 2022A, Rev., 5.00%, 7/1/2031
|
260,000
|
271,716
|
|
Series 2022A, Rev., 5.00%, 7/1/2032
|
270,000
|
281,837
|
|
Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge
Project Series 2022B-3, Rev.,
5.13%, 11/15/2029 (b)
|
750,000
|
754,986
|
|
Maricopa County Industrial Development Authority, Arizona Autism Charter School Project
Series 2021A, Rev., 4.00%,
7/1/2041 (b)
|
1,100,000
|
951,064
|
|
Maricopa County Industrial Development Authority, Banner Health Series A, Rev., 4.00%,
1/1/2041
|
4,450,000
|
4,333,572
|
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Total Arizona
|
|
9,171,843
|
|
California — 8.3%
|
||
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California Community Choice Financing Authority, Clean Energy Project
|
|
|
|
Series 2023B-1, Rev., 5.00%, 8/1/2029 (c)
|
1,090,000
|
1,139,548
|
|
Series 2024 A, Rev., 5.00%, 4/1/2032 (c)
|
2,000,000
|
2,117,680
|
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California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated
Group No. 2 Series
2022A, Rev., 4.00%, 6/1/2027 (b)
|
300,000
|
292,710
|
|
California Health Facilities Financing Authority, Adventist Health System Series 2024A,
Rev., 5.00%, 12/1/2036
|
1,500,000
|
1,639,102
|
|
California Infrastructure and Economic Development Bank, Brightline West Passenger
Rail Project Series 2020A, Rev.,
AMT, 3.95%, 1/30/2025 (b) (c)
|
1,100,000
|
1,099,996
|
|
California Infrastructure and Economic Development Bank, California Academy of Science
Series 2024A, Rev., 3.25%,
8/1/2029
|
2,000,000
|
1,949,673
|
|
California Pollution Control Financing Authority, Poseidon Resources Channelside LP
Desalination Project
|
|
|
|
Rev., AMT, 5.00%, 7/1/2036 (b)
|
250,000
|
270,648
|
|
Rev., AMT, 5.00%, 7/1/2037 (b)
|
1,100,000
|
1,183,012
|
|
Rev., AMT, 5.00%, 7/1/2038 (b)
|
500,000
|
534,590
|
|
California School Finance Authority, Green Dot Public Schools Project Series 2022A,
Rev., 5.00%, 8/1/2032 (b)
|
350,000
|
359,205
|
|
California School Finance Authority, Kipp SoCal Public Schools Series 2019A, Rev.,
5.00%, 7/1/2039 (b)
|
500,000
|
511,357
|
|
California Statewide Communities Development Authority, Emanate Health, Tax-Exempt
Series 2020A, Rev., 3.00%,
4/1/2050
|
2,645,000
|
1,947,787
|
|
California Statewide Communities Development Authority, Front Porch Communities Series
2021A, Rev., 4.00%,
4/1/2039
|
1,000,000
|
978,705
|
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California Statewide Communities Development Authority, Kaiser Permanente Series 2009
C-2, Rev., 5.00%,
11/1/2029 (c)
|
2,000,000
|
2,138,943
|
|
Los Angeles Unified School District Series 2024A, GO, 5.00%, 7/1/2034
|
1,000,000
|
1,156,562
|
|
Total California
|
|
17,319,518
|
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INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Colorado — 2.8%
|
||
|
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project
Series 2021A, Rev., 5.00%,
2/1/2034 (b)
|
300,000
|
302,675
|
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Colorado Housing and Finance Authority Series 2023L, Class III, Rev., GNMA COLL, 5.75%,
11/1/2053
|
2,465,000
|
2,589,367
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Colorado Housing and Finance Authority, Single Family Mortgage
|
|
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Series 2019F, Rev., GNMA COLL, 4.25%, 11/1/2049
|
155,000
|
154,086
|
|
Series 2020H, Rev., GNMA COLL, 3.00%, 5/1/2050
|
620,000
|
600,156
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Series 2020B, Rev., 3.75%, 5/1/2050
|
1,145,000
|
1,125,209
|
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Dominion Water and Sanitation District
|
|
|
|
Rev., 5.00%, 12/1/2027
|
590,000
|
586,210
|
|
Rev., 5.25%, 12/1/2032
|
500,000
|
499,328
|
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Total Colorado
|
|
5,857,031
|
|
Connecticut — 0.8%
|
||
|
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
|
|
|
|
Series A-1, Rev., 4.00%, 11/15/2045
|
15,000
|
14,936
|
|
Series A-1, Rev., 4.00%, 11/15/2047
|
85,000
|
84,228
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|
Series D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047
|
280,000
|
277,453
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Connecticut State Health and Educational Facilities Authority, Yale New Haven Health
Series B, Rev., 1.80%, 7/1/2024 (c)
|
225,000
|
224,432
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Connecticut State Higher Education Supplemental Loan Authority, Chesla Loan Program
Series 2019B, Rev., AMT, 5.00%,
11/15/2027
|
205,000
|
208,654
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Stamford Housing Authority, The Dogwoods Project Rev., BAN, 11.00%, 12/1/2027 (b)
|
1,000,000
|
966,278
|
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Total Connecticut
|
|
1,775,981
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Delaware — 1.1%
|
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|
Delaware State Health Facilities Authority, Beebe Medical Center Project Rev., 5.00%,
6/1/2034
|
2,200,000
|
2,230,245
|
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District of Columbia — 1.3%
|
||
|
District of Columbia, Two Rivers Public Charter School, Inc. Rev., 5.00%, 6/1/2050
|
1,500,000
|
1,310,873
|
|
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien
Series A, Rev., 5.00%, 10/1/2045
|
1,500,000
|
1,513,543
|
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Total District of Columbia
|
|
2,824,416
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Florida — 6.5%
|
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Florida Development Finance Corp., Brightline Florida Passenger Rail Project
|
|
|
|
Series 2024, Rev., AMT, 5.00%, 7/1/2037
|
1,000,000
|
1,036,984
|
|
Series 2024, Rev., AMT, 5.50%, 7/1/2053
|
1,000,000
|
1,039,310
|
|
Florida Development Finance Corp., Central Charter School Project
|
|
|
|
Series 2022, Rev., 5.25%, 8/15/2037 (b)
|
350,000
|
341,534
|
|
Series 2022, Rev., 5.63%, 8/15/2042 (b)
|
1,515,000
|
1,479,280
|
|
Florida Development Finance Corp., Educational Facilities, River City Science Academy
Projects Series 2022B, Rev.,
5.00%, 7/1/2031
|
165,000
|
169,571
|
|
Florida Development Finance Corp., Idea Florida, Inc., Jacksonville IV Project Rev.,
5.25%, 6/15/2029 (b)
|
300,000
|
305,786
|
|
Lee County School Board (The)
|
|
|
|
Series 2023A, COP, 5.00%, 8/1/2042
|
2,715,000
|
2,906,109
|
|
Series 2023A, COP, 4.00%, 8/1/2048
|
500,000
|
466,341
|
|
Lee Memorial Health System Series A-1, Rev., 5.00%, 4/1/2036
|
1,235,000
|
1,294,250
|
|
Middleton Community Development District A, City of Wildwood, Florida Special Assessment
5.85%, 5/1/2037
|
500,000
|
523,701
|
|
Palm Beach County Health Facilities Authority, Jupiter Medical Center Series 2022,
Rev., 5.00%, 11/1/2047
|
500,000
|
498,061
|
|
Palm Beach County School District Series 2023A, COP, 5.00%, 8/1/2040
|
2,865,000
|
3,149,638
|
|
Village Community Development District No. 15 4.25%, 5/1/2028 (b)
|
350,000
|
350,185
|
|
Total Florida
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|
13,560,750
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INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
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||
|
Georgia — 2.3%
|
||
|
Cherokee County Water and Sewer Authority Series 2023, Rev., 5.00%, 8/1/2039
|
375,000
|
417,442
|
|
Georgia Housing and Finance Authority, Single Family Mortgage Series 2017A, Rev.,
4.00%, 12/1/2047
|
170,000
|
168,946
|
|
Main Street Natural Gas, Inc., Gas Supply
|
|
|
|
Series 2022B, Rev., 5.00%, 6/1/2029 (c)
|
2,050,000
|
2,130,054
|
|
Series 2024B, Rev., 5.00%, 3/1/2032 (c)
|
1,000,000
|
1,060,405
|
|
Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series 2024 B, Rev., 5.00%,
7/1/2041
|
1,000,000
|
1,104,350
|
|
Total Georgia
|
|
4,881,197
|
|
Illinois — 5.0%
|
||
|
City of Aurora, Single Family Mortgage
|
|
|
|
Series 2007B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/1/2039
|
39,386
|
39,504
|
|
Series 2007-A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/1/2039
|
44,906
|
45,072
|
|
City of Chicago, Waterworks, Second Lien
|
|
|
|
Series 2023B, Rev., AGM, 5.00%, 11/1/2035
|
500,000
|
551,534
|
|
Series 2023B, Rev., AGM, 5.00%, 11/1/2039
|
1,500,000
|
1,624,908
|
|
Illinois Finance Authority, Lake Forest College
|
|
|
|
Series 2022A, Rev., 5.00%, 10/1/2032
|
215,000
|
220,803
|
|
Series 2022A, Rev., 5.50%, 10/1/2039
|
380,000
|
393,468
|
|
Illinois Finance Authority, University of Chicago Series 2024 A, Rev., 5.00%, 4/1/2032
|
2,430,000
|
2,704,100
|
|
Illinois Housing Development Authority Series 2024 A, Rev., GNMA/FNMA/FHLMC, 6.00%,
10/1/2054
|
1,000,000
|
1,071,503
|
|
State of Illinois Series 2023B, GO, 4.50%, 5/1/2048
|
160,000
|
158,827
|
|
University of Illinois, Auxiliary Facilities System Series 2024A, Rev., 5.25%, 4/1/2043 (d)
|
1,000,000
|
1,106,256
|
|
Will County Forest Preservation District, Limited Tax GO, 5.00%, 12/15/2036
|
1,460,000
|
1,568,278
|
|
Will County School District No. 86 Joliet Series 2024, GO, 5.00%, 3/1/2042
|
1,000,000
|
1,050,146
|
|
Total Illinois
|
|
10,534,399
|
|
Indiana — 1.7%
|
||
|
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%,
8/1/2041 (b)
|
500,000
|
406,990
|
|
City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A,
Rev., 4.75%, 11/1/2030 (b)
|
570,000
|
506,243
|
|
County of St. Joseph, Economic Development, St. Mary's College Project Series 2017A,
Rev., 5.00%, 4/1/2026
|
1,880,000
|
1,907,782
|
|
Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project Series 2023A,
Rev., 5.00%, 6/1/2053
|
150,000
|
150,888
|
|
Indiana Housing and Community Development Authority, Single Family Mortgage Series
2020A, Rev., 3.75%, 1/1/2049
|
590,000
|
579,962
|
|
Total Indiana
|
|
3,551,865
|
|
Iowa — 0.9%
|
||
|
Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project
|
|
|
|
Rev., 5.00%, 9/1/2028
|
195,000
|
186,085
|
|
Rev., 5.00%, 9/1/2030
|
110,000
|
102,485
|
|
Rev., 5.00%, 9/1/2031
|
105,000
|
96,630
|
|
Rev., 5.00%, 9/1/2036
|
445,000
|
388,163
|
|
Iowa Student Loan Liquidity Corp., Student Loan Series 2015A, Rev., AMT, 5.00%, 12/1/2025
|
1,000,000
|
1,007,990
|
|
Total Iowa
|
|
1,781,353
|
|
Kansas — 0.1%
|
||
|
City of Topeka, Kansas Health Care Facilities Series 2022B, Rev., 5.13%, 12/1/2026
|
150,000
|
149,670
|
|
Kentucky — 1.0%
|
||
|
County of Knott, Solid Waste Water Project Series 2024, Rev., AMT, 4.00%, 4/1/2025 (b) (c)
|
1,000,000
|
997,240
|
|
Kentucky Public Energy Authority Series 2024A, Rev., 5.00%, 7/1/2030 (c)
|
1,000,000
|
1,044,838
|
|
Total Kentucky
|
|
2,042,078
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Louisiana — 1.3%
|
||
|
Louisiana Public Facilities Authority, Mentorship Steam Academy Project
|
|
|
|
Series 2021A, Rev., 5.00%, 6/1/2036 (b)
|
385,000
|
347,524
|
|
Series 2021A, Rev., 5.00%, 6/1/2042 (b)
|
440,000
|
377,834
|
|
Louisiana Public Facilities Authority, Tulane University of Louisiana Project Series
2020 A, Rev., 5.00%, 4/1/2045
|
2,000,000
|
2,080,379
|
|
Total Louisiana
|
|
2,805,737
|
|
Maryland — 0.2%
|
||
|
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series
A, Rev., 4.00%, 7/1/2048
|
470,000
|
466,209
|
|
Massachusetts — 2.6%
|
||
|
Massachusetts Clean Water Trust (The), Poll Program Rev., 5.25%, 8/1/2024
|
1,500,000
|
1,503,512
|
|
Massachusetts Development Finance Agency, Boston Medical Center Issue
|
|
|
|
Series 2023G, Rev., 5.25%, 7/1/2048
|
1,000,000
|
1,055,681
|
|
Series 2023G, Rev., 4.38%, 7/1/2052
|
700,000
|
658,605
|
|
Massachusetts Development Finance Agency, Salem Community Corp.
|
|
|
|
Rev., 5.00%, 1/1/2028
|
265,000
|
262,853
|
|
Rev., 5.00%, 1/1/2029
|
500,000
|
496,152
|
|
Rev., 5.00%, 1/1/2031
|
240,000
|
238,003
|
|
Rev., 5.13%, 1/1/2040
|
510,000
|
488,081
|
|
Massachusetts Housing Finance Agency, Single Family Housing Series 214, Rev., GNMA/FNMA/FHLMC,
3.75%,
12/1/2049
|
745,000
|
733,423
|
|
Total Massachusetts
|
|
5,436,310
|
|
Michigan — 3.6%
|
||
|
City of Detroit, Unlimited Tax
|
|
|
|
Series 2021A, GO, 5.00%, 4/1/2033
|
770,000
|
799,890
|
|
Series 2023A, GO, 6.00%, 5/1/2039
|
3,225,000
|
3,613,492
|
|
Michigan Finance Authority, Trinity Health Credit Group
|
|
|
|
Series 2022B, Rev., 5.00%, 12/1/2028 (c)
|
2,000,000
|
2,093,588
|
|
Series 2013MI-4, Rev., 4.00%, 12/1/2038
|
1,000,000
|
981,534
|
|
Total Michigan
|
|
7,488,504
|
|
Minnesota — 3.0%
|
||
|
City of Ramsey, PACT Charter School Project Series 2022A, Rev., 5.00%, 6/1/2032
|
535,000
|
537,806
|
|
City of Rochester, Mayo Clinic Series 2022, Rev., 4.00%, 11/15/2039
|
1,425,000
|
1,452,021
|
|
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
|
90,000
|
88,740
|
|
Minnesota Housing Finance Agency Series 2022M, Rev., GNMA/FNMA/FHLMC COLL, 6.00%,
1/1/2053
|
1,235,000
|
1,301,060
|
|
Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation
|
|
|
|
Rev., 5.25%, 8/1/2024
|
1,015,000
|
1,016,501
|
|
Rev., 5.25%, 8/1/2025
|
1,070,000
|
1,071,397
|
|
Rev., 5.25%, 8/1/2026
|
825,000
|
825,940
|
|
Total Minnesota
|
|
6,293,465
|
|
Mississippi — 0.3%
|
||
|
Mississippi Home Corp., Single Family Mortgage Series 2019A, Rev., GNMA/FNMA/FHLMC,
4.00%, 12/1/2048
|
730,000
|
723,361
|
|
Missouri — 2.0%
|
||
|
Health and Educational Facilities Authority of the State of Missouri, Mercy Health
Series 2018A, Rev., 5.00%, 6/1/2031
|
1,000,000
|
1,051,169
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Missouri — continued
|
||
|
Missouri Housing Development Commission, Single Family, First Place Homeownership
Loan Program Series 2024 A, Rev.,
GNMA/FNMA/FHLMC, 5.75%, 5/1/2055
|
1,000,000
|
1,066,784
|
|
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution
Control and Drinking Water
Series 2015 B, Rev., 5.00%, 7/1/2026
|
2,000,000
|
2,031,046
|
|
Total Missouri
|
|
4,148,999
|
|
Nebraska — 0.5%
|
||
|
Madison County Hospital Authority No. 1, Faith Regional Health Services Project Rev.,
5.00%, 7/1/2030
|
1,020,000
|
1,025,677
|
|
New Hampshire — 0.5%
|
||
|
City of Manchester, School Facilities Rev., NATL - RE, 5.50%, 6/1/2027
|
900,000
|
950,309
|
|
New Jersey — 0.5%
|
||
|
Camden County Improvement Authority (The), Camden Prep High School Project Rev., 5.00%,
7/15/2042 (b)
|
590,000
|
590,403
|
|
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A,
Rev., 4.50%, 10/1/2048
|
450,000
|
449,767
|
|
Total New Jersey
|
|
1,040,170
|
|
New Mexico — 0.3%
|
||
|
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2019C,
Class I, Rev.,
GNMA/FNMA/FHLMC, 4.00%, 1/1/2050
|
650,000
|
643,507
|
|
New York — 9.5%
|
||
|
Build NYC Resource Corp., Grand Concourse Academy Charter School
|
|
|
|
Series 2022A, Rev., 3.40%, 7/1/2027
|
245,000
|
238,265
|
|
Series 2022A, Rev., 5.00%, 7/1/2042
|
300,000
|
302,870
|
|
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project Rev.,
5.00%, 7/1/2029
|
460,000
|
478,585
|
|
Monroe County Industrial Development Corp., Academy of Health Sciences Charter School
Project Series 2022A, Rev.,
5.00%, 7/1/2032 (b)
|
250,000
|
252,300
|
|
New York City Municipal Water Finance Authority Series 2024, Subseries BB-1, Rev.,
5.25%, 6/15/2047
|
1,500,000
|
1,645,487
|
|
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., 2.25%, 6/1/2024 (c)
|
6,500,000
|
6,500,000
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024
Series 2024F, Subseries F-1, Rev.,
5.25%, 2/1/2053
|
1,000,000
|
1,086,423
|
|
New York State Dormitory Authority
|
|
|
|
Series 2024, Rev., 5.25%, 7/1/2049
|
2,400,000
|
2,539,351
|
|
Series 2024A, Rev., 5.50%, 7/1/2054
|
1,000,000
|
1,122,437
|
|
New York State Dormitory Authority, Brooklyn Law School Series 2019 A, Rev., 5.00%,
7/1/2033
|
1,000,000
|
1,037,295
|
|
New York Transportation Development Corp., JFK International Airport New Terminal
One Project Series 2023, Rev., AMT,
AGM, 5.00%, 6/30/2049
|
2,000,000
|
2,053,020
|
|
Saratoga County Capital Resource Corp., Skidmore College Project Series 2020 A, Rev.,
5.00%, 7/1/2045
|
2,145,000
|
2,243,661
|
|
Yonkers Economic Development Corp., Charter School of Educational Excellence Project
Series 2020A, Rev., 4.00%,
10/15/2030
|
355,000
|
348,513
|
|
Total New York
|
|
19,848,207
|
|
North Carolina — 0.3%
|
||
|
City of Charlotte Series 2023B, Rev., AMT, 5.00%, 7/1/2048
|
570,000
|
591,324
|
|
North Dakota — 0.1%
|
||
|
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2015D, Rev.,
4.00%, 7/1/2046
|
180,000
|
179,437
|
|
Ohio — 4.8%
|
||
|
American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A,
Rev., 5.00%, 2/15/2035
|
825,000
|
874,305
|
|
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev.,
5.00%, 12/1/2028 (b) (c)
|
1,000,000
|
1,010,590
|
|
Lakota Local School District Series 2005, GO, NATL - RE, 5.25%, 12/1/2025
|
1,500,000
|
1,538,564
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Ohio — continued
|
||
|
Northeast Ohio Medical University
|
|
|
|
Series 2022, Rev., 5.00%, 12/1/2034
|
950,000
|
1,016,425
|
|
Series 2022, Rev., 5.00%, 12/1/2037
|
1,100,000
|
1,160,317
|
|
Ohio Water Development Authority Water Pollution Control Loan Fund Series 2024A, Rev.,
5.00%, 12/1/2043
|
1,000,000
|
1,098,151
|
|
State of Ohio Series 2024 B, Rev., 5.00%, 8/15/2032 (c) (d)
|
1,000,000
|
1,085,659
|
|
University of Cincinnati Series 2024A, Rev., 5.25%, 6/1/2049 (d)
|
2,000,000
|
2,163,127
|
|
Total Ohio
|
|
9,947,138
|
|
Oklahoma — 2.0%
|
||
|
Oklahoma Water Resources Board Series 2024B, Rev., 5.25%, 10/1/2044
|
2,000,000
|
2,170,331
|
|
Oklahoma Water Resources Board, State Loan Program Series 2021D, Rev., 4.00%, 10/1/2046
|
2,035,000
|
1,968,958
|
|
Total Oklahoma
|
|
4,139,289
|
|
Oregon — 0.7%
|
||
|
Union County Hospital Facility Authority, Grande Ronde Hospital, Inc. Series 2022,
Rev., 5.00%, 7/1/2035
|
1,360,000
|
1,395,252
|
|
Other — 0.4%
|
||
|
Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series
8, Rev., 5.95%, 11/1/2035 (c)
|
795,000
|
795,299
|
|
Pennsylvania — 1.0%
|
||
|
Bucks County Water and Sewer Authority Series 2022A, Rev., AGM, 5.00%, 12/1/2038
|
525,000
|
574,955
|
|
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living
Homes Series 2021, Rev., 4.00%,
7/1/2046
|
750,000
|
654,027
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2017-122, Rev.,
AMT, 4.00%, 10/1/2046
|
130,000
|
129,118
|
|
Philadelphia Energy Authority (The), Philadelphia Street Lighting Project Series 2023A,
Rev., 5.00%, 11/1/2043
|
750,000
|
796,488
|
|
Total Pennsylvania
|
|
2,154,588
|
|
Rhode Island — 0.5%
|
||
|
Rhode Island Health and Educational Building Corp., Bryant University Issue Series
2024, Rev., 5.00%, 6/1/2041
|
1,000,000
|
1,076,670
|
|
South Carolina — 1.3%
|
||
|
South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group
Series 2024 A, Rev., 5.50%,
11/1/2054
|
2,500,000
|
2,714,555
|
|
South Carolina State Housing Finance and Development Authority Series 2017A, Rev.,
4.00%, 1/1/2047
|
65,000
|
64,659
|
|
Total South Carolina
|
|
2,779,214
|
|
South Dakota — 0.5%
|
||
|
South Dakota Housing Development Authority, Homeownership Mortgage
|
|
|
|
Series 2015D, Rev., 4.00%, 11/1/2045
|
195,000
|
193,989
|
|
Series 2019A, Rev., 4.00%, 5/1/2049
|
875,000
|
866,150
|
|
Total South Dakota
|
|
1,060,139
|
|
Tennessee — 0.9%
|
||
|
Metropolitan Government Nashville and Davidson County Health and Educational Facilities
Board, Blakeford at Green Hills
Series 2020A, Rev., 4.00%, 11/1/2038
|
1,305,000
|
1,104,919
|
|
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey
Station Project Series 2019A, Rev.,
5.75%, 10/1/2049
|
1,000,000
|
726,077
|
|
Total Tennessee
|
|
1,830,996
|
|
Texas — 5.1%
|
||
|
Clifton Higher Education Finance Corp., Yes Prep Public School, Inc. Series 2023,
Rev., PSF-GTD, 4.25%, 4/1/2048
|
1,000,000
|
969,313
|
|
Denton Independent School District
|
|
|
|
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2041
|
1,055,000
|
1,153,743
|
|
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2043
|
1,250,000
|
1,356,673
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Texas — continued
|
||
|
Midland Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 4.00%,
2/15/2054
|
1,000,000
|
919,090
|
|
Tarrant Regional Water District Water Supply System Series 2024, Rev., 5.00%, 3/1/2041 (d)
|
1,000,000
|
1,098,972
|
|
Texas A&M University Series 2024A, Rev., 5.00%, 5/15/2040
|
2,000,000
|
2,213,530
|
|
Texas Water Development Board, State Water Implementation Fund Series 2019A, Rev.,
4.00%, 10/15/2044
|
3,000,000
|
2,902,785
|
|
Total Texas
|
|
10,614,106
|
|
Utah — 1.8%
|
||
|
Utah Associated Municipal Power Systems, Horse Butte Wind Project Series 2017B, Rev.,
5.00%, 9/1/2033
|
1,700,000
|
1,769,260
|
|
Utah Charter School Finance Authority, Wallace Stegner Academy Series 2022A, Rev.,
5.63%, 6/15/2042 (b)
|
400,000
|
403,219
|
|
Utah Housing Corp., Single Family Mortgage Series D-2, Class III, Rev., FHA, 4.00%,
1/1/2045
|
510,000
|
506,940
|
|
Utah Transit Authority, Sales Tax Series 2006C, Rev., AGM, 5.25%, 6/15/2029
|
970,000
|
1,042,520
|
|
Total Utah
|
|
3,721,939
|
|
Vermont — 1.7%
|
||
|
Vermont Housing Finance Agency, Multiple Purpose Series B, Rev., AMT, 3.75%, 11/1/2045
|
20,000
|
19,876
|
|
Vermont Student Assistance Corp., Education Loan
|
|
|
|
Series 2016A, Rev., AMT, 5.00%, 6/15/2024
|
1,400,000
|
1,400,161
|
|
Series 2016A, Rev., AMT, 5.00%, 6/15/2025
|
2,150,000
|
2,162,328
|
|
Total Vermont
|
|
3,582,365
|
|
Virginia — 0.7%
|
||
|
Hampton Roads Sanitation District Series 2024 A, Rev., 5.00%, 11/1/2037
|
1,275,000
|
1,454,128
|
|
Washington — 5.4%
|
||
|
County of King
|
|
|
|
Series 2016A, Rev., 4.00%, 7/1/2039
|
1,000,000
|
985,807
|
|
Series 2016A, Rev., 4.00%, 7/1/2041
|
1,000,000
|
978,467
|
|
FYI Properties, State of Washington District Project Rev., 5.00%, 6/1/2039
|
5,000,000
|
5,199,504
|
|
Washington Health Care Facilities Authority, Multicare Health System Series 2017B,
Rev., 5.00%, 8/15/2035
|
1,850,000
|
1,905,672
|
|
Washington State Housing Finance Commission Series 2024, Rev., 5.50%, 7/1/2049
|
1,000,000
|
1,053,571
|
|
Washington State Housing Finance Commission, Seattle Academy Of Arts and Science Project
|
|
|
|
Series 2023, Rev., 5.00%, 7/1/2028 (b)
|
360,000
|
367,536
|
|
Series 2023, Rev., 5.13%, 7/1/2033 (b)
|
740,000
|
783,725
|
|
Total Washington
|
|
11,274,282
|
|
West Virginia — 0.4%
|
||
|
West Virginia Hospital Finance Authority, University Health System Series 2023 A,
Rev., 5.00%, 6/1/2040
|
505,000
|
535,575
|
|
West Virginia Hospital Finance Authority, Vandalia Health Group Series 2023B, Rev.,
AGM, 5.00%, 9/1/2040
|
300,000
|
318,874
|
|
Total West Virginia
|
|
854,449
|
|
Wisconsin — 2.1%
|
||
|
Public Finance Authority, College Achieve Central Charter School Project
|
|
|
|
Series 2021A, Rev., 5.00%, 6/15/2029 (b)
|
285,000
|
285,600
|
|
Series 2021A, Rev., 5.00%, 6/15/2031 (b)
|
315,000
|
313,693
|
|
Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (b)
|
200,000
|
129,924
|
|
Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (b)
|
145,000
|
129,142
|
|
Public Finance Authority, Viticus Group Project Series 2022A, Rev., 4.00%, 12/1/2031 (b)
|
240,000
|
220,636
|
|
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. Rev.,
5.00%, 7/1/2024
|
250,000
|
250,138
|
|
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian
Charity Sponsored Ministries, Inc.
Series 2017A, Rev., 5.00%, 9/1/2027 (e)
|
785,000
|
818,161
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Municipal Bonds — continued
|
||
|
Wisconsin — continued
|
||
|
Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical
Center Thermal Service Rev., 5.00%,
4/1/2035
|
1,165,000
|
1,213,125
|
|
Wisconsin Housing and Economic Development Authority Home Ownership Series 2024 A,
Rev., GNMA / FNMA / FHLMC,
6.00%, 9/1/2054
|
1,000,000
|
1,071,158
|
|
Total Wisconsin
|
|
4,431,577
|
|
Total Municipal Bonds
(Cost $194,653,033)
|
|
190,785,329
|
|
|
SHARES
|
|
|
Short-Term Investments — 11.1%
|
||
|
Investment Companies — 11.1%
|
||
|
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.51% (f) (g)
(Cost $23,155,923)
|
23,155,562
|
23,157,878
|
|
Total Investments — 102.4%
(Cost $217,808,956)
|
|
213,943,207
|
|
Liabilities in Excess of Other Assets — (2.4)%
|
|
(4,982,173
)
|
|
NET ASSETS — 100.0%
|
|
208,961,034
|
|
Percentages indicated are based on net assets.
|
|
Abbreviations
|
|
|
AGM
|
Insured by Assured Guaranty Municipal Corp.
|
|
AMT
|
Alternative Minimum Tax
|
|
BAN
|
Bond Anticipation Note
|
|
CHESLA
|
Connecticut Higher Education Supplemental Loan Authority
|
|
COLL
|
Collateral
|
|
COP
|
Certificate of Participation
|
|
FHA
|
Federal Housing Administration
|
|
FHLMC
|
Federal Home Loan Mortgage Corp.
|
|
FNMA
|
Federal National Mortgage Association
|
|
GNMA
|
Government National Mortgage Association
|
|
GO
|
General Obligation
|
|
LIQ
|
Liquidity Agreement
|
|
NATL
|
Insured by National Public Finance Guarantee Corp.
|
|
PSF-GTD
|
Permanent School Fund Guaranteed
|
|
RE
|
Reinsured
|
|
Rev.
|
Revenue
|
|
VRDO
|
Variable Rate Demand Obligation
|
|
(a)
|
The date shown represents the earliest of the prerefunded date, next put date or final
maturity date.
|
|
(b)
|
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities
Act of 1933, as amended.
|
|
(c)
|
Variable or floating rate security, the interest rate of which adjusts periodically
based on changes in current interest rates and prepayments on the
underlying pool of assets. The interest rate shown is the current rate as of May 31,
2024.
|
|
(d)
|
All or a portion of the security is a when-issued security, delayed delivery security,
or forward commitment.
|
|
(e)
|
Security is prerefunded or escrowed to maturity.
|
|
(f)
|
Investment in an affiliated fund, which is registered under the Investment Company
Act of 1940, as amended, and is advised by J.P. Morgan Investment
Management Inc.
|
|
(g)
|
The rate shown is the current yield as of May 31, 2024.
|
|
DESCRIPTION
|
NUMBER OF
CONTRACTS
|
EXPIRATION DATE
|
TRADING CURRENCY
|
NOTIONAL
AMOUNT ($)
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
|
Long Contracts
|
|
|
|
|
|
|
U.S. Treasury 2 Year Note
|
97
|
09/30/2024
|
USD
|
19,769,813
|
15,897
|
|
U.S. Treasury 5 Year Note
|
28
|
09/30/2024
|
USD
|
2,966,688
|
3,881
|
|
|
|
|
|
|
19,778
|
|
Short Contracts
|
|
|
|
|
|
|
U.S. Treasury 10 Year Ultra Note
|
(30
)
|
09/19/2024
|
USD
|
(3,368,906
)
|
390
|
|
|
|
|
|
|
20,168
|
|
Abbreviations
|
|
|
USD
|
United States Dollar
|
|
|
|
|
|
|
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
Municipal Bonds
|
$—
|
$190,785,329
|
$—
|
$190,785,329
|
|
Short-Term Investments
|
|
|
|
|
|
Investment Companies
|
23,157,878
|
—
|
—
|
23,157,878
|
|
Total Investments in Securities
|
$23,157,878
|
$190,785,329
|
$—
|
$213,943,207
|
|
|
|
|
|
|
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Appreciation in Other Financial Instruments
|
|
|
|
|
|
Futures Contracts
|
$20,168
|
$—
|
$—
|
$20,168
|
|
|
|||||||||
|
For the period ended May 31, 2024
|
|||||||||
|
Security Description
|
Value at
February 29,
2024
|
Purchases at
Cost
|
Proceeds from
Sales
|
Net Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation/
(Depreciation)
|
Value at
May 31,
2024
|
Shares at
May 31,
2024
|
Dividend
Income
|
Capital Gain
Distributions
|
|
JPMorgan Institutional Tax Free
Money Market Fund Class IM
Shares, 3.51% (a) (b)
|
$33,472,938
|
$28,256,468
|
$38,572,129
|
$(1,288
)
|
$1,889
|
$23,157,878
|
23,155,562
|
$196,501
|
$—
|
|
|
|
|
(a)
|
Investment in an affiliated fund, which is registered under the Investment Company
Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
|
|
(b)
|
The rate shown is the current yield as of May 31, 2024.
|