JPMorgan Michigan Municipal Bond Fund Schedule of Portfolio Investments as of November 30, 2011 (Unaudited)

Transcription

1 Schedule of Portfolio Investments as of November 30, 2011 (Unaudited) THE UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS LIST ( the List ) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. JPMorgan Distribution Services, Inc. J.P. Morgan Chase & Co., 2011.

2 AS OF NOVEMBER 30, 2011 (Unaudited) PRINCIPAL AMOUNT ($) SECURITY DESCRIPTION (t) VALUE ($) Municipal Bonds 99.9% Arizona 2.3% Other Revenue 1.1% 1,000 Phoenix Civic Improvement Corp., Junior Lien, Series A, Rev., 5.000%, 07/01/23 1,101 Utility 1.2% 1,000 Salt River Project Agricultural Improvement & Power District, Series A, Rev., 5.000%, 01/01/23 1,125 Total Arizona 2,226 California 1.2% Water & Sewer 1.2% 1,000 San Diego Public Facilities Financing Authority, Series B, Rev., 5.500%, 05/15/23 1,161 Indiana 1.1% Other Revenue 1.1% 1,000 Indiana Finance Authority, Wastewater Systems, Series A, Rev., 5.250%, 10/01/31 1,082 Michigan 90.4% Certificate of Participation/Lease 3.5% 1,800 City of Detroit, Wayne County Stadium Authority, Rev., COP, NATL-RE, FGIC, 5.500%, 02/01/17 1,804 1,500 Michigan Strategic Fund, House of Representatives Facilities, Series A, Rev., COP, AGC, 5.250%, 10/15/20 1,663 3,467 Education 2.9% 1,670 Oakland University, Rev., AMBAC, 5.250%, 05/15/19 1,794 1,000 Western Michigan University, Rev., NATL-RE, 5.000%, 11/15/19 1,058 2,852 General Obligation 31.8% 1,675 Charles Stewart Mott Community College, Community College Facilities, GO, NATL-RE, 5.000%, 05/01/20 (m) 1,819 1,000 City of Dearborn School District, GO, NATL-RE, FGIC, Q-SBLF, 5.000%, 05/01/18 1,133 City of Jackson, Capital Appreciation, Downtown Development, 1,710 GO, AGM, Zero Coupon, 06/01/17 1,375 2,060 GO, AGM, Zero Coupon, 06/01/18 1,573 2,075 East Grand Rapids Public School District, GO, AGM, Q-SBLF, 5.000%, 05/01/18 2,234 1,000 Ecorse Public School District, GO, AGM, Q-SBLF, 5.250%, 05/01/20 1,094 1,515 Healthsource Saginaw, Inc., GO, NATL-RE, 5.000%, 05/01/20 1,627 1,250 Hudsonville Public Schools, School Building & Site, GO, Q-SBLF, 5.250%, 05/01/25 1,404 1,620 Jackson Public Schools, School Building & Site, GO, AGM, Q-SBLF, 5.000%, 05/01/18 1,744 1,250 Lansing Community College, Building & Site, GO, NATL-RE, 5.000%, 05/01/19 1,315 Lowell Area Schools, Capital Appreciation, 5,000 GO, NATL-RE, FGIC, Q-SBLF, Zero Coupon, 05/01/14 4,772 1,425 GO, NATL-RE, FGIC, Q-SBLF, Zero Coupon, 05/01/16 1,271 1,210 Newaygo Public Schools, GO, NATL-RE, Q-SBLF, 5.000%, 05/01/22 1,322 1,910 Pinckney Community Schools, GO, AGM, Q-SBLF, 5.000%, 05/01/19 2,049 1,935 South Lyon Community Schools, Series II, GO, NATL-RE, FGIC, Q-SBLF, 5.000%, 05/01/21 2,095 1,500 South Redford School District, School Building & Site, GO, NATL-RE, Q-SBLF, 5.000%, 05/01/21 1,624 1,450 Southfield Library Building Authority, GO, NATL-RE, 5.000%, 05/01/19 1,602 1,175 Wayne County, Downriver Sewer Disposal, Series B, GO, NATL-RE, 5.125%, 11/01/18 1,194 31,247 Hospital 5.7% Chelsea Economic Development Corp., United Methodist Retirement, 1,075 Rev., 5.400%, 11/15/18 1,076 2,000 Rev., 5.400%, 11/15/27 1,864 1,030 Michigan State Hospital Finance Authority, Oakwood Obligation Group, Series A, Rev., 5.000%, 07/15/17 1,112 1,500 Michigan State Hospital Finance Authority, Sparrow Obligation Group, Rev., NATL-RE, 5.000%, 11/15/19 1,572 5,624

3 AS OF NOVEMBER 30, 2011 (Unaudited) (continued) PRINCIPAL AMOUNT ($) SECURITY DESCRIPTION VALUE ($) Municipal Bonds Continued Housing 2.6% Michigan State Housing Development Authority, Weston, Limited Obligation, 655 Series A, Rev., GNMA COLL, 4.100%, 12/20/ ,880 Series A, Rev., GNMA COLL, 4.600%, 12/20/25 1,863 2,535 Other Revenue 4.4% Lansing Board of Water & Light Utility Systems, 1,000 Series A, Rev., 5.000%, 07/01/26 1,091 1,000 Series A, Rev., 5.500%, 07/01/41 1,094 1,000 Michigan Finance Authority, Trinity Health Group, Rev., 5.000%, 12/01/31 1,011 1,055 Michigan Municipal Bond Authority, Local Government Lien Program, Series 4-A, Rev., AMBAC, 5.000%, 05/01/16 1,122 4,318 Prerefunded 11.6% Michigan State Hospital Finance Authority, Mercy Health Services, 855 Series R, Rev., AMBAC, 5.375%, 08/15/16 (p) 858 3,245 Series U, Rev., 5.625%, 08/15/16 (p) 3,259 6,875 Series W, Rev., AGM, 5.250%, 08/15/17 (p) 6, Tawas City Hospital Finance Authority, St. Joseph, Series A, Rev., RADIAN-IBCC, 5.600%, 02/15/13 (p) ,445 Special Tax 8.1% State of Michigan, 1,500 Rev., AGM, 5.250%, 11/01/17 1,773 3,130 Rev., AGM, 5.250%, 05/15/18 3,769 2,000 Rev., AGM, 5.250%, 05/15/21 2,416 7,958 Transportation 1.2% 1,000 Michigan State Trunk Line, Rev., AGM, 5.250%, 11/01/20 1,203 Utility 1.5% 1,170 Michigan Strategic Fund, Detroit Pollution Fund, Series BB, Rev., AMBAC, 7.000%, 05/01/21 1,480 Water & Sewer 17.1% 5,000 City of Detroit, Sewage Disposal System, Capital Appreciation, Series A, Rev., NATL-RE, FGIC, Zero Coupon, 07/01/13 4,779 3,000 City of Detroit, Water Supply System, Senior Lien, Series A, Rev., AGM, 5.000%, 07/01/17 3,246 1,670 City of Grand Rapids, Sanitation Sewer System, Rev., 5.000%, 01/01/23 1,954 5,000 Michigan Municipal Bond Authority, Clean Water Revolving Fund, Rev., 5.000%, 10/01/24 5,744 1,000 North Kent Sewer Authority, Rev., NATL-RE, 5.000%, 11/01/19 1,110 16,833 Total Michigan 88,962 New York 1.6% Industrial Development Revenue/Pollution Control Revenue 1.6% 1,425 New York State Dormitory Authority, Personal Income Tax, Series A, Rev., 5.250%, 02/15/27 1,587 Texas 1.7% Water & Sewer 1.7% 1,500 City of San Antonio, Rev., NATL-RE, 5.000%, 05/15/20 1,668 Washington 1.6% Water & Sewer 1.6% 1,500 City of Seattle, Water Systems, Rev., NATL-RE, 5.000%, 09/01/22 1,627 Total Municipal Bonds (Cost $92,931) 98,313

4 Total Investments 99.9% (Cost $92,931) 98,313 Other Assets in Excess of Liabilities 0.1% 80 NET ASSETS 100.0% $ 98,393 Percentages indicated are based on net assets.

5 AS OF NOVEMBER 30, 2011 (Unaudited) (continued) NOTES TO : AGC Insured by Assured Guaranty Corp. AGM Insured by Assured Guaranty Municipal Corp. AMBAC Insured by American Municipal Bond Assurance Corp. COLL Collateral COP Certificate of Participation FGIC Insured by Financial Guaranty Insurance Co. GNMA Government National Mortgage Association GO General Obligation IBCC Insured Bond Custodial Certificate NATL Insured by National Public Finance Guarantee Corp. Q-SBLF Qualified School Bond Loan Fund RADIAN Insured by Radian Asset Assurance RE Reinsured Rev. Revenue Bond (m) All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements and unfunded commitments. (p) Security is prerefunded or escrowed to maturity. (t) The date shown represents the earliest of the prerefunded date, next put date or final maturity date. * Filed for bankruptcy on November 8, As of November 30, 2011, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows: Aggregate gross unrealized appreciation $ 5,480 Aggregate gross unrealized depreciation (98) Net unrealized appreciation/depreciation $ 5,382 Federal income tax cost of investments $92,931 *

6 AS OF NOVEMBER 30, 2011 (Unaudited) (continued) The various inputs that are used in determining the fair value of the Fund s investments are summarized into the three broad levels listed below. Level 1 quoted prices in active markets for identical securities Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 significant unobservable inputs (including the Fund s 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 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. The following table represents each valuation input as presented on the Schedule of Portfolio Investments ( SOI ) (amounts in thousands): Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Total Investments in Securities (a) $ $ 98,313 $ $98,313 (a) All portfolio holdings designated as Level 2 are disclosed individually in the SOI. Please refer to the SOI for industry specifics of the portfolio holdings. There were no transfers between Levels 1 and 2 during the period ended November 30, 2011.