Schedule of Portfolio Investments as of November 30, 2017 (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., 2018.
AS OF NOVEMBER 30, 2017 (Unaudited) (Amounts in thousands) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Municipal Bonds 97.9% (t) California 97.5% Certificate of Participation/Lease 1.1% 1,250 City & County of San Francisco, Multiple Capital Improvement Projects, Series A, COP, 5.00%, 04/01/2022 1,305 1,500 County of Monterey, 2009 Refinancing Project, COP, AGM, 5.00%, 08/01/2020 1,608 2,913 Education 4.4% 1,000 California Educational Facilities Authority, Pomona College, Series A, Rev., 5.00%, 01/01/2024 1,038 California Educational Facilities Authority, Stanford University, 1,500 Series T-5, Rev., 5.00%, 03/15/2023 1,758 1,500 Series U-2, Rev., 5.00%, 10/01/2032 1,915 1,000 California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.00%, 10/01/2023 1,178 1,000 California State University, Systemwide, Series C, Rev., AGM, 5.00%, 11/01/2019 1,062 University of California, 1,000 Series AB, Rev., 5.00%, 05/15/2026 1,115 1,500 Series AM, Rev., 5.00%, 05/15/2028 1,776 1,910 Series AR, Rev., 5.00%, 05/15/2034 2,272 12,114 General Obligation 26.5% 1,250 Counties of Santa Barbara, San Luis Obispo & Ventura, Allan Hancock Joint Community College District, GO, 5.00%, 08/01/2030 1,471 1,000 Counties of Sonoma, Mendocino & Marin, Sonoma County Junior College District, GO, 5.00%, 08/01/2027 1,168 1,210 County of Contra Costa, Mount Diablo Unified School District, Election of 2010, Series E, GO, 5.00%, 08/01/2026 1,383 1,500 County of Los Angeles, Beverly Hills Unified School District, Election of 2008, Capital Appreciation, GO, Zero Coupon, 08/01/2023 1,335 3,205 County of Los Angeles, Mount San Antonio Community College District, Election of 2008, Capital Appreciation, Series A, GO, Zero Coupon, 08/01/2030 1,884 315 County of Napa, Napa Valley Community College District, Election 2002, Series C, GO, NATL-RE, Zero Coupon, 08/01/2021 259 2,000 County of Napa, Napa Valley Unified School District, Election of 2006, Capital Appreciation, Series A, GO, Zero Coupon, 08/01/2027 1,538 1,000 County of Riverside, Murrieta Valley Unified School District, Election of 2006, Capital Appreciation, GO, AGM, Zero Coupon, 09/01/2024 848 1,000 County of Sacramento, San Juan Unified School District, Election of 2002, GO, 5.00%, 08/01/2029 1,157 1,000 County of San Diego, Carlsbad Unified School District, Election of 2006, Capital Appreciation, Series B, GO, Zero Coupon, 05/01/2018 995 1,500 County of San Diego, Escondido Union High School District, Election of 2008, Capital Appreciation, Series A, GO, AGC, Zero Coupon, 08/01/2025 1,234 1,800 County of San Mateo, South San Francisco Unified School District, Capital Appreciation, Series C, GO, Zero Coupon, 09/01/2028 1,335 1,700 County of Santa Clara, Campbell Union High School District, GO, 5.00%, 08/01/2027 2,022 1,000 County of Santa Clara, Cupertino Union School District, Series A, GO, 5.00%, 08/01/2027 1,167 1,915 County of Santa Clara, Evergreen Elementary School District, Election of 2006, Capital Appreciation, Series B, GO, AGC, Zero Coupon, 08/01/2024 1,645 1,000 County of Santa Clara, Foothill-De Anza Community College District, GO, 5.00%, 08/01/2021 1,121 County of Santa Clara, Palo Alto Unified School District, Election of 2008, Capital Appreciation, 1,500 GO, Zero Coupon, 08/01/2022 1,370 1,015 GO, Zero Coupon, 08/01/2025 846
1,500 GO, Zero Coupon, 08/01/2026 1,205 County of Santa Clara, San Jose Unified School District, 1,610 GO, 5.00%, 08/01/2024 1,803 1,750 GO, 5.00%, 08/01/2028 2,039 900 Series C, GO, 5.00%, 08/01/2030 1,062 1,560 Series C, GO, 5.00%, 08/01/2031 1,837 2,000 East Side Union High School District, Series B, GO, NATL-RE, 5.25%, 02/01/2026 2,399 1,500 Los Angeles Community College District, Series A, GO, 5.00%, 08/01/2031 1,769
AS OF NOVEMBER 30, 2017 (Unaudited) (continued) (Amounts in thousands) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Municipal Bonds continued General Obligation continued 1,000 Los Angeles Unified School District, Election of 2004, Series I, GO, 5.00%, 07/01/2025 1,053 Menlo Park City School District, Crossover Capital Appreciation, 500 GO, Zero Coupon, 07/01/2031 314 880 GO, Zero Coupon, 07/01/2032 526 1,500 Palomar Pomerado Health, Election of 2004, Capital Appreciation, Series A, GO, NATL-RE, Zero Coupon, 08/01/2018 1,483 San Diego Unified School District, Election of 1998, 2,010 Series C-2, GO, AGM, 5.50%, 07/01/2024 2,453 2,500 Series F-1, GO, AGM, 5.25%, 07/01/2028 3,194 2,000 San Francisco Bay Area Rapid Transit District, Election of 2004, Series D, GO, 5.00%, 08/01/2032 2,384 2,500 San Francisco City & County, Earthquake Safety & Emergency, Series D, GO, 3.00%, 06/15/2025 2,644 San Mateo County Community College District, 2,000 Series A, GO, NATL-RE, Zero Coupon, 09/01/2029 1,425 1,000 Series B, GO, NATL-RE, Zero Coupon, 09/01/2034 579 1,005 San Mateo Union High School District, Capital Appreciation, Election of 2006, Series A, GO, 5.00%, 09/01/2030 1,171 State of California, 1,000 GO, 5.00%, 09/01/2021 1,118 10 GO, 5.00%, 08/01/2022 10 1,575 GO, 5.25%, 09/01/2027 1,771 60 GO, NATL-RE-IBC, 6.25%, 10/01/2019 61 2,000 State of California, School Facilities, GO, 4.00%, 09/01/2032 2,173 State of California, Various Purpose, 2,000 GO, 5.00%, 09/01/2026 2,438 2,000 GO, 5.00%, 12/01/2029 2,318 1,000 GO, 5.00%, 09/01/2030 1,114 1,500 GO, 5.00%, 08/01/2031 1,757 3,000 GO, 5.00%, 10/01/2032 3,495 1,000 GO, 5.00%, 08/01/2033 1,184 2,310 GO, 5.25%, 10/01/2022 2,459 1,000 GO, 5.50%, 04/01/2023 1,051 73,067 Hospital 8.9% 1,000 ABAG Finance Authority for Nonprofit Corps., Sharp Healthcare, Series A, Rev., 5.00%, 08/01/2031 1,142 California Health Facilities Financing Authority, Adventist Health System, 2,380 Series A, Rev., 4.00%, 03/01/2029 2,604 1,500 Series A, Rev., 5.00%, 03/01/2026 1,707 California Health Facilities Financing Authority, Cedars-Sinai Medical Center, 250 Rev., 5.00%, 11/15/2030 295 400 Rev., 5.00%, 11/15/2032 468 2,000 Series A, Rev., 5.00%, 08/15/2033 2,336 California Health Facilities Financing Authority, Lucile Salter Packard Children s Hospital at Stanford, 580 Series A, Rev., 5.00%, 08/15/2027 675 850 Series A, Rev., 5.00%, 08/15/2028 986 1,655 Series A, Rev., 5.00%, 08/15/2030 1,936 1,000 California Health Facilities Financing Authority, St. Joseph Health System, Series A, Rev., 5.00%, 07/01/2028 1,149 California Health Facilities Financing Authority, Sutter Health, 1,500 Series A, Rev., 5.00%, 11/15/2031 1,754 1,150 Series A, Rev., 5.00%, 11/15/2032 1,344
2,000 Series A, Rev., 5.00%, 11/15/2033 2,379 1,000 Series A, Rev., 5.50%, 08/15/2018 1,029 3,000 Series C, Rev., 1.00%, 08/15/2019 (z) 2,970 1,000 Series D, Rev., 5.00%, 08/15/2025 1,113 515 California Statewide Communities Development Authority, Sutter Health, Series A, Rev., 5.00%, 08/15/2019 545 24,432 Housing 0.2% 465 City of San Bernardino, Single Family Mortgage, GNMA Mortgage-Backed Securities, Series A, Rev., GNMA COLL, 7.50%, 05/01/2023 (p) 539 Industrial Development Revenue/Pollution Control Revenue 0.6% 1,500 California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series B-1, Rev., AMT, 3.00%, 11/01/2025 1,547
AS OF NOVEMBER 30, 2017 (Unaudited) (continued) (Amounts in thousands) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Municipal Bonds continued Other Revenue 8.0% 1,000 Anaheim Public Financing Authority, Anaheim Public Improvements Project, Capital Appreciation, Series C, Rev., AGM, Zero Coupon, 09/01/2019 974 1,000 California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Refunding, Kern County Tobacco Funding Corporation, Rev., 5.00%, 06/01/2020 1,064 1,000 California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund, Series A, Rev., 5.00%, 10/01/2028 1,166 1,000 California State Public Works Board, Department of General Services, Series F, Rev., 5.00%, 05/01/2030 1,167 1,000 California State Public Works Board, Judicial Council of California, New Stockton Courthouse, Series B, Rev., 5.00%, 10/01/2020 1,090 2,500 Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1, Rev., 5.00%, 06/01/2024 2,885 1,500 Los Angeles County Public Works Financing Authority, Los Angeles County Regional Park & Open Space, Series A, Rev., NATL-RE, 5.00%, 10/01/2019 1,594 Midpeninsula Regional Open Space District, 2004 Project Lease, 500 Rev., 5.00%, 09/01/2030 593 270 Rev., 5.00%, 09/01/2031 319 2,370 San Diego Regional Building Authority, County Operations Center, Series A, Rev., 5.00%, 10/15/2033 2,767 715 San Marcos Public Facilities Authority, Rev., Zero Coupon, 01/01/2019 (p) 702 2,190 San Mateo County Joint Powers Financing Authority, Capital Projects Program, Series A, Rev., 5.25%, 07/15/2021 2,357 2,000 San Mateo County Joint Powers Financing Authority, Youth Services Campus, Series A, Rev., 5.00%, 07/15/2031 2,372 750 Santa Ana Financing Authority, Police Administration & Holding Facility Lease, Series A, Rev., NATL-RE, 6.25%, 07/01/2024 (p) 896 750 Santa Ana Financing Authority, Police Administration & Holding Facility Lease, Unrefunded Balance, Series A, Rev., NATL-RE, 6.25%, 07/01/2024 882 1,000 Ventura County Public Financing Authority, Series A, Rev., 5.00%, 11/01/2029 1,136 21,964 Prerefunded 12.6% 1,535 Anaheim Public Financing Authority, Anaheim Electric Systems Distribution Facilities, Series A, Rev., 5.00%, 04/01/2019 (p) 1,606 1,500 Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Series F-1, Rev., 5.00%, 04/01/2019 (p) 1,570 1,500 California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.25%, 10/01/2018 (p) 1,560 California State Department of Water Resources, Central Valley Project, Water System, 1,675 Series AF, Rev., 5.00%, 12/01/2018 (p) 1,734 1,355 Series AG, Rev., 5.00%, 12/01/2019 (p) 1,446 1,500 California State Public Works Board, Department of Developmental Services, Porterville Developmental Center Housing Expansion & Recreation Complex, Series C, Rev., 6.00%, 04/01/2019 (p) 1,589 20 City of Los Angeles, Department of Water & Power, Power System, Series B, Rev., 5.25%, 07/01/2019 (p) 21 1,500 Counties of Alameda & Contra Costa, East Bay Municipal Utility District, Series A, Rev., 5.00%, 06/01/2020 (p) 1,623 1,000 County of Los Angeles, Pasadena Unified School District, Election of 2008, Series A-1, GO, 5.00%, 08/01/2019 (p) 1,057 1,500 County of Los Angeles, Torrance Unified School District, Election of 2008, GO, 5.38%, 08/01/2019 (p) 1,594 200 County of Sacramento, Airport System, Series A, Rev., AGM, 5.00%, 07/01/2018 (p) 204 1,000 County of San Diego, San Diego Community College District, Election of 2006, GO, 5.00%, 08/01/2021 (p) 1,118 1,500 County of Santa Clara, San Jose-Evergreen Community College District, Election of 2004, Series B, GO, AGM, 5.00%, 09/01/2018 (p) 1,540
Irvine Ranch Water District, 5,040 COP, 5.00%, 03/01/2020 (p) 5,416 San Diego Public Facilities Financing Authority, Sewer Waste Water System, 1,000 Series A, Rev., 5.00%, 08/01/2018 (p) 1,024 1,500 Series A, Rev., 5.00%, 05/15/2019 (p) 1,575
AS OF NOVEMBER 30, 2017 (Unaudited) (continued) (Amounts in thousands) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Municipal Bonds continued Prerefunded continued 2,000 Series B, Rev., 5.00%, 08/01/2019 (p) 2,114 San Francisco City & County Airports Commission, San Francisco International Airport, Second Series, 1,500 Series 34E, Rev., AMT, AGM, 5.75%, 05/01/2018 (p) 1,526 385 Series D, Rev., 5.00%, 05/03/2021 (p) 428 2,380 San Francisco City & County Public Utilities Commission, Water, Subseries A, Rev., 5.00%, 05/01/2020 (p) 2,570 1,030 San Mateo Union High School District, Capital Appreciation, Election of 2006, Series A, GO, 5.00%, 09/01/2023 (p) 1,209 2,000 State of California, GO, 5.00%, 04/01/2018 (p) 2,024 285 State of California, Department of Water Resources, Power Supply, Series H, Rev., 5.00%, 05/01/2018 (p) 289 34,837 Special Tax 0.5% 1,310 South Orange County Public Financing Authority, Foothill Area, Special Tax, Series A, Rev., NATL-RE, FGIC, 5.25%, 08/15/2018 1,314 Transportation 15.2% 2,000 Alameda Corridor Transportation Authority, Tax-Exempt Second Subordinate Lien, Series B, Rev., AGM, 5.00%, 10/01/2035 2,323 Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, 1,175 Series F-1, Rev., 5.00%, 04/01/2027 1,331 1,855 Series F-1, Rev., 5.00%, 04/01/2029 2,098 City of Long Beach Harbor, 1,000 Series A, Rev., 5.00%, 05/15/2025 1,081 500 Series A, Rev., AMT, 5.00%, 05/15/2033 588 250 Series B, Rev., 5.00%, 05/15/2024 297 1,750 Series B, Rev., 5.00%, 05/15/2026 1,915 225 Series B, Rev., 5.00%, 05/15/2027 264 City of Los Angeles, Department of Airports, Los Angeles International Airport, 2,000 Series A, Rev., 5.00%, 05/15/2026 2,160 1,000 Series A, Rev., 5.00%, 05/15/2027 1,080 1,250 Series C, Rev., 5.00%, 05/15/2031 1,475 City of Los Angeles, Harbor Department, 1,000 Series A, Rev., AMT, 5.00%, 08/01/2021 1,113 1,500 Series A, Rev., AMT, 5.00%, 08/01/2031 1,731 1,000 Series B, Rev., 5.00%, 08/01/2025 1,118 2,000 Contra Costa County Transportation Authority, Sales Tax, Series A, Rev., 5.00%, 03/01/2032 2,365 County of Los Angeles, Metropolitan Transportation Authority, 1,500 Series A, Rev., 5.00%, 07/01/2020 1,631 2,000 Series A, Rev., 5.25%, 07/01/2023 2,186 1,300 County of Sacramento, Airport System, Series A, Rev., AGM, 5.00%, 07/01/2022 1,327 1,795 Foothill Eastern Transportation Corridor Agency, Senior Lien, Capital Appreciation, Series A, Rev., Zero Coupon, 01/01/2026 (p) 1,491 2,000 Los Angeles Department of Airports, Senior Bonds, Los Angeles International Airport, Series A, Rev., AMT, 5.00%, 05/15/2029 2,234 2,000 San Bernardino County Transportation Authority, Series A, Rev., 5.00%, 03/01/2029 2,258 1,000 San Diego County Regional Airport Authority, Senior Airport, Series B, Rev., AMT, 5.00%, 07/01/2028 1,126 San Diego County Regional Airport Authority, Subordinate Airport, 1,000 Series A, Rev., 5.00%, 07/01/2035 1,178 755 Series B, Rev., AMT, 5.00%, 07/01/2034 872 1,500 San Francisco Bay Area Rapid Transit District, Sales Tax, Rev., 5.00%, 07/01/2027 1,629
San Francisco City & County Airports Commission, San Francisco International Airport, Second Series, 1,000 Series 32F, Rev., NATL-RE, FGIC, 5.25%, 05/01/2018 1,016 2,000 Series A, Rev., AMT, 5.00%, 05/01/2029 2,245 1,615 Series D, Rev., 5.00%, 05/01/2026 1,795 41,927 Utility 7.4% 2,860 City of Burbank, Water & Power Electric, Series A, Rev., 5.00%, 06/01/2022 3,097 City of Los Angeles, Department of Water & Power, Power System, 1,500 Series B, Rev., 5.00%, 07/01/2023 1,582 1,500 Series B, Rev., 5.25%, 07/01/2023 1,586 1,480 Series B, Rev., 5.25%, 07/01/2024 1,568 1,500 Series C, Rev., 5.00%, 07/01/2027 1,765
AS OF NOVEMBER 30, 2017 (Unaudited) (continued) (Amounts in thousands) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Municipal Bonds continued Utility continued 1,500 Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.25%, 11/15/2020 1,621 1,600 Santa Clara Valley Water District and Water Utilities System, Series A, Rev., 5.00%, 06/01/2030 1,918 1,000 Southern California Public Power Authority, Apex Power Project, Series A, Rev., 5.00%, 07/01/2030 1,172 500 Southern California Public Power Authority, Canyon Power Project, Series A, Rev., 5.00%, 07/01/2025 558 2,135 Southern California Public Power Authority, Gas Project, Project No.1, Series A, Rev., 5.00%, 11/01/2018 2,197 3,000 State of California, Department of Water Resources, Power Supply, Series O, Rev., 5.00%, 05/01/2022 3,423 20,487 Water & Sewer 12.1% 2,600 California State Department of Water Resources, Central Valley Project Water System, Series AW, Rev., 5.00%, 12/01/2032 3,119 California State Department of Water Resources, Central Valley Project, Water System, 1,625 Series AF, Rev., 5.00%, 12/01/2024 1,683 1,700 Series AF, Rev., 5.00%, 12/01/2025 1,760 145 Series AG, Rev., 5.00%, 12/01/2024 155 2,000 City of Bakersfield, Wastewater, Series A, Rev., 5.00%, 09/15/2031 2,363 City of Los Angeles, Wastewater System, 1,825 Series A, Rev., 5.00%, 06/01/2028 2,172 1,500 Series B, Rev., 5.00%, 06/01/2033 1,758 1,500 City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/2023 1,325 1,185 County of Marin, Marin Water District Financing Authority, Sub Lien, Series A, Rev., 5.00%, 07/01/2028 1,348 790 County of San Mateo, Silicon Valley Clean Water, Rev., 5.00%, 02/01/2030 916 3,000 Eastern Municipal Water District Financing Authority, Water & Wastewater, Series B, Rev., 5.00%, 07/01/2033 3,548 Metropolitan Water District of Southern California, Water, 1,500 Series A, Rev., 5.00%, 10/01/2029 1,701 1,000 Series D, Rev., 5.00%, 07/01/2020 1,055 2,000 Series F, Rev., 5.00%, 07/01/2028 2,281 1,000 Orange County Water District, Series A, Rev., 5.00%, 08/15/2034 1,196 1,020 San Diego Public Facilities Financing Authority, Sewer Waste Water System, Rev., 5.00%, 05/15/2025 1,236 Southern California Water Replenishment District Financing Authority, Replenishment Assessment, 1,050 Rev., 5.00%, 08/01/2030 1,241 1,420 Rev., 5.00%, 08/01/2031 1,676 2,410 Rev., 5.00%, 08/01/2032 2,831 33,364 Total California 268,505 Kentucky 0.4% Other Revenue 0.4% 1,000 Kentucky State Property & Buildings Commission, Project No. 82, Rev., AGM, 5.25%, 10/01/2018 1,029 Total Municipal Bonds (Cost $258,597) 269,534 SHARES Short-Term Investment 1.1% Investment Company 1.1% 3,050 JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.93% (b) (l) (Cost $3,050) 3,050
Total Investments 99.0% (Cost $261,647) 272,584 Other Assets in Excess of Liabilities 1.0% 2,665 NET ASSETS 100.0% $275,249 Percentages indicated are based on net assets. NOTES TO : AGC AGM AMBAC Insured by Assured Guaranty Corp. Insured by Assured Guaranty Municipal Corp. Insured by American Municipal Bond Assurance Corp.
AS OF NOVEMBER 30, 2017 (Unaudited) (continued) AMT Alternative Minimum Tax COLL Collateral COP Certificate of Participation CR Custodial Receipts FGIC Insured by Financial Guaranty Insurance Co. GNMA Government National Mortgage Association GO General Obligation IBC Insured Bond Certificates NATL Insured by National Public Finance Guarantee Corp. RE Reinsured Rev. Revenue (b) Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. (l) The rate shown is the current yield as of November 30, 2017. (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. (z) 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 November 30, 2017. A. Valuation of Investments The valuation of investments is in accordance with U.S. generally accepted accounting principles ( GAAP ) and the Fund s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the Board ), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
AS OF NOVEMBER 30, 2017 (Unaudited) (continued) (Amounts in thousands) JPMorgan Investment Management, Inc. (the Administrator ) has established the J.P. Morgan Asset Management Americas Valuation Committee ( AVC ) to assist the Board with the oversight and monitoring of the valuation of the Fund s investments. The Administrator implements the valuation policies of the Fund s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board. Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as Pricing Services ). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Investments in open-end investment companies (the Underlying Funds ) are valued at each Underlying Fund s net asset values per share as of the report date. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein. The various inputs that are used in determining the valuation of the Fund s investments are summarized into the three broad levels listed below. Level 1 Unadjusted inputs using quoted prices in active markets for identical investments. Level 2 Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. Level 3 Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund s assumptions in determining the fair value of investments). A financial instrument s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments. The following table represents each valuation input as presented on the Schedule of Portfolio Investments ( SOI ): Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Total Investments in Securities (a) $ 3,050 $ 269,534 $ $272,584 Total (a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for industry specifics of portfolio holdings. There were no transfers among any levels during the period ended November 30, 2017.