JPMorgan Trust IV NPORT-P JPMorgan Ultra-Short Municipal Fund (Nov 2020 report)

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 97.4% (a)
Alabama — 0.9%
Alabama Public School and College Authority, Capital Improvement Series 2014-B, Rev., 5.00%, 1/1/2021		20		20
Birmingham Airport Authority
Rev., 5.00%, 7/1/2023		125		139
Rev., 5.00%, 7/1/2024		150		173
Rev., 5.00%, 7/1/2025		250		297
Rev., 5.00%, 7/1/2026		225		275
Black Belt Energy Gas District, Gas Prepay
Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 0.73%, 12/10/2020 (b)		30,000		30,031
Series 2018A, Rev., 4.00%, 12/1/2023 (c)		1,400		1,534
Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (c)		11,850		12,029
City of Centre
GO, 3.00%, 9/1/2021		100		102
GO, 3.00%, 9/1/2022		110		115
GO, 4.00%, 9/1/2023		215		235
City of Hamilton
GO, 3.00%, 8/1/2021		365		372
GO, 2.00%, 8/1/2022		370		380
GO, 5.00%, 8/1/2023		240		268
City of Mobile, Industrial Development Board, Pollution Control, Alabama Power Co., Barry Plant Project Series 2007A, Rev., 1.00%, 6/26/2025 (c)		4,750		4,799
Prattville Industrial Development Board, International Paper Co. Project
Series 2019B, Rev., 2.00%, 10/1/2024 (c)		450		472
Series 2019C, Rev., 2.00%, 10/1/2024 (c)		430		451
Selma Industrial Development Board, International Paper Co. Project Series 2020A, Rev., 1.37%, 6/16/2025 (c)		2,670		2,747
State of Alabama Series 2013A, GO, 4.00%, 8/1/2023		1,250		1,375
University of West Alabama, General Fee
Rev., AGM, 4.00%, 1/1/2022		150		154
Rev., AGM, 4.00%, 1/1/2023		120		129
Rev., AGM, 4.00%, 1/1/2024		125		138
Rev., AGM, 4.00%, 1/1/2025		150		169
Total Alabama				56,404
Alaska — 0.4%
Alaska Municipal Bond Bank Authority
Series 1, Rev., 5.00%, 12/1/2020		200		200
Series 2019 1, Rev., 5.00%, 5/1/2021		215		219
Series 1, Rev., 5.00%, 12/1/2021		450		470
Series 2019 1, Rev., 5.00%, 5/1/2022		200		213
Series 1, Rev., 5.00%, 12/1/2022		500		544
Series 1, Rev., 5.00%, 12/1/2023		960		1,085
Series 1, Rev., 5.00%, 12/1/2024		870		1,019
Series 1, Rev., 5.00%, 12/1/2025		750		905
Series 1, Rev., 5.00%, 12/1/2026		675		832
City of Valdez, Exxon Pipeline Co. Project
Series 1993-A, Rev., VRDO, 0.10%, 12/1/2020 (c)		10,580		10,580
Series 1993-B, Rev., VRDO, 0.10%, 12/1/2020 (c)		6,840		6,840
State of Alaska Series 2020A, GO, 5.00%, 8/1/2026		3,585		4,504
Total Alaska				27,411
Arizona — 0.4%
Arizona Health Facilities Authority, Common Spirit Health Series B-1, Rev., 5.25%, 3/1/2021 (d)		10,000		10,124
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 5.00%, 2/1/2026		130		159
City of Tucson Series 2018-A, GO, 5.00%, 7/1/2026		325		409
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project
Series 2018A, Rev., 5.00%, 7/1/2023		140		148
Series 2018A, Rev., 5.00%, 7/1/2024		200		215

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Industrial Development Authority of the County of Yavapai (The), Regional Medical Center
Rev., 5.00%, 8/1/2021		225		232
Rev., 5.00%, 8/1/2022		380		407
Rev., 5.00%, 8/1/2023		325		362
Maricopa County School District No. 24-Gila Bend, School Improvement
GO, AGM, 3.00%, 7/1/2021		575		584
GO, AGM, 4.00%, 7/1/2022		300		318
GO, AGM, 5.00%, 7/1/2023		700		783
Maricopa County School District No. 66, Roosevelt Elementary GO, 5.00%, 7/1/2021		1,520		1,561
Maricopa County School District No. 66, Roosevelt Elementary, Arizona School Improvement, Project of 2017 Series 2017-A, GO, 5.00%, 7/1/2021		1,150		1,181
Maricopa County Unified School District No. 95 Queen Creek GO, 3.00%, 7/1/2024		525		572
Salt River Project Agricultural Improvement and Power District, Arizona Salt River Project Series 2015-XF2192, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.14%, 12/10/2020 (c) (e)		7,845		7,845
Total Arizona				24,900
Arkansas — 0.1%
Arkansas Development Finance Authority, 900 West Capitol Building Project Rev., 3.00%, 4/1/2021		500		504
Arkansas Development Finance Authority, Department of Community Correction Project
Rev., 5.00%, 11/1/2021		310		322
Rev., 5.00%, 11/1/2022		410		447
Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series 2018A, Rev., 5.00%, 11/1/2021		330		344
City of Centerton Rev., 3.00%, 12/1/2021		125		128
City of Heber Springs, Greenstar
Rev., 3.00%, 11/1/2021		50		51
Rev., 3.00%, 11/1/2023		100		107
County of Sharp, Sales and Use Tax
Rev., 5.00%, 3/1/2021		270		273
Rev., 5.00%, 3/1/2022		495		524
Rev., 5.00%, 3/1/2023		540		592
University of Central Arkansas
Series 2020A, Rev., 5.00%, 11/1/2021		150		156
Series 2020A, Rev., 5.00%, 11/1/2022		200		217
Series 2020A, Rev., 5.00%, 11/1/2023		205		230
Series 2020A, Rev., 5.00%, 11/1/2024		160		186
Series 2020A, Rev., 5.00%, 11/1/2025		230		276
Series 2020A, Rev., 5.00%, 11/1/2026		220		270
Series 2020A, Rev., 5.00%, 11/1/2027		200		250
University of Central Arkansas, Student Housing System
Series 2019C, Rev., AGM, 3.00%, 11/1/2021		75		77
Series 2019C, Rev., AGM, 3.00%, 11/1/2022		85		89
Series 2019C, Rev., AGM, 3.00%, 11/1/2023		135		144
Total Arkansas				5,187
California — 2.9%
Bay Area Toll Authority, Toll Bridge, San Francisco Series 2007G-1, Rev., VRDO, LOC: Bank of America NA, 0.06%, 12/10/2020 (c)		1,200		1,200
California Educational Facilities Authority, Art Center College of Design Series 2018A, Rev., 5.00%, 12/1/2020		180		180
California Educational Facilities Authority, Institute of Technology Rev., VRDO, 0.10%, 12/10/2020 (c)		10,000		10,000
California Enterprise Development Authority, Riverside County, Library Facility
Rev., 4.00%, 11/1/2022		100		107
Rev., 4.00%, 11/1/2023		200		221
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c)		1,690		1,788
California Health Facilities Financing Authority, Stanford Hospital Series B-1, Rev., VRDO, 0.10%, 12/10/2020 (c)		16,650		16,650
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Rev., AMT, 0.45%, 7/1/2021 (c) (e)		30,000		30,005

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
California Infrastructure and Economic Development Bank, California Academy of Sciences Series 2018D, Rev., (ICE LIBOR USD 1 Month + 0.38%), 0.49%, 12/9/2020 (b)		17,010		17,008
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust
Series 2012B-2, Rev., (ICE LIBOR USD 1 Month + 0.20%), 0.30%, 1/1/2021 (b)		11,615		11,615
Series 2013A-2, Rev., (ICE LIBOR USD 1 Month + 0.33%), 0.43%, 1/1/2021 (b)		6,750		6,757
California Municipal Finance Authority, California Lutheran University Rev., 5.00%, 10/1/2021		250		257
California Municipal Finance Authority, Hollywood El Centro Apartments Series 2019A, Rev., 1.40%, 5/1/2021 (c)		1,750		1,757
California Municipal Finance Authority, San Antonio Gardens Project
Rev., 4.00%, 11/15/2021		270		275
Rev., 4.00%, 11/15/2022		280		290
Rev., 4.00%, 11/15/2023		290		305
California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project
Rev., 5.00%, 5/15/2023		360		395
Rev., 5.00%, 5/15/2024		300		340
Rev., 5.00%, 5/15/2025		425		496
Rev., 5.00%, 5/15/2026		500		599
Rev., 5.00%, 5/15/2027		725		889
California Pollution Control Financing Authority Rev., 0.60%, 9/1/2023 (c)		1,850		1,848
California School Finance Authority, Green Dot Public School Projects
Series 2018A, Rev., 5.00%, 8/1/2021 (e)		50		51
Series 2018A, Rev., 5.00%, 8/1/2022 (e)		85		90
California School Finance Authority, Kipp Socal Project
Series 2019A, Rev., 5.00%, 7/1/2022 (e)		100		106
Series 2019A, Rev., 5.00%, 7/1/2023 (e)		100		110
California Statewide Communities Development Authority, Western University of Health Sciences Series 2007A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.07%, 12/10/2020 (c)		23,370		23,370
Chula Vista Elementary School District Rev., BAN, Zero Coupon, 8/1/2023		5,500		5,453
City of Tulare, Sewer Series 2020A, Rev., 4.00%, 11/15/2021		110		114
Los Angeles Department of Water and Power System Subseries B-8, Rev., VRDO, LIQ: TD Bank NA, 0.04%, 12/10/2020 (c)		5,300		5,300
Metropolitan Water District of Southern California, Waterworks Series 2018A-1, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 12/1/2020 (c)		5,500		5,500
Mount San Antonio Community College District GO, BAN, Zero Coupon, 4/1/2022 (d)		250		249
Orange County Water District Series 2003 A, COP, VRDO, LOC: Citibank NA, 0.10%, 12/10/2020 (c)		5,680		5,680
Port of Oakland
Rev., AMT, 5.00%, 5/1/2022 (f)		2,750		2,898
Rev., AMT, 5.00%, 5/1/2023 (f)		3,500		3,832
Sacramento City Unified School District Series 2019D, GO, 4.00%, 8/1/2021		4,475		4,586
San Diego Housing Authority, Hillside Views Apartments Series 2018G-1, Rev., VRDO, 1.00%, 6/1/2021 (c)		6,750		6,750
Santa Clara County Financing Authority, El Camino Hospital Series 2009A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.10%, 12/10/2020 (c)		6,605		6,605
South Bay Union School District, San Diego County GO, BAN, Zero Coupon, 8/1/2022		2,000		1,982
State of California Series B4, GO, VRDO, LOC: Citibank NA, 0.06%, 12/10/2020 (c)		1,970		1,970
Stockton Public Financing Authority
Rev., 5.00%, 3/1/2023		360		388
Rev., 5.00%, 3/1/2025		570		651

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Stockton Public Financing Authority, Green Bonds Series 2018A, Rev., 5.00%, 10/1/2021		450		467
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2615, Rev., VRDO, LOC: Barclays Bank plc, 0.31%, 12/10/2020 (c) (e)		5,230		5,230
Total California				184,364
Colorado — 2.9%
Arapahoe County School District No. 5 Cherry Creek
GO, 5.00%, 12/15/2020		17,515		17,546
GO, 5.00%, 12/15/2025		9,930		12,303
GO, 5.00%, 12/15/2026		5,655		7,228
GO, 5.00%, 12/15/2028		6,460		8,705
Arapahoe County School District No. 6 Littleton
Series 2019A, GO, 5.00%, 12/1/2021		2,585		2,709
Series 2019A, GO, 5.00%, 12/1/2022		1,370		1,502
City of Aurora Rev., 5.00%, 8/1/2023		2,355		2,653
City of Aurora, Sterling Hills West Metropolitan District GO, 5.00%, 12/1/2020		100		100
City of Colorado Springs
COP, 5.00%, 12/1/2020		120		120
COP, 5.00%, 12/1/2021		145		152
COP, 5.00%, 12/1/2022		155		169
COP, 5.00%, 12/1/2023		100		114
City of Colorado Springs, Utilities System Improvement Series 2012A, Rev., VRDO, LIQ: U.S. Bank NA, 0.11%, 12/10/2020 (c)		3,410		3,410
City of Grand Junction Rev., 5.00%, 3/1/2021 (d)		35		36
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series 2017B, Rev., 5.00%, 5/15/2021 (d)		395		403
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c)		1,515		1,579
Colorado State Education Loan Program Series 2020A, Rev., TRAN, 3.00%, 6/29/2021		25,000		25,406
Denver Health and Hospital Authority, 550 Acoma, Inc.
COP, 5.00%, 12/1/2020		110		110
COP, 5.00%, 12/1/2021		220		228
COP, 5.00%, 12/1/2022		295		316
E-470 Public Highway Authority, Senior Libor Index Series 2019A, Rev., (ICE LIBOR USD 1 Month + 0.42%), 0.52%, 12/3/2020 (b)		8,000		7,978
Inter locken Metropolitan District Series A-1, GO, AGM, 5.00%, 12/1/2020		175		175
State of Colorado
Rev., TRAN, 4.00%, 6/25/2021		23,000		23,497
Series 2020A, COP, 5.00%, 12/15/2023		2,500		2,853
Series 2020A, COP, 5.00%, 12/15/2024		2,085		2,473
The Regents of the University of Colorado, Enterprise System
Series 2020A-2, Rev., VRDO, LIQ: TD Bank NA, 0.08%, 12/1/2020 (c)		5,380		5,380
Series 2020A-1, Rev., VRDO, LIQ: TD Bank NA, 0.11%, 12/10/2020 (c)		24,000		24,000
Town of Milliken, Water Activity Enterprise Rev., 3.00%, 12/1/2020		195		195
University of Colorado Hospital Authority, Health System Series 2018 C, Rev., VRDO, LIQ: TD Bank NA, 0.11%, 12/10/2020 (c)		33,100		33,100
Total Colorado				184,440
Connecticut — 2.0%
City of Bridgeport Series C, GO, GAN, 2.00%, 12/10/2020		21,000		21,009
City of Derby
Series A, GO, 5.00%, 8/1/2021		220		227
Series A, GO, 5.00%, 8/1/2022		75		81
Series A, GO, 5.00%, 8/1/2023		150		168
Series A, GO, 5.00%, 8/1/2024		85		98
City of Milford GO, BAN, 2.00%, 11/2/2021		20,485		20,833
City of New Britain
GO, 5.00%, 9/1/2022 (d)		50		54
GO, 5.00%, 9/1/2023 (d)		110		124
City of New Haven
Series 2019A, GO, 5.00%, 8/1/2021		1,300		1,331
Series 2019B, GO, 5.00%, 2/1/2022		700		729
Series 2019A, GO, 5.00%, 8/1/2022		1,000		1,055

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds
Rev., 0.38%, 11/15/2021 (c)		21,500		21,502
Series E, Subseries E-3, Rev., 1.63%, 11/15/2022 (c)		1,750		1,752
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series 2018B, Rev., 5.00%, 12/1/2021		1,000		1,041
Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Issue Series 2020B-1, Rev., 5.00%, 1/1/2025 (c)		8,500		9,974
Connecticut State Health and Educational Facilities Authority, University of New Haven Issue
Series K-1, Rev., 5.00%, 7/1/2021		665		677
Series K-1, Rev., 5.00%, 7/1/2022		675		707
Connecticut State Health and Educational Facilities Authority, Wesleyan University Issue Series H, Rev., VRDO, 0.07%, 12/10/2020 (c)		2,500		2,500
New Canaan Housing Authority, Multi-Family Housing, Parish Project Rev., 0.44%, 3/1/2023 (c)		12,475		12,465
State of Connecticut
Series 2020C, GO, 3.00%, 6/1/2021		1,150		1,166
Series G, GO, 5.00%, 11/1/2021		200		209
Series 2020C, GO, 3.00%, 6/1/2022		1,000		1,041
Series 2020C, GO, 3.00%, 6/1/2023		600		640
Series 2020C, GO, 4.00%, 6/1/2023		400		436
Series 2020C, GO, 3.00%, 6/1/2024		1,065		1,161
Series 2020C, GO, 4.00%, 6/1/2024		500		562
Series 2020C, GO, 2.00%, 6/1/2025		3,350		3,578
Series 2020C, GO, 4.00%, 6/1/2025		850		983
State of Connecticut, Health and Educational Facility Authority Series 2000A, Rev., VRDO, LIQ: TD Bank NA, 0.10%, 12/10/2020 (c)		23,140		23,140
Total Connecticut				129,243
Delaware — 0.2%
Delaware Municipal Electric Corp. (The), Middletown and Seaford Project
Series 2019A, Rev., 5.00%, 10/1/2021		145		151
Series 2019A, Rev., 5.00%, 10/1/2022		150		162
Series 2019A, Rev., 5.00%, 10/1/2023		220		247
Delaware State Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, 7/1/2025 (c)		6,000		6,094
University of Delaware Series 2004B, Rev., VRDO, LIQ: Bank of America NA, 0.11%, 12/1/2020 (c)		7,835		7,835
Total Delaware				14,489
District of Columbia — 0.5%
District of Columbia, Georgetown University Issue
Series 2007B-2, Rev., VRDO, LOC: Bank of America NA, 0.10%, 12/10/2020 (c)		9,580		9,580
Series C, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.10%, 12/10/2020 (c)		14,330		14,330
District of Columbia, International School Issue Rev., 5.00%, 7/1/2022		500		522
District of Columbia, Kipp DC Issue Rev., 5.00%, 7/1/2023		100		110	��
Metropolitan Washington Airports Authority, Airport System Subseries C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.10%, 12/10/2020 (c)		9,705		9,705
Total District of Columbia				34,247
Florida — 2.5%
City of Fort Myers
Series 2020B, Rev., AGM, 5.00%, 10/1/2021		2,000		2,077
Series 2020B, Rev., AGM, 5.00%, 10/1/2022		2,000		2,164
Series 2020B, Rev., AGM, 5.00%, 10/1/2023		2,125		2,390
Series 2020B, Rev., AGM, 5.00%, 10/1/2024		2,355		2,751
Series 2020B, Rev., AGM, 5.00%, 10/1/2025		5,100		6,173
Series 2020B, Rev., AGM, 5.00%, 10/1/2026		2,225		2,775

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of Gainesville, Utilities System Series B, Rev., VRDO, LIQ: Barclays Bank plc, 0.11%, 12/10/2020 (c)		7,700		7,700
City of Lauderhill GO, 3.00%, 1/1/2021		425		426
City of Tallahassee, Utility System
Rev., 5.00%, 10/1/2023		2,430		2,758
Rev., 5.00%, 10/1/2024		2,550		3,015
County of Escambia, International Paper Co. Project, Environmental Improvement Series 2019B, Rev., 2.00%, 10/1/2024 (c)		775		813
County of Hillsborough, Capital Improvement Program Rev., 5.00%, 8/1/2021		30		31
County of Miami-Dade, Seaport Series A, Rev., VRDO, LOC: PNC Bank NA, 0.11%, 12/10/2020 (c)		2,400		2,400
County of Miami-Dade, Stormwater Project Rev., 5.00%, 4/1/2026		2,000		2,495
Escambia County School Board Series 2020A, COP, 5.00%, 2/1/2026		1,895		2,322
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project Rev., AMT, 0.55%, 1/28/2021 (c) (d)		50,000		50,001
Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology Rev., 5.00%, 10/1/2021		115		117
Florida Higher Educational Facilities Financial Authority, Ringling College Project
Rev., 4.00%, 3/1/2021		60		60
Rev., 4.00%, 3/1/2022		55		56
Rev., 5.00%, 3/1/2023		185		195
Rev., 5.00%, 3/1/2024		110		119
Florida Higher Educational Facilities Financial Authority, St. Leo University Project
Rev., 5.00%, 3/1/2021		350		353
Rev., 5.00%, 3/1/2022		355		367
Rev., 5.00%, 3/1/2023		410		431
JEA Water and Sewer System
Series A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.11%, 12/10/2020 (c)		38,670		38,670
Series Sub Series B-1, Rev., VRDO, LIQ: State Street Bank & Trust, 0.14%, 12/10/2020 (c)		9,980		9,980
Lee Memorial Health System
Series 2019A-1, Rev., 5.00%, 4/1/2022		750		795
Series 2019A-1, Rev., 5.00%, 4/1/2023		400		441
Series 2019A-1, Rev., 5.00%, 4/1/2024		575		656
Orange County Health Facilities Authority Series B, Rev., VRDO, LOC: Northern Trust Co., 0.09%, 12/10/2020 (c)		880		880
Orlando Utilities Commission Series B, Rev., VRDO, LIQ: TD Bank NA, 0.11%, 12/10/2020 (c)		17,400		17,400
Village Community Development District No. 13 Special Assessment Rev., 2.63%, 5/1/2024		500		508
West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area
Rev., 5.00%, 3/1/2023		1,335		1,475
Rev., 5.00%, 3/1/2024		1,160		1,330
Total Florida				164,124
Georgia — 0.8%
City of Atlanta
Series 2020A, Rev., 5.00%, 7/1/2024		2,000		2,324
Series 2020B, Rev., AMT, 5.00%, 7/1/2024		1,170		1,350
Series 2020A, Rev., 5.00%, 7/1/2025		3,555		4,280
Series 2020B, Rev., AMT, 5.00%, 7/1/2025		1,800		2,148
Series 2020A, Rev., 5.00%, 7/1/2026		4,000		4,963
Series 2020B, Rev., AMT, 5.00%, 7/1/2026		2,000		2,455
Clarke County School District, Sales Tax GO, 5.00%, 9/1/2021		30		31
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project
Rev., 5.00%, 7/1/2021		370		379
Rev., 5.00%, 7/1/2022		300		321
Dougherty County School District, Sales Tax GO, 4.00%, 12/1/2020		1,250		1,250
Georgia Municipal Electric Authority, Project One Series 2008-B, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 12/10/2020 (c)		4,255		4,255

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series A, Rev., 3.75%, 7/1/2021		5,585		5,700
Paulding County School District, Sales Tax GO, 3.00%, 8/1/2022 (f)		1,500		1,568
Private Colleges and Universities Authority, Emory University Series 2020B, Rev., 5.00%, 9/1/2025		13,345		16,317
Richmond County Hospital Authority, University Health Services, Inc., Project Rev., 5.00%, 1/1/2022		100		105
Savannah Economic Development Authority, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (c)		1,675		1,758
Total Georgia				49,204
Idaho — 0.1%
Idaho Health Facilities Authority, Trinity Health Credit Group Series 2013ID, Rev., 0.22%, 2/1/2021 (c)		5,000		5,000
Idaho Housing and Finance Association, Federal Highway Trust Series A, Rev., GRAN, 5.00%, 7/15/2021		25		26
University of Idaho
Series 2020A, Rev., 5.00%, 4/1/2021		390		396
Series 2020A, Rev., 5.00%, 4/1/2022		165		175
Series 2020A, Rev., 5.00%, 4/1/2023		355		387
Series 2020A, Rev., 5.00%, 4/1/2024		315		360
Series 2020A, Rev., 5.00%, 4/1/2025		330		390
Total Idaho				6,734
Illinois — 4.0%
Adams County School District No. 172 GO, AGM, 4.00%, 2/1/2021		300		302
Buffalo Grove Park District, Lake and Cook Counties GO, 2.00%, 12/30/2020		330		330
Carol Stream Park District
Series 2020C, GO, 4.00%, 11/1/2024		210		237
Series 2020C, GO, 4.00%, 11/1/2025		405		470
Series 2020C, GO, 4.00%, 11/1/2026		535		632
Champaign Coles Et Al Counties Community College District No. 505 Series 2018B, GO, 4.00%, 12/1/2020		1,250		1,250
Series 2018B, GO, 4.00%, 12/1/2021		2,500		2,594
Series 2018C, GO, 4.00%, 12/1/2021		465		483
Champaign County Community Unit School District No. 4 Champaign
Series 2020A, GO, Zero Coupon, 1/1/2022		200		199
Series 2020A, GO, Zero Coupon, 1/1/2023		200		198
Series 2020A, GO, Zero Coupon, 1/1/2024		385		377
Chicago Midway International Airport, Second Lien
Series 2014A, Rev., AMT, 5.00%, 1/1/2021		1,000		1,004
Series 2014B, Rev., 5.00%, 1/1/2023		150		163
Chicago O’Hare International Airport, General Airport, Senior Lien
Series 2016G, Rev., AMT, 5.00%, 1/1/2021		200		200
Series 2020B, Rev., 5.00%, 1/1/2024		500		570
Series 2020B, Rev., 5.00%, 1/1/2026		1,250		1,530
Chicago O’Hare International Airport, General Airport, Third Lien
Rev., 5.63%, 1/1/2021 (d)		13,265		13,324
Series 2011C, Rev., 6.50%, 1/1/2021 (d)		10,400		10,453
Chicago Park District, Limited Tax
Series 2011B, GO, 4.00%, 1/1/2021		100		100
Series 2013B, GO, 5.00%, 1/1/2021		100		100
Chicago Park District, Unlimited Tax Series 2011C, GO, 5.00%, 1/1/2022		175		182
Chicago Park District, Unlimited Tax, Special Recreation Activity Series 2018E, GO, 5.00%, 11/15/2021		300		310
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula Funds Rev., 5.00%, 6/1/2021		270		276
City of Aurora
Series 2019A, GO, 4.00%, 12/30/2021		470		489
Series 2019A, GO, 4.00%, 12/30/2022		1,525		1,643
Series 2019A, GO, 4.00%, 12/30/2023		1,595		1,765
Series 2019A, GO, 4.00%, 12/30/2024		1,655		1,885

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of Danville
GO, 2.00%, 12/1/2020		170		170
GO, 2.00%, 12/1/2021		255		258
GO, 3.00%, 12/1/2022		140		146
GO, 4.00%, 12/1/2023		145		158
City of Elgin
Series 2020A, GO, 2.00%, 12/15/2021		230		234
Series 2020A, GO, 3.00%, 12/15/2022		1,480		1,559
Series 2020A, GO, 3.00%, 12/15/2023		1,025		1,101
City of Kankakee Series 2011A, GO, AGM, 4.30%, 1/1/2021		1,040		1,043
City of Rock Island
Series B, GO, AGM, 3.00%, 12/1/2020		200		200
Series A, GO, AGM, 3.00%, 12/1/2021		130		133
Series B, GO, AGM, 3.00%, 12/1/2021		200		205
City of Rockford, Sales Tax
Series 2019A, GO, AGM, 4.00%, 12/15/2020		100		100
Series 2019A, GO, AGM, 4.00%, 12/15/2021		130		135
Series 2019A, GO, AGM, 4.00%, 12/15/2022		135		144
Series 2019A, GO, AGM, 4.00%, 12/15/2023		140		153
City of Waukegan
Series A, GO, AGM, 3.00%, 12/30/2020		590		591
Series A, GO, AGM, 4.00%, 12/30/2023		525		577
Clay Wayne and Marion Counties Community Unit School District No. 35
GO, AGM, 5.00%, 12/1/2020		145		145
GO, AGM, 5.00%, 12/1/2021		205		214
GO, AGM, 5.00%, 12/1/2022		165		179
GO, AGM, 5.00%, 12/1/2023		175		196
Cook County Community College District No. 508, Unlimited Tax GO, 5.25%, 12/1/2029		250		281
Cook County Community Consolidated School District No. 34 Glenview, Limited Tax
GO, 4.00%, 12/1/2020		100		100
GO, 4.00%, 12/1/2021		175		181
GO, 4.00%, 12/1/2022		150		161
GO, 4.00%, 12/1/2023		150		166
Cook County Community Consolidated School District No. 65 Evanston, Limited Tax GO, 5.00%, 12/1/2020		270		270
Cook County Community School District No. 97 Oak Park
GO, 4.00%, 1/1/2021		550		552
GO, 4.00%, 1/1/2022		400		416
GO, 4.00%, 1/1/2023		300		323
GO, 4.00%, 1/1/2024		275		305
Cook County Community Unit School District No. 401 Elmwood Park GO, 4.00%, 12/1/2023		3,440		3,548
Cook County High School District No. 207 Maine Township
Series 2019A, GO, 4.00%, 12/1/2021		8,330		8,635
Series 2019B, GO, 3.50%, 12/1/2022		325		345
Cook County School District No. 100 South Berwyn
Series 2019A, GO, 3.00%, 12/1/2020		100		100
Series 2019C, GO, 3.00%, 12/1/2020		100		100
Series 2019A, GO, 4.00%, 12/1/2021		100		103
Series 2019C, GO, 4.00%, 12/1/2021		165		171
Series 2019A, GO, 4.00%, 12/1/2022		235		250
Series 2019C, GO, 4.00%, 12/1/2022		605		645
Series 2019A, GO, 5.00%, 12/1/2023		345		388
Series 2019C, GO, 5.00%, 12/1/2023		660		742
Cook County School District No. 102 La Grange, Limited Tax
GO, AGM, 4.00%, 12/15/2020		400		400
GO, AGM, 4.00%, 12/15/2021		840		871
GO, AGM, 4.00%, 12/15/2022		825		884
GO, AGM, 4.00%, 12/15/2023		825		913
GO, AGM, 4.00%, 12/15/2024		930		1,059
GO, AGM, 4.00%, 12/15/2025		985		1,149
Cook County School District No. 109 Indian Springs, Limited Tax
Series 2020A, GO, 4.00%, 12/1/2023		125		137
Series 2020A, GO, 4.00%, 12/1/2024		400		452
Cook County School District No. 145, Arbor Park
Series 2019B, GO, 4.00%, 12/1/2021		150		155
Series 2019D, GO, 4.00%, 12/1/2023		110		121

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Cook County School District No. 148 Dolton
Series 2018A, GO, 5.00%, 12/1/2021		450		469
Series 2018A, GO, 5.00%, 12/1/2022		725		784
Cook County School District No. 151 South Holland, Limited Tax
GO, 4.00%, 4/1/2021		175		177
GO, 4.00%, 4/1/2022		190		199
Cook County School District No. 160 Country Club Hills
Series 2020A, GO, 4.00%, 12/1/2021		250		259
Series 2020A, GO, 4.00%, 12/1/2022		510		543
Series 2020B, GO, 4.00%, 12/1/2022		180		191
Series 2020A, GO, 4.00%, 12/1/2023		285		312
Series 2020B, GO, 4.00%, 12/1/2023		100		109
Series 2020A, GO, 4.00%, 12/1/2024		255		287
Series 2020B, GO, 4.00%, 12/1/2024		100		113
Cook County School District No. 63 East Maine, Limited Tax
GO, 5.00%, 12/1/2020		2,170		2,170
GO, 5.00%, 12/1/2021		1,845		1,931
GO, 5.00%, 12/1/2022		1,935		2,095
Cook County School District No. 69 Skokie, Limited Tax
GO, 4.00%, 12/1/2024		315		360
GO, 4.00%, 12/1/2025		460		539
Cook County School District No. 89 Maywood, Maywood-Melrose Park-Broadview
Rev., AGM, 4.00%, 12/15/2020		415		415
Rev., AGM, 4.00%, 12/15/2021		515		534
Rev., AGM, 4.00%, 12/15/2022		535		569
Rev., AGM, 4.00%, 12/15/2023		555		606
Rev., AGM, 4.00%, 12/15/2024		580		647
Cook County School District No. 99 Cicero, Limited Tax
Series 2019B, GO, 5.00%, 12/1/2022		350		380
Series 2019B, GO, 5.00%, 12/1/2023		575		647
Cook County, Community Consolidated School District No. 146 Tinley Park, Limited Tax
GO, 4.00%, 12/1/2020		200		200
GO, 4.00%, 12/1/2021		200		207
Cook County, Proviso Township High School District No. 209, Limited Tax GO, 5.00%, 12/1/2021		2,825		2,952
Cook County, Township High School District No. 225
GO, 5.00%, 12/1/2025		2,795		3,440
GO, 5.00%, 12/1/2026		2,565		3,259
County of Cook
GO, 5.00%, 11/15/2021		700		727
Series A, GO, 5.00%, 11/15/2021		355		369
Series C, GO, 5.00%, 11/15/2022		180		194
County of Will
GO, 5.00%, 11/15/2021		270		282
GO, 5.00%, 11/15/2022		475		519
GO, 5.00%, 11/15/2023		525		597
DuPage County Community High School District No. 94 West Chicago
GO, 4.00%, 1/1/2021		200		201
GO, 4.00%, 1/1/2033		10		11
DuPage County High School District No. 87 Glenbard GO, 3.00%, 10/1/2022		1,500		1,570
Flagg-Rochelle Community Park District
Series A, GO, AGM, 4.00%, 1/1/2021		100		100
Series A, GO, AGM, 4.00%, 1/1/2022		210		218
Series A, GO, AGM, 4.00%, 1/1/2023		220		235
Series A, GO, AGM, 4.00%, 1/1/2024		225		247
Grundy County School District No. 54 Series 2011A, GO, AGM, 7.25%, 12/1/2021		710		759
Hoffman Estates Park District
Series 2019A, GO, 4.00%, 12/1/2020		1,300		1,300
Series 2019A, GO, 4.00%, 12/1/2021		135		140
Series 2019B, GO, 4.00%, 12/1/2023		245		270
Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (c)		250		251

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Illinois Finance Authority, Carle Foundation
Series B, Rev., VRDO, LOC: Northern Trust Co., 0.09%, 12/10/2020 (c)		6,080		6,080
Series 2009-C, Rev., VRDO, LOC: Northern Trust Co., 0.10%, 12/10/2020 (c)		6,335		6,335
Illinois Finance Authority, Local Government Program, East Prairie School District Number 73 Project
Rev., 4.00%, 12/1/2020		230		230
Rev., 5.00%, 12/1/2021		250		262
Illinois Finance Authority, Northshore University Health System
Series 2020A, Rev., 5.00%, 8/15/2021		1,000		1,031
Series 2020A, Rev., 5.00%, 8/15/2022		750		804
Series 2020A, Rev., 5.00%, 8/15/2023		500		561
Series 2020A, Rev., 5.00%, 8/15/2024		1,000		1,167
Series 2020A, Rev., 5.00%, 8/15/2025		1,250		1,513
Illinois Finance Authority, Northwestern University Subseries 2008-B, Rev., VRDO, 0.11%, 12/10/2020 (c)		3,425		3,425
Illinois Finance Authority, OSF Healthcare System
Rev., 5.00%, 11/15/2024 (c)		3,000		3,434
Rev., 5.00%, 11/15/2026 (c)		4,000		4,863
Illinois Finance Authority, University of Chicago (The)
Rev., VRDO, 0.10%, 12/10/2020 (c)		30,000		30,000
Series 2004B, Rev., VRDO, 0.11%, 12/10/2020 (c)		14,000		14,000
Illinois Finance Authority, Water Facilities, American Water Capital Corp. Project Rev., 0.70%, 9/1/2023 (c)		2,800		2,795
Illinois Finance Authority, Wesleyan University Rev., 5.00%, 9/1/2022		560		594
Illinois Housing Development Authority Series 2019A, Rev., FHA, 1.60%, 1/1/2023 (c)		5,600		5,651
Jackson County Community Unit School District No. 186 GO, AGM, 4.00%, 12/1/2020		265		265
Joliet Park District GO, 4.00%, 2/1/2021		830		835
Kane County School District No. 131 Aurora East Side
Series 2020A, GO, AGM, 2.00%, 12/1/2020		185		185
Series 2020B, GO, AGM, 2.00%, 12/1/2020		220		220
Series 2020A, GO, AGM, 3.00%, 12/1/2021		175		179
Series 2020B, GO, AGM, 3.00%, 12/1/2021		255		261
Series 2020A, GO, AGM, 4.00%, 12/1/2022		120		128
Series 2020B, GO, AGM, 4.00%, 12/1/2022		220		234
Series 2020A, GO, AGM, 5.00%, 12/1/2023		145		164
Series 2020B, GO, AGM, 5.00%, 12/1/2023		235		265
Series 2020A, GO, AGM, 5.00%, 12/1/2024		240		280
Series 2020A, GO, AGM, 5.00%, 12/1/2025		55		66
Series 2020B, GO, AGM, 5.00%, 12/1/2025		115		139
Kendall Kane and Will Counties Community Unit School District No. 308
Series B, GO, 4.00%, 10/1/2021		255		262
Series B, GO, 5.00%, 10/1/2022		1,375		1,481
La Grange Park District Series 2012B, GO, 5.00%, 12/1/2021		415		434
Lake County School District No. 70 Libertyville Rev., 4.00%, 1/1/2023		300		322
Lee and Ogle Counties School District No. 170 Dixon
Series 2019A, GO, AGM, 3.00%, 1/30/2021		50		50
Series 2019B, GO, AGM, 3.00%, 1/30/2021		120		120
Series 2019A, GO, AGM, 3.00%, 1/30/2022		160		165
Series 2019B, GO, AGM, 3.00%, 1/30/2022		245		252
Series 2019A, GO, AGM, 3.00%, 1/30/2023		170		178
Series 2019B, GO, AGM, 3.00%, 1/30/2023		255		267
Lincoln Land Community College District No. 526 GO, 5.00%, 12/15/2021		125		131
Madison-Macoupin Etc Counties Community College District No. 536, Lewis and Clark Community
GO, AGM, 4.00%, 5/1/2022		750		787
GO, AGM, 4.00%, 5/1/2023		700		757

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Peoria Public Building Commission
Series A, Rev., AGM, 3.00%, 12/1/2022		75		78
Series A, Rev., AGM, 4.00%, 12/1/2024		655		740
Sangamon County Community Unit School District No. 5 Ball-Chatham
Series B, GO, 5.00%, 1/1/2022		1,650		1,733
GO, 4.00%, 2/1/2023		2,015		2,160
Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains
Series 2019C, GO, 4.00%, 1/1/2022		165		172
Series 2019C, GO, 4.00%, 1/1/2023		310		332
Series 2019C, GO, 4.00%, 1/1/2024		370		407
St. Charles Public Library District, Limited Tax
Rev., 3.00%, 11/1/2021		85		87
Rev., 4.00%, 11/1/2022		100		106
State of Illinois
GO, 5.00%, 2/1/2024		3,370		3,616
GO, 5.50%, 5/1/2025		2,500		2,773
GO, 5.50%, 5/1/2026		5,000		5,634
State of Illinois, Sales Tax, Junior Obligation
Rev., 5.00%, 6/15/2021		110		112
Series 2018B, Rev., 5.00%, 6/15/2021		5,000		5,098
Rev., 5.00%, 6/15/2023		990		1,073
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024		2,500		2,740
University of Illinois, Health Services System Rev., VRDO, LOC: Wells Fargo Bank NA, 0.11%, 12/10/2020 (c)		2,550		2,550
Village of Antioch GO, 3.00%, 12/1/2020		290		290
Village of Arlington Heights
GO, 4.00%, 12/1/2023		1,130		1,253
GO, 4.00%, 12/1/2024		1,175		1,345
GO, 4.00%, 12/1/2025		695		821
Village of Bartlett
GO, 5.00%, 12/1/2021		980		1,027
GO, 5.00%, 12/1/2022		1,065		1,165
GO, 5.00%, 12/1/2023		1,130		1,281
Village of Bolingbrook
Series A, GO, AGM, 4.00%, 1/1/2021		185		186
Village of Flossmoor
GO, 3.00%, 12/1/2020		585		585
GO, 3.00%, 12/1/2021		605		621
Village of Franklin Park GO, 4.00%, 1/1/2021		500		501
Village of Gilberts, Alternative Revenue Source GO, 4.00%, 12/1/2021		225		229
Village of Hoffman Estates
Series A, GO, 3.00%, 12/1/2020		110		110
GO, 5.00%, 12/1/2020		270		270
GO, 5.00%, 12/1/2021		210		220
Village of Midlothian
Series 2019A, GO, 4.00%, 1/1/2023		190		203
Series 2019A, GO, 4.00%, 1/1/2024		120		132
Village of Villa Park
Series B, GO, 4.00%, 12/15/2020		125		125
Series B, GO, 4.00%, 12/15/2021		190		197
Series B, GO, 4.00%, 12/15/2022		200		214
Series B, GO, 4.00%, 12/15/2023		205		226
Village of Villa Park, Alternative Revenue Source
Series 2018C, GO, 3.00%, 12/15/2020		415		416
Series 2018C, GO, 4.00%, 12/15/2021		505		524
Village of Villa Park, Sales Tax Series A, GO, 4.00%, 12/15/2023		125		138
Village of Woodridge GO, 3.00%, 2/1/2021		250		251
Washington County Community Unit School District No.10 West Washington
GO, 4.00%, 1/15/2021		740		743
GO, 4.00%, 1/15/2022		575		598
GO, 4.00%, 1/15/2023		685		732
Whiteside and Lee Counties, Sterling Community Unit School District No. 5 GO, AGM, 4.00%, 12/1/2020		320		320
Whiteside County Community Unit School District No. 6 Morrison
Series A, GO, AGM, 4.00%, 12/1/2020		205		205
Series A, GO, AGM, 4.00%, 12/1/2021		745		772
Will County Community High School District No. 210 Lincoln-Way
GO, AGM, 4.00%, 1/1/2021		100		100
GO, AGM, 4.00%, 1/1/2022		1,000		1,025
Will County Township High School District No. 204 Joliet, Limited Tax
GO, 4.00%, 1/1/2021		75		75
GO, 4.00%, 1/1/2023		125		134

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Will County, Community Consolidated School District No. 70-C Laraway, Lease Certificates
Series A, Rev., AGM, 4.00%, 12/1/2020		385		385
Series A, Rev., AGM, 4.00%, 12/1/2021		400		414
Will Grundy Etc Counties Community College District No. 525, Joliet Junior College
GO, 5.00%, 1/1/2022		5,275		5,539
GO, 5.00%, 1/1/2023		5,495		6,015
GO, 5.00%, 1/1/2024		2,600		2,960
Total Illinois				257,944
Indiana — 2.1%
City of Evansville, Sewage Works
Rev., 4.00%, 7/1/2021		2,800		2,859
Rev., 4.00%, 7/1/2026		3,710		4,406
City of Rockport, AEP Generating Company Project
Series A, Rev., 1.35%, 9/1/2022 (c)		2,000		2,016
Series B, Rev., 1.35%, 9/1/2022 (c)		2,250		2,268
City of Rockport, Indiana Michigan Power Company Project Series 2009B, Rev., 3.05%, 6/1/2025		6,500		7,124
City of Whiting, BP Products North America, Inc., Project Rev., 5.25%, 1/1/2021		7,170		7,199
Fort Wayne Community School Building Corp.
Rev., 4.00%, 1/15/2021		100		101
Rev., 4.00%, 7/15/2021		250		256
Rev., 4.00%, 1/15/2022		250		260
Rev., 4.00%, 7/15/2022		125		132
Fort Wayne Community Schools
GO, 4.00%, 1/15/2021		455		457
GO, 4.00%, 7/15/2021		630		644
GO, 4.00%, 1/15/2022		755		786
Franklin Township Community School Corp. GO, 4.00%, 1/15/2021		1,465		1,471
Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage
Series 2020B, Rev., 4.00%, 1/15/2021		205		206
Series 2020B, Rev., 4.00%, 1/15/2022		150		155
Series 2020B, Rev., 4.00%, 7/15/2022		165		173
Series 2020B, Rev., 4.00%, 1/15/2023		165		175
Series 2020B, Rev., 4.00%, 7/15/2023		185		199
Series 2020B, Rev., 4.00%, 7/15/2025		215		242
Series 2020B, Rev., 4.00%, 1/15/2026		220		249
Series 2020B, Rev., 4.00%, 7/15/2026		235		269
Hammond Local Public Improvement Bond Bank, Advance Funding Program Series 2020A, Rev., 2.38%, 12/31/2020		2,000		2,002
Hammond Multi-School Building Corp., First Mortgage Rev., 4.00%, 7/15/2021		670		684
Indiana Finance Authority, Ascension Health Senior Credit Group
Series 2008E-4, Rev., VRDO, 0.11%, 12/10/2020 (c)		10,720		10,720
Series 2008E-5, Rev., VRDO, 0.11%, 12/10/2020 (c)		25,875		25,875
Indiana Finance Authority, Butler University Project
Rev., 3.00%, 2/1/2021		140		141
Rev., 3.00%, 2/1/2022		210		215
Rev., 3.00%, 2/1/2023		225		232
Indiana Finance Authority, Goshen Health Series B, Rev., 2.10%, 11/1/2026 (c)		2,700		2,862
Indiana Finance Authority, Health Obligated Group Series L, Rev., (SIFMA Municipal Swap Index Yield + 0.28%), 0.39%, 12/10/2020 (b)		10,000		10,000
Indiana Finance Authority, Marian University Project
Series A, Rev., 5.00%, 9/15/2021		60		62
Series A, Rev., 5.00%, 9/15/2022		50		53
Series A, Rev., 5.00%, 9/15/2023		75		81
Series A, Rev., 5.00%, 9/15/2024		155		172
Indiana Finance Authority, University Health Obligated Group Series E, Rev., VRDO, LOC: Bank of America NA, 0.10%, 12/10/2020 (c)		1,055		1,055
Indiana Health Facility Financing Authority, Ascension Health Credit Group
Series E-6, Rev., VRDO, 0.11%, 12/10/2020 (c)		3,000		3,000

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2001A-2, Rev., 2.00%, 2/1/2023 (c)		24,875		25,735
Series 2001A-2, Rev., 2.00%, 2/1/2023 (c) (d)		125		129
Indiana State Finance Authority, Lease Appropriation, Stadium Project Series A, Rev., VRDO, 0.10%, 12/10/2020 (c)		6,820		6,820
Metropolitan School District of Southwest Allen County
Series 2019B, GO, 4.00%, 1/15/2021		110		111
Series 2019B, GO, 4.00%, 7/15/2021		100		102
Series 2019B, GO, 4.00%, 1/15/2022		100		104
Series 2019B, GO, 4.00%, 7/15/2022		590		624
Series 2019B, GO, 4.00%, 1/15/2023		520		559
Series 2019B, GO, 4.00%, 7/15/2023		485		530
Series 2019B, GO, 4.00%, 1/15/2024		575		637
Metropolitan School District Washington Township
GO, 4.00%, 7/15/2021		250		256
GO, 4.00%, 1/15/2022		590		614
North Putnam Middle School Building Corp., Property Tax, First Mortgage
Rev., 3.00%, 1/15/2021		170		171
Rev., 3.00%, 7/15/2021		190		193
Rev., 3.00%, 1/15/2022		250		257
Rev., 3.00%, 7/15/2022		150		156
Purdue University, Student Facilities System Series 2007C, Rev., VRDO, 0.09%, 12/10/2020 (c)		6,575		6,575
South Madison Elementary School Building Corp., Indiana Ad Valorem Property Tax, First Mortgage
Rev., 4.00%, 1/15/2021		100		100
Rev., 4.00%, 7/15/2021		80		82
Tippecanoe County School Building Corp., Ad Valorem Property Tax First Mortgage
Rev., 4.00%, 1/15/2021		300		301
Rev., 4.00%, 7/15/2021		200		205
Rev., 4.00%, 1/15/2022		365		380
Rev., 4.00%, 7/15/2022		275		292
Rev., 4.00%, 1/15/2023		300		323
Rev., 4.00%, 7/15/2023		380		416
Town of Schererville, Sewage Works
Rev., 4.00%, 3/1/2021		50		50
Rev., 4.00%, 3/1/2022		75		79
Rev., 4.00%, 3/1/2023		75		81
Rev., 4.00%, 3/1/2024		110		122
Total Indiana				134,805
Iowa — 0.3%
City of Altoona
Series 2020A, COP, 4.00%, 6/1/2022		225		237
Series 2020A, COP, 4.00%, 6/1/2023		275		299
City of Coralville Series 2016E, COP, 4.00%, 6/1/2023		325		324
City of Iowa Falls GO, 3.00%, 6/1/2023		230		244
City of Sac City GO, 5.00%, 6/1/2021		160		164
County of Plymouth
GO, AGM, 3.00%, 6/1/2021		565		573
GO, AGM, 3.00%, 6/1/2022		290		300
Iowa Finance Authority, Health System Rev., VRDO, 0.68%, 12/10/2020 (c) (e)		19,650		19,650
North Polk Community School District Series 2020B, Rev., 4.00%, 6/1/2022		450		475
State of Iowa, Ijobs Program, Special Obligation Series A, Rev., 5.00%, 6/1/2021		400		410
Total Iowa				22,676
Kansas — 0.6%
Butler County Unified School District No. 385, Temporary Notes GO, 3.00%, 12/1/2020		815		815
City of Manhattan, Temporary Notes GO, 1.50%, 6/15/2022		5,865		5,867
County of Reno, Temporary Notes GO, 3.00%, 12/1/2021		4,605		4,615
Johnson County Park and Recreation District
Series 2019B, COP, 3.00%, 9/1/2021		255		260
Series 2019A, COP, 5.00%, 9/1/2021		240		248
Series 2019B, COP, 3.00%, 9/1/2022		200		204
Series 2019A, COP, 5.00%, 9/1/2022		250		264
Series 2019B, COP, 3.00%, 9/1/2023		200		211
Series 2019A, COP, 5.00%, 9/1/2023		125		140
Kansas City Kansas Community College
Series 2020A, COP, 4.00%, 4/1/2021		450		456

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2020A, COP, 4.00%, 4/1/2022		600		629
Series 2020A, COP, 4.00%, 4/1/2023		800		865
Series 2020A, COP, 4.00%, 4/1/2024		500		557
Kansas Development Finance Authority, State of Kansas Project
Rev., 5.00%, 11/1/2021		6,960		7,260
Rev., 5.00%, 11/1/2024		2,255		2,655
Rev., 5.00%, 11/1/2025		3,570		4,353
Rev., 5.00%, 11/1/2026		3,900		4,891
Overland Park Development Corp., Overland Park Convention Center Hotel Rev., 4.00%, 3/1/2021		1,400		1,402
Sedgwick County Unified School District No. 265 Goddard
Series 2020A, GO, 3.00%, 10/1/2021 (f)		275		281
Series 2020A, GO, 3.00%, 10/1/2022 (f)		295		309
Series 2020A, GO, 3.00%, 10/1/2023 (f)		350		375
Series 2020A, GO, 3.00%, 10/1/2024 (f)		1,050		1,147
Sedgwick County Unified School District No. 267 Renwick
Series 2019A, GO, 3.00%, 11/1/2022		100		105
Series 2019A, GO, 3.00%, 11/1/2023		100		108
Wyandotte County Unified School District No. 202 Turner
Series 2019A, GO, AGM, 2.00%, 9/1/2021		200		202
Series 2019A, GO, AGM, 3.00%, 9/1/2022		125		131
Series 2019A, GO, AGM, 3.00%, 9/1/2023		400		427
Series 2019A, GO, AGM, 3.00%, 9/1/2024		400		436
Total Kansas				39,213
Kentucky — 0.7%
City of Ashland, Ashland Hospital Corp. DBA King’s Daughters Medical Center
Rev., 5.00%, 2/1/2021		385		387
Rev., 5.00%, 2/1/2022		500		520
Rev., 5.00%, 2/1/2023		600		642
Rev., 5.00%, 2/1/2024		575		633
County of Owen, Kentucky-American Water Co. Project Rev., 0.70%, 9/1/2023 (c)		2,500		2,495
Franklin County Public Properties Corp., Justice Center Project Series A, Rev., 4.50%, 4/1/2021 (d)		40		41
Kentucky Asset Liability Commission, Federal Highway Trust Fund
Series 2020A, Rev., 5.00%, 9/1/2021 (f)		4,500		4,651
Series 2020A, Rev., 5.00%, 9/1/2022 (f)		3,250		3,510
Kentucky Housing Corp., BTT Development III Portfolio Rev., 1.40%, 6/1/2022 (c)		3,315		3,361
Kentucky Public Energy Authority, Gas Supply
Series 2018A, Rev., 4.00%, 4/1/2021		775		784
Series A, Rev., 4.00%, 4/1/2022		1,210		1,265
Kentucky State Property and Buildings Commission, Project No. 110 Rev., 5.00%, 8/1/2024		85		99
Kentucky State Property and Buildings Commission, Project No. 99 Series A, Rev., 5.00%, 11/1/2021		1,540		1,546
Louisville and Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Co. Project Series B, Rev., AMT, 2.55%, 5/3/2021 (c)		2,750		2,771
Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project
Series 2003A, Rev., 1.85%, 4/1/2021 (c)		10,000		10,036
Series 2020A, Rev., 0.90%, 9/1/2026		5,000		5,023
Louisville Regional Airport Authority, Airport System Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,065
Paducah Electric Plant Board
Rev., 5.00%, 10/1/2021		2,300		2,386
Rev., 5.00%, 10/1/2022		2,000		2,161
Rev., 5.00%, 10/1/2023		2,000		2,246
Total Kentucky				45,622
Louisiana — 2.6%
Calcasieu Parish School District No. 23
GO, 5.00%, 9/1/2023		180		202
GO, 5.00%, 9/1/2024		250		292
Calcasieu Parish School District No. 34 GO, 3.00%, 1/15/2022		520		535
City of Shreveport, Water and Sewer GO, 5.00%, 9/1/2021		145		150

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of Shreveport, Water and Sewer, Junior Lien
Series 2019B, Rev., AGM, 4.00%, 12/1/2023		310		342
Series 2019B, Rev., AGM, 5.00%, 12/1/2024		225		264
City of Youngsville, Sales Tax
Rev., 3.00%, 12/1/2020		250		250
Rev., 3.00%, 12/1/2021		255		262
Iberia Parishwide School District GO, 2.00%, 3/1/2021		150		151
Louisiana Local Government Environmental Facilities and Community Development Authority, East Ascension Consolidated Gravity Drainage District No. 1 Project Rev., 5.00%, 12/1/2025		715		874
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2021		1,500		1,556
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 0.76%, 12/10/2020 (b)		40,000		39,940
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2025 (c)		8,410		10,049
Louisiana Public Facilities Authority, Tulane University of Louisiana Project
Series 2020A, Rev., 5.00%, 4/1/2025		60		71
Series 2020A, Rev., 5.00%, 4/1/2026		100		123
Parish of St. Charles, Pollution Control, Shell Oil Co., Norco Project Series B, Rev., VRDO, 0.12%, 12/1/2020 (c)		150		150
Parish of St. John the Baptist LA, Marathon Oil Corp. Project
Subseries 2017B-1, Rev., 2.13%, 7/1/2024 (c)		18,000		18,315
Subseries 2017B-2, Rev., 2.37%, 7/1/2026 (c)		12,800		13,175
St. Martin Parish School Board GO, 3.00%, 3/1/2021		335		337
State of Louisiana Gasoline and Fuels Tax, Second Lien
Series 2017D, Rev., 1.00%, 5/1/2022 (c)		16,035		16,037
Series 2017A, Rev., 1.00%, 5/1/2023 (c)		60,000		60,171
Zachary Community School District No. 1
GO, 3.00%, 3/1/2021		200		201
GO, 3.00%, 3/1/2022		685		708
GO, 3.00%, 3/1/2023		715		754
Total Louisiana				164,909
Maine — 0.0% (g)
Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2026		250		308
Maryland — 1.0%
County of Calvert, Consolidated Public Improvement
GO, 4.00%, 7/1/2022		1,940		2,056
GO, 4.00%, 7/1/2023		2,070		2,273
GO, 4.00%, 7/1/2024		2,010		2,282
GO, 4.00%, 7/1/2025		2,245		2,631
Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program Series B, Rev., VRDO, LOC: TD Bank NA, 0.11%, 12/10/2020 (c)		11,915		11,915
Maryland Health and Higher Educational Facilities Authority, The Johns Hopkins University Issue Series 2013C, Rev., 5.00%, 5/15/2023 (d)		12,255		13,671
Maryland Stadium Authority, Construction and Revitalization Program Series 2018A, Rev., 5.00%, 5/1/2021		1,215		1,239
Maryland Stadium Authority, Sports Facilities, Football Stadium Issue Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.10%, 12/10/2020 (c)		22,630		22,630
State of Maryland Series 2017B, GO, 5.00%, 8/1/2025		2,825		3,443
Total Maryland				62,140
Massachusetts — 2.1%
City of Fall River GO, BAN, 1.50%, 2/5/2021		14,094		14,124
Commonwealth of Massachusetts Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 0.69%, 2/1/2021 (b)		30,000		29,937
Commonwealth of Massachusetts, Consolidated Loan of 2011 Series 2011A, GO, 5.00%, 4/1/2021 (d)		20		20
Commonwealth of Massachusetts, Consolidated Loan of 2014 Subseries D-2, GO, 1.70%, 8/1/2022 (c)		5,500		5,621

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Massachusetts Development Finance Agency, Northeastern University Issue
Series 2020A, Rev., 5.00%, 10/1/2022		3,600		3,911
Series 2020A, Rev., 5.00%, 10/1/2023		2,900		3,284
Series 2020A, Rev., 5.00%, 10/1/2024		1,580		1,863
Series 2020A, Rev., 5.00%, 10/1/2025		975		1,193
Series 2020A, Rev., 5.00%, 10/1/2026		895		1,125
Massachusetts Development Finance Agency, Partners Healthcare System Issue
Series 2017S-5, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 0.53%, 12/10/2020 (b)		10,000		10,007
Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.61%, 12/10/2020 (b)		1,500		1,502
Massachusetts Development Finance Agency, Suffolk University Issue
Rev., 5.00%, 7/1/2021		500		512
Rev., 5.00%, 7/1/2022		390		416
Rev., 5.00%, 7/1/2024		350		399
Massachusetts Development Finance Agency, Wellforce Issue
Series 2020C, Rev., AGM, 5.00%, 10/1/2021		120		124
Series 2020C, Rev., AGM, 5.00%, 10/1/2022		150		162
Series 2020C, Rev., AGM, 5.00%, 10/1/2023		100		112
Series 2020C, Rev., AGM, 5.00%, 10/1/2024		115		133
Series 2020C, Rev., AGM, 5.00%, 10/1/2025		175		209
Series 2020C, Rev., AGM, 5.00%, 10/1/2026		175		215
Massachusetts Development Finance Agency, Western New England University Issue Rev., 5.00%, 9/1/2021		265		273
Massachusetts Port Authority
Series 2019-A, Rev., AMT, 5.00%, 7/1/2021		3,000		3,079
Series 2019-A, Rev., AMT, 5.00%, 7/1/2022		2,500		2,676
Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured Series A, Rev., 5.00%, 1/1/2023 (c)		10,000		10,930
Massachusetts Water Resources Authority Series A-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.11%, 12/10/2020 (c)		22,790		22,790
University of Massachusetts Building Authority Rev., 5.00%, 11/1/2024 (d)		9,485		11,214
University of Massachusetts Building Authority, Commonwealth Guaranteed Series 2008A, Rev., VRDO, GTD, LIQ: Barclays Bank plc, 0.10%, 12/10/2020 (c)		9,760		9,760
Total Massachusetts				135,591
Michigan — 1.2%
City of Charlevoix
Rev., 4.00%, 10/1/2021		215		221
Rev., 4.00%, 10/1/2022		175		186
Rev., 4.00%, 10/1/2023		110		121
City of Gladstone
GO, AGM, 3.00%, 3/1/2021		250		252
GO, AGM, 3.00%, 3/1/2022		250		258
GO, AGM, 3.00%, 3/1/2023		260		275
GO, AGM, 3.00%, 3/1/2024		265		286
GO, AGM, 3.00%, 3/1/2025		275		304
City of Marquette, Capital Improvement GO, 4.00%, 5/1/2021		150		152
City of Marquette, Limited Tax GO, 3.00%, 5/1/2021		125		126
Detroit Downtown Development Authority, Tax Increment, Catalyst Development Series 2018A, Rev., AGM, 5.00%, 7/1/2021		500		513
Frankenmuth School District GO, Q-SBLF, 4.00%, 5/1/2023		200		218
Gerald R Ford International Airport Authority, Limited Tax Rev., GTD, 5.00%, 1/1/2021		815		818
Grand Rapids Public Schools GO, AGM, 5.00%, 11/1/2021		2,225		2,319
Grosse Pointe Public School System GO, 4.00%, 5/1/2021		240		244
Hopkins Public Schools
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2021		180		183
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2022		160		168
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2023		365		396
Jackson Public Schools
GO, Q-SBLF, 4.00%, 5/1/2023		605		660
GO, Q-SBLF, 4.00%, 5/1/2024		690		777

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Kalamazoo Public Schools, School Building and Site GO, 4.00%, 5/1/2021		775		787
Kelloggsville Public Schools, School Building and Site
GO, AGM, 4.00%, 5/1/2021		360		365
GO, AGM, 4.00%, 5/1/2022		380		400
Kent Hospital Finance Authority, Spectrum Health System Series 2008B-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.11%, 12/10/2020 (c)		34,040		34,040
Lakeview School District, School Building and Site Series B, GO, VRDO, LOC: TD Bank NA, 0.10%, 12/10/2020 (c)		8,815		8,815
Leland Public School District
GO, AGM, 4.00%, 5/1/2022		510		536
GO, AGM, 4.00%, 5/1/2023		785		850
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 11/15/2022 (c)		4,165		4,398
Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group Series 2010F-3, Rev., 4.00%, 7/1/2024 (c)		1,000		1,126
Michigan State Housing Development Authority, Single Family Mortgage Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 0.16%, 12/10/2020 (c)		7,895		7,895
Michigan Strategic Fund, Holland Home Obligated Group
Rev., 4.00%, 11/15/2021		180		183
Rev., 4.00%, 11/15/2022		180		186
Rev., 4.00%, 11/15/2023		190		198
South Haven Township and Casco Township Water and Sewage Treatment Authority
Rev., 4.00%, 5/1/2021		280		284
Rev., 4.00%, 5/1/2022		285		299
Rev., 4.00%, 5/1/2023		480		521
Rev., 4.00%, 5/1/2024		720		806
Waterford School District, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2021		265		269
GO, Q-SBLF, 4.00%, 5/1/2022		650		683
GO, Q-SBLF, 4.00%, 5/1/2023		1,340		1,457
GO, Q-SBLF, 4.00%, 5/1/2024		1,360		1,525
Wayne County Airport Authority, Junior Lien Series B, Rev., AMT, 5.00%, 12/1/2020		550		550
Wayne-Westland Community Schools, Building and Site Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2021		200		203
GO, Q-SBLF, 4.00%, 11/1/2021		785		811
GO, Q-SBLF, 4.00%, 5/1/2022		160		168
GO, Q-SBLF, 5.00%, 11/1/2022		290		315
Total Michigan				76,147
Minnesota — 0.3%
City of Glencoe Series 2018-A, GO, 3.00%, 8/1/2021		80		81
City of Minneapolis and St. Paul Housing and Redevelopment Authority, Health Care, Allina Health System Series 2007C-2, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.11%, 12/10/2020 (c)		6,460		6,460
City of Wayzata, Folkestone Senior Living Community
Rev., 3.00%, 8/1/2022		200		200
Rev., 3.00%, 8/1/2023		100		100
Rev., 3.00%, 8/1/2024		100		99
Duluth Housing and Redevelopment Authority, Public Schools Academy Project
Series 2018-A, Rev., 3.38%, 11/1/2021		330		334
Series 2018-A, Rev., 3.63%, 11/1/2022		345		355
Series 2018-A, Rev., 3.88%, 11/1/2023		325		341
Duluth Independent School District No. 709
Series 2019B, COP, 5.00%, 2/1/2021		145		146
Series 2019B, COP, 5.00%, 2/1/2022		160		168
Series 2019C, COP, 5.00%, 2/1/2022		135		142
Series 2019B, COP, 5.00%, 2/1/2023		185		202
Housing and Redevelopment Authority of The City of St. Paul Minnesota, Allina Health System Series 2009C, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.11%, 12/10/2020 (c)		10,280		10,280

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.
Rev., 3.00%, 12/1/2020		75		75
Rev., 3.00%, 12/1/2021		75		76
Rev., 3.00%, 12/1/2022		100		102
Rev., 3.00%, 12/1/2023		100		104
St. Paul Independent School District No. 625 Series B, COP, 5.00%, 2/1/2021		930		937
State of Minnesota, Trunk Highway Series B, GO, 5.00%, 8/1/2021		1,765		1,822
Total Minnesota				22,024
Mississippi — 0.4%
City of Tupelo
GO, 4.00%, 12/1/2020		360		360
GO, 4.00%, 12/1/2021		125		130
GO, 4.00%, 12/1/2022		245		263
GO, 4.00%, 12/1/2023		315		348
County of Jackson, Port Facility, Chevron USA, Inc., Project Rev., VRDO, 0.10%, 12/1/2020 (c)		5,000		5,000
County of Warren, Gulf Opportunity Zone, International Paper Co. Project
Series 2020A, Rev., 1.37%, 6/16/2025 (c)		1,750		1,801
Series 2020C, Rev., 1.37%, 6/16/2025 (c)		1,500		1,543
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project Series 2010 H, Rev., VRDO, 0.10%, 12/1/2020 (c)		11,335		11,335
Mississippi Development Bank, Rankin County Project Rev., 3.00%, 3/1/2022		100		103
Mississippi Development Bank, Special Obligation, Biloxi Project
Rev., 3.00%, 3/1/2021		130		131
Rev., 3.00%, 3/1/2022		175		180
Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project
Series B, Rev., 5.00%, 1/1/2021		270		271
Series B, Rev., 5.00%, 1/1/2022		320		335
Series B, Rev., 5.00%, 1/1/2023		370		403
Series B, Rev., 5.00%, 1/1/2024		370		417
State of Mississippi, Capital Improvements Project Series 2011A, GO, 5.00%, 10/1/2021 (d)		25		26
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2021		700		723
Total Mississippi				23,369
Missouri — 1.1%
Belton School District No. 124 COP, AGM, 4.00%, 1/15/2022 (d)		100		104
Blue Eye R-V School District COP, 4.00%, 4/1/2021		75		76
City of Kansas, Roe Bartle Convention Center Series 2008F, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.11%, 12/10/2020 (c)		4,490		4,490
City of St. Peters
COP, 4.00%, 5/1/2021		530		538
COP, 4.00%, 5/1/2022		605		636
COP, 4.00%, 5/1/2023		625		679
COP, 4.00%, 5/1/2024		650		729
COP, 4.00%, 5/1/2025		425		491
County of Greene, Special Obligation
Rev., 4.00%, 12/1/2021		205		213
Rev., 4.00%, 12/1/2022		260		279
Rev., 4.00%, 12/1/2023		520		575
Rev., 4.00%, 12/1/2024		540		615
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		4,000		4,314
County of Stone COP, 3.00%, 12/1/2020		145		145
Greene County Reorganized School District No. R-8
Series 2019B, GO, 3.00%, 3/1/2022		500		518
Series 2019B, GO, 3.00%, 3/1/2023		595		630
Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series C, Rev., VRDO, LIQ: BJC Health System, 0.10%, 12/10/2020 (c)		39,475		39,475
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects Series 2019B, Rev., 2.88%, 2/1/2022		3,270		3,270
Missouri Western State University, Auxiliary System Rev., 2.80%, 10/1/2022		50		50
Nixa Public Schools
Series 2019B, GO, 4.00%, 3/1/2021		100		101
Series 2019B, GO, 4.00%, 3/1/2022		175		182
Series 2019B, GO, 5.00%, 3/1/2023		200		221

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
St. Louis County Special School District
COP, 4.00%, 4/1/2021		355		359
COP, 4.00%, 4/1/2022		395		415
COP, 4.00%, 4/1/2023		410		444
COP, 4.00%, 4/1/2024		605		675
St. Louis Lambert International Airport Series B, Rev., AMT, AGM, 5.00%, 7/1/2021		1,305		1,338
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176, Rev., VRDO, LIQ: Royal Bank of Canada, 0.36%, 12/10/2020 (c) (e)		8,200		8,200
Village of Country Club COP, AGM, 3.00%, 4/1/2021		165		166
Total Missouri				69,928
Montana — 0.0% (g)
Montana State Board of Regents, Montana State University Series F, Rev., (SIFMA Municipal Swap Index Yield + 0.45%), 0.56%, 12/10/2020 (b)		3,130		3,133
Nebraska — 0.1%
City of Omaha, Special Tax
Series A, Rev., 2.20%, 1/15/2021		125		125
Series A, Rev., 5.00%, 1/15/2022		125		132
County of Saunders
GO, 1.00%, 11/1/2021		100		101
GO, 2.00%, 11/1/2022		300		310
GO, 3.00%, 11/1/2023		325		349
GO, 3.00%, 11/1/2024		415		456
County of Washington, Wastewater and Solid Waste Disposal Facilities, Cargill Incorporated Projects Rev., AMT, 0.90%, 9/1/2025 (c)		6,800		6,838
Papio-Missouri River Natural Resource District GO, 4.00%, 12/15/2020		405		406
Upper Republican Natural Resource District, Limited Obligation, Occupation Tax Supported, River Flow Enhancement Series 2017B, Rev., AGM, 3.00%, 12/15/2020		250		250
Total Nebraska				8,967
Nevada — 0.8%
City of Carson, Carson Tahoe Regional Healthcare Project Rev., 5.00%, 9/1/2027		610		744
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (e)		795		794
Clark County School District Series C, GO, 5.00%, 6/15/2023		2,000		2,219
Clark County, Department of Aviation, Nevada Airport System, Junior Subordinate Lien Series A, Rev., 5.00%, 7/1/2021		18,500		18,991
County of Clark Department of Aviation, Subordinate Lien Series D-3, Rev., VRDO, LOC: Bank of America NA, 0.12%, 12/10/2020 (c)		4,435		4,435
County of Humboldt, Sierra Pacific Power Company Project Series 2016B, Rev., 1.85%, 4/15/2022 (c)		4,550		4,638
County of Washoe, Water Facilities, Sierra Pacific Power Company Project
Rev., AMT, 0.63%, 4/15/2022 (c)		4,000		4,002
Series 2016G, Rev., 1.85%, 4/15/2022 (c)		5,000		5,096
State of Nevada Department of Business and Industry, Brightline West Passenger Rail Project Rev., AMT, 0.50%, 7/1/2021 (c) (e)		10,000		10,005
Total Nevada				50,924
New Hampshire — 0.3%
New Hampshire Health and Education Facilities Authority, University System
Series 2005B-1, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.10%, 12/1/2020 (c)		10,730		10,730
Series 2011B, Rev., VRDO, LIQ: State Street Bank & Trust, 0.10%, 12/1/2020 (c)		6,410		6,410
Total New Hampshire				17,140
New Jersey — 3.9%
Borough of Carteret GO, BAN, 1.75%, 1/29/2021		7,147		7,164
Borough of East Rutherford GO, AGM, 5.00%, 12/1/2020		290		290
Borough of Paramus
GO, TAN, 2.00%, 4/30/2021		20,000		20,139
GO, BAN, 2.00%, 10/15/2021		7,510		7,614
Borough of Stone Harbor GO, BAN, 1.25%, 10/29/2021		16,255		16,378
Burlington County Bridge Commission Series 2020C-1 & C-2, Rev., 2.00%, 11/11/2021		20,000		20,328

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of Newark
Series 2020A, GO, 5.00%, 10/1/2021		110		114
Series 2020B, GO, 5.00%, 10/1/2021		250		259
Series 2020A, GO, 5.00%, 10/1/2022		750		807
Series 2020B, GO, 5.00%, 10/1/2022		500		538
Series 2020A, GO, AGM, 5.00%, 10/1/2023		1,000		1,121
Series 2020B, GO, AGM, 5.00%, 10/1/2023		525		589
Series 2020A, GO, AGM, 5.00%, 10/1/2024		1,000		1,160
Series 2020B, GO, AGM, 5.00%, 10/1/2024		650		754
Series 2020A, GO, AGM, 5.00%, 10/1/2025		850		1,020
Series 2020B, GO, AGM, 5.00%, 10/1/2025		595		714
Series 2020A, GO, AGM, 5.00%, 10/1/2026		750		924
East Brunswick Township Board of Education, School Energy Savings
GO, 5.00%, 8/1/2021		55		56
GO, 5.00%, 8/1/2022		110		119
Jersey City Municipal Utilities Authority, Water Project Notes Rev., 3.00%, 7/1/2022		16,000		16,650
Monmouth County Improvement Authority (The), Governmental Pooled Loan Project
Series 2020B, Rev., GTD, 2.00%, 2/15/2021		9,000		9,033
Series 2020A, Rev., GTD, 2.00%, 7/12/2021		6,900		6,976
New Brunswick Parking Authority, Tax-Exempt
Series 2020B, Rev., 5.00%, 9/1/2021		70		72
Series 2020B, Rev., 5.00%, 9/1/2022		350		377
Series 2020B, Rev., 5.00%, 9/1/2023		335		375
Series 2020B, Rev., 5.00%, 9/1/2024		425		494
Series 2020B, Rev., 5.00%, 9/1/2025		425		511
Series 2020A, Rev., 5.00%, 9/1/2026		500		619
New Jersey Economic Development Authority, School Facilities Construction Series XX, Rev., 5.00%, 6/15/2021		5,000		5,115
New Jersey Educational Facilities Authority, The William Paterson University Series C, Rev., 5.00%, 7/1/2021		150		154
New Jersey Health Care Facilities Financing Authority, Virtua Health Series 2009D, Rev., VRDO, LOC: TD Bank NA, 0.09%, 12/10/2020 (c)		15,900		15,900
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2021		6,000		6,140
New Jersey Turnpike Authority Series C-1, Rev., (ICE LIBOR USD 1 Month + 0.34%), 0.44%, 1/1/2021 (b) (d)		4,000		3,999
Passaic County Improvement Authority (The), City of Paterson Project Rev., GTD, 5.00%, 8/15/2026		350		441
Passaic County Utilities Authority, Solid Waste Disposal Rev., GTD, 4.38%, 3/1/2021		255		257
Passaic Valley Sewerage Commissioners, Sewer System
Series J, Rev., AGM, 3.00%, 12/1/2025		1,825		2,036
Series J, Rev., AGM, 3.00%, 12/1/2026		6,285		7,111
State of New Jersey, COVID-19
GO, 4.00%, 6/1/2023		21,380		23,233
GO, 5.00%, 6/1/2024		25,000		28,757
GO, 5.00%, 6/1/2025		12,670		15,053
The Cumberland County Improvement Authority, Vineland Public Safety Building Project Rev., 5.00%, 12/15/2021		340		357
Township of Lyndhurst GO, BAN, 1.50%, 2/5/2021		4,065		4,074
Township of Waterford Series 2019A, GO, BAN, 2.00%, 12/1/2020		2,718		2,718
Township of West Milford GO, BAN, 1.25%, 9/17/2021		18,738		18,874
Total New Jersey				249,414
New Mexico — 0.2%
City of Rio Rancho Water and Wastewater System
Rev., 5.00%, 5/15/2021		720		735
Rev., 5.00%, 5/15/2022		1,250		1,337
City of Santa Fe, El Castillo Retirement Residences Project Series 2019B-2, Rev., 2.25%, 5/15/2024		600		586

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
County of Sandoval
GO, 5.00%, 8/1/2021		535		552
GO, 5.00%, 8/1/2022		560		604
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group — La Vida Llena Expansion Project
Series C, Rev., 2.25%, 7/1/2023		1,525		1,509
Series C, Rev., 2.38%, 7/1/2024		1,525		1,509
Regents of The University of New Mexico, Subordinate Lien System Series 2002B, Rev., VRDO, LIQ: U.S. Bank NA, 0.11%, 12/10/2020 (c)		2,765		2,765
University of New Mexico, Gallup Branch Community College District GO, 2.00%, 10/15/2022		1,500		1,502
Total New Mexico				11,099
New York — 28.4%
Amityville Union Free School District
GO, TAN, 1.25%, 6/18/2021		17,500		17,587
Series 2020B, GO, BAN, 1.25%, 6/18/2021		12,987		13,050
Battery Park City Authority, Junior
Series 2019D-2, Rev., VRDO, LIQ: TD Bank NA, 0.10%, 12/10/2020 (c)		9,935		9,935
Series 2019D-1, Rev., VRDO, LIQ: TD Bank NA, 0.13%, 12/10/2020 (c)		14,855		14,855
Bay Shore Union Free School District GO, TAN, 1.25%, 6/25/2021		40,000		40,210
Broome County Local Development Corp., United Health Services Hospitals, Inc., Project
Rev., AGM, 5.00%, 4/1/2024		500		573
Rev., AGM, 5.00%, 4/1/2025		500		594
Rev., AGM, 5.00%, 4/1/2026		500		613
Cazenovia Central School District GO, BAN, 1.25%, 7/16/2021		13,000		13,065
Central Islip Union Free School District GO, TAN, 1.25%, 6/25/2021		24,000		24,130
Central Square Central School District GO, BAN, 1.25%, 11/19/2021		11,995		12,101
Cheektowaga Central School District GO, BAN, 1.25%, 11/19/2021		15,400		15,532
Chittenango Central School District Series 2020A, GO, BAN, 1.25%, 6/25/2021		13,400		13,461
City of Jamestown, Public Improvement
GO, 5.00%, 6/1/2021		475		486
GO, 5.00%, 6/1/2022		500		534
GO, 5.00%, 6/1/2023		525		584
GO, 5.00%, 6/1/2024		545		629
City of New York
Subseries F-5, GO, VRDO, LIQ: Barclays Bank plc, 0.10%, 12/1/2020 (c)		8,425		8,425
Subseries G-4, GO, VRDO, LIQ: Barclays Bank plc, 0.11%, 12/10/2020 (c)		20,000		20,000
Subseries B-3, GO, VRDO, LOC: TD Bank NA, 0.13%, 12/10/2020 (c)		10,520		10,520
Series 2020-1, GO, 5.00%, 8/1/2026		1,300		1,620
City of New York, Fiscal Year 2012 Series A, Subseries A-4, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.11%, 12/10/2020 (c)		2,300		2,300
City of New York, Fiscal Year 2014 Series D, Subseries D-4, GO, VRDO, LOC: TD Bank NA, 0.09%, 12/1/2020 (c)		6,100		6,100
City of New York, Fiscal Year 2015 Series F, Subseries F-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.11%, 12/10/2020 (c)		23,080		23,080
City of New York, Fiscal Year 2021 Series A, Subseries A-1, GO, 5.00%, 8/1/2024		15,000		17,508
City of Rochester Series I, GO, BAN, 2.50%, 3/4/2021		26,095		26,235
Cold Spring Harbor Central School District GO, TAN, 1.25%, 6/25/2021		9,000		9,050
Commack Union Free School District GO, TAN, 1.25%, 6/25/2021		36,000		36,193
Connetquot Central School District of Islip GO, TAN, 1.25%, 6/25/2021		24,500		24,633
Copenhagen Central School District GO, BAN, 2.00%, 7/9/2021		5,700		5,751
County of Cattaraugus, Public Improvement Bonds GO, 2.00%, 5/15/2021		100		101
County of Erie GO, RAN, 3.00%, 6/24/2021		5,000		5,073
County of Suffolk, Longwood Central School District GO, 5.00%, 6/15/2021		300		308
County of Sullivan GO, TAN, 2.00%, 5/28/2021		9,500		9,572
East Islip Union Free School District
GO, BAN, 1.25%, 6/29/2021		19,000		19,101
Series 2020A, GO, BAN, 1.25%, 6/29/2021		7,487		7,525
Series 2020B, GO, BAN, 1.25%, 7/1/2021		12,860		12,929

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Elwood Union Free School District GO, TAN, 1.25%, 6/25/2021		14,000		14,069
Floral Park-Bellerose Union Free School District
GO, 5.00%, 12/1/2021		450		472
GO, 5.00%, 12/1/2022		475		521
GO, 5.00%, 12/1/2023		495		566
GO, 5.00%, 12/1/2024		525		625
GO, 5.00%, 12/1/2025		550		682
Forestville Central School District Series 2020B, GO, BAN, 2.00%, 6/17/2021		3,061		3,086
Franklinville Central School District GO, BAN, 1.25%, 7/23/2021		5,100		5,125
Frewsburg Central School District GO, BAN, 1.25%, 7/13/2021		6,177		6,205
Guilderland Central School District Series 2020C, GO, BAN, 1.25%, 7/30/2021		17,500		17,602
Hampton Bays Union Free School District GO, TAN, 2.00%, 6/24/2021		11,000		11,104
Hauppauge Union Free School District GO, TAN, 1.25%, 6/25/2021		32,000		32,170
Hempstead Town Local Development Corp., Adelphi University Project
Rev., 4.00%, 2/1/2021		75		75
Rev., 4.00%, 2/1/2022		50		52
Rev., 4.00%, 2/1/2023		100		106
Rev., 4.00%, 2/1/2024		200		216
Hempstead Union Free School District
GO, RAN, 1.50%, 6/30/2021		39,000		39,274
GO, BAN, 1.50%, 7/14/2021		25,900		26,092
Horseheads Central School District GO, BAN, 1.00%, 6/24/2021		61,695		61,921
Kinderhook Central School District GO, BAN, 1.25%, 7/23/2021		14,500		14,576
Little Falls City School District GO, BAN, 1.25%, 2/5/2021		6,500		6,507
Long Island Power Authority, Electric System Series 2020A, Rev., 5.00%, 9/1/2026		680		857
Longwood Central School District Suffolk County GO, TAN, 2.00%, 6/25/2021		11,000		11,106
Maine-Endwell Central School District GO, RAN, 1.25%, 7/28/2021		8,000		8,041
Manchester-Shortsville Central School District GO, BAN, 1.25%, 6/29/2021		9,925		9,968
Marcellus Central School District GO, BAN, 2.00%, 7/16/2021		8,000		8,076
Mattituck-Cutchogue Union Free School District GO, TAN, 2.00%, 6/25/2021		8,500		8,581
Metropolitan Transportation Authority, Dedicated Tax Fund Series 2019A, Rev., BAN, 5.00%, 3/1/2022		20,500		21,274
Middleburgh Central School District GO, BAN, 1.25%, 7/16/2021		10,620		10,671
Morrisville-Eaton Central School District Series 2020B, GO, BAN, 1.50%, 6/25/2021		8,508		8,565
Mount Vernon City School District
GO, 5.00%, 12/1/2020		815		815
GO, 5.00%, 12/1/2021		885		928
GO, 5.00%, 12/1/2022		1,965		2,149
New York City Housing Development Corp., West 26th Street Development Series 2011B, Rev., VRDO, 0.11%, 12/10/2020 (c)		2,570		2,570
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2003 Subseries F-1-A, Rev., VRDO, LIQ: Barclays Bank plc, 0.11%, 12/10/2020 (c)		3,450		3,450
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2008 Subseries BB-1, Rev., VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.10%, 12/10/2020 (c)		11,390		11,390
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Series BB-1A, Rev., VRDO, LIQ: State Street Bank & Trust, 0.10%, 12/1/2020 (c)		14,600		14,600
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2011 Series DD-1, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 12/1/2020 (c)		11,200		11,200
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2013 Subseries AA-2, Rev., VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.11%, 12/10/2020 (c)		17,485		17,485

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series AA, Subseries AA-5, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.10%, 12/1/2020 (c)		23,600		23,600
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Subseries BB-4, Rev., VRDO, LIQ: Barclays Bank plc, 0.10%, 12/1/2020 (c)		18,865		18,865
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Series 21-A, Rev., 5.00%, 11/1/2021		46,070		48,084
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 Subseries 2011A-4, Rev., VRDO, LIQ: Barclays Bank plc, 0.10%, 12/1/2020 (c)		13,300		13,300
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries B-3, Rev., VRDO, LIQ: Barclays Bank plc, 0.10%, 12/1/2020 (c)		8,985		8,985
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt Series 1999A-1, Rev., VRDO, LIQ: TD Bank NA, 0.11%, 12/10/2020 (c)		26,200		26,200
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2010 Series 2010CC, Rev., VRDO, LIQ: Barclays Bank plc, 0.11%, 12/10/2020 (c)		55,090		55,090
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.13%, 12/10/2020 (c)		5,680		5,680
New York State Dormitory Authority Series 2008D, Rev., VRDO, LOC: TD Bank NA, 0.10%, 12/10/2020 (c)		9,470		9,470
New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023		920		1,025
New York State Dormitory Authority, Sales Tax Series 2018C, Rev., 5.00%, 3/15/2025		400		478
New York State Dormitory Authority, School Districts Financing Program Series 2019A, Rev., 5.00%, 10/1/2022		7,490		8,099
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series 2014A, Rev., 5.00%, 2/15/2021		200		202
Series 2020B, Rev., RAN, 5.00%, 3/31/2021		83,695		85,038
New York State Housing Finance Agency Series 2009A, Rev., VRDO, LOC: FNMA, 0.10%, 12/10/2020 (c)		55,255		55,255
New York State Housing Finance Agency, 330 West 39th Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.11%, 12/10/2020 (c)		50,000		50,000
New York State Housing Finance Agency, 8 East 102nd Street Housing Series 2010A, Rev., VRDO, LOC: TD Bank NA, 0.13%, 12/10/2020 (c)		40,445		40,445
New York State Thruway Authority Series L, Rev., 5.00%, 1/1/2021		50		50
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2022		14,650		15,136
Niagara Falls City School District Series 2020B, GO, BAN, 1.25%, 7/9/2021		29,000		29,142
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport
Series 2019A, Rev., AMT, 5.00%, 4/1/2021		1,540		1,561
Series 2019A, Rev., AMT, 5.00%, 4/1/2022		845		891
Niagara-Wheatfield Central School District GO, BAN, 2.00%, 6/29/2021		10,000		10,096
North Babylon Union Free School District GO, TAN, 1.25%, 6/24/2021		14,700		14,774
North Collins Central School District GO, BAN, 2.00%, 6/25/2021		7,880		7,939

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
North Shore Central School District GO, TAN, 1.25%, 6/24/2021		9,000		9,049
Palmyra Macedon Central School District GO, BAN, 1.25%, 7/20/2021		12,500		12,563
Patchogue-Medford Union Free School District GO, TAN, 3.00%, 6/25/2021		5,000		5,075
Penfield Central School District GO, BAN, 1.25%, 6/29/2021		9,000		9,048
Penn Yan Central School District Series 2020B, GO, BAN, 1.25%, 7/16/2021		13,183		13,246
Plattsburgh City School District GO, BAN, 1.25%, 7/30/2021		5,500		5,531
Port Authority of New York and New Jersey, Consolidated Series 207, Rev., AMT, 5.00%, 9/15/2023		10,000		11,226
Putnam Valley Central School District Series 2020B, GO, BAN, 1.25%, 7/16/2021		14,185		14,264
Rhinebeck Central School District GO, BAN, 1.25%, 6/25/2021		12,152		12,196
Rome City School District GO, RAN, 2.00%, 2/3/2021		8,000		8,016
Rondout Valley Central School District Accord GO, BAN, 2.00%, 6/30/2021		12,000		12,111
Roosevelt Union Free School District GO, TAN, 1.00%, 6/25/2021		4,000		4,011
Sachem Central School District GO, TAN, 1.25%, 6/24/2021		50,000		50,277
Schenectady City School District GO, BAN, 1.25%, 10/22/2021		31,755		32,040
Scotia-Glenville Central School District GO, BAN, 1.25%, 6/30/2021		14,000		14,067
Seaford Union Free School District GO, TAN, 1.25%, 6/24/2021		5,000		5,026
Silver Creek Central School District GO, BAN, 1.25%, 6/30/2021		14,825		14,894
South Jefferson Central School District GO, BAN, 2.00%, 6/30/2021		8,530		8,608
Town of Oyster Bay Series 2020A, GO, BAN, 2.00%, 3/12/2021		80,695		81,070
Town of Oyster Bay, Public Improvement
GO, 2.00%, 11/1/2021		415		421
GO, 4.00%, 11/1/2022		410		437
GO, 4.00%, 11/1/2023		1,000		1,102
GO, 4.00%, 11/1/2024		950		1,078
GO, 4.00%, 11/1/2025		495		577
Town of Oyster Bay, Water District Notes Series B, GO, 2.00%, 3/12/2021		49,190		49,415
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2005A, Rev., VRDO, LOC: Barclays Bank plc, 0.11%, 12/10/2020 (c)		21,445		21,445
Unadilla Valley Central School District GO, BAN, 2.00%, 7/9/2021		8,700		8,782
Watertown Enlarged City School District GO, BAN, 1.50%, 6/29/2021		10,598		10,667
Webster Central School District GO, BAN, 1.00%, 6/30/2021		23,539		23,621
Wheatland Chili Central School District GO, BAN, 1.25%, 6/23/2021		9,080		9,104
Williamson Central School District GO, BAN, 1.25%, 7/16/2021		10,097		10,144
Wyandanch Union Free School District GO, TAN, 1.25%, 6/25/2021		15,000		15,061
Yorkshire-Pioneer Central School District GO, BAN, 1.25%, 6/29/2021		9,303		9,343
Total New York				1,829,655
North Carolina — 3.9%
Buncombe County Metropolitan Sewerage District Series A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.09%, 12/10/2020 (c)		21,420		21,420
City of Charlotte Series B, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.09%, 12/10/2020 (c)		17,310		17,310
City of Charlotte, 2003 Governmental Facilities Projects Series 2013G, COP, VRDO, LIQ: Wells Fargo Bank NA, 0.09%, 12/10/2020 (c)		51,905		51,905
City of Raleigh, Downtown Improvement Projects Series 2004A, COP, VRDO, LIQ: Wells Fargo Bank NA, 0.10%, 12/10/2020 (c)		47,010		47,010
Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project
Series 2019A, Rev., 2.00%, 10/1/2024 (c)		825		866
Series 2019B, Rev., 2.00%, 10/1/2024 (c)		825		866
Series 2020A, Rev., 1.37%, 6/16/2025 (c)		1,780		1,831
County of Buncombe, Limited Obligation Series 2014A, Rev., 5.00%, 6/1/2021		20		20

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
County of Harnett
Rev., 2.00%, 12/1/2020		1,975		1,975
Rev., 3.00%, 12/1/2021		2,015		2,071
Rev., 4.00%, 12/1/2022		1,700		1,828
Rev., 4.00%, 12/1/2023		1,650		1,832
Rev., 4.00%, 12/1/2024		1,000		1,145
Rev., 5.00%, 12/1/2025		1,000		1,230
North Carolina Medical Care Commission, Moses Cone Health System Series 2001A, Rev., VRDO, LIQ: BMO Harris Bank NA, 0.11%, 12/10/2020 (c)		26,170		26,170
North Carolina Turnpike Authority, Triangle Expressway System Rev., BAN, 5.00%, 2/1/2024		39,700		44,918
State of North Carolina, Build NC Programs, Limited Obligation
Series 2020B, Rev., 5.00%, 5/1/2021		5,125		5,228
Series 2020B, Rev., 5.00%, 5/1/2022		7,000		7,477
Tender Option Bond Trust Receipts/Certificates Series 2016-XX1003, Rev., VRDO, LIQ: Barclays Bank plc, 0.16%, 12/10/2020 (c) (e)		9,185		9,185
University of North Carolina, Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.50%, 1/1/2021 (b)		3,750		3,752
Total North Carolina				248,039
North Dakota — 0.1%
County of Burleigh, St. Alexius Medical Center Project Series 2014A, Rev., 5.00%, 7/1/2021 (d)		3,895		3,995
Ohio — 4.1%
Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		125		130
American Municipal Power, Inc., Prairie State Energy Campus Project Series 2019A, Rev., 2.30%, 2/15/2022 (c)		10,000		10,100
City of Akron
GO, 2.00%, 12/1/2022		565		582
GO, 2.00%, 12/1/2023		485		507
City of Brecksville, Various Purpose Improvement, Limited Tax GO, BAN, 2.00%, 2/25/2021		4,875		4,894
City of Centerville, Graceworks Lutheran Services Rev., 5.00%, 11/1/2021		285		289
City of Cleveland, Subordinate Lien, Public Facilities Improvements Series 2018A, Rev., 5.00%, 10/1/2022		265		288
City of Elyria
Series 2019-2, GO, 4.00%, 12/1/2021		1,010		1,047
Series 2019-2, GO, 4.00%, 12/1/2022		935		1,003
City of Lorain, Limited Tax
Series 2020A, GO, 4.00%, 12/1/2021		220		228
Series 2020A, GO, 4.00%, 12/1/2022		280		299
Series 2020A, GO, 4.00%, 12/1/2023		300		329
Series 2020A, GO, 4.00%, 12/1/2024		250		281
City of Napoleon GO, BAN, 2.00%, 2/25/2021		5,852		5,875
City of Toledo, Capital Improvement
GO, AGM, 5.00%, 12/1/2020		615		615
GO, AGM, 5.00%, 12/1/2021		1,275		1,334
GO, AGM, 5.00%, 12/1/2022		1,305		1,427
City of Toledo, Capital Improvement and Equipment Bonds GO, AGM, 4.00%, 12/1/2020		100		100
City of Whitehall Rev., 1.00%, 12/8/2021		3,810		3,831
City of Whitehall, Special Obligation Nontax Notes Rev., 2.25%, 12/9/2020		3,810		3,812
County of Allen, Hospital Facilities, Catholic Health Partners Series 2012B, Rev., VRDO, 0.15%, 12/10/2020 (c)		37,565		37,565
County of Allen, Hospital Facilities, Mercy Health Series B, Rev., 5.00%, 5/5/2022 (c)		2,000		2,128
County of Franklin, Hospital Facilities Series 2009A, Rev., VRDO, LIQ: Barclays Bank plc, 0.11%, 12/10/2020 (c)		38,030		38,030
County of Franklin, Hospital Facilities, Ohio Health Corp. Rev., VRDO, 0.10%, 12/10/2020 (c)		20,365		20,365
County of Franklin, Trinity Health Credit Group Series 2013OH, Rev., 0.22%, 2/1/2021 (c)		9,700		9,701
County of Lorain, Limited Tax
Series B, GO, BAN, 1.30%, 2/6/2021		500		500
Series A, GO, BAN, 3.00%, 2/6/2021		5,010		5,031

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
County of Ross, Adena Health System
Rev., 5.00%, 12/1/2020		1,000		1,000
Rev., 5.00%, 12/1/2021		335		349
Rev., 5.00%, 12/1/2022		355		385
Rev., 5.00%, 12/1/2023		490		551
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series 2016A, Rev., 5.00%, 7/1/2021		50		51
Euclid City School District
COP, 4.00%, 12/1/2023		70		77
COP, 4.00%, 12/1/2024		70		80
Franklin County, Hospital Facilities, OhioHealth Corp. Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 0.54%, 12/10/2020 (b)		5,000		5,003
Goshen Local School District, School Facilities Project COP, 1.50%, 12/15/2020		280		280
Ohio Housing Finance Agency, Carnegie Tower Project Rev., FHA, 0.35%, 10/1/2022 (c)		10,200		10,206
Ohio Water Development Authority Water Pollution Control
Rev., 5.25%, 12/1/2020		35		35
Series 2016A, Rev., VRDO, LIQ: TD Bank NA, 0.10%, 12/10/2020 (c)		73,645		73,645
State of Ohio, Capital Facilities Lease Appropriation Variable Rate Parks and Recreation Improvement Fund Projects Series 2020B, Rev., VRDO, 0.10%, 12/10/2020 (c)		12,000		12,000
State of Ohio, Infrastructure Improvement Series A, GO, VRDO, LOC: TD Bank NA, 0.10%, 12/9/2020 (c)		2,625		2,625
State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 0.35%, 12/10/2020 (c)		8,250		8,250
Village of Obetz, Various Purpose
Rev., 5.00%, 12/1/2020		185		185
Rev., 5.00%, 12/1/2021		125		131
Zanesville City School District, Unlimited Tax GO, 4.00%, 12/1/2021		595		617
Total Ohio				265,761
Oklahoma — 0.3%
Bryan County School Finance Authority, Durant Public Schools Project
Rev., 1.15%, 12/1/2020		270		270
Rev., 4.00%, 12/1/2021		140		145
Rev., 4.00%, 12/1/2022		190		204
Rev., 4.00%, 12/1/2023		155		171
Rev., 4.00%, 12/1/2024		165		188
Canadian County Educational Facilities Authority, Yukon Public Schools Project Rev., 5.00%, 12/1/2020		3,400		3,400
City of Moore GO, 1.25%, 4/1/2022		1,550		1,569
Cleveland County Educational Facilities Authority, Lexington Public Schools Project
Rev., 4.00%, 9/1/2021		150		154
Rev., 4.00%, 9/1/2022		125		132
Rev., 4.00%, 9/1/2023		270		294
Custer County Economic Development Authority, Thomas Fay Public Schools
Rev., 4.00%, 12/1/2021		410		425
Rev., 4.00%, 12/1/2023		450		494
Elk City Industrial Authority Rev., 2.00%, 5/1/2023		140		144
Ellis County Educational Facilities Authority, Fargo-Gage Public Schools Project
Rev., 3.00%, 3/1/2022		725		748
Rev., 3.00%, 3/1/2023		730		769
Garvin County Educational Facilities Authority, Pernell Public Schools Project
Rev., 4.00%, 9/1/2021		125		128
Rev., 4.00%, 9/1/2022		135		143
Rev., 4.00%, 9/1/2023		110		120
Rev., 4.00%, 9/1/2024		160		180
Grady County School Finance Authority, Tuttle Public Schools Project
Rev., 4.00%, 9/1/2021		250		257
Rev., 4.00%, 9/1/2022		200		212
Rev., 4.00%, 9/1/2023		300		327
Rev., 4.00%, 9/1/2024		245		275
Kingfisher County Educational Facilities Authority, Lomega Public Schools Project
Rev., 3.00%, 3/1/2022		165		170
Rev., 3.00%, 3/1/2023		385		406
Rev., 3.00%, 3/1/2024		270		290
Muskogee Industrial Trust, Public Schools Project Rev., 5.00%, 9/1/2023		900		994

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Oklahoma Development Finance Authority, Gilcrease Expressway West Project Rev., AMT, 1.63%, 7/6/2023		4,885		4,878
Oklahoma Housing Finance Agency Rev., 0.28%, 8/1/2022 (c)		2,500		2,499
Oklahoma Turnpike Authority, Second Senior Series B, Rev., 5.00%, 1/1/2021 (d)		20		20
Tulsa County Industrial Authority, Sand Springs Public Schools Project
Rev., 5.00%, 9/1/2021		325		336
Rev., 2.00%, 9/1/2022		125		128
Rev., 4.00%, 9/1/2023		175		190
Rev., 4.00%, 9/1/2024		435		486
Wagoner County School Development Authority, Wagoner Public Schools Project
Rev., 4.00%, 9/1/2021		225		231
Rev., 4.00%, 9/1/2023		525		569
Total Oklahoma				21,946
Oregon — 0.7%
City of Portland GO, TAN, 3.00%, 1/6/2021		31,290		31,376
County of Washington GO, 5.00%, 6/1/2021		1,875		1,920
County of Yamhill, Linfield University Project
Rev., 4.00%, 10/1/2021		165		168
Rev., 4.00%, 10/1/2022		250		259
Rev., 4.00%, 10/1/2023		435		458
Rev., 4.00%, 10/1/2024		425		455
Oregon State Facilities Authority, Linfield College Project Series 2015A, Rev., 5.00%, 10/1/2025 (d)		1,000		1,210
Salem-Keizer School District No. 24J
GO, 4.00%, 6/15/2021		175		179
GO, 5.00%, 6/15/2021		500		513
State of Oregon, Housing and Community Services Department Sha Rad Group II Apartment Projects Rev., 1.45%, 6/1/2022 (c)		3,350		3,409
State of Oregon, Variable Rate Veterans’ Welfare Bonds Series 2015P, GO, VRDO, LIQ: U.S. Bank NA, 0.10%, 12/10/2020 (c)		3,500		3,500
Total Oregon				43,447
Pennsylvania — 6.8%
Allegheny County Sanitary Authority, Sewer
Series 2020B, Rev., 3.00%, 6/1/2022		250		260
Series 2020A, Rev., 4.00%, 6/1/2024		300		338
Series 2020A, Rev., 4.00%, 6/1/2025		150		174
Series 2020B, Rev., 4.00%, 6/1/2025		210		244
Series 2020A, Rev., 5.00%, 6/1/2026		425		529
Allentown City School District, Limited Tax GO, TRAN, 2.38%, 3/31/2021		3,150		3,150
Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (e)		200		211
Ambridge Borough Water Authority
Rev., 4.00%, 11/15/2021		160		165
Rev., 4.00%, 11/15/2022		175		187
Rev., 4.00%, 11/15/2023		175		193
Apollo-Ridge School District
Series 2019A, GO, 2.00%, 9/1/2022		375		386
Series 2019A, GO, 4.00%, 9/1/2023		385		421
Series 2019A, GO, 4.00%, 9/1/2024		450		506
Armstrong School District
Series A, GO, 3.00%, 3/15/2021		230		232
Series B, GO, 3.00%, 3/15/2021		105		106
Series A, GO, 3.00%, 3/15/2022		235		243
Series B, GO, 3.00%, 3/15/2022		300		310
Series A, GO, 3.00%, 3/15/2023		240		253
Series B, GO, 3.00%, 3/15/2023		400		422
Berks County Municipal Authority (The), Tower Health Project
Series 2020A, Rev., 5.00%, 2/1/2021		400		402
Series 2020A, Rev., 5.00%, 2/1/2022		500		515
Series 2020A, Rev., 5.00%, 2/1/2023		1,300		1,356
Series 2020A, Rev., 5.00%, 2/1/2024		425		451
Series 2020A, Rev., 5.00%, 2/1/2025		600		648
Series 2020A, Rev., 5.00%, 2/1/2026		1,015		1,111
Bethlehem Area School District GO, 5.00%, 10/15/2021		13,155		13,689
Big Beaver Falls Area School District
GO, 4.00%, 3/15/2022		1,155		1,207
GO, 5.00%, 3/15/2023		1,200		1,317

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Burgettstown Area School District
Series A, GO, 3.00%, 3/15/2022		100		103
Series A, GO, 4.00%, 3/15/2023		200		214
Carmichaels Area School District
GO, 4.00%, 9/1/2022		190		201
GO, 4.00%, 9/1/2023		150		163
Charleroi Borough Authority, Water System
Rev., AGM, 3.00%, 12/1/2020		305		305
Rev., AGM, 4.00%, 12/1/2021		225		233
Rev., AGM, 4.00%, 12/1/2022		165		177
Rev., AGM, 4.00%, 12/1/2023		225		248
Chester County Health and Education Facilities Authority, Main Line Health System
Series 2020A, Rev., 3.00%, 9/1/2023		230		247
Series 2020A, Rev., 3.00%, 9/1/2024		215		235
Series 2020A, Rev., 5.00%, 9/1/2025		250		302
City of Altoona, Guaranteed Sewer
GO, AGM, 5.00%, 12/1/2020		315		315
GO, AGM, 5.00%, 12/1/2021		265		277
GO, AGM, 5.00%, 12/1/2022		200		218
GO, AGM, 5.00%, 12/1/2023		300		339
City of Lebanon Authority
Rev., 4.00%, 12/15/2020		405		406
Rev., 4.00%, 12/15/2021		240		249
Rev., 4.00%, 12/15/2022		275		295
Rev., 4.00%, 12/15/2023		360		399
City of Philadelphia
Series 2009B, GO, VRDO, LOC: Barclays Bank plc, 0.10%, 12/10/2020 (c)		15,940		15,940
Series 2020-2021A, Rev., TRAN, 4.00%, 6/30/2021		30,250		30,911
Series 2012A, GO, 5.00%, 9/15/2021		45		46
Series 2019A, GO, 5.00%, 8/1/2022		4,755		5,107
Series 2020A, Rev., 5.00%, 7/1/2024		1,480		1,712
Series 2020A, Rev., 5.00%, 7/1/2025		1,550		1,857
Series 2020A, Rev., 5.00%, 7/1/2026		1,160		1,430
City of Philadelphia, Water and Wastewater Rev., 5.00%, 11/1/2022 (d)		1,465		1,597
City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2026		300		377
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2021		535		547
Conewago Valley School District Series 2013A, GO, 2.00%, 9/1/2022		570		571
Connellsville Area School District
Series A, GO, AGM, 2.00%, 5/15/2021		70		70
Series A, GO, AGM, 2.00%, 5/15/2022		70		72
Series A, GO, AGM, 2.00%, 5/15/2023		70		72
Cornell School District
GO, AGM, 2.00%, 9/1/2021		200		202
GO, AGM, 4.00%, 9/1/2022		200		212
County of Armstrong
GO, AGM, 3.00%, 6/1/2021		370		375
Series A, GO, 4.00%, 6/1/2021		230		234
GO, AGM, 4.00%, 6/1/2022		380		401
Series A, GO, 4.00%, 6/1/2022		430		453
GO, AGM, 4.00%, 6/1/2023		225		245
Series A, GO, 5.00%, 6/1/2023		225		250
GO, AGM, 4.00%, 6/1/2024		230		258
GO, AGM, 4.00%, 6/1/2025		240		276
County of Lackawanna
Series 2020A, GO, 3.00%, 3/15/2021		200		202
Series 2020A, GO, 4.00%, 3/15/2022		200		209
Series 2020B, GO, 4.00%, 9/1/2022		135		143
Series 2020A, GO, 4.00%, 3/15/2023		200		216
Series 2020B, GO, 4.00%, 9/1/2023		305		334
Series 2020A, GO, 4.00%, 3/15/2024		300		334
Series 2020B, GO, 4.00%, 9/1/2024		680		768
Series 2020A, GO, 4.00%, 3/15/2025		300		343
Series 2020B, GO, 4.00%, 9/1/2025		685		794
Series 2020B, GO, 4.00%, 9/1/2026		1,445		1,710
County of Somerset
GO, 2.00%, 10/1/2021		285		289
GO, 2.00%, 10/1/2022		340		349
GO, 2.00%, 10/1/2023		335		348
GO, 2.00%, 10/1/2024		300		315
County of York Series 2020A, GO, 5.00%, 6/1/2026		1,305		1,628

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Dallas School District
GO, AGM, 4.00%, 10/15/2021		275		283
GO, AGM, 4.00%, 10/15/2022		300		317
GO, AGM, 5.00%, 10/15/2023		175		195
GO, AGM, 5.00%, 10/15/2024		325		374
East Stroudsburg Area School District GO, 3.00%, 9/1/2026		2,805		3,202
Emmaus General Authority Rev., VRDO, AGM, LIQ: Wells Fargo Bank NA, 0.12%, 12/10/2020 (c)		4,990		4,990
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project Rev., 4.00%, 12/1/2020		520		520
General Authority of Southcentral, Wellspan Health Obligation Series C, Rev., VRDO, LIQ: Bank of America NA, 0.15%, 12/10/2020 (c)		16,000		16,000
Iroquois School District
GO, 4.00%, 10/1/2021		300		309
GO, 4.00%, 10/1/2022		390		415
GO, 4.00%, 10/1/2023		200		220
Juniata County School District GO, AGM, 5.00%, 11/15/2021		185		193
Lackawanna County Industrial Development Authority, University of Scranton Rev., 5.00%, 11/1/2021		1,000		1,039
Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc., Project Series 2019B, Rev., 2.88%, 12/15/2023		600		598
Lycoming County Water and Sewer Authority
Rev., AGM, 4.00%, 11/15/2021		245		253
Rev., AGM, 4.00%, 11/15/2022		200		214
Rev., AGM, 4.00%, 11/15/2023		150		165
Mars Area School District
Series 2019B, GO, AGM, 5.00%, 9/1/2021		120		124
Series 2019B, GO, AGM, 5.00%, 9/1/2023		115		129
Middletown Township Sewer Authority
Rev., 4.00%, 10/1/2021		330		340
Rev., 4.00%, 10/1/2022		265		282
Rev., 4.00%, 10/1/2023		210		231
Montgomery County Higher Education and Health Authority, Arcadia University
Rev., 5.00%, 4/1/2022		300		309
Rev., 5.00%, 4/1/2023		300		319
Rev., 5.00%, 4/1/2024		300		326
Rev., 5.00%, 4/1/2025		250		277
Rev., 5.00%, 4/1/2026		165		185
Montgomery County Industrial Development Authority, Meadowood Senior Living Project
Series A, Rev., 3.00%, 12/1/2020		250		250
Series A, Rev., 3.00%, 12/1/2021		250		252
Montour School District GO, 3.00%, 10/1/2023		200		214
Muncy School District GO, 4.00%, 5/15/2023		345		374
Municipality of Norristown Series 2020A, GO, 4.00%, 5/1/2023		6,000		6,287
Municipality of Penn Hills
Series A, GO, 3.00%, 12/1/2020		275		275
Series A, GO, 3.00%, 12/1/2021		340		349
Series A, GO, 3.00%, 12/1/2022		345		362
Series A, GO, 3.00%, 12/1/2023		305		326
Neshannock Township School District
Series 2019AA, GO, 4.00%, 9/1/2021		100		103
Series 2019AA, GO, 4.00%, 9/1/2022		150		159
Series 2019AA, GO, 4.00%, 9/1/2023		200		219
New Castle Area School District
GO, 2.00%, 3/1/2021 (f)		755		757
GO, 3.00%, 3/1/2022 (f)		610		628
GO, 3.00%, 3/1/2023 (f)		1,000		1,050
GO, 4.00%, 3/1/2024 (f)		240		264
Northeast Bradford School District
GO, AGM, 2.00%, 6/1/2021		150		151
GO, AGM, 2.00%, 6/1/2022		320		328
GO, AGM, 3.00%, 6/1/2023		330		350
Northwestern Lehigh School District
GO, 5.00%, 2/15/2021		155		157
GO, 5.00%, 2/15/2023		680		748
Penn Hills School District
GO, 3.00%, 10/1/2022		1,725		1,809
GO, 4.00%, 10/1/2023		1,790		1,964
GO, 4.00%, 10/1/2024		1,855		2,094
GO, 5.00%, 10/1/2025		4,615		5,564

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pennsylvania Economic Development Financing Authority, Economic Development Financing Authority Exempt Facilities PSEG Power LLC Project Rev., VRDO, LOC: TD Bank NA, 0.11%, 12/10/2020 (c)		7,000		7,000
Pennsylvania Higher Educational Facilities Authority, Associates Independent Colleges, Messiah College Project Series 2001-14, Rev., 2.72%, 5/1/2021 (c) (d)		2,500		2,526
Pennsylvania Higher Educational Facilities Authority, State System of Higher Education
Series AX, Rev., AGM, 5.00%, 6/15/2021		5,935		6,083
Series AX, Rev., AGM, 5.00%, 6/15/2022		1,375		1,473
Pennsylvania Turnpike Commission
Series B2, Rev., 5.35%, 12/1/2020 (d)		30		30
Rev., VRDO, LOC: TD Bank NA, 0.10%, 12/10/2020 (c)		25,000		25,000
Series 2019-2, Rev., VRDO, LOC: TD Bank NA, 0.10%, 12/10/2020 (c)		22,940		22,940
Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 0.71%, 12/10/2020 (b)		18,000		18,101
Series A, Rev., 5.00%, 12/1/2022		1,000		1,095
Series 2020B, Rev., 5.00%, 12/1/2023		425		485
Series A, Rev., 5.00%, 12/1/2023		1,000		1,142
Series 2020B, Rev., 5.00%, 12/1/2024		450		535
Series 2020B, Rev., 5.00%, 12/1/2025		325		400
Series 2020B, Rev., 5.00%, 12/1/2026		400		507
Pennsylvania Turnpike Commission, Senior Lien Series A, Rev., 5.00%, 12/1/2020 (d)		110		110
Philadelphia Authority for Industrial Development Series B-2, Rev., VRDO, LOC: TD Bank NA, 0.10%, 12/10/2020 (c)		7,785		7,785
Philadelphia Gas Works Co., 1998 General Ordinance Series A-2, Rev., VRDO, LOC: TD Bank NA, 0.10%, 12/10/2020 (c)		20,300		20,300
Pittsburgh School District
GO, 5.00%, 9/1/2022		1,690		1,830
GO, 5.00%, 9/1/2023		1,810		2,040
Pittsburgh Water and Sewer Authority, First Lien Series A, Rev., 5.00%, 9/1/2022		250		270
Punxsutawney Area School District
Series 2020A, GO, AGM, 4.00%, 10/15/2021		315		325
Series 2020A, GO, AGM, 5.00%, 10/15/2022		290		316
Series 2020A, GO, AGM, 5.00%, 10/15/2023		250		283
Series 2020A, GO, AGM, 5.00%, 10/15/2024		150		176
School District of Philadelphia (The)
Series 2020-2021A, Rev., TRAN, 4.00%, 6/30/2021		71,120		72,679
Series 2019A, GO, 5.00%, 9/1/2021		800		826
Series 2019A, GO, 5.00%, 9/1/2022		1,050		1,130
Series 2019A, GO, 5.00%, 9/1/2023		1,050		1,175
School District of the City of Erie (The)
Series 2019B, GO, AGM, 5.00%, 4/1/2021		400		406
Series 2019B, GO, AGM, 5.00%, 4/1/2022		325		344
Series 2019B, GO, AGM, 5.00%, 4/1/2023		315		347
Selinsgrove Area School District
Series A, GO, 2.00%, 3/1/2021		5		5
Series B, GO, 3.00%, 3/1/2021		110		111
Series A, GO, 2.00%, 9/1/2021		125		127
Series A, GO, 2.00%, 3/1/2022		5		5
Series B, GO, 3.00%, 3/1/2022		130		134
Series A, GO, 2.00%, 9/1/2022		400		411
Series A, GO, 2.00%, 3/1/2023		5		5
Series B, GO, 3.00%, 3/1/2023		95		100
Series A, GO, 2.00%, 9/1/2023		585		611

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Southeastern Pennsylvania Transportation Authority
Rev., 5.00%, 6/1/2021		500		511
Rev., 5.00%, 6/1/2022		500		534
Rev., 5.00%, 6/1/2023		750		834
Rev., 5.00%, 6/1/2024		755		872
Rev., 5.00%, 6/1/2025		1,250		1,496
Rev., 5.00%, 6/1/2026		750		926
Sports and Exhibition Authority of Pittsburgh and Allegheny County
Rev., AGM, 3.00%, 2/1/2021		1,325		1,331
Rev., AGM, 4.00%, 2/1/2022		1,125		1,173
Rev., AGM, 4.00%, 2/1/2023		1,500		1,618
Rev., AGM, 5.00%, 2/1/2026		1,995		2,443
Spring-Benner-Walker Joint Authority Series 2020A, Rev., 4.00%, 9/1/2024		440		493
State Public School Building Authority, Community College of Philadelphia Project
Series 2019A, Rev., AGM, 5.00%, 6/15/2021		295		302
Series 2019A, Rev., AGM, 5.00%, 6/15/2022		310		332
Steel Valley School District, Allegheny County, Pennsylvania Unlimited Tax
Series 2019B, GO, 3.00%, 11/1/2021		230		235
Series 2019B, GO, 4.00%, 11/1/2022		240		255
Series 2019B, GO, 4.00%, 11/1/2023		250		273
Steelton-Highspire School District, Limited Tax
GO, 4.00%, 11/15/2022		60		64
GO, 4.00%, 11/15/2023		85		93
Township of Butler PA/Luzerne County
GO, 4.00%, 10/1/2021		475		489
GO, 5.00%, 10/1/2022		250		271
GO, 5.00%, 10/1/2023		260		293
GO, 5.00%, 10/1/2024		275		321
Township of East Pennsboro, Cumberland County
GO, 3.00%, 9/1/2021		190		194
GO, 3.00%, 9/1/2022		175		183
Township of Rostraver GO, AGM, 4.00%, 9/1/2021		100		103
University of Pittsburgh of the Commonwealth System of Higher Education
Rev., (SIFMA Municipal Swap Index Yield + 0.24%), 0.35%, 12/10/2020 (b)		11,510		11,508
Rev., (SIFMA Municipal Swap Index Yield + 0.36%), 0.47%, 12/10/2020 (b)		47,000		47,002
Upper Allegheny Joint Sanitary Authority
Series 2019A, Rev., AGM, 3.00%, 9/1/2021		285		290
Series 2019A, Rev., AGM, 4.00%, 9/1/2022		200		212
Series 2019A, Rev., AGM, 4.00%, 9/1/2023		215		236
Waynesboro Area School District, Franklin County
GO, 5.00%, 10/1/2021		580		602
GO, 5.00%, 10/1/2022		305		331
GO, 5.00%, 10/1/2023		320		361
Wilkes-Barre Area School District GO, 5.00%, 4/15/2023		115		127
Wyalusing Area School District, Bradford and Wyoming Counties
GO, AGM, 4.00%, 4/1/2021		375		379
GO, AGM, 4.00%, 4/1/2022		315		330
GO, AGM, 4.00%, 4/1/2023		400		432
Total Pennsylvania				438,609
Rhode Island — 0.3%
City of Pawtucket
Series 2019D, GO, AGM, 3.00%, 7/15/2021		125		127
Series 2019C, GO, AGM, 4.00%, 7/15/2021		185		189
Series 2019D, GO, AGM, 3.00%, 7/15/2022		210		219
Series 2019C, GO, AGM, 4.00%, 7/15/2022		210		223
Series 2019D, GO, AGM, 3.00%, 7/15/2023		70		75
Series 2019C, GO, AGM, 4.00%, 7/15/2023		380		415
Rhode Island Health and Educational Building Corp., Higher Education Facilities, Brown University Series 2005A, Rev., VRDO, LIQ: HSBC Bank USA NA, 0.12%, 12/10/2020 (c)		3,560		3,560
Rhode Island Health and Educational Building Corp., Public School Program, Providence Public Building Authority Series 2013A, Rev., 5.00%, 5/15/2022		15		16
Rhode Island Industrial Facilities Corp., Marine Terminal, Exxonmobil Project Rev., VRDO, 0.10%, 12/1/2020 (c)		12,105		12,105
Rhode Island Turnpike and Bridge Authority
Series 2019A, Rev., 5.00%, 10/1/2021		300		311
Series 2019A, Rev., 5.00%, 10/1/2023		125		140
Total Rhode Island				17,380

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
South Carolina — 1.7%
Charleston County School District
GO, SCSDE, 5.00%, 3/1/2021		85,670		86,703
GO, SCSDE, 5.00%, 3/1/2024		3,000		3,468
Chester Sewer District
Rev., 3.00%, 6/1/2021		110		112
Rev., 4.00%, 6/1/2023		75		81
Educational Facilities Authority, Wofford College Rev., 2.37%, 4/1/2022 (c)		500		512
Laurens County Water and Sewer Commission Rev., BAN, 1.38%, 7/1/2021 (d)		7,000		7,041
South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes Series 2018A, Rev., 5.00%, 4/1/2021		500		504
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project Series A, Rev., 2.38%, 12/1/2024 (e)		600		608
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project Series 2020A, Rev., 4.00%, 11/15/2023		130		132
South Carolina Transportation Infrastructure Bank Series 2003B, Rev., (ICE LIBOR USD 1 Month + 0.45%), 0.55%, 1/1/2021 (b)		9,905		9,857
Total South Carolina				109,018
South Dakota — 0.0% (g)
South Dakota Board of Regents, Housing and Auxiliary Facility System Rev., 5.00%, 4/1/2022		375		397
Tennessee — 1.0%
City of Memphis
Series 2020A, GO, 5.00%, 12/1/2021		875		917
Series 2020A, GO, 5.00%, 12/1/2022		2,035		2,231
Series 2020A, GO, 5.00%, 12/1/2023		2,135		2,436
Series 2020A, GO, 5.00%, 12/1/2024		2,245		2,666
Series 2020A, GO, 5.00%, 12/1/2025		2,210		2,722
County of Hamilton
Series 2020B, GO, 5.00%, 3/1/2022		3,255		3,450
Series 2020B, GO, 5.00%, 3/1/2023		3,270		3,621
Series 2020B, GO, 5.00%, 3/1/2024		3,355		3,872
Highlands Residential Services, Walnut Village Project Rev., GNMA COLL, 1.80%, 4/1/2021 (c)		1,000		1,005
Knox County Health Educational and Housing Facility Board, Clear Springs Apartments Project Rev., 1.80%, 5/1/2021 (c)		800		805
Knox County Health Educational and Housing Facility Board, Meadowbrook Apartments Project Rev., 1.50%, 7/1/2021 (c)		650		654
Lewisburg Industrial Development Board, Lewisburg Summit Apartments Rev., 1.55%, 3/1/2022 (c)		1,900		1,932
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers I East Project Rev., 2.00%, 1/1/2021 (c)		10,000		10,013
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers II Project Rev., 2.00%, 1/1/2021 (c)		5,000		5,006
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project Rev., 3.00%, 10/1/2024		425		430
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019B-1, Rev., 4.00%, 12/1/2026		10,000		9,714
Tennergy Corp. Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 10/1/2024 (c)		10,000		11,640
Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2021		730		741
Total Tennessee				63,855
Texas — 8.2%
Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc.
Rev., PSF-GTD, 3.00%, 8/15/2022		635		662
Rev., PSF-GTD, 3.00%, 8/15/2023		655		698

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project
Series 2018C, Rev., 5.00%, 8/1/2024		200		234
Series 2018C, Rev., 5.00%, 8/1/2025		200		242
Austin Community College District, Combined Fee
Rev., 5.00%, 2/1/2021		160		161
Rev., 5.00%, 2/1/2022		165		175
Rev., 5.00%, 2/1/2023		170		187
Austin Independent School District Series 2013A, GO, PSF-GTD, 5.00%, 8/1/2021 (d)		30		31
Avery Ranch Road District No. 1
GO, 3.00%, 8/15/2022		615		643
GO, 3.00%, 8/15/2023		810		866
Big Oaks Municipal Utility District, Waterworks and Sewer System
GO, AGM, 3.00%, 3/1/2021		335		337
GO, AGM, 3.00%, 3/1/2022		345		357
GO, AGM, 3.00%, 3/1/2023		905		953
Bridgestone Municipal Utility District
Series A, GO, AGM, 2.00%, 5/1/2021		1,480		1,490
Series A, GO, AGM, 2.00%, 5/1/2022		110		112
Series A, GO, AGM, 3.00%, 5/1/2023		85		90
Brushy Creek Municipal Utility District
GO, 3.00%, 6/1/2021		200		203
GO, 3.00%, 6/1/2022		235		244
GO, 3.00%, 6/1/2023		250		264
Central Texas Regional Mobility Authority, Subordinated Lien
Rev., BAN, 4.00%, 1/1/2022		2,455		2,499
Series 2020F, Rev., BAN, 5.00%, 1/1/2025		6,430		7,396
City of Austin, Airport System Rev., AMT, 5.00%, 11/15/2022		4,250		4,619
City of El Paso
Series 2020A, GO, 5.00%, 8/15/2021		600		620
GO, 5.00%, 8/15/2022		400		433
GO, 5.00%, 8/15/2023		515		581
GO, 5.00%, 8/15/2024		700		822
Series 2020A, GO, 5.00%, 8/15/2024		275		323
City of Galveston
GO, 3.00%, 5/1/2021		130		132
GO, 4.00%, 5/1/2022		590		621
City of Grand Prairie GO, 5.00%, 2/15/2021		20		20
City of Houston Series 2012A, Rev., VRDO, LIQ: TD Bank NA, 0.10%, 12/10/2020 (c)		27,250		27,250
City of Houston, Combined Utility System, First Lien Series B-2, Rev., VRDO, LOC: Citibank NA, 0.10%, 12/10/2020 (c)		22,500		22,500
City of Irving, Hotel Occupancy
Rev., 5.00%, 8/15/2021		25		25
Rev., 5.00%, 8/15/2022		50		52
Rev., 5.00%, 8/15/2023		50		53
City of Kenedy, Certificates of Obligation
GO, 4.00%, 5/1/2021		130		132
GO, 4.00%, 5/1/2022		120		127
GO, 4.00%, 5/1/2023		125		135
City of Laredo, Combination Tax and Revenue Certificates Obligation GO, 5.00%, 2/15/2021		225		227
City of Laredo, Public Property Finance Contractual Obligations GO, 5.00%, 2/15/2021		500		505
City of Laredo, Waterworks and Sewer System Rev., 5.00%, 3/1/2021		125		126
City of Port Arthur
GO, AGM, 3.00%, 2/15/2021		350		352
Series 2020A, GO, AGM, 3.00%, 2/15/2021		970		975
GO, AGM, 3.00%, 2/15/2022		765		791
Series 2020A, GO, AGM, 4.00%, 2/15/2022		350		366
Series 2020A, GO, AGM, 4.00%, 2/15/2023		365		393
GO, AGM, 5.00%, 2/15/2023		910		1,001
Series 2020A, GO, AGM, 5.00%, 2/15/2024		380		434
Series 2020A, GO, AGM, 5.00%, 2/15/2025		400		473
City of Sulphur Springs
GO, AGM, 3.00%, 9/1/2021		100		102
GO, AGM, 3.00%, 9/1/2022		520		544
City of Universal City, Improvement Bonds
GO, 4.00%, 8/15/2021		140		144
GO, 4.00%, 8/15/2022		145		154
GO, 2.00%, 8/15/2023		230		240
Clear Brook City Municipal Utility District GO, AGM, 2.10%, 2/1/2023		450		464
Clint Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2025 (d)		1,000		1,218

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Counties of Travis, Williamson and Hays, City of Austin, Public Improvement GO, 5.00%, 9/1/2021		30		31
County of Bexar, Tax Exempt Venue Project
Rev., 5.00%, 8/15/2022		275		293
Rev., 5.00%, 8/15/2023		275		302
County of Kaufman, Limited Tax
Series 2020A, GO, 5.00%, 2/15/2022		250		264
Series 2020A, GO, 5.00%, 2/15/2023		110		121
Series 2020A, GO, 5.00%, 2/15/2024		125		144
Series 2020A, GO, 5.00%, 2/15/2025		130		155
County of Kaufman, Unlimited Tax Road
GO, 5.00%, 2/15/2023		155		171
GO, 5.00%, 2/15/2024		210		241
GO, 5.00%, 2/15/2025		255		304
County of La Salle, Combination Tax and Limited Pledge, Certificates of Obligation GO, AGM, 5.00%, 3/1/2021		345		349
County of La Salle, Unlimited Tax GO, AGM, 5.00%, 3/1/2021		2,135		2,161
County of Montgomery, Limited Tax GO, 5.00%, 3/1/2026		7,890		9,709
Cuero Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2021		100		103
Cypress Hill Municipal Utility District No. 1, Unlimited Tax
GO, 2.00%, 9/1/2021		290		293
GO, 2.00%, 9/1/2022		190		195
GO, 3.00%, 9/1/2023		270		288
Cypress-Fairbanks Independent School District, Unlimited Tax
Series 2020A, GO, PSF-GTD, 4.00%, 2/15/2022		4,430		4,631
Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2023		5,000		5,527
Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2024		10,000		11,516
Duncanville Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2026		8,335		9,900
Florence Independent School District
GO, PSF-GTD, 3.00%, 8/15/2026		230		239
GO, PSF-GTD, 3.00%, 8/15/2027		115		120
Fort Bend County Levee Improvement District No. 11 GO, AGM, 3.00%, 9/1/2023		400		426
Fort Bend County Municipal Utility District No. 116
GO, 3.00%, 9/1/2021		330		337
GO, 3.00%, 9/1/2022		460		481
GO, 3.00%, 9/1/2023		450		479
Fort Bend County Municipal Utility District No. 151, Unlimited Tax GO, 3.00%, 9/1/2021		190		194
Grand Parkway Transportation Corp. Series 2013B, Rev., 5.00%, 10/1/2023 (d)		21,060		23,893
Greenhawe Water Control and Improvement District No. 2
GO, AGM, 3.00%, 9/1/2022		190		198
GO, AGM, 3.00%, 9/1/2023		200		213
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System
Series 2019F, Rev., VRDO, 0.13%, 12/10/2020 (c)		18,300		18,300
Series 2019C, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 0.53%, 12/10/2020 (b)		10,000		9,962
Series 2019C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.57%), 0.68%, 12/10/2020 (b)		9,000		8,955
Series 2019A, Rev., 5.00%, 12/1/2021		1,750		1,827
Series 2019A, Rev., 5.00%, 12/1/2022		1,700		1,851
Series 2019A, Rev., 5.00%, 12/1/2023		2,230		2,525
Series 2020C-3, Rev., 5.00%, 12/1/2026 (c)		5,000		6,243
Harris County Fresh Water Supply District No. 61
GO, AGM, 4.00%, 9/1/2023		445		487
GO, AGM, 3.00%, 9/1/2024		695		755
Harris County Municipal Utility District No. 096
GO, 2.00%, 9/1/2021		185		187
GO, 2.00%, 9/1/2023		195		203
Harris County Municipal Utility District No. 152
GO, AGM, 3.00%, 8/1/2022		280		292
GO, AGM, 3.00%, 8/1/2023		400		424
Harris County Municipal Utility District No. 157 GO, AGM, 3.00%, 3/1/2023		425		448
Harris County Municipal Utility District No. 276
GO, 3.00%, 9/1/2022		365		381
GO, 3.00%, 9/1/2023		745		793

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Harris County Municipal Utility District No. 281
GO, 2.00%, 9/1/2021		130		132
GO, 2.00%, 9/1/2022		300		308
GO, 2.00%, 9/1/2023		305		317
Harris County Municipal Utility District No. 374
GO, 3.00%, 9/1/2021		100		102
GO, 3.00%, 9/1/2022		145		152
GO, 3.00%, 9/1/2023		115		122
Harris County Municipal Utility District No. 391
GO, 3.00%, 9/1/2021		375		382
GO, 3.00%, 9/1/2023		400		423
Harris County Municipal Utility District No. 419
GO, 3.00%, 9/1/2021		70		71
GO, 3.00%, 9/1/2022		175		183
GO, 3.00%, 9/1/2023		455		485
Harris County Municipal Utility District No. 55
GO, 2.00%, 2/1/2021		470		471
GO, 3.00%, 2/1/2022		260		268
GO, 3.00%, 2/1/2023		785		827
Harris County Toll Road Senior Lien Series A, Rev., 5.00%, 8/15/2021		1,500		1,550
Harris County Water Control and Improvement District No. 119
GO, AGM, 2.00%, 10/1/2021		835		846
GO, AGM, 3.00%, 10/1/2022		365		382
GO, AGM, 3.00%, 10/1/2023		375		400
Houston Higher Education Finance Corp., Rice University Project Series 2010B, Rev., VRDO, 0.09%, 12/10/2020 (c)		1,700		1,700
Hunters Glen Municipal Utility District, Waterworks and Sewer System
Series 2019A, GO, AGM, 2.00%, 4/1/2021		110		110
Series 2019A, GO, AGM, 2.00%, 4/1/2022		330		335
Series 2019A, GO, AGM, 2.00%, 4/1/2023		595		615
La Joya Independent School District
GO, AGM, 4.00%, 2/15/2021		380		383
GO, AGM, 4.00%, 2/15/2022		390		408
GO, AGM, 4.00%, 2/15/2023		420		452
Love Field Airport Modernization Corp. Rev., AMT, 5.00%, 11/1/2021		125		130
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project Rev., VRDO, 0.10%, 12/1/2020 (c)		7,200		7,200
Lytle Independent School District GO, PSF-GTD, 4.00%, 2/15/2028		255		310
Matagorda County Navigation District No. 1, Pollution Control, Central Power and Light Co. Project. Rev., AMT, 0.90%, 9/1/2023 (c)		3,750		3,750
McLennan County Junior College District
Rev., AGM, 3.00%, 4/15/2021		350		353
Rev., AGM, 3.00%, 4/15/2022		100		104
Metropolitan Transit Authority of Harris County, Sales and Use Tax Series 2016A, Rev., 5.00%, 11/1/2024		6,290		7,418
Montgomery County Municipal Utility District No. 94, Unlimited Tax
GO, 2.00%, 10/1/2021		60		61
GO, 2.00%, 10/1/2022		185		190
GO, 2.00%, 10/1/2023		185		193
New Caney Independent School District, School Building GO, PSF-GTD, 3.00%, 8/15/2021 (c)		1,500		1,529
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project
Series 2020A, Rev., 2.10%, 1/1/2023		90		88
Series 2020A, Rev., 2.20%, 1/1/2024		180		174
Series 2020A, Rev., 2.25%, 1/1/2025		315		302
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project
Rev., 5.00%, 10/1/2021		1,425		1,444
Rev., 5.00%, 10/1/2022		1,495		1,538
North Texas Tollway Authority System, Second Tier
Series B, Rev., 4.00%, 1/1/2022		800		832
Series B, Rev., 5.00%, 1/1/2023		5,000		5,478
Series B, Rev., 5.00%, 1/1/2024		5,500		6,270
Northside Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 2.00%, 6/1/2021 (c)		3,035		3,061
Northwest Harris County Municipal Utility District No. 19
GO, AGM, 2.00%, 10/1/2021		100		101
GO, AGM, 2.00%, 10/1/2022		100		103
GO, AGM, 2.00%, 10/1/2023		105		109

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pecan Grove Municipal Utility District
GO, 4.00%, 9/1/2021		560		575
GO, AGM, 3.00%, 9/1/2022		195		204
GO, 4.00%, 9/1/2022		710		756
GO, AGM, 3.00%, 9/1/2023		345		369
GO, 4.00%, 9/1/2023		740		812
GO, AGM, 3.00%, 9/1/2024		600		656
Permanent University Fund - University of Texas System
Series 2008A, Rev., VRDO, 0.08%, 12/10/2020 (c)		26,230		26,230
Series 2008A, Rev., VRDO, LIQ: University of Texas Investment Management Co. (The), 0.09%, 12/10/2020 (c)		24,100		24,100
Plano Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2025		1,140		1,364
Robstown Independent School District
GO, PSF-GTD, 2.00%, 2/15/2021		325		326
GO, PSF-GTD, 2.00%, 2/15/2022		325		332
GO, PSF-GTD, 3.00%, 2/15/2023		650		687
GO, PSF-GTD, 3.00%, 2/15/2024		360		390
Sienna Plantation Municipal Utility District No. 3
GO, 2.00%, 3/1/2021		200		201
GO, 2.00%, 3/1/2022		225		230
GO, 2.00%, 3/1/2023		185		191
Socorro Independent School District Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2024 (d)		2,385		2,802
State of Texas
Series A, GO, VRDO, LIQ: State Street Bank & Trust, 0.14%, 12/10/2020 (c)		11,730		11,730
Rev., TRAN, 4.00%, 8/26/2021		119,090		122,426
State of Texas, Veterans GO, VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.13%, 12/10/2020 (c)		17,585		17,585
State of Texas, Veterans Housing Assistance Program Series 2008 B, GO, VRDO, LIQ: State Street Bank & Trust, 0.14%, 12/10/2020 (c)		5,825		5,825
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System
Series 2008 A, Rev., VRDO, 0.11%, 12/10/2020 (c)		17,125		17,125
Series 2008-C, Rev., VRDO, 0.11%, 12/10/2020 (c)		1,175		1,175
Tarrant Regional a Water Control and Improvement District, Water System Series 2020C, Rev., 4.00%, 3/1/2022		3,325		3,478
Texas A&M University, Financing System Series 2013B, Rev., 5.00%, 5/15/2023 (d)		18,515		20,654
Town of Horizon City
GO, AGM, 3.00%, 8/15/2021		300		305
GO, AGM, 3.00%, 8/15/2022		170		178
GO, AGM, 4.00%, 8/15/2023		230		252
Travis County Municipal Utility District No. 4, Unlimited Contract Tax
Series 2019A, GO, AGM, 2.00%, 9/1/2022		410		422
Series 2019A, GO, AGM, 3.00%, 9/1/2023		650		692
Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax
GO, 3.00%, 5/1/2024		400		433
GO, 4.00%, 5/1/2025		300		344
GO, 4.00%, 5/1/2026		280		328
University of Texas (The), Financing System
Series 2008B, Rev., VRDO, LIQ: University of Texas Investment Management Co. (The), 0.08%, 12/10/2020 (c)		1,495		1,495
Series 2016D, Rev., 5.00%, 8/15/2021		25		26
Williamson County Municipal Utility District No. 11, Unlimited Tax
GO, AGM, 4.00%, 8/1/2021		140		143
GO, AGM, 4.00%, 8/1/2022		110		117
Total Texas				528,829
Utah — 0.1%
City of Lehi, Electric Utility Rev., 5.00%, 6/1/2021		75		77
City of Murray, Sales Tax Rev., 4.00%, 11/15/2021		150		155
County of Utah, IHC Health Services, Inc. Series 2016D, Rev., VRDO, LIQ: U.S. Bank NA, 0.11%, 12/10/2020 (c)		5,000		5,000
Utah Charter School Finance Authority, Summit Academy Incorporated
Series A, Rev., 5.00%, 4/15/2021		40		41
Series A, Rev., 5.00%, 4/15/2022		35		37
Series A, Rev., 5.00%, 4/15/2023		85		93

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Utah Charter School Finance Authority, Utah Charter Academies Project Rev., 4.00%, 10/15/2021		305		314
Utah Transit Authority, Subordinate Sales Tax Series 2015A, Rev., 5.00%, 6/15/2025 (d)		1,050		1,273
West Valley City Municipal Building Authority Rev., AGM, 5.00%, 2/1/2021		90		91
Total Utah				7,081
Vermont — 0.1%
Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Series A, Rev., VRDO, LOC: TD Bank NA, 0.11%, 12/10/2020 (c)		10,000		10,000
Virginia — 2.4%
Chesapeake Economic Development Authority, Virginia Electric and Power Co. Project Series 2008A, Rev., 1.90%, 6/1/2023 (c)		4,250		4,405
Chesapeake Hospital Authority, Regional Medical Center
Rev., 5.00%, 7/1/2023		925		1,025
Rev., 5.00%, 7/1/2024		885		1,016
Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2021		1,480		1,516
Fairfax County Economic Development Authority, Smithsonian Institution Issue Series A, Rev., VRDO, LIQ: Northern Trust Co., 0.11%, 12/10/2020 (c)		22,425		22,425
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project
Series 2016C, Rev., VRDO, 0.12%, 12/10/2020 (c)		10,500		10,500
Series 2018C, Rev., VRDO, 0.12%, 12/10/2020 (c)		49,305		49,305
Halifax County Industrial Development Authority, Electric and Power Company Project Series 2010A, Rev., 0.45%, 4/1/2022 (c)		8,000		7,998
Loudoun County Economic Development Authority, Howard Hughes Medical Institute Series 2003B, Rev., VRDO, 0.10%, 12/10/2020 (c)		18,650		18,650
Peninsula Ports Authority, Dominion Terminal Associates Project - DETC Issue Rev., 1.70%, 10/1/2022 (c)		1,550		1,569
Rockingham County Economic Development Authority, Sunnyside Presbyterian Home
Series 2020A, Rev., 4.00%, 12/1/2020		280		280
Series 2020A, Rev., 4.00%, 12/1/2021		270		275
Series 2020A, Rev., 4.00%, 12/1/2022		295		305
Series 2020A, Rev., 4.00%, 12/1/2023		100		105
Virginia Commonwealth Transportation Board, Capital Projects Rev., 5.00%, 5/15/2021		5,000		5,109
Virginia Commonwealth Transportation Board, Federal Transportation Series B-G, Rev., GAN, 5.00%, 3/15/2021		25		25
Wise County Industrial Development Authority, Electric and Power Co. Project Series 2009A, Rev., 0.75%, 9/2/2025 (c)		21,000		21,160
York County Economic Development Authority, Electric and Power Company Project Series 2009A, Rev., 1.90%, 6/1/2023 (c)		8,000		8,293
Total Virginia				153,961
Washington — 1.2%
Cascade Water Alliance Rev., 5.00%, 1/1/2021		20		20
City of Seattle, Municipal Light and Power Improvement Rev., 5.00%, 9/1/2021		20		21
Douglas County Public Utility District No. 1 Series B, Rev., 4.00%, 9/1/2021		25		26
King County Housing Authority, Highland Village Project
Rev., 4.00%, 1/1/2022		120		124
Rev., 4.00%, 1/1/2023		100		107
Rev., 5.00%, 1/1/2024		120		136
King County School District No. 407 Riverview GO, 4.00%, 12/1/2023		500		554
Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 4.00%, 12/1/2021		75		78
Pend Oreille County, Public Hospital District No. 1 GO, 3.00%, 12/1/2020		155		155

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pierce County, Bethel School District No. 403, Unlimited Tax GO, 4.00%, 12/1/2020		4,240		4,240
Port of Tacoma, Subordinate Lien Rev., VRDO, LOC: Bank of America NA, 0.10%, 12/10/2020 (c)		29,980		29,980
Snohomish County School District No. 15 Edmonds GO, 5.00%, 12/1/2021		330		346
Snohomish County, Everett School District No. 2 GO, 5.00%, 12/1/2020		25		25
Snohomish County, School District No. 25, Marysville GO, 5.00%, 12/1/2020		170		170
State of Washington, Motor Vehicle Fuel Tax, Senior 520 Corridor Program-Toll Revenue Series 2012C, GO, 5.00%, 6/1/2041		12,455		12,747
Washington Biomedical Research Properties Series 2015A, Rev., 5.00%, 1/1/2021		25		25
Washington Health Care Facilities Authority, Catholic Health Initiatives Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.40%), 1.51%, 12/10/2020 (b)		10,000		9,909
Washington Health Care Facilities Authority, Commonspirit Health Series B-1, Rev., 5.00%, 8/1/2024 (c)		11,000		12,422
Washington Health Care Facilities Authority, Overlake Hospital Medical Center Series 2017B, Rev., 5.00%, 7/1/2022		1,210		1,292
Washington State Housing Finance Commission, Transforming Age Projects Series 2019B, Rev., 2.38%, 1/1/2026 (e)		3,500		3,396
Total Washington				75,773
West Virginia — 0.2%
Berkeley County Board of Education
GO, 3.00%, 5/1/2021		395		399
GO, 4.00%, 5/1/2022		600		630
GO, 5.00%, 5/1/2025		360		430
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Company - Amos Project
Series 2009A, Rev., 2.63%, 6/1/2022 (c)		3,805		3,916
Series 2011A, Rev., AMT, 1.00%, 9/1/2025 (c)		5,650		5,685
West Virginia State School Building Authority, Lottery Capital Improvement Series 2016A, Rev., 5.00%, 7/1/2026		1,520		1,835
Total West Virginia				12,895
Wisconsin — 2.5%
Big Foot Union High School District
GO, 4.00%, 3/1/2021		130		131
GO, 4.00%, 3/1/2022		100		105
GO, 4.00%, 3/1/2023		115		124
City of Fort Atkinson
GO, 3.00%, 2/1/2021		115		115
GO, 3.00%, 2/1/2022		120		124
GO, 4.00%, 2/1/2023		230		248
City of Kaukauna, Sanitary Sewer System Series 2019C, Rev., BAN, 2.63%, 9/1/2024		510		527
City of Kaukauna, Storm Water System Series 2019D, Rev., BAN, 2.63%, 9/1/2024		660		683
City of Kenosha GO, 3.00%, 2/1/2021		1,000		1,004
City of Middletown GO, 3.00%, 3/1/2021		355		357
City of Milwaukee Series 2020M8, Rev., RAN, 2.00%, 7/1/2021		68,900		69,619
City of Oak Creek
GO, 3.00%, 4/1/2021		335		338
GO, 3.00%, 4/1/2022		135		140
GO, 3.00%, 4/1/2023		180		191
City of Racine
Series 2019B, GO, 4.00%, 6/1/2021		120		122
Series 2019B, GO, 4.00%, 12/1/2021		165		171
Series 2019B, GO, 4.00%, 12/1/2022		145		155
Series 2019B, GO, 5.00%, 12/1/2023		125		142
City of Shawano, Promissory Notes
GO, 3.00%, 4/1/2021		250		252
GO, 3.00%, 4/1/2022		140		145
GO, 3.00%, 4/1/2023		150		159
City of Watertown, Promissory Notes
GO, 3.00%, 6/1/2023		125		133
GO, 3.00%, 6/1/2024		425		462
City of Waukesha, Promissory Notes
Series 2019C, GO, 3.00%, 10/1/2021		450		460

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019C, GO, 3.00%, 10/1/2022		425		447
Series 2019C, GO, 3.00%, 10/1/2023		350		376
County of Douglas
GO, 5.00%, 2/1/2021		350		353
GO, 5.00%, 2/1/2022		520		549
County of Manitowoc
GO, AGM, 3.00%, 11/1/2022		50		52
GO, AGM, 3.00%, 11/1/2023		150		161
County of Manitowoc, Promissory Notes
GO, AGM, 3.00%, 4/1/2021		350		353
GO, AGM, 3.00%, 4/1/2022		875		906
GO, AGM, 3.00%, 4/1/2023		895		946
GO, AGM, 4.00%, 4/1/2024		680		760
County of Rusk, Promissory Notes
GO, 3.00%, 3/1/2021		200		201
GO, 3.00%, 3/1/2022		130		134
GO, 3.00%, 3/1/2023		260		275
GO, 3.00%, 3/1/2024		270		291
Eleva-Strum School District GO, 3.00%, 4/1/2021		450		454
Gale-Ettrick-Trempealeau School District
GO, 2.00%, 4/1/2021		50		50
GO, 2.00%, 4/1/2022		105		108
GO, 2.00%, 4/1/2023		130		134
Gibraltar Area School District
GO, 4.00%, 3/1/2021		700		706
GO, 4.00%, 3/1/2022		315		330
Lakeshore Technical College District
Series 2019A, GO, 3.00%, 3/1/2022		75		77
Series 2019A, GO, 3.00%, 3/1/2023		110		117
Series 2019A, GO, 3.00%, 3/1/2024		405		439
Milwaukee Redevelopment Authority, Milwaukee Public Schools Rev., 4.00%, 11/15/2021		55		57
Pewaukee School District Series 2019A, GO, 5.00%, 3/1/2024		375		429
PMA Levy and Aid Anticipation Notes Program
Series 2020B, Rev., 3.00%, 7/23/2021		1,100		1,120
Series 2020A, Rev., 3.00%, 10/22/2021		17,200		17,627
Series 2020B, Rev., 3.00%, 10/22/2021		10,000		10,248
Poynette School District
GO, 3.00%, 4/1/2021		100		101
GO, 3.00%, 4/1/2022		340		353
GO, 3.00%, 4/1/2023		265		280
Randall Consolidated School Joint No. 1 GO, 4.00%, 3/1/2021		175		177
Village of DeForest Series C, Rev., 3.00%, 5/1/2023		4,865		4,920
Village of Howard Rev., 2.00%, 12/1/2020		6,965		6,965
Village of Menomonee Falls, Promissory Note Series A, GO, 3.00%, 6/1/2021		270		274
Village of Mount Pleasant, Promissory Notes
Series 2019A, GO, 3.00%, 3/1/2021		285		287
Series 2019A, GO, 3.00%, 3/1/2022		265		273
Series 2019A, GO, 5.00%, 3/1/2023		380		418
Wisconsin Department of Transportation
Series 2012-1, Rev., 5.00%, 7/1/2021		15		16
Series 2012-1, Rev., 5.00%, 7/1/2021 (d)		10		10
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group
Series 2018C-1, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 0.46%, 12/10/2020 (b)		21,865		21,867
Series 2018B-2, Rev., 5.00%, 1/25/2023 (c)		5,750		6,297
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. Series 2017A, Rev., 5.00%, 9/1/2021		160		164
Wisconsin Health and Educational Facilities Authority, Hmong American Peace Academy
Rev., 4.00%, 3/15/2022		110		114
Rev., 4.00%, 3/15/2023		120		126
Rev., 4.00%, 3/15/2024		120		129
Rev., 4.00%, 3/15/2025		125		137
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019B-3, Rev., 2.25%, 11/1/2026		4,000		3,934
Wittenberg Birnamwood School District
GO, AGM, 4.00%, 3/1/2021		130		131
GO, AGM, 4.00%, 3/1/2022		260		272
GO, AGM, 4.00%, 3/1/2023		280		303
Total Wisconsin				161,155
TOTAL MUNICIPAL BONDS (Cost $6,247,461)				6,267,896

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
U.S. TREASURY OBLIGATIONS — 1.6%
U.S. Treasury Notes 1.13%, 2/28/2022 (Cost $100,584)		100,000		101,265
Investments	Shares ($000)		Value ($000)
SHORT-TERM INVESTMENTS — 3.0%
INVESTMENT COMPANIES — 3.0%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.09% (h) (i) (Cost $191,522)		191,433		191,548
Total Investments — 102.0% (Cost $6,539,567)				6,560,709
Liabilities in Excess of Other Assets — (2.0)%				(127,333	)
Net Assets — 100.0%				6,433,376

Percentages indicated are based on net assets.

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Abbreviations
AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
COLL	Collateral
COP	Certificate of Participation
FHA	Federal Housing Administration
FNMA	Federal National Mortgage Association
GAN	Grant Anticipation Note
GNMA	Government National Mortgage Association
GO	General Obligation
GRAN	Grant Revenue Anticipation Note
GTD	Guaranteed
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LIQ	Liquidity Agreement
LOC	Letter of Credit
MTA	Metropolitan Transportation Authority
PSF-GTD	Permanent School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
RAN	Revenue Anticipation Note
Rev.	Revenue
SCSDE	South Carolina School District Enhancement
SIFMA	The Securities Industry and Financial Markets Association
TAN	Tax Anticipation Note
TRAN	Tax & Revenue Anticipation Note
USD	United States Dollar
VRDO	Variable Rate Demand Obligation

(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2020.
(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 November 30, 2020.
(d)	Security is prerefunded or escrowed to maturity.
(e)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)	Amount rounds to less than 0.1% of net assets.
(h)	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.
(i)	The rate shown is the current yield as of November 30, 2020.

A. Valuation of Investments — Investments are valued 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 of the Trust (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 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 Board.

J.P. Morgan 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.

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

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 (“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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Municipal Bonds	$	—	$	6,267,896	$	—	$	6,267,896
U.S. Treasury Obligations		—		101,265		—		101,265
Short-Term Investments
Investment Companies		191,548		—		—		191,548
Total Investments in Securities	$	191,548	$	6,369,161	$	—	$	6,560,709

B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below. Amounts in the table below are in thousands.

For the period ended November 30, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at November 30, 2020		Shares at November 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.09% (a) (b)	$	50,592	$	5,732,443	$	5,591,453	$	(60	)	$	26	$	191,548		191,433	$	667	$	—

(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 November 30, 2020.