JPMorgan Trust IV NPORT-P JPMorgan Ultra-Short Municipal Fund (May 2021 report)

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 93.9%(a)
Alabama — 0.8%
Birmingham Airport Authority
Rev., 5.00%, 7/1/2023		125		137
Rev., 5.00%, 7/1/2024		150		171
Rev., 5.00%, 7/1/2025		250		296
Rev., 5.00%, 7/1/2026		225		274
Black Belt Energy Gas District, Gas Prepay
Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 0.65%, 6/10/2021 (b)		30,000		30,123
Series 2018A, Rev., 4.00%, 12/1/2023 (c)		1,400		1,516
Black Belt Energy Gas District, Gas Supply Series 2017A, Rev., LOC: Royal Bank of Canada, 4.00%, 7/1/2022 (c)		2,340		2,426
City of Centre
GO, 3.00%, 9/1/2021		100		101
GO, 3.00%, 9/1/2022		110		114
GO, 4.00%, 9/1/2023		215		231
City of Hamilton, Warrants
GO, 3.00%, 8/1/2021		365		367
GO, 2.00%, 8/1/2022		370		378
GO, 5.00%, 8/1/2023		240		263
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		4,815
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		450
Selma Industrial Development Board, International Paper Co. Project Series 2020A, Rev., 1.37%, 6/16/2025 (c)		2,670		2,748
State of Alabama Series 2013A, GO, 4.00%, 8/1/2023		1,250		1,354
University of West Alabama, General Fee
Rev., AGM, 4.00%, 1/1/2022		150		153
Rev., AGM, 4.00%, 1/1/2023		120		127
Rev., AGM, 4.00%, 1/1/2024		125		136
Rev., AGM, 4.00%, 1/1/2025		150		167
Total Alabama				46,819
Alaska — 0.8%
Alaska Municipal Bond Bank Authority
Series 1, Rev., 5.00%, 12/1/2021		450		461
Series 2019 1, Rev., 5.00%, 5/1/2022		200		209
Series 1, Rev., 5.00%, 12/1/2022		500		536
Series 1, Rev., 5.00%, 12/1/2023		960		1,073
Series 1, Rev., 5.00%, 12/1/2024		870		1,008
Series 1, Rev., 5.00%, 12/1/2025		750		896
Series 1, Rev., 5.00%, 12/1/2026		675		831
City of Valdez, Exxon Pipeline Co. Project Series 1993-B, Rev., VRDO, 0.01%, 6/1/2021 (c)		6,840		6,840
City of Valdez, Phillips Trans Alaska Project Rev., VRDO, 0.05%, 6/9/2021 (c)		35,300		35,300
Total Alaska				47,154
Arizona — 0.5%
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 5.00%, 2/1/2026		130		156
Arizona State University Series 2008A, Rev., VRDO, 0.04%, 6/9/2021 (c)		3,150		3,150
City of Tucson Series 2018-A, GO, 5.00%, 7/1/2026		325		398
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		152
Series 2018A, Rev., 5.00%, 7/1/2024		200		223
Industrial Development Authority of the County of Yavapai (The), Regional Medical Center
Rev., 5.00%, 8/1/2021		225		227
Rev., 5.00%, 8/1/2022		380		401
Rev., 5.00%, 8/1/2023		325		357
Maricopa County Industrial Development Authority, HonorHealth
Series 2021A, Rev., 5.00%, 9/1/2024		175		201
Series 2021A, Rev., 5.00%, 9/1/2025		725		864
Series 2021A, Rev., 5.00%, 9/1/2026		700		859

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Maricopa County Pollution Control Corp., Public Service Co. of New Mexico Palo Verde Project Series 2010A, Rev., VRDO, 0.10%, 6/9/2021 (c)		15,000		15,000
Maricopa County School District No. 24 Gila Bend
GO, AGM, 3.00%, 7/1/2021		575		576
GO, AGM, 4.00%, 7/1/2022		300		313
GO, AGM, 5.00%, 7/1/2023		700		768
Maricopa County School District No. 66, Roosevelt Elementary GO, 5.00%, 7/1/2021		1,520		1,526
Maricopa County School District No. 66, Roosevelt Elementary, School Improvement Project of 2017 Series 2017-A, GO, 5.00%, 7/1/2021		1,150		1,154
Maricopa County Unified School District No. 95, Queen Creek, School Improvement GO, 3.00%, 7/1/2024		525		568
Total Arizona				26,893
Arkansas — 0.1%
Arkansas Development Finance Authority, Department of Community Correction Project
Rev., 5.00%, 11/1/2021		310		316
Rev., 5.00%, 11/1/2022		410		438
City of Centerton, Green Bond Rev., 3.00%, 12/1/2021		125		127
City of Heber Springs, Water and Sewer, Green Bond
Rev., 3.00%, 11/1/2021		50		51
Rev., 3.00%, 11/1/2023		100		105
County of Sharp, Sales and Use Tax
Rev., 5.00%, 3/1/2022		495		513
Rev., 5.00%, 3/1/2023		540		580
University of Arkansas, Various Facility, Fayetteville Campus Series 2018A, Rev., 5.00%, 11/1/2021		330		337
University of Central Arkansas, Student Fee
Series 2020A, Rev., 5.00%, 11/1/2021		150		153
Series 2020A, Rev., 5.00%, 11/1/2022		200		213
Series 2020A, Rev., 5.00%, 11/1/2023		205		227
Series 2020A, Rev., 5.00%, 11/1/2024		160		183
Series 2020A, Rev., 5.00%, 11/1/2025		230		271
Series 2020A, Rev., 5.00%, 11/1/2026		220		268
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		76
Series 2019C, Rev., AGM, 3.00%, 11/1/2022		85		88
Series 2019C, Rev., AGM, 3.00%, 11/1/2023		135		143
Total Arkansas				4,339
California — 3.2%
California Educational Facilities Authority, University of Southern California Series 2015A, Rev., 5.00%, 10/1/2025 (d)		250		300
California Enterprise Development Authority, Riverside County, Library Facility Project
Rev., 4.00%, 11/1/2022		100		105
Rev., 4.00%, 11/1/2023		200		218
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c)		1,615		1,700
California Health Facilities Financing Authority, Stanford Health Clinic Series 2021A, Rev., 3.00%, 8/15/2025 (c)		20,000		22,128
California Infrastructure and Economic Development Bank, Green Bond
Series 2018C, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 0.38%, 6/10/2021 (b)		19,250		19,294
Series 2021A, Rev., 5.00%, 6/1/2026		4,500		5,514
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Rev., AMT, 0.45%, 7/1/2021 (c) (e)		30,000		30,002
California Infrastructure and Economic Development Bank, California Academy of Sciences Series 2018D, Rev., (ICE LIBOR USD 1 Month + 0.38%), 0.44%, 6/9/2021 (b)		17,010		17,011
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust Series 2013A-2, Rev., (ICE LIBOR USD 1 Month + 0.33%), 0.39%, 7/1/2021 (b)		6,750		6,756
California Municipal Finance Authority, California Lutheran University Rev., 5.00%, 10/1/2021		250		254
California Municipal Finance Authority, San Antonio Gardens Project
Rev., 4.00%, 11/15/2021		270		274
Rev., 4.00%, 11/15/2022		280		292
Rev., 4.00%, 11/15/2023		290		311

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project
Rev., 5.00%, 5/15/2023		360		391
Rev., 5.00%, 5/15/2024		300		341
Rev., 5.00%, 5/15/2025		425		499
Rev., 5.00%, 5/15/2026		500		605
Rev., 5.00%, 5/15/2027		725		900
California Pollution Control Financing Authority, American Water Capital Corp. Project Rev., 0.60%, 9/1/2023 (c)		1,850		1,850
California School Finance Authority, Green Dot Public School Projects
Series 2018A, Rev., 5.00%, 8/1/2021 (e)		50		50
Series 2018A, Rev., 5.00%, 8/1/2022 (e)		85		89
California School Finance Authority, Kipp Socal Projects
Series 2019A, Rev., 5.00%, 7/1/2022 (e)		100		104
Series 2019A, Rev., 5.00%, 7/1/2023 (e)		100		109
California Statewide Communities Development Authority, Multi-Family Housing, Washington Court Apartments Series 2021E, Rev., 0.22%, 8/1/2022 (c)		7,000		7,012
Chula Vista Elementary School District Rev., BAN, Zero Coupon, 8/1/2023		5,500		5,455
City of Tulare, Sewer Series 2020A, Rev., 4.00%, 11/15/2021		110		112
Fairfax Elementary School District, Election of 2010 GO, AGM, 5.75%, 11/1/2021 (d)		750		768
Irvine Ranch Water District
Series 2011A-1, (SIFMA Municipal Swap Index Yield + 0.03%), 0.06%, 6/10/2021 (b)		10,000		10,000
Series 2011A-2, (SIFMA Municipal Swap Index Yield + 0.03%), 0.06%, 6/10/2021 (b)		7,100		7,100
Metropolitan Water District of Southern California, Waterworks Series 2018A-1, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 6/1/2021 (c)		5,500		5,500
Mount San Antonio Community College District GO, BAN, Zero Coupon, 4/1/2022 (d)		250		250
Port of Oakland, Intermediate Lien
Rev., AMT, 5.00%, 5/1/2022		2,750		2,863
Rev., AMT, 5.00%, 5/1/2023		3,500		3,797
Riverside County Asset Leasing Corp., Southwest Justice Center Series 2008A, Rev., VRDO, AGC, LIQ: Wells Fargo Bank NA, 0.04%, 6/9/2021 (c)		2,580		2,580
Sacramento City Unified School District, Election of 2012 Series 2019D, GO, 4.00%, 8/1/2021		4,475		4,502
San Diego Housing Authority, Multi-Family Housing, Hillside Views Apartments Series 2018G-1, Rev., VRDO, 0.22%, 6/1/2021 (c)		6,750		6,750
Santa Clara County Financing Authority, El Camino Hospital Series 2009A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.03%, 6/9/2021 (c)		6,605		6,605
South Bay Union School District, San Diego County GO, BAN, Zero Coupon, 8/1/2022		2,000		1,990
Stockton Public Financing Authority
Series 2018A, Rev., 5.00%, 10/1/2021		450		457
Rev., 5.00%, 3/1/2023		360		385
Rev., 5.00%, 3/1/2025		570		650
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2615, Rev., VRDO, LOC: Barclays Bank plc, 0.23%, 6/9/2021 (c) (e)		5,230		5,230
Total California				181,103
Colorado — 2.4%
Arapahoe County School District No. 5 Cherry Creek GO, 5.00%, 12/15/2028		6,460		8,444
Arapahoe County School District No. 6 Littleton
Series 2019A, GO, 5.00%, 12/1/2021		2,585		2,647
Series 2019A, GO, 5.00%, 12/1/2022		1,370		1,470
City of Aurora, First Lien Water, Green Bonds Rev., 5.00%, 8/1/2023		2,355		2,599
City of Colorado Springs
COP, 5.00%, 12/1/2021		145		148
COP, 5.00%, 12/1/2022		155		166
COP, 5.00%, 12/1/2023		100		112
City of Colorado Springs, Utilities System Improvement
Series 2007A, Rev., VRDO, LIQ: TD Bank NA, 0.04%, 6/9/2021 (c)		4,825		4,825
Series 2012A, Rev., VRDO, LIQ: U.S. Bank NA, 0.04%, 6/9/2021 (c)		3,410		3,410

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c)		1,470		1,521
Colorado State Education Loan Program Series 2020A, Rev., TRAN, 3.00%, 6/29/2021		25,000		25,056
Denver Health and Hospital Authority, 550 Acoma, Inc.
COP, 5.00%, 12/1/2021		220		225
COP, 5.00%, 12/1/2022		295		315
E-470 Public Highway Authority Series 2021B, Rev., (SOFR + 0.35%), 0.36%, 6/4/2021 (b)		5,000		5,000
E-470 Public Highway Authority, Senior LIBOR Index Series 2019A, Rev., (ICE LIBOR USD 1 Month + 0.42%), 0.48%, 6/3/2021 (b)		8,000		8,000
Regional Transportation District, Denver Transit Partners
Rev., 3.00%, 7/15/2023		50		53
Rev., 5.00%, 1/15/2024		200		223
Rev., 5.00%, 7/15/2024		150		170
Rev., 5.00%, 1/15/2025		165		190
Rev., 5.00%, 7/15/2025		200		234
Rev., 3.00%, 1/15/2026		110		120
Rev., 5.00%, 7/15/2026		225		269
State of Colorado
Rev., TRAN, 4.00%, 6/25/2021		23,000		23,060
Series 2020A, COP, 5.00%, 12/15/2023		2,500		2,804
Series 2020A, COP, 5.00%, 12/15/2024		2,085		2,425
University of Colorado Hospital Authority Series 2019A, Rev., VRDO, 0.03%, 6/9/2021 (c)		20,000		20,000
University of Colorado, Enterprise System Series 2020A-1, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 6/9/2021 (c)		24,000		24,000
Total Colorado				137,486
Connecticut — 1.9%
City of Derby
Series A, GO, 5.00%, 8/1/2021		220		222
Series A, GO, 5.00%, 8/1/2022		75		79
Series A, GO, 5.00%, 8/1/2023		150		165
Series A, GO, 5.00%, 8/1/2024		85		97
City of Milford GO, BAN, 2.00%, 11/2/2021		20,485		20,652
City of New Britain
GO, 5.00%, 9/1/2022 (d)		50		53
GO, 5.00%, 9/1/2023 (d)		110		122
City of New Haven
Series 2019A, GO, 5.00%, 8/1/2021		1,300		1,309
Series 2019B, GO, 5.00%, 2/1/2022		700		719
Series 2019A, GO, 5.00%, 8/1/2022		1,000		1,048
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Rev., 0.38%, 11/15/2021 (c)		5,855		5,856
Series E, Subseries E-3, Rev., 1.63%, 11/15/2022 (c)		1,630		1,632
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series 2018B, Rev., 5.00%, 12/1/2021		1,000		1,022
Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Series 2020B-1, Rev., 5.00%, 1/1/2025 (c)		8,500		9,817
Connecticut State Health and Educational Facilities Authority, Stamford Hospital
Series L-1, Rev., 3.00%, 7/1/2021		585		587
Series L-1, Rev., 4.00%, 7/1/2022		500		520
Series L-1, Rev., 4.00%, 7/1/2023		275		295
Series L-1, Rev., 4.00%, 7/1/2024		300		331
Series L-1, Rev., 4.00%, 7/1/2025		300		339
Series L-1, Rev., 4.00%, 7/1/2026		350		404
Series L-1, Rev., 4.00%, 7/1/2027		350		412
Connecticut State Health and Educational Facilities Authority, University of New Haven
Series K-1, Rev., 5.00%, 7/1/2021		665		667
Series K-1, Rev., 5.00%, 7/1/2022		675		706
New Canaan Housing Authority, Multi-Family Housing, Parish Project Rev., 0.44%, 3/1/2023 (c)		12,475		12,502

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
State of Connecticut
Series 2020C, GO, 3.00%, 6/1/2021		1,150		1,150
Series 2021C, GO, 5.00%, 7/15/2021		14,500		14,582
Series G, GO, 5.00%, 11/1/2021		200		204
Series 2020C, GO, 3.00%, 6/1/2022		1,000		1,029
Series 2021C, GO, 5.00%, 7/15/2022		20,000		21,088
Series 2020C, GO, 3.00%, 6/1/2023		600		634
Series 2020C, GO, 4.00%, 6/1/2023		400		431
Series 2020C, GO, 3.00%, 6/1/2024		1,065		1,151
Series 2020C, GO, 4.00%, 6/1/2024		500		555
Series 2020C, GO, 2.00%, 6/1/2025		3,350		3,554
Series 2020C, GO, 4.00%, 6/1/2025		850		969
Town of South Windsor GO, BAN, 1.50%, 2/11/2022		3,000		3,029
Total Connecticut				107,932
Delaware — 0.1%
Delaware Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, 7/1/2025 (c)		6,000		6,122
Delaware Municipal Electric Corp. (The), Middletown and Seaford Project
Series 2019A, Rev., 5.00%, 10/1/2021		145		147
Series 2019A, Rev., 5.00%, 10/1/2022		150		159
Series 2019A, Rev., 5.00%, 10/1/2023		220		245
Total Delaware				6,673
District of Columbia — 0.7%
District of Columbia, Carnegie Endowment for International Peace Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.03%, 6/9/2021 (c)		375		375
District of Columbia, Gallaudet University Project Rev., 5.00%, 4/1/2026		100		120
District of Columbia, Georgetown University Issue
Series 2007B-2, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 6/9/2021 (c)		9,580		9,580
Series 2017 B-1, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 6/9/2021 (c)		1,190		1,190
District of Columbia, International School Rev., 5.00%, 7/1/2022		500		516
District of Columbia, Kipp DC Project Rev., 5.00%, 7/1/2023		100		109
District of Columbia, Medlantic/Helix Issue, Tranche II
Series 111-A, Rev., VRDO, LIQ: PNC Bank NA, 0.03%, 6/9/2021 (c)		5,400		5,400
Series 1998A, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 6/9/2021 (c)		2,785		2,785
Metropolitan Washington Airports Authority, Airport System Subseries C-2, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.03%, 6/9/2021 (c)		19,120		19,120
Total District of Columbia				39,195
Florida — 2.5%
City of Fort Myers, Subordinate Utility System
Series 2020B, Rev., AGM, 5.00%, 10/1/2021		2,000		2,031
Series 2020B, Rev., AGM, 5.00%, 10/1/2022		2,000		2,125
Series 2020B, Rev., AGM, 5.00%, 10/1/2023		2,125		2,353
Series 2020B, Rev., AGM, 5.00%, 10/1/2024		2,355		2,705
Series 2020B, Rev., AGM, 5.00%, 10/1/2025		5,100		6,053
Series 2020B, Rev., AGM, 5.00%, 10/1/2026		2,225		2,721
City of Gainesville, Utilities System Series B, Rev., VRDO, LIQ: Barclays Bank plc, 0.06%, 6/9/2021 (c)		10,200		10,200
City of Tallahassee, Energy System Rev., 5.00%, 10/1/2021		40		41
City of Tallahassee, Utility System
Rev., 5.00%, 10/1/2023		2,430		2,702
Rev., 5.00%, 10/1/2024		2,550		2,946
County of Escambia, International Paper Co. Project, Environmental Improvement Series 2019B, Rev., 2.00%, 10/1/2024 (c)		775		812
County of Hillsborough, Capital Improvement Program Rev., 5.00%, 8/1/2021		30		30
County of Miami-Dade, Aviation
Series 2020A, Rev., 5.00%, 10/1/2023		2,500		2,773
Series 2020A, Rev., 5.00%, 10/1/2024		2,400		2,762
Series 2020A, Rev., 5.00%, 10/1/2025		1,375		1,634

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
County of Miami-Dade, Seaport Department Series A, Rev., VRDO, LIQ: PNC Bank NA, 0.04%, 6/9/2021 (c)		2,400		2,400
County of Miami-Dade, Stormwater Project Rev., 5.00%, 4/1/2026		2,000		2,427
Escambia County School Board Series 2020A, COP, 5.00%, 2/1/2026		1,895		2,262
Florida Governmental Utility Authority Rev., AGM, 5.00%, 7/1/2025 (d)		200		237
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%, 3/1/2022		55		56
Rev., 5.00%, 3/1/2023		185		198
Rev., 5.00%, 3/1/2024		110		122
Florida Higher Educational Facilities Financial Authority, St. Leo University Project
Rev., 5.00%, 3/1/2022		355		366
Rev., 5.00%, 3/1/2023		410		439
Highlands County Health Facilities Authority, Adventist Health System Series 2012I, Rev., VRDO, 0.04%, 6/9/2021 (c)		12,945		12,945
JEA Water and Sewer System
Series A-2, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.04%, 6/9/2021 (c)		38,670		38,670
Series Sub Series B-1, Rev., VRDO, LIQ: State Street Bank & Trust, 0.05%, 6/9/2021 (c)		9,980		9,980
Lee Memorial Health System
Series 2019A-1, Rev., 5.00%, 4/1/2022		750		780
Series 2019A-1, Rev., 5.00%, 4/1/2023		400		434
Series 2019A-1, Rev., 5.00%, 4/1/2024		575		648
Orange County Health Facilities Authority, The Nemours Foundation Project Series B, Rev., VRDO, LIQ: Northern Trust Co., 0.02%, 6/9/2021 (c)		775		775
Orlando Utilities Commission, Utility System Series B, Rev., VRDO, LIQ: TD Bank NA, 0.04%, 6/9/2021 (c)		22,400		22,400
Village Community Development District No. 13 Special Assessment Rev., 2.63%, 5/1/2024		380		390
West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area
Rev., 5.00%, 3/1/2023		1,335		1,445
Rev., 5.00%, 3/1/2024		1,160		1,303
Total Florida				140,282
Georgia — 1.0%
City of Atlanta, Department of Aviation
Series 2020A, Rev., 5.00%, 7/1/2024		2,000		2,288
Series 2020B, Rev., AMT, 5.00%, 7/1/2024		1,170		1,334
Series 2020B, Rev., AMT, 5.00%, 7/1/2025		1,800		2,120
Series 2020A, Rev., 5.00%, 7/1/2026		4,000		4,885
Series 2020B, Rev., AMT, 5.00%, 7/1/2026		2,000		2,428
Clarke County School District, Sales Tax GO, 5.00%, 9/1/2021		30		30
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project
Rev., 5.00%, 7/1/2021		370		372
Rev., 5.00%, 7/1/2022		300		315
Georgia State Road and Tollway Authority
Rev., 5.00%, 6/1/2021		2,500		2,500
Rev., 5.00%, 6/1/2022		5,000		5,244
Rev., 5.00%, 6/1/2023		4,000		4,385
Main Street Natural Gas, Inc. Series 2019A, Rev., 5.00%, 5/15/2024		1,500		1,695
Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series A, Rev., 3.75%, 7/1/2021		5,585		5,601
Municipal Electric Authority of Georgia, Project One Series 2008-B, Rev., VRDO, LIQ: PNC Bank NA, 0.04%, 6/9/2021 (c)		4,255		4,255
Paulding County School District, Sales Tax GO, 3.00%, 8/1/2022		1,500		1,551
Private Colleges and Universities Authority, Emory University Series 2020B, Rev., 5.00%, 9/1/2025		13,345		15,874
Richmond County Hospital Authority, University Health Services, Inc., Project Rev., 5.00%, 1/1/2022		100		103

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Savannah Economic Development Authority, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (c)		1,675		1,754
Total Georgia				56,734
Idaho — 0.0% (f)
Idaho Housing and Finance Association, Federal Highway Trust Series A, Rev., GRAN, 5.00%, 7/15/2021		25		25
University of Idaho
Series 2020A, Rev., 5.00%, 4/1/2022		165		172
Series 2020A, Rev., 5.00%, 4/1/2023		355		386
Series 2020A, Rev., 5.00%, 4/1/2024		315		356
Series 2020A, Rev., 5.00%, 4/1/2025		330		386
Total Idaho				1,325
Illinois — 3.7%
Carol Stream Park District
Series 2020C, GO, 4.00%, 11/1/2024		210		233
Series 2020C, GO, 4.00%, 11/1/2025		405		460
Series 2020C, GO, 4.00%, 11/1/2026		535		617
Champaign Coles Et Al Counties Community College District No. 505
Series 2018B, GO, 4.00%, 12/1/2021		2,500		2,548
Series 2018C, GO, 4.00%, 12/1/2021		465		474
Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation
Series 2020A, GO, Zero Coupon, 1/1/2022		200		200
Series 2020A, GO, Zero Coupon, 1/1/2023		200		198
Series 2020A, GO, Zero Coupon, 1/1/2024		385		378
Chicago Midway International Airport, Second Lien Series 2014B, Rev., 5.00%, 1/1/2023		150		161
Chicago O’Hare International Airport, General Airport, Senior Lien
Series 2020B, Rev., 5.00%, 1/1/2024		500		559
Series 2020B, Rev., 5.00%, 1/1/2026		1,250		1,495
Chicago Park District, Unlimited Tax, Personal Property Replacement Tax Alternate Series 2011C, GO, 5.00%, 1/1/2022		175		179
Chicago Park District, Unlimited Tax, Special Recreation Activity Series 2018E, GO, 5.00%, 11/15/2021		300		306
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula Funds
Rev., 5.00%, 6/1/2021		270		270
City of Aurora
Series 2019A, GO, 4.00%, 12/30/2021		470		481
Series 2019A, GO, 4.00%, 12/30/2022		1,525		1,617
Series 2019A, GO, 4.00%, 12/30/2023		1,595		1,744
Series 2019A, GO, 4.00%, 12/30/2024		1,655		1,859
City of Danville
GO, 2.00%, 12/1/2021		255		257
GO, 3.00%, 12/1/2022		140		145
GO, 4.00%, 12/1/2023		145		156
City of Elgin
Series 2020A, GO, 2.00%, 12/15/2021		230		232
Series 2020A, GO, 3.00%, 12/15/2022		1,480		1,543
Series 2020A, GO, 3.00%, 12/15/2023		1,025		1,094
City of Rock Island
Series A, GO, AGM, 3.00%, 12/1/2021		130		132
Series B, GO, AGM, 3.00%, 12/1/2021		200		202
City of Rockford, Sales Tax
Series 2019A, GO, AGM, 4.00%, 12/15/2021		130		133
Series 2019A, GO, AGM, 4.00%, 12/15/2022		135		143
Series 2019A, GO, AGM, 4.00%, 12/15/2023		140		151
City of Waukegan Series A, GO, AGM, 4.00%, 12/30/2023		525		568
Clay Wayne and Marion Counties Community Unit School District No. 35
GO, AGM, 5.00%, 12/1/2021		205		209
GO, AGM, 5.00%, 12/1/2022		165		176
GO, AGM, 5.00%, 12/1/2023		175		194
Cook County Community College District No. 508, Unlimited Tax GO, 5.25%, 12/1/2029		250		277
Cook County Community Consolidated School District No. 146, Tinley Park, Limited Tax GO, 4.00%, 12/1/2021		200		204
Cook County Community Consolidated School District No. 34, Glenview, Limited Tax GO, 4.00%, 12/1/2021		175		178

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
GO, 4.00%, 12/1/2022		150		159
GO, 4.00%, 12/1/2023		150		163
Cook County Community School District No. 97, Oak Park
GO, 4.00%, 1/1/2022		400		409
GO, 4.00%, 1/1/2023		300		318
GO, 4.00%, 1/1/2024		275		300
Cook County Community Unit School District No. 401, Elmwood Park GO, 4.00%, 12/1/2023		3,440		3,506
Cook County High School District No. 207, Maine Township
Series 2019A, GO, 4.00%, 12/1/2021		8,330		8,492
Series 2019B, GO, 3.50%, 12/1/2022		325		341
Cook County School District No. 100, South Berwyn
Series 2019A, GO, 4.00%, 12/1/2021		100		102
Series 2019C, GO, 4.00%, 12/1/2021		165		168
Series 2019A, GO, 4.00%, 12/1/2022		235		247
Series 2019C, GO, 4.00%, 12/1/2022		605		635
Series 2019A, GO, 5.00%, 12/1/2023		345		381
Series 2019C, GO, 5.00%, 12/1/2023		660		728
Cook County School District No. 102, La Grange, Limited Tax
GO, AGM, 4.00%, 12/15/2021		840		856
GO, AGM, 4.00%, 12/15/2022		825		871
GO, AGM, 4.00%, 12/15/2023		825		899
GO, AGM, 4.00%, 12/15/2024		930		1,041
GO, AGM, 4.00%, 12/15/2025		985		1,127
Cook County School District No. 109, Indian Springs, Limited Tax
Series 2020A, GO, 4.00%, 12/1/2023		125		136
Series 2020A, GO, 4.00%, 12/1/2024		400		445
Cook County School District No. 145, Arbor Park
Series 2019B, GO, 4.00%, 12/1/2021		150		153
Series 2019D, GO, 4.00%, 12/1/2023		110		119
Cook County School District No. 148, Dolton
Series 2018A, GO, 5.00%, 12/1/2021		450		459
Series 2018A, GO, 5.00%, 12/1/2022		725		771
Cook County School District No. 151, South Holland, Limited Tax GO, 4.00%, 4/1/2022		190		196
Cook County School District No. 160, Country Club Hills
Series 2020A, GO, 4.00%, 12/1/2021		250		254
Series 2020A, GO, 4.00%, 12/1/2022		510		535
Series 2020A, GO, 4.00%, 12/1/2023		285		309
Series 2020A, GO, 4.00%, 12/1/2024		255		284
Cook County School District No. 160, Country Club Hills, Limited Tax
Series 2020B, GO, 4.00%, 12/1/2022		180		190
Series 2020B, GO, 4.00%, 12/1/2023		100		108
Series 2020B, GO, 4.00%, 12/1/2024		100		111
Cook County School District No. 63, East Maine, Limited Tax
GO, 5.00%, 12/1/2021		1,845		1,889
GO, 5.00%, 12/1/2022		1,935		2,057
Cook County School District No. 69, Skokie, Limited Tax
GO, 4.00%, 12/1/2024		315		353
GO, 4.00%, 12/1/2025		460		527
Cook County School District No. 89, Maywood, Maywood-Melrose Park-Broadview, Limited Tax
Rev., AGM, 4.00%, 12/15/2021		515		525
Rev., AGM, 4.00%, 12/15/2022		535		562
Rev., AGM, 4.00%, 12/15/2023		555		600
Rev., AGM, 4.00%, 12/15/2024		580		641
Cook County School District No. 99 Cicero, Limited Tax
Series 2019B, GO, 5.00%, 12/1/2022		350		373
Series 2019B, GO, 5.00%, 12/1/2023		575		635
Cook County Township High School District No. 225, Glenbrook
GO, 5.00%, 12/1/2025		2,795		3,349
GO, 5.00%, 12/1/2026		2,565		3,171
Cook County, Proviso Township High School District No. 209, Limited Tax GO, 5.00%, 12/1/2021		2,825		2,890
County of Cook
GO, 5.00%, 11/15/2021		700		715
Series A, GO, 5.00%, 11/15/2021		355		363

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series C, GO, 5.00%, 11/15/2022		180		193
County of Will
GO, 5.00%, 11/15/2021		270		276
GO, 5.00%, 11/15/2022		475		509
GO, 5.00%, 11/15/2023		525		586
Du Page and Will Counties Community School District No. 204 Indian Prairie GO, 4.00%, 12/30/2025		1,710		1,974
Du Page Cook and Will Counties Community College District No. 502 GO, 5.00%, 6/1/2027		4,515		5,653
DuPage County Community High School District No. 94 West Chicago GO, 4.00%, 1/1/2033		10		11
DuPage County High School District No. 87 Glenbard GO, 3.00%, 10/1/2022		1,500		1,557
DuPage County School District No. 10 Itasca
GO, 5.00%, 1/1/2023		1,040		1,119
GO, 5.00%, 1/1/2024		1,090		1,222
Flagg-Rochelle Community Park District
Series A, GO, AGM, 4.00%, 1/1/2022		210		215
Series A, GO, AGM, 4.00%, 1/1/2023		220		231
Series A, GO, AGM, 4.00%, 1/1/2024		225		243
Grundy County School District No. 54 Series 2011A, GO, AGM, 7.25%, 12/1/2021		710		735
Hoffman Estates Park District
Series 2019A, GO, 4.00%, 12/1/2021		135		137
Series 2019B, GO, 4.00%, 12/1/2023		245		267
Illinois Finance Authority, Advocate Health Care Network Series 2008C-3A, Rev., VRDO, LIQ: Northern Trust Co., 0.04%, 6/9/2021 (c)		2,650		2,650
Illinois Finance Authority, Local Government Program, East Prairie School District Number 73 Project Rev., 5.00%, 12/1/2021		250		256
Illinois Finance Authority, McCormick Theological Series 2001B, Rev., VRDO, LIQ: Northern Trust Co., 0.04%, 6/9/2021 (c)		15,250		15,250
Illinois Finance Authority, Northshore University Health System
Series 2020A, Rev., 5.00%, 8/15/2021		1,000		1,010
Series 2020A, Rev., 5.00%, 8/15/2022		750		794
Series 2020A, Rev., 5.00%, 8/15/2023		500		553
Series 2020A, Rev., 5.00%, 8/15/2024		1,000		1,149
Series 2020A, Rev., 5.00%, 8/15/2025		1,250		1,485
Illinois Finance Authority, Northwestern University Subseries 2008-B, Rev., VRDO, 0.04%, 6/9/2021 (c)		3,425		3,425
Illinois Finance Authority, OSF Healthcare System
Rev., 5.00%, 11/15/2024 (c)		3,000		3,395
Rev., 5.00%, 11/15/2026 (c)		4,000		4,808
Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2021B, Rev., (SIFMA Municipal Swap Index Yield + 0.70%), 0.73%, 6/10/2021 (b)		1,125		1,125
Illinois Finance Authority, University of Chicago (The) Series 2004B, Rev., VRDO, 0.03%, 6/9/2021 (c)		15,160		15,160
Illinois Finance Authority, Water Facilities, American Water Capital Corp. Project Rev., 0.70%, 9/1/2023 (c)		2,800		2,802
Illinois Finance Authority, Wesleyan University Rev., 5.00%, 9/1/2022		560		592
Illinois Housing Development Authority, Multi-Family Housing, Heather Ridge Series 2019A, Rev., FHA, 1.60%, 1/1/2023 (c)		5,600		5,632
Kane County School District No. 131 Aurora East Side
Series 2020A, GO, AGM, 3.00%, 12/1/2021		175		177
Series 2020B, GO, AGM, 3.00%, 12/1/2021		255		258
Series 2020A, GO, AGM, 4.00%, 12/1/2022		120		126
Series 2020B, GO, AGM, 4.00%, 12/1/2022		220		231
Series 2020A, GO, AGM, 5.00%, 12/1/2023		145		160
Series 2020B, GO, AGM, 5.00%, 12/1/2023		235		260
Series 2020A, GO, AGM, 5.00%, 12/1/2024		240		275
Series 2020A, GO, AGM, 5.00%, 12/1/2025		55		65
Series 2020B, GO, AGM, 5.00%, 12/1/2025		115		135

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Kendall Kane and Will Counties Community Unit School District No. 308
Series B, GO, 4.00%, 10/1/2021		255		258
Series B, GO, 5.00%, 10/1/2022		1,375		1,455
La Grange Park District Series 2012B, GO, 5.00%, 12/1/2021		415		425
Lake County School District No. 70 Libertyville Rev., 4.00%, 1/1/2023		300		318
Lee and Ogle Counties School District No. 170 Dixon
Series 2019A, GO, AGM, 3.00%, 1/30/2022		160		163
Series 2019B, GO, AGM, 3.00%, 1/30/2022		245		249
Series 2019A, GO, AGM, 3.00%, 1/30/2023		170		176
Series 2019B, GO, AGM, 3.00%, 1/30/2023		255		264
Lincoln Land Community College District No. 526 GO, 5.00%, 12/15/2021		125		128
Madison-Macoupin Etc Counties Community College District No. 536, Lewis and Clark Community
GO, AGM, 4.00%, 5/1/2022		750		775
GO, AGM, 4.00%, 5/1/2023		700		746
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		726
Sangamon County Community Unit School District No. 5, Ball-Chatham
Series B, GO, 5.00%, 1/1/2022		1,650		1,696
GO, 4.00%, 2/1/2023		2,015		2,139
Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains
Series 2019C, GO, 4.00%, 1/1/2022		165		169
Series 2019C, GO, 4.00%, 1/1/2023		310		327
Series 2019C, GO, 4.00%, 1/1/2024		370		401
St. Charles Public Library District, Limited Tax
Rev., 3.00%, 11/1/2021		85		86
Rev., 4.00%, 11/1/2022		100		105
State of Illinois
GO, 5.00%, 2/1/2024		3,370		3,771
GO, 5.50%, 5/1/2025		2,500		2,965
GO, 5.50%, 5/1/2026		5,000		6,094
State of Illinois, Sales Tax, Junior Obligation
Rev., 5.00%, 6/15/2021		110		110
Series 2018B, Rev., 5.00%, 6/15/2021		5,000		5,007
Rev., 5.00%, 6/15/2023		990		1,070
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024		2,500		2,701
University of Illinois, Health Services System Series 2008, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 6/9/2021 (c)		2,550		2,550
Village of Arlington Heights
GO, 4.00%, 12/1/2023		1,130		1,233
GO, 4.00%, 12/1/2024		1,175		1,318
GO, 4.00%, 12/1/2025		695		800
Village of Bartlett
GO, 5.00%, 12/1/2021		980		1,004
GO, 5.00%, 12/1/2022		1,065		1,143
GO, 5.00%, 12/1/2023		1,130		1,256
Village of Bolingbrook Series 2013A, GO, Zero Coupon, 7/1/2023 (d)		10,000		5,482
Village of Flossmoor GO, 3.00%, 12/1/2021		605		613
Village of Gilberts GO, 4.00%, 12/1/2021		225		229
Village of Hoffman Estates GO, 5.00%, 12/1/2021		210		215
Village of Midlothian
Series 2019A, GO, 4.00%, 1/1/2023		190		200
Series 2019A, GO, 4.00%, 1/1/2024		120		130
Village of Villa Park
Series 2018C, GO, 4.00%, 12/15/2021		505		515
Series B, GO, 4.00%, 12/15/2021		190		194
Series B, GO, 4.00%, 12/15/2022		200		211
Series B, GO, 4.00%, 12/15/2023		205		223
Village of Villa Park, Sales Tax Series A, GO, 4.00%, 12/15/2023		125		136
Washington County Community Unit School District No.10 West Washington
GO, 4.00%, 1/15/2022		575		588
GO, 4.00%, 1/15/2023		685		722
Whiteside County Community Unit School District No. 6 Morrison Series A, GO, AGM, 4.00%, 12/1/2021		745		759
Will County Community High School District No. 210 Lincoln-Way GO, AGM, 4.00%, 1/1/2022		1,000		1,019

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Will County Township High School District No. 204 Joliet, Limited Tax GO, 4.00%, 1/1/2023		125		132
Will County, Community Consolidated School District No. 70-C Laraway, Lease Certificates Series A, Rev., AGM, 4.00%, 12/1/2021		400		407
Will Grundy Etc Counties Community College District No. 525, Joliet Junior College
GO, 5.00%, 1/1/2022		5,275		5,420
GO, 5.00%, 1/1/2023		5,495		5,900
GO, 5.00%, 1/1/2024		2,600		2,902
Total Illinois				207,640
Indiana — 1.6%
Brownsburg 1999 School Building Corp. Rev., BAN, 1.50%, 5/13/2022 (e)		2,000		2,008
City of Evansville, Sewage Works
Rev., 4.00%, 7/1/2021		2,800		2,808
Rev., 4.00%, 7/1/2026		3,710		4,305
City of Rockport, AEP Generating Company Project
Series A, Rev., 1.35%, 9/1/2022 (c)		2,000		2,026
Series B, Rev., 1.35%, 9/1/2022 (c)		2,250		2,280
City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025		6,500		7,125
Fort Wayne Community School Building Corp., Indiana Unlimited Ad Valorem Property Tax, First Mortgage
Rev., 4.00%, 7/15/2021		250		251
Rev., 4.00%, 1/15/2022		250		257
Rev., 4.00%, 7/15/2022		125		130
Fort Wayne Community Schools
GO, 4.00%, 7/15/2021		630		633
GO, 4.00%, 1/15/2022		755		772
Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage
Series 2020B, Rev., 4.00%, 1/15/2022		150		153
Series 2020B, Rev., 4.00%, 7/15/2022		165		171
Series 2020B, Rev., 4.00%, 1/15/2023		165		174
Series 2020B, Rev., 4.00%, 7/15/2023		185		198
Series 2020B, Rev., 4.00%, 7/15/2025		215		242
Series 2020B, Rev., 4.00%, 1/15/2026		220		250
Series 2020B, Rev., 4.00%, 7/15/2026		235		271
Hammond Multi-School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 4.00%, 7/15/2021		670		673
Indiana Finance Authority, Butler University Project
Rev., 3.00%, 2/1/2022		210		214
Rev., 3.00%, 2/1/2023		225		234
Indiana Finance Authority, Goshen Health Series B, Rev., 2.10%, 11/1/2026 (c)		2,700		2,843
Indiana Finance Authority, Indiana University Health Obligated Group Series L, Rev., (SIFMA Municipal Swap Index Yield + 0.28%), 0.31%, 6/10/2021 (b)		10,000		10,000
Indiana Finance Authority, Marian University Project
Series A, Rev., 5.00%, 9/15/2021		60		61
Series A, Rev., 5.00%, 9/15/2022		50		53
Series A, Rev., 5.00%, 9/15/2023		75		82
Series A, Rev., 5.00%, 9/15/2024		155		175
Indiana Finance Authority, Trinity Health Credit Group Series 2008D-1, Rev., VRDO, 0.03%, 6/9/2021 (c)		2,295		2,295
Indiana Health Facility Financing Authority, Ascension Health Credit Group
Series E-6, Rev., VRDO, 0.03%, 6/9/2021 (c)		3,000		3,000
Series 2001A-2, Rev., 2.00%, 2/1/2023 (c)		24,875		25,564
Series 2001A-2, Rev., 2.00%, 2/1/2023 (c) (d)		125		128
Indiana State Finance Authority, Lease Appropriation, Stadium Project Series 2008A, Rev., VRDO, 0.03%, 6/9/2021 (c)		6,620		6,620
Metropolitan School District of Southwest Allen County
Series 2019B, GO, 4.00%, 7/15/2021		100		100
Series 2019B, GO, 4.00%, 1/15/2022		100		102
Series 2019B, GO, 4.00%, 7/15/2022		590		615
Series 2019B, GO, 4.00%, 1/15/2023		520		552
Series 2019B, GO, 4.00%, 7/15/2023		485		524
Series 2019B, GO, 4.00%, 1/15/2024		575		631

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Metropolitan School District Washington Township
GO, 4.00%, 7/15/2021		250		251
GO, 4.00%, 1/15/2022		590		604
North Putnam Middle School Building Corp., Property Tax, First Mortgage
Rev., 3.00%, 7/15/2021		190		191
Rev., 3.00%, 1/15/2022		250		254
Rev., 3.00%, 7/15/2022		150		155
Purdue University, Student Facilities System Series 2007C, Rev., VRDO, 0.04%, 6/9/2021 (c)		6,460		6,460
South Madison Elementary School Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 4.00%, 7/15/2021		80		80
Tippecanoe County School Building Corp., Ad Valorem Property Tax First Mortgage
Rev., 4.00%, 7/15/2021		200		201
Rev., 4.00%, 1/15/2022		365		374
Rev., 4.00%, 7/15/2022		275		287
Rev., 4.00%, 1/15/2023		300		319
Rev., 4.00%, 7/15/2023		380		409
Town of Schererville, Sewage Works
Rev., 4.00%, 3/1/2022		75		77
Rev., 4.00%, 3/1/2023		75		80
Rev., 4.00%, 3/1/2024		110		120
Total Indiana				88,382
Iowa — 0.5%
City of Altoona
Series 2020A, COP, 4.00%, 6/1/2022		225		233
Series 2020A, COP, 4.00%, 6/1/2023		275		295
City of Coralville Series 2016E, COP, 4.00%, 6/1/2023		325		327
City of Iowa Falls, Capital Lien GO, 3.00%, 6/1/2023		230		242
City of Sac City, Corporate Purpose GO, 5.00%, 6/1/2021		160		160
County of Plymouth
GO, AGM, 3.00%, 6/1/2021		565		565
GO, AGM, 3.00%, 6/1/2022		290		297
Iowa Finance Authority, Health System Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 0.61%, 6/10/2021 (b) (e)		18,650		18,650
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.03%, 6/9/2021 (c)		8,500		8,500
North Polk Community School District, Services and Use Tax Series 2020B, Rev., 4.00%, 6/1/2022		450		467
State of Iowa, IJOBS Program, Special Obligation Series A, Rev., 5.00%, 6/1/2021		400		400
Total Iowa				30,136
Kansas — 0.5%
City of Manhattan, Temporary Notes GO, 1.50%, 6/15/2022		5,815		5,820
Johnson County Park and Recreation District
Series 2019B, COP, 3.00%, 9/1/2021		255		257
Series 2019A, COP, 5.00%, 9/1/2021		240		243
Series 2019B, COP, 3.00%, 9/1/2022		200		203
Series 2019A, COP, 5.00%, 9/1/2022		250		260
Series 2019B, COP, 3.00%, 9/1/2023		200		209
Series 2019A, COP, 5.00%, 9/1/2023		125		137
Kansas City Kansas Community College
Series 2020A, COP, 4.00%, 4/1/2022		600		619
Series 2020A, COP, 4.00%, 4/1/2023		800		853
Series 2020A, COP, 4.00%, 4/1/2024		500		548
Kansas Development Finance Authority, State of Kansas Projects
Series 2020R, Rev., 5.00%, 11/1/2021		6,960		7,099
Series 2020R, Rev., 5.00%, 11/1/2024		2,255		2,601
Series 2020R, Rev., 5.00%, 11/1/2025		3,570		4,251
Sedgwick County Unified School District No. 265 Goddard
Series 2020A, GO, 3.00%, 10/1/2021		275		278
Series 2020A, GO, 3.00%, 10/1/2022		295		306
Series 2020A, GO, 3.00%, 10/1/2023		350		372
Series 2020A, GO, 3.00%, 10/1/2024		1,050		1,138
Sedgwick County Unified School District No. 267 Renwick
Series 2019A, GO, 3.00%, 11/1/2022		100		104
Series 2019A, GO, 3.00%, 11/1/2023		100		106

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Wyandotte County Unified School District No. 202 Turner
Series 2019A, GO, AGM, 2.00%, 9/1/2021		200		201
Series 2019A, GO, AGM, 3.00%, 9/1/2022		125		129
Series 2019A, GO, AGM, 3.00%, 9/1/2023		400		422
Series 2019A, GO, AGM, 3.00%, 9/1/2024		400		431
Total Kansas				26,587
Kentucky — 0.8%
City of Ashland, Ashland Hospital Corp. DBA King’s Daughters Medical Center
Rev., 5.00%, 2/1/2022		500		512
Rev., 5.00%, 2/1/2023		600		636
Rev., 5.00%, 2/1/2024		575		628
County of Owen, Water Facilities, Kentucky-American Water Co. Project Rev., 0.70%, 9/1/2023 (c)		2,500		2,502
Kentucky Asset Liability Commission, Refunding Project
Series 2021A, Rev., 4.00%, 11/1/2021		3,475		3,531
Series 2021A, Rev., 5.00%, 11/1/2022		4,500		4,811
Series 2021A, Rev., 5.00%, 11/1/2023		2,500		2,772
Series 2021A, Rev., 5.00%, 11/1/2024		2,500		2,869
Series 2021A, Rev., 5.00%, 11/1/2025		3,000		3,546
Kentucky Asset/ Liability Commission Project, Federal Highway Trust Series 2020A, Rev., 5.00%, 9/1/2022		3,250		3,443
Kentucky Housing Corp., BTT Development III Portfolio
Rev., 1.40%, 6/1/2022 (c)		3,315		3,352
Kentucky Public Energy Authority, Gas Supply Series A, Rev., 4.00%, 4/1/2022		1,210		1,247
Kentucky State Property and Buildings Commission, Project No. 110 Rev., 5.00%, 8/1/2024		85		97
Kentucky State Property and Buildings Commission, Project No. 99 Series A, Rev., 5.00%, 7/1/2021		1,540		1,545
Louisville and Jefferson County Metropolitan Government, Gas and Electric Co. Project Series 2020A, Rev., 0.90%, 9/1/2026		5,000		4,971
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2011A, Rev., VRDO, LIQ: PNC Bank NA, 0.03%, 6/9/2021 (c)		1,700		1,700
Louisville Regional Airport Authority, Airport System Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,048
Paducah Electric Plant Board
Rev., 5.00%, 10/1/2021		2,300		2,335
Rev., 5.00%, 10/1/2022		2,000		2,119
Rev., 5.00%, 10/1/2023		2,000		2,204
Total Kentucky				45,868
Louisiana — 3.0%
Calcasieu Parish School District No. 23, Public School Improvement
GO, 5.00%, 9/1/2023		180		198
GO, 5.00%, 9/1/2024		250		286
Calcasieu Parish School District No. 34 GO, AGM, 3.00%, 1/15/2022		520		528
City of Shreveport, Water and Sewer, Junior Lien
GO, 5.00%, 9/1/2021		145		147
Series 2019B, Rev., AGM, 4.00%, 12/1/2023		310		337
Series 2019B, Rev., AGM, 5.00%, 12/1/2024		225		260
City of Youngsville, Sales Tax Rev., 3.00%, 12/1/2021		255		258
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		851
Louisiana Local Government Environmental Facilities and Community Development Authority, East Baton Rouge Sewerage Commission Projects Rev., 5.00%, 2/1/2023 (d)		3,000		3,244
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2021		1,500		1,524
Louisiana Public Facilities Authority, Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 0.68%, 6/10/2021 (b)		40,000		39,951
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2025 (c)		8,410		9,852
Louisiana Public Facilities Authority, Tulane University Project Series 2020A, Rev., 5.00%, 4/1/2025		60		70

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2020A, Rev., 5.00%, 4/1/2026		100		120
Parish of St. Charles, Pollution Control, Shell Oil Co., Norco Project
Series B, Rev., VRDO, 0.02%, 6/1/2021 (c)		150		150
Parish of St. John the Baptist, Marathon Oil Corp. Project
Subseries 2017B-1, Rev., 2.13%, 7/1/2024 (c)		18,000		18,596
Subseries 2017B-2, Rev., 2.37%, 7/1/2026 (c)		12,800		13,429
State of Louisiana Gasoline and Fuels Tax, Second Lien
Series 2017D, Rev., 0.55%, 5/1/2022 (c)		16,035		16,036
Series 2017A, Rev., 0.60%, 5/1/2023 (c)		60,000		60,087
Zachary Community School District No. 1
GO, 3.00%, 3/1/2022		685		699
GO, 3.00%, 3/1/2023		715		748
Total Louisiana				167,371
Maine — 0.0%(f)
Maine Health and Higher Educational Facilities Authority
Series 2020A, Rev., 5.00%, 7/1/2026		250		303
				—
Maryland — 1.5%
County of Calvert, Consolidated Public Improvement
GO, 4.00%, 7/1/2022		1,940		2,022
GO, 4.00%, 7/1/2023		2,070		2,235
GO, 4.00%, 7/1/2024		2,010		2,240
GO, 4.00%, 7/1/2025		2,245		2,571
County of Montgomery, Public Improvement
Series 2020B, GO, 4.00%, 11/1/2024		1,000		1,125
County of Montgomery, Trinity Health Credit Group
Series 2013MD, Rev., VRDO, 0.08%, 9/1/2021 (c)		21,000		21,000
Maryland Health and Higher Educational Facilities Authority, Anne Arundel Health System Issue
Series 2009-B, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 6/9/2021 (c)		1,900		1,900
Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program
Series 1985A, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 6/9/2021 (c)		5,400		5,400
Series B, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 6/9/2021 (c)		16,915		16,915
Maryland Stadium Authority, Sports Facilities, Football Stadium
Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.02%, 6/9/2021 (c)		19,335		19,335
State of Maryland, State and Local Facilities Loan of 2017
Series 2017B, GO, 5.00%, 8/1/2025		2,825		3,358
Washington Suburban Sanitary Commission, Multi-Modal Bond
Series A-2, Rev., VRDO, BAN, GTD, LIQ: TD Bank NA, 0.03%, 6/9/2021 (c)		7,500		7,500
Total Maryland				85,601
Massachusetts — 2.9%
City of Boston
Series 2020D, GO, 5.00%, 3/1/2024		2,335		2,641
City of Everett
GO, BAN, 2.00%, 2/11/2022		10,500		10,637
City of New Bedford
GO, BAN, 2.00%, 4/15/2022		9,245		9,399
Commonwealth of Massachusetts
Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 0.67%, 8/1/2021 (b)		30,000		30,180
Commonwealth of Massachusetts, Consolidated Loan of 2014
Subseries D-2, GO, 1.70%, 8/1/2022 (c)		5,500		5,589
Massachusetts Bay Transportation Authority, Sales Tax
Series 2018A-2, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 6/9/2021 (c)		4,155		4,155
Massachusetts Development Finance Agency, Northeastern University Issue
Series 2020A, Rev., 5.00%, 10/1/2022		3,600		3,830
Series 2020A, Rev., 5.00%, 10/1/2023		2,900		3,223
Series 2020A, Rev., 5.00%, 10/1/2024		1,580		1,825
Series 2020A, Rev., 5.00%, 10/1/2025		975		1,166
Series 2020A, Rev., 5.00%, 10/1/2026		895		1,102
Massachusetts Development Finance Agency, Partners Healthcare System Issue
Series 2017S-5, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 0.45%, 6/10/2021 (b)		10,000		10,006
Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.53%, 6/10/2021 (b)		1,500		1,506

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Massachusetts Development Finance Agency, Suffolk University Issue
Rev., 5.00%, 7/1/2021		500		501
Rev., 5.00%, 7/1/2022		390		410
Rev., 5.00%, 7/1/2024		350		398
Massachusetts Development Finance Agency, Wellforce Issue
Series 2020C, Rev., AGM, 5.00%, 10/1/2021		120		122
Series 2020C, Rev., AGM, 5.00%, 10/1/2022		150		159
Series 2020C, Rev., AGM, 5.00%, 10/1/2023		100		110
Series 2020C, Rev., AGM, 5.00%, 10/1/2024		115		131
Series 2020C, Rev., AGM, 5.00%, 10/1/2025		175		206
Series 2020C, Rev., AGM, 5.00%, 10/1/2026		175		212
Massachusetts Development Finance Agency, Western New England University Issue Rev., 5.00%, 9/1/2021		265		268
Massachusetts Port Authority
Series 2019-A, Rev., AMT, 5.00%, 7/1/2021 (d)		3,000		3,012
Series 2019-A, Rev., AMT, 5.00%, 7/1/2022 (d)		2,500		2,628
Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured
Series 2010A-1, Rev., VRDO, LIQ: Citibank NA, 0.03%, 6/9/2021 (c)		14,200		14,200
Series A, Rev., 5.00%, 1/1/2023 (c)		10,000		10,757
Massachusetts Water Resources Authority Series A-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.04%, 6/9/2021 (c)		30,670		30,670
Merrimack Valley Regional Transit Authority Rev., RAN, 1.50%, 6/25/2021		1,500		1,501
University of Massachusetts Building Authority Project
Rev., 5.00%, 11/1/2024 (d)		9,485		11,012
Series 2015-1, Rev., 5.00%, 11/1/2025 (d)		250		300
Total Massachusetts				161,856
Michigan — 1.9%
City of Charlevoix, Building Authority, Limited Tax
Rev., 4.00%, 10/1/2021		215		218
Rev., 4.00%, 10/1/2022		175		183
Rev., 4.00%, 10/1/2023		110		119
City of Gladstone, Capital Improvement, Limited Tax
GO, AGM, 3.00%, 3/1/2022		250		255
GO, AGM, 3.00%, 3/1/2023		260		272
GO, AGM, 3.00%, 3/1/2024		265		283
GO, AGM, 3.00%, 3/1/2025		275		299
Detroit Downtown Development Authority, Tax Increment, Catalyst Development Project Series 2018A, Rev., AGM, 5.00%, 7/1/2021		500		502
Frankenmuth School District, School Building and Site GO, Q-SBLF, 4.00%, 5/1/2023		200		214
Fulton School District
GO, AGM, 4.00%, 5/1/2025		215		242
GO, AGM, 4.00%, 5/1/2026		220		253
GO, AGM, 4.00%, 5/1/2027		210		247
Grand Rapids Public Schools GO, AGM, 5.00%, 11/1/2021		2,225		2,268
Hopkins Public Schools
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2022		160		165
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2023		365		391
Huron Valley School District, Unlimited Tax
GO, Q-SBLF, 2.00%, 5/1/2022		5,000		5,086
GO, Q-SBLF, 2.00%, 5/1/2023		5,950		6,152
GO, Q-SBLF, 2.00%, 5/1/2024		5,825		6,110
GO, Q-SBLF, 2.00%, 5/1/2025		2,050		2,171
Jackson Public Schools, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2023		605		649
GO, Q-SBLF, 4.00%, 5/1/2024		690		763
Kelloggsville Public Schools, School Building and Site
GO, AGM, 4.00%, 5/1/2022		380		393
Kent Hospital Finance Authority, Spectrum Health System Series 2008B-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.04%, 6/9/2021 (c)		34,040		34,040
Lakeview School District, School Building and Site Series B, GO, VRDO, LIQ: TD Bank NA, 0.03%, 6/9/2021 (c)		8,330		8,330
Leland Public School District
GO, AGM, 4.00%, 5/1/2022		510		527
GO, AGM, 4.00%, 5/1/2023		785		837
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 11/15/2022 (c)		4,165		4,343

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series 2010F-3, Rev., 4.00%, 7/1/2024 (c)		1,000		1,112
Michigan State Housing Development Authority, Single Family Mortgage Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 0.09%, 6/9/2021 (c)		6,895		6,895
Michigan Strategic Fund, Holland Home Obligated Group
Rev., 4.00%, 11/15/2021		180		182
Rev., 4.00%, 11/15/2022		180		186
Rev., 4.00%, 11/15/2023		190		201
South Haven Township and Casco Township, Water and Sewage Treatment Authority, Limited Tax
Rev., 4.00%, 5/1/2022		285		295
Rev., 4.00%, 5/1/2023		480		513
Rev., 4.00%, 5/1/2024		720		792
State of Michigan Rev., GAN, 5.00%, 3/15/2025		12,225		14,329
Waterford School District, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2022		650		673
GO, Q-SBLF, 4.00%, 5/1/2023		1,340		1,437
GO, Q-SBLF, 4.00%, 5/1/2024		1,360		1,504
Wayne County Airport Authority Series G, Rev., 5.00%, 12/1/2024		1,000		1,159
Wayne-Westland Community Schools, Building and Site Unlimited Tax
GO, Q-SBLF, 4.00%, 11/1/2021		785		797
GO, Q-SBLF, 4.00%, 5/1/2022		160		166
GO, Q-SBLF, 5.00%, 11/1/2022		290		310
Total Michigan				105,863
Minnesota — 0.5%
City of Glencoe Series 2018-A, GO, 3.00%, 8/1/2021		80		80
City of Minneapolis and St. Paul Housing and Redevelopment Authority, Health Care, Allina Health System Series 2007C-2, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.04%, 6/9/2021 (c)		6,460		6,460
City of St. Paul Minnesota, Housing and Redevelopment Authority, Alliana Health System Series 2009C, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.04%, 6/9/2021 (c)		10,280		10,280
City of Wayzata, Folkestone Senior Living Community
Rev., 3.00%, 8/1/2022		200		202
Rev., 3.00%, 8/1/2023		100		103
Rev., 3.00%, 8/1/2024		100		104
Duluth Housing and Redevelopment Authority, Public Schools Academy Project
Series 2018-A, Rev., 3.38%, 11/1/2021		330		333
Series 2018-A, Rev., 3.63%, 11/1/2022		345		355
Series 2018-A, Rev., 3.88%, 11/1/2023		325		342
Duluth Independent School District No. 709
Series 2019B, COP, 5.00%, 2/1/2022		160		165
Series 2019C, COP, 5.00%, 2/1/2022		135		139
Series 2019B, COP, 5.00%, 2/1/2023		185		198
Metropolitan Council, Minneapolis St. Paul Metropolitan Area Series 2020C, GO, GAN, 0.38%, 12/1/2022		5,000		5,007
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.
Rev., 3.00%, 12/1/2021		75		76
Rev., 3.00%, 12/1/2022		100		103
Rev., 3.00%, 12/1/2023		100		103
State of Minnesota, Trunk Highway Series B, GO, 5.00%, 8/1/2021		1,765		1,779
Total Minnesota				25,829
Mississippi — 0.3%
City of Tupelo
GO, 4.00%, 12/1/2021		125		127
GO, 4.00%, 12/1/2022		245		259
GO, 4.00%, 12/1/2023		315		344
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		1,544
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series 2010 H, Rev., VRDO, 0.01%, 6/1/2021 (c)		11,335		11,335
Mississippi Development Bank, Rankin County Bond Project Rev., 3.00%, 3/1/2022		100		102

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Mississippi Development Bank, Special Obligation, Biloxi Project Rev., 3.00%, 3/1/2022		175		179
Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project
Series B, Rev., 5.00%, 1/1/2022		320		329
Series B, Rev., 5.00%, 1/1/2023		370		398
Series B, Rev., 5.00%, 1/1/2024		370		411
State of Mississippi, Capital Improvements Project Series 2011A, GO, 5.00%, 10/1/2021 (d)		25		25
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2021		700		710
Total Mississippi				17,564
Missouri — 0.8%
Belton School District No. 124, Belton School District Project COP, AGM, 4.00%, 1/15/2022 (d)		100		102
City of Kansas, Roe Bartle Convention Center Series 2008F, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.04%, 6/9/2021 (c)		4,490		4,490
City of St. Louis, St. Louis Lambert International Airport Series B, Rev., AMT, AGM, 5.00%, 7/1/2021		1,305		1,310
City of St. Peters
COP, 4.00%, 5/1/2022		605		626
COP, 4.00%, 5/1/2023		625		669
COP, 4.00%, 5/1/2024		650		717
COP, 4.00%, 5/1/2025		425		481
County of Greene, Special Obligation
Rev., 4.00%, 12/1/2021		205		209
Rev., 4.00%, 12/1/2022		260		275
Rev., 4.00%, 12/1/2023		520		567
Rev., 4.00%, 12/1/2024		540		605
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		4,000		4,270
County of St. Louis, Special Obligation
Series 2021B, Rev., 5.00%, 12/1/2024		3,595		4,172
Series 2021B, Rev., 5.00%, 12/1/2025		1,885		2,260
Series 2021B, Rev., 5.00%, 12/1/2026		3,955		4,879
Greene County Reorganized School District No. R-8
Series 2019B, GO, 3.00%, 3/1/2022		500		511
Series 2019B, GO, 3.00%, 3/1/2023		595		625
Health and Educational Facilities Authority of the State of Missouri, BJC Health System
Series C, Rev., VRDO, LOC: BJC Health System, 0.03%, 6/9/2021 (c)		1,285		1,285
Series 2021B, Rev., 4.00%, 5/1/2026 (c)		7,500		8,723
Missouri Western State University, Auxiliary System Rev., 2.80%, 10/1/2022		50		50
Nixa Public Schools
Series 2019B, GO, 4.00%, 3/1/2022		175		180
Series 2019B, GO, 5.00%, 3/1/2023		200		217
St. Louis County Special School District
COP, 4.00%, 4/1/2022		395		408
COP, 4.00%, 4/1/2023		410		438
COP, 4.00%, 4/1/2024		605		664
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176, Rev., VRDO, LOC: Royal Bank of Canada, 0.18%, 6/9/2021 (c) (e)		8,200		8,200
Total Missouri				46,933
Montana — 0.1%
Montana State Board of Regents, Montana State University Series F, Rev., (SIFMA Municipal Swap Index Yield + 0.45%), 0.48%, 6/10/2021 (b)		3,130		3,140
				—
Nebraska — 0.1%
City of Omaha, Special Tax Series A, Rev., 5.00%, 1/15/2022		125		129
County of Saunders
GO, 1.00%, 11/1/2021		100		100
GO, 2.00%, 11/1/2022		300		308
GO, 3.00%, 11/1/2023		325		345
GO, 3.00%, 11/1/2024		415		450
County of Washington, Wastewater and Solid Waste Disposal Facilities, Cargill Incorporated Projects Rev., AMT, 0.90%, 9/1/2025 (c)		6,800		6,872
Total Nebraska				8,204
Nevada — 0.6%
City of Carson, Carson Tahoe Regional Healthcare Project Rev., 5.00%, 9/1/2027		610		754

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024(e)		595		603
Clark County School District, Limited Tax Series C, GO, 5.00%, 6/15/2023		2,000		2,191
County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien Series D-3, Rev., VRDO, LIQ: Bank of America NA, 0.04%, 6/9/2021 (c)		4,435		4,435
County of Humboldt, Sierra Pacific Power Company Project Series 2016B, Rev., 1.85%, 4/15/2022 (c)		4,550		4,612
County of Washoe, Water Facilities Bonds, Sierra Pacific Power Company Project
Rev., AMT, 0.62%, 4/15/2022 (c)		4,000		4,011
Series 2016G, Rev., 1.85%, 4/15/2022 (c)		5,000		5,069
Las Vegas Valley Water District Series 2011C, GO, 5.00%, 6/1/2021		235		235
State of Nevada Department of Business and Industry, Brightline West Passenger Rail Project Rev., AMT, 0.50%, 7/1/2021 (c) (e)		10,000		10,000
Total Nevada				31,910
New Jersey — 3.8%
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project
Series 2021A, Rev., AGM, 5.00%, 7/1/2024		75		85
Series 2021A, Rev., AGM, 5.00%, 7/1/2025		100		118
Series 2021A, Rev., AGM, 5.00%, 7/1/2026		100		121
Borough of Paramus GO, BAN, 2.00%, 10/15/2021		7,510		7,559
Borough of Stone Harbor GO, BAN, 1.25%, 10/29/2021		16,255		16,315
Burlington County Bridge Commission, Governmental Leasing Program Series 2020C-1 & C-2, Rev., 2.00%, 11/11/2021		20,000		20,167
City of Newark
Series 2020A, GO, 5.00%, 10/1/2021		110		112
Series 2020B, GO, 5.00%, 10/1/2021		250		254
Series 2020A, GO, 5.00%, 10/1/2022		750		791
Series 2020B, GO, 5.00%, 10/1/2022		500		527
Series 2020A, GO, AGM, 5.00%, 10/1/2023		1,000		1,100
Series 2020B, GO, AGM, 5.00%, 10/1/2023		525		578
Series 2020A, GO, AGM, 5.00%, 10/1/2024		1,000		1,138
Series 2020B, GO, AGM, 5.00%, 10/1/2024		650		740
Series 2020A, GO, AGM, 5.00%, 10/1/2025		850		998
Series 2020B, GO, AGM, 5.00%, 10/1/2025		595		699
Series 2020A, GO, AGM, 5.00%, 10/1/2026		750		905
Cumberland County Improvement Authority (The), Vineland Public Safety Building Project Rev., 5.00%, 12/15/2021		340		349
East Brunswick Township Board of Education, School Energy Savings
GO, 5.00%, 8/1/2021		55		55
GO, 5.00%, 8/1/2022		110		117
Jersey City Municipal Utilities Authority, Water Project Notes Rev., 3.00%, 7/1/2022		16,000		16,460
Monmouth County Improvement Authority (The), Governmental Pooled Loan Project Series 2020A, Rev., GTD, 2.00%, 7/12/2021		6,900		6,915
New Brunswick Parking Authority, Tax-Exempt
Series 2020B, Rev., GTD, 5.00%, 9/1/2021		70		71
Series 2020B, Rev., GTD, 5.00%, 9/1/2022		350		370
Series 2020B, Rev., GTD, 5.00%, 9/1/2023		335		369
Series 2020B, Rev., GTD, 5.00%, 9/1/2024		425		486
Series 2020B, Rev., GTD, 5.00%, 9/1/2025		425		502
Series 2020A, Rev., GTD, 5.00%, 9/1/2026		500		606
New Jersey Economic Development Authority, School Facilities Construction
Series XX, Rev., 5.00%, 6/15/2021		5,000		5,008
Rev., 5.00%, 6/15/2022		100		105
Rev., 5.00%, 6/15/2023		110		121
Rev., 5.00%, 6/15/2024		300		342
Rev., 5.00%, 6/15/2025		550		646
Rev., 5.00%, 6/15/2026		555		670

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
New Jersey Educational Facilities Authority, The William Paterson University Series C, Rev., 5.00%, 7/1/2021		150		151
New Jersey Transportation Trust Fund Authority
Series 2021A, Rev., 5.00%, 6/15/2025		2,750		3,231
Series 2021A, Rev., 5.00%, 6/15/2026		2,500		3,018
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2021		6,000		6,011
New Jersey Turnpike Authority Series D, Rev., 5.00%, 1/1/2028		7,000		8,500
Passaic County Improvement Authority (The), City of Paterson Project Rev., GTD, 5.00%, 8/15/2026		350		429
Passaic Valley Sewerage Commissioners, Sewer System
Series J, Rev., AGM, 3.00%, 12/1/2025		1,825		2,008
Series J, Rev., AGM, 3.00%, 12/1/2026		6,285		7,004
State of New Jersey, COVID-19 Emergency Bonds
GO, 4.00%, 6/1/2023		21,380		22,974
GO, 5.00%, 6/1/2024		26,250		29,859
GO, 5.00%, 6/1/2025		12,670		14,902
Township of Chatham GO, BAN, 1.50%, 4/8/2022		11,475		11,607
Township of Maplewood, General Improvement GO, 4.00%, 8/15/2021		25		25
Township of West Milford GO, BAN, 1.25%, 9/17/2021		18,738		18,792
Total New Jersey				213,910
New Mexico — 0.2%
City of Rio Rancho, Water and Wastewater System Rev., 5.00%, 5/15/2022		1,250		1,308
City of Santa Fe, El Castillo Retirement Residences Project Series 2019B-2, Rev., 2.25%, 5/15/2024		600		603
County of Sandoval
GO, 5.00%, 8/1/2021		535		539
GO, 5.00%, 8/1/2022		560		592
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		1,526
Series C, Rev., 2.38%, 7/1/2024		1,525		1,526
University of New Mexico (The), Subordinate Lien System Improvement Series 2002B, Rev., VRDO, LIQ: U.S. Bank NA, 0.04%, 6/9/2021 (c)		2,360		2,360
University of New Mexico, Gallup Branch Community College District GO, 2.00%, 10/15/2022		1,500		1,501
Total New Mexico				9,955
New York — 26.2%
Albany City School District Series 2021A, GO, BAN, 3.00%, 3/25/2022		46,605		47,666
Amityville Union Free School District
GO, TAN, 1.25%, 6/18/2021		17,500		17,509
Series 2020B, GO, BAN, 1.25%, 6/18/2021		12,987		12,992
GO, BAN, 4.00%, 6/18/2021		275		275
Ardsley Union Free School District GO, BAN, 1.25%, 2/11/2022		2,694		2,714
Battery Park City Authority
Series 2019D-1, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 6/9/2021 (c)		14,855		14,855
Series 2019D-2, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 6/9/2021 (c)		935		935
Bay Shore Union Free School District GO, TAN, 1.25%, 6/25/2021		40,000		40,026
Broome County Local Development Corp., United Health Services Hospitals, Inc., Project
Rev., AGM, 5.00%, 4/1/2024		500		564
Rev., AGM, 5.00%, 4/1/2025		500		584
Rev., AGM, 5.00%, 4/1/2026		500		602
Cazenovia Central School District GO, BAN, 1.25%, 7/16/2021		13,000		13,014
Central Islip Union Free School District GO, TAN, 1.25%, 6/25/2021		24,000		24,016
Central Square Central School District GO, BAN, 1.25%, 11/19/2021		11,995		12,053
Cheektowaga Central School District GO, BAN, 1.25%, 11/19/2021		15,400		15,472
Chittenango Central School District Series 2020A, GO, BAN, 1.25%, 6/25/2021		13,400		13,407
City of Jamestown, Public Improvement
GO, 5.00%, 6/1/2021		475		475
GO, 5.00%, 6/1/2022		500		524
GO, 5.00%, 6/1/2023		525		574
GO, 5.00%, 6/1/2024		545		617
City of New York Subseries B-3, GO, VRDO, LIQ: TD Bank NA, 0.04%, 6/9/2021 (c)		10,520		10,520

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of New York, Fiscal Year 2012 Series A, Subseries A-4, GO, VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.04%, 6/9/2021 (c)		2,300		2,300
City of New York, Fiscal Year 2014 Series D, Subseries D-4, GO, VRDO, LIQ: TD Bank NA, 0.01%, 6/1/2021 (c)		6,100		6,100
City of New York, Fiscal Year 2020 Series 2020-1, GO, 5.00%, 8/1/2026		1,300		1,593
City of New York, Fiscal Year 2021 Series A, Subseries A-1, GO, 5.00%, 8/1/2024		15,000		17,201
City of Rochester Series 2021-I, GO, BAN, 1.50%, 3/3/2022		41,355		41,764
City of Yonkers GO, RAN, 2.00%, 6/30/2021		45,000		45,057
Cold Spring Harbor Central School District GO, TAN, 1.25%, 6/25/2021		9,000		9,006
Commack Union Free School District GO, TAN, 1.25%, 6/25/2021		36,000		36,024
Connetquot Central School District of Islip GO, TAN, 1.25%, 6/25/2021		24,500		24,516
Copenhagen Central School District GO, BAN, 2.00%, 7/9/2021		5,700		5,709
County of Erie GO, RAN, 3.00%, 6/24/2021		5,000		5,009
County of Suffolk, Longwood Central School District
GO, 5.00%, 6/15/2021		300		301
GO, TAN, 2.00%, 6/25/2021		11,000		11,012
East Islip Union Free School District
GO, TAN, 1.25%, 6/29/2021		19,000		19,015
Series 2020A, GO, BAN, 1.25%, 6/29/2021		7,487		7,492
Series 2020B, GO, BAN, 1.25%, 7/1/2021		12,860		12,870
Elwood Union Free School District GO, TAN, 1.25%, 6/25/2021		14,000		14,008
Floral Park-Bellerose Union Free School District
GO, 5.00%, 12/1/2021		450		461
GO, 5.00%, 12/1/2022		475		510
GO, 5.00%, 12/1/2023		495		554
GO, 5.00%, 12/1/2024		525		611
GO, 5.00%, 12/1/2025		550		664
Forestville Central School District Series 2020B, GO, BAN, 2.00%, 6/17/2021		3,061		3,063
Franklinville Central School District GO, BAN, 1.25%, 7/23/2021		5,100		5,106
Frewsburg Central School District GO, BAN, 1.25%, 7/13/2021		6,177		6,182
Guilderland Central School District Series 2020C, GO, BAN, 1.25%, 7/30/2021		17,500		17,526
Hampton Bays Union Free School District GO, TAN, 2.00%, 6/24/2021		11,000		11,012
Hauppauge Union Free School District GO, TAN, 1.25%, 6/25/2021		32,000		32,021
Hempstead Town Local Development Corp., Adelphi University Project
Rev., 4.00%, 2/1/2022		50		51
Rev., 4.00%, 2/1/2023		100		106
Rev., 4.00%, 2/1/2024		200		218
Hempstead Union Free School District
GO, RAN, 1.50%, 6/30/2021		39,000		39,039
GO, BAN, 1.50%, 7/14/2021		25,900		25,938
Horseheads Central School District GO, BAN, 1.00%, 6/24/2021		61,695		61,722
Kinderhook Central School District GO, BAN, 1.25%, 7/23/2021		14,500		14,518
Long Island Power Authority, Electric System
Rev., 1.00%, 9/1/2025		25,000		25,281
Series 2020A, Rev., 5.00%, 9/1/2026		680		835
Maine-Endwell Central School District GO, RAN, 1.25%, 7/28/2021		8,000		8,012
Manchester-Shortsville Central School District GO, BAN, 1.25%, 6/29/2021		9,925		9,931
Marcellus Central School District GO, BAN, 2.00%, 7/16/2021		8,000		8,016
Mattituck-Cutchogue Union Free School District GO, TAN, 2.00%, 6/25/2021		8,500		8,510
Metropolitan Transportation Authority, Dedicated Tax Fund Series 2019A, Rev., BAN, 5.00%, 3/1/2022		20,500		21,233
Middleburgh Central School District GO, BAN, 1.25%, 7/16/2021		10,620		10,631
Morrisville-Eaton Central School District Series 2020B, GO, BAN, 1.50%, 6/25/2021		8,508		8,515
Mount Vernon City School District
GO, 5.00%, 12/1/2021		885		906
GO, 5.00%, 12/1/2022		1,965		2,100
New York City Housing Development Corp., Multi-Family Mortgage, West 26th Street Development Series 2011B, Rev., VRDO, 0.03%, 6/9/2021 (c)		2,570		2,570
New York City Industrial Development Agency, Queens Baseball Stadium Project
Rev., AGM, 5.00%, 1/1/2024		1,000		1,121
Rev., AGM, 5.00%, 1/1/2025		2,000		2,324
Rev., AGM, 5.00%, 1/1/2026		1,000		1,197
Rev., AGM, 5.00%, 1/1/2027		1,000		1,232

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Series 21-A, Rev., 5.00%, 11/1/2021		46,070		47,006
New York City Water and Sewer System, Fiscal Year 2003 Subseries F1B, Rev., VRDO, LIQ: U.S. Bank NA, 0.03%, 6/9/2021 (c)		150		150
New York City Water and Sewer System, Second General Resolution Series BB-1A, Rev., VRDO, LIQ: State Street Bank & Trust, 0.01%, 6/1/2021 (c)		14,600		14,600
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2008 Subseries BB-1, Rev., VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.02%, 6/9/2021 (c)		11,390		11,390
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2011 Series DD-1, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 6/1/2021 (c)		11,200		11,200
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series 2015BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.03%, 6/9/2021 (c)		5,680		5,680
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2018 Series 2018CC-2, Rev., 5.00%, 6/15/2025		4,420		4,956
New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023		920		1,013
New York State Dormitory Authority, School Districts Financing Program Series 2019A, Rev., 5.00%, 10/1/2022		7,490		7,972
New York State Dormitory Authority, St. John’s University
Series 2021A, Rev., 4.00%, 7/1/2022		1,500		1,565
Series 2021A, Rev., 5.00%, 7/1/2025		750		885
New York State Dormitory Authority, State Sales Tax Series 2018C, Rev., 5.00%, 3/15/2025		400		469
New York State Housing Finance Agency, 330 West 39th Street Housing Series A, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 0.06%, 6/9/2021 (c)		46,100		46,100
New York State Housing Finance Agency, 8 East 102nd Street Housing Series 2010A, Rev., VRDO, LIQ: TD Bank NA, 0.04%, 6/9/2021 (c)		40,445		40,445
New York State Housing Finance Agency, Service Contract Series 2003A-1, Rev., VRDO, LIQ: Bank of America NA, 0.10%, 6/9/2021 (c)		120		120
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		15,031
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt
Rev., 5.00%, 12/1/2021		1,000		1,023
Rev., 5.00%, 12/1/2022		750		803
Rev., 5.00%, 12/1/2023		800		891
Rev., 5.00%, 12/1/2024		800		923
Rev., 5.00%, 12/1/2025		500		596
Rev., 5.00%, 12/1/2026		750		920
Niagara Falls City School District Series 2020B, GO, BAN, 1.25%, 7/9/2021		29,000		29,026
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport Series 2019A, Rev., AMT, 5.00%, 4/1/2022		845		877
Niagara-Wheatfield Central School District GO, BAN, 2.00%, 6/29/2021		10,000		10,013
North Babylon Union Free School District GO, TAN, 1.25%, 6/24/2021		14,700		14,709
North Collins Central School District GO, BAN, 2.00%, 6/25/2021		7,880		7,887
North Shore Central School District GO, TAN, 1.25%, 6/24/2021		9,000		9,006
Palmyra Macedon Central School District GO, BAN, 1.25%, 7/20/2021		12,500		12,514
Patchogue-Medford Union Free School District GO, TAN, 3.00%, 6/25/2021		5,000		5,009
Penfield Central School District GO, BAN, 1.25%, 6/29/2021		9,000		9,007
Penn Yan Central School District Series 2020B, GO, BAN, 1.25%, 7/16/2021		13,183		13,196
Plattsburgh City School District GO, BAN, 1.25%, 7/30/2021		5,500		5,508

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Port Authority of New York & New Jersey Series 207, Rev., AMT, 5.00%, 9/15/2023		10,000		11,066
Putnam Valley Central School District Series 2020B, GO, BAN, 1.25%, 7/16/2021		14,185		14,201
Rhinebeck Central School District GO, BAN, 1.25%, 6/25/2021		12,152		12,157
Rondout Valley Central School District Accord GO, BAN, 2.00%, 6/30/2021		12,000		12,016
Roosevelt Union Free School District GO, TAN, 1.00%, 6/25/2021		4,000		4,001
Sachem Central School District GO, TAN, 1.25%, 6/24/2021		50,000		50,033
Schenectady City School District GO, BAN, 1.25%, 10/22/2021		31,755		31,889
Scotia-Glenville Central School District GO, BAN, 1.25%, 6/30/2021		14,000		14,010
Seaford Union Free School District GO, TAN, 1.25%, 6/24/2021		5,000		5,003
Silver Creek Central School District GO, BAN, 1.25%, 6/30/2021		14,825		14,837
South Jefferson Central School District GO, BAN, 2.00%, 6/30/2021		8,530		8,542
Town of Oyster Bay, Public Improvement
GO, 2.00%, 11/1/2021		415		418
GO, 4.00%, 11/1/2022		410		430
GO, 4.00%, 11/1/2023		1,000		1,087
GO, 4.00%, 11/1/2024		950		1,064
GO, 4.00%, 11/1/2025		495		569
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Series 2005A, Rev., VRDO, LIQ: Barclays Bank plc, 0.04%, 6/9/2021 (c)		21,445		21,445
Series 2021A-2, Rev., 2.00%, 5/15/2026 (c)		16,000		17,099
Trust for Cultural Resources of The City of New York (The), American Museum of Natural History Series 2014B-2, Rev., VRDO, 0.08%, 6/10/2021 (c)		8,000		8,000
Unadilla Valley Central School District GO, BAN, 2.00%, 7/9/2021		8,700		8,715
Watertown Enlarged City School District GO, BAN, 1.50%, 6/29/2021		10,598		10,608
Watervliet City School District GO, BAN, 1.25%, 4/27/2022		10,000		10,094
Webster Central School District GO, BAN, 1.00%, 6/30/2021		23,539		23,551
Wheatland Chili Central School District GO, BAN, 1.25%, 6/23/2021		9,080		9,083
Williamson Central School District GO, BAN, 1.25%, 7/16/2021		10,097		10,107
Wyandanch Union Free School District GO, TAN, 1.25%, 6/25/2021		15,000		15,008
Yorkshire-Pioneer Central School District GO, BAN, 1.25%, 6/29/2021		9,303		9,310
Total New York				1,474,920
North Carolina  —  4.0%
Buncombe County Metropolitan Sewerage District Series A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.03%, 6/9/2021 (c)		21,840		21,840
City of Charlotte, 2003 Governmental Facilities Projects Series 2013G, COP, VRDO, LOC: Wells Fargo Bank NA, 0.03%, 6/9/2021 (c)		48,205		48,205
City of Charlotte, Water & Sewer System Series B, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.03%, 6/9/2021 (c)		25,950		25,950
City of Raleigh, Downtown Improvement Project Series 2005-B-1, COP, VRDO, LIQ: PNC Bank NA, 0.05%, 6/9/2021 (c)		23,300		23,300
City of Raleigh, Limited Obligation Series 2016A, Rev., VRDO, LIQ: PNC Bank NA, 0.05%, 6/9/2021 (c)		8,115		8,115
Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project
Series 2019A, Rev., 2.00%, 10/1/2024 (c)		825		864
Series 2019B, Rev., 2.00%, 10/1/2024 (c)		825		864
Series 2020A, Rev., 1.37%, 6/16/2025 (c)		1,780		1,832
County of Buncombe, Limited Obligation Series 2014A, Rev., 5.00%, 6/1/2021		20		20
County of Harnett, Limited Obligation
Rev., 3.00%, 12/1/2021		2,015		2,044
Rev., 4.00%, 12/1/2022		1,700		1,798
Rev., 4.00%, 12/1/2023		1,650		1,804
Rev., 4.00%, 12/1/2024		1,000		1,125
Rev., 5.00%, 12/1/2025		1,000		1,199
North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (c)		2,840		3,418

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
North Carolina Medical Care Commission, Moses Cone Health System Series 2001A, Rev., VRDO, LIQ: BMO Harris Bank NA, 0.04%, 6/9/2021 (c)		26,170		26,170
North Carolina Turnpike Authority, Triangle Expressway System Rev., BAN, 5.00%, 2/1/2024		39,700		44,527
State of North Carolina, Build NC Programs, Limited Obligation Series 2020B, Rev., 5.00%, 5/1/2022		7,000		7,314
University of North Carolina, Hospital at Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.46%, 7/1/2021 (b)		3,750		3,758
Total North Carolina				224,147
North Dakota — 0.1%
County of Burleigh, St. Alexius Medical Center Project Series 2014A, Rev., 5.00%, 7/1/2021 (d)		3,895		3,909
Total North Dakota				3,909
Ohio — 4.2%
Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		125		127
American Municipal Power, Inc., Prairie State Energy Campus Project Series 2019A, Rev., 2.30%, 2/15/2022 (c)		10,000		10,041
City of Akron, Various Purpose
GO, 2.00%, 12/1/2022		565		579
GO, 2.00%, 12/1/2023		485		504
City of Centerville, Graceworks Lutheran Services Rev., 5.00%, 11/1/2021		285		288
City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements Series 2018A, Rev., 5.00%, 10/1/2022		265		282
City of Elyria, Limited Tax
Series 2019-2, GO, 4.00%, 12/1/2021		1,010		1,029
Series 2019-2, GO, 4.00%, 12/1/2022		935		988
City of Lakewood, Income Tax Rev., 0.75%, 3/22/2022		5,000		5,025
City of Lorain, Limited Tax
Series 2020A, GO, 4.00%, 12/1/2021		220		224
Series 2020A, GO, 4.00%, 12/1/2022		280		294
Series 2020A, GO, 4.00%, 12/1/2023		300		326
Series 2020A, GO, 4.00%, 12/1/2024		250		278
City of Toledo, Limited Tax, Capital Improvement
GO, AGM, 5.00%, 12/1/2021		1,275		1,306
GO, AGM, 5.00%, 12/1/2022		1,305		1,400
City of Whitehall, Nontax Rev., 1.00%, 12/8/2021		3,810		3,823
Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project
Rev., 5.00%, 7/1/2025		100		117
Rev., 5.00%, 7/1/2026		125		150
County of Allen, Hospital Facilities, Catholic Health Partners Series 2012B, Rev., VRDO, 0.05%, 6/9/2021 (c)		50,865		50,865
County of Allen, Hospital Facilities, Mercy Health Series B, Rev., 5.00%, 5/5/2022 (c)		2,000		2,087
County of Franklin, Hospital Facilities, OhioHealth Corp.
Series 2011C, Rev., VRDO, 0.02%, 6/9/2021 (c)		200		200
Series 2009A, Rev., VRDO, LIQ: Barclays Bank plc, 0.03%, 6/9/2021 (c)		38,030		38,030
Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 0.46%, 6/10/2021 (b)		5,000		5,001
County of Ross, Adena Health System Obligated Group Project
Rev., 5.00%, 12/1/2021		335		343
Rev., 5.00%, 12/1/2022		355		380
Rev., 5.00%, 12/1/2023		490		543
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series 2016A, Rev., 5.00%, 7/1/2021		50		50
Euclid City School District
COP, 4.00%, 12/1/2023		70		76
COP, 4.00%, 12/1/2024		180		201
Lancaster Port Authority, Gas Supply Series 2019A, Rev., LOC: Royal Bank of Canada, 5.00%, 2/1/2025 (c)		5,000		5,788
Ohio Housing Finance Agency, Carnegie Tower Project Rev., FHA, 0.35%, 10/1/2022 (c)		10,200		10,227
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2016A, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 6/9/2021 (c)		73,645		73,645

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects Series 2020B, Rev., VRDO, 0.02%, 6/9/2021 (c)		12,000		12,000
State of Ohio, Infrastructure Improvement Series A, GO, VRDO, LIQ: TD Bank NA, 0.04%, 6/9/2021 (c)		1,985		1,985
State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 0.15%, 6/9/2021 (c)		8,250		8,250
Village of Obetz, Various Purpose Rev., 5.00%, 12/1/2021		125		128
Zanesville City School District, Unlimited Tax GO, 4.00%, 12/1/2021		595		606
Total Ohio				237,186
Oklahoma — 0.3%
Bryan County School Finance Authority, Durant Public Schools Project
Rev., 4.00%, 12/1/2021		140		143
Rev., 4.00%, 12/1/2022		190		200
Rev., 4.00%, 12/1/2023		155		169
Rev., 4.00%, 12/1/2024		165		184
City of Moore GO, 1.25%, 4/1/2022		1,550		1,563
Cleveland County Educational Facilities Authority, Lexington Public Schools Project
Rev., 4.00%, 9/1/2021		150		151
Rev., 4.00%, 9/1/2022		125		131
Rev., 4.00%, 9/1/2023		270		291
Custer County Economic Development Authority, Thomas Fay Public Schools
Rev., 4.00%, 12/1/2021		410		417
Rev., 4.00%, 12/1/2023		450		487
Elk City Industrial Authority, Sales Tax 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		740
Rev., 3.00%, 3/1/2023		730		763
Garvin County Educational Facilities Authority, Pernell Public Schools Project
Rev., 4.00%, 9/1/2021		125		126
Rev., 4.00%, 9/1/2022		135		141
Rev., 4.00%, 9/1/2023		110		119
Rev., 4.00%, 9/1/2024		160		177
Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project
Rev., 4.00%, 9/1/2021		250		252
Rev., 4.00%, 9/1/2022		200		209
Rev., 4.00%, 9/1/2023		300		325
Rev., 4.00%, 9/1/2024		245		271
Kingfisher County Educational Facilities Authority, Lomega Public Schools Project
Rev., 3.00%, 3/1/2022		165		168
Rev., 3.00%, 3/1/2023		385		402
Rev., 3.00%, 3/1/2024		270		289
Muskogee Industrial Trust, Muskogee Public Schools Project Rev., 5.00%, 9/1/2023		900		985
Oklahoma Development Finance Authority, Gilcrease Expressway West Project Rev., AMT, 1.63%, 7/6/2023		4,885		4,908
Oklahoma Housing Finance Agency, Central Oklahoma Portfolio Rev., 0.28%, 8/1/2022 (c)		2,500		2,504
Tulsa County Industrial Authority, Sand Springs Public Schools Project
Rev., 5.00%, 9/1/2021		325		329
Rev., 2.00%, 9/1/2022		125		128
Rev., 4.00%, 9/1/2023		175		187
Rev., 4.00%, 9/1/2024		435		478
Wagoner County School Development Authority, Wagoner Public Schools Project
Rev., 4.00%, 9/1/2021		225		227
Rev., 4.00%, 9/1/2023		525		562
Total Oklahoma				18,170
Oregon — 0.2%
County of Washington GO, 5.00%, 6/1/2021		1,875		1,875
County of Yamhill, Linfield University Project
Rev., 4.00%, 10/1/2021		165		167
Rev., 4.00%, 10/1/2022		250		261
Rev., 4.00%, 10/1/2023		435		467
Rev., 4.00%, 10/1/2024		425		468
Oregon State Facilities Authority, Linfield College Project Series 2015A, Rev., 5.00%, 10/1/2025 (d)		1,000		1,183
Salem-Keizer School District No. 24J
GO, 4.00%, 6/15/2021		175		175
GO, 5.00%, 6/15/2021		500		501
State of Oregon, Housing and Community Services Department Sha Rad Group II Apartment Projects Rev., 1.45%, 6/1/2022 (c)		3,350		3,396
State of Oregon, Variable Rate Veterans Welfare Bonds Series 2015P, GO, VRDO, LIQ: U.S. Bank NA, 0.03%, 6/9/2021 (c)		3,500		3,500
Total Oregon				11,993
Pennsylvania — 5.8%
Allegheny County Sanitary Authority, Sewer
Series 2020B, Rev., 3.00%, 6/1/2022		250		257

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2020A, Rev., 4.00%, 6/1/2024		300		332
Series 2020A, Rev., 4.00%, 6/1/2025		150		170
Series 2020B, Rev., 4.00%, 6/1/2025		210		239
Series 2020A, Rev., 5.00%, 6/1/2026		425		514
Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (e)		200		215
Ambridge Borough Water Authority
Rev., 4.00%, 11/15/2021		160		163
Rev., 4.00%, 11/15/2022		175		184
Rev., 4.00%, 11/15/2023		175		190
Apollo-Ridge School District
Series 2019A, GO, 2.00%, 9/1/2022		375		383
Series 2019A, GO, 4.00%, 9/1/2023		385		415
Series 2019A, GO, 4.00%, 9/1/2024		450		498
Armstrong School District
Series A, GO, 3.00%, 3/15/2022		235		240
Series B, GO, 3.00%, 3/15/2022		300		306
Series A, GO, 3.00%, 3/15/2023		240		251
Series B, GO, 3.00%, 3/15/2023		400		418
Berks County Municipal Authority (The), Tower Health Project
Series 2020A, Rev., 5.00%, 2/1/2022		500		509
Series 2020A, Rev., 5.00%, 2/1/2023		1,300		1,353
Series 2020A, Rev., 5.00%, 2/1/2024		425		451
Series 2020A, Rev., 5.00%, 2/1/2025		600		645
Series 2020A, Rev., 5.00%, 2/1/2026		1,015		1,104
Bethlehem Area School District GO, 5.00%, 10/15/2021		13,155		13,387
Big Beaver Falls Area School District, Unlimited Tax
GO, 4.00%, 3/15/2022		1,155		1,187
GO, 5.00%, 3/15/2023		1,200		1,293
Burgettstown Area School District
Series A, GO, 3.00%, 3/15/2022		100		102
Series A, GO, 4.00%, 3/15/2023		200		211
Carmichaels Area School District, Limited Tax
GO, 4.00%, 9/1/2022		190		197
GO, 4.00%, 9/1/2023		150		162
Charleroi Borough Authority Water System
Rev., AGM, 4.00%, 12/1/2021		225		229
Rev., AGM, 4.00%, 12/1/2022		165		174
Rev., AGM, 4.00%, 12/1/2023		225		245
Chester County Health and Education Facilities Authority, Main Line Health System
Series 2020A, Rev., 3.00%, 9/1/2023		230		245
Series 2020A, Rev., 3.00%, 9/1/2024		215		234
Series 2020A, Rev., 5.00%, 9/1/2025		250		297
City of Altoona, Guaranteed Sewer
GO, AGM, 5.00%, 12/1/2021		265		271
GO, AGM, 5.00%, 12/1/2022		200		214
GO, AGM, 5.00%, 12/1/2023		300		334
City of Lebanon Authority, Green Bond
Rev., 4.00%, 12/15/2021		240		245
Rev., 4.00%, 12/15/2022		275		291
Rev., 4.00%, 12/15/2023		360		392
City of Philadelphia
Series 2012A, GO, 5.00%, 9/15/2021		45		46
Series 2019A, GO, 5.00%, 8/1/2022		4,755		5,023
Series 2017A, GO, 5.00%, 8/1/2026		6,030		7,348
City of Philadelphia, Airport System
Series 2020A, Rev., 5.00%, 7/1/2024		1,480		1,687
Series 2020A, Rev., 5.00%, 7/1/2025		1,550		1,827
Series 2020A, Rev., 5.00%, 7/1/2026		1,160		1,408
City of Philadelphia, Water and Wastewater Rev., 5.00%, 11/1/2022 (d)		1,465		1,565
City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2026		300		365
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2021		535		535
Conewago Valley School District Series 2013A, GO, 2.00%, 9/1/2022		570		571
Connellsville Area School District
Series A, GO, AGM, 2.00%, 5/15/2022		70		71
Series A, GO, AGM, 2.00%, 5/15/2023		70		72
Cornell School District
GO, AGM, 2.00%, 9/1/2021		200		201
GO, AGM, 4.00%, 9/1/2022		200		209
County of Armstrong
GO, AGM, 3.00%, 6/1/2021		370		370

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series A, GO, 4.00%, 6/1/2021		230		230
GO, AGM, 4.00%, 6/1/2022		380		395
Series A, GO, 4.00%, 6/1/2022		430		447
GO, AGM, 4.00%, 6/1/2023		225		241
Series A, GO, 5.00%, 6/1/2023		225		245
GO, AGM, 4.00%, 6/1/2024		230		254
GO, AGM, 4.00%, 6/1/2025		240		272
County of Lackawanna
Series 2020A, GO, 4.00%, 3/15/2022		200		206
Series 2020B, GO, 4.00%, 9/1/2022		135		141
Series 2020A, GO, 4.00%, 3/15/2023		200		213
Series 2020B, GO, 4.00%, 9/1/2023		305		329
Series 2020A, GO, 4.00%, 3/15/2024		300		329
Series 2020B, GO, 4.00%, 9/1/2024		680		754
Series 2020A, GO, 4.00%, 3/15/2025		300		337
Series 2020B, GO, 4.00%, 9/1/2025		685		777
Series 2020B, GO, 4.00%, 9/1/2026		1,445		1,675
County of Somerset
GO, 2.00%, 10/1/2021		285		287
GO, 2.00%, 10/1/2022		340		347
GO, 2.00%, 10/1/2023		335		347
GO, 2.00%, 10/1/2024		300		314
County of York Series 2020A, GO, 5.00%, 6/1/2026		1,305		1,585
Dallas School District
GO, AGM, 4.00%, 10/15/2021		275		278
GO, AGM, 4.00%, 10/15/2022		300		313
GO, AGM, 5.00%, 10/15/2023		175		192
GO, AGM, 5.00%, 10/15/2024		325		370
East Stroudsburg Area School District GO, 3.00%, 9/1/2026		2,805		3,138
Emmaus General Authority Rev., VRDO, AGM, LIQ: Wells Fargo Bank NA, 0.03%, 6/9/2021 (c)		4,990		4,990
Iroquois School District
GO, 4.00%, 10/1/2021		300		304
GO, 4.00%, 10/1/2022		390		408
GO, 4.00%, 10/1/2023		200		217
Juniata County School District GO, AGM, 5.00%, 11/15/2021		185		189
Lackawanna County Industrial Development Authority, University of Scranton Rev., 5.00%, 11/1/2021		1,000		1,019
Lycoming County Water and Sewer Authority
Rev., AGM, 4.00%, 11/15/2021		245		249
Rev., AGM, 4.00%, 11/15/2022		200		210
Rev., AGM, 4.00%, 11/15/2023		150		163
Mars Area School District
Series 2019B, GO, AGM, 5.00%, 9/1/2021		120		121
Series 2019B, GO, AGM, 5.00%, 9/1/2023		115		127
Middletown Township Sewer Authority
Rev., GTD, 4.00%, 10/1/2021		330		334
Rev., GTD, 4.00%, 10/1/2022		265		278
Rev., GTD, 4.00%, 10/1/2023		210		228
Montgomery County Higher Education and Health Authority, Arcadia University
Rev., 5.00%, 4/1/2022		300		310
Rev., 5.00%, 4/1/2023		300		322
Rev., 5.00%, 4/1/2024		300		334
Rev., 5.00%, 4/1/2025		250		286
Rev., 5.00%, 4/1/2026		165		194
Montgomery County Industrial Development Authority, Meadowood Senior Living Project Series A, Rev., 3.00%, 12/1/2021		250		252
Montour School District GO, 3.00%, 10/1/2023		200		212
Muncy School District GO, 4.00%, 5/15/2023		345		370
Municipality of Norristown Series 2020A, GO, 4.00%, 5/1/2023		6,000		6,204
Municipality of Penn Hills
Series A, GO, 3.00%, 12/1/2021		340		344
Series A, GO, 3.00%, 12/1/2022		345		358
Series A, GO, 3.00%, 12/1/2023		305		325
Neshannock Township School District
Series 2019AA, GO, 4.00%, 9/1/2021		100		101
Series 2019AA, GO, 4.00%, 9/1/2022		150		157
Series 2019AA, GO, 4.00%, 9/1/2023		200		216
New Castle Area School District
GO, 3.00%, 3/1/2022		610		621
GO, 3.00%, 3/1/2023		1,000		1,040

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
GO, 4.00%, 3/1/2024		240		261
Northeast Bradford School District
GO, AGM, 2.00%, 6/1/2021		150		150
GO, AGM, 2.00%, 6/1/2022		320		325
GO, AGM, 3.00%, 6/1/2023		330		348
Northwestern Lehigh School District GO, 5.00%, 2/15/2023		680		733
Penn Hills School District
GO, 3.00%, 10/1/2022		1,725		1,788
GO, 4.00%, 10/1/2023		1,790		1,934
GO, 4.00%, 10/1/2024		1,855		2,058
GO, 5.00%, 10/1/2025		4,615		5,426
Pennsylvania Economic Development Financing Authority, Exempt Facilities PSEG Power LLC Project Rev., VRDO, LIQ: TD Bank NA, 0.03%, 6/9/2021 (c)		7,000		7,000
Pennsylvania Higher Educational Facilities Authority, State System of Higher Education
Series AX, Rev., AGM, 5.00%, 6/15/2021		5,935		5,945
Series AX, Rev., AGM, 5.00%, 6/15/2022		1,375		1,442
Pennsylvania Turnpike Commission
Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 0.63%, 6/10/2021 (b)		18,000		18,153
Series A, Rev., 5.00%, 12/1/2022		1,000		1,073
Series 2020B, Rev., 5.00%, 12/1/2023		425		476
Series A, Rev., 5.00%, 12/1/2023		1,000		1,120
Series 2020B, Rev., 5.00%, 12/1/2024		450		523
Series 2020B, Rev., 5.00%, 12/1/2025		325		391
Series 2020B, Rev., 5.00%, 12/1/2026		400		494
Philadelphia Authority for Industrial Development Series B-2, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 6/9/2021 (c)		7,785		7,785
Philadelphia Gas Works Co., 1998 General Ordinance Series A-2, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 6/9/2021 (c)		20,300		20,300
Pittsburgh School District
GO, 5.00%, 9/1/2022		1,690		1,792
GO, 5.00%, 9/1/2023		1,810		1,999
Pittsburgh Water and Sewer Authority, First Lien Series A, Rev., 5.00%, 9/1/2022		250		265
Punxsutawney Area School District
Series 2020A, GO, AGM, 4.00%, 10/15/2021		315		320
Series 2020A, GO, AGM, 5.00%, 10/15/2022		290		309
Series 2020A, GO, AGM, 5.00%, 10/15/2023		250		277
Series 2020A, GO, AGM, 5.00%, 10/15/2024		150		172
School District of Philadelphia (The)
Series 2020-2021A, Rev., TRAN, 4.00%, 6/30/2021		71,120		71,342
Series 2019A, GO, 5.00%, 9/1/2021		800		809
Series 2019A, GO, 5.00%, 9/1/2022		1,050		1,112
Series 2019A, GO, 5.00%, 9/1/2023		1,050		1,153
School District of the City of Erie (The), Limited Tax
Series 2019B, GO, AGM, 5.00%, 4/1/2022		325		337
Series 2019B, GO, AGM, 5.00%, 4/1/2023		315		341
Selinsgrove Area School District
Series A, GO, 2.00%, 9/1/2021		125		126
Series A, GO, 2.00%, 3/1/2022		5		5
Series B, GO, 3.00%, 3/1/2022		130		133
Series A, GO, 2.00%, 9/1/2022		400		408
Series A, GO, 2.00%, 3/1/2023		5		5
Series B, GO, 3.00%, 3/1/2023		95		99
Series A, GO, 2.00%, 9/1/2023		585		607
Southcentral General Authority, Wellspan Health Obligated Group Series C, Rev., VRDO, LOC: Bank of America NA, 0.07%, 6/9/2021 (c)		16,000		16,000
Southeastern Pennsylvania Transportation Authority
Rev., 5.00%, 6/1/2021		500		500
Rev., 5.00%, 6/1/2022		500		524
Rev., 5.00%, 6/1/2023		750		822
Rev., 5.00%, 6/1/2024		755		858
Rev., 5.00%, 6/1/2025		1,250		1,468
Rev., 5.00%, 6/1/2026		750		908
Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax
Rev., AGM, 4.00%, 2/1/2022		1,125		1,153
Rev., AGM, 4.00%, 2/1/2023		1,500		1,592
Rev., AGM, 5.00%, 2/1/2026		1,995		2,394
Spring-Benner-Walker Joint Authority Series 2020A, Rev., 4.00%, 9/1/2024		440		488

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
State Public School Building Authority, Community College of Philadelphia Project
Series 2019A, Rev., AGM, 5.00%, 6/15/2021		295		296
Series 2019A, Rev., AGM, 5.00%, 6/15/2022		310		325
Steel Valley School District, Allegheny County, Pennsylvania Unlimited Tax
Series 2019B, GO, 3.00%, 11/1/2021		230		232
Series 2019B, GO, 4.00%, 11/1/2022		240		251
Series 2019B, GO, 4.00%, 11/1/2023		250		271
Steelton-Highspire School District, Limited Tax
GO, 4.00%, 11/15/2022		60		63
GO, 4.00%, 11/15/2023		85		92
Township of Butler
GO, 4.00%, 10/1/2021		475		481
GO, 5.00%, 10/1/2022		250		265
GO, 5.00%, 10/1/2023		260		288
GO, 5.00%, 10/1/2024		275		315
Township of East Pennsboro, Cumberland County
GO, 3.00%, 9/1/2021		190		191
GO, 3.00%, 9/1/2022		175		181
Township of Radnor
GO, 2.00%, 6/15/2021		290		290
GO, 2.00%, 6/15/2022		190		193
GO, 3.00%, 6/15/2024		145		157
Township of Rostraver GO, AGM, 4.00%, 9/1/2021		100		101
University of Pittsburgh of the Commonwealth System of Higher Education Rev., (SIFMA Municipal Swap Index Yield + 0.36%), 0.39%, 6/10/2021 (b)		47,000		47,232
Upper Allegheny Joint Sanitary Authority
Series 2019A, Rev., AGM, 3.00%, 9/1/2021		285		287
Series 2019A, Rev., AGM, 4.00%, 9/1/2022		200		209
Series 2019A, Rev., AGM, 4.00%, 9/1/2023		215		232
Waynesboro Area School District, Franklin County
GO, 5.00%, 10/1/2021		580		589
GO, 5.00%, 10/1/2022		305		324
GO, 5.00%, 10/1/2023		320		354
Wilkes-Barre Area School District GO, 5.00%, 4/15/2023		115		125
Wyalusing Area School District
GO, 3.00%, 4/1/2022		150		153
GO, AGM, 4.00%, 4/1/2022		315		325
GO, 3.00%, 4/1/2023		200		210
GO, AGM, 4.00%, 4/1/2023		400		425
GO, 3.00%, 4/1/2024		185		198
GO, 3.00%, 4/1/2025		200		219
GO, 3.00%, 4/1/2026		300		333
Total Pennsylvania				325,594
Rhode Island — 0.5%
City of East Providence
Series 2021-1, GO, BAN, 2.00%, 6/17/2021		7,250		7,255
Series 2021-1, GO, TAN, 2.00%, 7/29/2021		5,500		5,517
City of Pawtucket
Series 2019D, GO, AGM, 3.00%, 7/15/2021		125		125
Series 2019C, GO, AGM, 4.00%, 7/15/2021		185		186
Series 2019D, GO, AGM, 3.00%, 7/15/2022		210		217
Series 2019C, GO, AGM, 4.00%, 7/15/2022		210		219
Series 2019D, GO, AGM, 3.00%, 7/15/2023		70		74
Series 2019C, GO, AGM, 4.00%, 7/15/2023		380		410
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, 0.01%, 6/1/2021 (c)		12,105		12,105
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax
Series 2019A, Rev., 5.00%, 10/1/2021		300		305
Series 2019A, Rev., 5.00%, 10/1/2023		125		138
Total Rhode Island				26,567
South Carolina — 0.5%
Charleston County School District GO, SCSDE, 5.00%, 3/1/2024		3,000		3,394
Chester Sewer District, Wastewater System Improvement
Rev., 3.00%, 6/1/2021		110		110
Rev., 4.00%, 6/1/2023		75		80
County Square Redevelopment Corp., Greenville County, South Carolina Project Rev., BAN, 2.00%, 3/3/2022		7,000		7,099
Educational Facilities Authority, Wofford College Rev., 2.37%, 4/1/2027 (c)		500		508

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Laurens County Water and Sewer Commission Rev., BAN, 1.38%, 7/1/2021 (d)		7,000		7,006
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project Series A, Rev., 2.38%, 12/1/2024 (e)		600		609
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project Series 2020A, Rev., 4.00%, 11/15/2023		130		134
South Carolina Transportation Infrastructure Bank Series 2003B, Rev., (ICE LIBOR USD 1 Month + 0.45%), 0.51%, 7/1/2021 (b)		9,905		9,911
Total South Carolina				28,851
South Dakota — 0.0%(f)
South Dakota Board of Regents, Housing and Auxiliary Facility System Rev., 5.00%, 4/1/2022		375		390
Tennessee — 1.5%
City of Memphis, General Improvement
Series 2020A, GO, 5.00%, 12/1/2021		875		896
Series 2020A, GO, 5.00%, 12/1/2022		2,035		2,184
Series 2020A, GO, 5.00%, 12/1/2023		2,135		2,389
Series 2020A, GO, 5.00%, 12/1/2024		2,245		2,604
County of Hamilton
Series 2020B, GO, 5.00%, 3/1/2022		3,255		3,375
Series 2020B, GO, 5.00%, 3/1/2023		3,270		3,546
Series 2020B, GO, 5.00%, 3/1/2024		3,355		3,792
County of Shelby, Public Improvement Series 2006B, GO, VRDO, 0.03%, 6/9/2021 (c)		5,015		5,015
Knox County Health Educational and Housing Facility Board, Meadowbrook Apartments Project Rev., 1.50%, 7/1/2021 (c)		650		651
Knox County Health Educational and Housing Facility Board, University Health System, Inc. Rev., 5.00%, 4/1/2025		1,000		1,161
Lewisburg Industrial Development Board, Lewisburg Summit Apartments Rev., 1.55%, 3/1/2022 (c)		1,900		1,920
Memphis-Shelby County Airport Authority
Series 2021B, Rev., AMT, 5.00%, 7/1/2022		305		321
Series 2021C, Rev., AMT, 5.00%, 7/1/2022		185		194
Series 2021C, Rev., AMT, 5.00%, 7/1/2023		645		707
Series 2021C, Rev., AMT, 5.00%, 7/1/2024		850		966
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project Rev., 3.00%, 10/1/2024		425		437
Metropolitan Government of Nashville and Davidson County
Series 2021A, GO, 5.00%, 7/1/2021		20,000		20,080
Series 2021C, GO, 5.00%, 1/1/2024		10,000		11,225
Series 2021A, GO, 5.00%, 7/1/2026		600		734
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		10,052
Tennergy Corp., Gas Supply Series 2019A, Rev., LOC: Royal Bank of Canada, 5.00%, 10/1/2024 (c)		10,000		11,447
Total Tennessee				83,696
Texas — 7.0%
Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc.
Rev., PSF-GTD, 3.00%, 8/15/2022		635		656
Rev., PSF-GTD, 3.00%, 8/15/2023		655		693
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project
Series 2018C, Rev., 5.00%, 8/1/2024		200		229
Series 2018C, Rev., 5.00%, 8/1/2025		200		238
Austin Community College District, Combined Fee
Rev., 5.00%, 2/1/2022		165		170
Rev., 5.00%, 2/1/2023		170		184
Austin Independent School District, Unlimited Tax Series 2013A, GO, PSF-GTD, 5.00%, 8/1/2021 (d)		30		30
Avery Ranch Road District No. 1, Unlimited Tax
GO, 3.00%, 8/15/2022		615		635
GO, 3.00%, 8/15/2023		810		859
Big Oaks Municipal Utility District, Waterworks & Sewer System, Unlimited Tax
GO, AGM, 3.00%, 3/1/2022		345		352

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
GO, AGM, 3.00%, 3/1/2023		905		945
Board of Regents of the University of Texas System, Financing System
Series 2008B, Rev., VRDO, LOC: University of Texas Investment Management Co. (The), 0.02%, 6/9/2021 (c)		4,495		4,495
Series 2016D, Rev., 5.00%, 8/15/2021		25		26
Bridgestone Municipal Utility District, Unlimited Tax
Series A, GO, AGM, 2.00%, 5/1/2022		110		112
Series A, GO, AGM, 3.00%, 5/1/2023		85		89
Brushy Creek Municipal Utility District, Unlimited Tax
GO, 3.00%, 6/1/2021		200		200
GO, 3.00%, 6/1/2022		235		241
GO, 3.00%, 6/1/2023		250		262
Central Texas Regional Mobility Authority, Subordinated Lien
Rev., BAN, 4.00%, 1/1/2022		2,455		2,462
Series 2020F, Rev., BAN, 5.00%, 1/1/2025		6,430		7,310
Central Texas Turnpike System Series 2002-A, Rev., AMBAC, Zero Coupon, 8/15/2021		155		155
City of Austin, Airport System Rev., AMT, 5.00%, 11/15/2022		4,250		4,537
City of Austin, Public Improvement GO, 5.00%, 9/1/2021		30		30
City of El Paso
Series 2020A, GO, 5.00%, 8/15/2021		600		606
Series 2020A, GO, 5.00%, 8/15/2024		275		316
City of El Paso, Combination Tax
GO, 5.00%, 8/15/2022		400		424
GO, 5.00%, 8/15/2023		515		569
GO, 5.00%, 8/15/2024		700		803
City of Galveston, Combination Tax GO, 4.00%, 5/1/2022		590		611
City of Houston, Combined Utility System, First Lien
Series 2004B-6, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.03%, 6/9/2021 (c)		9,000		9,000
Series 2012A, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 6/9/2021 (c)		27,250		27,250
Series B-2, Rev., VRDO, LIQ: Citibank NA, 0.03%, 6/9/2021 (c)		22,500		22,500
City of Irving, Hotel Occupancy, Occupancy Tax
Rev., 5.00%, 8/15/2021		25		25
Rev., 5.00%, 8/15/2022		50		52
Rev., 5.00%, 8/15/2023		50		54
City of Kennedy, Combination Tax
GO, 4.00%, 5/1/2022		120		124
GO, 4.00%, 5/1/2023		125		134
City of Port Arthur
GO, AGM, 3.00%, 2/15/2022		765		780
GO, AGM, 5.00%, 2/15/2023		910		983
City of Port Arthur, Combination Tax
Series 2020A, GO, AGM, 4.00%, 2/15/2022		350		359
Series 2020A, GO, AGM, 4.00%, 2/15/2023		365		388
Series 2020A, GO, AGM, 5.00%, 2/15/2024		380		427
Series 2020A, GO, AGM, 5.00%, 2/15/2025		400		466
City of Sulphur Springs
GO, AGM, 3.00%, 9/1/2021		100		101
GO, AGM, 3.00%, 9/1/2022		520		538
City of Universal City, Improvement Bonds
GO, 4.00%, 8/15/2021		140		141
GO, 4.00%, 8/15/2022		145		152
GO, 2.00%, 8/15/2023		230		238
Clear Brook City Municipal Utility District, Unlimited Tax GO, AGM, 2.10%, 2/1/2023		450		461
County of Bexar, Tax Exempt Venue Project
Rev., 5.00%, 8/15/2022		275		288
Rev., 5.00%, 8/15/2023		275		299
County of Kaufman, Limited Tax
Series 2020A, GO, 5.00%, 2/15/2022		250		258
Series 2020A, GO, 5.00%, 2/15/2023		110		119
Series 2020A, GO, 5.00%, 2/15/2024		125		141
Series 2020A, GO, 5.00%, 2/15/2025		130		152
County of Kaufman, Unlimited Tax
GO, 5.00%, 2/15/2023		155		168
GO, 5.00%, 2/15/2024		210		237
GO, 5.00%, 2/15/2025		255		297
Cuero Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2021		100		101
Cypress Hill Municipal Utility District No. 1, Unlimited Tax
GO, 2.00%, 9/1/2021		290		291
GO, 2.00%, 9/1/2022		190		194
GO, 3.00%, 9/1/2023		270		285

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Cypress-Fairbanks Independent School District, School Building, Unlimited Tax
Series 2020A, GO, PSF-GTD, 4.00%, 2/15/2022		4,430		4,551
Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2023		5,000		5,413
Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2024		10,000		11,277
Florence Independent School District
GO, PSF-GTD, 3.00%, 8/15/2026		230		237
GO, PSF-GTD, 3.00%, 8/15/2027		115		118
Fort Bend County Levee Improvement District No. 11, Levee Improvement, Unlimited Tax GO, AGM, 3.00%, 9/1/2023		400		421
Fort Bend County Municipal Utility District No. 116, Unlimited Tax
GO, 3.00%, 9/1/2021		330		332
GO, 3.00%, 9/1/2022		460		475
GO, 3.00%, 9/1/2023		450		477
Fort Bend County Municipal Utility District No. 151, Unlimited Tax GO, 3.00%, 9/1/2021		190		191
Grand Parkway Transportation Corp., System Toll Series 2013B, Rev., 5.00%, 10/1/2023 (d)		21,060		23,441
Greenhawe Water Control and Improvement District No. 2
GO, AGM, 3.00%, 9/1/2022		190		196
GO, AGM, 3.00%, 9/1/2023		200		212
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System
Series 2016D, Rev., VRDO, 0.04%, 6/9/2021 (c)		3,995		3,995
Series 2019F, Rev., VRDO, 0.04%, 6/9/2021 (c)		18,300		18,300
Series 2019C, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 0.45%, 6/10/2021 (b)		10,000		9,972
Series 2019C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.57%), 0.60%, 6/10/2021 (b)		9,000		8,962
Series 2019A, Rev., 5.00%, 12/1/2021		1,750		1,792
Series 2019A, Rev., 5.00%, 12/1/2022		1,700		1,824
Series 2019A, Rev., 5.00%, 12/1/2023		2,230		2,488
Series 2020C-3, Rev., 5.00%, 12/1/2026 (c)		5,000		6,139
Harris County Fresh Water Supply District No. 61
GO, AGM, 4.00%, 9/1/2023		445		481
GO, AGM, 3.00%, 9/1/2024		695		752
Harris County Municipal Utility District No. 096, Green Bond
GO, 2.00%, 9/1/2021		185		186
GO, 2.00%, 9/1/2023		195		201
Harris County Municipal Utility District No. 152
GO, AGM, 3.00%, 8/1/2022		280		289
GO, AGM, 3.00%, 8/1/2023		400		423
Harris County Municipal Utility District No. 157 GO, AGM, 3.00%, 3/1/2023		425		444
Harris County Municipal Utility District No. 276
GO, 3.00%, 9/1/2022		365		377
GO, 3.00%, 9/1/2023		745		786
Harris County Municipal Utility District No. 281, Green Bond
GO, 2.00%, 9/1/2021		130		131
GO, 2.00%, 9/1/2022		300		306
GO, 2.00%, 9/1/2023		305		316
Harris County Municipal Utility District No. 374
GO, 3.00%, 9/1/2021		100		101
GO, 3.00%, 9/1/2022		145		149
GO, 3.00%, 9/1/2023		115		121
Harris County Municipal Utility District No. 391
GO, 3.00%, 9/1/2021		375		378
GO, 3.00%, 9/1/2023		400		422
Harris County Municipal Utility District No. 419
GO, 3.00%, 9/1/2021		70		70
GO, 3.00%, 9/1/2022		175		181
GO, 3.00%, 9/1/2023		455		482
Harris County Municipal Utility District No. 55
GO, 3.00%, 2/1/2022		260		265
GO, 3.00%, 2/1/2023		785		817
Harris County Toll Road Authority (The), Senior Lien Series A, Rev., 5.00%, 8/15/2021		1,500		1,515
Harris County Water Control and Improvement District No. 119
GO, AGM, 2.00%, 10/1/2021		835		840
GO, AGM, 3.00%, 10/1/2022		365		377
GO, AGM, 3.00%, 10/1/2023		375		397
Hunters Glen Municipal Utility District, Waterworks and Sewer System
Series 2019A, GO, AGM, 2.00%, 4/1/2022		330		335
Series 2019A, GO, AGM, 2.00%, 4/1/2023		595		611
La Joya Independent School District, Maintenance Tax
GO, AGM, 4.00%, 2/15/2022		390		400
GO, AGM, 4.00%, 2/15/2023		420		447
Love Field Airport Modernization Corp. Rev., AMT, 5.00%, 11/1/2021		125		127

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project Rev., VRDO, 0.01%, 6/1/2021 (c)		5,900		5,900
Lytle Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2028		255		308
Matagorda County Navigation District No. 1, Pollution Control, Central Power and Light Co. Project. Rev., AMT, 0.90%, 9/1/2023 (c)		3,750		3,767
McLennan County Junior College District Rev., AGM, 3.00%, 4/15/2022		100		102
Metropolitan Transit Authority of Harris County, Sales and Use Tax Series 2016A, Rev., 5.00%, 11/1/2024		6,290		7,285
Montgomery County Municipal Utility District No. 94, Unlimited Tax
GO, 2.00%, 10/1/2021		60		60
GO, 2.00%, 10/1/2022		185		189
GO, 2.00%, 10/1/2023		185		192
New Caney Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 3.00%, 8/15/2021 (c)		1,500		1,509
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project
Series 2020A, Rev., 2.10%, 1/1/2023		90		90
Series 2020A, Rev., 2.20%, 1/1/2024		180		180
Series 2020A, Rev., 2.25%, 1/1/2025		315	��	313
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project
Rev., 5.00%, 10/1/2021		1,425		1,437
Rev., 5.00%, 10/1/2022		1,495		1,543
North Texas Tollway Authority System, First Tier Series 2017A, Rev., 5.00%, 1/1/2025		4,725		5,084
North Texas Tollway Authority System, Second Tier
Series B, Rev., 4.00%, 1/1/2022		800		818
Series B, Rev., 5.00%, 1/1/2023		5,000		5,380
Series B, Rev., 5.00%, 1/1/2024		5,500		6,173
Northside Independent School District, School Building, Unlimited Tax GO, VRDO, PSF-GTD, 2.00%, 6/1/2021 (c)		2,975		2,975
Northwest Harris County Municipal Utility District No. 19, Unlimited Tax
GO, AGM, 2.00%, 10/1/2021		100		101
GO, AGM, 2.00%, 10/1/2022		100		102
GO, AGM, 2.00%, 10/1/2023		105		108
Pecan Grove Municipal Utility District, Unlimited Tax
GO, 4.00%, 9/1/2021		560		565
GO, AGM, 3.00%, 9/1/2022		195		202
GO, 4.00%, 9/1/2022		710		743
GO, AGM, 3.00%, 9/1/2023		345		365
GO, 4.00%, 9/1/2023		740		798
GO, AGM, 3.00%, 9/1/2024		600		647
Plano Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2025		1,140		1,334
Robstown Independent School District, Unlimited Tax
GO, PSF-GTD, 2.00%, 2/15/2022		325		329
GO, PSF-GTD, 3.00%, 2/15/2023		650		679
GO, PSF-GTD, 3.00%, 2/15/2024		360		385
Sienna Plantation Municipal Utility District No. 3, Unlimited Tax
GO, 2.00%, 3/1/2022		225		228
GO, 2.00%, 3/1/2023		185		190
Socorro Independent School District, Unlimited Tax Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2024 (d)		2,385		2,745
State of Texas Rev., TRAN, 4.00%, 8/26/2021		67,000		67,621
State of Texas, Veterans
Series A, GO, VRDO, LIQ: State Street Bank & Trust, 0.05%, 6/9/2021 (c)		11,495		11,495
GO, VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.08%, 6/9/2021 (c)		16,685		16,685
State of Texas, Veterans Housing Assistance Program Series 2008 B, GO, VRDO, LOC: State Street Bank & Trust, 0.05%, 6/9/2021 (c)		5,730		5,730
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Series 2008-C, Rev., VRDO, 0.03%, 6/9/2021 (c)		1,175		1,175
Tarrant Regional, Water Control and Improvement District, Water System Series 2020C, Rev., 4.00%, 3/1/2022		3,325		3,423

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Texas A&M University, Financing System Series 2013B, Rev., 5.00%, 5/15/2023 (d)		18,515		20,258
Town of Horizon City, Combination Tax
GO, AGM, 3.00%, 8/15/2021		300		302
GO, AGM, 3.00%, 8/15/2022		170		176
GO, AGM, 4.00%, 8/15/2023		230		248
Travis County Municipal Utility District No. 4, Unlimited Contract Tax
Series 2019A, GO, AGM, 2.00%, 9/1/2022		410		419
Series 2019A, GO, AGM, 3.00%, 9/1/2023		650		687
Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax
GO, 3.00%, 5/1/2024		400		430
GO, 4.00%, 5/1/2025		300		340
GO, 4.00%, 5/1/2026		280		324
Wichita Falls Independent School District, Unlimited Tax
GO, PSF-GTD, 3.00%, 2/1/2023		1,400		1,466
GO, PSF-GTD, 4.00%, 2/1/2024		1,000		1,100
GO, PSF-GTD, 4.00%, 2/1/2025		1,520		1,722
Williamson County Municipal Utility District No. 11, Unlimited Tax
GO, AGM, 4.00%, 8/1/2021		140		141
GO, AGM, 4.00%, 8/1/2022		110		115
Total Texas				395,465
Utah — 0.1%
City of Lehi, Electric Utility Rev., 5.00%, 6/1/2021		75		75
City of Murray, Sales Tax Rev., 4.00%, 11/15/2021		150		153
County of Utah, IHC Health Services, Inc. Series 2016D, Rev., VRDO, LIQ: U.S. Bank NA, 0.05%, 6/9/2021 (c)		5,000		5,000
Utah Charter School Finance Authority, Summit Academy Incorporated
Series A, Rev., 5.00%, 4/15/2022		35		36
Series A, Rev., 5.00%, 4/15/2023		85		92
Utah Charter School Finance Authority, Utah Charter Academies Project Rev., 4.00%, 10/15/2021		305		309
Utah Infrastructure Agency, Tax-Exempt Telecommunications
Rev., 3.00%, 10/15/2023		60		63
Rev., 3.00%, 10/15/2025		125		137
Total Utah				5,865
Vermont — 0.2%
Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Series A, Rev., VRDO, LIQ: TD Bank NA, 0.04%, 6/9/2021 (c)		10,000		10,000
Virginia — 2.6%
Chesapeake Economic Development Authority, Virginia Electric and Power Co. Project Series 2008A, Rev., 1.90%, 6/1/2023 (c)		4,250		4,356
Chesapeake Hospital Authority, Regional Medical Center
Rev., 5.00%, 7/1/2023		925		1,011
Rev., 5.00%, 7/1/2024		885		1,002
Commonwealth of Virginia
Series A, GO, 5.00%, 6/1/2021		1,245		1,245
Series A, GO, 5.00%, 6/1/2021(d)		235		235
County of Fairfax, Public Improvement Series 2021A, GO, 4.00%, 10/1/2023		2,740		2,983
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project
Series 2016C, Rev., VRDO, 0.03%, 6/9/2021 (c)		13,775		13,775
Series 2018C, Rev., VRDO, 0.03%, 6/9/2021 (c)		49,305		49,305
Halifax County Industrial Development Authority, Electric and Power Co. Project Series 2010A, Rev., 0.45%, 4/1/2022 (c)		8,000		8,010
Loudoun County Economic Development Authority, Howard Hughes Medical Institute
Series 2003B, Rev., VRDO, 0.02%, 6/9/2021 (c)		18,650		18,650
Series 2003E, Rev., VRDO, 0.03%, 6/9/2021 (c)		5,710		5,710
Series 2003F, Rev., VRDO, 0.03%, 6/9/2021 (c)		4,050		4,050
Norfolk Economic Development Authority, Sentara Healthcare Series 2016A, Rev., VRDO, 0.03%, 6/9/2021 (c)		3,135		3,135
Peninsula Ports Authority, Dominion Terminal Associates Project - DETC Issue Rev., 1.70%, 10/1/2022 (c)		1,550		1,578

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Rockingham County Economic Development Authority, Sunnyside Presbyterian Home
Series 2020A, Rev., 4.00%, 12/1/2021		270		274
Series 2020A, Rev., 4.00%, 12/1/2022		295		309
Series 2020A, Rev., 4.00%, 12/1/2023		100		107
Wise County Industrial Development Authority, Electric and Power Co. Project Series 2009A, Rev., 0.75%, 9/2/2025 (c)		22,765		22,943
York County Economic Development Authority, Electric and Power Co. Project Series 2009A, Rev., 1.90%, 6/1/2023 (c)		8,000		8,207
Total Virginia				146,885
Washington — 1.2%
Chelan County Public Utility District No.1 Series 2008B, Rev., VRDO, LIQ: Barclays Bank plc, 0.03%, 6/9/2021 (c)		2,350		2,350
City of Seattle, Municipal Light and Power Improvement Rev., 5.00%, 9/1/2021		20		20
Douglas County Public Utility District No. 1, Wells Hydro Electric Series B, Rev., 4.00%, 9/1/2021		25		25
King County Housing Authority, Highland Village Project
Rev., 4.00%, 1/1/2022		120		123
Rev., 4.00%, 1/1/2023		100		106
Rev., 5.00%, 1/1/2024		120		133
King County School District No. 407 Riverview, Unlimited Tax GO, 4.00%, 12/1/2023		500		546
Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 4.00%, 12/1/2021		75		76
Port of Tacoma, Subordinate Lien Series 2008B, Rev., VRDO, LIQ: Bank of America NA, 0.04%, 6/9/2021 (c)		29,980		29,980
Snohomish County School District No. 15 Edmonds, Unlimited Tax GO, 5.00%, 12/1/2021		330		338
State of Washington, Various Purpose Series R-2013C, GO, 5.00%, 7/1/2025		8,000		8,789
Washington Health Care Facilities Authority, Catholic Health Initiatives Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.40%), 1.43%, 6/10/2021 (b)		10,000		10,059
Washington Health Care Facilities Authority, Commonspirit Health Series B-1, Rev., 5.00%, 8/1/2024 (c)		11,000		12,352
Washington Health Care Facilities Authority, Overlake Hospital Medical Center Series 2017B, Rev., 5.00%, 7/1/2022		1,210		1,272
Washington State Housing Finance Commission, Transforming Age Projects Series 2019B, Rev., 2.38%, 1/1/2026 (e)		3,500		3,501
Total Washington				69,670
West Virginia — 0.2%
Berkeley County Board of Education
GO, 4.00%, 5/1/2022		600		619
GO, 5.00%, 5/1/2025		360		420
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project
Series 2009A, Rev., 2.63%, 6/1/2022 (c)		3,805		3,899
Series 2011A, Rev., AMT, 1.00%, 9/1/2025 (c)		5,650		5,717
West Virginia State School Building Authority, Lottery Capital Improvement Series 2016A, Rev., 5.00%, 7/1/2026		1,520		1,797
Total West Virginia				12,452
Wisconsin — 2.5%
Big Foot Union High School District
GO, 4.00%, 3/1/2022		100		103
GO, 4.00%, 3/1/2023		115		122
City of Fort Atkinson
GO, 3.00%, 2/1/2022		120		122
GO, 4.00%, 2/1/2023		230		244
City of Kaukauna, Sanitary Sewer System Series 2019C, Rev., BAN, 2.63%, 9/1/2024		510		523
City of Kaukauna, Storm Water System Series 2019D, Rev., BAN, 2.63%, 9/1/2024		660		677
City of Milwaukee Series 2020M8, Rev., RAN, 2.00%, 7/1/2021		68,900		69,009
City of Milwaukee, Promissory Notes
Series 2015N2, GO, 4.00%, 3/15/2024		1,955		2,155

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2017N4, GO, 5.00%, 4/1/2024		3,045		3,446
City of Oak Creek
GO, 3.00%, 4/1/2022		135		138
GO, 3.00%, 4/1/2023		180		189
City of Racine
Series 2019B, GO, 4.00%, 6/1/2021		120		120
Series 2019B, GO, 4.00%, 12/1/2021		165		169
Series 2019B, GO, 4.00%, 12/1/2022		145		153
Series 2019B, GO, 5.00%, 12/1/2023		125		139
City of Shawano, Promissory Notes
GO, 3.00%, 4/1/2022		140		143
GO, 3.00%, 4/1/2023		150		158
City of Watertown, Promissory Notes
GO, 3.00%, 6/1/2023		125		132
GO, 3.00%, 6/1/2024		425		458
City of Waukesha, Promissory Notes
Series 2019C, GO, 3.00%, 10/1/2021		450		454
Series 2019C, GO, 3.00%, 10/1/2022		425		441
Series 2019C, GO, 3.00%, 10/1/2023		350		372
County of Douglas GO, 5.00%, 2/1/2022		520		537
County of Manitowoc
GO, AGM, 3.00%, 4/1/2022		875		895
GO, AGM, 3.00%, 11/1/2022		50		52
GO, AGM, 3.00%, 4/1/2023		895		937
GO, AGM, 3.00%, 11/1/2023		150		159
GO, AGM, 4.00%, 4/1/2024		680		747
County of Rusk
GO, 3.00%, 3/1/2022		130		133
GO, 3.00%, 3/1/2023		260		272
GO, 3.00%, 3/1/2024		270		289
Gale-Ettrick-Trempealeau School District
GO, 2.00%, 4/1/2022		105		107
GO, 2.00%, 4/1/2023		130		133
Gibraltar Area School District, Promissory Notes GO, 4.00%, 3/1/2022		315		324
Lakeshore Technical College District
Series 2019A, GO, 3.00%, 3/1/2022		75		77
Series 2019A, GO, 3.00%, 3/1/2023		110		115
Series 2019A, GO, 3.00%, 3/1/2024		405		435
Milwaukee Redevelopment Authority, Public Schools Rev., 4.00%, 11/15/2021		55		56
Pewaukee School District Series 2019A, GO, 5.00%, 3/1/2024		375		423
PMA Levy and Aid Anticipation Notes Program
Series 2020B, Rev., 3.00%, 7/23/2021		1,100		1,104
Series 2020A, Rev., 3.00%, 10/22/2021		17,200		17,393
Series 2020B, Rev., 3.00%, 10/22/2021		10,000		10,110
Poynette School District
GO, 3.00%, 4/1/2022		340		348
GO, 3.00%, 4/1/2023		265		278
River Falls School District GO, 3.00%, 4/1/2026		1,830		2,035
Village of DeForest Series C, Rev., 3.00%, 5/1/2023		4,865		4,874
Village of Menomonee Falls, Promissory Note Series A, GO, 3.00%, 6/1/2021		270		270
Village of Mount Pleasant, Promissory Notes
Series 2019A, GO, 3.00%, 3/1/2022		265		271
Series 2019A, GO, 5.00%, 3/1/2023		380		411
Wisconsin Department of Transportation
Series 2012-1, Rev., 5.00%, 7/1/2021		15		15
Series 2012-1, Rev., 5.00%, 7/1/2021 (d)		10		10
Series 2021A, Rev., 5.00%, 7/1/2024		1,250		1,432
Series 2021A, Rev., 5.00%, 7/1/2025		1,750		2,077
Series 2021A, Rev., 5.00%, 7/1/2026		1,330		1,631
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018B-2, Rev., 5.00%, 1/25/2023 (c)		5,750		6,184
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. Series 2017A, Rev., 5.00%, 9/1/2021 (d)		160		162
Wisconsin Health and Educational Facilities Authority, Hmong American Peace Academy
Rev., 4.00%, 3/15/2022		110		113
Rev., 4.00%, 3/15/2023		120		126
Rev., 4.00%, 3/15/2024		120		128
Rev., 4.00%, 3/15/2025		125		135

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019B-3, Rev., 2.25%, 11/1/2026		4,000		4,004
Wittenberg Birnamwood School District
GO, AGM, 4.00%, 3/1/2022		260		267
GO, AGM, 4.00%, 3/1/2023		280		298
Total Wisconsin				138,834
TOTAL MUNICIPAL BONDS (Cost $5,268,231)				5,287,581
Investments	Shares (000)		Value ($000)
SHORT-TERM INVESTMENTS — 5.8%
INVESTMENT COMPANIES — 5.8%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (g) (h) (Cost $324,324)		324,173		324,335
Total Investments — 99.7% (Cost $5,592,555)				5,611,916
Other Assets Less Liabilities — 0.3%				17,137
Net Assets — 100.0%				5,629,053

Percentages indicated are based on net assets.

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Abbreviations
AGC	Insured by Assured Guaranty Corp.
AGM	Insured by Assured Guaranty Municipal Corp.
AMBAC	Insured by American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
COP	Certificate of Participation
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
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
SOFR	Secured Overnight Financing Rate
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 May 31, 2021.
(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2021.
(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)	Amount rounds to less than 0.1% of net assets.
(g)	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.
(h)	The rate shown is the current yield as of May 31, 2021.

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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.

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:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Municipal Bonds	$	—	$	5,287,581	$	—	$	5,287,581
Short-Term Investments
Investment Companies		324,335		—		—		324,335
Total Investments in Securities	$	324,335	$	5,287,581	$	—	$	5,611,916

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 such Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below.

For the period ended May 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2021		Shares at May 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (a) (b)	$	213,242	$	1,259,732	$	1,148,639	$	(20	)	$	20	$	324,335		324,173	$	17	$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of May 31, 2021.