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

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 96.1% (a)
Alabama — 1.1%
Birmingham Airport Authority
Rev., 5.00%, 7/1/2023		125		134
Rev., 5.00%, 7/1/2024		150		167
Rev., 5.00%, 7/1/2025		250		290
Rev., 5.00%, 7/1/2026		225		268
Black Belt Energy Gas District, Gas Prepay
Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 0.67%, 12/9/2021 (b)		30,000		30,247
Series 2018A, Rev., 4.00%, 12/1/2023 (c)		1,400		1,492
Black Belt Energy Gas District, Gas Supply Series 2017A, Rev., LIQ: Royal Bank of Canada, 4.00%, 7/1/2022 (c)		2,340		2,381
City of Centre, Warrant
GO, 3.00%, 9/1/2022		110		112
GO, 4.00%, 9/1/2023		215		228
City of Hamilton, Warrants
GO, 2.00%, 8/1/2022		370		374
GO, 5.00%, 8/1/2023		240		258
Industrial Development Board of The City of Mobile, Alabama Power Control, Barry Plant Project Series 2007A, Rev., 1.00%, 6/26/2025 (c)		4,750		4,793
Prattville Industrial Development Board, International Paper Co. Project
Series 2019B, Rev., 2.00%, 10/1/2024 (c)		450		468
Series 2019C, Rev., 2.00%, 10/1/2024 (c)		430		448
Selma Industrial Development Board, International Paper Co. Project Series 2020A, Rev., 1.37%, 6/16/2025 (c)		2,670		2,743
Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 6/1/2027		2,415		2,790
State of Alabama Series 2013A, GO, 4.00%, 8/1/2023		1,250		1,328
University of West Alabama, General Fee
Rev., AGM, 4.00%, 1/1/2022		150		151
Rev., AGM, 4.00%, 1/1/2023		120		124
Rev., AGM, 4.00%, 1/1/2024		125		133
Rev., AGM, 4.00%, 1/1/2025		150		165
Total Alabama				49,094
Alaska — 1.1%
Alaska Municipal Bond Bank Authority
Series 1, Rev., 5.00%, 12/1/2021		450		450
Series 1, Rev., 5.00%, 5/1/2022		200		204
Series 1, Rev., 5.00%, 12/1/2022		500		524
Series 1, Rev., 5.00%, 12/1/2023		960		1,049
Series 1, Rev., 5.00%, 12/1/2024		870		987
Series 1, Rev., 5.00%, 12/1/2025		750		879
Series 1, Rev., 5.00%, 12/1/2026		675		814
Borough of North Slope Series 2021A, GO, 5.00%, 6/30/2024		2,000		2,232
City of Valdez, Exxon Pipeline Co. Project Series 1993-B, Rev., VRDO, 0.02%, 12/1/2021 (c)		6,840		6,840
City of Valdez, Phillips Trans Alaska Project Rev., VRDO, 0.08%, 12/9/2021 (c)		35,300		35,300
Total Alaska				49,279
Arizona — 0.2%
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 5.00%, 2/1/2026		130		153
Arizona State University Series 2008A, Rev., VRDO, 0.05%, 12/9/2021 (c)		2,955		2,955
City of Tucson Series 2018-A, GO, 5.00%, 7/1/2026		325		390
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		149
Series 2018A, Rev., 5.00%, 7/1/2024		200		221
Industrial Development Authority of the County of Yavapai (The), Regional Medical Center
Rev., 5.00%, 8/1/2022		380		392
Rev., 5.00%, 8/1/2023		325		350

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Maricopa County Industrial Development Authority, HonorHealth
Series 2021A, Rev., 5.00%, 9/1/2024		175		197
Series 2021A, Rev., 5.00%, 9/1/2025		725		845
Series 2021A, Rev., 5.00%, 9/1/2026		700		840
Maricopa County School District No. 24 Gila Bend
GO, AGM, 4.00%, 7/1/2022		300		307
GO, AGM, 5.00%, 7/1/2023		700		749
Maricopa County Unified School District No. 95, Queen Creek, School Improvement GO, 3.00%, 7/1/2024		525		560
Total Arizona				8,108
Arkansas — 0.1%
Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2022		410		428
City of Centerton, Green Bond Rev., 3.00%, 12/1/2021		125		125
City of Heber Springs, Water & Sewer Rev., 3.00%, 11/1/2023		100		105
County of Sharp, Sales and Use Tax
Rev., 5.00%, 3/1/2022		495		501
Rev., 5.00%, 3/1/2023		540		568
University of Central Arkansas, Student Fee
Series 2020A, Rev., 5.00%, 11/1/2022		200		208
Series 2020A, Rev., 5.00%, 11/1/2023		205		223
Series 2020A, Rev., 5.00%, 11/1/2024		160		180
Series 2020A, Rev., 5.00%, 11/1/2025		230		268
Series 2020A, Rev., 5.00%, 11/1/2026		220		264
Series 2020A, Rev., 5.00%, 11/1/2027		200		246
University of Central Arkansas, Student Housing System
Series 2019C, Rev., AGM, 3.00%, 11/1/2022		85		87
Series 2019C, Rev., AGM, 3.00%, 11/1/2023		135		141
Total Arkansas				3,344
California — 3.6%
California Educational Facilities Authority, University of Southern California Series 2015A, Rev., 5.00%, 10/1/2025 (d)		250		293
California Enterprise Development Authority, Riverside County, Library Facility Project
Rev., 4.00%, 11/1/2022		100		103
Rev., 4.00%, 11/1/2023		200		214
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c)		1,615		1,679
California Health Facilities Financing Authority, Stanford Health Clinic Series 2021A, Rev., 3.00%, 8/15/2025 (c)		20,000		21,811
California Infrastructure and Economic Development Bank
Series 2018C, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 0.40%, 12/9/2021 (b)		19,250		19,312
Series 2021A, Rev., 5.00%, 6/1/2026		4,500		5,393
California Municipal Finance Authority, San Antonio Gardens Project
Rev., 4.00%, 11/15/2022		280		288
Rev., 4.00%, 11/15/2023		290		308
California Municipal Finance Authority, Solid Waste Disposal, Republic Services, Inc. Rev., AMT, 0.30%, 1/18/2022 (c)		11,000		11,002
California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project
Rev., 5.00%, 5/15/2023		360		384
Rev., 5.00%, 5/15/2024		300		333
Rev., 5.00%, 5/15/2025		425		489
Rev., 5.00%, 5/15/2026		500		592
Rev., 5.00%, 5/15/2027		725		879
California Municipal Finance Authority, Waste Management, Inc. Rev., AMT, VRDO, 0.18%, 3/1/2022 (c)		12,250		12,250
California Pollution Control Financing Authority, American Water Capital Corp. Project Rev., 0.60%, 9/1/2023 (c)		1,850		1,847
California School Finance Authority, Green Dot Public School Projects Series 2018A, Rev., 5.00%, 8/1/2022 (e)		85		87
California School Finance Authority, Kipp Socal Projects
Series 2019A, Rev., 5.00%, 7/1/2022 (e)		100		103
Series 2019A, Rev., 5.00%, 7/1/2023 (e)		100		106
California Statewide Communities Development Authority, Multi-Family Housing, Washington Court Apartments Series 2021E, Rev., 0.22%, 8/1/2022 (c)		7,000		6,997
Chula Vista Elementary School District Rev., BAN, Zero Coupon, 8/1/2023		5,500		5,462

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Irvine Ranch Water District
Series 2011A-1, (SIFMA Municipal Swap Index Yield + 0.03%), 0.08%, 12/9/2021 (b)		9,600		9,599
Series 2011A-2, (SIFMA Municipal Swap Index Yield + 0.03%), 0.08%, 12/9/2021 (b)		6,800		6,799
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		2,804
Rev., AMT, 5.00%, 5/1/2023		3,500		3,733
Santa Clara County Financing Authority, El Camino Hospital Series 2009A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.05%, 12/9/2021 (c)		6,605		6,605
Silicon Valley Clean Water, WIFIA Rescue Project Series 2021A, Rev., 0.25%, 3/1/2024		40,000		39,791
South Bay Union School District, San Diego County GO, BAN, Zero Coupon, 8/1/2022		2,000		1,993
Stockton Public Financing Authority
Rev., 5.00%, 3/1/2023		360		378
Rev., 5.00%, 3/1/2025		570		639
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2615, Rev., VRDO, LOC: Barclays Bank plc, 0.17%, 12/9/2021 (c) (e)		5,230		5,230
Total California				167,753
Colorado — 2.1%
Arapahoe County School District No. 6 Littleton
Series 2019A, GO, 5.00%, 12/1/2021		2,585		2,585
Series 2019A, GO, 5.00%, 12/1/2022		1,370		1,436
City of Aurora, First Lien Water, Green Bonds Rev., 5.00%, 8/1/2023		2,355		2,541
City of Colorado Springs
COP, 5.00%, 12/1/2021		145		145
COP, 5.00%, 12/1/2022		155		162
COP, 5.00%, 12/1/2023		100		109
City of Colorado Springs, Utilities System Improvement
Series 2007A, Rev., VRDO, LIQ: TD Bank NA, 0.04%, 12/9/2021 (c)		4,515		4,515
Series 2012A, Rev., VRDO, LIQ: U.S. Bank NA, 0.04%, 12/9/2021 (c)		3,315		3,315
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c)		1,470		1,502
Denver Health and Hospital Authority, 550 Acoma, Inc.
COP, 5.00%, 12/1/2021		220		220
COP, 5.00%, 12/1/2022		295		308
E-470 Public Highway Authority Series 2021B, Rev., (SOFR + 0.35%), 0.38%, 12/3/2021 (b)		5,000		5,010
Regional Transportation District, Denver Transit Partners
Rev., 3.00%, 7/15/2023		50		52
Rev., 5.00%, 1/15/2024		200		218
Rev., 5.00%, 7/15/2024		150		167
Rev., 5.00%, 1/15/2025		165		186
Rev., 5.00%, 7/15/2025		200		229
Rev., 3.00%, 1/15/2026		110		119
Rev., 5.00%, 7/15/2026		225		265
State of Colorado
Series 2020A, COP, 5.00%, 12/15/2023		2,500		2,738
Series 2020A, COP, 5.00%, 12/15/2024		2,085		2,373
University of Colorado Hospital Authority Series 2019A, Rev., VRDO, 0.05%, 12/9/2021 (c)		20,000		20,000
University of Colorado Hospital Authority, Health System Series 2018 B, Rev., VRDO, LIQ: TD Bank NA, 0.05%, 12/9/2021 (c)		48,085		48,085
Total Colorado				96,280
Connecticut — 2.3%
City of Derby
Series A, GO, 5.00%, 8/1/2022		75		77
Series A, GO, 5.00%, 8/1/2023		150		162
Series A, GO, 5.00%, 8/1/2024		85		95
City of New Britain
GO, 5.00%, 9/1/2022 (d)		50		52
GO, 5.00%, 9/1/2023 (d)		110		119
City of New Haven
Series 2019B, GO, 5.00%, 2/1/2022		700		705
Series 2019A, GO, 5.00%, 8/1/2022		1,000		1,031
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Series 2020C-3, Rev., VRDO, LIQ: TD Bank NA, 0.05%, 12/9/2021 (c)		20,000		20,000
Series E, Subseries E-3, Rev., 1.63%, 11/15/2022 (c)		850		850

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series 2018B, Rev., 5.00%, 12/1/2021		1,000		1,000
Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Series 2020B-1, Rev., 5.00%, 1/1/2025 (c)		8,500		9,602
Connecticut State Health and Educational Facilities Authority, Stamford Hospital
Series L-1, Rev., 4.00%, 7/1/2022		500		511
Series L-1, Rev., 4.00%, 7/1/2023		275		290
Series L-1, Rev., 4.00%, 7/1/2024		300		326
Series L-1, Rev., 4.00%, 7/1/2025		300		335
Series L-1, Rev., 4.00%, 7/1/2026		350		400
Series L-1, Rev., 4.00%, 7/1/2027		350		408
Connecticut State Health and Educational Facilities Authority, University of New Haven Series K-1, Rev., 5.00%, 7/1/2022		675		691
New Canaan Housing Authority, Multi-Family Housing, Parish Project Rev., 0.44%, 3/1/2023 (c)		12,475		12,483
State of Connecticut
Series 2020C, GO, 3.00%, 6/1/2022		1,000		1,014
Series 2021C, GO, 5.00%, 7/15/2022		20,000		20,601
Series 2020C, GO, 3.00%, 6/1/2023		600		625
Series 2020C, GO, 4.00%, 6/1/2023		400		422
Series 2020C, GO, 3.00%, 6/1/2024		1,065		1,134
Series 2020C, GO, 4.00%, 6/1/2024		500		545
Series 2020C, GO, 2.00%, 6/1/2025		3,350		3,524
Series 2020C, GO, 4.00%, 6/1/2025		850		953
State of Connecticut, Health and Educational Facility Authority, The Hotchkiss School Series 2000A, Rev., VRDO, LIQ: TD Bank NA, 0.04%, 12/9/2021 (c)		25,090		25,090
Town of South Windsor GO, BAN, 1.50%, 2/11/2022		3,000		3,008
Total Connecticut				106,053
Delaware — 0.1%
Delaware Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, 7/1/2025 (c)		6,000		6,088
Delaware Municipal Electric Corp. (The), Middletown and Seaford Project
Series 2019A, Rev., 5.00%, 10/1/2022		150		156
Series 2019A, Rev., 5.00%, 10/1/2023		220		239
Total Delaware				6,483
District of Columbia — 1.2%
District of Columbia, Carnegie Endowment for International Peace Rev., VRDO, LOC: Wells Fargo Bank NA, 0.05%, 12/9/2021 (c)		375		375
District of Columbia, Gallaudet University Project Rev., 5.00%, 4/1/2026		100		118
District of Columbia, Georgetown University Issue
Series 2007B-2, Rev., VRDO, LOC: Bank of America NA, 0.06%, 12/9/2021 (c)		9,580		9,580
Series 2017 B-1, Rev., VRDO, LOC: Bank of America NA, 0.06%, 12/9/2021 (c)		1,190		1,190
District of Columbia, International School Rev., 5.00%, 7/1/2022		500		512
District of Columbia, Kipp DC Project Rev., 5.00%, 7/1/2023		100		107
District of Columbia, Medlantic/Helix Issue, Tranche II
Series 1998A, Rev., VRDO, LOC: TD Bank NA, 0.05%, 12/9/2021 (c)		2,660		2,660
Series 111-A, Rev., VRDO, LOC: PNC Bank NA, 0.06%, 12/9/2021 (c)		5,200		5,200
Metropolitan Washington Airports Authority Aviation
Series 2010D, Rev., VRDO, LOC: Barclays Bank plc, 0.04%, 12/9/2021 (c)		18,025		18,025
Series 2021A, Rev., AMT, 5.00%, 10/1/2023		3,500		3,797
Series 2021A, Rev., AMT, 5.00%, 10/1/2024		6,000		6,732
Series 2021A, Rev., AMT, 5.00%, 10/1/2025		5,865		6,801
Total District of Columbia				55,097

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Florida — 2.3%
City of Fort Myers, Subordinate Utility System
Series 2020B, Rev., AGM, 5.00%, 10/1/2022		2,000		2,078
Series 2020B, Rev., AGM, 5.00%, 10/1/2023		2,125		2,300
Series 2020B, Rev., AGM, 5.00%, 10/1/2024		2,355		2,649
Series 2020B, Rev., AGM, 5.00%, 10/1/2025		5,100		5,934
Series 2020B, Rev., AGM, 5.00%, 10/1/2026		2,225		2,668
City of Gainesville, Utilities System Series B, Rev., VRDO, LIQ: Barclays Bank plc, 0.06%, 12/9/2021 (c)		10,200		10,200
City of Tallahassee, Utility System
Rev., 5.00%, 10/1/2023		2,430		2,637
Rev., 5.00%, 10/1/2024		2,550		2,875
County of Escambia, International Paper Co. Project, Environmental Improvement Series 2019B, Rev., 2.00%, 10/1/2024 (c)		775		807
County of Miami-Dade, Aviation
Series 2020A, Rev., 5.00%, 10/1/2023		2,500		2,713
Series 2020A, Rev., 5.00%, 10/1/2024		2,400		2,706
Series 2020A, Rev., 5.00%, 10/1/2025		1,375		1,603
County of Okeechobee, Solid Waste Disposal, Waste Management, Inc., Okeechobee Landfill Project Rev., 0.55%, 7/1/2024 (c)		2,250		2,241
Escambia County School Board Series 2020A, COP, 5.00%, 2/1/2026		1,895		2,217
Florida Governmental Utility Authority Rev., AGM, 5.00%, 7/1/2025 (d)		200		232
Florida Higher Educational Facilities Financial Authority, Ringling College Project
Rev., 4.00%, 3/1/2022		55		55
Rev., 5.00%, 3/1/2023		185		196
Rev., 5.00%, 3/1/2024		110		120
Florida Higher Educational Facilities Financial Authority, St. Leo University Project
Rev., 5.00%, 3/1/2022		355		359
Rev., 5.00%, 3/1/2023		410		430
Highlands County Health Facilities Authority, Adventist Health System Series 2012I, Rev., VRDO, 0.05%, 12/9/2021 (c)		12,945		12,945
JEA Water and Sewer System
Series A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.05%, 12/9/2021 (c)		18,670		18,670
Series Sub Series B-1, Rev., VRDO, LIQ: State Street Bank & Trust, 0.06%, 12/9/2021 (c)		9,980		9,980
Lee Memorial Health System
Series 2019A-1, Rev., 5.00%, 4/1/2022		750		761
Series 2019A-1, Rev., 5.00%, 4/1/2023		400		425
Series 2019A-1, Rev., 5.00%, 4/1/2024		575		634
Miami-Dade County Industrial Development Authority, Solid Waste Disposal, Waste Management, Inc. of Florida Project
Series 2018B, Rev., AMT, (SIFMA Municipal Swap Index Yield + 0.38%), 0.42%, 12/9/2021 (b)		10,500		10,498
Rev., AMT, 0.40%, 8/1/2023		2,600		2,597
Orange County Health Facilities Authority, The Nemours Foundation Project Series B, Rev., VRDO, LOC: Northern Trust Co., 0.05%, 12/9/2021 (c)		775		775
Village Community Development District No. 13 Special Assessment Rev., 2.63%, 5/1/2024		375		382
West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area
Rev., 5.00%, 3/1/2023		1,335		1,412
Rev., 5.00%, 3/1/2024		1,160		1,275
Total Florida				105,374
Georgia — 0.6%
City of Atlanta, Department of Aviation
Series 2020A, Rev., 5.00%, 7/1/2024		2,000		2,236
Series 2020B, Rev., AMT, 5.00%, 7/1/2024		1,170		1,301
Series 2020B, Rev., AMT, 5.00%, 7/1/2025		1,800		2,071
Series 2020B, Rev., AMT, 5.00%, 7/1/2026		2,000		2,369
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project Rev., 5.00%, 7/1/2022		300		308
Georgia State Road and Tollway Authority
Rev., 5.00%, 6/1/2022		5,000		5,121
Rev., 5.00%, 6/1/2023		4,000		4,283

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Main Street Natural Gas, Inc., Gas Supply
Series 2021C, Rev., 4.00%, 12/1/2022		400		414
Series 2021C, Rev., 4.00%, 12/1/2023		750		801
Series 2021C, Rev., 4.00%, 12/1/2024		750		825
Municipal Electric Authority of Georgia, Project One Series 2008-B, Rev., VRDO, LOC: PNC Bank NA, 0.04%, 12/9/2021 (c)		4,255		4,255
Paulding County School District, Sales Tax GO, 3.00%, 8/1/2022		1,500		1,528
Richmond County Hospital Authority, University Health Services, Inc., Project Rev., 5.00%, 1/1/2022		100		100
Savannah Economic Development Authority, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (c)		1,675		1,744
Total Georgia				27,356
Idaho — 0.0% (f)
University of Idaho
Series 2020A, Rev., 5.00%, 4/1/2022		165		168
Series 2020A, Rev., 5.00%, 4/1/2023		355		377
Series 2020A, Rev., 5.00%, 4/1/2024		315		348
Series 2020A, Rev., 5.00%, 4/1/2025		330		378
Total Idaho				1,271
Illinois — 3.9%
Carol Stream Park District
Series 2020C, GO, 4.00%, 11/1/2024		210		230
Series 2020C, GO, 4.00%, 11/1/2025		405		454
Series 2020C, GO, 4.00%, 11/1/2026		535		612
Champaign Coles Et Al Counties Community College District No. 505
Series 2018B, GO, 4.00%, 12/1/2021		2,500		2,500
Series 2018C, GO, 4.00%, 12/1/2021		465		465
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		199
Series 2020A, GO, Zero Coupon, 1/1/2024		385		380
Chicago Midway International Airport, Second Lien Series 2014B, Rev., 5.00%, 1/1/2023		150		158
Chicago O’Hare International Airport, General Airport, Senior Lien
Series 2020B, Rev., 5.00%, 1/1/2024		500		548
Series 2020B, Rev., 5.00%, 1/1/2026		1,250		1,467
Chicago Park District, Unlimited Tax, Personal Property Replacement Tax Alternate Series 2011C, GO, 5.00%, 1/1/2022 (d)		175		176
Chicago Transit Authority Capital Grant Receipts
Rev., 5.00%, 6/1/2022		800		818
Rev., 5.00%, 6/1/2023		700		747
Rev., 5.00%, 6/1/2024		600		666
Rev., 5.00%, 6/1/2027		3,500		4,263
City of Aurora
Series 2019A, GO, 4.00%, 12/30/2021		470		471
Series 2019A, GO, 4.00%, 12/30/2022		1,525		1,585
Series 2019A, GO, 4.00%, 12/30/2023		1,595		1,713
Series 2019A, GO, 4.00%, 12/30/2024		1,655		1,828
City of Danville
GO, 2.00%, 12/1/2021		255		255
GO, 3.00%, 12/1/2022		140		143
GO, 4.00%, 12/1/2023		145		154
City of Elgin
Series 2020A, GO, 2.00%, 12/15/2021		230		230
Series 2020A, GO, 3.00%, 12/15/2022		1,480		1,524
Series 2020A, GO, 3.00%, 12/15/2023		1,025		1,079
City of Rock Island
Series A, GO, AGM, 3.00%, 12/1/2021		130		130
Series B, GO, AGM, 3.00%, 12/1/2021		200		200
City of Rockford, Sales Tax
Series 2019A, GO, AGM, 4.00%, 12/15/2021		130		130
Series 2019A, GO, AGM, 4.00%, 12/15/2022		135		140
Series 2019A, GO, AGM, 4.00%, 12/15/2023		140		149
City of Waukegan Series A, GO, AGM, 4.00%, 12/30/2023		525		561
Clay Wayne & Marion Counties Community Unit School District No. 35
GO, AGM, 5.00%, 12/1/2021		205		205
GO, AGM, 5.00%, 12/1/2022		165		173

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
GO, AGM, 5.00%, 12/1/2023		175		190
Cook County Community College District No. 508, Unlimited Tax GO, 5.25%, 12/1/2029		250		271
Cook County Community Consolidated School District No. 146, Tinley Park, Limited Tax GO, 4.00%, 12/1/2021		200		200
Cook County Community Consolidated School District No. 34, Glenview, Limited Tax
GO, 4.00%, 12/1/2021		175		175
GO, 4.00%, 12/1/2022		150		156
GO, 4.00%, 12/1/2023		150		160
Cook County Community School District No. 97, Oak Park
GO, 4.00%, 1/1/2022		400		401
GO, 4.00%, 1/1/2023		300		312
GO, 4.00%, 1/1/2024		275		295
Cook County Community Unit School District No. 401, Elmwood Park GO, 4.00%, 12/1/2021		3,440		3,440
Cook County High School District No. 207 Maine Township
Series 2019A, GO, 4.00%, 12/1/2021		8,330		8,330
Series 2019B, GO, 3.50%, 12/1/2022		325		337
Cook County School District No. 100, South Berwyn
Series 2019A, GO, 4.00%, 12/1/2021		100		100
Series 2019C, GO, 4.00%, 12/1/2021		165		165
Series 2019A, GO, 4.00%, 12/1/2022		235		243
Series 2019C, GO, 4.00%, 12/1/2022		605		627
Series 2019A, GO, 5.00%, 12/1/2023		345		374
Series 2019C, GO, 5.00%, 12/1/2023		660		715
Cook County School District No. 102, La Grange, Limited Tax
GO, AGM, 4.00%, 12/15/2021		840		841
GO, AGM, 4.00%, 12/15/2022		825		856
GO, AGM, 4.00%, 12/15/2023		825		883
GO, AGM, 4.00%, 12/15/2024		930		1,024
GO, AGM, 4.00%, 12/15/2025		985		1,110
Cook County School District No. 109, Indian Springs, Limited Tax
Series 2020A, GO, 4.00%, 12/1/2023		125		133
Series 2020A, GO, 4.00%, 12/1/2024		400		440
Cook County School District No. 145, Arbor Park
Series 2019B, GO, 4.00%, 12/1/2021		150		150
Series 2019D, GO, 4.00%, 12/1/2023		110		117
Cook County School District No. 148, Dolton
Series 2018A, GO, 5.00%, 12/1/2021		450		450
Series 2018A, GO, 5.00%, 12/1/2022		725		758
Cook County School District No. 151, South Holland, Limited Tax GO, 4.00%, 4/1/2022		190		192
Cook County School District No. 160, Country Club Hills
Series 2020A, GO, 4.00%, 12/1/2021		250		250
Series 2020A, GO, 4.00%, 12/1/2022		510		528
Series 2020A, GO, 4.00%, 12/1/2023		285		304
Series 2020A, GO, 4.00%, 12/1/2024		255		280
Cook County School District No. 160, Country Club Hills, Limited Tax
Series 2020B, GO, 4.00%, 12/1/2022		180		186
Series 2020B, GO, 4.00%, 12/1/2023		100		107
Series 2020B, GO, 4.00%, 12/1/2024		100		110
Cook County School District No. 63, East Maine, Limited Tax
GO, 5.00%, 12/1/2021		1,845		1,845
GO, 5.00%, 12/1/2022		1,935		2,027
Cook County School District No. 69, Skokie, Limited Tax
GO, 4.00%, 12/1/2024		315		347
GO, 4.00%, 12/1/2025		460		518
Cook County School District No. 89, Maywood, Maywood-Melrose Park-Broadview, Limited Tax
Rev., AGM, 4.00%, 12/15/2021		515		516
Rev., AGM, 4.00%, 12/15/2022		535		554
Rev., AGM, 4.00%, 12/15/2023		555		593
Rev., AGM, 4.00%, 12/15/2024		580		639
Cook County School District No. 99 Cicero, Limited Tax
Series 2019B, GO, 5.00%, 12/1/2022		350		366
Series 2019B, GO, 5.00%, 12/1/2023		575		622

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Cook County, Proviso Township High School District No. 209, Limited Tax GO, 5.00%, 12/1/2021		2,825		2,825
County of Cook
Series C, GO, 5.00%, 11/15/2022		180		188
Series 2021B, GO, 4.00%, 11/15/2026		3,700		4,268
County of Will
GO, 5.00%, 11/15/2022		475		497
GO, 5.00%, 11/15/2023		525		573
Du Page and Will Counties Community School District No. 204 Indian Prairie GO, 4.00%, 12/30/2025		1,710		1,941
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		1,535
DuPage County School District No. 10 Itasca
GO, 5.00%, 1/1/2023		1,040		1,094
GO, 5.00%, 1/1/2024		1,090		1,193
Flagg-Rochelle Community Park District
Series A, GO, AGM, 4.00%, 1/1/2022		210		211
Series A, GO, AGM, 4.00%, 1/1/2023		220		228
Series A, GO, AGM, 4.00%, 1/1/2024		225		240
Grundy County School District No. 54 Series 2011A, GO, AGM, 7.25%, 12/1/2021		710		710
Hoffman Estates Park District
Series 2019A, GO, 4.00%, 12/1/2021		135		135
Series 2019B, GO, 4.00%, 12/1/2023		245		262
Illinois Finance Authority, Advocate Health Care Network Series 2008C-3A, Rev., VRDO, LIQ: Northern Trust Co., 0.05%, 12/9/2021 (c)		2,650		2,650
Illinois Finance Authority, Edward Health Obligated Group Series 2008C, Rev., VRDO, LOC: TD Bank NA, 0.05%, 12/9/2021 (c)		3,625		3,625
Illinois Finance Authority, Local Government Program, East Prairie School District Number 73 Project Rev., 5.00%, 12/1/2021		250		250
Illinois Finance Authority, Mccormick Theological Series 2001B, Rev., VRDO, LOC: Northern Trust Co., 0.05%, 12/9/2021 (c)		15,250		15,250
Illinois Finance Authority, Northshore University Health System
Series 2020A, Rev., 5.00%, 8/15/2022		750		775
Series 2020A, Rev., 5.00%, 8/15/2023		500		540
Series 2020A, Rev., 5.00%, 8/15/2024		1,000		1,123
Series 2020A, Rev., 5.00%, 8/15/2025		1,250		1,454
Illinois Finance Authority, Northwestern University Series 2008-B, Rev., VRDO, 0.04%, 12/9/2021 (c)		3,425		3,425
Illinois Finance Authority, OSF Healthcare System
Rev., 5.00%, 11/15/2024 (c)		3,000		3,326
Rev., 5.00%, 11/15/2026 (c)		4,000		4,729
Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2021B, Rev., (SIFMA Municipal Swap Index Yield + 0.70%), 0.75%, 12/9/2021 (b)		1,125		1,128
Illinois Finance Authority, Water Facilities, American Water Capital Corp. Project Rev., 0.70%, 9/1/2023 (c)		2,800		2,799
Illinois Finance Authority, Wesleyan University Rev., 5.00%, 9/1/2022		560		579
Illinois Housing Development Authority Series 2019A, Rev., FHA, 1.60%, 1/1/2023 (c)		5,600		5,604
Illinois Municipal Electric Agency, Power Supply System Series 2015A, Rev., 5.00%, 2/1/2022		1,250		1,260
Kane County School District No. 131 Aurora East Side
Series 2020A, GO, AGM, 3.00%, 12/1/2021		175		175
Series 2020B, GO, AGM, 3.00%, 12/1/2021		255		255
Series 2020A, GO, AGM, 4.00%, 12/1/2022		120		124
Series 2020B, GO, AGM, 4.00%, 12/1/2022		220		228
Series 2020A, GO, AGM, 5.00%, 12/1/2023		145		157
Series 2020B, GO, AGM, 5.00%, 12/1/2023		235		255
Series 2020A, GO, AGM, 5.00%, 12/1/2024		240		270
Series 2020A, GO, AGM, 5.00%, 12/1/2025		55		64
Series 2020B, GO, AGM, 5.00%, 12/1/2025		115		134

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Kendall Kane and Will Counties Community Unit School District No. 308 Series B, GO, 5.00%, 10/1/2022		1,375		1,427
La Grange Park District Series 2012B, GO, 5.00%, 12/1/2021		415		415
Lake County School District No. 70 Libertyville, Debt Certificates, Limited Tax Rev., 4.00%, 1/1/2023		300		312
Lee and Ogle Counties School District No. 170 Dixon
Series 2019A, GO, AGM, 3.00%, 1/30/2022		160		161
Series 2019B, GO, AGM, 3.00%, 1/30/2022		245		246
Series 2019A, GO, AGM, 3.00%, 1/30/2023		170		175
Series 2019B, GO, AGM, 3.00%, 1/30/2023		255		263
Lincoln Land Community College District No. 526 GO, 5.00%, 12/15/2021		125		125
Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community
GO, AGM, 4.00%, 5/1/2022		750		761
GO, AGM, 4.00%, 5/1/2023		700		733
McLean County Public Building Commission Rev., 5.00%, 12/1/2021		75		75
Peoria Public Building Commission
Series A, Rev., AGM, 3.00%, 12/1/2022		75		77
Series A, Rev., AGM, 4.00%, 12/1/2024		655		718
Sangamon County Community Unit School District No. 5, Ball-Chatham
Series B, GO, 5.00%, 1/1/2022		1,650		1,656
GO, 4.00%, 2/1/2023		2,015		2,102
Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains
Series 2019C, GO, 4.00%, 1/1/2022		165		166
Series 2019C, GO, 4.00%, 1/1/2023		310		322
Series 2019C, GO, 4.00%, 1/1/2024		370		395
St. Charles Public Library District, Limited Tax Rev., 4.00%, 11/1/2022		100		103
State of Illinois
GO, 5.00%, 2/1/2024		3,370		3,692
GO, 5.50%, 5/1/2025		2,500		2,898
GO, 5.50%, 5/1/2026		5,000		5,975
State of Illinois, Sales Tax Rev., 5.00%, 6/15/2023		990		1,058
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024		2,500		2,655
University of Illinois, Health Services System Series 2008, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.06%, 12/9/2021 (c)		2,110		2,110
Village of Arlington Heights
GO, 4.00%, 12/1/2023		1,130		1,209
GO, 4.00%, 12/1/2024		1,175		1,295
GO, 4.00%, 12/1/2025		695		786
Village of Bartlett
GO, 5.00%, 12/1/2021		980		980
GO, 5.00%, 12/1/2022		1,065		1,116
GO, 5.00%, 12/1/2023		1,130		1,229
Village of Flossmoor GO, 3.00%, 12/1/2021		605		605
Village of Gilberts GO, 4.00%, 12/1/2021		225		225
Village of Hoffman Estates GO, 5.00%, 12/1/2021		210		210
Village of Midlothian
Series 2019A, GO, 4.00%, 1/1/2023		190		197
Series 2019A, GO, 4.00%, 1/1/2024		120		128
Village of Villa Park
Series 2018C, GO, 4.00%, 12/15/2021		505		506
Series B, GO, 4.00%, 12/15/2021		190		190
Series B, GO, 4.00%, 12/15/2022		200		208
Series B, GO, 4.00%, 12/15/2023		205		219
Village of Villa Park, Sales Tax Series A, GO, 4.00%, 12/15/2023		125		134
Washington County Community Unit School District No.10 West Washington
GO, 4.00%, 1/15/2022		575		578
GO, 4.00%, 1/15/2023		685		712
Whiteside County Community Unit School District No. 6 Morrison Series A, GO, AGM, 4.00%, 12/1/2021		745		745
Will County Community High School District No. 210 Lincoln-Way GO, AGM, 4.00%, 1/1/2022		1,000		1,003
Will County Township High School District No. 204 Joliet, Limited Tax GO, 4.00%, 1/1/2023		125		130

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Will County, Community Consolidated School District No. 70-C Laraway, Lease Certificates Series A, Rev., AGM, 4.00%, 12/1/2021		400		400
Will Grundy Etc Counties Community College District No. 525, Joliet Junior College
GO, 5.00%, 1/1/2022		5,275		5,295
GO, 5.00%, 1/1/2023		5,495		5,769
GO, 5.00%, 1/1/2024		2,600		2,846
Total Illinois				179,215
Indiana — 1.6%
City of Evansville, Sewage Works Rev., 4.00%, 7/1/2026		3,710		4,240
City of Rockport, AEP Generating Co. Project
Series A, Rev., 1.35%, 9/1/2022 (c)		2,000		2,015
Series B, Rev., 1.35%, 9/1/2022 (c)		2,250		2,268
City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025		6,500		6,989
Fort Wayne Community School Building Corp., Indiana Unlimited Ad Valorem Property Tax, First Mortgage
Rev., 4.00%, 1/15/2022		250		251
Rev., 4.00%, 7/15/2022		125		128
Fort Wayne Community Schools GO, 4.00%, 1/15/2022		755		758
Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage
Series 2020B, Rev., 4.00%, 1/15/2022		150		151
Series 2020B, Rev., 4.00%, 7/15/2022		165		169
Series 2020B, Rev., 4.00%, 1/15/2023		165		172
Series 2020B, Rev., 4.00%, 7/15/2023		185		196
Series 2020B, Rev., 4.00%, 7/15/2025		215		238
Series 2020B, Rev., 4.00%, 1/15/2026		220		247
Series 2020B, Rev., 4.00%, 7/15/2026		235		265
Indiana Finance Authority, Butler University Project
Rev., 3.00%, 2/1/2022		210		211
Rev., 3.00%, 2/1/2023		225		232
Indiana Finance Authority, Goshen Health Series B, Rev., 2.10%, 11/1/2026 (c)		2,700		2,821
Indiana Finance Authority, Indianapolis Power and Light Co. Project Series 2021B, Rev., 0.65%, 8/1/2025		4,500		4,467
Indiana Finance Authority, Marian University Project
Series A, Rev., 5.00%, 9/15/2022		50		52
Series A, Rev., 5.00%, 9/15/2023		75		81
Series A, Rev., 5.00%, 9/15/2024		155		171
Indiana Finance Authority, Trinity Health Credit Group Series 2008D-1, Rev., VRDO, 0.05%, 12/9/2021 (c)		2,195		2,195
Indiana Health Facility Financing Authority, Ascension Health Credit Group
Series E-6, Rev., VRDO, 0.05%, 12/9/2021 (c)		3,000		3,000
Series 2001A-2, Rev., 2.00%, 2/1/2023 (c)		24,875		25,333
Series 2001A-2, Rev., 2.00%, 2/1/2023 (c) (d)		125		127
Indiana State Finance Authority, Lease Appropriation, Stadium Project Series 2008A, Rev., VRDO, 0.06%, 12/9/2021 (c)		6,620		6,620
Metropolitan School District of Southwest Allen County
Series 2019B, GO, 4.00%, 1/15/2022		100		100
Series 2019B, GO, 4.00%, 7/15/2022		590		604
Series 2019B, GO, 4.00%, 1/15/2023		520		542
Series 2019B, GO, 4.00%, 7/15/2023		485		514
Series 2019B, GO, 4.00%, 1/15/2024		575		616
Metropolitan School District Washington Township GO, 4.00%, 1/15/2022		590		593
North Putnam Middle School Building Corp., Ad Valorem Property Tax, First Mortgage
Rev., 3.00%, 1/15/2022		250		250
Rev., 3.00%, 7/15/2022		150		153
Purdue University, Student Facilities System Series 2007C, Rev., VRDO, 0.04%, 12/9/2021 (c)		6,460		6,460
Tippecanoe County School Building Corp., Ad Valorem Property Tax First Mortgage
Rev., 4.00%, 1/15/2022		365		367
Rev., 4.00%, 7/15/2022		275		281
Rev., 4.00%, 1/15/2023		300		313
Rev., 4.00%, 7/15/2023		380		402

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Town of Schererville, Sewage Works
Rev., 4.00%, 3/1/2022		75		76
Rev., 4.00%, 3/1/2023		75		78
Rev., 4.00%, 3/1/2024		110		118
Total Indiana				74,864
Iowa — 0.6%
City of Altoona
Series 2020A, COP, 4.00%, 6/1/2022		225		229
Series 2020A, COP, 4.00%, 6/1/2023		275		290
City of Coralville Series 2016E, COP, 4.00%, 6/1/2023		325		335
City of Iowa Falls, Capital Lien GO, 3.00%, 6/1/2023		230		239
County of Plymouth GO, AGM, 3.00%, 6/1/2022		290		293
Iowa Finance Authority, Health System Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 0.63%, 12/9/2021 (b) (e)		18,650		18,646
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.05%, 12/9/2021 (c)		8,500		8,500
North Polk Community School District, Services and Use Tax Series 2020B, Rev., 4.00%, 6/1/2022		450		458
Total Iowa				28,990
Kansas — 0.4%
City of Manhattan, Temporary Notes GO, 1.50%, 6/15/2022		5,815		5,821
Johnson County Park and Recreation District
Series 2019B, COP, 3.00%, 9/1/2022		200		204
Series 2019A, COP, 5.00%, 9/1/2022		250		259
Series 2019B, COP, 3.00%, 9/1/2023		200		209
Series 2019A, COP, 5.00%, 9/1/2023		125		135
Kansas City, Kansas Community College
Series 2020A, COP, 4.00%, 4/1/2022		600		607
Series 2020A, COP, 4.00%, 4/1/2023		800		837
Series 2020A, COP, 4.00%, 4/1/2024		500		539
Kansas Development Finance Authority, State of Kansas Project
Series 2020R, Rev., 5.00%, 11/1/2024		2,255		2,550
Series 2020R, Rev., 5.00%, 11/1/2025		3,570		4,181
Sedgwick County Unified School District No. 265 Goddard
Series 2020A, GO, 3.00%, 10/1/2022		295		302
Series 2020A, GO, 3.00%, 10/1/2023		350		367
Series 2020A, GO, 3.00%, 10/1/2024		1,050		1,124
Sedgwick County Unified School District No. 267 Renwick
Series 2019A, GO, 3.00%, 11/1/2022		100		102
Series 2019A, GO, 3.00%, 11/1/2023		100		105
Wyandotte County Unified School District No. 202 Turner
Series 2019A, GO, AGM, 3.00%, 9/1/2022		125		128
Series 2019A, GO, AGM, 3.00%, 9/1/2023		400		417
Series 2019A, GO, AGM, 3.00%, 9/1/2024		400		424
Total Kansas				18,311
Kentucky — 1.5%
City of Ashland, Ashland Hospital Corp. DBA King’s Daughters Medical Center
Rev., 5.00%, 2/1/2022		500		504
Rev., 5.00%, 2/1/2023		600		630
Rev., 5.00%, 2/1/2024		575		629
City of Hazard, Appalachian Regional Healthcare Project Rev., 5.00%, 7/1/2027		600		732
County of Owen, Water Facilities, Kentucky-American Water Co. Project Rev., 0.70%, 9/1/2023 (c)		2,500		2,497
Kentucky Asset Liability Commission
Series 2021A, Rev., 5.00%, 11/1/2022		4,500		4,699
Series 2021A, Rev., 5.00%, 11/1/2023		2,500		2,718
Series 2021A, Rev., 5.00%, 11/1/2024		2,500		2,825
Series 2021A, Rev., 5.00%, 11/1/2025		3,000		3,496
Kentucky Asset Liability Commission, Federal Highway Trust Fund Series 2020A, Rev., 5.00%, 9/1/2022		3,250		3,366
Kentucky Housing Corp., BTT Development III Portfolio Rev., 1.40%, 6/1/2022 (c)		3,315		3,332
Kentucky Public Energy Authority, Gas Supply
Series A, Rev., 4.00%, 4/1/2022		1,210		1,225
Series A, Rev., 4.00%, 4/1/2024 (c)		18,685		20,050

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Kentucky State Property & Building Commission, Project No. 110 Rev., 5.00%, 8/1/2024		85		95
Kentucky State Property & Building Commission, Project No. 125
Series A, Rev., 5.00%, 3/1/2022		5,500		5,566
Series A, Rev., 5.00%, 9/1/2022		3,000		3,109
Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series 2020A, Rev., 0.90%, 9/1/2026		5,000		5,012
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2011A, Rev., VRDO, LOC: PNC Bank NA, 0.05%, 12/9/2021 (c)		1,700		1,700
Louisville Regional Airport Authority, Airport System Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,027
Paducah Electric Plant Board
Rev., 5.00%, 10/1/2022		2,000		2,074
Rev., 5.00%, 10/1/2023		2,000		2,156
Total Kentucky				67,442
Louisiana — 3.6%
Calcasieu Parish School District No. 23, Public School Improvement
GO, 5.00%, 9/1/2023		180		194
GO, 5.00%, 9/1/2024		250		280
Calcasieu Parish School District No. 34 GO, AGM, 3.00%, 1/15/2022		520		522
City of Shreveport, Water and Sewer, Junior Lien
Series 2019B, Rev., AGM, 4.00%, 12/1/2023		310		331
Series 2019B, Rev., AGM, 5.00%, 12/1/2024		225		255
City of Youngsville, Sales Tax Rev., 3.00%, 12/1/2021		255		255
Louisiana Local Government Environmental Facilities and Community Development Authority, East Ascension Consolidated Gravity Drainage District No. 1 Rev., 5.00%, 12/1/2025		715		834
Louisiana Local Government Environmental Facilities and Community Development Authority, East Baton Rouge Sewerage Commission Projects Rev., 5.00%, 2/1/2023 (d)		3,000		3,167
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 0.70%, 12/9/2021 (b)		40,000		40,075
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2025 (c)		8,410		9,682
Louisiana Public Facilities Authority, Tulane University Project
Series 2020A, Rev., 5.00%, 4/1/2025		60		69
Series 2020A, Rev., 5.00%, 4/1/2026		100		118
Louisiana Stadium and Exposition District Rev., BAN, 4.00%, 7/3/2023		3,325		3,472
Parish of St. Charles, Pollution Control, Shell Oil Co., Norco Project Series B, Rev., VRDO, 0.02%, 12/1/2021 (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		18,598
Subseries 2017B-2, Rev., 2.37%, 7/1/2026 (c)		12,800		13,492
State of Louisiana Gasoline and Fuels Tax, Second Lien
Series 2017D, Rev., 0.55%, 5/1/2022 (c)		16,035		16,039
Series 2017A, Rev., 0.60%, 5/1/2023 (c)		60,000		60,025
Zachary Community School District No. 1
GO, 3.00%, 3/1/2022		685		689
GO, 3.00%, 3/1/2023		715		737
Total Louisiana				168,984
Maine — 0.0% (f)
Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2026		250		298
Maryland — 1.4%
County of Calvert, Consolidated Public Improvement
GO, 4.00%, 7/1/2022		1,940		1,983
GO, 4.00%, 7/1/2023		2,070		2,191
GO, 4.00%, 7/1/2024		2,010		2,199
County of Montgomery, Public Improvement Series 2020B, GO, 4.00%, 11/1/2024		1,000		1,106
County of Montgomery, Trinity Health Credit Group Series 2013MD, Rev., VRDO, 0.12%, 3/1/2022 (c)		24,500		24,500

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Maryland Health and Higher Educational Facilities Authority, Anne Arundel Health System Issue Series 2009-B, Rev., VRDO, LOC: Bank of America NA, 0.05%, 12/9/2021 (c)		1,900		1,900
Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program
Series 1985A, Rev., VRDO, LOC: TD Bank NA, 0.05%, 12/9/2021 (c)		5,400		5,400
Series B, Rev., VRDO, LOC: TD Bank NA, 0.05%, 12/9/2021 (c)		16,915		16,915
State of Maryland, State and Local Facilities Loan of 2017 Series 2017B, GO, 5.00%, 8/1/2025		2,825		3,292
Washington Suburban Sanitary Commission, Multi-Modal Bond Series A-2, Rev., VRDO, BAN, GTD, LIQ: TD Bank NA, 0.04%, 12/9/2021 (c)		7,500		7,500
Total Maryland				66,986
Massachusetts — 2.8%
City of Boston Series 2020D, GO, 5.00%, 3/1/2024		2,335		2,581
City of Everett, Anticipation Notes GO, BAN, 2.00%, 2/11/2022		10,500		10,539
City of New Bedford GO, BAN, 2.00%, 4/15/2022		9,245		9,310
Commonwealth of Massachusetts Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 0.64%, 12/9/2021 (b)		27,305		27,304
Commonwealth of Massachusetts, Consolidated Loan of 2014 Subseries D-2, GO, 1.70%, 8/1/2022 (c)		5,500		5,554
Massachusetts Development Finance Agency, Northeastern University Issue
Series 2020A, Rev., 5.00%, 10/1/2022		3,600		3,743
Series 2020A, Rev., 5.00%, 10/1/2023		2,900		3,149
Series 2020A, Rev., 5.00%, 10/1/2024		1,580		1,784
Series 2020A, Rev., 5.00%, 10/1/2025		975		1,140
Series 2020A, Rev., 5.00%, 10/1/2026		895		1,079
Massachusetts Development Finance Agency, Partners Healthcare System Issue
Series 2017S-5, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 0.47%, 12/9/2021 (b)		10,000		10,001
Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.55%, 12/9/2021 (b)		1,500		1,502
Massachusetts Development Finance Agency, Suffolk University Issue
Rev., 5.00%, 7/1/2022		390		400
Rev., 5.00%, 7/1/2024		350		388
Massachusetts Development Finance Agency, Wellforce Issue
Series 2020C, Rev., AGM, 5.00%, 10/1/2022		150		156
Series 2020C, Rev., AGM, 5.00%, 10/1/2023		100		108
Series 2020C, Rev., AGM, 5.00%, 10/1/2024		115		129
Series 2020C, Rev., AGM, 5.00%, 10/1/2025		175		203
Series 2020C, Rev., AGM, 5.00%, 10/1/2026		175		209
Massachusetts Port Authority Series 2019-A, Rev., AMT, 5.00%, 7/1/2022 (d)		2,500		2,568
Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured Series A, Rev., 5.00%, 1/1/2023 (c)		10,000		10,501
Massachusetts Water Resources Authority Series A-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.06%, 12/9/2021 (c)		27,170		27,170
University of Massachusetts Building Authority
Rev., 5.00%, 11/1/2024 (d)		9,485		10,759
Series 2015-1, Rev., 5.00%, 11/1/2025 (d)		250		294
Total Massachusetts				130,571
Michigan — 2.1%
City of Charlevoix, Building Authority, Limited Tax
Rev., 4.00%, 10/1/2022		175		180
Rev., 4.00%, 10/1/2023		110		117
City of Gladstone, Capital Improvement, Limited Tax
GO, AGM, 3.00%, 3/1/2022		250		252
GO, AGM, 3.00%, 3/1/2023		260		268
GO, AGM, 3.00%, 3/1/2024		265		279
GO, AGM, 3.00%, 3/1/2025		275		296
Frankenmuth School District, School Building and Site GO, Q-SBLF, 4.00%, 5/1/2023		200		211
Fulton School District, Unlimited Tax
GO, AGM, 4.00%, 5/1/2025		215		238
GO, AGM, 4.00%, 5/1/2026		220		250
GO, AGM, 4.00%, 5/1/2027		210		243

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Hopkins Public Schools
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2022		160		162
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2023		365		384
Huron Valley School District, Unlimited Tax
GO, Q-SBLF, 2.00%, 5/1/2024		5,825		6,050
GO, Q-SBLF, 2.00%, 5/1/2025		2,050		2,152
Jackson Public Schools, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2023		605		637
GO, Q-SBLF, 4.00%, 5/1/2024		690		749
Kelloggsville Public Schools, School Building and Site GO, AGM, 4.00%, 5/1/2022		380		386
Kent Hospital Finance Authority, Spectrum Health System Series 2008B-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.06%, 12/9/2021 (c)		34,040		34,040
Lakeview School District, School Building & Site, Unlimited Tax Series B, GO, VRDO, LOC: TD Bank NA, 0.05%, 12/9/2021 (c)		8,330		8,330
Leland Public School District
GO, AGM, 4.00%, 5/1/2022		510		518
GO, AGM, 4.00%, 5/1/2023		785		825
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 11/15/2022 (c)		4,165		4,288
Michigan Finance Authority, Trinity Health Credit Group Series MI-1, Rev., VRDO, 0.12%, 3/1/2022 (c)		14,500		14,500
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series 2010F-3, Rev., 4.00%, 7/1/2024 (c)		1,000		1,089
Michigan State Housing Development Authority, Single Family Mortgage Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 0.13%, 12/9/2021 (c)		6,085		6,085
Michigan State Housing Development Authority, Woodland Hills Apartments Project Rev., 0.23%, 10/1/2022 (c)		7,200		7,198
Michigan Strategic Fund, Holland Home Obligated Group
Rev., 4.00%, 11/15/2022		180		185
Rev., 4.00%, 11/15/2023		190		200
Michigan Strategic Fund, Waste Management, Inc. Project Rev., 0.58%, 8/1/2024 (c)		3,000		2,991
South Haven Township and Casco Township, Water and Sewage Treatment Authority, Limited Tax
Rev., 4.00%, 5/1/2022		285		289
Rev., 4.00%, 5/1/2023		480		505
Rev., 4.00%, 5/1/2024		720		779
Waterford School District, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2022		650		660
GO, Q-SBLF, 4.00%, 5/1/2023		1,340		1,410
GO, Q-SBLF, 4.00%, 5/1/2024		1,360		1,477
Wayne County Airport Authority Series G, Rev., 5.00%, 12/1/2024		1,000		1,135
Wayne-Westland Community Schools, Building and Site Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2022		160		163
GO, Q-SBLF, 5.00%, 11/1/2022		290		302
Total Michigan				99,823
Minnesota — 0.6%
City of Lakeville Series 2020A, GO, 5.00%, 2/1/2022		20		20
City of Minneapolis & St. Paul Housing and Redevelopment Authority, Health Care, Allina Health System Series 2007C-2, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.04%, 12/9/2021 (c)		6,410		6,410
City of St. Paul Minnesota, Housing and Redevelopment Authority, Alliana Health System Series 2009C, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.04%, 12/9/2021 (c)		10,280		10,280
City of Wayzata, Folkestone Senior Living Community
Rev., 3.00%, 8/1/2022		200		203
Rev., 3.00%, 8/1/2023		100		102
Rev., 3.00%, 8/1/2024		100		103
Duluth Economic Development Authority, Benedictine Health System
Series 2021A, Rev., 3.00%, 7/1/2023		210		214
Series 2021A, Rev., 3.00%, 7/1/2024		100		104
Series 2021A, Rev., 3.00%, 7/1/2025		100		105
Series 2021A, Rev., 3.00%, 7/1/2026		180		189

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Duluth Housing and Redevelopment Authority, Duluth Public Schools Academy Project
Series 2018-A, Rev., 3.63%, 11/1/2022		345		351
Series 2018-A, Rev., 3.88%, 11/1/2023		325		338
Duluth Independent School District No. 709
Series 2019B, COP, 5.00%, 2/1/2022		160		161
Series 2019C, COP, 5.00%, 2/1/2022		135		136
Series 2019B, COP, 5.00%, 2/1/2023		185		194
Metropolitan Council, Minneapolis St. Paul Metropolitan Area Series 2020C, GO, GAN, 0.38%, 12/1/2022		5,000		5,001
Minneapolis-St. Paul Metropolitan Airports Commission Series 2016B, Rev., 5.00%, 1/1/2022		1,325		1,330
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.
Rev., 3.00%, 12/1/2021		75		75
Rev., 3.00%, 12/1/2022		100		102
Rev., 3.00%, 12/1/2023		100		105
White Bear Lake Independent School District No. 624 Series 2017A, GO, 5.00%, 2/1/2022		40		40
Total Minnesota				25,563
Mississippi — 0.1%
City of Tupelo
GO, 4.00%, 12/1/2021		125		125
GO, 4.00%, 12/1/2022		245		254
GO, 4.00%, 12/1/2023		315		338
County of Warren, Gulf Opportunity Zone, International Paper Co. Project
Series 2020A, Rev., 1.37%, 6/16/2025 (c)		1,750		1,797
Series 2020C, Rev., 1.37%, 6/16/2025 (c)		1,500		1,535
Mississippi Development Bank, Rankin County Bond Project Rev., 3.00%, 3/1/2022		100		101
Mississippi Development Bank, Special Obligation, Biloxi Project Rev., 3.00%, 3/1/2022		175		176
Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project
Series B, Rev., 5.00%, 1/1/2022		320		321
Series B, Rev., 5.00%, 1/1/2023		370		389
Series B, Rev., 5.00%, 1/1/2024		370		403
Total Mississippi				5,439
Missouri — 0.7%
Belton School District No. 124, Belton School District Project COP, AGM, 4.00%, 1/15/2022 (d)		100		100
City of Kansas City, Roe Bartle Convention Center Series 2008F, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.05%, 12/9/2021 (c)		4,490		4,490
City of St. Peters
COP, 4.00%, 5/1/2022		605		614
COP, 4.00%, 5/1/2023		625		657
COP, 4.00%, 5/1/2024		650		705
COP, 4.00%, 5/1/2025		425		473
County of Greene, Special Obligation
Rev., 4.00%, 12/1/2021		205		205
Rev., 4.00%, 12/1/2022		260		270
Rev., 4.00%, 12/1/2023		520		557
Rev., 4.00%, 12/1/2024		540		595
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		4,000		4,177
Greene County Reorganized School District No. R-8
Series 2019B, GO, 3.00%, 3/1/2022		500		504
Series 2019B, GO, 3.00%, 3/1/2023		595		615
Health and Educational Facilities Authority of the State of Missouri, BJC Health System
Series C, Rev., VRDO, LIQ: BJC Health System, 0.05%, 12/9/2021 (c)		1,285		1,285
Series 2021B, Rev., 4.00%, 5/1/2026 (c)		7,500		8,623
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		177
Series 2019B, GO, 5.00%, 3/1/2023		200		212
St. Louis County Special School District
COP, 4.00%, 4/1/2022		395		400
COP, 4.00%, 4/1/2023		410		430
COP, 4.00%, 4/1/2024		605		653

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176, Rev., VRDO, LIQ: Royal Bank of Canada, 0.17%, 12/9/2021 (c) (e)		8,200		8,200
Total Missouri				33,992
Montana — 0.1%
Montana State Board of Regents, Montana State University Series F, Rev., (SIFMA Municipal Swap Index Yield + 0.45%), 0.50%, 12/9/2021 (b)		2,940		2,947
Nebraska — 0.4%
City of Omaha, Special Tax Series A, Rev., 5.00%, 1/15/2022		125		126
County of Saunders
GO, 2.00%, 11/1/2022		300		305
GO, 3.00%, 11/1/2023		325		341
GO, 3.00%, 11/1/2024		415		443
County of Washington, Wastewater and Solid Waste Disposal Facilities, Cargill Incorporated Projects Rev., AMT, 0.90%, 9/1/2025 (c)		6,800		6,849
Nebraska Public Power District
Series 2021C, Rev., 5.00%, 1/1/2023		1,600		1,682
Series 2021D, Rev., 5.00%, 1/1/2023		1,500		1,577
Series 2021C, Rev., 5.00%, 1/1/2024		4,710		5,167
Total Nebraska				16,490
Nevada — 0.6%
City of Carson, Carson Tahoe Regional Healthcare Project Rev., 5.00%, 9/1/2027		610		740
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (e)		595		604
Clark County School District, Limited Tax Series C, GO, 5.00%, 6/15/2023		2,000		2,143
County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien Series 2008D-3, Rev., VRDO, LOC: Bank of America NA, 0.05%, 12/9/2021 (c)		4,435		4,435
County of Humboldt, Sierra Pacific Power Co. Project Series 2016B, Rev., 1.85%, 4/15/2022 (c)		4,550		4,574
County of Washoe, Water Facilities Bonds, Sierra Pacific Power Co. Project
Rev., AMT, 0.62%, 4/15/2022 (c)		4,000		4,002
Series 2016G, Rev., 1.85%, 4/15/2022 (c)		5,000		5,027
State of Nevada Department of Business and Industry, Brightline West Passenger Rail Series 2020A, Rev., AMT, 0.25%, 2/1/2022  (c) (e)		7,500		7,500
Total Nevada				29,025
New Hampshire — 0.6%
New Hampshire Business Finance Authority Series 2020A-3, Rev., AMT, VRDO, 0.18%, 3/1/2022 (c)		5,000		5,000
New Hampshire Business Finance Authority, Waste Management, Inc., Project Series 2018A, Rev., AMT, (SIFMA Municipal Swap Index Yield + 0.38%), 0.42%, 12/9/2021 (b)		24,500		24,493
Total New Hampshire				29,493
New Jersey — 3.1%
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project
Series 2021A, Rev., AGM, 5.00%, 7/1/2024		75		84
Series 2021A, Rev., AGM, 5.00%, 7/1/2025		100		115
Series 2021A, Rev., AGM, 5.00%, 7/1/2026		100		119
City of Newark
Series 2020A, GO, 5.00%, 10/1/2022		750		776
Series 2020B, GO, 5.00%, 10/1/2022		500		518
Series 2020A, GO, AGM, 5.00%, 10/1/2023		1,000		1,079
Series 2020B, GO, AGM, 5.00%, 10/1/2023		525		566
Series 2020A, GO, AGM, 5.00%, 10/1/2024		1,000		1,118
Series 2020B, GO, AGM, 5.00%, 10/1/2024		650		726
Series 2020A, GO, AGM, 5.00%, 10/1/2025		850		979
Series 2020B, GO, AGM, 5.00%, 10/1/2025		595		685
Series 2020A, GO, AGM, 5.00%, 10/1/2026		750		888
Cumberland County Improvement Authority (The), Vineland Public Safety Building Project Rev., 5.00%, 12/15/2021		340		341
East Brunswick Township Board of Education, School Energy Savings GO, 5.00%, 8/1/2022		110		114

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Jersey City Municipal Utilities Authority, Water Project Notes Rev., 3.00%, 7/1/2022		16,000		16,242
New Brunswick Parking Authority, Tax-Exempt
Series 2020B, Rev., GTD, 5.00%, 9/1/2022		350		362
Series 2020B, Rev., GTD, 5.00%, 9/1/2023		335		361
Series 2020B, Rev., GTD, 5.00%, 9/1/2024		425		477
Series 2020B, Rev., GTD, 5.00%, 9/1/2025		425		493
Series 2020A, Rev., GTD, 5.00%, 9/1/2026		500		598
New Jersey Economic Development Authority, School Facilities Construction
Rev., 5.00%, 6/15/2022		100		103
Rev., 5.00%, 6/15/2023		110		118
Rev., 5.00%, 6/15/2024		300		333
Rev., 5.00%, 6/15/2025		550		632
Rev., 5.00%, 6/15/2026		555		656
New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group
Series 2021A, Rev., 5.00%, 7/1/2022		5,590		5,748
Series 2021A, Rev., 5.00%, 7/1/2023		6,810		7,321
New Jersey Transportation Trust Fund Authority
Series 2021A, Rev., 5.00%, 6/15/2025		2,750		3,158
Series 2021A, Rev., 5.00%, 6/15/2026		2,500		2,961
New Jersey Turnpike Authority Series D, Rev., 5.00%, 1/1/2028		7,000		8,267
Passaic County Improvement Authority (The), City of Paterson Project Rev., GTD, 5.00%, 8/15/2026		350		421
Passaic Valley Sewerage Commission, Sewer System
Series J, Rev., AGM, 3.00%, 12/1/2025		1,825		1,989
Series J, Rev., AGM, 3.00%, 12/1/2026		6,285		6,952
State of New Jersey, COVID-19 Emergency Bonds
GO, 4.00%, 6/1/2023		21,380		22,519
GO, 5.00%, 6/1/2024		26,250		29,194
GO, 5.00%, 6/1/2025		12,670		14,596
Township of Chatham GO, BAN, 1.50%, 4/8/2022		11,475		11,527
Total New Jersey				143,136
New Mexico — 0.2%
City of Rio Rancho, Water and Wastewater System Rev., 5.00%, 5/15/2022		1,250		1,277
City of Santa Fe, El Castillo Retirement Residences Project Series 2019B-2, Rev., 2.25%, 5/15/2024		600		600
County of Sandoval GO, 5.00%, 8/1/2022		560		578
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		1,527
University of New Mexico (The), Subordinate Lien System Series 2002B, Rev., VRDO, LIQ: U.S. Bank NA, 0.05%, 12/9/2021 (c)		2,360		2,360
University of New Mexico, Gallup Branch Community College District GO, 2.00%, 10/15/2022		1,500		1,502
Total New Mexico				9,370
New York — 27.2%
Afton Central School District GO, BAN, 1.25%, 7/15/2022		6,000		6,038
Albany City School District
Series 2021A, GO, BAN, 3.00%, 3/25/2022		46,605		47,019
Series B, GO, BAN, 1.00%, 7/29/2022		33,090		33,255
Amsterdam City School District GO, BAN, 1.25%, 6/24/2022		23,548		23,684
Ardsley Union Free School District GO, BAN, 1.25%, 2/11/2022		2,694		2,700
Battery Park City Authority
Series 2019D-1, Rev., VRDO, LIQ: TD Bank NA, 0.04%, 12/9/2021 (c)		14,654		14,654
Series 2019D-2, Rev., VRDO, LIQ: TD Bank NA, 0.05%, 12/9/2021 (c)		935		935
Bay Shore Union Free School District GO, TAN, 1.25%, 6/24/2022		32,500		32,679
Berlin Central School District GO, BAN, 2.00%, 6/29/2022		5,195		5,248
Binghamton City School District Series 2021B, GO, BAN, 1.25%, 11/10/2022		10,500		10,588
Brasher Falls Central School District Series 2021B, GO, BAN, 1.25%, 7/13/2022		15,811		15,912
Broome County Local Development Corp., United Health Services Hospitals, Inc., Project
Rev., AGM, 5.00%, 4/1/2024		500		552
Rev., AGM, 5.00%, 4/1/2025		500		572
Rev., AGM, 5.00%, 4/1/2026		500		590

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Canaseraga Central School District GO, BAN, 1.25%, 7/20/2022		3,640		3,663
Canastota Central School District GO, BAN, 1.25%, 6/29/2022		19,200		19,319
Catskill Central School District GO, BAN, 1.25%, 6/29/2022		26,960		27,120
Center Moriches Union Free School District GO, TAN, 1.25%, 6/24/2022		9,000		9,053
Chenango Forks Central School District Series 2021B, GO, BAN, 1.25%, 6/30/2022		12,000		12,065
Chenango Valley Central School District GO, BAN, 1.25%, 6/24/2022		12,190		12,260
City of Jamestown, Public Improvement
GO, 5.00%, 6/1/2022		500		512
GO, 5.00%, 6/1/2023		525		561
GO, 5.00%, 6/1/2024		545		604
City of New York Subseries B-3, GO, VRDO, LOC: TD Bank NA, 0.05%, 12/9/2021 (c)		10,520		10,520
City of New York, Fiscal Year 2012 Series A, Subseries A-4, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.04%, 12/9/2021 (c)		2,300		2,300
City of New York, Fiscal Year 2020 Series 2020-1, GO, 5.00%, 8/1/2026		1,300		1,561
City of New York, Fiscal Year 2021 Series A, Subseries A-1, GO, 5.00%, 8/1/2024		15,000		16,839
City of Rochester Series 2021-I, GO, BAN, 1.50%, 3/3/2022		41,355		41,499
Copiague Union Free School District GO, TAN, 1.25%, 6/22/2022		26,000		26,153
East Quogue Union Free School District GO, TAN, 1.25%, 6/24/2022		5,000		5,029
Edgemont Union Free School District at Greenburgh GO, BAN, 1.25%, 9/2/2022		3,800		3,829
Floral Park-Bellerose Union Free School District
GO, 5.00%, 12/1/2021		450		450
GO, 5.00%, 12/1/2022		475		498
GO, 5.00%, 12/1/2023		495		542
GO, 5.00%, 12/1/2024		525		598
GO, 5.00%, 12/1/2025		550		649
Frewsburg Central School District GO, BAN, 1.25%, 6/22/2022		6,177		6,211
Fulton City School District GO, BAN, 1.25%, 7/22/2022		10,000		10,060
Gananda Central School District GO, BAN, 1.25%, 6/30/2022		8,000		8,049
Geneva City School District GO, RAN, 1.25%, 6/22/2022		7,000		7,037
Gowanda Central School District GO, BAN, 1.25%, 6/21/2022		10,911		10,970
Granville Central School District GO, BAN, 1.25%, 6/17/2022		13,951		14,029
Hamilton Central School District GO, BAN, 1.25%, 7/8/2022		5,796		5,839
Harborfields Central School District GO, BAN, 1.25%, 9/8/2022		14,609		14,729
Hempstead Town Local Development Corp., Adelphi University Project
Rev., 4.00%, 2/1/2022		50		50
Rev., 4.00%, 2/1/2023		100		104
Rev., 4.00%, 2/1/2024		200		214
Hempstead Union Free School District
Series A, GO, RAN, 1.00%, 6/30/2022		6,000		6,026
Series 2021B, GO, BAN, 1.00%, 7/13/2022		4,130		4,150
Hermon-DeKalb Central School District GO, BAN, 1.25%, 6/30/2022		14,000		14,078
Hoosick Falls Central School District GO, BAN, 1.25%, 8/5/2022		12,500		12,582
Jamesville-Dewitt Central School District GO, BAN, 1.25%, 7/15/2022		21,000		21,141
Lewiston-Porter Central School District GO, BAN, 1.25%, 6/15/2022		8,090		8,134
Lisbon Central School District GO, BAN, 1.25%, 7/15/2022		5,200		5,234
Long Island Power Authority, Electric System
Rev., 1.00%, 9/1/2025		25,000		25,186
Series 2020A, Rev., 5.00%, 9/1/2026		680		819
Mattituck-Cutchogue Union Free School District GO, TAN, 1.25%, 6/24/2022		8,500		8,551
Mcgraw Central School District GO, BAN, 1.25%, 6/28/2022		8,855		8,909
Metropolitan Transportation Authority Series 2002G-1F, Rev., (SOFR + 0.43%), 0.46%, 1/1/2022 (b)		1,670		1,659
Metropolitan Transportation Authority, Dedicated Tax Fund Series 2019A, Rev., BAN, 5.00%, 3/1/2022		20,500		20,739
Middleburgh Central School District GO, BAN, 1.25%, 6/28/2022		9,770		9,825
Moriah Central School District GO, BAN, 1.25%, 7/14/2022		6,815		6,860
Mount Vernon City School District
GO, 5.00%, 12/1/2021		885		885
GO, 5.00%, 12/1/2022		1,965		2,054

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
New York City Housing Development Corp., Multi-Family Mortgage, West 26th Street Development Series 2011B, Rev., VRDO, 0.05%, 12/9/2021 (c)		2,570		2,570
New York City Industrial Development Agency, Queens Baseball Stadium Project
Rev., AGM, 5.00%, 1/1/2024		1,000		1,095
Rev., AGM, 5.00%, 1/1/2025		2,000		2,273
Rev., AGM, 5.00%, 1/1/2026		1,000		1,173
Rev., AGM, 5.00%, 1/1/2027		1,000		1,207
New York City Water and Sewer System, Fiscal Year 2003 Subseries F1B, Rev., VRDO, LIQ: U.S. Bank NA, 0.05%, 12/9/2021 (c)		150		150
New York City Water and Sewer System, Second General Resolution Series BB-1A, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 12/1/2021 (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., 0.04%, 12/9/2021 (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, 0.03%, 12/1/2021 (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., 0.05%, 12/9/2021 (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		4,838
New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023		920		988
New York State Dormitory Authority, School Districts Financing Program Series 2019A, Rev., 5.00%, 10/1/2022		7,490		7,791
New York State Dormitory Authority, St. John’s University
Series 2021A, Rev., 4.00%, 7/1/2022		1,500		1,533
Series 2021A, Rev., 5.00%, 7/1/2025		750		866
New York State Dormitory Authority, State Sales Tax Series 2018C, Rev., 5.00%, 3/15/2025		400		460
New York State Housing Finance Agency, 330 West 39th Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.07%, 12/9/2021 (c)		46,100		46,100
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		14,704
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt
Rev., 5.00%, 12/1/2021		1,000		1,000
Rev., 5.00%, 12/1/2022		750		783
Rev., 5.00%, 12/1/2023		800		869
Rev., 5.00%, 12/1/2024		800		899
Rev., 5.00%, 12/1/2025		500		579
Rev., 5.00%, 12/1/2026		750		890
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport Series 2019A, Rev., AMT, 5.00%, 4/1/2022		845		858
North Syracuse Central School District GO, BAN, 1.25%, 8/5/2022		40,300		40,577
Northeastern Clinton Central School District GO, BAN, 1.25%, 9/2/2022		20,000		20,154
Oakfield-Alabama Central School District GO, BAN, 1.25%, 7/19/2022		11,000		11,074
Odessa-Montour Central School District GO, BAN, 1.25%, 7/15/2022		11,200		11,273
Owego Apalachin Central School District GO, BAN, 1.25%, 6/29/2022		22,476		22,616
Oxford Academy and Central School District GO, BAN, 2.00%, 7/8/2022		5,580		5,639
Palmyra Macedon Central School District GO, BAN, 1.25%, 6/16/2022		16,220		16,314
Pine Valley Central School District GO, BAN, 1.25%, 6/15/2022		6,420		6,454
Port Authority of New York and New Jersey, Consolidated Series 207, Rev., AMT, 5.00%, 9/15/2023		10,000		10,815
Sachem Central School District GO, TAN, 1.25%, 6/23/2022		50,000		50,299
Sandy Creek Central School District GO, BAN, 1.25%, 6/24/2022		20,222		20,334

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Seneca Falls Central School District GO, BAN, 1.25%, 6/28/2022		14,715		14,805
Smithtown Central School District GO, TAN, 1.25%, 6/29/2022		50,000		50,309
Solvay Union Free School District GO, BAN, 1.25%, 6/29/2022		25,530		25,678
Springs Union Free School District GO, TAN, 1.25%, 6/24/2022		6,000		6,036
Town of Oyster Bay, Public Improvement
GO, 4.00%, 11/1/2022		410		424
GO, 4.00%, 11/1/2023		1,000		1,068
GO, 4.00%, 11/1/2024		950		1,048
GO, 4.00%, 11/1/2025		495		560
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Series 2005A, Rev., VRDO, LOC: Barclays Bank plc, 0.04%, 12/9/2021 (c)		21,445		21,445
Series 2021A, Rev., BAN, 5.00%, 11/1/2025		15,000		17,598
Series 2021A-2, Rev., 2.00%, 5/15/2026 (c)		16,000		16,942
Trust for Cultural Resources of The City of New York (The), American Museum of Natural History Series 2014B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.05%), 0.10%, 12/2/2021 (b)		8,000		8,000
Union Endicott Central School District GO, BAN, 1.25%, 6/24/2022		8,513		8,564
Wantagh Union Free School District GO, TAN, 1.25%, 6/24/2022		10,000		10,060
Waterville Central School District Series 2021B, GO, BAN, 1.25%, 7/15/2022		12,310		12,383
Watervliet City School District GO, BAN, 1.25%, 4/27/2022		10,000		10,042
West Babylon Union Free School District GO, TAN, 1.25%, 6/24/2022		22,000		22,131
Whitesboro Central School District GO, BAN, 1.25%, 6/24/2022		20,717		20,837
Williamson Central School District GO, BAN, 1.25%, 7/15/2022		9,272		9,333
Windsor Central School District GO, BAN, 1.25%, 6/16/2022		9,649		9,702
Wyandanch Union Free School District GO, TAN, 1.25%, 6/24/2022		12,000		12,069
Yorkshire-Pioneer Central School District GO, BAN, 1.25%, 7/28/2022		14,000		14,090
Total New York				1,267,343
North Carolina — 3.8%
Buncombe County Metropolitan Sewerage District Series 2008A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.05%, 12/9/2021 (c)		19,975		19,975
City of Charlotte, Water & Sewer System Series B, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.05%, 12/9/2021 (c)		25,950		25,950
City of Raleigh, Downtown Improvement Projects Series 2005-B-1, COP, VRDO, LIQ: PNC Bank NA, 0.05%, 12/9/2021 (c)		23,300		23,300
City of Raleigh, Limited Obligation Series 2016A, Rev., VRDO, LIQ: PNC Bank NA, 0.05%, 12/9/2021 (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		859
Series 2019B, Rev., 2.00%, 10/1/2024 (c)		825		859
Series 2020A, Rev., 1.37%, 6/16/2025 (c)		1,780		1,828
County of Harnett, Limited Obligation
Rev., 3.00%, 12/1/2021		2,015		2,015
Rev., 4.00%, 12/1/2022		1,700		1,765
Rev., 4.00%, 12/1/2023		1,650		1,772
Rev., 4.00%, 12/1/2024		1,000		1,106
Rev., 5.00%, 12/1/2025		1,000		1,174
County of Orange, Limited Obligation
Series 2021A, Rev., 5.00%, 11/15/2022		1,405		1,469
Series 2021A, Rev., 5.00%, 11/15/2023		630		688
Series 2021A, Rev., 5.00%, 11/15/2024		350		398
Series 2021A, Rev., 5.00%, 11/15/2025		250		294
North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (c)		2,840		3,345
North Carolina Medical Care Commission, Moses Cone Health System, Second Generation Resolution Series 2001A, Rev., VRDO, LIQ: BMO Harris Bank NA, 0.05%, 12/9/2021 (c)		26,170		26,170
North Carolina Turnpike Authority, Triangle Expressway System Rev., BAN, 5.00%, 2/1/2024		39,700		43,361
State of North Carolina, Build NC Programs, Limited Obligation Series 2020B, Rev., 5.00%, 5/1/2022		7,000		7,141

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
University of North Carolina at Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.46%, 1/4/2022 (b)		3,750		3,755
Total North Carolina				175,339
Ohio — 4.8%
City of Akron, Various Purpose
GO, 2.00%, 12/1/2022		565		574
GO, 2.00%, 12/1/2023		485		500
City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements Series 2018A, Rev., 5.00%, 10/1/2022		265		276
City of Elyria, Limited Tax
Series 2019-2, GO, 4.00%, 12/1/2021		1,010		1,010
Series 2019-2, GO, 4.00%, 12/1/2022		935		970
City of Lakewood, Income Tax Rev., 0.75%, 3/22/2022		5,000		5,010
City of Lorain, Limited Tax
Series 2020A, GO, 4.00%, 12/1/2021		220		220
Series 2020A, GO, 4.00%, 12/1/2022		280		290
Series 2020A, GO, 4.00%, 12/1/2023		300		321
Series 2020A, GO, 4.00%, 12/1/2024		250		275
City of Toledo, Limited Tax, Capital Improvement
GO, AGM, 5.00%, 12/1/2021		1,275		1,275
GO, AGM, 5.00%, 12/1/2022		1,305		1,366
City of Whitehall, Special Obligation Nontax Rev., 1.00%, 12/8/2021		3,810		3,811
Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project
Rev., 5.00%, 7/1/2025		100		115
Rev., 5.00%, 7/1/2026		125		147
County of Allen, Hospital Facilities, Catholic Health Partners Series 2012B, Rev., VRDO, 0.07%, 12/9/2021 (c)		50,865		50,865
County of Allen, Hospital Facilities, Mercy Health Series B, Rev., 5.00%, 5/5/2022 (c)		2,000		2,038
County of Franklin, Hospital Facilities, OhioHealth Corp.
Series 2009A, Rev., VRDO, LIQ: Barclays Bank plc, 0.04%, 12/9/2021 (c)		38,030		38,030
Series 2011C, Rev., VRDO, 0.04%, 12/9/2021 (c)		200		200
County of Ross, Adena Health System Obligated Group Project
Rev., 5.00%, 12/1/2021		335		335
Rev., 5.00%, 12/1/2022		355		371
Rev., 5.00%, 12/1/2023		490		533
Euclid City School District
COP, 4.00%, 12/1/2023		70		75
COP, 4.00%, 12/1/2024		180		198
Lancaster Port Authority, Gas Supply Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 2/1/2025 (c)		5,000		5,667
Ohio Housing Finance Agency, Carnegie Tower Project Rev., FHA, 0.35%, 10/1/2022 (c)		10,200		10,211
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2016A, Rev., VRDO, LIQ: TD Bank NA, 0.04%, 12/9/2021 (c)		73,645		73,645
State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects Series 2020B, Rev., VRDO, 0.04%, 12/9/2021 (c)		12,000		12,000
State of Ohio, Infrastructure Improvement Series A, GO, VRDO, LOC: TD Bank NA, 0.05%, 12/9/2021 (c)		1,985		1,985
State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 0.11%, 12/9/2021 (c)		8,250		8,250
Village of Obetz, Various Purpose Rev., 5.00%, 12/1/2021		125		125
Zanesville City School District, Unlimited Tax GO, 4.00%, 12/1/2021		595		595
Total Ohio				221,283
Oklahoma — 0.4%
Bryan County School Finance Authority, Durant Public Schools Project
Rev., 4.00%, 12/1/2021		140		140
Rev., 4.00%, 12/1/2022		190		197
Rev., 4.00%, 12/1/2023		155		166
Rev., 4.00%, 12/1/2024		165		181
Canadian County Educational Facilities Authority, Mustang Public Schools Project Rev., 3.00%, 9/1/2023		1,000		1,047
City of Moore GO, 1.25%, 4/1/2022		1,550		1,555
Cleveland County Educational Facilities Authority, Lexington Public Schools Project
Rev., 4.00%, 9/1/2022		125		129
Rev., 4.00%, 9/1/2023		270		286

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Custer County Economic Development Authority, Thomas Fay Public Schools
Rev., 4.00%, 12/1/2021		410		410
Rev., 4.00%, 12/1/2023		450		479
Elk City Industrial Authority, Sales Tax Rev., 2.00%, 5/1/2023		140		142
Ellis County Educational Facilities Authority, Fargo-Gage Public Schools Project
Rev., 3.00%, 3/1/2022		725		730
Rev., 3.00%, 3/1/2023		730		753
Garvin County Educational Facilities Authority, Pernell Public Schools Project
Rev., 4.00%, 9/1/2022		135		139
Rev., 4.00%, 9/1/2023		110		117
Rev., 4.00%, 9/1/2024		160		174
Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project
Rev., 4.00%, 9/1/2022		200		206
Rev., 4.00%, 9/1/2023		300		318
Rev., 4.00%, 9/1/2024		245		267
Kingfisher County Educational Facilities Authority, Lomega Public Schools Project
Rev., 3.00%, 3/1/2022		165		166
Rev., 3.00%, 3/1/2023		385		397
Rev., 3.00%, 3/1/2024		270		285
Muskogee Industrial Trust, Muskogee Public Schools Project Rev., 5.00%, 9/1/2023		900		965
Oklahoma Development Finance Authority, Gilcrease Expressway West Project Rev., AMT, 1.63%, 7/6/2023		4,885		4,914
Oklahoma Housing Finance Agency, Central Oklahoma Portfolio Rev., 0.28%, 8/1/2022 (c)		2,500		2,502
Pittsburg County Educational Facilities Authority, McAlester Public Schools Project
Rev., 4.00%, 12/1/2024		250		274
Rev., 4.00%, 12/1/2026		250		285
Tulsa County Industrial Authority, Sand Springs Public Schools Project
Rev., 2.00%, 9/1/2022		125		127
Rev., 4.00%, 9/1/2023		175		186
Rev., 4.00%, 9/1/2024		435		473
Wagoner County School Development Authority, Wagoner Public Schools Project Rev., 4.00%, 9/1/2023		525		557
Total Oklahoma				18,567
Oregon — 0.2%
County of Yamhill, Linfield University Project
Rev., 4.00%, 10/1/2022		250		257
Rev., 4.00%, 10/1/2023		435		461
Rev., 4.00%, 10/1/2024		425		461
Oregon State Facilities Authority, Linfield College Project Series 2015A, Rev., 5.00%, 10/1/2025 (d)		1,000		1,161
State of Oregon, Housing and Community Services Department, Sha Rad Group II Apartment Projects Rev., 1.45%, 6/1/2022 (c)		3,350		3,370
State of Oregon, Veterans Welfare Series 2015P, GO, VRDO, LIQ: U.S. Bank NA, 0.05%, 12/9/2021 (c)		3,500		3,500
Yamhill County Hospital Authority, Friendsview, Tax Exempt
Series 2021B-3, Rev., 1.75%, 11/15/2026		415		415
Series 2021B-2, Rev., 2.13%, 11/15/2027		500		501
Total Oregon				10,126
Pennsylvania — 4.8%
Allegheny County Sanitary Authority, Sewer
Series 2020B, Rev., 3.00%, 6/1/2022		250		253
Series 2020A, Rev., 4.00%, 6/1/2024		300		326
Series 2020A, Rev., 4.00%, 6/1/2025		150		168
Series 2020B, Rev., 4.00%, 6/1/2025		210		235
Series 2020A, Rev., 5.00%, 6/1/2026		425		504
Allentown City School District, Obligation Tax GO, TRAN, 1.00%, 3/31/2022		2,250		2,250
Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (e)		200		211
Ambridge Borough Water Authority
Rev., 4.00%, 11/15/2022		175		181
Rev., 4.00%, 11/15/2023		175		187
Apollo-Ridge School District
Series 2019A, GO, 2.00%, 9/1/2022		375		380
Series 2019A, GO, 4.00%, 9/1/2023		385		409
Series 2019A, GO, 4.00%, 9/1/2024		450		489
Armstrong School District
Series A, GO, 3.00%, 3/15/2022		235		237
Series B, GO, 3.00%, 3/15/2022		300		302
Series A, GO, 3.00%, 3/15/2023		240		248
Series B, GO, 3.00%, 3/15/2023		400		413

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments		Principal Amount ($000)		Value ($000)
Berks County Municipal Authority (The), Tower Health Project
Series 2020A, Rev., 5.00%, 2/1/2022			500		503
Series 2020A, Rev., 5.00%, 2/1/2023			1,300		1,351
Series 2020A, Rev., 5.00%, 2/1/2024			425		454
Series 2020A, Rev., 5.00%, 2/1/2025			600		657
Series 2020A, Rev., 5.00%, 2/1/2026			1,015		1,136
Big Beaver Falls Area School District, Unlimited Tax
GO, 4.00%, 3/15/2022			1,155		1,167
GO, 5.00%, 3/15/2023			1,200		1,270
Burgettstown Area School District
Series A, GO, 3.00%, 3/15/2022			100		101
Series A, GO, 4.00%, 3/15/2023			200		209
Carmichaels Area School District, Limited Tax
GO, 4.00%, 9/1/2022			190		195
GO, 4.00%, 9/1/2023			150		159
Charleroi Borough Authority Water System
Rev., AGM, 4.00%, 12/1/2021			225		225
Rev., AGM, 4.00%, 12/1/2022			165		171
Rev., AGM, 4.00%, 12/1/2023			225		240
Chester County Health and Education Facilities Authority, Main Line Health System
Series 2020A, Rev., 3.00%, 9/1/2023			230		241
Series 2020A, Rev., 3.00%, 9/1/2024			215		230
Series 2020A, Rev., 5.00%, 9/1/2025			250		291
City of Altoona, Guaranteed Sewer
GO, AGM, 5.00%, 12/1/2021			265		265
GO, AGM, 5.00%, 12/1/2022			200		209
GO, AGM, 5.00%, 12/1/2023			300		327
City of Lebanon Authority, Green Bond
Rev., 4.00%, 12/15/2021			240		240
Rev., 4.00%, 12/15/2022			275		285
Rev., 4.00%, 12/15/2023			360		387
City of Philadelphia
Series 2019A, GO, 5.00%, 8/1/2022			4,755		4,907
Series 2017A, GO, 5.00%, 8/1/2026			6,030		7,216
City of Philadelphia, Airport System
Series 2020A, Rev., 5.00%, 7/1/2024			1,480		1,652
Series 2020A, Rev., 5.00%, 7/1/2025			1,550		1,790
Series 2020A, Rev., 5.00%, 7/1/2026			1,160		1,382
City of Philadelphia, Water and Wastewater System Rev., 5.00%, 11/1/2022 (d)			1,465		1,529
City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2026			300		358
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		71
Cornell School District GO, AGM, 4.00%, 9/1/2022			200		205
County of Armstrong
GO, AGM, 4.00%, 6/1/2022			380		387
Series A, GO, 4.00%, 6/1/2022			430		437
GO, AGM, 4.00%, 6/1/2023			225		237
Series A, GO, 5.00%, 6/1/2023			225		241
GO, AGM, 4.00%, 6/1/2024			230		250
GO, AGM, 4.00%, 6/1/2025			240		268
County of Indiana
GO, 2.00%, 12/15/2021			60		60
GO, 2.00%, 12/15/2022			180		183
GO, 2.00%, 12/15/2023			260		268
GO, 3.00%, 12/15/2024			430		462
GO, 3.00%, 12/15/2025			250		272
GO, 3.00%, 12/15/2026			435		480
County of Lackawanna
Series 2020A, GO, 4.00%, 3/15/2022			200		202
Series 2020B, GO, 4.00%, 9/1/2022			135		139
Series 2020A, GO, 4.00%, 3/15/2023	��		200		209
Series 2020B, GO, 4.00%, 9/1/2023			305		323
Series 2020A, GO, 4.00%, 3/15/2024			300		323
Series 2020B, GO, 4.00%, 9/1/2024			680		742
Series 2020A, GO, 4.00%, 3/15/2025			300		331
Series 2020B, GO, 4.00%, 9/1/2025			685		765
Series 2020B, GO, 4.00%, 9/1/2026			1,445		1,649
County of Somerset
GO, 2.00%, 10/1/2022			340		345
GO, 2.00%, 10/1/2023			335		344
GO, 2.00%, 10/1/2024			300		313
County of York Series 2020A, GO, 5.00%, 6/1/2026			1,305		1,553

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Dallas School District
GO, AGM, 4.00%, 10/15/2022		300		309
GO, AGM, 5.00%, 10/15/2023		175		188
GO, AGM, 5.00%, 10/15/2024		325		364
Emmaus General Authority Rev., VRDO, AGM, LIQ: Wells Fargo Bank NA, 0.04%, 12/9/2021 (c)		4,100		4,100
Iroquois School District
GO, 4.00%, 10/1/2022		390		402
GO, 4.00%, 10/1/2023		200		213
Lycoming County Water and Sewer Authority
Rev., AGM, 4.00%, 11/15/2022		200		207
Rev., AGM, 4.00%, 11/15/2023		150		160
Mars Area School District Series 2019B, GO, AGM, 5.00%, 9/1/2023		115		124
Middletown Township Sewer Authority
Rev., GTD, 4.00%, 10/1/2022		265		273
Rev., GTD, 4.00%, 10/1/2023		210		224
Montgomery County Higher Education and Health Authority, Arcadia University
Rev., 5.00%, 4/1/2022		300		304
Rev., 5.00%, 4/1/2023		300		317
Rev., 5.00%, 4/1/2024		300		328
Rev., 5.00%, 4/1/2025		250		282
Rev., 5.00%, 4/1/2026		165		191
Montgomery County Industrial Development Authority, Meadowood Senior Living Project Series A, Rev., 3.00%, 12/1/2021		250		250
Montour School District GO, 3.00%, 10/1/2023		200		209
Muncy School District GO, 4.00%, 5/15/2023		345		363
Municipality of Norristown Series 2020A, GO, 4.00%, 5/1/2023		6,000		6,090
Municipality of Penn Hills
Series A, GO, 3.00%, 12/1/2021		340		340
Series A, GO, 3.00%, 12/1/2022		345		354
Series A, GO, 3.00%, 12/1/2023		305		321
Neshannock Township School District
Series 2019AA, GO, 4.00%, 9/1/2022		150		154
Series 2019AA, GO, 4.00%, 9/1/2023		200		213
New Castle Area School District
GO, 3.00%, 3/1/2022		610		614
GO, 3.00%, 3/1/2023		1,000		1,032
GO, 4.00%, 3/1/2024		240		257
North Penn School District Series 2019A, GO, 3.00%, 1/15/2022		65		65
Northeast Bradford School District
GO, AGM, 2.00%, 6/1/2022		320		323
GO, AGM, 3.00%, 6/1/2023		330		343
Northwestern Lehigh School District GO, 5.00%, 2/15/2023		680		718
Penn Hills School District
GO, 3.00%, 10/1/2022		1,725		1,763
GO, 4.00%, 10/1/2023		1,790		1,900
GO, 4.00%, 10/1/2024		1,855		2,027
GO, 5.00%, 10/1/2025		4,615		5,343
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project Series 2017A, Rev., AMT, 0.58%, 8/1/2024 (c)		5,500		5,482
Pennsylvania Higher Educational Facilities Authority, State System of Higher Education Series AX, Rev., AGM, 5.00%, 6/15/2022		1,375		1,410
Pennsylvania Turnpike Commission
Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 0.65%, 12/9/2021 (b)		18,000		18,191
Series A, Rev., 5.00%, 12/1/2022		1,000		1,047
Series 2020B, Rev., 5.00%, 12/1/2023		425		465
Series A, Rev., 5.00%, 12/1/2023		1,000		1,093
Series 2020B, Rev., 5.00%, 12/1/2024		450		511
Series 2020B, Rev., 5.00%, 12/1/2025		325		382
Series 2020B, Rev., 5.00%, 12/1/2026		400		483
Philadelphia Authority for Industrial Development Series B-2, Rev., VRDO, LOC: TD Bank NA, 0.05%, 12/9/2021 (c)		7,095		7,095
Philadelphia Gas Works Co., 1998 General Ordinance Series A-2, Rev., VRDO, LOC: TD Bank NA, 0.05%, 12/9/2021 (c)		20,300		20,300
Pittsburgh School District
GO, 5.00%, 9/1/2022		1,690		1,751
GO, 5.00%, 9/1/2023		1,810		1,957
Pittsburgh Water and Sewer Authority, First Lien Series A, Rev., 5.00%, 9/1/2022		250		259

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Punxsutawney Area School District
Series 2020A, GO, AGM, 5.00%, 10/15/2022		290		302
Series 2020A, GO, AGM, 5.00%, 10/15/2023		250		271
Series 2020A, GO, AGM, 5.00%, 10/15/2024		150		169
School District of Philadelphia (The)
Series 2019A, GO, 5.00%, 9/1/2022		1,050		1,088
Series 2019A, GO, 5.00%, 9/1/2023		1,050		1,135
School District of the City of Erie (The), Limited Tax
Series 2019B, GO, AGM, 5.00%, 4/1/2022		325		330
Series 2019B, GO, AGM, 5.00%, 4/1/2023		315		334
Selinsgrove Area School District
Series A, GO, 2.00%, 3/1/2022		5		5
Series B, GO, 3.00%, 3/1/2022		130		131
Series A, GO, 2.00%, 9/1/2022		400		405
Series A, GO, 2.00%, 3/1/2023		5		5
Series B, GO, 3.00%, 3/1/2023		95		98
Series A, GO, 2.00%, 9/1/2023		585		601
Southcentral General Authority, Wellspan Health Obligated Group Series C, Rev., VRDO, LIQ: Bank of America NA, 0.08%, 12/9/2021 (c)		16,000		16,000
Southeastern Pennsylvania Transportation Authority
Rev., 5.00%, 6/1/2022		500		512
Rev., 5.00%, 6/1/2023		750		803
Rev., 5.00%, 6/1/2024		755		840
Rev., 5.00%, 6/1/2025		1,250		1,441
Rev., 5.00%, 6/1/2026		750		892
Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax
Rev., AGM, 4.00%, 2/1/2022		1,125		1,132
Rev., AGM, 4.00%, 2/1/2023		1,500		1,563
Rev., AGM, 5.00%, 2/1/2026		1,995		2,345
Spring-Benner-Walker Joint Authority Series 2020A, Rev., 4.00%, 9/1/2024		440		481
State Public School Building Authority, Community College of Philadelphia Project Series 2019A, Rev., AGM, 5.00%, 6/15/2022		310		318
Steel Valley School District, Allegheny County, Pennsylvania Unlimited Tax
Series 2019B, GO, 4.00%, 11/1/2022		240		248
Series 2019B, GO, 4.00%, 11/1/2023		250		267
Steelton-Highspire School District, Limited Tax
GO, 4.00%, 11/15/2022		60		62
GO, 4.00%, 11/15/2023		85		90
Township of Butler
GO, 5.00%, 10/1/2022		250		260
GO, 5.00%, 10/1/2023		260		281
GO, 5.00%, 10/1/2024		275		309
Township of East Coventry
GO, 3.00%, 12/1/2025		345		376
GO, 3.00%, 12/1/2026		275		304
Township of East Pennsboro, Cumberland County GO, 3.00%, 9/1/2022		175		179
Township of Radnor
GO, 2.00%, 6/15/2022		190		192
GO, 3.00%, 6/15/2024		145		154
Uniontown Area School District
GO, 2.00%, 10/1/2023		530		544
GO, 3.00%, 10/1/2024		900		961
University of Pittsburgh of the Commonwealth System of Higher Education Rev., (SIFMA Municipal Swap Index Yield + 0.36%), 0.41%, 12/9/2021 (b)		47,000		47,180
Upper Allegheny Joint Sanitary Authority
Series 2019A, Rev., AGM, 4.00%, 9/1/2022		200		205
Series 2019A, Rev., AGM, 4.00%, 9/1/2023		215		228
Waynesboro Area School District, Franklin County
GO, 5.00%, 10/1/2022		305		317
GO, 5.00%, 10/1/2023		320		346
Wilkes-Barre Area School District GO, 5.00%, 4/15/2023		115		122
Wyalusing Area School District
GO, 3.00%, 4/1/2022		150		151
GO, AGM, 4.00%, 4/1/2022		315		319
GO, 3.00%, 4/1/2023		200		207
GO, AGM, 4.00%, 4/1/2023		400		420
GO, 3.00%, 4/1/2024		185		196
GO, 3.00%, 4/1/2025		200		216
GO, 3.00%, 4/1/2026		300		330
Total Pennsylvania				223,826
Rhode Island — 0.4%
City of Pawtucket
Series 2019D, GO, AGM, 3.00%, 7/15/2022		210		214
Series 2019C, GO, AGM, 4.00%, 7/15/2022		210		215
Series 2019D, GO, AGM, 3.00%, 7/15/2023		70		73
Series 2019C, GO, AGM, 4.00%, 7/15/2023		380		402

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Rhode Island Health and Educational Building Corp., Public School Financing Program
Series 2021F, Rev., 4.00%, 5/15/2024		1,790		1,947
Series 2021F, Rev., 3.00%, 5/15/2026		1,225		1,350
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, 0.02%, 12/1/2021 (c)		12,105		12,105
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Series 2019A, Rev., 5.00%, 10/1/2023		125		135
Total Rhode Island				16,457
South Carolina — 0.3%
Charleston County School District GO, SCSDE, 5.00%, 3/1/2024		3,000		3,315
Chester Sewer District, Wastewater System Improvement Rev., 4.00%, 6/1/2023		75		79
County Square Redevelopment Corp., Greenville County, South Carolina Project Rev., BAN, 2.00%, 3/3/2022		7,000		7,034
Educational Facilities Authority, Wofford College Rev., 2.37%, 4/1/2022 (c)		500		503
Piedmont Municipal Power Agency Series 2021A, Rev., 4.00%, 1/1/2024		1,525		1,639
SCAGO Educational Facilities Corp. for Pickens School District Rev., 5.00%, 12/1/2021		50		50
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project Series A, Rev., 2.38%, 12/1/2024 (e)		600		606
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project Series 2020A, Rev., 4.00%, 11/15/2023		130		135
Total South Carolina				13,361
South Dakota — 0.0% (f)
South Dakota Board of Regents Housing and Auxiliary Facilities System Rev., 5.00%, 4/1/2022		375		381
Tennessee — 1.5%
Chattanooga Health Educational & Housing Facility Board, Battery Heights Apartment Rev., 0.20%, 8/1/2023 (c)		2,000		1,995
City of Memphis, General Improvement
Series 2020A, GO, 5.00%, 12/1/2021		875		875
Series 2020A, GO, 5.00%, 12/1/2022		2,035		2,133
Series 2020A, GO, 5.00%, 12/1/2023		2,135		2,334
Series 2020A, GO, 5.00%, 12/1/2024		2,245		2,552
County of Hamilton
Series 2020B, GO, 5.00%, 3/1/2022		3,255		3,294
Series 2020B, GO, 5.00%, 3/1/2023		3,270		3,467
Series 2020B, GO, 5.00%, 3/1/2024		3,355		3,708
County of Shelby, Public Improvement Series 2006B, GO, VRDO, 0.06%, 12/9/2021 (c)		5,015		5,015
Knox County Health Educational and Housing Facility Board, University Health System, Inc. Rev., 5.00%, 4/1/2025		1,000		1,140
Knoxville’s Community Development Corp., Austin Homes 18 Project Rev., 0.22%, 10/1/2023 (c)		4,500		4,485
Lewisburg Industrial Development Board, Lewisburg Summit Apartments, Multi-Family Rev., 1.55%, 3/1/2022 (c)		1,900		1,906
Memphis-Shelby County Airport Authority
Series 2021B, Rev., AMT, 5.00%, 7/1/2022		305		313
Series 2021C, Rev., AMT, 5.00%, 7/1/2022		185		190
Series 2021C, Rev., AMT, 5.00%, 7/1/2023		645		692
Series 2021C, Rev., AMT, 5.00%, 7/1/2024		850		946
Metropolitan Government Nashville and Davidson County Industrial Development Board, Waste Management, Inc. of Tennessee Project Rev., 0.58%, 8/1/2024 (c)		1,150		1,146
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Trevecca Nazarene University Project Rev., 3.00%, 10/1/2024		325		336

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Metropolitan Government of Nashville and Davidson County Series 2021A, GO, 5.00%, 7/1/2026		600		719
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		10,218
Tennessee Energy Acquisition Corp., Commodity Project
Series 2021A, Rev., 5.00%, 11/1/2022		175		182
Series 2021A, Rev., 5.00%, 11/1/2023		250		271
Series 2021A, Rev., 5.00%, 11/1/2024		250		280
Series 2021A, Rev., 5.00%, 11/1/2025		290		335
Series 2021A, Rev., 5.00%, 11/1/2026		350		416
Series 2021A, Rev., 5.00%, 11/1/2027		1,000		1,217
Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2023 (c)		17,045		17,827
Total Tennessee				67,992
Texas — 7.6%
Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc.
Rev., PSF-GTD, 3.00%, 8/15/2022		635		647
Rev., PSF-GTD, 3.00%, 8/15/2023		655		684
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project
Series 2018C, Rev., 5.00%, 8/1/2024		200		224
Series 2018C, Rev., 5.00%, 8/1/2025		200		233
Austin Community College District, Combined Fee
Rev., 5.00%, 2/1/2022		165		166
Rev., 5.00%, 2/1/2023		170		180
Avery Ranch Road District No. 1, Unlimited Tax
GO, 3.00%, 8/15/2022		615		627
GO, 3.00%, 8/15/2023		810		846
Big Oaks Municipal Utility District, Waterworks & Sewer System, Unlimited Tax
GO, AGM, 3.00%, 3/1/2022		345		347
GO, AGM, 3.00%, 3/1/2023		905		934
Board of Regents of the University of Texas System, Financing System Series 2008B, Rev., VRDO, LIQ: University of Texas Investment Management Co. (The), 0.03%, 12/9/2021 (c)		4,495		4,495
Bridgestone Municipal Utility District, Unlimited Tax
Series A, GO, AGM, 2.00%, 5/1/2022		110		111
Series A, GO, AGM, 3.00%, 5/1/2023		85		88
Brushy Creek Municipal Utility District, Unlimited Tax
GO, 3.00%, 6/1/2022		235		238
GO, 3.00%, 6/1/2023		250		260
Capital Area Housing Finance Corp., Multi-Family Housing, Grand Avenue Flats Ltd. Rev., 0.29%, 8/1/2024 (c)		11,100		11,044
Central Texas Regional Mobility Authority, Subordinated Lien Series 2020F, Rev., BAN, 5.00%, 1/1/2025		6,430		7,134
City of Austin, Airport System Rev., AMT, 5.00%, 11/15/2022		4,250		4,442
City of El Paso, Certificates of Obligation, Combination Tax
GO, 5.00%, 8/15/2022		400		414
GO, 5.00%, 8/15/2023		515		556
GO, 5.00%, 8/15/2024		700		785
City of El Paso, Improvement Bond Series 2020A, GO, 5.00%, 8/15/2024		275		309
City of Fort Worth Rev., 4.00%, 2/15/2022		50		50
City of Galveston, Certificates of Obligation GO, 4.00%, 5/1/2022		590		599
City of Garland, Electric Utility System Series 2019A, Rev., 5.00%, 3/1/2022		1,395		1,412
City of Houston, Airport System, Subordinate Lien
Series 2021A, Rev., AMT, 5.00%, 7/1/2023		850		913
Series 2021A, Rev., AMT, 5.00%, 7/1/2024		500		556
Series 2021A, Rev., AMT, 5.00%, 7/1/2025		500		575
Series 2021A, Rev., AMT, 5.00%, 7/1/2026		1,250		1,481
Series 2021A, Rev., AMT, 5.00%, 7/1/2027		1,000		1,214
City of Houston, Combined Utility System, First Lien
Series 2004B-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.06%, 12/9/2021 (c)		9,000		9,000
Series 2012A, Rev., VRDO, LIQ: TD Bank NA, 0.06%, 12/9/2021 (c)		27,250		27,250
Series B-2, Rev., VRDO, LOC: Citibank NA, 0.06%, 12/9/2021 (c)		22,500		22,500

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of Irving, Hotel Occupancy, Occupancy Tax
Rev., 5.00%, 8/15/2022		50		51
Rev., 5.00%, 8/15/2023		50		54
City of Kenedy, Combination Tax, Certificates of Obligation
GO, 4.00%, 5/1/2022		120		122
GO, 4.00%, 5/1/2023		125		131
City of Port Arthur
GO, AGM, 3.00%, 2/15/2022		765		769
GO, AGM, 5.00%, 2/15/2023		910		961
City of Port Arthur, Combination Tax
Series 2020A, GO, AGM, 4.00%, 2/15/2022		350		353
Series 2020A, GO, AGM, 4.00%, 2/15/2023		365		381
Series 2020A, GO, AGM, 5.00%, 2/15/2024		380		418
Series 2020A, GO, AGM, 5.00%, 2/15/2025		400		457
City of Rio Grande City GO, 5.00%, 2/15/2022		40		40
City of Sulphur Springs GO, AGM, 3.00%, 9/1/2022		520		531
City of Universal City, Improvement Bonds
GO, 4.00%, 8/15/2022		145		149
GO, 2.00%, 8/15/2023		230		236
Clear Brook City Municipal Utility District, Unlimited Tax GO, AGM, 2.10%, 2/1/2023		450		458
County of Bexar, Tax Exempt Venue Project
Rev., 5.00%, 8/15/2022		275		282
Rev., 5.00%, 8/15/2023		275		294
County of Collin, Limited Tax GO, 5.00%, 2/15/2022		9,755		9,852
County of Kaufman, Limited Tax
Series 2020A, GO, 5.00%, 2/15/2022		250		253
Series 2020A, GO, 5.00%, 2/15/2023		110		116
Series 2020A, GO, 5.00%, 2/15/2024		125		138
Series 2020A, GO, 5.00%, 2/15/2025		130		148
County of Kaufman, Unlimited Tax
GO, 5.00%, 2/15/2023		155		164
GO, 5.00%, 2/15/2024		210		231
GO, 5.00%, 2/15/2025		255		291
Cypress Hill Municipal Utility District No. 1, Unlimited Tax
GO, 2.00%, 9/1/2022		190		192
GO, 3.00%, 9/1/2023		270		281
Cypress-Fairbanks Independent School District, Unlimited Tax
Series 2020A, GO, PSF-GTD, 4.00%, 2/15/2022		4,430		4,465
Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2023		5,000		5,288
Florence Independent School District, Unlimited Tax
GO, PSF-GTD, 3.00%, 8/15/2026		230		234
GO, PSF-GTD, 3.00%, 8/15/2027		115		117
Fort Bend County Levee Improvement District No. 11, Levee Improvement, Unlimited Tax GO, AGM, 3.00%, 9/1/2023		400		418
Fort Bend County Municipal Utility District No. 116, Unlimited Tax
GO, 3.00%, 9/1/2022		460		469
GO, 3.00%, 9/1/2023		450		470
Galveston Public Facility Corp., The Oleanders at Broadway Rev., 0.47%, 8/1/2024 (c)		3,700		3,688
Grand Parkway Transportation Corp., System Toll Series 2013B, Rev., 5.00%, 10/1/2023 (d)		21,060		22,858
Greenhawe Water Control and Improvement District No. 2
GO, AGM, 3.00%, 9/1/2022		190		194
GO, AGM, 3.00%, 9/1/2023		200		208
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System
Series 2019A, Rev., 5.00%, 12/1/2021		1,750		1,750
Series 2016D, Rev., VRDO, 0.05%, 12/9/2021 (c)		11,995		11,995
Series 2019F, Rev., VRDO, 0.05%, 12/9/2021 (c)		18,300		18,300
Series 2019C, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 0.47%, 12/9/2021 (b)		10,000		9,999
Series 2019C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.57%), 0.62%, 12/9/2021 (b)		9,000		9,035
Series 2019A, Rev., 5.00%, 12/1/2022		1,700		1,781
Series 2019A, Rev., 5.00%, 12/1/2023		2,230		2,436
Series 2020C-3, Rev., 5.00%, 12/1/2026 (c)		5,000		5,997
Harris County Fresh Water Supply District No. 61
GO, AGM, 4.00%, 9/1/2023		445		472
GO, AGM, 3.00%, 9/1/2024		695		744

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Harris County Municipal Utility District No. 096, Unlimited Tax, Green Bond GO, 2.00%, 9/1/2023		195		200
Harris County Municipal Utility District No. 152, Unlimited Tax
GO, AGM, 3.00%, 8/1/2022		280		285
GO, AGM, 3.00%, 8/1/2023		400		417
Harris County Municipal Utility District No. 157, Unlimited Tax GO, AGM, 3.00%, 3/1/2023		425		439
Harris County Municipal Utility District No. 276, Unlimited Tax
GO, 3.00%, 9/1/2022		365		372
GO, 3.00%, 9/1/2023		745		775
Harris County Municipal Utility District No. 281, Unlimited Tax, Green Bond
GO, 2.00%, 9/1/2022		300		304
GO, 2.00%, 9/1/2023		305		313
Harris County Municipal Utility District No. 374, Unlimited Tax
GO, 3.00%, 9/1/2022		145		147
GO, 3.00%, 9/1/2023		115		120
Harris County Municipal Utility District No. 391, Unlimited Tax GO, 3.00%, 9/1/2023		400		417
Harris County Municipal Utility District No. 419, Unlimited Tax
GO, 3.00%, 9/1/2022		175		178
GO, 3.00%, 9/1/2023		455		476
Harris County Municipal Utility District No. 55, Unlimited Tax
GO, 3.00%, 2/1/2022		260		261
GO, 3.00%, 2/1/2023		785		809
Harris County Water Control and Improvement District No. 119, Unlimited Tax
GO, AGM, 3.00%, 10/1/2022		365		373
GO, AGM, 3.00%, 10/1/2023		375		392
Hunters Glen Municipal Utility District, Waterworks and Sewer System
Series 2019A, GO, AGM, 2.00%, 4/1/2022		330		332
Series 2019A, GO, AGM, 2.00%, 4/1/2023		595		607
La Joya Independent School District, Maintenance Tax
GO, AGM, 4.00%, 2/15/2022		390		393
GO, AGM, 4.00%, 2/15/2023		420		438
Lytle Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2028		255		303
Matagorda County Navigation District No. 1, Pollution Control, Central Power and Light Co. Project Rev., AMT, 0.90%, 9/1/2023 (c)		3,750		3,762
McLennan County Junior College District Rev., AGM, 3.00%, 4/15/2022		100		101
Metropolitan Transit Authority of Harris County Sales and Use Tax Series 2016A, Rev., 5.00%, 11/1/2024		6,290		7,129
Mission Economic Development Corp., Waste Management, Inc.
Rev., AMT, (SIFMA Municipal Swap Index Yield + 0.38%), 0.42%, 12/9/2021 (b)		10,000		9,998
Series 2020A, Rev., AMT, VRDO, 0.18%, 3/1/2022 (c)		5,000		5,000
Series 2020B, Rev., AMT, VRDO, 0.18%, 3/1/2022 (c)		11,250		11,250
Montgomery County Municipal Utility District No. 94, Unlimited Tax
GO, 2.00%, 10/1/2022		185		188
GO, 2.00%, 10/1/2023		185		190
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project
Series 2020A, Rev., 2.10%, 1/1/2023		90		91
Series 2020A, Rev., 2.20%, 1/1/2024		180		183
Series 2020A, Rev., 2.25%, 1/1/2025		315		320
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2022		1,495		1,531
North Texas Tollway Authority, First Tier Series 2017A, Rev., 5.00%, 1/1/2025		4,725		4,962
North Texas Tollway Authority, Second Tier
Series B, Rev., 4.00%, 1/1/2022		800		802
Series B, Rev., 5.00%, 1/1/2023		5,000		5,255
Series B, Rev., 5.00%, 1/1/2024		5,500		6,026
Northwest Harris County Municipal Utility District No. 19, Unlimited Tax
GO, AGM, 2.00%, 10/1/2022		100		101
GO, AGM, 2.00%, 10/1/2023		105		108
Pecan Grove Municipal Utility District, Unlimited Tax
GO, AGM, 3.00%, 9/1/2022		195		199
GO, 4.00%, 9/1/2022		710		729
GO, AGM, 3.00%, 9/1/2023		345		360
GO, 4.00%, 9/1/2023		740		785
GO, AGM, 3.00%, 9/1/2024		600		639
Plano Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2025		1,140		1,306

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Plano Public Facility Corp., K Avenue Lofts Rev., VRDO, 0.65%, 12/1/2024 (c)		9,500		9,500
Robstown Independent School District, Unlimited Tax
GO, PSF-GTD, 2.00%, 2/15/2022		325		326
GO, PSF-GTD, 3.00%, 2/15/2023		650		670
GO, PSF-GTD, 3.00%, 2/15/2024		360		381
Sienna Plantation Municipal Utility District No. 3, Unlimited Tax
GO, 2.00%, 3/1/2022		225		226
GO, 2.00%, 3/1/2023		185		189
Socorro Independent School District, Unlimited Tax Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2024 (d)		2,385		2,684
State of Texas, Veterans
GO, VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.06%, 12/9/2021 (c)		15,790		15,790
Series A, GO, VRDO, LIQ: State Street Bank & Trust, 0.06%, 12/9/2021 (c)		11,030		11,030
State of Texas, Veterans Housing Assistance Program Series 2008 B, GO, VRDO, LIQ: State Street Bank & Trust, 0.06%, 12/9/2021 (c)		5,535		5,535
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Series 2008-C, Rev., VRDO, 0.05%, 12/9/2021 (c)		1,175		1,175
Tarrant Regional Water District Water Supply System Series 2020C, Rev., 4.00%, 3/1/2022		3,325		3,357
Town of Horizon City, Combination Tax
GO, AGM, 3.00%, 8/15/2022		170		173
GO, AGM, 4.00%, 8/15/2023		230		244
Travis County Housing Finance Corp., Multi-Family Housing, Enclave on Ross Apartments Rev., 0.23%, 2/1/2024 (c)		10,000		9,908
Travis County Municipal Utility District No. 4, Unlimited Contract Tax
Series 2019A, GO, AGM, 2.00%, 9/1/2022		410		415
Series 2019A, GO, AGM, 3.00%, 9/1/2023		650		678
Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax
GO, 3.00%, 5/1/2024		400		423
GO, 4.00%, 5/1/2025		300		333
GO, 4.00%, 5/1/2026		280		317
Upper Trinity Regional Water District, Regional Treated Water Supply System Rev., 4.00%, 8/1/2027		900		1,056
Wichita Falls Independent School District, Unlimited Tax
GO, PSF-GTD, 3.00%, 2/1/2023		1,400		1,445
GO, PSF-GTD, 4.00%, 2/1/2024		1,000		1,078
GO, PSF-GTD, 4.00%, 2/1/2025		1,520		1,687
Williamson County Municipal Utility District No. 11, Unlimited Tax GO, AGM, 4.00%, 8/1/2022		110		113
Total Texas				356,684
Utah — 0.2%
City of Salt Lake, International Airport
Series 2021A, Rev., AMT, 5.00%, 7/1/2022		250		257
Series 2021A, Rev., AMT, 5.00%, 7/1/2023		300		322
Series 2021A, Rev., AMT, 5.00%, 7/1/2024		1,000		1,112
Series 2021A, Rev., AMT, 5.00%, 7/1/2025		1,325		1,524
Series 2021A, Rev., AMT, 5.00%, 7/1/2026		1,660		1,964
County of Utah, IHC Health Services, Inc. Series 2016D, Rev., VRDO, LIQ: U.S. Bank NA, 0.05%, 12/9/2021 (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		90
Utah Infrastructure Agency, Tax-Exempt Telecommunications
Rev., 3.00%, 10/15/2023		60		63
Rev., 3.00%, 10/15/2025		125		135
Total Utah				10,503
Vermont — 0.2%
Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Series A, Rev., VRDO, LOC: TD Bank NA, 0.06%, 12/9/2021 (c)		10,000		10,000

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Virginia — 3.1%
Chesapeake Economic Development Authority, Virginia Electric and Power Co. Project Series 2008A, Rev., 1.90%, 6/1/2023 (c)		4,250		4,347
Chesapeake Hospital Authority, Regional Medical Center
Rev., 5.00%, 7/1/2023		925		993
Rev., 5.00%, 7/1/2024		885		981
City of Richmond, Public Utility Rev., 5.00%, 1/15/2022		250		251
County of Fairfax, Public Improvement Series 2021A, GO, 4.00%, 10/1/2023		2,740		2,928
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project
Series 2016C, Rev., VRDO, 0.05%, 12/9/2021 (c)		13,775		13,775
Series 2018C, Rev., VRDO, 0.05%, 12/9/2021 (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		8,004
Loudoun County Economic Development Authority, Howard Hughes Medical Institute
Series 2003B, Rev., VRDO, 0.04%, 12/9/2021 (c)		18,650		18,650
Series 2003E, Rev., VRDO, 0.05%, 12/9/2021 (c)		5,710		5,710
Series 2003F, Rev., VRDO, 0.05%, 12/9/2021 (c)		4,050		4,050
Norfolk Economic Development Authority, Sentara Healthcare Series 2016A, Rev., VRDO, 0.05%, 12/9/2021 (c)		3,035		3,035
Peninsula Ports Authority, Dominion Terminal Associates Project - DETC Issue Rev., 1.70%, 10/1/2022 (c)		1,550		1,567
Rockingham County Economic Development Authority, Sunnyside Presbyterian Home
Series 2020A, Rev., 4.00%, 12/1/2021		270		270
Series 2020A, Rev., 4.00%, 12/1/2022		295		304
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		22,963
York County Economic Development Authority, Electric and Power Co. Project Series 2009A, Rev., 1.90%, 6/1/2023 (c)		8,000		8,183
Total Virginia				145,423
Washington — 1.5%
Chelan County Public Utility District No.1 Series 2008B, Rev., VRDO, LIQ: Barclays Bank plc, 0.04%, 12/9/2021 (c)		2,350		2,350
King County Housing Authority, Highland Village Project
Rev., 4.00%, 1/1/2022		120		120
Rev., 4.00%, 1/1/2023		100		104
Rev., 5.00%, 1/1/2024		120		131
King County School District No. 407 Riverview, Unlimited Tax GO, 4.00%, 12/1/2023		500		536
Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 4.00%, 12/1/2021		75		75
Port of Tacoma, Subordinate Lien Series 2008B, Rev., VRDO, LOC: Bank of America NA, 0.06%, 12/9/2021 (c)		29,980		29,980
Snohomish County School District No. 15 Edmonds, Unlimited Tax GO, 5.00%, 12/1/2021		330		330
State of Washington, Various Purpose Series R-2013C, GO, 5.00%, 7/1/2025		8,000		8,592
Washington Health Care Facilities Authority, Catholic Health Initiatives Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.40%), 1.45%, 12/9/2021 (b)		10,000		10,051
Washington Health Care Facilities Authority, Commonspirit Health Series B-1, Rev., 5.00%, 8/1/2024 (c)		11,000		12,112
Washington Health Care Facilities Authority, Overlake Hospital Medical Center Series 2017B, Rev., 5.00%, 7/1/2022		1,210		1,243
Washington State Housing Finance Commission, Transforming Age Projects Series 2019B, Rev., 2.38%, 1/1/2026 (e)		2,900		2,902
Total Washington				68,526
West Virginia — 0.3%
Berkeley County Board of Education
GO, 4.00%, 5/1/2022		600		609
GO, 5.00%, 5/1/2025		360		411

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
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		3,847
Series 2011A, Rev., AMT, 1.00%, 9/1/2025 (c)		5,650		5,690
West Virginia State School Building Authority, Lottery Capital Improvement Series 2016A, Rev., 5.00%, 7/1/2026		1,520		1,762
Total West Virginia				12,319
Wisconsin — 0.8%
Big Foot Union High School District
GO, 4.00%, 3/1/2022		100		101
GO, 4.00%, 3/1/2023		115		120
City of Fort Atkinson
GO, 3.00%, 2/1/2022		120		121
GO, 4.00%, 2/1/2023		230		239
City of Kaukauna, Sanitary Sewer System Series 2019C, Rev., BAN, 2.63%, 9/1/2024		510		518
City of Kaukauna, Storm Water System Series 2019D, Rev., BAN, 2.63%, 9/1/2024		660		670
City of Milwaukee, Promissory Notes
Series 2015N2, GO, 4.00%, 3/15/2024		1,955		2,112
Series 2017N4, GO, 5.00%, 4/1/2024		3,045		3,365
City of Oak Creek
GO, 3.00%, 4/1/2022		135		136
GO, 3.00%, 4/1/2023		180		187
City of Racine
Series 2019B, GO, 4.00%, 12/1/2021		165		165
Series 2019B, GO, 4.00%, 12/1/2022		145		151
Series 2019B, GO, 5.00%, 12/1/2023		125		136
City of Shawano, Promissory Notes
GO, 3.00%, 4/1/2022		140		141
GO, 3.00%, 4/1/2023		150		156
City of Watertown, Promissory Notes
GO, 3.00%, 6/1/2023		125		130
GO, 3.00%, 6/1/2024		425		452
City of Waukesha, Promissory Notes
Series 2019C, GO, 3.00%, 10/1/2022		425		434
Series 2019C, GO, 3.00%, 10/1/2023		350		367
County of Douglas GO, 5.00%, 2/1/2022		520		524
County of Manitowoc
GO, AGM, 3.00%, 4/1/2022		875		883
GO, AGM, 3.00%, 11/1/2022		50		51
GO, AGM, 3.00%, 4/1/2023		895		924
GO, AGM, 3.00%, 11/1/2023		150		157
GO, AGM, 4.00%, 4/1/2024		680		734
County of Rusk
GO, 3.00%, 3/1/2022		130		131
GO, 3.00%, 3/1/2023		260		268
GO, 3.00%, 3/1/2024		270		286
Gale-Ettrick-Trempealeau School District
GO, 2.00%, 4/1/2022		105		106
GO, 2.00%, 4/1/2023		130		132
Gibraltar Area School District, Promissory Notes GO, 4.00%, 3/1/2022		315		318
Lakeshore Technical College District
Series 2019A, GO, 3.00%, 3/1/2022		75		76
Series 2019A, GO, 3.00%, 3/1/2023		110		114
Series 2019A, GO, 3.00%, 3/1/2024		405		428
Pewaukee School District Series 2019A, GO, 5.00%, 3/1/2024		375		413
Poynette School District
GO, 3.00%, 4/1/2022		340		343
GO, 3.00%, 4/1/2023		265		274
River Falls School District GO, 3.00%, 4/1/2026		1,830		2,016
Village of DeForest Series C, Rev., 3.00%, 5/1/2023		4,865		4,875
Village of Mount Pleasant, Promissory Notes
Series 2019A, GO, 3.00%, 3/1/2022		265		267
Series 2019A, GO, 5.00%, 3/1/2023		380		402
Wisconsin Department of Transportation
Series 2021A, Rev., 5.00%, 7/1/2024		1,250		1,399
Series 2021A, Rev., 5.00%, 7/1/2026		1,330		1,593
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018B-2, Rev., 5.00%, 1/25/2023 (c)		5,750		6,047
Wisconsin Health and Educational Facilities Authority, Hmong American Peace Academy
Rev., 4.00%, 3/15/2022		110		111
Rev., 4.00%, 3/15/2023		120		125
Rev., 4.00%, 3/15/2024		120		127
Rev., 4.00%, 3/15/2025		125		136
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019B-3, Rev., 2.25%, 11/1/2026		4,000		4,001

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Wittenberg Birnamwood School District
GO, AGM, 4.00%, 3/1/2022		260		262
GO, AGM, 4.00%, 3/1/2023		280		293
Total Wisconsin				37,517
TOTAL MUNICIPAL BONDS (Cost $4,450,990)				4,462,078
COMMERCIAL PAPER — 0.1%
Trust for Cultural Resources of The City of New York (The), American Museum of Natural History Series 2014B-1, (SIFMA Municipal Swap Index Yield + 0.04%), 0.09%, 4/1/2044 (b) (Cost $5,000)		5,000		5,000
Investments	Shares (000)		Value ($000)
SHORT-TERM INVESTMENTS — 3.6%
INVESTMENT COMPANIES — 3.6%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.05% (g) (h) (Cost $165,710)		165,644		165,710
TOTAL SHORT-TERM INVESTMENTS (Cost $170,710)				170,710
Total Investments — 99.8% (Cost $4,621,700)				4,632,788
Other Assets Less Liabilities — 0.2%				10,535
Net Assets — 100.0%				4,643,323

Percentages indicated are based on net assets.

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Abbreviations
AGM	Insured by Assured Guaranty Municipal 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
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 November 30, 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 November 30, 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 November 30, 2021.

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 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
Commercial Paper	$	—	$	5,000	$	—	$	5,000
Municipal Bonds		—		4,462,078		—		4,462,078
Short-Term Investments
Investment Companies		165,710		—		—		165,710
Total Investments in Securities	$	165,710	$	4,467,078	$	—	$	4,632,788

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 purchases at cost amount in the table below.

For the period ended November 30, 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 November 30, 2021		Shares at November 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.05% (a) (b)	$	213,242	$	3,928,479	$	3,976,005	$	(15	)	$	9	$	165,710		165,644	$	60	$	—

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

(b) The rate shown is the current yield as of November 30, 2021.