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JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited)

 

Investments

    Principal
Amount ($000)		      Value ($000)  

MUNICIPAL BONDS — 92.3% (a)

 

Alabama — 0.4%

 

Utility — 0.4%

      

The Lower Alabama Gas District, Gas Project Series 2016A, Rev., 5.00%, 9/1/2031

      1,000        1,249  
     

 

 

  

Alaska — 0.2%

 

Housing — 0.2%

      

Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046

      625        662  
     

 

 

  

Arizona — 1.7%

 

Education — 0.7%

      

University of Arizona (The), Stimulus Plan for Economic and Educational Development

      

Series 2020A, Rev., 5.00%, 8/1/2025

      250        300  

Series 2020A, Rev., 5.00%, 8/1/2026

      700        857  

Series 2020A, Rev., 5.00%, 8/1/2027

      750        941  
     

 

 

  
        2,098  
     

 

 

  

Industrial Development Revenue/Pollution Control Revenue — 0.1%

      

Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev., 5.00%, 9/1/2032

      200        241  
     

 

 

  

Water & Sewer — 0.9%

      

City of Tucson, Water System Rev., 5.00%, 7/1/2024

      2,150        2,542  
     

 

 

  

Total Arizona

         4,881  
     

 

 

  

California — 2.0%

 

Hospital — 0.2%

      

California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2026

      410        485  
     

 

 

  

Other Revenue — 1.3%

      

Middle Fork Project Finance Authority Rev., 5.00%, 4/1/2027

      3,000        3,371  

State of California, Department of Veterans Affairs Series B, Rev., 3.50%, 12/1/2045

      490        518  
     

 

 

  
        3,889  
     

 

 

  

Water & Sewer — 0.5%

      

Eastern Municipal Water District Financing Authority, Water and Wastewater System

      

Series 2020A, Rev., 5.00%, 7/1/2035

      500        673  

Series 2020A, Rev., 5.00%, 7/1/2036

      500        669  
     

 

 

  
        1,342  
     

 

 

  

Total California

         5,716  
     

 

 

  

Colorado — 3.4%

 

Certificate of Participation/Lease — 0.3%

      

Aspen Fire Protection District

      

COP, 4.00%, 12/1/2034

      200        236  

COP, 4.00%, 12/1/2035

      225        263  

COP, 4.00%, 12/1/2036

      350        408  
     

 

 

  
        907  
     

 

 

  

Education — 0.7%

      

Colorado Educational and Cultural Facilities Authority, University Corp. for Atmospheric Research Project

      

Rev., 4.00%, 9/1/2020

      450        453  

Rev., 5.00%, 9/1/2022

      470        505  

Colorado School of Mines Series A, Rev., (ICE LIBOR USD 1 Month + 0.50%), 0.62%, 7/1/2020 (b)

      970        953  
     

 

 

  
        1,911  
     

 

 

  

General Obligation — 1.5%

      

Pueblo City Schools District No. 60 GO, 5.00%, 12/15/2031

      3,000        4,061  
     

 

 

  

Housing — 0.9%

      

Colorado Housing and Finance Authority Series 2020B, Rev., 3.75%, 5/1/2050

      2,150        2,346  

Colorado Housing and Finance Authority, Single Family Mortgage Series 2019F, Rev., GNMA COLL, 4.25%, 11/1/2049

      290        323  
     

 

 

  
        2,669  
     

 

 

  

Total Colorado

         9,548  
     

 

 

  

Connecticut — 3.8%

 

Education — 1.7%

      

Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program

      

Series 2010A, Rev., 5.25%, 11/15/2023

      1,560        1,591  

Series A, Rev., 5.25%, 11/15/2024

      1,500        1,530  

Series 2019B, Rev., AMT, 5.00%, 11/15/2027

      250        302  

University of Connecticut Series 2019A, Rev., 5.00%, 11/1/2035

      1,250        1,507  
     

 

 

  
        4,930  
     

 

 

  

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Hospital — 0.1%

      

Connecticut State Health and Educational Facilities Authority, Yale New Haven Series B, Rev., 1.80%, 7/1/2024 (c)

      225        233  
     

 

 

  

Housing — 2.0%

      

Connecticut Housing Finance Authority, Home Mortgage Finance Program

      

Series D-1, Rev., 1.35%, 5/15/2022

      175        178  

Series D-1, Rev., 1.45%, 5/15/2023

      1,020        1,043  

Series D-1, Rev., 1.50%, 11/15/2023

      1,220        1,252  

Connecticut Housing Finance Authority, Housing Mortgage Finance Program

      

Series 2020A-1, Rev., 3.50%, 11/15/2045

      1,360        1,486  

Series A-1, Rev., 4.00%, 11/15/2045

      300        318  

Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047

      980        1,056  

Subseries A-1, Rev., 4.00%, 11/15/2047

      345        372  
     

 

 

  
        5,705  
     

 

 

  

Total Connecticut

         10,868  
     

 

 

  

Delaware — 1.0%

 

Hospital — 0.9%

      

Delaware State Health Facilities Authority, Beebe Medical Center Project Rev., 5.00%, 6/1/2034

      2,200        2,556  
     

 

 

  

Housing — 0.1%

      

Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029

      145        148  
     

 

 

  

Total Delaware

         2,704  
     

 

 

  

District of Columbia — 1.0%

 

Transportation — 0.4%

      

Washington Metropolitan Area Transit Authority, Gross Transit Bonds Series 2017B, Rev., 5.00%, 7/1/2025

      1,000        1,194  
     

 

 

  

Water & Sewer — 0.6%

      

District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien, Green Bonds Series A, Rev., 5.00%, 10/1/2045

      1,500        1,771  
     

 

 

  

Total District of Columbia

         2,965  
     

 

 

  

Florida — 8.3%

 

Certificate of Participation/Lease — 2.8%

      

Polk County School District, Master Lease Program Series 2019B, COP, 5.00%, 1/1/2026

      515        628  

School Board of Miami-Dade County (The) Series 2015D, COP, 5.00%, 2/1/2027

      3,000        3,680  

South Florida Water Management District COP, 5.00%, 10/1/2032

      2,250        2,699  

St. Johns County School Board Series 2019A, COP, 5.00%, 7/1/2031

      570        756  
     

 

 

  
        7,763  
     

 

 

  

Hospital — 0.8%

      

Lee Memorial Health System Series 2019A-1, Rev., 5.00%, 4/1/2036

      1,000        1,167  

Palm Beach County Health Facilities Authority, Hospital, BRRH Corp., Obligated Group Rev., 5.00%, 12/1/2021 (d)

      1,100        1,177  
     

 

 

  
        2,344  
     

 

 

  

Housing — 0.0% (e)

      

Florida Housing Finance Corp., Homeowner Mortgage, Special Program Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029

      85        86  
     

 

 

  

Industrial Development Revenue/Pollution Control Revenue — 0.3%

      

Broward County Fuel System, Fort Lauderdale Fuel Facilities LLC Project Series A, Rev., AMT, AGM, 5.00%, 4/1/2024

      835        931  
     

 

 

  

Other Revenue — 0.8%

      

Miami Beach Redevelopment Agency, Historic Convention Village Series A, Rev., 5.00%, 2/1/2027

      2,000        2,306  
     

 

 

  

Utility — 2.2%

      

City of Port St. Lucie, Utility Systems Rev., NATL-RE, 5.25%, 9/1/2024

      5,000        5,987  
     

 

 

  

Water & Sewer — 1.4%

      

Broward County, Water and Sewer Utility Series 2019A, Rev., 5.00%, 10/1/2038

      3,000        3,875  
     

 

 

  

Total Florida

         23,292  
     

 

 

  

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Georgia — 1.1%

 

Hospital — 0.6%

      

Columbus Medical Center Hospital Authority, Piedmont Healthcare Series 2019B, Rev., 5.00%, 7/1/2029 (c)

      500        603  

Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project Series A, Rev., 5.00%, 2/15/2026

      860        1,014  
     

 

 

  
        1,617  
     

 

 

  

Housing — 0.5%

      

Georgia Housing and Finance Authority, Single Family Mortgage

      

Series A, Rev., 4.00%, 12/1/2047

      530        569  

Series B, Rev., 4.00%, 12/1/2047

      990        1,067  
     

 

 

  
        1,636  
     

 

 

  

Total Georgia

         3,253  
     

 

 

  

Guam — 0.3%

 

Water & Sewer — 0.3%

      

Guam Government Waterworks Authority, Water and Wastewater System (Guam)

      

Rev., 5.00%, 7/1/2023

      375        401  

Rev., 5.00%, 7/1/2024

      300        327  
     

 

 

  
        728  
     

 

 

  

Total Guam

         728  
     

 

 

  

Illinois — 3.6%

 

General Obligation — 1.8%

      

Peoria City School District No. 150 Series 2020A, GO, AGM, 4.00%, 12/1/2027

      505        598  

Will County Forest Preserve District, Limited Tax

      

GO, 5.00%, 12/15/2035

      1,170        1,472  

GO, 5.00%, 12/15/2036

      1,460        1,830  

GO, 4.00%, 12/15/2037

      1,000        1,163  
     

 

 

  
        5,063  
     

 

 

  

Hospital — 0.1%

      

Illinois Finance Authority, Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2033

      365        422  
     

 

 

  

Housing — 1.1%

      

City of Aurora, Single Family Mortgage

      

Series B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/1/2039

      92        92  

Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/1/2039

      105        106  

Illinois Housing Development Authority Series C, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 10/1/2049

      1,935        2,136  

Illinois Housing Development Authority, Homeowner Mortgage Series C, Rev., 3.50%, 8/1/2046

      755        801  
     

 

 

  
        3,135  
     

 

 

  

Other Revenue — 0.6%

      

Southwestern Illinois Development Authority, Southwestern Flood Prevention District Council Project

      

Rev., 5.00%, 4/15/2026

      250        308  

Rev., 5.00%, 4/15/2027

      365        460  

Rev., 5.00%, 4/15/2028

      390        503  

Rev., 5.00%, 4/15/2029

      290        381  
     

 

 

  
        1,652  
     

 

 

  

Total Illinois

         10,272  
     

 

 

  

Indiana — 3.5%

 

Hospital — 0.7%

      

Indiana Health Facility Financing Authority, Ascension Health Credit Group Series A-1, Rev., 5.00%, 11/15/2034

      1,670        1,949  
     

 

 

  

Housing — 0.4%

      

Indiana Housing and Community Development Authority, Home First Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2028

      70        72  

Indiana Housing and Community Development Authority, Single Family Mortgage Series 2020A, Rev., 3.75%, 1/1/2049

      1,000        1,097  
     

 

 

  
        1,169  
     

 

 

  

Industrial Development Revenue/Pollution Control Revenue — 0.8%

      

County of St. Joseph, Economic Development, St. Mary’s College Project Series A, Rev., 5.00%, 4/1/2026

      1,880        2,172  
     

 

 

  

Other Revenue — 1.1%

      

Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2019F, Rev., 5.00%, 1/1/2037

      2,500        3,212  
     

 

 

  

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Water & Sewer — 0.5%

      

Indiana Finance Authority, First Lien Wastewater Utility, CWA Authority Project Series 2012A, Rev., 5.00%, 10/1/2030

      1,250        1,382  
     

 

 

  

Total Indiana

         9,884  
     

 

 

  

Iowa — 1.1%

      

Education — 0.5%

      

Iowa Student Loan Liquidity Corp. Series 2019B, Rev., AMT, 5.00%, 12/1/2029

      300        363  

Iowa Student Loan Liquidity Corp., Student Loan Series A, Rev., AMT, 5.00%, 12/1/2025

      1,000        1,141  
     

 

 

  
        1,504  
     

 

 

  

Housing — 0.6%

      

Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 1/1/2047

      1,570        1,661  
     

 

 

  

Total Iowa

         3,165  
     

 

 

  

Kentucky — 1.0%

 

Education — 0.2%

      

Kentucky Higher Education Student Loan Corp. Series A, Rev., AMT, 5.00%, 6/1/2020

      515        515  
     

 

 

  

Hospital — 0.8%

      

Louisville/Jefferson County Metropolitan Government, Health System, Norton Healthcare, Inc. Series 2020C, Rev., 5.00%, 10/1/2026 (c)

      2,000        2,325  
     

 

 

  

Total Kentucky

         2,840  
     

 

 

  

Louisiana — 0.3%

 

Housing — 0.0% (e)

      

East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program Series 2009A-2, Rev., GNMA/FNMA/FHLMC, 5.25%, 10/1/2039

      8        8  
     

 

 

  

Other Revenue — 0.3%

      

Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2028

      670        868  
     

 

 

  

Total Louisiana

         876  
     

 

 

  

Maine — 0.4%

 

Housing — 0.2%

      

Maine State Housing Authority

      

Series A-1, Rev., AMT, 4.50%, 11/15/2028

      80        83  

Series B, Rev., AMT, 4.00%, 11/15/2043

      75        78  

Series A, Rev., 4.00%, 11/15/2045

      525        557  
     

 

 

  
        718  
     

 

 

  

Other Revenue — 0.2%

      

City of Portland, General Airport Rev., 5.00%, 1/1/2031

      370        464  
     

 

 

  

Total Maine

         1,182  
     

 

 

  

Maryland — 1.1%

 

Housing — 0.4%

      

Montgomery County Housing Opportunities Commission, Single Family Mortgage Series 2017A, Rev., 4.00%, 7/1/2048

      1,150        1,237  
     

 

 

  

Other Revenue — 0.7%

      

County of Baltimore, Mcdonogh School Facility

      

Series 2019B, Rev., 3.00%, 9/1/2024

      320        335  

Series 2019B, Rev., 3.00%, 9/1/2025

      475        496  

County of Baltimore, Riderwood Village, Inc. Project

      

Rev., 4.00%, 1/1/2032

      475        518  

Rev., 4.00%, 1/1/2033

      600        650  
     

 

 

  
        1,999  
     

 

 

  

Total Maryland

         3,236  
     

 

 

  

Massachusetts — 5.1%

 

Education — 0.8%

      

Massachusetts Educational Financing Authority, Education Loan Rev., AMT, 5.00%, 7/1/2021

      1,000        1,034  

Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series L, Rev., 5.25%, 7/1/2033

      820        1,206  
     

 

 

  
        2,240  
     

 

 

  

Housing — 0.6%

      

Massachusetts Housing Finance Agency, Single Family Housing

      

Series 169, Rev., 4.00%, 12/1/2044

      125        131  

Series 183, Rev., 3.50%, 12/1/2046

      245        258  

Series 214, Rev., GNMA/FNMA/FHLMC, 3.75%, 12/1/2049

      1,250        1,369  
     

 

 

  
        1,758  
     

 

 

  

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Water & Sewer — 3.7%

      

Massachusetts Clean Water Trust (The), Pool Program Rev., 5.25%, 8/1/2024

      3,000        3,602  

Massachusetts Water Resources Authority

      

Series B, Rev., AGM, 5.25%, 8/1/2028

      3,000        4,059  

Series B, Rev., AGM, 5.25%, 8/1/2029

      2,000        2,773  
     

 

 

  
        10,434  
     

 

 

  

Total Massachusetts

         14,432  
     

 

 

  

Michigan — 0.9%

 

Education — 0.2%

      

Eastern Michigan University Series A, Rev., 5.00%, 3/1/2030

      575        687  
     

 

 

  

Housing — 0.3%

      

Michigan State Housing Development Authority, Single Family Mortgage Series B, Rev., AMT, 3.50%, 6/1/2047

      760        806  
     

 

 

  

Industrial Development Revenue/Pollution Control Revenue — 0.4%

      

Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., 1.45%, 9/1/2021 (c)

      570        574  

Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020

      380        380  
     

 

 

  
        954  
     

 

 

  

Total Michigan

         2,447  
     

 

 

  

Minnesota — 2.1%

 

Education — 0.1%

      

Minnesota Office of Higher Education, Supplemental Student Loan Program Rev., AMT, 5.00%, 11/1/2027

      300        371  
     

 

 

  

General Obligation — 0.0% (e)

      

State of Minnesota Series A, GO, 5.00%, 10/1/2021 (d)

      35        37  
     

 

 

  

Hospital — 0.5%

      

City of Rochester, Health Care Facilities, Mayo Clinic Series B, Rev., 5.00%, 11/15/2029

      965        1,280  
     

 

 

  

Housing — 1.5%

      

Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program

      

Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035

      125        127  

Series A, Rev., GNMA/FNMA/FHLMC, 5.13%, 12/1/2040

      110        111  

Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs

      

Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040

      49        50  

Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041

      220        222  

Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 7/1/2034

      45        46  

Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation

      

Rev., 5.25%, 8/1/2024

      1,015        1,073  

Rev., 5.25%, 8/1/2025

      1,070        1,132  

Rev., 5.25%, 8/1/2026

      825        872  

Minnesota Housing Finance Agency, Residential Housing Finance

      

Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 7/1/2040

      50        51  

Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047

      650        694  
     

 

 

  
        4,378  
     

 

 

  

Total Minnesota

         6,066  
     

 

 

  

Mississippi — 0.8%

 

Hospital — 0.2%

      

Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Care Corp. Series B2, Rev., VRDO, 0.50%, 6/1/2020 (c)

      665        665  
     

 

 

  

Housing — 0.6%

      

Mississippi Home Corp., Home Ownership Mortgage Series A, Rev., GNMA COLL, 4.50%, 12/1/2031

      50        50  

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Mississippi Home Corp., Single Family Mortgage Series 2019A, Rev., GNMA/FNMA/FHLMC, 4.00%, 12/1/2048

      1,480        1,622  
     

 

 

  
        1,672  
     

 

 

  

Total Mississippi

         2,337  
     

 

 

  

Missouri — 1.7%

 

Hospital — 0.4%

      

Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series A, Rev., 5.00%, 6/1/2031

      1,000        1,250  
     

 

 

  

Housing — 1.3%

      

Missouri Housing Development Commission, First Place Homeownership Loan Program Series 2020A, Rev., GNMA/FNMA/FHLMC, 3.50%, 11/1/2050

      2,000        2,173  

Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program Series 2106B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041

      1,210        1,275  
     

 

 

  
        3,448  
     

 

 

  

Total Missouri

         4,698  
     

 

 

  

Nebraska — 0.7%

 

Hospital — 0.7%

      

Madison County Hospital Authority No. 1, Faith Regional Health Services Project

      

Rev., 5.00%, 7/1/2030

      1,020        1,161  

Rev., 5.00%, 7/1/2031

      720        812  
     

 

 

  
        1,973  
     

 

 

  

Total Nebraska

         1,973  
     

 

 

  

Nevada — 0.5%

 

Hospital — 0.5%

      

City of Carson, Carson Tahoe Regional Healthcare Project

      

Rev., 5.00%, 9/1/2026

      555        635  

Rev., 5.00%, 9/1/2029

      620        698  
     

 

 

  
        1,333  
     

 

 

  

Total Nevada

         1,333  
     

 

 

  

New Hampshire — 1.9%

 

Education — 1.9%

      

City of Manchester, School Facilities

      

Rev., NATL-RE, 5.50%, 6/1/2024

      3,545        4,249  

Rev., NATL-RE, 5.50%, 6/1/2027

      900        1,177  
     

 

 

  
        5,426  
     

 

 

  

Total New Hampshire

         5,426  
     

 

 

  

New Jersey — 3.9%

 

Education — 1.4%

      

New Jersey Educational Facilities Authority, Green Bonds

      

Series 2020A, Rev., 5.00%, 7/1/2033

      350        409  

Series 2020A, Rev., 5.00%, 7/1/2034

      280        326  

New Jersey Higher Education Student Assistance Authority Series A, Rev., 5.00%, 12/1/2024

      1,100        1,271  

New Jersey Higher Education Student Assistance Authority, Senior Student Loan Series 1A, Rev., AMT, 5.00%, 12/1/2024

      1,750        1,991  
     

 

 

  
        3,997  
     

 

 

  

General Obligation — 0.5%

      

Egg Harbor Township School District GO, AGM, 5.75%, 7/15/2024

      1,215        1,476  
     

 

 

  

Hospital — 1.1%

      

New Jersey Health Care Facilities Financing Authority, University Hospital Issue

      

Series A, Rev., AGM, 5.00%, 7/1/2022

      1,000        1,043  

Series A, Rev., AGM, 5.00%, 7/1/2023

      820        870  

Series A, Rev., AGM, 5.00%, 7/1/2026

      1,095        1,188  
     

 

 

  
        3,101  
     

 

 

  

Housing — 0.9%

      

New Jersey Housing and Mortgage Finance Agency, Multi-Family, Riverside Senior Apartments Project Series 2019D, Rev., 1.35%, 6/1/2022 (c)

      1,000        1,014  

New Jersey Housing and Mortgage Finance Agency, Oceanport Gardens Series C, Rev., VRDO, 1.58%, 6/1/2022 (c)

      365        365  

New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048

      1,035        1,156  
     

 

 

  
        2,535  
     

 

 

  

Total New Jersey

         11,109  
     

 

 

  

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

Investments

    Principal
Amount ($000)		      Value ($000)  

New Mexico — 0.5%

 

Housing — 0.5%

      

New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2019C, Class I, Rev., GNMA/FNMA/FHLMC, 4.00%, 1/1/2050

      1,225        1,348  
     

 

 

  

New York — 4.4%

 

Education — 0.5%

      

New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., 5.00%, 9/1/2027

      1,325        1,532  
     

 

 

  

General Obligation — 0.7%

      

Johnson City Central School District GO, BAN, 2.00%, 8/7/2020

      1,000        1,002  

Tioga Central School District GO, BAN, 2.00%, 8/14/2020

      1,000        1,002  
     

 

 

  
        2,004  
     

 

 

  

Housing — 0.8%

      

New York Mortgage Agency Rev., AMT, 5.00%, 4/1/2028

      35        36  

New York Mortgage Agency, Homeowner Mortgage

      

Series 197, Rev., 3.50%, 10/1/2044

      1,015        1,071  

Series 195, Rev., 4.00%, 10/1/2046

      985        1,049  
     

 

 

  
        2,156  
     

 

 

  

Transportation — 2.0%

      

Metropolitan Transportation Authority Series 2019C, Rev., BAN, 4.00%, 7/1/2020

      450        450  

Metropolitan Transportation Authority, Dedicated Tax Fund Series A, Rev., 5.00%, 11/15/2029

      1,000        1,066  

New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2025

      1,750        1,772  

Port Authority of New York and New Jersey, Consolidated, 194th Series Series 194, Rev., 5.00%, 10/15/2030

      2,000        2,350  
     

 

 

  
        5,638  
     

 

 

  

Water & Sewer — 0.4%

      

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031

      1,000        1,195  
     

 

 

  

Total New York

         12,525  
     

 

 

  

North Carolina — 1.1%

 

Education — 0.3%

      

University of North Carolina at Charlotte (The)

      

Series 2020A, Rev., 5.00%, 10/1/2025

      85        103  

Series 2020A, Rev., 5.00%, 10/1/2026

      500        622  

Series 2020A, Rev., 5.00%, 10/1/2027

      200        254  
     

 

 

  
        979  
     

 

 

  

Housing — 0.3%

      

North Carolina Housing Finance Agency Series 43, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2050

      670        745  
     

 

 

  

Other Revenue — 0.5%

      

County of Randolph, Limited Obligation Series B, Rev., 5.00%, 10/1/2026

      1,000        1,262  
     

 

 

  

Total North Carolina

         2,986  
     

 

 

  

North Dakota — 1.8%

 

Housing — 1.1%

      

North Dakota Housing Finance Agency, Home Mortgage Finance Program

      

Series F, Rev., AMT, 4.50%, 1/1/2035

      85        85  

Series 2016D, Rev., 3.50%, 7/1/2046

      390        413  

Series D, Rev., 4.00%, 7/1/2046

      1,155        1,222  

Series 2017D, Rev., FHA, 4.00%, 1/1/2048

      1,210        1,302  
     

 

 

  
        3,022  
     

 

 

  

Utility — 0.7%

      

McLean County, Solid Waste Facilities, Great River Energy Project Series A, Rev., 4.88%, 7/1/2026

      2,000        2,001  
     

 

 

  

Total North Dakota

         5,023  
     

 

 

  

Ohio — 4.7%

 

Education — 0.6%

      

Ohio Higher Educational Facility Commission, Case Western Reserve University Project

      

Series 2019C, Rev., 1.63%, 12/1/2026 (c)

      500        498  

Series 2019B, Rev., 5.00%, 12/1/2031

      750        945  

University of Akron (The), General Receipts Series 2019A, Rev., 5.00%, 1/1/2030

      310        397  
     

 

 

  
        1,840  
     

 

 

  

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

Investments

    Principal
Amount ($000)		      Value ($000)  

General Obligation — 0.7%

      

Lakota Local School District Series A, GO, NATL-RE, 5.25%, 12/1/2025

      1,500        1,878  
     

 

 

  

Housing — 0.3%

      

Ohio Housing Finance Agency, Single Family Mortgage Series 2016D, Rev., GNMA/FNMA/FHLMC, 4.00%, 3/1/2047

      755        807  
     

 

 

  

Industrial Development Revenue/Pollution Control Revenue — 2.0%

      

Ohio Water Development Authority, Water Pollution Control Loan Fund

      

Series 2019A, Rev., 5.00%, 6/1/2029

      2,645        3,576  

Series B, Rev., 5.00%, 12/1/2029

      1,615        1,988  
     

 

 

  
        5,564  
     

 

 

  

Other Revenue — 0.4%

      

Ohio Housing Finance Agency, Mortgage-Backed Securities Program Series 2020A, Rev., GNMA/FNMA/FHLMC, 3.75%, 9/1/2050

      1,000        1,105  
     

 

 

  

Utility — 0.7%

      

American Municipal Power, Inc., Combined Hydroelectric Projects Series 2020A, Rev., 5.00%, 2/15/2026

      855        1,052  

American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2035

      825        1,036  
     

 

 

  
        2,088  
     

 

 

  

Total Ohio

         13,282  
     

 

 

  

Oklahoma — 0.1%

 

Housing — 0.1%

      

Oklahoma Housing Finance Agency Rev., 1.60%, 1/1/2022 (c)

      200        202  
     

 

 

  

Other Revenue — 0.0% (e)

      

IDK Partners III Trust, Mortgage Pass-Through Certificates Series 1999A, Class A, Rev., 5.10%, 8/1/2023 ‡

      6        6  
     

 

 

  

Total Oklahoma

         208  
     

 

 

  

Oregon — 0.1%

 

Housing — 0.1%

      

Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030

      300        309  
     

 

 

  

Other — 0.3%

 

Housing — 0.3%

      

Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2023 (c)

      965        966  
     

 

 

  

Pennsylvania — 4.4%

 

Education — 0.9%

      

Pennsylvania Higher Educational Facilities Authority Rev., 4.00%, 8/15/2034

      175        203  

Pennsylvania State University (The)

      

Series 2020E, Rev., 5.00%, 3/1/2029

      710        946  

Series 2020E, Rev., 5.00%, 3/1/2030

      290        394  

Series 2020E, Rev., 5.00%, 3/1/2031

      710        957  
     

 

 

  
        2,500  
     

 

 

  

Hospital — 0.3%

      

Allegheny County Hospital Development Authority, Medical Center Series 2019A, Rev., 5.00%, 7/15/2033

      600        721  
     

 

 

  

Housing — 0.6%

      

Pennsylvania Housing Finance Agency, Single Family Mortgage

      

Series 121, Rev., 3.50%, 10/1/2046

      1,175        1,238  

Series 122, Rev., AMT, 4.00%, 10/1/2046

      375        402  
     

 

 

  
        1,640  
     

 

 

  

Industrial Development Revenue/Pollution Control Revenue — 2.6%

      

Chester County Industrial Development Authority, Longwood Gardens Project

      

Rev., 4.00%, 12/1/2023

      500        563  

Rev., 4.00%, 12/1/2024

      345        400  

Rev., 4.00%, 12/1/2025

      250        296  

Rev., 4.00%, 12/1/2026

      250        303  

Rev., 5.00%, 12/1/2027

      200        262  

Rev., 5.00%, 12/1/2035

      175        225  

Rev., 5.00%, 12/1/2036

      185        237  

Rev., 5.00%, 12/1/2037

      200        256  

Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project

      

Rev., 5.00%, 12/1/2023

      2,020        2,326  

Rev., AGM, 5.00%, 12/1/2026

      1,550        1,947  

Rev., AGM, 5.00%, 12/1/2027

      680        861  
     

 

 

  
        7,676  
     

 

 

  

Total Pennsylvania

         12,537  
     

 

 

  

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

Investments

    Principal
Amount ($000)		      Value ($000)  

South Carolina — 0.8%

 

Housing — 0.4%

      

South Carolina State Housing Finance and Development Authority

      

Series A, Rev., 4.00%, 1/1/2047

      290        309  

Series B, Rev., FHA, GNMA/FNMA/FHLMC, 4.00%, 7/1/2047

      715        766  
     

 

 

  
        1,075  
     

 

 

  

Other Revenue — 0.4%

      

Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2026

      1,000        1,218  
     

 

 

  

Total South Carolina

         2,293  
     

 

 

  

South Dakota — 2.2%

 

Housing — 2.2%

      

South Dakota Housing Development Authority, Homeownership Mortgage

      

Series 2015D, Rev., 4.00%, 11/1/2045

      1,315        1,401  

Series A, Rev., 4.00%, 5/1/2049

      2,020        2,216  

Series 2020A, Rev., 3.75%, 11/1/2050

      2,500        2,744  
     

 

 

  
        6,361  
     

 

 

  

Total South Dakota

         6,361  
     

 

 

  

Tennessee — 0.9%

 

Hospital — 0.3%

      

Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2049

      1,000        859  
     

 

 

  

Housing — 0.6%

      

Tennessee Housing Development Agency, Residential Finance Program

      

Series 2B, Rev., AMT, 4.00%, 7/1/2043

      145        152  

Rev., 3.50%, 1/1/2048

      1,455        1,542  
     

 

 

  
        1,694  
     

 

 

  

Total Tennessee

         2,553  
     

 

 

  

Texas — 6.3%

 

Education — 0.9%

      

Brazos Higher Education Authority, Inc., Student Loan Program

      

Series 2020-1A, Rev., AMT, 5.00%, 4/1/2025

      350        408  

Series 2020-1A, Rev., AMT, 5.00%, 4/1/2026

      500        594  

Clifton Higher Education Finance Corp., Idea Public Schools Rev., PSF-GTD, 4.00%, 8/15/2030

      1,300        1,614  
     

 

 

  
        2,616  
     

 

 

  

General Obligation — 1.8%

      

Boerne School District GO, PSF-GTD, 5.00%, 2/1/2029

      1,000        1,339  

Clear Creek Independent School District Series B, GO, PSF-GTD, 1.35%, 8/15/2022 (c)

      500        507  

Northside Independent School District GO, PSF-GTD, 1.60%, 8/1/2024 (c)

      350        362  

Pasadena Independent School District Series B, GO, PSF-GTD, 1.50%, 8/15/2024 (c)

      750        774  

Pflugerville Independent School District Series A, GO, PSF-GTD, 2.25%, 8/15/2022 (c)

      1,200        1,245  

State of Texas, Water Financial Assistance Series 2015D, GO, 5.00%, 5/15/2033

      450        538  
     

 

 

  
        4,765  
     

 

 

  

Hospital — 0.3%

      

Irving Hospital Authority, Baylor Scott and White Medical Center

      

Series 2017A, Rev., 5.00%, 10/15/2026

      250        301  

Series 2017A, Rev., 5.00%, 10/15/2027

      500        599  
     

 

 

  
        900  
     

 

 

  

Housing — 0.5%

      

Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029

      145        148  

Texas State Affordable Housing Corp., Single Family Mortgage, Heroes Home Loan Program Series 2019A, Rev., GNMA COLL, 4.25%, 3/1/2049

      1,200        1,332  
     

 

 

  
        1,480  
     

 

 

  

Other Revenue — 0.4%

      

Midtown Redevelopment Authority, Tax Increment

      

Rev., 4.00%, 1/1/2031

      365        444  

Rev., 4.00%, 1/1/2032

      500        598  
     

 

 

  
        1,042  
     

 

 

  

Transportation — 1.6%

      

Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/2046

      1,000        1,070  

Dallas Area Rapid Transit, Senior Lien Series A, Rev., 5.00%, 12/1/2032

      2,800        3,350  
     

 

 

  
        4,420  
     

 

 

  

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Water & Sewer — 0.8%

      

City of Austin, Water and Wastewater System Rev., 5.00%, 11/15/2027

      665        866  

Texas Water Development Board, State Water Implementation Series 2019A, Rev., 5.00%, 4/15/2023

      1,300        1,477  
     

 

 

  
        2,343  
     

 

 

  

Total Texas

         17,566  
     

 

 

  

Utah — 2.9%

 

Housing — 1.6%

      

Utah Housing Corp., Single Family Mortgage Series D-2, Class III, Rev., FHA, 4.00%, 1/1/2045

      1,125        1,196  

Utah State Board of Regents, Student Fee and Housing System Rev., NATL-RE, 5.25%, 4/1/2023

      3,245        3,601  
     

 

 

  
        4,797  
     

 

 

  

Other Revenue — 0.5%

      

Utah Transit Authority, Sales Tax Series C, Rev., AGM, 5.25%, 6/15/2029

      970        1,307  
     

 

 

  

Utility — 0.8%

      

Utah Associated Municipal Power System, Horse Butte Wind Project Series 2017B, Rev., 5.00%, 9/1/2033

      1,700        2,128  
     

 

 

  

Total Utah

         8,232  
     

 

 

  

Vermont — 2.2%

 

Education — 1.8%

      

Vermont Student Assistance Corp., Education Loan

      

Series A, Rev., AMT, 5.00%, 6/15/2023

      1,000        1,101  

Series 2016A, Rev., AMT, 5.00%, 6/15/2024

      1,400        1,579  

Series A, Rev., AMT, 5.00%, 6/15/2025

      2,150        2,479  
     

 

 

  
        5,159  
     

 

 

  

Housing — 0.4%

      

Vermont Housing Finance Agency, Multiple Purpose

      

Series B, Rev., AMT, 4.13%, 11/1/2042

      35        36  

Series B, Rev., AMT, 3.75%, 11/1/2045

      920        963  
     

 

 

  
        999  
     

 

 

  

Total Vermont

         6,158  
     

 

 

  

Washington — 4.6%

 

Education — 0.3%

      

Washington Higher Education Facilities Authority, Seattle Pacific University Project Series 2020A, Rev., 5.00%, 10/1/2035

      710        812  
     

 

 

  

Hospital — 0.8%

      

Washington Health Care Facilities Authority, Multicare Health System Series B, Rev., 5.00%, 8/15/2035

      1,850        2,212  
     

 

 

  

Housing — 1.4%

      

King County Housing Authority, Highland Village Project

      

Rev., 5.00%, 1/1/2027

      125        156  

Rev., 5.00%, 1/1/2028

      125        160  

Rev., 5.00%, 1/1/2029

      125        162  

Rev., 4.00%, 1/1/2031

      330        402  

Rev., 4.00%, 1/1/2034

      500        592  

Washington State Housing Finance Commission, Single Family Program

      

Series 2A-R, Rev., AMT, 3.50%, 12/1/2046

      260        272  

Series 2N, Rev., GNMA/FNMA/FHLMC, 3.50%, 6/1/2047

      2,060        2,179  
     

 

 

  
        3,923  
     

 

 

  

Other Revenue — 2.1%

      

FYI Properties, State of Washington District Project — Green Bonds Rev., 5.00%, 6/1/2039

      5,000        6,057  
     

 

 

  

Total Washington

         13,004  
     

 

 

  

Wisconsin — 2.9%

 

Education — 2.2%

      

Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.

      

Series 2017A, Rev., 5.00%, 9/1/2022

      520        557  

Series 2017A, Rev., 5.00%, 9/1/2023

      550        604  

Series 2017A, Rev., 5.00%, 9/1/2024

      580        652  

Series 2017A, Rev., 5.00%, 9/1/2025

      235        270  

Series 2017A, Rev., 5.00%, 9/1/2026

      385        448  

Series 2017A, Rev., 5.00%, 9/1/2027

      785        928  

Wisconsin Health and Educational Facilities Authority, Lawrence University of Wisconsin

      

Rev., 4.00%, 2/1/2021

      425        432  

Rev., 4.00%, 2/1/2022

      280        290  

Rev., 4.00%, 2/1/2023

      280        294  

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc.

      

Series C, Rev., 5.00%, 2/15/2027

      400        481  

Series C, Rev., 5.00%, 2/15/2028

      575        676  

Series C, Rev., 5.00%, 2/15/2029

      375        437  
     

 

 

  
        6,069  
     

 

 

  

Hospital — 0.7%

      

Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc.

      

Rev., 5.00%, 7/1/2024

      250        288  

Rev., 5.00%, 7/1/2025

      250        295  

Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service Rev., 5.00%, 4/1/2035

      1,165        1,473  
     

 

 

  
        2,056  
     

 

 

  

Total Wisconsin

         8,125  
     

 

 

  

Wyoming — 0.3%

 

Other Revenue — 0.3%

      

Wyoming Community Development Authority Series 5, Rev., 4.00%, 12/1/2046

      855        921  
     

 

 

  
TOTAL MUNICIPAL BONDS
(Cost $250,813)		         261,539  
  

 

 

  
     Shares (000)         

SHORT-TERM INVESTMENTS — 7.0%

      

INVESTMENT COMPANIES — 7.0%

      

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.16% (f) (g)
(Cost $19,931)

      19,921        19,937  
     

 

 

  
Total Investments — 99.3%
(Cost $270,744)		         281,476  

Other Assets Less Liabilities — 0.7%

         2,073  
  

 

 

  

Net Assets — 100.0%

         283,549  
     

 

 

  

 

Percentages indicated are based on net assets.

 

Abbreviations
AGM       Insured by Assured Guaranty Municipal Corp.
AMT       Alternative Minimum Tax
BAN       Bond Anticipation Note
BRRH       Boca Raton Regional Hospital
CHESLA       Connecticut Higher Education Supplemental Loan Authority
COLL       Collateral
COP       Certificate of Participation
FHA       Federal Housing Administration
FHLMC       Federal Home Loan Mortgage Corp.
FNMA       Federal National Mortgage Association
GNMA       Government National Mortgage Association
GO       General Obligation
ICE       Intercontinental Exchange
LIBOR       London Interbank Offered Rate
NATL       Insured by National Public Finance Guarantee Corp.
PSF-GTD       Permanent School Fund Guaranteed
RE       Reinsured
Rev.       Revenue
USD       United States Dollar
VRDO       Variable Rate Demand Obligation
(a)       The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)       Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2020.
(c)       Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2020.
(d)       Security is prerefunded or escrowed to maturity.
(e)       Amount rounds to less than 0.1% of net assets.
(f)       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.
(g)       The rate shown is the current yield as of May 31, 2020.
‡       Value determined using significant unobservable inputs.

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

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.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from 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.

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):

 

      Level 1
Quoted prices		      Level 2
Other significant observable
inputs		      Level 3
Significant unobservable
inputs		      Total  

Investments in Securities

 

Municipal Bonds

 

Alabama

 

Utility

    $ —        $ 1,249      $ —        $ 1,249  

Alaska

 

Housing

      —          662        —          662  

Arizona

 

Education

      —          2,098        —          2,098  

Industrial Development Revenue/Pollution Control Revenue

      —          241        —          241  

Water & Sewer

      —          2,542        —          2,542  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Arizona

      —          4,881        —          4,881  
  

 

 

     

 

 

     

 

 

     

 

 

  

California

 

Hospital

      —          485        —          485  

Other Revenue

      —          3,889        —          3889  

Water & Sewer

      —          1,342        —          1,342  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total California

      —          5,716        —          5,716  
  

 

 

     

 

 

     

 

 

     

 

 

  

Colorado

 

Certificate of Participation/Lease

      —          907        —          907  

Education

      —          1,911        —          1,911  

General Obligation

      —          4,061        —          4,061  

Housing

      —          2,669        —          2,669  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Colorado

      —          9,548        —          9,548  
  

 

 

     

 

 

     

 

 

     

 

 

  

Connecticut

 

Education

      —          4,930        —          4,930  

Hospital

      —          233        —          233  

Housing

      —          5,705        —          5,705  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Connecticut

      —          10,868        —          10,868  
  

 

 

     

 

 

     

 

 

     

 

 

  

Delaware

 

Hospital

      —          2,556        —          2,556  

Housing

      —          148        —          148  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Delaware

      —          2,704        —          2,704  
  

 

 

     

 

 

     

 

 

     

 

 

  

District of Columbia

 

Transportation

      —          1,194        —          1,194  

Water & Sewer

      —          1,771        —          1,771  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total District of Columbia

      —          2,965        —          2,965  
  

 

 

     

 

 

     

 

 

     

 

 

  

Florida

 

Certificate of Participation/Lease

      —          7,763        —          7,763  

Hospital

      —          2,344        —          2,344  

Housing

      —          86        —          86  

Industrial Development Revenue/Pollution Control Revenue

      —          931        —          931  

Other Revenue

      —          2,306        —          2,306  

Utility

      —          5,987        —          5,987  

Water & Sewer

      —          3,875        —          3,875  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Florida

      —          23,292        —          23,292  
  

 

 

     

 

 

     

 

 

     

 

 

  

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

      Level 1
Quoted prices		      Level 2
Other significant observable
inputs		      Level 3
Significant unobservable
inputs		      Total  

Georgia

 

Hospital

    $ —        $ 1,617      $ —        $ 1,617  

Housing

      —          1,636        —          1,636  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Georgia

      —          3,253        —          3,253  
  

 

 

     

 

 

     

 

 

     

 

 

  

Guam

 

Water & Sewer

      —          728        —          728  

Illinois

 

General Obligation

      —          5,063        —          5,063  

Hospital

      —          422        —          422  

Housing

      —          3,135        —          3,135  

Other Revenue

      —          1,652        —          1,652  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Illinois

      —          10,272        —          10,272  
  

 

 

     

 

 

     

 

 

     

 

 

  

Indiana

 

Hospital

      —          1,949        —          1,949  

Housing

      —          1,169        —          1,169  

Industrial Development Revenue/Pollution Control Revenue

      —          2,172        —          2,172  

Other Revenue

      —          3,212        —          3,212  

Water & Sewer

      —          1,382        —          1,382  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Indiana

      —          9,884        —          9,884  
  

 

 

     

 

 

     

 

 

     

 

 

  

Iowa

 

Education

      —          1,504        —          1,504  

Housing

      —          1,661        —          1,661  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Iowa

      —          3,165        —          3,165  
  

 

 

     

 

 

     

 

 

     

 

 

  

Kentucky

 

Education

      —          515        —          515  

Hospital

      —          2,325        —          2,325  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Kentucky

      —          2,840        —          2,840  
  

 

 

     

 

 

     

 

 

     

 

 

  

Louisiana

 

Housing

      —          8        —          8  

Other Revenue

      —          868        —          868  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Louisiana

      —          876        —          876  
  

 

 

     

 

 

     

 

 

     

 

 

  

Maine

 

Housing

      —          718        —          718  

Other Revenue

      —          464        —          464  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Maine

      —          1,182        —          1,182  
  

 

 

     

 

 

     

 

 

     

 

 

  

Maryland

 

Housing

      —          1,237        —          1,237  

Other Revenue

      —          1,999        —          1,999  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Maryland

      —          3,236        —          3,236  
  

 

 

     

 

 

     

 

 

     

 

 

  

Massachusetts

 

Education

      —          2,240        —          2,240  

Housing

      —          1,758        —          1,758  

Water & Sewer

      —          10,434        —          10,434  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Massachusetts

      —          14,432        —          14,432  
  

 

 

     

 

 

     

 

 

     

 

 

  

Michigan

 

Education

      —          687        —          687  

Housing

      —          806        —          806  

Industrial Development Revenue/Pollution Control Revenue

      —          954        —          954  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Michigan

      —          2,447        —          2,447  
  

 

 

     

 

 

     

 

 

     

 

 

  

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

      Level 1
Quoted prices		      Level 2
Other significant observable
inputs		      Level 3
Significant unobservable
inputs		      Total  

Minnesota

 

Education

    $ —        $ 371      $ —        $ 371  

General Obligation

      —          37        —          37  

Hospital

      —          1,280        —          1,280  

Housing

      —          4,378        —          4,378  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Minnesota

      —          6,066        —          6,066  
  

 

 

     

 

 

     

 

 

     

 

 

  

Mississippi

 

Hospital

      —          665        —          665  

Housing

      —          1,672        —          1,672  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Mississippi

      —          2,337        —          2,337  
  

 

 

     

 

 

     

 

 

     

 

 

  

Missouri

 

Hospital

      —          1,250        —          1,250  

Housing

      —          3,448        —          3,448  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Missouri

      —          4,698        —          4,698  
  

 

 

     

 

 

     

 

 

     

 

 

  

Nebraska

 

Hospital

      —          1,973        —          1,973  

Nevada

 

Hospital

      —          1,333        —          1,333  

New Hampshire

 

Education

      —          5,426        —          5,426  

New Jersey

 

Education

      —          3,997        —          3,997  

General Obligation

      —          1,476        —          1,476  

Hospital

      —          3,101        —          3,101  

Housing

      —          2,535        —          2,535  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total New Jersey

      —          11,109        —          11,109  
  

 

 

     

 

 

     

 

 

     

 

 

  

New Mexico

 

Housing

      —          1,348        —          1,348  

New York

 

Education

      —          1,532        —          1,532  

General Obligation

      —          2,004        —          2,004  

Housing

      —          2,156        —          2,156  

Transportation

      —          5,638        —          5,638  

Water & Sewer

      —          1,195        —          1,195  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total New York

      —          12,525        —          12,525  
  

 

 

     

 

 

     

 

 

     

 

 

  

North Carolina

 

Education

      —          979        —          979  

Housing

      —          745        —          745  

Other Revenue

      —          1,262        —          1,262  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total North Carolina

      —          2,986        —          2,986  
  

 

 

     

 

 

     

 

 

     

 

 

  

North Dakota

 

Housing

      —          3,022        —          3,022  

Utility

      —          2,001        —          2,001  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total North Dakota

      —          5,023        —          5,023  
  

 

 

     

 

 

     

 

 

     

 

 

  

Ohio

 

Education

      —          1,840        —          1,840  

General Obligation

      —          1,878        —          1,878  

Housing

      —          807        —          807  

Industrial Development Revenue/Pollution Control Revenue

      —          5,564        —          5,564  

Other Revenue

      —          1,105        —          1,105  

Utility

      —          2,088        —          2,088  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Ohio

      —          13,282        —          13,282  
  

 

 

     

 

 

     

 

 

     

 

 

  

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

      Level 1
Quoted prices		      Level 2
Other significant observable
inputs		      Level 3
Significant unobservable
inputs		      Total  

Oklahoma

 

Housing

    $ —        $ 202      $ —        $ 202  

Other Revenue

      —          —          6        6  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Oklahoma

      —          202        6        208  
  

 

 

     

 

 

     

 

 

     

 

 

  

Oregon

 

Housing

      —          309        —          309  

Other

 

Housing

      —          966        —          966  

Pennsylvania

 

Education

      —          2,500        —          2,500  

Hospital

      —          721        —          721  

Housing

      —          1,640        —          1,640  

Industrial Development Revenue/Pollution Control Revenue

      —          7,676        —          7,676  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Pennsylvania

      —          12,537        —          12,537  
  

 

 

     

 

 

     

 

 

     

 

 

  

South Carolina

 

Housing

      —          1,075        —          1,075  

Other Revenue

      —          1,218        —          1,218  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total South Carolina

      —          2,293        —          2,293  
  

 

 

     

 

 

     

 

 

     

 

 

  

South Dakota

 

Housing

      —          6,361        —          6,361  

Tennessee

 

Hospital

      —          859        —          859  

Housing

      —          1,694        —          1,694  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Tennessee

      —          2,553        —          2,553  
  

 

 

     

 

 

     

 

 

     

 

 

  

Texas

 

Education

      —          2,616        —          2,616  

General Obligation

      —          4,765        —          4,765  

Hospital

      —          900        —          900  

Housing

      —          1,480        —          1,480  

Other Revenue

      —          1,042        —          1,042  

Transportation

      —          4,420        —          4,420  

Water & Sewer

      —          2,343        —          2,343  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Texas

      —          17,566        —          17,566  
  

 

 

     

 

 

     

 

 

     

 

 

  

Utah

 

Housing

      —          4,797        —          4,797  

Other Revenue

      —          1,307        —          1,307  

Utility

      —          2,128        —          2,128  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Utah

      —          8,232        —          8,232  
  

 

 

     

 

 

     

 

 

     

 

 

  

Vermont

 

Education

      —          5,159        —          5,159  

Housing

      —          999        —          999  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Vermont

      —          6,158        —          6,158  
  

 

 

     

 

 

     

 

 

     

 

 

  

Washington

 

Education

      —          812        —          812  

Hospital

      —          2,212        —          2,212  

Housing

      —          3,923        —          3,923  

Other Revenue

      —          6,057        —          6,057  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Washington

      —          13,004        —          13,004  
  

 

 

     

 

 

     

 

 

     

 

 

  

Wisconsin

 

Education

      —          6,069        —          6,069  

Hospital

      —          2,056        —          2,056  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Wisconsin

      —          8,125        —          8,125  
  

 

 

     

 

 

     

 

 

     

 

 

  

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

 

      Level 1
Quoted prices		      Level 2
Other significant observable
inputs		      Level 3
Significant unobservable
inputs		      Total  

Wyoming

 

Other Revenue

    $ —        $ 921      $ —        $ 921  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Municipal Bonds

      —          261,533        6        261,539  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments

 

Investment Companies

      19,937        —          —          19,937  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 19,937      $ 261,533      $ 6      $ 281,476  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

 

For the period ended May 31, 2020

  

Security Description

    Value at
February 29, 2020		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		      Value at
May 31, 2020		      Shares at
May 31, 2020		      Dividend
Income		      Capital Gain
Distributions		  

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.16% (a) (b)

    $ 13,683      $ 27,873      $ 21,622      $ (3 )    $ 6      $ 19,937        19,921      $ 14      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

        

 

 

     

 

 

  

 

(a)

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

(b)

The rate shown is the current yield as of May 31, 2020.