JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 93.9%(a)
Alabama — 2.7%
Education — 0.2%
Alabama Public School and College Authority, Capital Improvement
Series 2014-B, Rev., 5.00%, 1/1/2023		50		56
Series 2014-A, Rev., 5.00%, 2/1/2023		2,000		2,239
Series 2013-C, Rev., 5.00%, 9/1/2023		65		74
Series 2014-A, Rev., 5.00%, 2/1/2024		2,000		2,323
Series 2014-A, Rev., 5.00%, 2/1/2025		2,000		2,318
Series 2019A, Rev., 4.00%, 5/1/2033		85		102
Auburn University
Series 2018A, Rev., 5.00%, 6/1/2020		70		70
Series 2018A, Rev., 5.00%, 6/1/2023		75		85
University of Alabama (The)
Series 2014A, Rev., 5.00%, 7/1/2020		150		151
University of South Alabama Facilities
Rev., AGM, 5.00%, 4/1/2030		175		232
Rev., AGM, 5.00%, 4/1/2031		425		558
Rev., AGM, 5.00%, 4/1/2033		2,080		2,665
University of West Alabama
Rev., AGM, 5.00%, 1/1/2026		180		210
Rev., AGM, 5.00%, 1/1/2027		100		119
Rev., AGM, 5.00%, 1/1/2028		200		243
Rev., AGM, 5.00%, 1/1/2029		200		247
Rev., AGM, 5.00%, 1/1/2030		200		249
				11,941
General Obligation — 0.2%
City of Birmingham
Series 2018B, GO, 4.00%, 12/1/2032		570		673
Series 2018B, GO, 4.00%, 12/1/2033		375		440
Series 2018B, GO, 4.00%, 12/1/2034		510		596
Series 2018B, GO, 4.00%, 12/1/2035		500		582
City of Huntsville
Series A, GO, 5.00%, 5/1/2030		2,765		3,567
Series A, GO, 5.00%, 5/1/2031		3,035		3,890
City of Huntsville, Warrants
Series 2018-A, GO, 5.00%, 5/1/2029		100		130
Series 2018-A, GO, 5.00%, 5/1/2033		70		89
City of Madison, Warrants GO, 5.00%, 4/1/2023		25		28
City of Mobile, Warrants Series 2018A, GO, 5.00%, 2/15/2029		3,000		3,913
City of Montgomery, Warrants GO, 3.00%, 6/15/2020		10		10
County of Mobile Series 2014A, GO, 4.00%, 6/1/2020		25		25
County of Mobile, Improvement Warrants GO, 5.00%, 2/1/2033		25		32
				13,975
Hospital — 0.0%(b)
Alabama Special Care Facilities Financing Authority-Birmingham, Children’s Hospital Health Care Facility Rev., 5.00%, 6/1/2023		115		128
Infirmary Health System Special Care Facilities Financing Authority of Mobile, Infirmary Health System, Inc. Series 2016A, Rev., 5.00%, 2/1/2025		320		371
UAB Medicine Finance Authority Series 2019B, Rev., 5.00%, 9/1/2035		55		69
				568
Other Revenue — 0.2%
Montgomery County Public Building Authority, Warrants, Facilities Project
Rev., 5.00%, 3/1/2026		1,735		2,026
Rev., 5.00%, 3/1/2027		3,590		4,189
Rev., 5.00%, 3/1/2029		3,910		4,548
				10,763
Prerefunded — 0.0%(b)
County of Mobile, Improvement Warrants Series C, GO, 5.00%, 8/1/2029(c)		25		28
Special Tax — 0.0%(b)
Shelby County Board of Education, Public School 5.00%, 2/1/2025		50		60
Transportation — 0.0%(b)
Alabama Federal Aid Highway Finance Authority
Rev., 5.00%, 9/1/2023		20		23
Series B, Rev., 5.00%, 9/1/2023		30		34
Series 2016A, Rev., 5.00%, 9/1/2032		365		446
Series A, Rev., 5.00%, 9/1/2032		25		31
				534

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Utility — 2.1%
Black Belt Energy Gas District, Gas Prepay Series 2018A, Rev., 4.00%, 12/1/2023(d)		5,500		5,923
Black Belt Energy Gas District, Project No. 4 Series 2019A-1, Rev., 4.00%, 6/1/2020		45		45
Black Belt Energy Gas District, Project No. 5 Series 2020A-1, Rev., 4.00%, 10/1/2026(d)		4,235		4,671
City of Huntsville, Electric System Warrants Series A, Rev., 5.00%, 12/1/2023		35		41
Lower Alabama Gas District (The), Project No. 2 Rev., 4.00%, 12/1/2025(d)		32,500		36,189
Southeast Alabama Gas Supply District (The), Project No. 1
Series 2018A, Rev., 4.00%, 4/1/2024(d)		34,000		36,820
Series A, Rev., 5.00%, 4/1/2024		20,845		23,422
Southeast Alabama Gas Supply District (The), Project No. 2 Series 2018A, Rev., 4.00%, 6/1/2024(d)		16,015		17,208
				124,319
Water & Sewer — 0.0%(b)
Alabama Drinking Water Finance Authority, Revolving Fund Loan Series 2015A, Rev., 5.00%, 8/15/2021		215		227
Water Works Board of the City of Birmingham (The)
Series 2016A, Rev., 5.00%, 1/1/2023		65		73
Series 2016A, Rev., 5.00%, 1/1/2030		150		188
				488
Total Alabama				162,676
Alaska — 0.3%
General Obligation — 0.0%(b)
Municipality of Anchorage
Series 2018D, GO, 4.00%, 9/1/2023		95		106
Series C, GO, 5.00%, 9/1/2028		1,675		2,213
State of Alaska
Series 2012A, GO, 4.00%, 8/1/2020		10		10
Series 2013B, GO, 5.00%, 8/1/2020		10		10
				2,339
Housing — 0.0%(b)
Alaska Housing Finance Corp., State Capital Project Series 2019B, Rev., 5.00%, 6/1/2026		20		24
Industrial Development Revenue/Pollution Control Revenue — 0.3%
Alaska Industrial Development and Export Authority, Providence Health and Services Series 2011A, Rev., 5.50%, 10/1/2041		9,000		9,291
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project
Series 2019A, Rev., 5.00%, 10/1/2024		800		927
Series 2019A, Rev., 5.00%, 10/1/2025		1,325		1,575
Series 2019A, Rev., 5.00%, 10/1/2026		1,385		1,677
Series 2019A, Rev., 5.00%, 10/1/2027		1,455		1,799
Series 2019A, Rev., 5.00%, 10/1/2028		1,530		1,931
				17,200
Total Alaska				19,563
Arizona — 1.6%
Certificate of Participation/Lease — 0.1%
County of Maricopa, Evidencing Proportionate Interests of Owners Thereof in Lease Payments Series A, COP, 5.00%, 7/1/2024		125		148
County of Pima Series 2020A, COP, 5.00%, 12/1/2021		25		27
State of Arizona COP, 5.00%, 9/1/2025		4,100		4,996
				5,171
Education — 0.1%
Arizona State University
Series 2019B, Rev., 5.00%, 7/1/2023		40		46
Series 2017B, Rev., 5.00%, 7/1/2029		75		96
Series 2017B, Rev., 5.00%, 7/1/2034		920		1,143
Series 2017B, Rev., 5.00%, 7/1/2035		1,000		1,236
Series 2016B, Rev., 5.00%, 7/1/2042		30		36

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project
Series 2018A, Rev., 5.00%, 7/1/2028		700		739
Series 2018A, Rev., 5.00%, 7/1/2029		950		998
Pima County Community College District Rev., 5.00%, 7/1/2030		60		78
University of Arizona (The), Board of Regents
Rev., 5.00%, 6/1/2026		10		12
Series 2012A, Rev., 5.00%, 6/1/2030		1,000		1,091
University of Arizona (The), Green Bonds Series 2016B, Rev., 5.00%, 6/1/2029		350		432
University of Arizona (The), Stimulus Plan For Economic And Educational Development Series 2020A, Rev., 5.00%, 8/1/2036		75		95
				6,002
General Obligation — 0.1%
City of Mesa
GO, 2.00%, 7/1/2020		120		121
GO, NATL-RE, 6.00%, 7/1/2020		10		10
GO, 4.00%, 7/1/2033		30		36
City of Peoria
Series B, GO, 4.00%, 7/15/2020		60		60
Series B, GO, 5.00%, 7/15/2023		35		40
City of Scottsdale GO, 5.00%, 7/1/2020		100		100
County of Pima GO, 2.00%, 7/1/2020		300		300
Eastmark Community Facilities District No. 1 GO, 3.00%, 7/15/2020		75		75
Glendale Union High School District No. 205, School Improvement Project Series 2015A, GO, 2.00%, 7/1/2020		50		50
Kyrene Elementary School District No. 28 Series 2017B, GO, 5.00%, 7/1/2027		100		129
Kyrene Elementary School District No. 28, School Improvement, Project of 2010 Series 2010B, GO, 4.00%, 7/1/2020		500		502
Kyrene Elementary School District No. 28, School Improvement, Project of 2017 Series 2019A, GO, 5.00%, 7/1/2029		55		72
Maricopa County Dysart Unified School District No. 89 GO, NATL-RE, 5.25%, 7/1/2020		905		909
Maricopa County Elementary School District No. 31-Balsz, School Improvement Series 2012A, GO, AGM, 2.75%, 7/1/2020		15		15
Maricopa County Elementary School District No. 92-Pendergast Elementary, Improvement Bonds, Project of 2016
Series 2016A, GO, 5.00%, 7/1/2023		20		23
Series 2016D, GO, 5.00%, 7/1/2027		700		895
Series 2016D, GO, 5.00%, 7/1/2028		1,000		1,311
Maricopa County High School District No. 214 Tolleson Union High School, School Improvement Project of 2017
Series 2017B, GO, 5.00%, 7/1/2026		20		25
Series 2017A, GO, 5.00%, 7/1/2027		35		45
Maricopa County School District No. 3 Tempe Elementary, School Improvement Project of 2016 Series 2017A, GO, 5.00%, 7/1/2020		10		10
Maricopa County Special Health Care District Series 2018C, GO, 5.00%, 7/1/2033		25		31
Maricopa County Special Health Care District, Maricopa Integrated Health System
Series 2018C, GO, 5.00%, 7/1/2021		50		53
Series 2018C, GO, 5.00%, 7/1/2031		25		31
Maricopa County Unified School District No. 11, Peoria School Improvement GO, 3.00%, 7/1/2020		150		150
Maricopa County Unified School District No. 4 Mesa, School Improvement Project of 2018 Series 2019A, GO, 5.00%, 7/1/2028		25		33

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Maricopa County Unified School District No. 48 Scottsdale, School Improvement Project of 2016 Series 2017B, GO, 5.00%, 7/1/2031		25		32
Maricopa County Unified School District No. 95, Queen Creek School Improvement
Series 2018, GO, 5.00%, 7/1/2028		225		277
Series 2018, GO, 5.00%, 7/1/2029		500		612
Maricopa County Unified School District No. 97-Deer Valley, School Improvement Project of 2008 Series 2008B, GO, 4.00%, 7/1/2020		15		15
Maricopa County Unified School District No. 97-Deer Valley, School Improvement Project of 2013
Series 2013D, GO, 5.00%, 7/1/2023		50		57
Series 2019E, GO, 5.00%, 7/1/2027		50		64
Maricopa County Unified School District No. 9-Wickenburg, School Improvement, Tax-Exempt Series 2017A, GO, AGM, 4.00%, 7/1/2023		50		56
Maricopa County Union High School District No. 216 Agua Fria, School Improvement
GO, 4.00%, 7/1/2034		50		60
GO, 4.00%, 7/1/2036		90		106
Mohave County Unified School District No. 1 Lake Havasu Series 2017A, GO, 4.00%, 7/1/2030		30		36
Pima County Elementary School District No. 39 Continental, Improvement Bonds, Project of 2010 Series B, GO, AGM, 3.75%, 7/1/2029		20		21
Pima County, Marana Unified School District No. 6, School Improvements Series 2011A, GO, 5.00%, 7/1/2020		10		10
Pinal County, Florence School District No. 1 GO, 5.00%, 7/1/2023		70		80
				6,452
Hospital — 0.1%
Industrial Development Authority of the County of Yavapai (The), Yavapai Regional Medical Center Rev., 4.00%, 8/1/2020		50		50
Maricopa County Industrial Development Authority, HonorHealth
Series 2019A, Rev., 5.00%, 9/1/2033		500		598
Series 2019A, Rev., 5.00%, 9/1/2034		1,000		1,193
Series 2019A, Rev., 5.00%, 9/1/2035		1,000		1,188
Yavapai County IDA, Hospital, Yavapai Regional Medical Center Series A, Rev., 5.25%, 8/1/2033		1,000		1,088
				4,117
Industrial Development Revenue/Pollution Control Revenue — 0.6%
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project
Series 2019A, Rev., 5.00%, 1/1/2022		675		682
Series 2019A, Rev., 5.00%, 1/1/2023		610		620
Series 2019A, Rev., 5.00%, 1/1/2024		1,475		1,504
Series 2019A, Rev., 5.00%, 1/1/2025		1,800		1,841
Series 2019A, Rev., 5.00%, 1/1/2026		1,875		1,922
Series 2019A, Rev., 5.00%, 1/1/2027		1,850		1,896
Series 2019A, Rev., 5.00%, 1/1/2028		1,500		1,539
Series 2019A, Rev., 5.00%, 1/1/2029		660		677
Series 2019A, Rev., 5.00%, 1/1/2030		3,670		3,753
Series 2019A, Rev., 4.00%, 1/1/2031		4,100		3,850
Series 2019A, Rev., 4.00%, 1/1/2032		4,265		3,961
Series 2019A, Rev., 4.00%, 1/1/2033		4,440		4,089
Series 2019A, Rev., 5.00%, 1/1/2034		1,770		1,781
Series 2019A, Rev., 5.00%, 1/1/2035		2,285		2,288
Series 2019A, Rev., 5.00%, 1/1/2036		1,835		1,829
Series 2019A, Rev., 5.00%, 1/1/2037		500		496
Series 2019A, Rev., 5.00%, 1/1/2038		500		491
Series 2019A, Rev., 4.25%, 1/1/2039		545		483
Series 2019A, Rev., 4.25%, 1/1/2040		1,320		1,160

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019A, Rev., 5.00%, 1/1/2043		1,750		1,672
				36,534
Other Revenue — 0.0%(b)
City of Buckeye, Excise Tax Rev., 5.00%, 7/1/2022		100		110
City of Cottonwood Series 2015, Rev., AGM, 5.00%, 7/1/2026		10		12
City of Surprise Rev., 5.00%, 7/1/2025		20		24
County of Pinal Rev., 4.00%, 8/1/2037		75		87
Scottsdale Municipal Property Corp., Excise Tax
Rev., 5.00%, 7/1/2021		50		53
Rev., 5.00%, 7/1/2026		1,570		1,982
				2,268
Prerefunded — 0.1%
Arizona Board of Regents, Arizona State University Series 2012A, Rev., 5.00%, 7/1/2030(c)		725		796
Arizona Transportation Board, Maricopa County Regional Area Road Fund Rev., 5.00%, 7/1/2021(c)		50		50
City of Phoenix, Civic Improvement Corp., Airport, Junior Lien
Series A, Rev., 5.00%, 7/1/2023(c)		1,000		1,004
Series A, Rev., 5.00%, 7/1/2027(c)		2,000		2,007
County of Pima, Sewer System
Series B, Rev., 5.00%, 7/1/2022(c)		770		808
Series B, Rev., 5.00%, 7/1/2024(c)		1,000		1,049
				5,714
Transportation — 0.1%
Arizona Department of Transportation State Highway Fund
Series 2013A, Rev., 5.00%, 7/1/2020		25		25
Rev., 5.00%, 7/1/2031		25		31
Arizona Transportation Board, Grant Anticipation
Series 2011A, Rev., GAN, 5.00%, 7/1/2020		120		121
Series 2017A, Rev., GAN, 5.00%, 7/1/2020		20		20
Arizona Transportation Board, Maricopa County Regional Area Road Fund
Rev., 5.00%, 7/1/2020		20		20
Rev., 5.00%, 7/1/2022		50		55
Rev., 5.00%, 7/1/2023		95		109
City of Phoenix Civic Improvement Corp., Junior Lien, Airport Special Obligation
Series 2017D, Rev., 5.00%, 7/1/2024		275		315
Series 2017D, Rev., 5.00%, 7/1/2029		190		228
City of Phoenix Civic Improvement Corp., Senior Lien
Series 2017B, Rev., 5.00%, 7/1/2027		150		183
Rev., AMT, 5.00%, 7/1/2037		1,000		1,161
City of Phoenix, Civic Improvement Corp., Light Rail Project Series 2013, Rev., 5.00%, 7/1/2020(c)		70		70
Pima County Regional Transportation Authority, Excise Tax Rev., 5.00%, 6/1/2026		25		31
Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund Rev., 5.25%, 7/1/2025		1,000		1,196
				3,565
Utility — 0.2%
City of Mesa, Utility System
Rev., NATL-RE, 5.00%, 7/1/2020		3,000		3,012
Series 2019C, Rev., 5.00%, 7/1/2023		30		34
Series 2019A, Rev., 5.00%, 7/1/2029		40		54
Series 2019C, Rev., 5.00%, 7/1/2029		30		41
Rev., 4.00%, 7/1/2031		50		58
Series 2019A, Rev., 5.00%, 7/1/2031		25		33
Series 2019A, Rev., 5.00%, 7/1/2033		25		33
Series 2019A, Rev., 5.00%, 7/1/2043		95		120
Industrial Development Authority of the County of Pima (The), Tucson Electric Power Company San Juan Project Series 2009A, Rev., 4.95%, 10/1/2020		20		20
Salt River Project Agricultural Improvement and Power District, Electric System
Series 2011A, Rev., 5.00%, 12/1/2022		70		76
Series 2016A, Rev., 5.00%, 1/1/2023		20		22

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2016A, Rev., 5.00%, 1/1/2036		7,000		8,624
Series 2019A, Rev., 5.00%, 1/1/2037		55		72
Salt River Project Agricultural Improvement and Power District, Salt River Project Electric System Series A, Rev., 5.00%, 12/1/2028		1,005		1,075
				13,274
Water & Sewer — 0.2%
Arizona Water Infrastructure Finance Authority, Water Quality
Series 2012A, Rev., 4.00%, 10/1/2021		120		126
Series 2014A, Rev., 5.00%, 10/1/2025		30		36
Series 2014A, Rev., 5.00%, 10/1/2026		5,910		7,046
City of Glendale, Water and Sewer, Senior Lien Rev., 5.00%, 7/1/2028		1,000		1,092
City of Phoenix Civic Improvement Corp., Wastewater System Junior Lien Rev., 5.00%, 7/1/2022		25		27
City of Phoenix Civic Improvement Corp., Water System Junior Lien
Rev., NATL-RE, 5.25%, 7/1/2020		10		10
Rev., 5.00%, 7/1/2023		25		29
Series 2014A, Rev., 5.00%, 7/1/2023		50		57
Series 2014B, Rev., 5.00%, 7/1/2023		35		40
City of Scottsdale, Water and Sewer
Rev., 5.25%, 7/1/2021		1,430		1,509
Rev., 5.25%, 7/1/2023		1,875		2,162
City of Tucson, Water System Series 2016A, Rev., 5.00%, 7/1/2020		55		55
County of Pima, Sewer System
Rev., 5.00%, 7/1/2023		30		34
Series 2012A, Rev., 5.00%, 7/1/2023		100		110
Gilbert Water Resource Municipal Property Corp., Waterworks and Sewer System Rev., 5.00%, 7/1/2020		125		125
				12,458
Total Arizona				95,555
Arkansas — 0.0%(b)
Education — 0.0%(b)
University of Arkansas, Student Fee, UALR Campus Rev., 5.00%, 10/1/2023		100		115
University of Arkansas, Various Facility Fayetteville Campus Series 2014A, Rev., 4.50%, 11/1/2026		45		52
				167
General Obligation — 0.0%(b)
Pulaski County Special School District GO, 3.00%, 2/1/2021		15		15
State of Arkansas, Federal Highway GO, GAN, 5.00%, 10/1/2025		10		12
				27
Other Revenue — 0.0%(b)
City of Rogers, Sales and Use Tax Rev., 5.00%, 11/1/2020(c)		20		20
Total Arkansas				214
California — 9.5%
Certificate of Participation/Lease — 0.3%
Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project Series 1999A, COP, AMBAC, Zero Coupon, 8/1/2025		10,445		10,038
City and County of San Francisco, Office Buildings — Multiple Properties Project Series 2015-R1, COP, 5.00%, 9/1/2022		50		55
City of Aliso Viejo COP, 4.00%, 11/1/2031		50		63
City of Los Alamitos COP, 5.00%, 10/1/2023		25		29
County of San Benito, Jail Facilities Project COP, 5.00%, 10/1/2025		45		55
County of San Bernardino, Arrowhead Refunding Project Series 2019A, COP, 5.00%, 10/1/2024		325		383
County of San Joaquin COP, AGM, 5.00%, 11/15/2029		5		6
Desert Sands Unified School District
COP, 5.00%, 3/1/2023		70		79
COP, 5.00%, 3/1/2024		150		174
Irvine Ranch Water District COP, 5.00%, 3/1/2032		2,275		2,832
Live Oak Elementary School District/Santa Cruz County, 2016 Refunding and School Financing Projects COP, AGM, 5.00%, 8/1/2020		15		15
Los Angeles Unified School District, Headquarters Building Projects Series B, COP, 5.00%, 10/1/2030		1,250		1,352

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Washington Unified School District, Yolo County, 2017 Refunding and Capital Projects
COP, AGM, 5.00%, 8/1/2022		100		110
COP, AGM, 5.00%, 8/1/2025		100		121
Yuba City Unified School District COP, AGM, 4.00%, 10/1/2025		1,100		1,284
				16,596
Education — 0.5%
California Community College Financing Authority, West Valley-Mission Community College District Rev., 5.00%, 6/1/2025(c)		55		68
California Educational Facilities Authority, Claremont McKenna College
Series 2015A, Rev., 5.00%, 1/1/2028		1,000		1,227
Series 2015A, Rev., 5.00%, 1/1/2029		880		1,077
Series 2015A, Rev., 5.00%, 1/1/2030		1,185		1,446
Series 2015A, Rev., 5.00%, 1/1/2031		2,450		2,975
Series 2015A, Rev., 5.00%, 1/1/2032		2,000		2,418
Series 2015A, Rev., 4.00%, 1/1/2033		3,000		3,421
California Educational Facilities Authority, Santa Clara University Series 2017B, Rev., 5.00%, 4/1/2035		80		98
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2026		150		170
Rev., 5.00%, 10/1/2027		150		172
Rev., 5.00%, 10/1/2028		150		173
California State University, Systemwide
Series 2015A, Rev., 5.00%, 11/1/2024		3,225		3,869
Series 2017A, Rev., 5.00%, 11/1/2029		100		128
Series 2014A, Rev., 5.00%, 11/1/2030		2,285		2,715
Series 2012A, Rev., 4.00%, 11/1/2031		145		155
Series 2017A, Rev., 5.00%, 11/1/2034		2,875		3,572
Series 2016A, Rev., 5.00%, 11/1/2045		30		36
Regents of the University of California Medical Center Pooled
Series 2016L, Rev., 5.00%, 5/15/2021		10		10
Series 2016L, Rev., 5.00%, 5/15/2041		155		181
Sweetwater Union High School District Public Financing Authority Rev., 5.00%, 9/1/2022		150		165
University of California
Series 2017AY, Rev., 5.00%, 5/15/2028		55		71
Series 2018AZ, Rev., 5.00%, 5/15/2029		30		39
Series 2018AZ, Rev., 5.00%, 5/15/2031		35		45
Series 2019BB, Rev., 5.00%, 5/15/2033		20		26
Series 2018AZ, Rev., 5.00%, 5/15/2034		25		32
University of California, Limited Project
Series 2010E, Rev., 5.00%, 5/15/2021		175		176
Series 2015-I, Rev., 5.00%, 5/15/2023		30		34
Series 2012G, Rev., 5.00%, 5/15/2029		5,615		6,120
Series 2017M, Rev., 5.00%, 5/15/2036		25		31
				30,650
General Obligation — 4.2%
Alhambra Unified School District, Election of 2016 Series 2016-A, GO, 5.00%, 8/1/2038		100		126
Anaheim Union High School District
GO, 5.00%, 8/1/2022		25		27
GO, 5.00%, 8/1/2025		65		77
Antelope Valley Union High School District GO, 4.00%, 8/1/2022		55		59
Arcadia Unified School District GO, 4.00%, 8/1/2038		9,385		10,595
Baldwin Park Unified School District GO, AGM, 4.00%, 8/1/2021		20		21
Banning Unified School District GO, AGM, 5.00%, 8/1/2027		100		125
Berryessa Union School District, Election of 2014
Series A, GO, 5.00%, 8/1/2026		50		59
Series A, GO, 5.00%, 8/1/2027		50		59
Beverly Hills Unified School District, 2008 Election GO, 5.00%, 8/1/2026		30		37
Brentwood Union School District GO, 5.00%, 8/1/2031		20		25

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Cajon Valley Union School District, Election of 2016 Series A, GO, 5.00%, 8/1/2020		25		25
Central Unified School District GO, 5.00%, 8/1/2025		110		133
Cerritos Community College District Series A, GO, 5.00%, 8/1/2029		45		53
Cerritos Community College District, Election of 2012 Series 2019C, GO, 5.00%, 8/1/2026		130		163
Chabot-Las Positas Community College District GO, 5.00%, 8/1/2021		25		26
Chabot-Las Positas Community College District, 2016 Crossover GO, 5.00%, 8/1/2025		100		114
Chaffey Community College District GO, 5.00%, 6/1/2022		25		27
Chino Valley Unified School District GO, 5.00%, 8/1/2022		60		66
City And County Of Honolulu Wastewater System, Senior Series 2019A, First Bond Resolution (Hi) Series A, GO, 5.00%, 8/1/2023		20		23
City of Alameda GO, 4.00%, 8/1/2033		10		11
City of Oakland Series 2015A, GO, 5.00%, 1/15/2023		25		28
City of Orinda, Contra Cost County, Election of 2016 Series A, GO, 5.00%, 9/1/2027		45		59
City of San Jose Series A-1, GO, 5.00%, 9/1/2036		25		32
City of San Jose, Libraries, Parks and Public Safety Projects
Series 2019C, GO, 5.00%, 9/1/2028		50		67
Series 2019C, GO, 5.00%, 9/1/2032		100		131
Coachella Valley Unified School District
GO, 5.00%, 8/1/2025		125		147
GO, 4.00%, 8/1/2027		20		23
Coast Community College District Series A, GO, 5.00%, 8/1/2020		25		25
Conejo Valley Unified School District, Ventura County, Election of 2014 Series B, GO, 5.00%, 8/1/2028		125		165
Contra Costa County, Pittsburg Unified School District GO, 5.00%, 8/1/2023		55		63
Counties of Fresno, Madera, Tulare and Kings, State Center Community College District
GO, 5.25%, 8/1/2028		5,450		5,999
GO, 5.00%, 8/1/2030		40		48
Counties of Los Angeles and Orange, Rowland Unified School District, 2012 Election Series A, GO, 5.25%, 8/1/2043		2,750		3,099
Counties of Sonoma, Mendocino and Marin, Sonoma County Junior College District Series 2013A, GO, 5.00%, 8/1/2022		25		28
County of Calaveras GO, 5.00%, 8/1/2026		100		123
County of Riverside, Murrieta Valley Unified School District GO, AGM, 5.00%, 9/1/2025		1,400		1,680
County of Sacramento, San Juan Unified School District, Election of 1998 GO, 5.00%, 8/1/2020		25		25
County of Sacramento, San Juan Unified School District, Election of 2002
GO, 5.00%, 8/1/2027		1,670		1,909
GO, 5.00%, 8/1/2030		3,540		4,034
GO, 5.00%, 8/1/2031		4,000		4,555
County of San Diego, Grossmont-Cuyamaca Community College District, Election of 2002 Series 2008C, GO, AGC, Zero Coupon, 8/1/2026		19,585		18,449
County of San Mateo, South San Francisco Unified School District, Capital Appreciation Series 2016C, GO, Zero Coupon, 9/1/2026		250		233
County of Santa Clara Series 2017C, GO, 5.00%, 8/1/2033		25		32
County of Santa Clara, Mountain View-Los Altos Union High School District, Election of 2010
Series C, GO, Zero Coupon, 8/1/2023		2,000		1,972
Series C, GO, Zero Coupon, 8/1/2027		1,000		927
County of Santa Clara, San Jose Unified School District
GO, 5.00%, 8/1/2020		50		50
GO, 5.00%, 8/1/2023		25		29

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Cupertino Union School District, Election of 2001 Series 2011E, GO, 5.00%, 8/1/2020		20		20
Desert Community College District
GO, 5.00%, 8/1/2022		50		55
GO, 5.00%, 8/1/2031		2,250		2,865
Desert Sands Unified School District
GO, 5.00%, 8/1/2025		3,750		4,581
Series A, GO, 5.00%, 6/1/2026		40		45
GO, 5.00%, 8/1/2026		2,200		2,684
Desert Sands Unified School District, Election of 2014
GO, 5.00%, 8/1/2022		140		154
GO, 5.00%, 8/1/2024		25		30
GO, 4.00%, 8/1/2038		1,000		1,148
Dixon Unified School District GO, 5.00%, 8/1/2027		10		12
Downey Unified School District, Election of 2014 Series B, GO, 5.00%, 8/1/2032		50		65
East Side Union High School District Series 2016B, GO, 5.00%, 8/1/2027		50		62
East Side Union High School District, Election of 2012 Series B, GO, 5.00%, 8/1/2030		25		30
El Camino Community College District Foundation (The) GO, 5.00%, 8/1/2022		25		28
El Monte City School District GO, BAN, Zero Coupon, 4/1/2023		525		514
Escondido Union School District, Election of 2014 Series A, GO, 5.00%, 8/1/2027		100		120
Fairfield-Suisun Unified School District, Election of 2016 GO, 5.00%, 8/1/2026		50		63
Foothill-De Anza Community College District GO, 5.00%, 8/1/2026		65		77
Forestville Union Elementary School District GO, AGM, 5.75%, 8/1/2021		45		48
Fremont Union High School District Series 2019A, GO, 5.00%, 8/1/2030		75		96
Fullerton Joint Union High School District, Election of 2014 Series 2015A, GO, 5.00%, 8/1/2022		30		33
Glendale Unified School District Series 2015A, GO, 5.00%, 9/1/2023		25		29
Hayward Unified School District, Election of 2014 GO, AGM, 5.00%, 8/1/2027		55		69
Healdsburg Unified School District, Election of 2016 Series C, GO, 3.13%, 8/1/2047		3,535		3,759
Hillsborough City School District, Tax-Exempt
Series A, GO, 4.00%, 9/1/2021		40		42
Series A, GO, 4.00%, 9/1/2022		35		38
Huntington Beach Union High School District GO, 5.00%, 8/1/2026		10		11
Imperial Unified School District GO, 4.00%, 8/1/2020		15		15
Jefferson Union High School District, Election of 2012 Series A, GO, 4.00%, 8/1/2022		65		70
John Swett Unified School District, Measure P Projects Series A-1, GO, AGM, 5.00%, 8/1/2027		50		64
La Canada Unified School District GO, 5.00%, 8/1/2020		25		25
La Canada Unified School District, Election of 2017 Series 2018A, GO, 5.00%, 8/1/2031		50		64
Lawndale Elementary School District, Election of 2016 Series 2018B, GO, 5.00%, 8/1/2028		100		125
Live Oak Elementary School District/Santa Cruz County GO, 5.00%, 8/1/2025		100		122
Long Beach Community College District, Election of 2002, Capital Appreciation
Series D, GO, NATL-RE, Zero Coupon, 5/1/2021		4,365		4,350
Series D, GO, NATL-RE, Zero Coupon, 5/1/2022		5,265		5,219
Long Beach Community College District, Election of 2016 Series 2019C, GO, 4.00%, 8/1/2045		40		46
Los Angeles Community College District
Series G, GO, 4.00%, 8/1/2022		25		27
Series 2015A, GO, 5.00%, 8/1/2023		20		23

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series A, GO, 5.00%, 8/1/2030		9,000		10,625
Series A, GO, 5.00%, 8/1/2031		15,000		17,647
Series A, GO, 4.00%, 8/1/2033		2,300		2,557
Los Angeles Unified School District
Series C, GO, 4.00%, 7/1/2020		25		25
Series A-1, GO, 5.00%, 7/1/2020		10		10
Series C, GO, 5.00%, 7/1/2024		11,670		13,838
Series C, GO, 5.00%, 7/1/2025		36,915		43,460
Series C, GO, 5.00%, 7/1/2026		5,505		6,449
Los Angeles Unified School District, Election of 2008
Series M-1, GO, 5.00%, 7/1/2032		2,095		2,644
Series M-1, GO, 5.00%, 7/1/2033		4,305		5,404
Los Rios Community College District, Election of 2008 Series B, GO, 5.00%, 8/1/2022		25		27
Manteca Unified School District GO, 5.00%, 8/1/2021		90		95
Marin Community College District GO, 5.00%, 8/1/2023		35		40
Marin Healthcare District, Tax-Exempt, Election of 2013 GO, 5.00%, 8/1/2031		90		108
Marysville Joint Unified School District GO, 5.00%, 8/1/2021		100		106
Menlo Park City School District, Crossover Capital Appreciation
GO, Zero Coupon, 7/1/2033		1,000		695
GO, Zero Coupon, 7/1/2035		725		460
GO, Zero Coupon, 7/1/2036		1,150		694
GO, Zero Coupon, 7/1/2037		1,950		1,122
GO, Zero Coupon, 7/1/2041		1,250		598
Merced City School District, Election of 2014 GO, 4.00%, 8/1/2025		50		58
Merced Community College District, School Facilities Improvement GO, 5.00%, 8/1/2022		25		27
Merced Union High School District GO, 5.00%, 8/1/2026		225		282
Mount San Antonio Community College District, Election of 2018 Series 2019A, GO, 5.00%, 8/1/2028		50		66
Mountain View Los Altos Union High School District, Election of 2018 Series A, GO, 4.00%, 8/1/2020		25		25
Murrieta Valley Unified School District, Election of 2014 Series 2014A, GO, AGM, 4.00%, 9/1/2044		25		27
Nevada Joint Union High School District, Election of 2016 Series 2016B, GO, 5.00%, 8/1/2028		100		130
Newhall School District, School Facilities Improvement District No. 2011-1, Election of 2011 Series 2011A, GO, 4.00%, 8/1/2022		35		38
Newport Mesa Unified School District, Election of 2005 GO, NATL-RE, Zero Coupon, 8/1/2031		8,375		6,975
North Orange County Community College District, Election of 2014
Series 2014B, GO, 4.00%, 8/1/2021		80		83
Series 2016A, GO, 4.00%, 8/1/2025		20		24
Novato Unified School District, 2016 Election Series 2019B, GO, 5.00%, 8/1/2026		25		31
Ocean View School District, California Election of 2016 Series 2016B, GO, 6.00%, 8/1/2026		115		151
Oceanside Unified School District GO, 5.00%, 8/1/2024		5		6
Ohlone Community College District, Election of 2010 Series D, GO, 4.00%, 8/1/2022		40		43
Orange Unified School District, Election of 2016 GO, 5.00%, 8/1/2031		85		111
Palm Springs Unified School District, Election of 2008 Series D, GO, 4.00%, 8/1/2024		65		74
Palomar Community College District
GO, 5.00%, 5/1/2022		25		27
GO, 5.00%, 5/1/2023		20		23
Pleasanton Unified School District, Election of 2016 GO, 5.00%, 8/1/2027		20		26

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Plumas Unified School District, Election of 2016 Series B, GO, 5.00%, 8/1/2024		50		59
Pomona Unified School District, Election of 2008 GO, AGM, 5.00%, 8/1/2027		50		61
Rio Hondo Community College District, Dedicated Unlimited Ad Valorem Property Tax, Election of 2004 Series 2019B, GO, 5.00%, 8/1/2025		40		49
Riverside Unified School District, Election of 2016 Series B, GO, 4.00%, 8/1/2042		50		57
Rocklin Unified School District, Election of 2002 GO, NATL-RE, Zero Coupon, 8/1/2021		25		25
San Diego Community College District
GO, 5.00%, 8/1/2020		250		252
GO, 5.00%, 8/1/2021		65		69
GO, 5.00%, 8/1/2022		30		33
GO, 5.00%, 8/1/2025		25		31
San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax Series 2015R-4, GO, 5.00%, 7/1/2025		100		122
San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Election of 2008 Series 2012E, GO, Zero Coupon, 7/1/2049		885		398
San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Election of 2018 Series 2019A, GO, 5.00%, 7/1/2021		60		63
San Diego Unified School District, Election of 1998 Series C-2, GO, AGM, 5.50%, 7/1/2026		145		186
San Francisco Bay Area Rapid Transit District Election
Series 2019B-1, GO, 5.00%, 8/1/2021		70		74
Series 2019F-1, GO, 5.00%, 8/1/2031		85		113
Series 2019F-1, GO, 5.00%, 8/1/2033		25		33
San Francisco Bay Area Rapid Transit District, Election of 2004
Series 2013C, GO, 5.00%, 8/1/2020		75		76
Series 2013C, GO, 4.00%, 8/1/2022		25		27
Series D, GO, 5.00%, 8/1/2030		3,000		3,669
Series D, GO, 5.00%, 8/1/2032		55		67
San Francisco Bay Area Rapid Transit District, Election of 2016 Series 2017A-1, GO, 5.00%, 8/1/2028		70		90
San Francisco Unified School District, Proposition A, Election of 2011 GO, 3.00%, 6/15/2020		25		25
San Joaquin Delta Community College District
Series 2015A, GO, 5.00%, 8/1/2020		50		51
Series 2015A, GO, 5.00%, 8/1/2022		25		27
San Jose Evergreen Community College District
Series A, GO, 5.00%, 9/1/2024		75		89
San Juan Unified School District, Election of 2012
Series 2019N, GO, 4.00%, 8/1/2021		130		136
Series 2019N, GO, 4.00%, 8/1/2025		125		147
San Luis Coastal Unified School District, Election of 2014
Series C, GO, 4.00%, 8/1/2021		25		26
Series C, GO, 4.00%, 8/1/2025		25		30
Series A, GO, 5.00%, 8/1/2026		75		88
Series B, GO, 5.00%, 8/1/2026		75		95
San Marcos Unified School District
GO, 5.00%, 8/1/2031		60		76
GO, 4.00%, 8/1/2033		25		29
San Mateo Foster City School District, Election of 2008 Series 2012C, GO, 5.00%, 8/1/2022		25		28
Santa Ana College Improvement District No. 1 of Rancho Santiago Community College District, Election of 2012 Series 2017B, GO, 4.00%, 8/1/2030		150		180
Santa Barbara Unified School District Series A, GO, 4.00%, 8/1/2022		75		81
Santa Clara Unified School District GO, 5.00%, 7/1/2025		25		31

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Santa Clara Unified School District, Election of 2014
GO, 5.00%, 7/1/2022		35		38
GO, 5.00%, 7/1/2027		25		32
Santa Clarita Community College District GO, 4.00%, 8/1/2022		25		27
Santa Monica Community College District, Election 2016
Series 2018A, GO, 5.00%, 8/1/2022		35		39
Series 2018A, GO, 4.00%, 8/1/2035		25		29
Santa Monica-Malibu Unified School District
Series 2016C, GO, 4.00%, 7/1/2024		30		34
GO, 5.00%, 8/1/2024		70		83
Santa Rosa High School District GO, 5.00%, 8/1/2026		225		282
Scotts Valley Unified School District GO, 5.00%, 8/1/2023		30		34
Sierra Joint Community College District, School Facilities Improvement District No. 2 Series 2013B, GO, 5.00%, 8/1/2027		25		28
Simi Valley Unified School District
GO, 4.00%, 8/1/2022		25		27
Series B, GO, 4.00%, 8/1/2022		30		32
GO, 5.00%, 8/1/2027		30		39
Sonoma Valley Unified School District GO, 4.00%, 8/1/2042		25		29
Southwestern Community College District
Series 2016B, GO, 4.00%, 8/1/2023		35		39
Series 2016B, GO, 4.00%, 8/1/2025		50		59
Series A, GO, 4.00%, 8/1/2038		1,000		1,148
State of California GO, 4.00%, 12/1/2024		15		17
State of California, Various Purpose
GO, 5.00%, 8/1/2020		100		101
GO, 5.00%, 9/1/2020		25		25
GO, 5.13%, 4/1/2023		5		5
GO, 5.00%, 10/1/2025		40		49
GO, AMBAC, 5.00%, 2/1/2027		565		720
GO, 5.00%, 8/1/2030		24,000		28,557
GO, 4.00%, 9/1/2033		1,340		1,547
GO, 5.00%, 3/1/2035		7,000		9,251
Tahoe-Truckee Unified School District, School Facilities Improvement District No. 2 Series B, GO, 5.00%, 8/1/2028		25		31
Temple City Unified School District GO, NATL-RE, 5.25%, 8/1/2022		6,580		6,969
Tustin Unified School District, School Facilities Improvement District No. 2002-1 GO, 5.00%, 6/1/2022		25		27
Union Elementary School District Series C, GO, 5.00%, 9/1/2027		50		65
Ventura County Community College District GO, 5.00%, 8/1/2022		25		28
Vista Unified School District, Election of 2018 Series 2019A, GO, 5.00%, 8/1/2022		60		66
West Hills Community College District, School Facilities Improvement, Election of 2008 Series 2012B, GO, AGM, 4.00%, 8/1/2038		25		26
West Valley-Mission Community College District, Election of 2012
GO, 5.00%, 8/1/2027		40		49
Series 2015B, GO, 5.00%, 8/1/2027		40		49
Westside Union School District, Election of 2012 Series A, GO, 4.00%, 8/1/2022		25		27
Whittier Union High School District
Series 2014B, GO, 4.00%, 8/1/2022		30		33
GO, 5.00%, 8/1/2022		25		27
William S Hart Union High School District GO, 5.00%, 8/1/2022		50		55
Wiseburn School District Series 2016A, GO, 5.00%, 8/1/2031		50		62
				253,920
Hospital — 0.4%
California Health Facilities Financing Authority, Cedars-Sinai Medical Center
Series A, Rev., 5.00%, 8/15/2026		45		56
Rev., 5.00%, 11/15/2027		6,250		7,462
California Health Facilities Financing Authority, Children’s Hospital Series 2019A, Rev., 5.00%, 11/1/2024		30		36
California Health Facilities Financing Authority, Kaiser Permanente Series 2017A, Subseries 2017A-2, Rev., 4.00%, 11/1/2038		4,000		4,484

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
California Health Facilities Financing Authority, Memorial Health Services Series 2012A, Rev., 5.00%, 10/1/2026		1,500		1,639
California Health Facilities Financing Authority, Sutter Health
Series 2011D, Rev., 5.00%, 8/15/2025		2,000		2,095
Series 2016A, Rev., 5.00%, 11/15/2029		1,050		1,237
Series 2016A, Rev., 5.00%, 11/15/2030		500		587
Series 2017A, Rev., 5.00%, 11/15/2031		110		132
Series 2017A, Rev., 5.00%, 11/15/2032		25		30
Series 2017A, Rev., 5.00%, 11/15/2033		50		59
Series 2018A, Rev., 5.00%, 11/15/2035		25		29
Series 2016A, Rev., 3.25%, 11/15/2036		1,425		1,491
Series 2018A, Rev., 5.00%, 11/15/2036		35		41
California Municipal Finance Authority, Community Medical Centers
Series 2017A, Rev., 5.00%, 2/1/2028		900		1,065
Series 2017A, Rev., 5.00%, 2/1/2029		1,250		1,474
				21,917
Housing — 0.2%
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032		6,680		6,735
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035		4,555		4,632
				11,367
Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
City of Los Angeles, Solid Waste Resources Series 2018A, Rev., 5.00%, 2/1/2023		75		85
Other Revenue — 0.8%
California Infrastructure and Economic Development Bank, Green Bonds Rev., 5.00%, 10/1/2026		60		76
California Infrastructure and Economic Development Bank, Independent System Operator Corp. Project Rev., 5.00%, 2/1/2023		15		17
California Infrastructure and Economic Development Bank, Refunding Academy Motion Picture Arts and Sciences
Series 2015A, Rev., 5.00%, 11/1/2024		1,630		1,853
Series 2015A, Rev., 5.00%, 11/1/2026		1,000		1,134
California Infrastructure and Economic Development Bank, State Revolving Funds
Series 2015A, Rev., 5.00%, 10/1/2021		50		53
Series 2016A, Rev., 4.00%, 10/1/2022		65		71
Series 2015A, Rev., 5.00%, 10/1/2027		40		49
Series 2015A, Rev., 5.00%, 10/1/2029		145		179
California Municipal Finance Authority, Civic Center Infrastructure Improvement Program — Phase I
Rev., 5.00%, 6/1/2023		50		56
Rev., 5.00%, 6/1/2027		75		94
California Municipal Finance Authority, Civic Center Infrastructure Improvement Program — Phase II Rev., 5.00%, 6/1/2023		30		34
California State Public Works Board, Department of Corrections and Rehabilitation, Centinela and Calipatria State Prisons Series E, Rev., 5.00%, 9/1/2020		15		15
California State Public Works Board, Department of Forestry and Fire Protection, Various Forestry Projects
Series C, Rev., AGM, 5.00%, 4/1/2022		1,900		1,907
Series C, Rev., AGM, 5.00%, 4/1/2024		2,105		2,112
California State Public Works Board, Department of General Services
Series F, Rev., 5.00%, 5/1/2026		3,100		3,734
Series F, Rev., 5.00%, 5/1/2027		5,000		6,009
California State Public Works Board, Various Capital Projects Series C, Rev., 5.00%, 3/1/2032		3,025		3,731
Chula Vista Municipal Financing Authority
Rev., 5.00%, 5/1/2022		40		44
Series 2017, Rev., 5.00%, 5/1/2025		15		18

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Contra Costa County Transportation Authority, Sales Tax
Series 2015A, Rev., 5.00%, 3/1/2021		40		41
Series 2015A, Rev., 5.00%, 3/1/2022		25		27
Series 2017A, Rev., 5.00%, 3/1/2023		20		22
Series A, Rev., 5.00%, 3/1/2024		50		59
Series 2012B, Rev., 5.00%, 3/1/2026		50		56
Downey Public Finance Authority Rev., 5.00%, 12/1/2022		100		111
Golden State Tobacco Securitization Corp., Tobacco Settlement
Series 2013A, Rev., 5.00%, 6/1/2021		55		57
Series A, Rev., 5.00%, 6/1/2032		4,000		4,675
Series A-1, Rev., 3.50%, 6/1/2036		7,045		7,059
Lincoln Public Financing Authority Series A, Rev., 4.00%, 10/1/2023		25		28
Los Angeles County Facilities, Inc., Vermont Corridor County Administration Building, Tax-Exempt Series 2018A, Rev., 5.00%, 12/1/2023		25		29
Los Angeles County Public Works Financing Authority Series 2019E1, Rev., 4.00%, 12/1/2023		35		39
Madera Irrigation District Rev., AGM, 5.00%, 9/1/2025		150		185
Milpitas Redevelopment Agency Successor Agency 5.00%, 9/1/2027		75		90
Mission Viejo Community Development Financing Authority Rev., 4.00%, 5/1/2024		110		126
Montebello Community Redevelopment Agency Successor Agency Subseries A, NATL-RE, 5.00%, 9/1/2023		100		112
Montebello Public Financing Authority Series B, Rev., AGM, 5.00%, 11/1/2026		100		117
Montebello Public Financing Authority, Limited Tax Series 2019A, Rev., AGM, 4.00%, 6/1/2033		380		443
Orange County Local Transportation Authority, Measure M2 Sales Tax Rev., 5.00%, 2/15/2024		250		293
Orange Redevelopment Agency Successor Agency, Orange Merged and Amended Redevelopment Project Area Series 2014A, AGM, 5.00%, 9/1/2023		110		126
Palm Springs Financing Authority Rev., 5.00%, 11/1/2022		25		28
Rancho Cucamonga Public Finance Authority, Fiber Optic Project Series 2019A, Rev., 5.00%, 5/1/2026		100		126
Riverside County Infrastructure Financing Authority Series 2016A, Rev., 4.00%, 11/1/2023		25		28
Riverside County Infrastructure Financing Authority, Capital Facilities Projects Rev., 4.25%, 11/1/2045		35		39
Riverside County Infrastructure Financing Authority, Capital Projects Series 2017C, Rev., 5.00%, 5/1/2025		25		30
Riverside County Infrastructure Financing Authority, Indio Law Building Series 2017A, Rev., 4.00%, 11/1/2023		40		45
Riverside County Public Financing Authority, Desert Communities and Interstate 215 Corridor Projects Series 2017A, Rev., 5.00%, 10/1/2026		75		94
Riverside County Redevelopment Successor Agency, Desert Communities Redevelopment Project Series 2014D, AGM, 5.00%, 10/1/2026		115		135
Riverside Public Financing Authority Series 2012A, Rev., 5.00%, 11/1/2023		95		106
Ross Valley Public Financing Authority Series A, Rev., 4.00%, 1/1/2023		25		27
Sacramento Area Flood Control Agency, Consolidated Capital Assessment District No. 2 Series 2016A, 5.00%, 10/1/2023		125		144
Sacramento City Financing Authority Series 2015A, Rev., 5.00%, 12/1/2023		135		157

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
San Diego County Regional Transportation Commission, Sales Tax Series A, Rev., 5.00%, 4/1/2021		45		47
San Diego Public Facilities Financing Authority, Fire and Life Safety Facilities Refunding Series 2012B, Rev., 4.00%, 4/15/2027		70		74
San Francisco Bay Area Rapid Transit District, Sales Tax
Series A, Rev., 5.00%, 7/1/2025		510		617
Series A, Rev., 5.00%, 7/1/2026		475		575
San Joaquin County Transportation Authority, Measure K Sales Tax
Rev., 5.00%, 3/1/2023		20		22
Rev., 5.00%, 3/1/2026		40		50
San Luis Obispo Public Financing Authority Rev., 5.00%, 6/1/2028		200		267
San Mateo County Flood Control District, Colma Creek Flood Control Zone Rev., GTD, 5.00%, 8/1/2020		50		50
Santa Clara County Financing Authority
Series 2016A, Rev., 5.00%, 11/15/2023		65		76
Series A, Rev., 5.00%, 5/1/2028		25		33
Series 2019A, Rev., 4.00%, 5/1/2034		55		66
Santa Clara County Financing Authority, County Facilities Series 2018A, Rev., 5.00%, 4/1/2029		400		527
Santa Clara County Financing Authority, Multiple Facilities Projects Series 2015P, Rev., 5.00%, 5/15/2029		8,400		10,206
Santa Clara Valley Transportation Authority, Sales Tax Series 2018A, Rev., 5.00%, 6/1/2020		200		200
Santa Clarita Public Finance Authority, Open Space and Parkland Acquisition Program Series 2016B, Rev., 4.00%, 10/1/2026		75		91
Santa Cruz County Capital Financing Authority
Series 2020A, Rev., 4.00%, 6/1/2023		100		110
Series 2020A, Rev., 4.00%, 6/1/2028		145		176
Series 2020A, Rev., 4.00%, 6/1/2029		150		185
Series 2020A, Rev., 4.00%, 6/1/2030		100		125
Santa Cruz County Redevelopment Successor Agency
Series 2015A, AGM, 5.00%, 9/1/2023		90		102
Series 2015A, AGM, 5.00%, 9/1/2028		50		60
Santa Monica Public Financing Authority, Green Bond Rev., 5.00%, 7/1/2028		45		58
Santa Rosa Regional Resources Authority, Tax-Exempt Series 2017A, Rev., 5.00%, 8/1/2031		100		127
Ventura County Public Financing Authority, California Lease Series 2016A, Rev., 5.00%, 11/1/2027		55		70
West Hollywood Public Financing Authority, West Hollywood Park Phase II Rev., 5.00%, 4/1/2022		45		49
Yorba Linda Tax Allocation Redevelopment Agency Series 2017A, 5.00%, 9/1/2023		180		205
				50,008
Prerefunded — 0.5%
California Educational Facilities Authority, Pepperdine University Series 2012, Rev., 5.00%, 9/1/2024(c)		315		349
California State Public Works Board, California State University, Various University Projects
Series 2013H, Rev., 5.00%, 9/1/2030(c)		5,130		5,923
Series 2013H, Rev., 5.00%, 9/1/2031(c)		8,275		9,554
California State Public Works Board, University of California, Business Unit II at the Irvine Campus Series 2012B, Rev., 4.13%, 6/1/2037(c)		15		16
City of Los Angeles Series 2012A, GO, 5.00%, 9/1/2024(c)		20		21
Coachella Valley Unified School District, Election of 2005 Series 2012D, GO, AGM, 5.00%, 8/1/2037(c)		20		22
County of Orange, Garden Grove Unified School District, 2010 Election Series C, GO, 5.00%, 8/1/2030(c)		1,390		1,585
Fullerton School District GO, 5.00%, 8/1/2026(c)		150		151

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Ohlone Community College District, Election of 2010 Series 2011A, GO, 5.25%, 8/1/2041(c)		10		11
Riverside County Transportation Commission, Limited Tax Series 2013A, Rev., 5.25%, 6/1/2033(c)		4,525		5,205
San Diego Community College District GO, 5.00%, 8/1/2024(c)		4,890		5,400
San Mateo Foster City School District, Election of 2015 Series A, GO, 4.00%, 8/1/2040(c)		100		119
San Mateo Union High School District, Capital Appreciation, Election of 2006 Series 2013A, GO, 5.00%, 9/1/2026(c)		80		92
Santa Rosa High School District GO, 5.00%, 8/1/2029(c)		40		44
University of California Series 2013 AF, Rev., 5.00%, 5/15/2027(c)		60		68
University of California, Limited Project Series G, Rev., 5.00%, 5/15/2029(c)		2,885		3,154
				31,714
Special Tax — 0.0%(b)
Capistrano Unified School District Community Facilities District No. 90-2, Improvement Area No. 2002-1, Special Tax AGM, 4.00%, 9/1/2023		35		39
Dry Creek Joint Elementary School District, Community Facilities District No. 1 AGM, 5.00%, 9/1/2022		25		28
San Dieguito School Facilities Financing Authority
Rev., 5.00%, 3/1/2024		30		35
Rev., 5.00%, 3/1/2025		125		150
San Marcos Unified School District, Community Facilities District No. 4 4.00%, 9/1/2025		55		63
Santa Cruz Libraries Facilities Financing Authority 5.00%, 9/1/2026		150		189
Santa Margarita Water District Series 2017A, 5.00%, 9/1/2024		280		335
Schools Infrastructure Financing Agency, Special Tax Rev., AGM, 4.00%, 9/1/2034		115		126
				965
Transportation — 0.4%
Bay Area Toll Authority, Subordinate Toll Bridge, San Francisco Bay Area
Series 2017S-7, Rev., 4.00%, 4/1/2033		35		40
Series 2017 S-7, Rev., 4.00%, 4/1/2034		4,500		5,132
Series 2019S-H, Rev., 5.00%, 4/1/2044		50		60
Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area
Series 2014 F-2, Rev., 4.00%, 4/1/2021		130		134
Series S-7, Rev., 4.00%, 4/1/2029		225		265
City of Los Angeles, Department of Airports
Series A, Rev., AMT, 5.00%, 5/15/2028		135		157
Series 2019C, Rev., 5.00%, 5/15/2033		45		57
Los Angeles County Metropolitan Transportation Authority
Series 2016A, Rev., 5.00%, 6/1/2020		185		185
Series 2016A, Rev., 5.00%, 6/1/2023		35		40
Series 2017A, Rev., 5.00%, 7/1/2023		35		40
Series 2013-B, Rev., 5.00%, 7/1/2024		50		58
Los Angeles County Metropolitan Transportation Authority, First Tier Series 2013-A, Rev., 5.00%, 7/1/2020		95		95
Los Angeles County Metropolitan Transportation Authority, Green Bond Series 2019A, Rev., 5.00%, 7/1/2026		50		63
Los Angeles County, Metropolitan Transportation Authority Series A, Rev., 5.00%, 7/1/2030		4,925		6,271
Riverside County Transportation Commission, Limited Tax
Series 2018A, Rev., 5.00%, 6/1/2021		140		147
Series 2013A, Rev., 5.00%, 6/1/2023		55		62
Series 2017B, Rev., 5.00%, 6/1/2032		60		76
Series 2017A, Rev., 5.00%, 6/1/2033		30		37
Series 2017B, Rev., 5.00%, 6/1/2035		45		56
San Diego County Regional Airport Authority, Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2031		25		31

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
San Francisco City and County Airport Commission, International Airport Series 2019H, Rev., AMT, 5.00%, 5/1/2029		175		217
San Francisco City and County, Airport Commission, San Francisco International Airport Series 2019A, Rev., AMT, 5.00%, 1/1/2047		4,000		4,626
San Francisco County Transportation Authority Rev., 3.00%, 2/1/2022		25		26
San Francisco Municipal Transportation Agency Series 2018B, Rev., 5.00%, 3/1/2028		60		76
San Joaquin County Transportation Authority, Measure K Sales Tax
Rev., 5.00%, 3/1/2031		2,185		2,719
Rev., 5.00%, 3/1/2032		2,000		2,474
Rev., 5.00%, 3/1/2033		750		923
San Luis Obispo Public Financing Authority, Los Osos Valley Road Interchange Project Rev., 4.00%, 11/1/2023		75		84
San Mateo County Transit District
Series 2015A, Rev., 4.00%, 6/1/2024		70		80
Series 2015A, Rev., 5.00%, 6/1/2026		175		214
				24,445
Utility — 1.1%
Alameda County Joint Powers Authority, Multiple Capital Projects
Series 2013A, Rev., 5.00%, 12/1/2022		25		28
Series 2013A, Rev., 5.00%, 12/1/2024		200		233
Series 2013A, Rev., 5.25%, 12/1/2025		75		88
Series 2013A, Rev., 5.25%, 12/1/2027		50		58
Belmont Joint Powers Financing Authority Rev., 5.00%, 8/1/2024		20		24
California Municipal Finance Authority, Electric Utility Distribution System Rev., 5.00%, 10/1/2022		25		28
City of Pasadena, Electric Project Series 2016A, Rev., 5.00%, 6/1/2031		25		31
Imperial Irrigation District Electric System Series 2016B-2, Rev., 5.00%, 11/1/2026		80		100
Long Beach Bond Finance Authority, Natural Gas
Series A, Rev., 5.25%, 11/15/2021		2,500		2,640
Series A, Rev., 5.25%, 11/15/2022		9,545		10,430
Los Angeles Department of Water and Power Series 2019D, Rev., 5.00%, 7/1/2044		30		38
Los Angeles Department of Water and Power, Power System
Series 2011A, Rev., 5.00%, 7/1/2020		80		80
Series 2011A, Rev., 5.00%, 7/1/2022		70		74
Series 2019B, Rev., 5.00%, 7/1/2024		275		327
Series 2014B, Rev., 5.00%, 7/1/2026		15		17
Series 2014D, Rev., 5.00%, 7/1/2027		50		59
Series 2014D, Rev., 5.00%, 7/1/2028		1,250		1,475
Series B, Rev., 5.00%, 7/1/2029		10,000		12,681
Series 2015A, Rev., 5.00%, 7/1/2030		270		323
Series 2018A, Rev., 5.00%, 7/1/2030		35		45
Series D, Rev., 5.00%, 7/1/2030		2,710		3,187
Series 2019C, Rev., 5.00%, 7/1/2031		85		114
Series A, Rev., 5.00%, 7/1/2031		2,055		2,579
Series B, Rev., 5.00%, 7/1/2031		3,400		3,922
Series D, Rev., 5.00%, 7/1/2031		2,500		2,937
Series A, Rev., 5.00%, 7/1/2032		2,550		3,182
Series B, Rev., 5.00%, 7/1/2032		3,075		3,536
Series A, Rev., 5.00%, 7/1/2033		5,000		6,207
Series D, Rev., 5.00%, 7/1/2033		390		455
Series 2018D, Rev., 5.00%, 7/1/2034		30		38
Series 2019B, Rev., 5.00%, 7/1/2034		110		143
Series D, Rev., 5.00%, 7/1/2034		4,750		5,542

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series D, Rev., 5.00%, 7/1/2035		250		291
Series 2019A, Rev., 5.00%, 7/1/2039		35		45
Nevada Irrigation District Joint Powers Authority Series 2016A, Rev., 5.00%, 3/1/2024		95		112
Oakland Joint Powers Financing Authority, Oakland Administration Building Rev., 5.00%, 11/1/2025		100		121
Sacramento Municipal Utility District, Financing Authority, Cosumnes Project Rev., 5.00%, 7/1/2028		100		122
San Francisco City and County Public Utilities Commission
Series 2016A, Rev., 5.00%, 10/1/2022		150		167
Subseries A, Rev., 5.00%, 11/1/2035		1,500		1,842
San Mateo Joint Powers Financing Authority, Golf Course Project Series 2018A, Rev., 5.00%, 8/1/2024		415		490
San Mateo Joint Powers Financing Authority, Maple Street Correctional Center, Capital Projects Series 2014A, Rev., 5.00%, 6/15/2027		75		88
San Mateo Joint Powers Financing Authority, Youth Services Campus
Series 2016A, Rev., 5.00%, 7/15/2022		100		110
Series A, Rev., 5.00%, 7/15/2027		25		31
South Orange County Public Financing Authority, Central Utility Facility Rev., 5.00%, 4/1/2027		50		61
State of California Department of Water Resources Power Supply Series 2015O, Rev., 5.00%, 5/1/2022		150		164
Vista Joint Powers Financing Authority, Lease Appropriation Rev., 5.25%, 5/1/2037		100		120
Walnut Energy Center Authority Series 2014A, Rev., 5.00%, 1/1/2022		25		27
				64,412
Water & Sewer — 1.1%
Bay Area Water Supply and Conservation Agency, Capital Cost Recovery Prepayment Program Series 2013 A, Rev., 5.00%, 10/1/2026		60		68
California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund Rev., 5.00%, 10/1/2032		25		32
California Municipal Finance Authority, Water System Project Series 2015-A, Rev., 5.00%, 10/1/2022		100		111
California State Department of Water Resources, Central Valley Project, Water System
Series AR, Rev., 5.00%, 12/1/2022		25		28
Series AX, Rev., 5.00%, 12/1/2022		35		39
Series AW, Rev., 5.00%, 12/1/2024		75		91
Series BA, Rev., 5.00%, 12/1/2025		30		37
Series BA, Rev., 5.00%, 12/1/2031		65		87
Calleguas Municipal Water District Series 2016A, Rev., 5.00%, 7/1/2023		35		40
Central Contra Costa Sanitary District, Wastewater Series 2018A, Rev., 5.00%, 9/1/2026		25		32
City of Brea, Water Utility
Rev., 5.00%, 7/1/2025		25		31
Rev., 5.00%, 7/1/2028		90		120
City of Gilroy, Wastewater Rev., 5.00%, 8/1/2022		55		61
City of Los Angeles, Wastewater System
Subseries B, Rev., 5.00%, 6/1/2023		120		137
Series 2013A, Rev., 5.00%, 6/1/2026		12,500		14,225
Series C, Rev., 5.00%, 6/1/2026		2,000		2,186
City of Richmond, Wastewater Series 2019B, Rev., 5.00%, 8/1/2023		40		46
City of Santa Rosa, Wastewater System Series 2014A, Rev., 5.00%, 9/1/2022		25		28
City of Santa Rosa, Wastewater, Capital Appreciation Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023		5,000		4,919
City of Ukiah, Water System Rev., AGM, 5.00%, 9/1/2023		50		58

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Contra Costa Water District Series 2012Q, Rev., 5.00%, 10/1/2021		50		53
Corona Utility Authority, Water Projects Rev., 5.00%, 9/1/2022		40		44
East Bay Municipal Utility District Water System, Green Bond Series 2015B, Rev., 5.00%, 6/1/2024		45		53
East Bay Municipal Utility District, Wastewater System Series A, Rev., 5.00%, 6/1/2020		20		20
Eastern Municipal Water District Financing Authority, Water and Wastewater System
Series 2020A, Rev., 5.00%, 7/1/2030		45		63
Series 2020A, Rev., 5.00%, 7/1/2031		70		97
Series 2020A, Rev., 5.00%, 7/1/2032		225		308
Series 2020A, Rev., 5.00%, 7/1/2033		150		204
Series 2020A, Rev., 5.00%, 7/1/2034		280		379
Series 2020A, Rev., 5.00%, 7/1/2035		155		208
Series 2020A, Rev., 5.00%, 7/1/2036		2,370		3,171
Elsinore Valley Municipal Water District Financing Authority
Series 2016A, Rev., 5.00%, 7/1/2023		30		34
Series 2016A, Rev., 5.00%, 7/1/2027		125		156
Hollister Joint Powers Financing Authority, Wastewater Rev., AGM, 5.00%, 6/1/2031		65		80
Los Angeles Department of Water
Series 2014A, Rev., 5.00%, 7/1/2024		35		42
Series 2016A, Rev., 5.00%, 7/1/2030		60		74
Series 2017A, Rev., 5.00%, 7/1/2030		30		38
Series 2018B, Rev., 5.00%, 7/1/2031		60		78
Marin Water District Financing Authority Rev., 5.00%, 7/1/2027		40		52
Marina Coast Water District, Senior Lien, Tax-Exempt Series A, Rev., 5.00%, 6/1/2029		25		30
Metropolitan Water District of Southern California
Series 2018A, Rev., 5.00%, 7/1/2020		25		25
Series 2018B, Rev., 5.00%, 9/1/2028		700		942
Series 2016A, Rev., 5.00%, 7/1/2030		30		37
Series 2019A, Rev., 5.00%, 7/1/2030		75		101
Napa Sanitation District Rev., 4.00%, 8/1/2023		25		28
Novato Sanitary District, Wastewater
Rev., 5.00%, 2/1/2022		30		32
Rev., 5.00%, 2/1/2026		65		81
Oakdale Irrigation District, Water Series 2016A, Rev., 5.00%, 8/1/2022		30		33
Orange County Sanitation District, Wastewater Series 2016A, Rev., 5.00%, 2/1/2027		45		56
Orange County Water District Series A, Rev., 5.00%, 8/15/2034		650		800
Otay Water District Financing Authority Series 2018A, Rev., 5.00%, 9/1/2022		35		39
Rancho Water District Financing Authority Series 2019A, Rev., 5.00%, 8/1/2023		25		29
Sacramento County Sanitation Districts Financing Authority Series 2014A, Rev., 5.00%, 12/1/2027		60		71
San Diego County Water Authority
Series A, Rev., 5.00%, 5/1/2029		13,095		14,579
Series 2013A, Rev., 5.00%, 5/1/2030		10,000		11,115
San Mateo Foster City Public Financing Authority, Clean Water Program Rev., 5.00%, 8/1/2033		25		33
Santa Clara Valley Water District, Water System Series 2017A, Rev., 5.00%, 6/1/2035		3,115		3,851
Santa Margarita/Dana Point Authority, Water District Improvement
Series A, Rev., 5.00%, 8/1/2031		950		1,205
Series A, Rev., 5.00%, 8/1/2032		1,030		1,294
Series A, Rev., 5.00%, 8/1/2033		1,455		1,819

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Sewerage Agency of Southern Marin Rev., 5.00%, 7/1/2022		25		27
Southern California Water Replenishment District Financing Authority, Replenishment Assessment
Rev., 5.00%, 8/1/2023		25		29
Rev., 5.00%, 8/1/2026		75		92
Tahoe-Truckee Sanitation Agency, Wastewater Rev., 5.00%, 7/1/2022		35		38
				63,916
Total California				569,995
Colorado — 1.8%
Certificate of Participation/Lease — 0.1%
Adams County, Colorado Refunding and Improvement
COP, 5.00%, 12/1/2024		150		180
COP, 5.00%, 12/1/2031		1,100		1,338
COP, 5.00%, 12/1/2034		500		605
Alamosa County, Judicial Center and Detention Facility Project COP, NATL-RE, 4.00%, 12/1/2020		35		36
City and County of Broomfield COP, 5.00%, 12/1/2025		30		37
City and County of Denver, Buell Theatre Property Series 2013A, COP, 5.00%, 12/1/2023		125		145
City and County of Denver, Convention Center Expansion Project Series 2018A, COP, 5.00%, 6/1/2020		20		20
City and County of Denver, Public Parking Unit/Cultural Center Parking Garage, Tax-Exempt Series 2012A, COP, 3.50%, 12/1/2020		50		51
City of Commerce City COP, AGM, 4.00%, 12/15/2037		150		170
Colorado Department of Transportation Headquarters Facilities
COP, 5.00%, 6/15/2023		45		51
COP, 5.00%, 6/15/2041		1,500		1,800
Colorado Mountain College, Colorado Mountain College Project COP, 5.00%, 8/1/2031		30		37
County of Eagle COP, 5.00%, 12/1/2028		25		31
County of Gunnison COP, 4.00%, 12/1/2033		50		60
County of Pueblo, Community Improvement Project COP, 5.00%, 12/1/2026		50		63
El Paso County School District No. 49 Falcon Series 2017B, COP, 5.00%, 12/15/2028		25		31
Jefferson County School District No. R-1 COP, 5.00%, 12/15/2028		5		6
Regional Transportation District Series 2015A, COP, 5.00%, 6/1/2020		35		35
State of Colorado
Series 2018A, COP, 5.00%, 12/15/2023		100		115
Series 2018N, COP, 5.00%, 3/15/2028		75		97
Series 2018A, COP, 4.00%, 12/15/2034		75		88
				4,996
Education — 0.1%
Board of Governors of Colorado State University System, Tax-Exempt Series 2019A, Rev., 4.00%, 3/1/2037		50		59
Colorado Educational and Cultural Facilities Authority, University Denver Project Rev., NATL-RE, 5.00%, 3/1/2035		5,055		6,592
Colorado State Board for Community Colleges and Occupational Educational System Series 2019A, Rev., 5.00%, 11/1/2025		40		49
University of Colorado, Enterprise System
Series 2013A, Rev., 5.00%, 6/1/2023		25		28
Series 2017A-2, Rev., 5.00%, 6/1/2023		95		109
Series 2019B, Rev., 5.00%, 6/1/2028		25		33
Series 2017A-1, Rev., 4.00%, 6/1/2032		25		29
University of Northern Colorado, Institutional Enterprise Series 2018B, Rev., 4.00%, 6/1/2035		250		291
				7,190
General Obligation — 0.9%
Adams & Arapahoe Joint School District 28J Aurora GO, 5.00%, 12/1/2024		50		56
Adams 12 Five Star Schools, The City and County of Broomfield
GO, 5.50%, 12/15/2030		1,400		1,916
GO, 5.50%, 12/15/2032		625		844

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Adams County School District No. 1, Mapleton Public Schools GO, 4.00%, 12/1/2030		25		29
Arapahoe County School District No. 6 Littleton
Series 2019A, GO, 5.50%, 12/1/2028		40		56
Series 2019A, GO, 5.50%, 12/1/2029		25		34
Boulder Larimer and Weld Counties St. Vrain Valley School District Re-1J
Series 2011-B, GO, 5.00%, 12/15/2020		50		51
Series 2016A, GO, 5.00%, 12/15/2028		5,000		6,150
City of Englewood
GO, 5.00%, 12/1/2025		45		56
GO, 5.00%, 12/1/2029		15		19
Dawson Ridge Metropolitan District No.1
Series A, GO, Zero Coupon, 10/1/2022(c)		10,000		9,923
Series B, GO, Zero Coupon, 10/1/2022(c)		1,500		1,489
Debeque School District No. 49JT GO, 4.00%, 12/1/2024		10		12
Douglas County School District No. Re-1 Douglas and Elbert
GO, 5.25%, 12/15/2020		35		36
GO, 5.00%, 12/15/2028		20		27
Eagle County School District No. Re-50J GO, 5.00%, 12/1/2023		30		35
Ebert Metropolitan District Series 2018A-2, GO, 5.00%, 12/1/2034		170		214
El Paso County School District No. 3 Widefield, Refunding and Improvement GO, 5.00%, 12/1/2034		50		62
Garfield County School District No. 16 Series A, GO, 5.00%, 12/1/2024		10		12
Jefferson County School District No. R-1
GO, 5.00%, 12/15/2020		18,325		18,802
GO, 5.00%, 12/15/2022		9,500		10,644
Larimer County School District No. R-1 Poudre GO, 5.00%, 12/15/2037		2,450		3,133
Montrose County School District RE-1J GO, 5.00%, 12/1/2036		200		249
Snowmass-Wildcat Fire Protection District GO, 4.00%, 12/1/2020		15		15
Weld County School District No. RE-2 Eaton GO, 5.00%, 12/1/2035		40		52
				53,916
Hospital — 0.5%
Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group Rev., 5.00%, 11/15/2028		30		36
Colorado Health Facilities Authority, Commonspirit Health
Series A-1, Rev., 5.00%, 8/1/2031		2,500		2,955
Series A-2, Rev., 5.00%, 8/1/2031		1,000		1,182
Series A-1, Rev., 5.00%, 8/1/2032		2,000		2,342
Series A-2, Rev., 5.00%, 8/1/2032		2,000		2,342
Series A-1, Rev., 5.00%, 8/1/2034		1,865		2,155
Series A-2, Rev., 5.00%, 8/1/2034		2,000		2,311
Series A-1, Rev., 5.00%, 8/1/2035		2,500		2,875
Series A-2, Rev., 5.00%, 8/1/2035		2,000		2,300
Colorado Health Facilities Authority, SCL Health System Series 2013A, Rev., 5.50%, 1/1/2035		4,500		5,062
Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project Rev., 5.00%, 6/1/2020(c)		15		15
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023(d)		2,465		2,582
Denver Health and Hospital Authority, Healthcare
Series 2019A, Rev., 5.00%, 12/1/2030		1,000		1,189
Series 2019A, Rev., 5.00%, 12/1/2031		1,400		1,649
Series 2019A, Rev., 5.00%, 12/1/2032		1,330		1,551
Series 2019A, Rev., 5.00%, 12/1/2033		1,100		1,274
				31,820
Other Revenue — 0.1%
City and County of Broomfield, Sales and Use Tax Rev., 3.00%, 12/1/2022		50		53
City and County of Denver, Dedicated Tax and Improvement Series 2016A, Rev., 5.00%, 8/1/2026		250		308

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Colorado Bridge Enterprise, Federal and Colorado Tax-Exempt Series 2019A, Rev., 4.00%, 12/1/2025		55		64
Regional Transportation District Sales Tax, Fastracks Project
Series 2013A, Rev., 5.00%, 11/1/2029		100		133
Series 2013A, Rev., 5.00%, 11/1/2032		3,240		4,424
				4,982
Prerefunded — 0.0%(b)
Regional Transportation District Series A, COP, 5.00%, 6/1/2025(c)		150		150
University of Colorado, Enterprise System
Series 2014A, Rev., 5.00%, 6/1/2027(c)		35		41
Series 2014A, Rev., 5.00%, 6/1/2028(c)		25		30
Series 2015A, Rev., 5.00%, 6/1/2030(c)		25		31
				252
Transportation — 0.1%
City and County of Denver, Airport System
Series 2012A, Rev., AMT, 5.00%, 11/15/2022		25		27
Series 2017A, Rev., AMT, 5.00%, 11/15/2028		1,000		1,213
Series 2017B, Rev., 5.00%, 11/15/2033		25		30
Series 2018A, Rev., AMT, 5.00%, 12/1/2036		2,500		3,305
				4,575
Utility — 0.0%(b)
City of Aurora, Acting by and Through its Utility Enterprise First Lien Water, Green Bonds Rev., 5.00%, 8/1/2021		25		26
City of Colorado Springs, Utilities System Series 2011-A, Rev., 5.00%, 11/15/2022		50		53
City of Colorado Springs, Utilities System Improvement Series A-1, Rev., 5.00%, 11/15/2023		30		35
City of Longmont, Electric and Broadband Utility Enterprise Rev., AGM, 5.00%, 12/1/2020		15		15
Colorado Water Resources and Power Development Authority, City of Steamboat Springs Utility Fund Enterprise Project Series 2011B, Rev., 5.00%, 8/1/2020		110		112
				241
Water & Sewer — 0.0%(b)
City of Aurora, Green Bonds Rev., 5.00%, 8/1/2024		15		18
Town of Castle Rock, Water and Sewer Enterprise Rev., 3.00%, 12/1/2020		25		25
				43
Total Colorado				108,015
Connecticut — 1.1%
Education — 0.1%
Connecticut State Health and Educational Facilities Authority, Connecticut State University System Issue Series N, Rev., 5.00%, 11/1/2025		4,165		4,742
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series A, Rev., 5.25%, 11/15/2022		1,030		1,050
				5,792
General Obligation — 0.7%
City of Bristol Series 2017B, GO, 5.00%, 8/1/2020		15		15
City of Derby Series A, GO, 5.00%, 8/1/2027		15		19
City of Groton Series A, GO, 4.00%, 10/1/2020		10		10
City of Milford Series 2014B, GO, 4.00%, 11/1/2026		50		57
City of New Haven GO, AGM, 5.00%, 9/1/2020(c)		10		10
State of Connecticut
Series B, GO, AMBAC, 5.25%, 6/1/2020		6,000		6,000
Series 2014C, GO, 5.00%, 6/15/2020		90		90
Series 2017A, GO, 5.00%, 4/15/2024		160		184
Series 2019A, GO, 5.00%, 4/15/2025		6,925		8,149
Series 2019A, GO, 5.00%, 4/15/2028		4,700		5,823
Series 2019A, GO, 5.00%, 4/15/2030		4,000		4,997
Series 2014A, GO, 4.00%, 3/1/2034		40		42

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019A, GO, 5.00%, 4/15/2034		3,450		4,207
Series 2019A, GO, 5.00%, 4/15/2035		2,900		3,520
Series 2016A, GO, 4.00%, 3/15/2036		60		65
Series 2019A, GO, 5.00%, 4/15/2036		2,300		2,779
Series 2017A, GO, 4.00%, 4/15/2037		460		500
Series 2019A, GO, 4.00%, 4/15/2038		3,625		4,006
Town of East Haven Series 2016B, GO, 4.00%, 8/1/2024		25		28
Town of North Haven GO, 3.00%, 10/1/2022		30		31
Town of Ridgefield
Series 2020A, GO, 4.00%, 7/15/2029		145		174
Series 2020A, GO, 4.00%, 7/15/2030		75		90
Town of Sprague GO, 4.00%, 9/1/2021		10		10
Town of Trumbull Series B, GO, 5.00%, 9/1/2025		50		62
				40,868
Hospital — 0.1%
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue Series 2019A, Rev., 5.00%, 7/1/2033		2,630		3,172
Connecticut State Health and Educational Facilities Authority, Pomfret School Issue Series B-2, Rev., AGM, 4.00%, 7/1/2020		75		75
				3,247
Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
City of Stamford, Water Pollution Control System and Facility
Series 2013A, Rev., 5.50%, 8/15/2023		100		117
Series A, Rev., 5.00%, 8/15/2024		100		115
Series A, Rev., 5.00%, 8/15/2025		350		400
Series 2013A, Rev., 5.00%, 8/15/2026		150		172
Series 2013A, Rev., 5.00%, 8/15/2027		250		286
Series A, Rev., 5.00%, 8/15/2029		300		342
				1,432
Other Revenue — 0.0%(b)
State of Connecticut, State Revolving Fund
Series 2013B, Rev., 5.00%, 7/1/2020		50		50
Series 2017A, Rev., 4.00%, 5/1/2023		20		22
Series 2015A, Rev., 5.00%, 3/1/2024		70		82
Series 2015A, Rev., 5.00%, 3/1/2025		170		207
				361
Special Tax — 0.2%
State of Connecticut, Special Tax Transportation Infrastructure Purposes
Series 2020A, Rev., 5.00%, 5/1/2022		400		431
Series 2020A, Rev., 5.00%, 5/1/2023		475		529
Series 2020A, Rev., 5.00%, 5/1/2024		1,000		1,149
Series 2020A, Rev., 5.00%, 5/1/2025		850		1,003
Series 2020A, Rev., 5.00%, 5/1/2026		1,200		1,448
Series 2015A, Rev., 5.00%, 8/1/2026		5,000		5,898
Series 2013A, Rev., 5.00%, 10/1/2029		25		28
Series 2016A, Rev., 5.00%, 9/1/2031		25		30
Series 2015A, Rev., 5.00%, 8/1/2032		15		17
				10,533
Transportation — 0.0%(b)
State of Connecticut, Special Tax Transportation Infrastructure Purposes
Series 2014A, Rev., 5.00%, 9/1/2020		100		101
Series A, Rev., 5.00%, 9/1/2030		2,000		2,275
				2,376
Water & Sewer — 0.0%(b)
South Central Connecticut Regional Water Authority
Series 25, Rev., 5.00%, 8/1/2020		25		25
Series B-1, Rev., 5.00%, 8/1/2022		45		50
				75
Total Connecticut				64,684

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Delaware — 0.8%
Education — 0.6%
Delaware State Economic Development Authority, Newark Charter School, Inc. Project
Rev., 4.00%, 9/1/2023		355		377
Rev., 4.00%, 9/1/2025		385		415
Rev., 4.00%, 9/1/2030		530		584
Rev., 5.00%, 9/1/2040		1,550		1,755
Rev., 5.00%, 9/1/2050		600		667
Delaware State Economic Development Authority, St. Andrew’s School of Delaware, Inc. Project Rev., 4.00%, 7/1/2041		15,000		17,510
University of Delaware, Tax Exempt
Rev., 5.00%, 11/1/2035		525		680
Rev., 5.00%, 11/1/2036		2,345		3,026
Rev., 5.00%, 11/1/2037		2,275		2,926
Rev., 5.00%, 11/1/2038		2,650		3,399
Rev., 5.00%, 11/1/2039		875		1,119
Rev., 5.00%, 11/1/2042		750		1,161
Rev., 5.00%, 11/1/2043		770		1,201
				34,820
General Obligation — 0.2%
State of Delaware
Series 2013A, GO, 5.00%, 8/1/2020		15		15
Series B, GO, 5.00%, 7/1/2022		4,000		4,402
Series 2019A, GO, 5.00%, 10/1/2022		45		50
Series B, GO, 5.00%, 7/1/2023		3,710		4,253
Series C, GO, 5.00%, 10/1/2025		1,000		1,240
Series 2018A, GO, 5.00%, 2/1/2027		2,160		2,784
Series 2018A, GO, 5.00%, 2/1/2029		1,350		1,782
				14,526
Hospital — 0.0%(b)
Delaware State Health Facilities Authority, Christiana Care Health System Obligated Group Series 2020A, Rev., 5.00%, 10/1/2028		115		149
Prerefunded — 0.0%(b)
State of Delaware GO, 5.00%, 7/1/2023(c)		211		212
Transportation — 0.0%(b)
Delaware Transportation Authority Rev., 5.00%, 6/1/2021		150		157
Delaware Transportation Authority, Transportation System
Rev., 5.00%, 7/1/2023		40		46
Rev., 5.00%, 7/1/2025		25		30
Rev., 5.00%, 7/1/2026		75		94
				327
Total Delaware				50,034
District of Columbia — 1.5%
General Obligation — 0.4%
District of Columbia
Series 2015A, GO, 5.00%, 6/1/2027		50		61
Series 2018A, GO, 5.00%, 6/1/2027		25		32
Series D, GO, 5.00%, 6/1/2028		1,500		1,937
Series 2016A, GO, 5.00%, 6/1/2029		25		31
Series 2017A, GO, 5.00%, 6/1/2030		1,250		1,598
Series D, GO, 5.00%, 6/1/2030		3,750		4,729
Series D, GO, 5.00%, 6/1/2031		50		63
Series A, GO, 5.00%, 6/1/2035		7,175		8,527
Series A, GO, 5.00%, 6/1/2036		4,200		4,978
Series 2019A, GO, 5.00%, 10/15/2040		30		39
				21,995
Other Revenue — 0.9%
District of Columbia Series 2019A, Rev., 5.00%, 3/1/2035		7,525		9,928
District of Columbia, Gallery Place Project Rev., 5.00%, 6/1/2022		10		10
District of Columbia, Income Tax
Series 2012C, Rev., 4.00%, 12/1/2022		20		22
Series 2012A, Rev., 5.00%, 12/1/2022		20		22
Series A, Rev., 5.00%, 12/1/2022		5,000		5,000
Series 2010-A, Rev., 5.00%, 12/1/2026		190		190
Series 2010-A, Rev., 5.00%, 12/1/2029		1,550		1,550
Series 2019C, Rev., 5.00%, 10/1/2030		12,000		16,345
Series 2019C, Rev., 5.00%, 10/1/2031		35		47
Series 2020A, Rev., 5.00%, 3/1/2038		70		92
Series 2020A, Rev., 5.00%, 3/1/2040		210		276
District of Columbia, Kipp DC Project
Series 2017B, Rev., 4.00%, 7/1/2020		105		105
Rev., 5.00%, 7/1/2023		100		108
Rev., 5.00%, 7/1/2024		100		111
Rev., 5.00%, 7/1/2025		180		202
Rev., 5.00%, 7/1/2026		185		210
Rev., 5.00%, 7/1/2027		115		132
Rev., 5.00%, 7/1/2028		250		291
Rev., 5.00%, 7/1/2029		230		270

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
District of Columbia, Kipp DC Project, Obligated Group Series 2017A, Rev., 5.00%, 7/1/2025		100		112
Washington Convention and Sports Authority
Series 2018A, Rev., 5.00%, 10/1/2025		1,750		1,898
Series A, Rev., 5.00%, 10/1/2026		5,005		5,439
Series A, Rev., 5.00%, 10/1/2027		4,620		5,021
Series 2018A, Rev., 5.00%, 10/1/2028		4,035		4,369
Series A, Rev., 5.00%, 10/1/2029		2,690		2,898
				54,648
Transportation — 0.2%
Metropolitan Washington Airports Authority
Series 2019B, Rev., 5.00%, 10/1/2027		75		95
Series 2017A, Rev., AMT, 5.00%, 10/1/2029		180		218
Metropolitan Washington Airports Authority Dulles Toll Road, Subordinate Lien, Dulles Metrorail and Capital Improvement Projects Series 2019B, Rev., AGM, 4.00%, 10/1/2053		500		527
Metropolitan Washington Airports Authority, Airport System Series C, Rev., 5.00%, 10/1/2021		30		32
Washington Metropolitan Area Transit Authority
Series B, Rev., 5.00%, 7/1/2029		5		6
Series A-1, Rev., 5.00%, 7/1/2030		5,185		6,361
Rev., 5.00%, 7/1/2034		5		6
Washington Metropolitan Area Transit Authority, Gross Transit Bonds
Series A-1, Rev., 5.00%, 7/1/2024		2,935		3,413
Series 2017B, Rev., 5.00%, 7/1/2030		50		61
Series 2017B, Rev., 5.00%, 7/1/2034		75		90
				10,809
Water & Sewer — 0.0%(b)
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series B, Rev., 5.00%, 10/1/2037		100		120
Total District of Columbia				87,572
Florida — 2.8%
Certificate of Participation/Lease — 0.6%
Bay County School Board
Series 2020B, COP, 5.00%, 7/1/2023		720		815
Series 2020A, COP, AGM, 5.00%, 7/1/2030		1,185		1,559
Series 2020A, COP, AGM, 5.00%, 7/1/2031		845		1,101
Series 2020A, COP, AGM, 5.00%, 7/1/2032		825		1,064
Series 2020A, COP, AGM, 5.00%, 7/1/2033		675		863
Series 2020A, COP, AGM, 5.00%, 7/1/2034		1,000		1,274
Brevard County School District Series C, COP, 5.00%, 7/1/2020		40		40
Florida Department of Management Services Series 2018A, COP, 5.00%, 11/1/2026		20		25
Hillsborough County School Board, Master Lease Program
Series 2015A, COP, 5.00%, 7/1/2020		50		50
Series 2017C, COP, 5.00%, 7/1/2020		105		106
Lake County School Board, Master Lease Program Series 2013A, COP, 4.00%, 6/1/2020		25		25
Lee County School Board (The) Series 2016A, COP, 5.00%, 8/1/2035		25		30
Orange County School Board Series 2016C, COP, 5.00%, 8/1/2033		40		49
Palm Beach County School District
Series 2015D, COP, 5.00%, 8/1/2020		10		10
Series 2018A, COP, 5.00%, 8/1/2020		10		10
Series C, COP, 5.00%, 8/1/2029		16,000		21,086
Pasco County School Board, Evidencing an Undivided Proportionate Interest of the Registered Owners Series 2018A, COP, 4.00%, 8/1/2020		25		25

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Polk County School District, Master Lease Program
Series 2019B, COP, 5.00%, 1/1/2021		20		21
Series 2019A, COP, 5.00%, 1/1/2027		2,750		3,440
Series 2019A, COP, 5.00%, 1/1/2028		3,000		3,845
School Board of Miami-Dade County (The)
Series 2012B-1, COP, 5.00%, 10/1/2020		25		25
Series 2016C, COP, 5.00%, 2/1/2021		315		325
Series 2015A, COP, 5.00%, 5/1/2030		70		83
School District of Broward County (The)
Series 2011A, COP, 5.00%, 7/1/2020		20		20
Series A, COP, 5.00%, 7/1/2020		10		10
Series 2019A, COP, 5.00%, 7/1/2029		35		46
South Florida Water Management District COP, 5.00%, 10/1/2036		125		148
St. Johns County School Board, Master Lease Program COP, 5.00%, 7/1/2020		10		10
				36,105
Education — 0.3%
Florida Atlantic University Finance Corp., Student Housing Project
Series 2019B, Rev., 5.00%, 7/1/2032		1,315		1,676
Series 2019B, Rev., 5.00%, 7/1/2033		1,475		1,868
Florida Development Finance Corp., Imagine School at Broward Project
Series A, Rev., 2.63%, 12/15/2024(e)		300		300
Series A, Rev., 4.00%, 12/15/2029(e)		265		283
Series A, Rev., 5.00%, 12/15/2039(e)		305		334
Florida Higher Educational Facilities Financial Authority, Institute of Technology
Rev., 5.00%, 10/1/2020		110		111
Rev., 5.00%, 10/1/2021		110		113
Rev., 5.00%, 10/1/2022		110		116
Rev., 5.00%, 10/1/2023		125		134
Florida State Department of Education
Series 2018A, Rev., 5.00%, 7/1/2024		1,025		1,179
Series A, Rev., 5.00%, 7/1/2025		2,375		2,803
Series A, Rev., 5.00%, 7/1/2026		3,385		4,083
St. Lucie County School Board Rev., TAN, 5.00%, 6/30/2020		970		973
State of Florida, State Board of Education, Lottery
Series 2010E, Rev., 5.00%, 7/1/2020		40		40
Series 2016B, Rev., 5.00%, 7/1/2020		125		125
Series 2016A, Rev., 5.00%, 7/1/2022		35		38
Series 2017A, Rev., 5.00%, 7/1/2028		340		456
University of Florida Department of Housing and Residence Education Housing System Series 2011A, Rev., 3.00%, 7/1/2020		25		25
Volusia County Educational Facility Authority, Embry-Riddle Aeronautical
Series 2020A, Rev., 4.00%, 10/15/2035		400		430
Series 2020A, Rev., 4.00%, 10/15/2036		500		536
				15,623
General Obligation — 0.7%
City of Pompano Beach
GO, 5.00%, 7/1/2023		30		34
GO, 5.00%, 7/1/2030		110		146
County of Broward Series 2007B, GO, 5.00%, 1/1/2022		25		26
County of Hillsborough, Environmental Lands Acquisition and Protection Program Series 2019A, GO, 5.00%, 7/1/2021		30		32
County of Miami-Dade
Series 2016A, GO, 5.00%, 7/1/2020		135		136
Series A, GO, 5.00%, 7/1/2036		3,000		3,921
Series A, GO, 5.00%, 7/1/2037		6,030		7,852
County of Miami-Dade, Building Better Communities Program
Series A, GO, 5.00%, 7/1/2033		2,835		3,547
Series 2016A, GO, 5.00%, 7/1/2034		5,355		6,689
County of Miami-Dade, Double Barreled Aviation GO, 4.00%, 7/1/2020		30		30

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Department of Transportation Full Faith and Credit, Right of Way Acquisition and Bridge Construction Series 2012B, GO, 5.00%, 7/1/2020		10		10
Florida State Board of Education, Public Education Capital Outlay
Series 2008E, GO, 5.00%, 6/1/2020		4,740		4,740
Series 2012C, GO, 5.00%, 6/1/2023		40		43
Series A, GO, 5.00%, 6/1/2023		4,500		4,545
Series D, GO, 5.00%, 6/1/2024		14,600		15,282
Series A, GO, 5.00%, 6/1/2025		1,250		1,263
Series 2015F, GO, 5.00%, 6/1/2026		25		31
State of Florida, Full Faith and Credit State Board of Education Public Education Capital Outlay Series 2016B, GO, 5.00%, 6/1/2020		10		10
				48,337
Hospital — 0.2%
Brevard County Health Facilities Authority, Health First, Inc. Project
Rev., 5.00%, 4/1/2022		1,000		1,083
Rev., 5.00%, 4/1/2024		1,250		1,423
Halifax Hospital Medical Center, Refunding and Improvement Rev., 5.00%, 6/1/2022		25		27
Hillsborough County Industrial Development Authority, Tampa General Hospital Project Series 2012A, Rev., 5.00%, 10/1/2020		40		41
Lee Memorial Health System
Series 2019A-1, Rev., 5.00%, 4/1/2028		3,375		4,141
Series 2019A-1, Rev., 5.00%, 4/1/2029		2,500		3,119
				9,834
Housing — 0.0%(b)
Florida Housing Finance Corp., Homeowner Mortgage, Special Program Series 2011C, Rev., AMT, GNMA/FNMA/FHLMC, 3.40%, 7/1/2020		45		45
Industrial Development Revenue/Pollution Control Revenue — 0.1%
County of Escambia, Pollution Control, Gulf Power Company Project Rev., 2.60%, 6/1/2023		6,500		6,897
Florida Department of Environmental Protection
Series 2017A, Rev., 5.00%, 7/1/2028		40		53
Series 2018A, Rev., 5.00%, 7/1/2028		100		132
				7,082
Other Revenue — 0.1%
City of Boca Raton, Special Assessment Improvement, Vision Project 3.50%, 7/1/2020		15		15
City of Jacksonville Series 2016A, Rev., 5.00%, 10/1/2027		100		124
City of Lakeland, Florida Capital Improvement Rev., 5.00%, 10/1/2020		25		25
City of Orlando, Capital Improvement Series 2016B, Rev., 5.00%, 10/1/2020		10		10
City of Tallahassee Rev., 5.00%, 10/1/2020		65		66
City of West Palm Beach, Special Obligation Series C, Rev., 5.00%, 10/1/2028		25		31
County of Broward, Professional Sports Facilities, Civic Arena Project Rev., 5.00%, 9/1/2024		40		44
County of Escambia, Sales Tax Rev., 5.00%, 10/1/2025		15		18
County of Hillsborough, Community Investment Tax Rev., 5.00%, 11/1/2020		65		66
County of Manatee, Improvement Bonds Rev., 5.00%, 10/1/2026		25		29
County of Martin, Half-Cent Sales Tax Rev., 5.00%, 7/1/2022		25		27
County of Miami-Dade Rev., 5.00%, 10/1/2028		120		150
County of Miami-Dade, Capital Asset Acquisition
Series 2016A, Rev., 3.00%, 4/1/2022		60		63
Series 2019B, Rev., 5.00%, 4/1/2040		45		57
County of Orange, Sales Tax Series 2012C, Rev., 5.00%, 1/1/2023		25		28
County of Palm Beach Rev., 5.00%, 5/1/2038		1,545		1,875
County of Sarasota, Guaranteed Entitlement Rev., 4.50%, 10/1/2029		25		28
Florida State Board of Governors, Parking Facilities Series 2018A, Rev., 5.00%, 8/1/2020		35		35

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Inland Protection Financing Corp. Series 2019A, Rev., 5.00%, 7/1/2023		530		607
Manatee County School District, Sales Tax Rev., AGM, 5.00%, 10/1/2023		50		57
Pasco County School Board, Sales Tax Rev., 5.00%, 10/1/2020		25		25
Tampa Sports Authority, Sales Tax Rev., 5.00%, 1/1/2025		100		114
				3,494
Prerefunded — 0.3%
Florida State Board of Education, Public Education Capital Outlay Series 2010B, GO, 5.13%, 6/1/2040(c)		150		150
Hillsborough County School Board, Master Lease Program Series 2012A, COP, 5.00%, 7/1/2028(c)		15,705		17,238
JEA Electric System
Series A, Rev., 5.00%, 10/1/2027(c)		2,130		2,463
Series D, Rev., 5.00%, 10/1/2028(c)		10		11
				19,862
Transportation — 0.3%
County of Broward, Airport System Series 2019A, Rev., AMT, 5.00%, 10/1/2027		1,850		2,248
County of Lee, Transportation Facilities Rev., AGM, 5.00%, 10/1/2035		190		222
County of Miami-Dade, Aviation
Rev., AMT, 5.00%, 10/1/2028		1,500		1,684
Rev., 5.00%, 10/1/2029		900		1,062
Series B, Rev., 5.00%, 10/1/2029		1,250		1,419
County of Miami-Dade, Transit System
Rev., 5.00%, 7/1/2020		160		161
Rev., 5.00%, 7/1/2022		90		99
Rev., 5.00%, 7/1/2034		475		622
County of Palm Beach, Airport System Rev., AMT, 5.00%, 10/1/2036		500		572
Florida’s Turnpike Enterprise, Department of Transportation Series A, Rev., 5.00%, 7/1/2020		20		20
Greater Orlando Aviation Authority, Airport Facilities Series 2019A, Rev., AMT, 5.00%, 10/1/2038		1,810		2,166
Hillsborough County Aviation Authority Series 2018F, Rev., 5.00%, 10/1/2043		150		172
Miami-Dade County Expressway Authority, Toll System Series 2014B, Rev., 5.00%, 7/1/2020		100		100
State of Florida Department of Transportation Turnpike System Series 2019B, Rev., 5.00%, 7/1/2033		5,000		6,519
State of Florida, Department of Transportation Financing Corp. Rev., 5.00%, 7/1/2021		35		37
State of Florida, Department of Transportation Turnpike System
Series 2013C, Rev., 5.00%, 7/1/2020		10		10
Series 2017A, Rev., 5.00%, 7/1/2020		25		25
Series 2013A, Rev., 5.00%, 7/1/2022		35		38
Series 2013B, Rev., 5.00%, 7/1/2022		75		82
Series 2013A, Rev., 5.00%, 7/1/2023		30		34
Series 2016A, Rev., 5.00%, 7/1/2023		20		23
Series 2019A, Rev., 5.00%, 7/1/2024		25		30
Series 2019A, Rev., 5.00%, 7/1/2034		140		178
Series 2010B, Rev., 5.00%, 7/1/2040		230		234
				17,757
Utility — 0.2%
City of Gainesville, Utilities System Series 2017A, Rev., 5.00%, 10/1/2037		120		148
City of Port St. Lucie, Utility Systems
Rev., 4.00%, 9/1/2020		25		25
Rev., 5.00%, 9/1/2023		50		57
City of St. Petersburg, Public Utility Series 2014B, Rev., 5.00%, 10/1/2024		75		90
City of Tallahassee, Utility System
Rev., 5.00%, 10/1/2020		150		152
Series 2017, Rev., 5.00%, 10/1/2023		50		58
County of Manatee, Public Utilities
Series 2017, Rev., 5.00%, 10/1/2028		535		698
Series 2017, Rev., 5.00%, 10/1/2031		815		1,048
County of Miami-Dade, Transit System Rev., 4.00%, 7/1/2034		35		38
County of Polk, Utility System Rev., 5.00%, 10/1/2030		50		70

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
County of Sarasota, Utility System Series 2019A, Rev., 5.00%, 10/1/2038		35		45
Florida Municipal Power Agency, St. Lucie Project Series A, Rev., 5.00%, 10/1/2020		5,000		5,077
JEA Electric System
Series 2013A, Rev., 5.00%, 10/1/2020		15		15
Series A, Rev., 5.00%, 10/1/2023(c)		1,395		1,613
Key West Utility Board, Electric System
Rev., 5.00%, 10/1/2020		10		10
Rev., 5.00%, 10/1/2027		45		58
Lee County Industrial Development Authority, Bonita Springs Utilities Inc. Project Rev., 5.00%, 11/1/2021		50		51
Orlando Utilities Commission, Utility System
Series 2011B, Rev., 5.00%, 10/1/2020		80		81
Series 2012A, Rev., 5.00%, 10/1/2023		25		29
				9,363
Water & Sewer — 0.0%(b)
Broward County, Water and Sewer Utility Series B, Rev., 5.00%, 10/1/2025		35		43
City of Tampa, Water and Sewer Improvement System Rev., 5.00%, 10/1/2023		500		532
County of Lee County, Water and Sewer Series B, Rev., 5.00%, 10/1/2023		25		28
County of Miami-Dade, Water and Sewer System
Series 2008A, Rev., AGM, 4.25%, 10/1/2020		10		10
Rev., 5.00%, 10/1/2020		245		250
Rev., 5.00%, 10/1/2033		25		32
Series 2017A, Rev., 4.00%, 10/1/2037		40		46
Series 2017A, Rev., 4.00%, 10/1/2039		50		57
Series 2019B, Rev., 5.00%, 10/1/2044		40		50
East Central Regional Wastewater Treatment Facilities Operation Board, Green Bonds, Bio Solids Project Rev., 5.00%, 10/1/2023		40		46
Tohopekaliga Water Authority, Utility System
Rev., 4.00%, 10/1/2022		25		27
Rev., 4.00%, 10/1/2034		30		34
				1,155
Total Florida				168,657
Georgia — 2.7%
Education — 0.7%
Georgia Higher Education Facilities Authority USG Real Estate Foundation II LLC Projects
Rev., AGC, 3.25%, 6/15/2020(c)		10		10
Rev., 5.00%, 6/15/2023		645		719
Rev., 5.00%, 6/15/2024		580		666
Rev., 5.00%, 6/15/2025		650		766
Rev., 5.00%, 6/15/2026		500		602
Rev., 5.00%, 6/15/2027		500		616
Rev., 5.00%, 6/15/2028		500		629
Rev., 5.00%, 6/15/2029		500		640
Rev., 5.00%, 6/15/2030		500		631
Rev., 5.00%, 6/15/2031		800		1,003
Rev., 3.00%, 6/15/2032		1,175		1,268
Rev., 5.00%, 6/15/2033		1,660		2,052
Rev., 5.00%, 6/15/2034		1,125		1,385
Rev., 5.00%, 6/15/2035		1,250		1,532
Rev., 4.00%, 6/15/2036		1,000		1,139
Rev., 4.00%, 6/15/2037		1,500		1,702
Rev., 4.00%, 6/15/2039		1,785		2,013
Georgia Higher Education Facilities Authority USG Real Estate Foundation III LLC Projects
Rev., AGC, 3.25%, 6/15/2020(c)		35		35
Rev., 5.00%, 6/15/2027		1,815		2,235
Rev., 5.00%, 6/15/2028		1,800		2,263
Rev., 5.00%, 6/15/2030		1,810		2,351
Private Colleges and Universities Authority, Emory University
Series 2019A, Rev., 5.00%, 9/1/2028		40		53
Series 2020B, Rev., 5.00%, 9/1/2030		3,485		4,753
Series 2020B, Rev., 5.00%, 9/1/2033		2,000		2,665
Series A, Rev., 5.00%, 10/1/2043		2,005		2,243
Series 2019B, Rev., 5.00%, 9/1/2048		6,150		7,701
				41,672
General Obligation — 0.2%
Athens-Clarke County Unified Government, Sales Tax GO, 5.00%, 12/1/2028		300		401
Cherokee County Board of Education, School System
GO, 5.00%, 8/1/2031		725		891
GO, 5.00%, 8/1/2032		750		916
GO, 5.00%, 8/1/2033		690		839

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Forsyth County School District GO, 5.00%, 2/1/2022		30		32
Newton County School District Series 2012A, GO, 5.00%, 4/1/2022		40		44
Polk School District, Sales Tax GO, 5.00%, 3/1/2025		360		437
State of Georgia
Series 2013C, GO, 4.00%, 10/1/2023		25		27
Series E, GO, 5.00%, 12/1/2023		20		23
Series A-2, GO, 5.00%, 2/1/2029		5,020		6,422
				10,032
Hospital — 0.0%(b)
DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta Series 2019B, Rev., 5.00%, 7/1/2032		50		64
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project Series 2017A, Rev., 5.00%, 2/15/2028		115		137
Glynn-Brunswick Memorial Hospital Authority, Health System Project
Rev., 4.00%, 8/1/2035		500		551
Rev., 4.00%, 8/1/2036		375		410
Rev., 4.00%, 8/1/2037		495		539
				1,701
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Monroe County Development Authority, Gulf Power Co. Plant Scherer Project Rev., 2.00%, 6/25/2020(d)		6,000		6,006
Other Revenue — 0.0%(b)
Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series 2017C, Rev., 5.00%, 7/1/2023		65		74
Prerefunded — 0.1%
Barrow County School District
GO, 5.00%, 2/1/2025(c)		310		319
GO, 5.00%, 2/1/2026(c)		245		253
Camden County Public Service Authority, City of St. Mary’s Project
Rev., 5.00%, 12/1/2021(c)		1,005		1,029
Rev., 5.00%, 12/1/2022(c)		1,960		2,007
Rev., 5.00%, 12/1/2023(c)		1,000		1,024
				4,632
Transportation — 0.0%(b)
Georgia State Road and Tollway Authority Series 2011B, Rev., 5.00%, 10/1/2020		50		51
Utility — 0.8%
Main Street Natural Gas, Inc., Gas Project Series A, Rev., 5.50%, 9/15/2021		1,475		1,552
Main Street Natural Gas, Inc., Gas Supply
Series 2018C, Rev., 4.00%, 6/1/2020		25		25
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023(d)		12,000		12,991
Series 2019B, Rev., 4.00%, 12/2/2024(d)		34,400		38,331
				52,899
Water & Sewer — 0.8%
Cherokee County Water and Sewer Authority Rev., 5.00%, 8/1/2032		25		30
City of Atlanta, Water and Wastewater
Series 2013B, Rev., 5.00%, 11/1/2023		30		35
Rev., 5.00%, 11/1/2029		2,110		2,526
Rev., 5.00%, 11/1/2030		4,250		5,073
City of Columbus, Georgia Water and Sewerage
Series 2014A, Rev., 5.00%, 5/1/2027		445		524
Series 2014A, Rev., 5.00%, 5/1/2028		595		699
Rev., 5.00%, 5/1/2031		280		343
Rev., 5.00%, 5/1/2034		350		423
Rev., 5.00%, 5/1/2035		350		422
County of DeKalb, Water and Sewerage
Series B, Rev., 5.25%, 10/1/2022		4,810		5,356
Series B, Rev., 5.25%, 10/1/2023		8,660		10,043
Series B, Rev., 5.25%, 10/1/2026		5,500		7,041
County of DeKalb, Water and Sewerage, Second Resolution Rev., 5.00%, 10/1/2021		35		37
County of Fulton, Water and Sewerage Rev., 5.00%, 1/1/2022		7,000		7,196
County of Henry, Water and Sewerage Authority Rev., AGM-CR, BHAC-CR, NATL-RE, 5.25%, 2/1/2028		5,000		6,648
County of Oconee, Water and Sewerage Rev., 5.00%, 9/1/2023		50		55

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Forsyth County Water and Sewerage Authority Rev., GTD, 4.00%, 4/1/2021		25		26
Henry County, Water and Sewerage Authority Rev., AGM-CR, BHAC-CR, NATL-RE, 5.25%, 2/1/2029		25		34
				46,511
Total Georgia				163,578
Hawaii — 0.6%
General Obligation — 0.6%
City and County of Honolulu
Series 2019D, GO, 5.00%, 8/1/2023		20		23
Series 2017D, GO, 5.00%, 9/1/2023		20		23
Series C, GO, 5.00%, 10/1/2025		2,750		3,375
Series B, GO, 5.00%, 10/1/2027		8,695		10,600
Series C, GO, 5.00%, 10/1/2027		3,000		3,657
State of Hawaii
Series EO, GO, 5.00%, 8/1/2020		10		10
Series FE, GO, 5.00%, 10/1/2027		1,315		1,652
Series FG, GO, 5.00%, 10/1/2028		2,500		3,135
Series EH, GO, 5.00%, 8/1/2029		6,000		6,830
Series FW, GO, 5.00%, 1/1/2032		5,000		6,503
				35,808
Hospital — 0.0%(b)
State of Hawaii Department of Budget and Finance, Pacific Health Obligated Group Series 2013A, Rev., 5.00%, 7/1/2020		15		15
Water & Sewer — 0.0%(b)
City and County Honolulu Wastewater System, First Bond Resolution
Series 2011A, Rev., 3.25%, 7/1/2020		35		35
Series 2019A, Rev., 4.00%, 7/1/2025		25		29
City and County Honolulu, Wastewater System Series A, Rev., 5.00%, 7/1/2020		25		25
				89
Total Hawaii				35,912
Idaho — 0.2%
Education — 0.0%(b)
Boise State University, Tax-Exempt Series 2020A, Rev., 5.00%, 4/1/2026		420		505
Hospital — 0.0%(b)
Idaho Health Facilities Authority, St. Luke’s Regional Medical Center Project Rev., AGM, 4.00%, 7/1/2020(c)		15		15
Transportation — 0.2%
Idaho Housing and Finance Association, Federal Highway Trust
Series A, Rev., GRAN, 5.00%, 7/15/2025		2,550		3,054
Series A, Rev., GRAN, 5.00%, 7/15/2026		4,800		5,889
				8,943
Total Idaho				9,463
Illinois — 4.7%
Certificate of Participation/Lease — 0.0%(b)
University of Illinois
Series 2016A, COP, 5.00%, 8/15/2020		30		30
Series A, COP, 5.00%, 10/1/2020		15		15
				45
Education — 0.1%
DuPage and Cook Counties Community Consolidated School District No. 181 Hinsdale, School Building, Limited Tax Rev., 5.00%, 12/1/2025		25		31
Illinois Finance Authority, Township High School District Rev., 4.00%, 12/1/2035		40		48
Illinois Finance Authority, University of Chicago Series A, Rev., 5.00%, 10/1/2029		1,750		1,854
McHenry County Community Consolidated School District No. 47 Crystal Lake, Limited Tax Rev., 4.00%, 2/1/2028		25		29
Northern Illinois University, Auxiliary Facilities System
Series 2020B, Rev., 5.00%, 4/1/2025		425		482
Series 2020B, Rev., 5.00%, 4/1/2026		700		810
Series 2020B, Rev., 5.00%, 4/1/2027		550		644
Series 2020B, Rev., 5.00%, 4/1/2028		650		774
Series 2020B, Rev., 5.00%, 4/1/2029		425		513
Series 2020B, Rev., 5.00%, 4/1/2030		250		304

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2020B, Rev., 5.00%, 4/1/2031		520		624
Series 2020B, Rev., 5.00%, 4/1/2032		650		774
Series 2020B, Rev., 5.00%, 4/1/2033		675		798
Series 2020B, Rev., 5.00%, 4/1/2034		475		560
				8,245
General Obligation — 1.3%
Champaign County Community Unit School District No. 4 Champaign, School Building GO, 5.00%, 1/1/2031		305		373
City of Altamont, Electric Ars Series 2019B, GO, 3.00%, 1/1/2024		35		38
City of Aurora Series 2015-C, GO, 3.00%, 12/30/2022		100		106
City of Country Club Hills GO, 4.00%, 12/1/2021		40		42
City of Decatur GO, AGM, 5.00%, 3/1/2028		15		18
Cook County Series 2014A, GO, 5.00%, 11/15/2020		15		15
Cook County School District No. 102 La Grange, Capital Appreciation GO, NATL-RE, Zero Coupon, 12/1/2020		235		234
Cook County School District No. 111 Burbank GO, AGM, 4.00%, 12/1/2035		50		56
County of Cook, School District No. 122 GO, AGM-CR, NATL-RE, Zero Coupon, 12/1/2021(c)		5,000		4,970
County of Cook, Township High School District No. 205 Series 2016A, GO, 5.00%, 12/1/2024		15		18
County of DuPage, Courthouse Project
GO, 5.00%, 1/1/2028		255		316
GO, 5.00%, 1/1/2029		730		902
County of Will GO, 4.00%, 11/15/2036		60		67
County of Will, Alternate Source GO, 5.00%, 11/15/2020		45		46
Du Page Cook and Will Counties Community College District No. 502 GO, 5.00%, 6/1/2023		25		28
DuPage and Cook Counties Community Consolidated School District No. 181 Hinsdale, School Building Series 2018A, GO, 4.00%, 1/15/2032		25		28
DuPage County Community Unit School District No. 200 Wheaton-Warrenville
GO, 4.00%, 11/1/2020		10		10
GO, 5.00%, 10/1/2025		30		36
DuPage County High School District No. 87 Glenbard GO, 5.00%, 1/1/2028		25		30
Kane County Community Unit School District No. 304 Geneva GO, 5.00%, 1/1/2029		20		25
Kane County School District No. 131 Aurora East Side
Series 2020A, GO, AGM, 5.00%, 12/1/2025		60		73
Series 2020B, GO, AGM, 5.00%, 12/1/2025		115		141
Series 2020B, GO, AGM, 5.00%, 12/1/2026		205		257
Series 2020A, GO, AGM, 4.00%, 12/1/2027		110		133
Series 2020A, GO, AGM, 4.00%, 12/1/2028		65		80
Series 2020B, GO, AGM, 4.00%, 12/1/2028		135		165
Series 2020A, GO, AGM, 4.00%, 12/1/2029		65		79
Series 2020B, GO, AGM, 4.00%, 12/1/2029		40		49
Series 2020A, GO, AGM, 4.00%, 12/1/2030		75		90
Series 2020A, GO, AGM, 4.00%, 12/1/2031		100		120
Series 2020A, GO, AGM, 4.00%, 12/1/2032		115		137
Series 2020A, GO, AGM, 4.00%, 12/1/2033		130		153
Series 2020A, GO, AGM, 4.00%, 12/1/2034		230		270
Series 2020A, GO, AGM, 4.00%, 12/1/2035		280		327
Series 2020A, GO, AGM, 4.00%, 12/1/2036		250		290
Kane McHenry Cook and De Kalb Counties Unit School District No. 300, Capital Appreciation GO, AMBAC, Zero Coupon, 12/1/2020		20		20
Kane, Cook and DuPage Counties School District No. 46, Elgin Series 2015D, GO, 5.00%, 1/1/2034		1,700		1,950

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Lake County Community Consolidated School District No. 3 Beach Park
GO, AGM, 4.00%, 2/1/2022(f)		310		325
GO, AGM, 4.00%, 2/1/2023(f)		660		708
GO, AGM, 4.00%, 2/1/2024(f)		405		444
GO, AGM, 4.00%, 2/1/2025(f)		450		502
GO, AGM, 4.00%, 2/1/2026(f)		435		491
GO, AGM, 4.00%, 2/1/2027(f)		1,365		1,554
GO, AGM, 4.00%, 2/1/2028(f)		1,470		1,689
GO, AGM, 4.00%, 2/1/2029(f)		1,130		1,312
GO, AGM, 4.00%, 2/1/2030(f)		730		841
GO, AGM, 4.00%, 2/1/2031(f)		830		943
GO, AGM, 4.00%, 2/1/2032(f)		535		605
GO, AGM, 4.00%, 2/1/2033(f)		500		561
Peoria City School District No. 150
Series 2020A, GO, AGM, 4.00%, 12/1/2026		195		231
Series 2020A, GO, AGM, 4.00%, 12/1/2027		500		592
Series 2020A, GO, AGM, 4.00%, 12/1/2028		950		1,120
Series 2020A, GO, AGM, 4.00%, 12/1/2029		2,500		2,909
State of Illinois
GO, 4.00%, 2/1/2021		200		200
GO, 5.00%, 5/1/2022		160		163
Series 2018A, GO, 5.00%, 10/1/2022		180		183
GO, 5.00%, 3/1/2023		10		10
GO, 5.00%, 5/1/2023		120		122
Series 2018A, GO, 4.00%, 5/1/2024		50		49
Series D, GO, 5.00%, 11/1/2024		15,715		16,012
GO, 5.00%, 1/1/2025		700		712
GO, 5.00%, 3/1/2025		5,600		5,640
GO, 5.00%, 2/1/2026		4,900		4,979
GO, 5.00%, 3/1/2026		5,910		5,941
Series 2017D, GO, 5.00%, 11/1/2026		5,175		5,269
GO, 5.00%, 6/1/2027		25		25
Series 2016, GO, 5.00%, 1/1/2028		150		152
Series 2012, GO, 4.13%, 3/1/2028		30		29
Series 2014, GO, 4.50%, 2/1/2029		450		437
Series A, GO, 5.00%, 5/1/2030		35		35
GO, 4.13%, 11/1/2031		40		38
GO, 5.00%, 2/1/2039		2,255		2,256
Village of Bolingbrook Series 2014A, GO, AGM, 5.00%, 1/1/2032		150		176
Village of Bolingbrook, Capital Appreciation Series C, GO, NATL-RE, Zero Coupon, 1/1/2023		2,195		2,148
Village of Glenview Series 2012A, GO, 3.00%, 12/1/2020		25		25
Village of Westmont GO, 4.00%, 1/1/2027		45		53
Village of Wheeling GO, 5.00%, 12/1/2020		90		92
Will County Community Unit School District No. 365 Valley View, Capital Appreciation Series 2002B, GO, AGM, Zero Coupon, 11/1/2020		100		100
Will County Forest Preserve District, Limited Tax
GO, 5.00%, 12/15/2031		500		643
GO, 5.00%, 12/15/2032		500		638
GO, 5.00%, 12/15/2033		710		902
GO, 5.00%, 12/15/2034		915		1,157
Will County Township High School District No. 204 Joliet Series 2011A, GO, 5.00%, 1/1/2025		40		41
Will County, Community Unit School District No. 365-U
GO, 4.00%, 1/1/2030		975		1,113
GO, 4.00%, 1/1/2033		1,000		1,103
GO, 3.00%, 7/1/2036		1,700		1,803
Will, Grundy etc. counties Community College District No. 525, Joliet Junior College GO, 5.00%, 1/1/2026		40		49
				78,814
Hospital — 0.0%(b)
Illinois Finance Authority, Advocate Health and Hospital Corp. Obligated Group
Series 2013A, Rev., 5.00%, 6/1/2027		130		144
Rev., 4.13%, 5/1/2045		40		43
Illinois Finance Authority, Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2025		400		469
Illinois Finance Authority, Mercy Health Corp. Rev., 1.50%, 12/1/2020		25		25

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Illinois Finance Authority, Riverside Health System Rev., 4.00%, 11/15/2030		45		50
Illinois Finance Authority, Rush University Medical Center Obligated Group Series 2015A, Rev., 5.00%, 11/15/2024		1,000		1,163
				1,894
Other Revenue — 1.8%
City of Chicago, Motor Fuel Tax
Rev., 5.00%, 1/1/2021		200		201
Rev., 5.00%, 1/1/2022		20		20
City of Chicago, Pilsen Redevelopment Project Series 2014A, Rev., 5.00%, 6/1/2022		1,000		1,013
Cook County, Sales Tax
Rev., 5.00%, 11/15/2020		100		102
Rev., 5.00%, 11/15/2031		3,600		4,293
Illinois Sports Facilities Authority (The)
Rev., 5.00%, 6/15/2028		2,000		2,318
Rev., 5.00%, 6/15/2029		2,500		2,925
Rev., 5.00%, 6/15/2030		1,500		1,743
Sales Tax Securitization Corp.
Series 2017A, Rev., 5.00%, 1/1/2027		90		103
Series C, Rev., 5.50%, 1/1/2030		18,250		22,231
Series C, Rev., 5.50%, 1/1/2031		26,360		31,911
Series C, Rev., 5.25%, 1/1/2034		22,520		26,263
Sales Tax Securitization Corp., Second Lien Series 2020A, Rev., 5.00%, 1/1/2037		2,000		2,303
Southwestern Illinois Development Authority, Southwestern Flood Prevention District Council Project
Rev., 5.00%, 4/15/2025		550		661
Rev., 5.00%, 4/15/2026		250		308
Rev., 5.00%, 4/15/2027		360		454
Rev., 5.00%, 4/15/2028		385		497
Rev., 5.00%, 4/15/2029		295		388
Rev., 5.00%, 4/15/2030		625		835
Rev., 4.00%, 4/15/2031		1,450		1,777
State of Illinois Series D, Rev., 5.00%, 6/15/2024		40		41
State of Illinois, Sales Tax, Junior Lien Rev., 5.00%, 6/15/2020		35		35
State of Illinois, Sales Tax, Junior Obligation
Rev., 5.00%, 6/15/2020		100		100
Rev., 5.00%, 6/15/2023		40		41
				100,563
Special Tax — 0.0%(b)
Village of Bolingbrook, Will and DuPage Counties, Special Service Areas Numbers 2001-1, 2001-2, 2001-3, and 2002-1
Rev., AGM, 4.00%, 3/1/2026		620		724
Rev., AGM, 4.00%, 3/1/2027		375		446
Rev., AGM, 4.00%, 3/1/2028		1,000		1,192
				2,362
Transportation — 1.2%
Chicago O’Hare International Airport, General Airport, Senior Lien
Series 2013B, Rev., 5.00%, 1/1/2021		35		36
Series C, Rev., 5.00%, 1/1/2022		195		207
Illinois State Toll Highway Authority
Series A, Rev., 5.00%, 12/1/2022		3,010		3,319
Series 2019C, Rev., 5.00%, 1/1/2028		25		32
Series 2015B, Rev., 5.00%, 1/1/2029		35		42
Series 2019C, Rev., 5.00%, 1/1/2029		20,830		26,874
Series 2016B, Rev., 5.00%, 1/1/2030		30		36
Series 2019C, Rev., 5.00%, 1/1/2030		19,000		24,950
Series 2019C, Rev., 5.00%, 1/1/2031		11,050		14,104
Series 2016A, Rev., 5.00%, 12/1/2031		30		36
Regional Transportation Authority Series 2002A, Rev., NATL-RE, 6.00%, 7/1/2029		55		74
				69,710
Utility — 0.2%
City of Springfield, Senior Lien Electric
Rev., 5.00%, 3/1/2027		4,500		5,356
Rev., 5.00%, 3/1/2028		4,000		4,749
Rev., AGM, 3.50%, 3/1/2030		3,500		3,805
Northern Illinois Municipal Power Agency, Prairie State Project Series 2016A, Rev., 5.00%, 12/1/2020		60		61
				13,971

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Water & Sewer — 0.1%
City of Chicago, Second Lien Water Project
Rev., 5.00%, 11/1/2021		1,500		1,569
Rev., 5.00%, 11/1/2022		600		647
Rev., 5.00%, 11/1/2027		1,000		1,095
Rev., 5.00%, 11/1/2030		500		543
City of Chicago, Wastewater Transmission Rev., 5.00%, 1/1/2022		700		739
Illinois Finance Authority, Clean Water Initiative Rev., 5.00%, 7/1/2039		80		101
				4,694
Total Illinois				280,298
Indiana — 1.4%
Education — 0.2%
Ball State University, Housing and Dining System Rev., 5.00%, 7/1/2020		25		25
Brownsburg 1999 School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 4.00%, 1/15/2022		255		270
Brownsburg 1999 School Building Corp., First Mortgage
Series 2015B, Rev., 5.00%, 7/15/2020		75		75
Rev., 5.00%, 1/15/2028		10		13
Columbus Multi School Building Corp., First Mortgage Rev., 3.00%, 7/15/2020		25		25
East Allen Multi School Building Corp., Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2038		25		31
Greenfield Middle School Building Corp.
Rev., 4.00%, 7/15/2033		245		281
Rev., 4.00%, 1/15/2035		550		625
Hamilton Southeastern Consolidated School Building Corp., First Mortgage Series B-2, Rev., 4.00%, 7/15/2023		5		5
Hamilton Southeastern Consolidated School Building Corp., Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2026		30		37
Huntington Countywide School Building Corp., Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2035		35		44
Indiana Bond Bank, Special Program, Columbus Learning Center Project Series 2012C, Rev., 5.00%, 8/1/2022		20		22
Indiana Finance Authority, Educational Facilities, Valparaiso University
Rev., 5.00%, 10/1/2024		1,000		1,107
Rev., 5.00%, 10/1/2025		675		756
Indiana University
Series 2016A, Rev., 5.00%, 6/1/2028		110		138
Series Y, Rev., 5.00%, 8/1/2030		130		167
IPS Multi-School Building Corp., Indiana Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2020		25		25
Ivy Tech Community College of Indiana, Student Fee Bonds Series P, Rev., 5.00%, 7/1/2020		30		30
Lebanon Middle School Building Corp., First Mortgage Series 2017B, Rev., 4.00%, 7/10/2020		10		10
Michigan City School Building Corp. Series 2016A, Rev., 5.00%, 1/15/2025		4,925		5,780
MSD Warren Township Vision 2005 School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 4.00%, 7/10/2032		25		30
New Albany-Floyd County School Building Corp., First Mortgage Rev., 4.00%, 7/15/2026		415		463
North Adams Community Schools Renovation Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2032		25		32
Northern Wells Multi-School Building Corp., Indiana Ad Valorem Property Tax First Mortgage Rev., 4.00%, 7/15/2035		50		57
Perry Township Multi School Building Corp., Unlimited Ad Valorem Property Tax First Mortgage Series 2012B, Rev., 5.00%, 7/15/2022		25		27
Plainfield Community High School Building Corp.
Rev., 5.00%, 1/15/2022		285		306
Rev., 5.00%, 7/15/2023		750		855
Rev., 5.00%, 7/15/2024		1,255		1,482
Plainfield High School Building Corp., Ad Valorem Property Tax First Mortgage Series 2019A, Rev., 5.00%, 7/15/2028		30		39
Purdue University, Student Fee Series DD, Rev., 5.00%, 7/1/2026		1,000		1,266
Valparaiso Multi- Schools Building Corp., Ad Valorem Property Tax First Mortgage
Rev., 5.00%, 7/15/2022		30		33
Rev., 4.00%, 1/15/2024		50		56
West Clark 2000 School Building Corp., Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2020		55		55
				14,167

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
General Obligation — 0.0%(b)
City of Fishers Series 2018C, GO, 5.00%, 1/1/2026		40		50
Hospital — 0.1%
Indiana Finance Authority, Franciscan Alliance, Inc. Obligated Group Series 2016B, Rev., 5.00%, 11/1/2026		10		12
Indiana Finance Authority, Goshen Health
Series A, Rev., 5.00%, 11/1/2030		500		619
Series A, Rev., 5.00%, 11/1/2031		1,020		1,250
Series A, Rev., 5.00%, 11/1/2032		530		645
Series A, Rev., 5.00%, 11/1/2033		1,110		1,344
Series A, Rev., 5.00%, 11/1/2034		760		916
Series A, Rev., 5.00%, 11/1/2035		665		798
Series A, Rev., 4.00%, 11/1/2036		230		256
Series A, Rev., 4.00%, 11/1/2037		335		371
Series A, Rev., 4.00%, 11/1/2038		340		376
Series A, Rev., 4.00%, 11/1/2039		355		391
				6,978
Other Revenue — 0.6%
Carmel Redevelopment Authority, Income Tax Lease Series 2014B, Rev., 5.00%, 7/1/2023		25		28
City of Franklin, Otterbeit Homes
Series B, Rev., 4.00%, 7/1/2020		50		50
Series B, Rev., 5.00%, 7/1/2023		1,000		1,070
Series B, Rev., 5.00%, 7/1/2025		1,500		1,662
Series B, Rev., 5.00%, 7/1/2027		500		571
Series B, Rev., 5.00%, 7/1/2030		670		774
Series B, Rev., 5.00%, 7/1/2032		735		837
Series B, Rev., 4.00%, 7/1/2034		805		841
Series B, Rev., 4.00%, 7/1/2035		685		713
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project
Rev., 5.00%, 8/1/2024		1,095		1,272
Rev., 5.00%, 2/1/2025		500		580
Hobart Building Corp., Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2029		65		79
Indiana Bond Bank, Hamilton County Projects
Series 2019B, Rev., Zero Coupon, 7/15/2024		220		213
Series 2019B, Rev., Zero Coupon, 1/15/2025		200		192
Series 2019B, Rev., Zero Coupon, 7/15/2025		450		430
Series 2019B, Rev., Zero Coupon, 1/15/2026		370		349
Series 2019B, Rev., Zero Coupon, 7/15/2026		370		345
Series 2019B, Rev., Zero Coupon, 1/15/2027		325		300
Series 2019B, Rev., Zero Coupon, 7/15/2027		320		293
Series 2019B, Rev., Zero Coupon, 1/15/2028		450		407
Series 2019B, Rev., Zero Coupon, 7/15/2028		450		403
Series 2019B, Rev., Zero Coupon, 1/15/2029		560		493
Series 2019B, Rev., Zero Coupon, 7/15/2029		735		639
Series 2019B, Rev., Zero Coupon, 1/15/2030		750		627
Series 2019B, Rev., Zero Coupon, 7/15/2030		740		609
Indiana Finance Authority Series 2017A, Rev., 5.00%, 6/1/2032		500		633
Indiana Finance Authority, Franciscan Alliance, Inc. Obligated Group Series 2017B, Rev., 5.00%, 11/1/2032		25		30
Indiana Finance Authority, State Revolving Fund Program
Series 2012C, Rev., 5.00%, 2/1/2023		20		23
Series 2017B, Rev., 5.00%, 2/1/2026		20		25
Series A, Rev., 5.00%, 2/1/2027		1,000		1,205
Series 2019A, Rev., 5.00%, 2/1/2033		30		39

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019A, Rev., 5.00%, 2/1/2034		35		46
Series 2018A, Rev., 5.00%, 2/1/2035		100		128
Indianapolis Local Public Improvement Bond Bank Series 2018B, Rev., 5.00%, 1/1/2037		5,000		6,320
Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project Series 2019A, Rev., 5.00%, 2/1/2032		225		290
Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project
Series 2017C, Rev., 5.00%, 1/1/2025		1,750		2,100
Series 2017C, Rev., 5.00%, 1/1/2035		195		246
Indianapolis Local Public Improvement Bond Bank, Stormwater Project
Series 2019F, Rev., 5.00%, 1/1/2030		1,265		1,692
Series 2019F, Rev., 5.00%, 1/1/2031		915		1,216
Series 2019F, Rev., 5.00%, 1/1/2032		880		1,161
Series 2019F, Rev., 5.00%, 1/1/2033		1,760		2,306
Series 2019F, Rev., 5.00%, 1/1/2035		665		863
South Bend Redevelopment Authority, Double Tracking Project Rev., 5.00%, 8/1/2026		125		152
Yorktown Redevelopment Authority, Property Tax Lease Rev., 4.00%, 1/15/2026		35		41
				32,293
Prerefunded — 0.2%
Indiana Finance Authority, State Revolving Fund Program
Series 2011A, Rev., 5.00%, 2/1/2030(c)		5,205		5,616
Series C, Rev., 5.00%, 2/1/2030(c)		3,000		3,379
Indiana University
Series A, Rev., 5.00%, 6/1/2028(c)		2,000		2,192
Series A, Rev., 5.00%, 6/1/2032(c)		1,000		1,096
				12,283
Utility — 0.3%
City of Rockport, Indiana Michigan Power Company Project Series A, Rev., 3.05%, 6/1/2025		11,600		12,666
Indiana Finance Authority, First Lien Water Utility, Citizens Energy Group Project Series 2016A, Rev., 4.00%, 10/1/2020		50		51
Indianapolis Local Public Improvement Bond Bank, Stormwater Project
Series D, Rev., 5.00%, 1/1/2021		725		745
Series 2013D, Rev., 5.00%, 1/1/2024		1,250		1,404
				14,866
Water & Sewer — 0.0%(b)
City of Evansville, Waterworks District
Series 2014B, Rev., 5.00%, 1/1/2022		325		349
Series 2014B, Rev., 5.00%, 1/1/2023		375		402
City of Greensburg Rev., 3.00%, 5/1/2025		100		111
City of Indianapolis Department of Public Utilities Water System Series 2018A, Rev., 5.00%, 10/1/2032		225		290
Indiana Finance Authority, First Lien Wastewater Utility, CWA Authority Project
Series 2011A, Rev., 5.00%, 10/1/2020		165		168
Series 2016A, Rev., 5.00%, 10/1/2036		70		84
Indiana State Finance Authority, Wastewater Utility, First Lien Series 2101A, Rev., 5.25%, 10/1/2031		1,000		1,064
				2,468
Total Indiana				83,105
Iowa — 0.6%
Certificate of Participation/Lease — 0.1%
County of Linn
COP, 4.00%, 6/1/2030		490		591
COP, 4.00%, 6/1/2031		745		873
COP, 4.00%, 6/1/2032		1,455		1,687
COP, 4.00%, 6/1/2033		1,615		1,863
COP, 4.00%, 6/1/2034		700		805
COP, 4.00%, 6/1/2035		575		659
				6,478

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Education — 0.0%(b)
Iowa State University of Science and Technology, Academic Building Series 2010 ISU, Rev., 3.13%, 7/1/2021		25		25
General Obligation — 0.0%(b)
City of Ankeny
Series 2014B, GO, 5.00%, 6/1/2020		20		20
Series 2018A, GO, 5.00%, 6/1/2023		40		45
City of Cedar Rapids
Series 2015A, GO, 5.00%, 6/1/2020		15		15
Series 2020A, GO, 5.00%, 6/1/2028(f)		760		985
City of Des Moines, Capital Loan Series 2014E, GO, 5.00%, 6/1/2022		30		33
City of Urbandale Series 2018A, GO, 5.00%, 6/1/2020		410		410
County of Linn Series 2019B, GO, 3.00%, 6/1/2020		15		15
County of Linn, Land and Water Legacy Series 2019A, GO, 3.00%, 6/1/2020		100		100
Waukee Community School District
Series 2012B, GO, 3.00%, 6/1/2020		35		35
Series 2016B, GO, 5.00%, 6/1/2022		20		22
				1,680
Hospital — 0.0%(b)
Iowa Finance Authority, Unitypoint Health Series 2016E, Rev., 5.00%, 8/15/2023		435		488
University of Iowa Facilities Corp., Roy J. And Lucille A. Carver Biomedical Research Building Project Series 2012A, Rev., 3.00%, 6/1/2020		50		50
				538
Other Revenue — 0.0%(b)
Iowa Finance Authority, State Revolving Fund, Green Bonds
Series 2020A, Rev., 5.00%, 8/1/2026		45		57
Rev., 5.00%, 8/1/2027		30		37
Rev., 5.00%, 8/1/2031		30		39
State of Iowa Rev., 4.80%, 8/15/2020		10		10
State of Iowa, Ijobs Program Series 2016A, Rev., 5.00%, 6/1/2023		35		40
State of Iowa, Prison Infrastructure Fund
Rev., 4.00%, 6/15/2020		20		20
Rev., 5.00%, 6/15/2024		200		236
				439
Prerefunded — 0.5%
Iowa Finance Authority, Genesis Health System Rev., 5.00%, 7/1/2026(c)		20		20
Iowa Finance Authority, State Revolving Fund
Rev., 5.00%, 8/1/2026(c)		5,420		5,724
Rev., 5.00%, 8/1/2029(c)		12,905		13,629
Iowa Finance Authority, State Revolving Fund, Green Bonds Series 2016, Rev., 5.00%, 8/1/2028(c)		5,220		6,677
				26,050
Water & Sewer — 0.0%(b)
City of Cedar Rapids, Sewer Series 2019C, Rev., 4.00%, 6/1/2031		25		29
Total Iowa				35,239
Kansas — 0.6%
General Obligation — 0.1%
Butler County, Unified School District No. 385 Andover, School Building GO, 5.00%, 9/1/2034		790		988
City of Overland Park, Internal Improvement Series 2017A, GO, 4.00%, 9/1/2023		35		39
City of Wichita, Airport System Series 2015A, GO, 4.00%, 12/1/2040		25		28
Douglas County Unified School District No. 497 Lawrence, Refunding and Improvement Series 2016-A, GO, 5.00%, 9/1/2020		10		10
Finney County Unified School District No. 457 Garden City Series B, GO, 5.00%, 9/1/2020		15		15
Johnson and Miami Counties Unified School District No. 230 Spring Hills Series 2018-A, GO, 4.00%, 9/1/2033		2,965		3,499
Johnson County Unified School District No. 229 Blue Valley Series 2015B, GO, 5.00%, 10/1/2020		40		41

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Riley County Unified School District No. 383 Manhattan-Ogden
Series 2018A, GO, 5.00%, 9/1/2032		40		51
Series 2018A, GO, 5.00%, 9/1/2034		60		75
Sedgwick County Unified School District No. 266 Maize Series 2015-B, GO, 5.00%, 9/1/2020		50		51
Wyandotte County Unified School District No. 203 Piper
Series A, GO, 5.00%, 9/1/2041		1,000		1,247
Series 2018A, GO, 5.00%, 9/1/2042		30		37
				6,081
Hospital — 0.0%(b)
Kansas Development Finance Authority, Health Facilities, Stormont-Vail Healthcare Series 2011-F, Rev., 5.00%, 11/15/2020		15		15
Other Revenue — 0.0%(b)
Wyandotte County-Kansas City Unified Government, Utility System Series 2014A, Rev., 5.00%, 9/1/2020		30		30
Transportation — 0.5%
Kansas State Department Transportation Highway
Series 2009A, Rev., 5.00%, 9/1/2020		7,000		7,084
Series 2015B, Rev., 5.00%, 9/1/2027		100		120
Series 2015B, Rev., 5.00%, 9/1/2029		5,150		6,159
Series B, Rev., 5.00%, 9/1/2030		8,025		9,584
Series B, Rev., 5.00%, 9/1/2035		4,625		5,426
Kansas Turnpike Authority Series A, Rev., 5.00%, 9/1/2022		3,800		3,845
State of Kansas Department of Transportation
Series 2018A, Rev., 5.00%, 9/1/2023		20		23
Series 2018A, Rev., 5.00%, 9/1/2034		305		371
				32,612
Utility — 0.0%(b)
Wyandotte County-Kansas City Unified Government, Kansas International Speedway Corp. Project Rev., 5.00%, 12/1/2020		30		31
Total Kansas				38,769
Kentucky — 0.6%
Hospital — 0.1%
Kentucky Economic Development Finance Authority, Commonspirit Health
Series A-1, Rev., 5.00%, 8/1/2031		1,250		1,478
Series A-1, Rev., 5.00%, 8/1/2032		1,000		1,171
Series A-1, Rev., 5.00%, 8/1/2035		500		575
Kentucky Economic Development Finance Authority, Owensboro Health, Inc.
Series 2017A, Rev., AGM, 4.00%, 6/1/2037		1,750		1,940
Series A, Rev., 5.00%, 6/1/2037		2,795		2,958
				8,122
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series B, Rev., 5.00%, 8/15/2028		2,885		3,437
Other Revenue — 0.1%
Jefferson County Capital Projects Corp. Series A, Rev., AGM, 4.25%, 6/1/2022		1,000		1,003
Kentucky State Property and Building Commission, Project No. 101 Rev., 5.00%, 10/1/2020		15		15
Kentucky State Property and Building Commission, Project No. 84 Rev., NATL-RE, 5.00%, 8/1/2020		15		15
Kentucky State Property and Buildings Commission, Project No. 84
Rev., NATL-RE, 5.00%, 8/1/2021		1,000		1,046
Rev., NATL-RE, 5.00%, 8/1/2022		1,175		1,274
				3,353
Prerefunded — 0.1%
Kentucky Turnpike Authority, Economic Development Road, Revitalization Projects Series A, Rev., 5.00%, 7/1/2027(c)		5,145		5,393

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Utility — 0.2%
Kentucky Public Energy Authority, Gas Supply
Series A, Rev., 4.00%, 4/1/2024(d)		6,450		6,919
Series 2019C, Rev., 4.00%, 2/1/2028(d)		10,300		11,439
				18,358
Total Kentucky				38,663
Louisiana — 0.6%
Education — 0.0%(b)
Louisiana Public Facilities Authority, Tulane University Project Series 2016A, Rev., 5.00%, 12/15/2027		160		189
Louisiana Public Facilities Authority, University Of New Orleans Research And Technology Foundation Inc., Student Housing Project Rev., AGM, 3.00%, 9/1/2020		10		10
Louisiana State University, Agricultural and Mechanical College, Auxiliary Facilities System Rev., 3.75%, 7/1/2036		75		77
				276
General Obligation — 0.4%
State of Louisiana
Series 2012A, GO, 5.00%, 8/1/2020		25		25
Series 2012C, GO, 5.00%, 7/15/2022		15		16
Series A, GO, 5.00%, 2/1/2023		25		28
Series 2019A, GO, 5.00%, 3/1/2035		13,000		16,606
Series 2019A, GO, 5.00%, 3/1/2038		3,470		4,399
				21,074
Housing — 0.0%(b)
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 — 0.1%
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Facilities Corporation Project Rev., Zero Coupon, 10/1/2020		25		25
Parish of East Baton Rouge, Road and Street Improvement Sales Tax
Rev., AGC, 5.00%, 8/1/2020		4,270		4,285
Rev., AGC, 5.00%, 8/1/2021		2,125		2,133
State of Louisiana Series 2019A, Rev., GAN, 5.00%, 9/1/2022		30		33
				6,476
Utility — 0.0%(b)
City of Alexandria, Utilities Series 2013A, Rev., 5.00%, 5/1/2043		1,400		1,518
Water & Sewer — 0.1%
City of Shreveport, Water and Sewer, Junior Lien
Series 2018C, Rev., 5.00%, 12/1/2023		370		427
Series C, Rev., 5.00%, 12/1/2024		510		608
Series 2018C, Rev., 5.00%, 12/1/2025		835		1,021
Series 2018C, Rev., 5.00%, 12/1/2026		500		628
Series 2018C, Rev., 5.00%, 12/1/2028		400		524
Series 2019B, Rev., AGM, 5.00%, 12/1/2029		300		391
Series C, Rev., 5.00%, 12/1/2029		1,500		1,954
Series 2019B, Rev., AGM, 5.00%, 12/1/2030		500		645
Series 2016B, Rev., 5.00%, 12/1/2031		75		92
Series 2019B, Rev., AGM, 5.00%, 12/1/2031		500		641
Series 2019B, Rev., AGM, 5.00%, 12/1/2032		445		566
Series 2019B, Rev., AGM, 4.00%, 12/1/2033		325		384
				7,881
Total Louisiana				37,233
Maine — 0.0%(b)
Education — 0.0%(b)
University of Maine
Rev., AGM, 5.00%, 3/1/2021		25		26
Rev., AGM, 4.00%, 3/1/2027		100		114
				140
General Obligation — 0.0%(b)
City of Portland GO, 5.00%, 4/1/2024		25		29
Hospital — 0.0%(b)
Maine Health and Higher Educational Facilities Authority, Bates College Issue Rev., 3.00%, 7/1/2020		10		10
Maine Health and Higher Educational Facilities Authority, Houlton Regal Hospital Series 2015A, Rev., 5.00%, 7/1/2020		10		10

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Maine Health and Higher Educational Facilities Authority, John F Murphy Homes Inc. Series 2019B, Rev., 4.00%, 7/1/2036		25		29
Maine Health and Higher Educational Facilities Authority, Medical Center Rev., 5.00%, 7/1/2020		15		15
				64
Other Revenue — 0.0%(b)
Maine Governmental Facilities Authority, Lease Rental Series 2018A, Rev., 4.00%, 10/1/2020		10		10
Maine Municipal Bond Bank
Series 2014C, Rev., 5.00%, 11/1/2020		15		15
Series C, Rev., 5.00%, 11/1/2034		660		827
				852
Transportation — 0.0%(b)
Maine Municipal Bond Bank, Transcap Program Series 2015A, Rev., 5.00%, 9/1/2024		70		83
Maine Turnpike Authority Rev., 5.00%, 7/1/2020		10		10
				93
Total Maine				1,178
Maryland — 4.7%
Certificate of Participation/Lease — 0.2%
Baltimore County, Equipment Acquisition Program Series 2019, COP, 5.00%, 3/1/2027		9,585		12,225
Education — 0.0%(b)
Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue
Rev., 4.00%, 7/1/2035		1,000		1,101
Rev., 4.00%, 7/1/2036		1,000		1,098
University System of Maryland, Auxiliary Facility and Tuition, Tax-Exempt Series 2014A, Rev., 5.00%, 4/1/2021		20		21
				2,220
General Obligation — 3.8%
Baltimore County, Consolidated Public Improvement
GO, 5.00%, 8/1/2026		1,400		1,713
GO, 5.00%, 3/1/2028		4,930		6,508
GO, 5.00%, 3/1/2029		5,540		7,279
GO, 5.00%, 3/1/2030		6,335		8,275
Baltimore County, Metropolitan District
GO, 5.00%, 11/1/2024		25		30
GO, 5.00%, 3/1/2027		4,830		6,215
GO, 5.00%, 3/1/2029		5,500		7,226
GO, 5.00%, 3/1/2030		5,665		7,401
GO, 5.00%, 3/1/2031		6,125		7,955
City of Baltimore, Consolidated Public Improvement Series 2017B, GO, 5.00%, 10/15/2027		2,000		2,610
County of Anne Arundel, General Improvements
GO, 5.00%, 4/1/2025		3,000		3,657
GO, 5.00%, 4/1/2026		4,300		5,211
GO, 5.00%, 10/1/2026		6,285		8,003
GO, 5.00%, 10/1/2027		6,000		7,852
GO, 5.00%, 10/1/2034		3,375		4,158
GO, 5.00%, 10/1/2035		2,395		2,941
GO, 5.00%, 10/1/2037		3,400		4,151
County of Anne Arundel, Water and Sewer
GO, 5.00%, 10/1/2026		2,260		2,877
GO, 5.00%, 10/1/2027		2,260		2,958
GO, 5.00%, 10/1/2034		1,875		2,310
GO, 5.00%, 10/1/2035		1,925		2,364
County of Charles, Consolidated Public Improvement GO, 5.00%, 11/1/2023		25		29
County of Charles, Public Improvement GO, 5.00%, 10/1/2025		2,995		3,711
County of Frederick, Public Facilities GO, 4.00%, 8/1/2020		50		50
County of Howard, Consolidated Public Improvement
Series 2018A, GO, 5.00%, 2/15/2027		5,435		7,005
Series A, GO, 5.00%, 2/15/2029		6,605		8,716
Series D, GO, 5.00%, 2/15/2030		4,780		6,275
Series 2017D, GO, 4.00%, 2/15/2032		40		48
County of Howard, Metropolitan District Project Series 2017C, GO, 5.00%, 2/15/2025		25		30
County of Prince George’s, Public Improvement Series 2018A, GO, 5.00%, 7/15/2029		10		13
Montgomery County, Consolidated Public Improvement
Series 2017C, GO, 5.00%, 10/1/2026		5,000		6,376
Series A, GO, 5.00%, 11/1/2026		4,150		5,306

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
State of Maryland, State and Local Facilities Loan of 2013 Series A, GO, 5.00%, 8/1/2020		100		101
State of Maryland, State and Local Facilities Loan of 2015
Series 2017A, GO, 5.00%, 3/15/2024		40		47
Series 2018A, GO, 5.00%, 3/15/2030		150		197
State of Maryland, State and Local Facilities Loan of 2017
Series B, GO, 5.00%, 8/1/2024		3,120		3,723
Series 2017B, GO, 5.00%, 8/1/2026		40		51
Series A, GO, 5.00%, 3/15/2028		5,280		6,797
Series A, GO, 4.00%, 3/15/2030		22,225		26,686
Series A, GO, 5.00%, 3/15/2031		1,920		2,437
State of Maryland, State and Local Facilities Loan of 2018
Series 2018A, GO, 5.00%, 3/15/2026		10,015		12,587
Series 2018B, GO, 5.00%, 8/1/2026		25		32
Series A, GO, 5.00%, 3/15/2029		4,225		5,586
State of Maryland, State and Local Facilities Loan of 2020 Series 2020A, GO, 5.00%, 3/15/2033		18,175		24,690
				222,187
Hospital — 0.0%(b)
Maryland Health & Higher Educational Facilities Authority, The Johns Hopkins University Issue Series 2013B, Rev., 5.00%, 7/1/2020		65		65
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2017A, Rev., 5.00%, 5/15/2045		1,205		1,361
				1,426
Other Revenue — 0.3%
City of Baltimore, Wastewater Projects Series 2017A, Rev., 5.00%, 7/1/2041		13,845		16,361
County of Montgomery, Department of Liquor Control Series 2019A, Rev., 5.00%, 4/1/2027		75		96
Maryland Stadium Authority, Construction and Revitalization Program Series 2018A, Rev., 5.00%, 5/1/2021		65		68
				16,525
Prerefunded — 0.1%
State of Maryland, State and Local Facilities Loan of 2015
Series 2015A, GO, 5.00%, 8/1/2024(c)		505		581
Series A, GO, 5.00%, 3/1/2026(c)		4,625		5,227
				5,808
Transportation — 0.3%
Maryland State Transportation Authority Rev., 5.00%, 7/1/2020		40		40
Maryland State Transportation Authority, Transportation Facilities Projects, Tax-Exempt Series 2010A, Rev., 5.00%, 7/1/2020		10		10
State of Maryland Department of Transportation
Rev., 5.00%, 10/1/2025		14,645		18,104
Rev., 5.00%, 10/1/2027		2,000		2,530
				20,684
Water & Sewer — 0.0%(b)
City of Baltimore, Subordinate and Water Projects Series 2014A, Rev., 5.00%, 7/1/2020		10		10
City of Baltimore, Wastewater Projects
Series 2017B, Rev., 3.00%, 7/1/2021		25		26
Series D, Rev., 5.00%, 7/1/2021		40		42
Washington Suburban Sanitary Commission, Consolidated Public Improvement
Rev., GTD, 5.00%, 6/1/2024		65		77
Rev., GTD, 4.00%, 6/1/2025		40		47
Rev., GTD, 5.00%, 6/1/2030		25		34
				236
Total Maryland				281,311
Massachusetts — 3.8%
Education — 0.3%
Massachusetts Development Finance Agency, Boston College Issue
Series 2013S, Rev., 5.00%, 7/1/2020		15		15
Series 2020U, Rev., 5.00%, 7/1/2033		645		912
Series 2020U, Rev., 5.00%, 7/1/2034		1,285		1,844
Series 2020U, Rev., 5.00%, 7/1/2035		1,370		1,989
Series 2020U, Rev., 5.00%, 7/1/2036		1,410		2,070

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Massachusetts Development Finance Agency, Harvard University Issue
Series 2016A, Rev., 5.00%, 7/15/2020		200		201
Series 2020A, Rev., 5.00%, 10/15/2027		525		693
Massachusetts Development Finance Agency, Suffolk University
Rev., 5.00%, 7/1/2029		440		501
Rev., 5.00%, 7/1/2030		720		813
Rev., 5.00%, 7/1/2031		620		694
Rev., 5.00%, 7/1/2032		770		853
Rev., 5.00%, 7/1/2033		800		878
Rev., 5.00%, 7/1/2034		550		602
Massachusetts Health and Educational Facilities Authority, Institute of Technology Series M, Rev., 5.25%, 7/1/2025		4,070		5,064
Massachusetts State College Building Authority Series 2016A, Rev., 4.00%, 5/1/2021		65		67
University of Massachusetts Building Authority Series 2019-1, Rev., 5.00%, 5/1/2035		105		135
				17,331
General Obligation — 1.5%
City of Westfield, Municipal Purpose Loan GO, 5.00%, 10/15/2022		25		28
City of Westfield, St. Qualified Municipal Purpose Loan of 2014 GO, 5.00%, 3/1/2024		20		23
City of Woburn GO, 5.00%, 7/15/2027		45		59
Commonwealth of Massachusetts
Series 2019A, GO, 5.00%, 7/1/2020		100		100
Series C, GO, 5.00%, 7/1/2020		65		65
Series B, GO, 5.25%, 8/1/2021		20		21
Series 2017D, GO, 5.00%, 7/1/2023		110		126
Series 2006B, GO, AGM, 5.25%, 9/1/2023		15		17
Series C, GO, 5.00%, 10/1/2023		65		75
Series 2004C, GO, AMBAC, 5.50%, 12/1/2023		90		106
Series 2016B, GO, 5.00%, 7/1/2024		100		119
Series 2019A, GO, 5.00%, 7/1/2024		60		71
Series 2017D, GO, 5.00%, 7/1/2025		100		123
Series 2016B, GO, 4.00%, 7/1/2026		90		108
Series 2016A, GO, 5.00%, 7/1/2026		45		57
Series 2018B, GO, 5.00%, 7/1/2026		45		57
Series 2019A, GO, 5.00%, 1/1/2027		25		32
Series 2017D, GO, 5.00%, 7/1/2027		45		58
Series 2018B, GO, 5.00%, 7/1/2027		50		65
Series A, GO, 5.00%, 7/1/2027		25		32
Series 2019E, GO, 3.00%, 12/1/2027		260		302
Series 2015D, GO, 4.00%, 9/1/2029		9,460		10,975
Series A, GO, 5.00%, 3/1/2031		2,250		2,597
Series A, GO, 5.00%, 3/1/2032		1,000		1,150
Series A, GO, 5.00%, 7/1/2036		3,535		4,196
Series 2012B, GO, 4.00%, 6/1/2042		425		426
Commonwealth of Massachusetts, Consolidated Loan of 2004 Series B, GO, 5.25%, 8/1/2023		10,000		11,565
Commonwealth of Massachusetts, Consolidated Loan of 2006 Series E, GO, AMBAC, 5.00%, 11/1/2025		5,000		6,205
Commonwealth of Massachusetts, Consolidated Loan of 2010 Series 2010-B, GO, 3.25%, 6/1/2020		50		50
Commonwealth of Massachusetts, Consolidated Loan of 2014 Series 7, GO, 5.00%, 7/1/2024		40		48
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039		13,125		14,994
Commonwealth of Massachusetts, Consolidated Loan of 2017
Series B, GO, 5.00%, 4/1/2023		25		28
Series A, GO, 5.00%, 4/1/2032		9,145		11,523
Series 2017A, GO, 5.00%, 4/1/2033		10,000		12,533
Series 2017D, GO, 5.00%, 2/1/2036		40		49

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Commonwealth of Massachusetts, Consolidated Loan of 2018
Series 2018E, GO, 5.00%, 9/1/2025		50		62
Series B, GO, 5.00%, 1/1/2027		10,000		12,808
Series 2018A, GO, 5.00%, 1/1/2040		35		44
Commonwealth of Massachusetts, Consolidated Loan of 2020 Series 2020A, GO, 5.00%, 3/1/2023		20		23
Essex North Shore Agricultural and Technical School District, State Qualified School Bonds GO, 4.00%, 6/1/2043		35		38
Groton-Dunstable Regional School District GO, 2.00%, 8/1/2020		100		100
Quaboag Regional School District GO, 3.00%, 7/15/2020		85		85
Town of Longmeadow GO, 5.00%, 6/1/2025		25		31
Town of Middleborough, Municipal Purpose Loan GO, 4.00%, 10/1/2023		25		28
Town of Sharon, Municipal Purpose Loan GO, 5.00%, 2/15/2026		220		273
Town of South Hadley, Municipal Purpose Loan Series 2017A, GO, 4.00%, 6/15/2022		40		43
Town of Southwick, Municipal Purpose Loan GO, 5.00%, 12/15/2028		25		33
Town of Stoughton, Municipal Purpose Loan
GO, 5.00%, 10/15/2022		35		39
GO, 4.00%, 10/15/2038		50		57
Town of Westwood GO, 4.00%, 6/1/2020		10		10
				91,657
Hospital — 0.0%(b)
Massachusetts Development Finance Agency, Covenant Health Systems Obligated Group Issue Rev., 4.00%, 7/1/2020		15		15
Massachusetts Development Finance Agency, Partners Healthcare System Issue Series 2017S-1, Rev., 5.00%, 7/1/2021		25		26
				41
Other Revenue — 0.2%
Massachusetts Bay Transportation Authority, Sales Tax
Series 2003A, Rev., 5.25%, 7/1/2021		100		106
Rev., BAN, 4.00%, 12/1/2021		90		95
Series 2004A, Rev., 5.50%, 7/1/2024		25		30
Series 2017A-2, Rev., 5.00%, 7/1/2027		25		32
Series 2005A, Rev., 5.00%, 7/1/2028		25		33
Massachusetts Bay Transportation Authority, Senior Sales Tax
Series 2014A, Rev., 5.00%, 7/1/2023		25		29
Series 2015A, Rev., 5.00%, 7/1/2027		25		30
Massachusetts Development Finance Agency Series 2020A-2, Rev., 5.00%, 7/1/2029		75		98
Massachusetts Development Finance Agency, Caregroup Issue Series 2015H-1, Rev., 5.00%, 7/1/2020		40		40
Massachusetts School Building Authority, Sales Tax
Series 2012B, Rev., 4.00%, 8/15/2020		100		101
Series B, Rev., 5.00%, 8/15/2028		10,000		10,967
Massachusetts School Building Authority, Senior Sales Tax Series 2015B, Rev., 5.00%, 1/15/2025		40		48
				11,609
Prerefunded — 1.0%
Commonwealth of Massachusetts Series 2012B, GO, 5.00%, 6/1/2025(c)		65		65
Commonwealth of Massachusetts, Consolidated Loan of 2011 Series D, GO, 5.00%, 10/1/2024(c)		11,890		12,653
Commonwealth of Massachusetts, Consolidated Loan of 2014
Series F, GO, 5.00%, 11/1/2026(c)		10,000		11,158
Series F, GO, 5.00%, 11/1/2027(c)		32,950		36,765
Commonwealth of Massachusetts, Federal Highway Grant Anticipation Notes, Accelerated Bridge Programs Series 2013A, Rev., GAN, 5.00%, 6/15/2027(c)		20		22
				60,663

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Transportation — 0.7%
Commonwealth of Massachusetts Transportation Fund
Series 2016A, Rev., 5.00%, 6/1/2025		60		73
Series 2016A, Rev., 5.00%, 6/1/2027		15		19
Commonwealth of Massachusetts Transportation Fund, Rail Enhancement and Accelerated Bridge Programs Series 2016A, Rev., 5.00%, 6/1/2020		10		10
Commonwealth of Massachusetts, Federal Highway Grant Anticipation Notes, Accelerated Bridge Programs Series 2014A, Rev., GAN, 5.00%, 6/15/2027		100		117
Massachusetts Bay Transportation Authority
Series A, Rev., 5.25%, 7/1/2025		2,250		2,789
Series A, Rev., 5.25%, 7/1/2027		10,530		13,806
Series A, Rev., 5.25%, 7/1/2029		5,000		6,894
Series A, Rev., 5.00%, 7/1/2031		1,255		1,757
Series A-1, Rev., 5.25%, 7/1/2033		5,000		7,313
Massachusetts Bay Transportation Authority, Sales Tax
Series 2010C, Rev., 5.00%, 7/1/2020		200		201
Series B, Rev., NATL-RE, 5.50%, 7/1/2026		5		6
Massachusetts Port Authority
Series C, Rev., 5.00%, 7/1/2020		100		100
Series 2012-B, Rev., 5.00%, 7/1/2021(c)		60		63
Massachusetts Transportation Trust Fund Metropolitan Highway System
Series 2019A, Rev., 5.00%, 1/1/2030		5,000		6,510
Series 2019C, Rev., 5.00%, 1/1/2035		40		52
Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured Series A, Rev., 5.00%, 1/1/2028		3,765		4,909
				44,619
Water & Sewer — 0.1%
Boston Water and Sewer Commission, Senior General Series A, Rev., 5.00%, 11/1/2027		25		32
Massachusetts Clean Water Trust (The), Pool Program Rev., 5.25%, 8/1/2020		235		237
Massachusetts Clean Water Trust (The), State Revolving Fund, Green Bond
Series 21, Rev., 5.00%, 8/1/2031		110		145
Series 22, Rev., 5.00%, 8/1/2033		25		33
Massachusetts Water Resources Authority
Series 2010A, Rev., 4.00%, 8/1/2020(c)		10		10
Series C, Rev., 4.00%, 8/1/2020(c)		15		15
Series B, Rev., AGM, 5.25%, 8/1/2023		20		23
Series B, Rev., AGM, 5.25%, 8/1/2024		3,110		3,734
Series B, Rev., AGM, 5.25%, 8/1/2027		140		185
Series C, Rev., 5.00%, 8/1/2030		55		71
Series B, Rev., AGM, 5.25%, 8/1/2036		20		30
				4,515
Total Massachusetts				230,435
Michigan — 1.3%
Education — 0.1%
Central Michigan University Rev., 5.00%, 10/1/2020		325		329
Michigan State University Series 2019B, Rev., 5.00%, 2/15/2030		100		130
Michigan Strategic Fund, Community Colleges Skilled Trades Equipment Program Rev., 5.00%, 3/1/2025		315		378
Michigan Technological University Series 2012A, Rev., 5.00%, 10/1/2020		30		30
Regents of the University of Michigan
Rev., 5.00%, 4/1/2031		15		19
Rev., 5.00%, 4/1/2033		2,190		2,671
University of Michigan
Rev., 5.00%, 4/1/2028		25		31
Series 2019A, Rev., 5.00%, 4/1/2029		25		34
				3,622

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
General Obligation — 0.4%
Bath Community Schools Series 2016, GO, Q-SBLF, 4.00%, 5/1/2025		100		116
Bendle Public School District, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2035		40		44
Birmingham City School District, Unlimited Tax GO, 5.00%, 11/1/2020		10		10
Cadillac Area Public Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2041		45		57
Caledonia Community Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2044		70		74
Charter Township of Meridian, Unlimited Tax GO, 5.00%, 10/1/2023		30		35
City of Troy, Limited Tax GO, 5.25%, 11/1/2029		1,005		1,075
Counties of Oakland and Livingston, Huron Valley School District GO, Q-SBLF, 5.00%, 5/1/2023		4,900		5,108
County of Genesee, Water Supply System GO, 5.00%, 2/1/2024		90		104
Dansville Schools, Unlimited Tax, School Building and Site Bonds GO, Q-SBLF, 4.00%, 5/1/2039		25		28
Forest Hills Public Schools, Unlimited Tax GO, 5.00%, 5/1/2023		20		23
Grand Rapids Community College GO, 5.00%, 5/1/2023		1,305		1,423
Grand Rapids Public Schools
Series 2019, GO, AGM, 5.00%, 11/1/2030		1,350		1,782
Series 2019, GO, AGM, 5.00%, 11/1/2032		1,500		1,950
Series 2019, GO, AGM, 5.00%, 11/1/2034		1,045		1,347
Series 2019, GO, AGM, 5.00%, 11/1/2035		1,500		1,925
Grosse Pointe Public School System, School Building and Site GO, 5.00%, 5/1/2035		45		58
Hartford Public Schools, Unlimited Tax, Building and Site GO, Q-SBLF, 4.00%, 5/1/2037		35		38
Holland School District GO, AGM, 4.00%, 5/1/2035		25		27
Holt Public Schools, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2028		45		59
GO, Q-SBLF, 5.00%, 5/1/2030		225		305
Hudsonville Public Schools, Building and Site Bonds, Unlimited Tax Series 2020-I, GO, Q-SBLF, 5.00%, 5/1/2031		25		34
Huron School District, Building and Site Bonds, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2044		35		44
Lake Orion Community School District, School Building and Site, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2022		125		133
Lakeview School District, School Building GO, Q-SBLF, 5.00%, 5/1/2022		90		98
Lansing Community College, Building and Site
GO, 5.00%, 5/1/2030		600		778
GO, 5.00%, 5/1/2032		635		813
Lansing Community College, College Building and Site, Limited Tax GO, 5.00%, 5/1/2029		60		78
Lapeer Community Schools Series 2016, GO, Q-SBLF, 5.00%, 5/1/2024		15		18
Lawrence Public Schools Series 2015, GO, Q-SBLF, 4.00%, 5/1/2026		30		34
Meridian Public School District, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2043		40		49
North Branch Area Schools GO, Q-SBLF, 5.00%, 5/1/2023		20		23
Novi Community School District, School Building and Site Bonds, Unlimited Tax Series 2020-I, GO, 5.00%, 5/1/2030		30		41
Plymouth-Canton Community School District, School Building and Site Bonds Series 2015B, GO, AGM, 4.00%, 5/1/2035		50		56

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Roseville Community Schools County of Macomb, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2028		25		33
South Lyon Community Schools, School Building and Site GO, 4.00%, 5/1/2038		25		27
State of Michigan, Environmental Program
Series 2016A, GO, 5.00%, 12/1/2023		20		23
Series A, GO, 5.00%, 12/1/2028		4,300		5,143
Utica Community Schools, Building and Site GO, Q-SBLF, 5.00%, 5/1/2028		25		33
Warren Consolidated Schools, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2034		25		29
Waterford School District, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2032		40		45
West Ottawa Public Schools, School Building and Site Series 2014-1, GO, 5.00%, 5/1/2022		75		82
				23,202
Hospital — 0.3%
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series C, Rev., 3.75%, 5/15/2026(d)		21,000		23,972
Michigan Finance Authority, Henry Ford Health System
Rev., 5.00%, 11/15/2020		15		15
Rev., 5.00%, 11/15/2023		510		572
Michigan Finance Authority, Trinity Health Credit Group
Series 2015MI, Rev., 5.00%, 12/1/2020		125		128
Series 2017MI, Rev., 5.00%, 12/1/2027		50		61
Series 2017A-MI, Rev., 5.00%, 12/1/2029		125		152
Series 2017A-MI, Rev., 5.00%, 12/1/2035		130		154
Series 2016MI, Rev., 5.25%, 12/1/2041		475		548
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027		50		59
				25,661
Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
Michigan Strategic Fund, Detroit Pollution Fund, Limited Obligation Series BB, Rev., AMBAC, 7.00%, 5/1/2021		1,170		1,239
Other Revenue — 0.1%
Macomb Interceptor Drain Drainage District, Limited Tax GTD, 5.00%, 5/1/2028		85		112
Michigan Strategic Fund, Holland Home Obligated Group
Rev., 4.00%, 11/15/2020		200		200
Rev., 4.00%, 11/15/2021		175		175
Rev., 4.00%, 11/15/2022		185		185
Rev., 4.00%, 11/15/2023		185		184
Rev., 4.00%, 11/15/2024		585		581
Rev., 5.00%, 11/15/2029		1,700		1,775
				3,212
Prerefunded — 0.1%
Hudsonville Public Schools, School Building and Site GO, Q-SBLF, 5.25%, 5/1/2025(c)		1,250		1,304
Lansing Board of Water and Light, Utility Systems
Series A, Rev., 5.00%, 7/1/2026(c)		1,000		1,052
Series A, Rev., 5.50%, 7/1/2041(c)		1,000		1,058
Michigan Finance Authority, Trinity Health Credit Group Rev., 5.00%, 12/1/2031(c)		1,000		1,071
				4,485
Transportation — 0.1%
Ottawa County Board of County Road Commissioners Rev., 5.00%, 8/1/2025		25		31
State of Michigan, Trunk Line Fund
Rev., 5.00%, 11/15/2025		1,150		1,229
Rev., 5.00%, 11/15/2026		610		651
Rev., 5.00%, 11/15/2027		1,035		1,103
Rev., 5.00%, 11/15/2030		2,185		2,327
				5,341
Water & Sewer — 0.2%
City of Grand Rapids, Sanitary Sewer System
Series A, Rev., AGM-CR, BHAC-CR, FGIC, 5.50%, 1/1/2022		2,175		2,302
Rev., 5.00%, 1/1/2023		1,670		1,867
Rev., 5.00%, 1/1/2026		25		31
Rev., 5.00%, 1/1/2027		400		494

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Rev., 5.00%, 1/1/2028		325		400
Rev., 5.00%, 1/1/2029		350		431
Rev., 5.00%, 1/1/2032		750		916
Rev., 5.00%, 1/1/2033		1,400		1,704
Rev., 5.00%, 1/1/2036		25		31
Rev., 5.00%, 1/1/2038		35		43
City of Grand Rapids, Sanitary Sewer System Improvement
Rev., 5.00%, 1/1/2031		345		466
Rev., 5.00%, 1/1/2032		400		536
Rev., 5.00%, 1/1/2033		345		459
Rev., 5.00%, 1/1/2035		105		138
Rev., 5.00%, 1/1/2036		160		210
Rev., 4.00%, 1/1/2037		500		609
Rev., 4.00%, 1/1/2038		500		607
Rev., 4.00%, 1/1/2039		700		847
Rev., 4.00%, 1/1/2040		1,000		1,207
Michigan Finance Authority, Detroit Water and Sewerage Department Water Supply System Revenue Refunding Local Project, Senior Lien Series 2014D-4, Rev., 5.00%, 7/1/2034		50		56
North Kent Sewer Authority, Limited Tax of Constituent Municipalities Rev., 4.00%, 11/1/2020		20		20
				13,374
Total Michigan				80,136
Minnesota — 0.7%
Certificate of Participation/Lease — 0.0%(b)
Duluth Independent School District No. 709
Series 2019B, COP, 5.00%, 2/1/2023		190		211
Series 2019B, COP, 5.00%, 2/1/2024		215		247
Series 2019B, COP, 5.00%, 2/1/2025		190		225
Series 2019B, COP, 5.00%, 2/1/2026		200		243
Series 2019B, COP, 5.00%, 2/1/2027		185		230
Series 2019B, COP, 5.00%, 2/1/2028		175		223
Lakeville Independent School District No. 194, Lakeville Area Public Schools Series 2020B, COP, 4.00%, 4/1/2026		140		162
				1,541
Education — 0.0%(b)
Minnesota Higher Education Facilities Authority, Carleton College Rev., 5.00%, 3/1/2027		725		920
Minnesota State Colleges And Universities Foundation Series 2013A, Rev., 4.00%, 10/1/2020		25		25
				945
General Obligation — 0.5%
Big Lake Independent School District No. 727 Series 2020A, GO, 4.00%, 2/1/2027		400		484
Cass Lake-Bena Independent School District No. 115, Credit Enhancement Program Series 2019A, GO, 5.00%, 2/1/2027		1,515		1,927
Circle Pines Independent School District No. 12
Series 2015A, GO, Zero Coupon, 2/1/2022		650		647
Series 2015A, GO, Zero Coupon, 2/1/2023		800		792
City of Big Lake, General Improvement Series 2018A, GO, 3.00%, 2/1/2024		140		152
City of Brainerd Series 2016A, GO, 5.00%, 10/1/2024		10		12
City of Brooklyn Park Series 2018A, GO, 5.00%, 2/1/2026		1,005		1,250
City of Hastings Series 2019A, GO, 5.00%, 2/1/2030		70		91
City of Marshall Series B, GO, 5.00%, 2/1/2023		1,170		1,314
City of New Hope, Capital Improvement Plan Series 2017A, GO, 5.00%, 2/1/2026		10		12
City of Savage Series 2019A, GO, 4.00%, 2/1/2029		25		30
City of St. Paul, Public Safety Project Series 2017B, GO, 4.00%, 12/1/2022		65		71
Clearbrook-Gonvick Independent School District No. 2311 Series 2019A, GO, 5.00%, 2/1/2024		120		140
County of Clay, Capital Improvement Plan Series 2017B, GO, 5.00%, 2/1/2027		210		267
County of Douglas
Series 2019B, GO, 5.00%, 2/1/2026		390		482
Series 2019B, GO, 5.00%, 2/1/2028		505		658

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
County of Hennepin Series 2017C, GO, 5.00%, 12/1/2023		20		23
County of McLeod
Series 2019A, GO, 5.00%, 2/1/2027		195		249
Series 2019A, GO, 5.00%, 2/1/2028		255		335
Farmington Independent School District No. 192 Series A, GO, 5.00%, 2/1/2025		3,070		3,580
Hutchinson Independent School District No. 423, School Building Series 2016A, GO, 5.00%, 2/1/2026		10		12
Itasca County Independent School District No. 318, School Building, Minnesota School District Credit Enhancement Program Series 2018A, GO, 5.00%, 2/1/2030		1,400		1,766
Kasson and Mantorville Independent School District No. 204, School Building Series A, GO, 5.00%, 2/1/2021		40		41
Mahnomen Independent School District No. 432 Series A, GO, 2.00%, 2/1/2029		25		26
Minneapolis Special School District No. 1, Credit Enhancement Program
Series 2018B, GO, 5.00%, 2/1/2025		2,160		2,604
Series A, GO, 5.00%, 2/1/2025		2,965		3,576
Osseo Independent School District No. 279, MN SD Credit Enhancement Program Series 2016A, GO, 4.00%, 2/1/2026		150		178
Robbinsdale Independent School District No. 281
Series 2019B, GO, 5.00%, 2/1/2024		1,135		1,322
Series 2019B, GO, 5.00%, 2/1/2025		115		138
Series 2019B, GO, 5.00%, 2/1/2028		975		1,266
Spring Lake Park Independent School District No. 16, MN School District Credit Enhancement Program Series 2016A, GO, 4.00%, 2/1/2026		100		118
St. Paul Independent School District No. 625, Minnesota School District Credit Enhancement Program Series 2018A, GO, 5.00%, 2/1/2021		25		26
State of Minnesota, Trunk Highway
Series E, GO, 5.00%, 8/1/2020		40		41
Series B, GO, 5.00%, 8/1/2021		25		26
State of Minnesota, Various Purpose
GO, 5.00%, 8/1/2020(c)		175		176
Series 2015D, GO, 5.00%, 8/1/2020		125		126
Series 2013D, GO, 5.00%, 10/1/2021		25		27
Series 2015A, GO, 5.00%, 8/1/2024		2,000		2,386
Series 2017A, GO, 5.00%, 10/1/2029		65		84
Series 2019A, GO, 5.00%, 8/1/2035		30		40
				26,495
Hospital — 0.2%
City of Minneapolis, Health Care System, Fairview Health Services
Series A, Rev., 4.00%, 11/15/2037		6,230		6,534
Series A, Rev., 4.00%, 11/15/2038		750		784
Series 2018A, Rev., 4.00%, 11/15/2048		2,000		2,055
Series A, Rev., 5.00%, 11/15/2049		1,000		1,123
				10,496
Other Revenue — 0.0%(b)
City of Minneapolis, YMCA of the Greater Twin Cities Project Rev., 3.00%, 6/1/2020		35		35
Prerefunded — 0.0%(b)
Western Minnesota Municipal Power Agency, Power Supply Series 2014A, Rev., 5.00%, 1/1/2046(c)		25		29
Transportation — 0.0%(b)
Minneapolis-St Paul Metropolitan Airports Commission, Subordinate Airport
Series 2019C, Rev., 5.00%, 1/1/2026		100		120
Series A, Rev., 5.00%, 1/1/2026		25		30
Series A, Rev., 5.00%, 1/1/2027		85		104
Series A, Rev., 5.00%, 1/1/2032		35		41
Series 2019A, Rev., 5.00%, 1/1/2034		50		61
				356

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Utility — 0.0%(b)
Minnesota Municipal Power Agency Series 2014A, Rev., 5.00%, 10/1/2024		10		12
Total Minnesota				39,909
Mississippi — 1.1%
Education — 0.1%
Mississippi Development Bank, Northwest Mississippi Community College Improvement Project
Rev., 4.00%, 3/1/2032		200		238
Rev., 4.00%, 3/1/2033		205		242
Rev., 4.00%, 3/1/2034		230		270
Rev., 4.00%, 3/1/2035		200		233
Rev., 4.00%, 3/1/2036		500		580
Rev., 4.00%, 3/1/2037		730		840
Rev., 4.00%, 3/1/2038		825		946
Rev., 4.00%, 3/1/2039		560		640
Rev., 4.00%, 3/1/2045		2,580		2,890
Mississippi State University Educational Building Corp., Mississippi State Institutions of Higher Learning Series 2017A, Rev., 5.00%, 8/1/2028		25		32
University of Southern Mississippi (The), S.M. Educational Building Corp., Facilities Refinancing Project Rev., 5.00%, 9/1/2023		125		143
				7,054
General Obligation — 0.8%
City of Tupelo
Series 2019, GO, 4.00%, 12/1/2024		165		190
Series 2019, GO, 4.00%, 12/1/2025		150		176
Series 2019, GO, 4.00%, 12/1/2027		475		580
Series 2019, GO, 4.00%, 12/1/2030		545		664
Oxford School District GO, 4.00%, 5/1/2022		10		11
State of Mississippi
Series A, GO, 5.00%, 11/1/2030		1,250		1,564
Series A, GO, 5.00%, 11/1/2031		2,750		3,426
Series 2019B, GO, 5.00%, 10/1/2033		30		40
Series A, GO, 5.00%, 11/1/2034		7,595		9,356
Series A, GO, 4.00%, 11/1/2036		5,030		5,745
Series A, GO, 4.00%, 11/1/2038		21,155		24,027
				45,779
Hospital — 0.1%
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Care Corp. Series 2020A-2, Rev., 1.98%, 9/1/2020(d)		4,500		4,500
Other Revenue — 0.1%
Mississippi Development Bank
Series 2010C, Rev., 5.00%, 8/1/2021		25		25
Rev., 5.00%, 8/1/2025		35		41
Rev., 5.00%, 1/1/2026		35		42
Rev., 3.50%, 6/1/2042		450		488
Mississippi Development Bank, Mississippi General Obligation Bond Project Rev., 4.00%, 3/1/2025		100		113
Mississippi Development Bank, Rankin County Project Rev., 5.00%, 3/1/2023		30		34
State of Mississippi
Series 2019A, Rev., 5.00%, 10/15/2025		1,005		1,158
Series 2019A, Rev., 5.00%, 10/15/2026		1,500		1,748
				3,649
Utility — 0.0%(b)
Mississippi Development Bank, Rankin County, Mississippi General Obligation Bond Project
Rev., 5.00%, 8/1/2030		500		665
Rev., 5.00%, 8/1/2031		300		397
Rev., 5.00%, 8/1/2032		350		459
Rev., 5.00%, 8/1/2033		300		391
Rev., 5.00%, 8/1/2034		350		454
				2,366
Total Mississippi				63,348
Missouri — 2.0%
Certificate of Participation/Lease — 0.0%(b)
City of Gladstone Series A, COP, 3.00%, 12/1/2025		5		5
County of Cole, Jail Project COP, 3.00%, 12/1/2021		50		53
St. Charles County Public Water Supply District No. 2 COP, 5.00%, 12/1/2026		15		18
				76
Education — 0.4%
City of Springfield, College Station Garage Project Rev., 3.00%, 11/1/2020		10		10

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects
Series 2019A, Rev., 5.00%, 2/1/2029		550		561
Series 2019A, Rev., 5.00%, 2/1/2042		1,000		972
The Curators of the University of Missouri System Facilities Series 2020B, Rev., 5.00%, 11/1/2030		14,515		20,043
				21,586
General Obligation — 0.0%(b)
City of Kansas, Improvement and Refunding Series A, GO, 5.00%, 2/1/2023		620		640
Columbia School District Series 2019, GO, 4.00%, 3/1/2030		1,595		1,917
Fort Zumwalt School District, Refunding and Improvement GO, 5.00%, 3/1/2036		40		49
Jefferson City School District, Missouri Direct Deposit Program GO, 5.00%, 3/1/2025		35		42
Pattonville-Bridgeton Terrace Fire Protection District of St. Louis County GO, 4.00%, 11/1/2025		25		29
				2,677
Hospital — 0.1%
Health and Educational Facilities Authority of the State of Missouri, City Art Institute Rev., 5.00%, 9/1/2030		210		240
Health and Educational Facilities Authority of the State of Missouri, Coxhealth
Series 2019A, Rev., 5.00%, 11/15/2032		135		164
Series 2019A, Rev., 5.00%, 11/15/2038		250		298
Health and Educational Facilities Authority of the State of Missouri, Mercy Health
Rev., 3.00%, 11/15/2020		10		10
Series 2018A, Rev., 5.00%, 6/1/2027		100		123
Health and Educational Facilities Authority of the State of Missouri, SSM Healthcare Series 2014A, Rev., 4.00%, 6/1/2023		100		108
Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital
Rev., 5.00%, 9/1/2022		540		578
Rev., 5.00%, 9/1/2024		300		337
Rev., 5.00%, 9/1/2025		315		361
Rev., 5.00%, 9/1/2026		620		722
Rev., 5.00%, 9/1/2029		1,420		1,719
				4,660
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Missouri State Environmental Improvement and Energy Resources Authority, State Revolving Funds Program
Series 2010B, Rev., 5.00%, 7/1/2022		3,645		3,748
Series B, Rev., 5.00%, 7/1/2030		65		67
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, State Revolving Funds Program Series 2004A, Rev., 4.00%, 7/1/2021		25		26
				3,841
Other Revenue — 0.0%(b)
City of Kansas City, Downtown Arena Project, Special Obligation Improvement and Refunding Series E, Rev., 5.00%, 4/1/2028		90		106
City of Kansas City, Missouri Projects, Special Obligation Series A, Rev., 5.00%, 10/1/2020		45		46
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2020		20		20
County of Jackson, Refunding and Improvement Rev., 4.00%, 12/1/2023		25		28
County of Jackson, RIRR Right of Way Project Rev., 5.00%, 12/1/2020		30		31
Missouri State Board of Public Buildings Series 2018A, Rev., 5.00%, 4/1/2027		25		31
				262
Prerefunded — 0.0%(b)
Missouri State Environmental Improvement and Energy Resources Authority, State Revolving Funds Program Series B, Rev., 5.00%, 7/1/2030(c)		1,985		2,038

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Transportation — 1.0%
Kansas City Industrial Development Authority, Kansas City International Airport Terminal Modernization Project
Series 2019B, Rev., AMT, 5.00%, 3/1/2032		1,250		1,504
Series 2019B, Rev., AMT, 5.00%, 3/1/2033		2,250		2,686
Series 2019C, Rev., 5.00%, 3/1/2033		2,485		2,999
Missouri Highways and Transportation Commission, First Lien Series A, Rev., 5.00%, 5/1/2026		25,750		32,173
Missouri Highways and Transportation Commission, Senior Lien Series C, Rev., 5.00%, 2/1/2022		16,815		18,164
				57,526
Utility — 0.0%(b)
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Metrolink Project Rev., AGM, 5.25%, 7/1/2026		75		95
City of Springfield, Public Utility Rev., 5.00%, 8/1/2020		45		45
				140
Water & Sewer — 0.4%
City of Kansas City, Sanitary Sewer System Improvement Series 2012A, Rev., 4.00%, 1/1/2023		40		42
City of Kansas, Sanitary Sewer System Series A, Rev., 5.00%, 1/1/2026		3,140		3,227
Metropolitan St. Louis Sewer District Wastewater System Improvement
Series 2017A, Rev., 5.00%, 5/1/2029		6,765		8,692
Series 2015B, Rev., 5.00%, 5/1/2031		530		639
Series B, Rev., 5.00%, 5/1/2032		1,900		2,282
Series B, Rev., 5.00%, 5/1/2033		4,430		5,305
Series B, Rev., 5.00%, 5/1/2034		2,000		2,392
Series B, Rev., 5.00%, 5/1/2035		2,125		2,537
				25,116
Total Missouri				117,922
Montana — 0.6%
Education — 0.0%(b)
Montana State Board of Regents, Montana State University Series 2019B, Rev., 5.00%, 11/15/2028		55		72
Montana State Board of Regents, Montana State University Facilities Improvement Series 2013A, Rev., 4.00%, 11/15/2020		125		127
				199
General Obligation — 0.1%
County of Gallatin GO, 5.00%, 7/1/2025		1,050		1,285
Gallatin County School District No. 44 Belgrade, School Building
Series 2019, GO, 5.00%, 6/1/2027		205		262
Series 2019, GO, 5.00%, 6/1/2028		250		327
Series 2019, GO, 4.00%, 6/1/2029		290		362
Series 2019, GO, 4.00%, 6/1/2030		230		284
Series 2019, GO, 4.00%, 6/1/2031		370		453
Series 2019, GO, 4.00%, 6/1/2032		255		308
Series 2019, GO, 4.00%, 6/1/2033		155		186
Series 2019, GO, 4.00%, 6/1/2034		175		209
Series 2019, GO, 4.00%, 6/1/2035		270		321
Series 2019, GO, 4.00%, 6/1/2036		300		354
Series 2019, GO, 4.00%, 6/1/2037		410		482
Series 2019, GO, 4.00%, 6/1/2038		375		439
Series 2019, GO, 4.00%, 6/1/2039		385		449
State of Montana, Long-Range Building Program GO, 5.00%, 8/1/2020		10		10
				5,731
Hospital — 0.2%
Montana Facility Finance Authority, SCL Health System
Series A, Rev., 4.00%, 1/1/2035		4,000		4,501
Series A, Rev., 4.00%, 1/1/2036		3,000		3,351
Series A, Rev., 4.00%, 1/1/2037		3,000		3,329
Series A, Rev., 4.00%, 1/1/2038		960		1,059
				12,240

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Water & Sewer — 0.3%
City of Missoula, Water System
Series 2019A, Rev., 5.00%, 7/1/2026		300		377
Series 2019A, Rev., 5.00%, 7/1/2027		535		688
Series 2019A, Rev., 5.00%, 7/1/2028		480		634
Series 2019A, Rev., 5.00%, 7/1/2029		1,000		1,314
Series 2019A, Rev., 5.00%, 7/1/2030		690		901
Series 2019A, Rev., 5.00%, 7/1/2031		870		1,125
Series 2019A, Rev., 5.00%, 7/1/2032		720		924
Series 2019A, Rev., 5.00%, 7/1/2033		565		721
Series 2019A, Rev., 5.00%, 7/1/2034		545		694
Series 2019A, Rev., 5.00%, 7/1/2035		550		697
Series 2019A, Rev., 5.00%, 7/1/2036		800		1,010
Series 2019A, Rev., 5.00%, 7/1/2038		850		1,066
Series 2019A, Rev., 5.00%, 7/1/2039		840		1,051
Series 2019A, Rev., 4.00%, 7/1/2044		3,500		3,929
				15,131
Total Montana				33,301
Nebraska — 1.1%
Education — 0.0%(b)
University of Nebraska, Lincoln Parking Project Rev., 5.00%, 6/1/2020(c)		10		10
General Obligation — 0.6%
City of Omaha
GO, 5.00%, 4/15/2029		605		819
GO, 5.00%, 4/15/2030		575		775
City of Omaha, Various Purpose GO, 4.00%, 4/15/2034		75		90
County of Cherry, Limited Tax GO, 3.00%, 12/15/2023		15		16
Douglas County School District, Elkhorn Public Schools
Series 2019, GO, 5.00%, 12/15/2022		135		151
Series 2019, GO, 5.00%, 12/15/2024		150		180
Series 2019, GO, 5.00%, 12/15/2025		160		197
Series 2019, GO, 5.00%, 12/15/2026		400		504
Series 2019, GO, 5.00%, 12/15/2027		175		227
Series 2019, GO, 5.00%, 12/15/2028		180		239
Series 2019, GO, 5.00%, 12/15/2029		250		339
Series 2019, GO, 5.00%, 12/15/2030		450		609
Series 2019, GO, 5.00%, 12/15/2031		325		436
Series 2019, GO, 4.00%, 12/15/2032		165		200
Series 2019, GO, 4.00%, 12/15/2033		185		222
Series 2019, GO, 4.00%, 12/15/2034		350		417
Series 2019, GO, 4.00%, 12/15/2035		350		416
Douglas County, Omaha School District No. 001
GO, 4.00%, 12/15/2041		10,000		11,649
GO, 4.00%, 12/15/2042		10,000		11,625
Lancaster County School District No.1, Lincoln Public Schools Series 2017, GO, 5.00%, 1/15/2026		1,675		2,077
				31,188
Hospital — 0.2%
Douglas County Hospital Authority No. 2, Children’s Hospital and Medical Center
Series 2020A, Rev., 5.00%, 11/15/2021		125		132
Series 2020A, Rev., 5.00%, 11/15/2022		135		148
Series 2020A, Rev., 5.00%, 11/15/2023		110		124
Series 2020A, Rev., 5.00%, 11/15/2024		100		116
Series 2020A, Rev., 5.00%, 11/15/2025		175		207
Series 2020B, Rev., 5.00%, 11/15/2025(d)		1,440		1,684
Series 2020A, Rev., 5.00%, 11/15/2026		400		480
Series 2020A, Rev., 5.00%, 11/15/2027		400		487
Series 2020A, Rev., 5.00%, 11/15/2028		500		617
Series 2020A, Rev., 5.00%, 11/15/2029		285		356
Series 2020A, Rev., 5.00%, 11/15/2030		225		285
Series 2020A, Rev., 5.00%, 11/15/2031		275		344
Series 2020A, Rev., 5.00%, 11/15/2033		625		767
Series 2020A, Rev., 5.00%, 11/15/2034		600		734

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2020A, Rev., 4.00%, 11/15/2035		550		618
Series 2020A, Rev., 4.00%, 11/15/2036		425		476
Series 2020A, Rev., 4.00%, 11/15/2037		525		585
Series 2020A, Rev., 4.00%, 11/15/2038		600		666
Series 2020A, Rev., 4.00%, 11/15/2039		600		664
Douglas County Hospital Authority No. 2, Health Facilities, Nebraska Medicine Obligated Group
Rev., 5.00%, 5/15/2023		75		84
Rev., 5.00%, 5/15/2031		25		30
Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Obligated Group
Series 2019A, Rev., 4.00%, 1/1/2033		150		169
Series 2019A, Rev., 4.00%, 1/1/2035		1,000		1,106
Series 2019A, Rev., 4.00%, 1/1/2036		1,250		1,376
Series 2019A, Rev., 4.00%, 1/1/2038		1,300		1,426
				13,681
Other Revenue — 0.0%(b)
Omaha Public Facilities Corp., Baseball Stadium Project Series 2016A, Rev., 5.00%, 6/1/2023		25		27
Utility — 0.3%
Central Plains Energy Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2042		1,500		1,956
Central Plains Energy Project, Gas Project No. 3 Rev., 5.25%, 9/1/2037		100		108
Central Plains Energy Project, Gas Project No. 4 Series 2018A, Rev., 5.00%, 1/1/2024(d)		9,000		9,994
City of Columbus, Combined Utilities System Rev., 5.00%, 6/15/2027		145		187
City of Lincoln, Electric System
Series 2020A, Rev., 5.00%, 9/1/2025		40		49
Series 2020A, Rev., 5.00%, 9/1/2033		30		40
Rev., 5.00%, 9/1/2034		280		346
Omaha Public Power District, Electric System Series 2019A, Rev., 5.00%, 2/1/2031		35		46
Series 2017A, Rev., 5.00%, 2/1/2035		1,250		1,581
Series A, Rev., 5.00%, 2/1/2036		1,750		2,205
Series A, Rev., 5.00%, 2/1/2037		2,000		2,511
Public Power Generation Agency, Whelan Energy Center Unit 2 Series A, Rev., 5.00%, 1/1/2034		500		610
				19,633
Water & Sewer — 0.0%(b)
City of Lincoln Rev., 5.00%, 8/15/2028		105		140
City of Omaha, Sewer Rev., 5.00%, 11/15/2031		1,825		2,152
				2,292
Total Nebraska				66,831
Nevada — 0.6%
General Obligation — 0.6%
City of Henderson, Unlimited Tax Series 2011C, GO, 4.00%, 6/1/2021		25		26
Clark County
GO, 5.00%, 6/1/2020		75		75
Series B, GO, 5.00%, 11/1/2027		15,030		18,817
Clark County School District Series A, GO, 5.00%, 6/15/2026		2,080		2,522
Clark County School District, Limited Tax
Series 2015B, GO, 5.00%, 6/15/2020		165		165
Series 2017A, GO, 5.00%, 6/15/2020		50		50
Clark County Water Reclamation District, Limited Tax GO, 5.00%, 7/1/2020		805		808
Clark County, Flood Control GO, 5.00%, 11/1/2024		200		239
Clark County, Limited Tax, Detention Center GO, 5.00%, 6/1/2020		185		185
Clark County, Limited Tax, Las Vegas Convention and Visitors Authority Series 2015A, GO, 4.00%, 7/1/2033		75		84
Clark County, Limited Tax, Stadium Improvement Series 2018A, GO, 5.00%, 6/1/2029		200		258
Clark County, Limited Tax, Transportation Improvement Series 2018B, GO, 5.00%, 12/1/2024		40		48

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Clark County, Stadium Improvement
Series A, GO, 5.00%, 6/1/2026		1,985		2,461
Series A, GO, 5.00%, 6/1/2027		1,225		1,554
Series A, GO, 5.00%, 6/1/2028		1,165		1,514
Series A, GO, 5.00%, 6/1/2030		4,030		5,163
Las Vegas Valley Water District, Limited Tax
Series 2017B, GO, 5.00%, 6/1/2023		50		58
Series C, GO, 5.00%, 9/15/2023		30		34
Series B, GO, 5.00%, 12/1/2023		45		52
Series 2019A, GO, 5.00%, 6/1/2030		40		53
State of Nevada, Capital Improvement Series 2015D, GO, 5.00%, 4/1/2023		25		28
Washoe County School District, Limited Tax, School Improvement Series 2020A, GO, 4.00%, 10/1/2035		45		53
				34,247
Other Revenue — 0.0%(b)
County of Washoe, Fuel Tax
Rev., 5.00%, 2/1/2036		80		100
Rev., 5.00%, 2/1/2042		150		179
				279
Transportation — 0.0%(b)
Clark County, Department of Aviation, Nevada Airport System, Subordinate Lien Series 2019A, Rev., 5.00%, 7/1/2026		110		131
Clark County, Las Vegas-McCarran International Airport Passenger Facility Charge
Series 2017B, Rev., AMT, 5.00%, 7/1/2024		200		228
Series 2015C, Rev., 5.00%, 7/1/2027		195		236
State of Nevada Highway Improvement Rev., 5.00%, 12/1/2031		25		31
				626
Total Nevada				35,152
New Hampshire — 0.0%(b)
Other Revenue — 0.0%(b)
New Hampshire Municipal Bond Bank Series 2017B, Rev., 5.00%, 8/15/2023		20		23
New Jersey — 1.9%
Education — 0.4%
New Jersey Economic Development Authority, School Facilities Construction
Series XX, Rev., 5.00%, 6/15/2021		9,500		9,654
Series LLL, Rev., 5.00%, 6/15/2028		2,750		2,990
Series LLL, Rev., 5.00%, 6/15/2029		1,970		2,153
Series 2019-LLL, Rev., 5.00%, 6/15/2034		1,000		1,060
Series 2019-LLL, Rev., 5.00%, 6/15/2035		2,000		2,107
Series EEE, Rev., 5.00%, 6/15/2043		2,000		2,064
New Jersey Educational Facilities Authority, Green Bonds
Series 2020A, Rev., 5.00%, 7/1/2032		420		495
Series 2020A, Rev., 5.00%, 7/1/2033		330		386
Series 2020A, Rev., 5.00%, 7/1/2034		265		309
Series 2020A, Rev., 5.00%, 7/1/2035		570		662
Series 2020A, Rev., 5.00%, 7/1/2036		1,095		1,266
New Jersey Educational Facilities Authority, Princeton University
Series 2017B, Rev., 5.00%, 7/1/2020		15		15
Series 2017 I, Rev., 5.00%, 7/1/2031		40		51
Rutgers The State University of New Jersey Series 2016M, Rev., 5.00%, 5/1/2030		100		121
				23,333
General Obligation — 0.0%(b)
Bernards Township School District, School Building GO, 4.00%, 7/15/2024		775		861
Borough of South Bound Brook, General Improvement GO, 3.00%, 8/15/2021		25		26
Burlington Township Board of Education, School Building GO, 1.25%, 7/15/2020		100		100
Chathams District Board of Education Series B, GO, 5.00%, 1/15/2023		25		28
City of Hackensack, General Improvement Series 2018A, GO, 5.00%, 4/1/2021		50		52

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
City of Jersey City
GO, AGM, 4.00%, 2/15/2023		200		219
Series 2017A, GO, 5.00%, 11/1/2026		85		107
County of Middlesex, Community College Board GO, 3.00%, 6/1/2022		65		69
County of Middlesex, General Improvement GO, 4.00%, 1/15/2024		25		28
County of Monmouth, Refunding and General Improvement GO, 4.00%, 1/15/2022		25		27
County of Monmouth, Various Purpose GO, 4.00%, 3/1/2022		50		53
County of Ocean, General Improvement GO, 4.00%, 9/1/2023		75		84
Freehold Township Board of Education, School Bonds GO, 4.00%, 7/15/2025		85		99
Monroe Township Commissioners Fire District No. 3 GO, 5.00%, 10/15/2022		25		28
South Harrison Township School District GO, 4.00%, 1/15/2030		550		618
State of New Jersey Series 2016T, GO, 5.00%, 6/1/2020		25		25
Toms River Board of Education, Regional School District GO, 2.00%, 7/15/2020		30		30
Township of Cherry Hill, General Improvement and Sewer Utility GO, NATL-RE, 5.00%, 7/15/2020		10		10
Township of Harrison GO, 4.00%, 8/1/2023		25		28
Township of Hazlet GO, 4.00%, 8/1/2023		25		28
Township of Montclair, General Improvement Series 2017A, GO, 4.00%, 3/1/2024		35		40
Township of Moorestown, General Improvement and Water-Sewer Utility GO, 5.00%, 2/1/2028		30		39
Township of Mount Laurel GO, 4.00%, 4/15/2023		25		28
Township of Raritan, General Improvement GO, 3.00%, 2/15/2022		25		26
Wayne Township School District GO, 4.00%, 7/15/2020		25		25
				2,678
Hospital — 0.0%(b)
New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health Series 2017A, Rev., 3.00%, 7/1/2020		205		205
New Jersey Health Care Facilities Financing Authority, Virtua Health, Inc. Rev., 4.00%, 7/1/2020		30		30
				235
Other Revenue — 0.6%
Bergen County Improvement Authority (The), Guaranteed Governmental Loan
Rev., GTD, 5.00%, 8/15/2020		10		10
Series 2014B, Rev., GTD, 5.00%, 2/15/2021		30		31
Rev., GTD, 5.00%, 8/15/2034		50		64
Burlington County Bridge Commission, Governmental Leasing Program Rev., 5.00%, 4/15/2030		950		1,226
Camden County Improvement Authority (The), Guaranteed Loan, Capital Program Rev., GTD, 5.00%, 1/15/2023		100		112
Garden State Preservation Trust Series A, Rev., 5.00%, 11/1/2020		45		45
Middlesex County Improvement Authority, New Brunswick Cultural Center Project Rev., GTD, 5.00%, 7/1/2023		50		57
Monmouth County Improvement Authority (The), Pooled Loan
Rev., GTD, 5.00%, 12/1/2021		20		21
Series 2013A, Rev., GTD, 5.00%, 8/1/2023		55		64
Rev., GTD, 4.00%, 12/1/2024		35		40
Series 2019A, Rev., 4.00%, 8/1/2035		25		30
Morris County Improvement Authority Rev., GTD, 5.00%, 5/1/2023		25		28
New Jersey Infrastructure Bank Series 2012A-R, Rev., 4.00%, 9/1/2022		25		27
New Jersey Infrastructure Bank, Environmental Infrastructure Series 2007-C, Rev., 5.00%, 9/1/2021		25		27
Tobacco Settlement Financing Corp.
Series A, Rev., 5.00%, 6/1/2021		5,000		5,185
Series A, Rev., 5.00%, 6/1/2022		3,000		3,217

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series A, Rev., 5.00%, 6/1/2023		3,000		3,316
Series A, Rev., 5.00%, 6/1/2024		3,645		4,139
Series A, Rev., 5.00%, 6/1/2025		3,500		4,071
Series A, Rev., 5.00%, 6/1/2026		3,500		4,154
Series A, Rev., 5.00%, 6/1/2028		3,000		3,696
Series A, Rev., 5.00%, 6/1/2029		4,500		5,507
Series A, Rev., 4.00%, 6/1/2037		1,000		1,086
				36,153
Transportation — 0.9%
New Jersey Economic Development Authority, Transit Transportation Project
Series 2020A, Rev., 4.00%, 11/1/2037		1,500		1,405
Series 2020A, Rev., 4.00%, 11/1/2038		3,250		3,033
New Jersey Transportation Trust Fund Authority Series 2019BB, Rev., 5.00%, 6/15/2032		2,000		2,135
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series A, Rev., 5.00%, 6/15/2024		10,880		11,760
Series A, Rev., 5.00%, 6/15/2029		10,000		10,808
Series A, Rev., 5.00%, 6/15/2030		6,850		7,365
Series A, Rev., 5.00%, 6/15/2031		5,000		5,351
New Jersey Transportation Trust Fund Authority, Transportation Program
Series 2013AA, Rev., 5.00%, 6/15/2020		10		10
Series AA, Rev., 5.00%, 6/15/2036		5,000		5,090
New Jersey Transportation Trust Fund Authority, Transportation System Rev., AMBAC, 4.38%, 12/15/2020		35		35
Series B, Rev., AMBAC, 5.25%, 12/15/2022		5,000		5,214
Series 2012A, Rev., 5.00%, 6/15/2042		500		505
				52,711
Water & Sewer — 0.0%(b)
Passaic Valley Water Commission, Water Supply System Rev., AGM, 5.00%, 12/15/2021		25		27
Total New Jersey				115,137
New Mexico — 0.4%
Education — 0.0%(b)
University of New Mexico (The), Subordinated Lien System Improvement
Series 2016A, Rev., 5.00%, 6/1/2020		10		10
Series 2016A, Rev., 5.00%, 6/1/2022		65		71
Series 2014C, Rev., 5.00%, 6/1/2028		50		58
				139
General Obligation — 0.1%
Albuquerque Municipal School District No. 12, School Building
GO, 5.00%, 8/1/2030		800		1,043
GO, 5.00%, 8/1/2031		850		1,101
GO, 5.00%, 8/1/2032		1,050		1,350
GO, 5.00%, 8/1/2033		1,385		1,771
GO, 5.00%, 8/1/2035		1,980		2,514
Central New Mexico Community College, Limited Tax
GO, 3.00%, 8/15/2020		15		15
GO, 5.00%, 8/15/2022		40		44
Santa Fe Public School District GO, 5.00%, 8/1/2021		45		47
State of New Mexico, Capital Projects Series 2017A, GO, 5.00%, 3/1/2026		150		186
				8,071
Other Revenue — 0.0%(b)
Baltimore County Series B, Rev., NATL-RE-IBC, 5.70%, 4/1/2027		1,010		1,236
City of Santa Fe, Gasoline Tax Subordinate Lien, Gross Receipts Rev., 5.00%, 6/1/2028		175		230
City of Santa Fe, Gross Receipts Senior Loan Series 2018A, Rev., 5.00%, 6/1/2021		60		63
City of Santa Fe, Senior Lien Rev., 5.00%, 6/1/2032		30		38
New Mexico Finance Authority, Senior Lien Public Project Revolving Funds Rev., 4.00%, 6/15/2020		460		461
Series 2015B, Rev., 5.00%, 6/1/2021		25		26
Series 2010-B, Rev., 5.00%, 6/15/2021		75		79

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
New Mexico Finance Authority, Subordinate Lien Public Project
Series 2018C-1, Rev., 5.00%, 6/15/2020		100		100
Series 2019C-1, Rev., 4.00%, 6/15/2035		25		30
New Mexico Finance Authority, Subordinate Lien Public Project Revolving Funds
Series 2018C-1, Rev., 5.00%, 6/15/2023		25		29
Series 2019C-1, Rev., 5.00%, 6/15/2029		100		133
State of New Mexico, Severance Tax Permanent Fund
Series 2010A, Rev., 5.00%, 7/1/2020		160		161
Series 2012A, Rev., 5.00%, 7/1/2020		45		45
Series 2016B, Rev., 4.00%, 7/1/2023		125		139
Series 2017A, Rev., 5.00%, 7/1/2024		180		212
				2,982
Transportation — 0.3%
New Mexico Finance Authority, State Transportation Commission Subordinate Lien
Series 2014A, Rev., 5.00%, 6/15/2020		50		50
Series 2018A, Rev., 5.00%, 6/15/2023		145		165
New Mexico Finance Authority, State Transportation, Senior Lien Series 2010B, Rev., 5.00%, 6/15/2020		10,000		10,018
New Mexico Finance Authority, State Transportation, Subordinate Lien Series A-2, Rev., 5.00%, 12/15/2021		115		118
				10,351
Water & Sewer — 0.0%(b)
City of Rio Rancho, Water and Wastewater System Rev., 5.00%, 5/15/2022		55		60
City of Santa Fe, Wastewater Utility System, Climate Bond Certified-Green Bonds Rev., 5.00%, 6/1/2024		45		53
City of Santa Fe, Water Utility System Rev., 4.00%, 6/1/2031		50		58
				171
Total New Mexico				21,714
New York — 12.2%
Education — 1.2%
Dutchess County Local Development Corp., Marist College Project Series 2012A, Rev., 5.00%, 7/1/2020		15		15
Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project
Series 2016A, Rev., 5.00%, 5/1/2022		35		38
Series 2011A, Rev., 5.00%, 5/1/2023		50		52
Series 2013A, Rev., 5.00%, 5/1/2024		25		28
Series 2013A, Rev., 5.00%, 5/1/2027		65		74
Geneva Development Corp., Hobart and William Smith Colleges Rev., 5.00%, 9/1/2020		10		10
Monroe County Industrial Development Corp., School Facilities, Rochester Schools Modernization Project
Rev., 5.00%, 5/1/2022		155		168
Rev., 5.00%, 5/1/2023		410		462
Rev., 5.00%, 5/1/2026		35		43
Rev., 5.00%, 5/1/2029		25		32
Monroe County Industrial Development Corp., University of Rochester
Series 2011A, Rev., 5.00%, 7/1/2021		55		58
Series A, Rev., 5.00%, 7/1/2030		620		765
New York State Dormitory Authority
Series 2012A, Rev., 5.00%, 7/1/2020		10		10
Series 2013A, Rev., 5.00%, 7/1/2020		45		45
Series 2017A, Rev., 5.00%, 7/1/2021		150		158
Series 2019A, Rev., 5.00%, 7/1/2024		130		153
Series 2015A, Rev., 5.00%, 7/1/2026		90		110
Series 2019A, Rev., 5.00%, 7/1/2030		4,075		5,418
Series 2017A, Rev., 4.00%, 7/1/2035		25		29
Series 2017A, Rev., 4.00%, 7/1/2036		75		85
Series 2019A, Rev., 5.00%, 7/1/2036		45		57
Series 2017A, Rev., 4.00%, 7/1/2037		45		51
Series 2017A, Rev., 5.00%, 7/1/2037		230		271
Series 2018C, Rev., 5.00%, 3/15/2038		1,000		1,222

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019A, Rev., 5.00%, 7/1/2039		25		32
Series 2017A, Rev., 5.00%, 7/1/2042		25		29
Series 2019A, Rev., 4.00%, 7/1/2045		18,000		20,689
New York State Dormitory Authority, Columbia University
Series 2016A-2, Rev., 5.00%, 10/1/2024		15		18
Series 2015A, Rev., 5.00%, 10/1/2025		70		87
Series 2016A-1, Rev., 5.00%, 10/1/2026		70		89
Series 2017B, Rev., 5.00%, 10/1/2026		30		38
New York State Dormitory Authority, Cornell University
Series 2019A, Rev., 5.00%, 7/1/2025		65		80
Series 2019A, Rev., 5.00%, 7/1/2029		25		34
Series 2020A-2, Rev., 5.00%, 7/1/2031		1,750		2,412
New York State Dormitory Authority, Fifth General Resolution
Series 2005A, Rev., NATL-RE, 5.50%, 7/1/2020		300		301
Series 2005A, Rev., NATL-RE, 5.50%, 7/1/2021		55		58
New York State Dormitory Authority, Master Boces Program
Rev., 4.00%, 8/15/2020		200		202
Series 2014B, Rev., 5.00%, 8/15/2020		25		25
New York State Dormitory Authority, Municipal Series 2018 1, Rev., 5.00%, 1/15/2031		3,445		4,245
New York State Dormitory Authority, New York University
Series 2016A, Rev., 5.00%, 7/1/2024		50		59
Series 2016A, Rev., 5.00%, 7/1/2027		60		74
Series 2016A, Rev., 5.00%, 7/1/2039		140		166
Series 2016A, Rev., 4.00%, 7/1/2043		3,500		3,863
New York State Dormitory Authority, Pratt Institute Rev., 5.00%, 7/1/2020		250		251
New York State Dormitory Authority, School District Financing Program
Series 2011B, Rev., AGC, 4.00%, 10/1/2020		10		10
Series 2014A, Rev., AGM, 5.00%, 10/1/2020		35		36
Series B, Rev., 5.00%, 10/1/2024		2,000		2,211
New York State Dormitory Authority, School Districts Bond Financing Program
Series 2018A, Rev., 5.00%, 10/1/2026		285		351
Series 2019A, Rev., 5.00%, 4/1/2028		80		99
Series 2018A, Rev., 5.00%, 10/1/2030		25		30
Series 2018A, Rev., 5.00%, 10/1/2031		75		91
New York State Dormitory Authority, St. John’s University Series 2007C, Rev., NATL-RE, 5.25%, 7/1/2020		2,370		2,378
New York State Dormitory Authority, State University Dormitory Facilities
Series A, Rev., 5.00%, 7/1/2028		2,720		3,429
Series A, Rev., 5.00%, 7/1/2029		2,100		2,651
Series 2017A, Rev., 5.00%, 7/1/2030		750		912
Series 2018A, Rev., 5.00%, 7/1/2030		2,190		2,836
Series 2018A, Rev., 5.00%, 7/1/2031		4,430		5,696
Series A, Rev., 5.00%, 7/1/2032		3,130		3,994
New York State Dormitory Authority, Third General Resolution, State University Educational Facilities
Series 2012A, Rev., 5.00%, 5/15/2022		50		55
Series 2012A, Rev., 5.00%, 5/15/2023		675		730
Series A, Rev., 5.00%, 5/15/2025		2,000		2,156
Series A, Rev., 5.00%, 5/15/2028		2,000		2,153
New York State Dormitory Authority, Vassar College Rev., 5.00%, 7/1/2049		350		351
Orange County Funding Corp., Mount Saint Mary College Project Series 2012B, Rev., 4.00%, 7/1/2023		160		161
Tompkins County Industrial Development Agency, Civic Facility Cornell University Project Series 2008A, Rev., 5.00%, 7/1/2030		30		30
				72,466

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
General Obligation — 0.8%
Albany County, Various Purpose GO, 5.00%, 4/1/2022		40		43
Bedford Central School District, Boces Project Bonds GO, 4.00%, 7/1/2032		45		57
Bronxville Union Free School District GO, 5.00%, 3/1/2029		25		34
Chatham Central School District Series 2019B, GO, 5.00%, 6/15/2020		10		10
City of New York
Subseries 2010H-2, GO, 5.00%, 6/1/2020		10		10
Series D, GO, 5.00%, 8/1/2020		30		30
Series I, GO, 5.00%, 8/1/2020		250		252
Series B, GO, 4.00%, 8/1/2022		25		27
Series 2013J, GO, 5.00%, 8/1/2022		95		105
Series 2017B-1, GO, 5.00%, 12/1/2022		30		33
Series 1, GO, 5.00%, 8/1/2023		20		23
Series A, GO, 5.00%, 8/1/2023		20		23
Series C, GO, 5.00%, 8/1/2023		360		410
Series D, GO, 5.00%, 8/1/2023		100		114
Series H, GO, 5.00%, 8/1/2023		150		171
Series C, GO, 5.00%, 8/1/2024		20		24
Series C, GO, 4.00%, 8/1/2025		20		23
Series E, GO, 5.00%, 8/1/2027		310		379
Series H, GO, 5.00%, 8/1/2029		200		224
City of New York, Fiscal Year 2006 Series H, Subseries 2006H-A, GO, 4.00%, 1/1/2023		20		22
City of New York, Fiscal Year 2011 Subseries 2011F-3, GO, 5.00%, 12/1/2023		100		115
City of New York, Fiscal Year 2013 Series 2013J, GO, 5.00%, 8/1/2023		55		63
City of New York, Fiscal Year 2014 Series G, GO, 5.00%, 8/1/2025		9,520		10,897
City of New York, Fiscal Year 2015
Series 2015C, GO, 5.00%, 8/1/2023		140		160
Series 2015B, GO, 5.00%, 8/1/2025		500		581
City of New York, Fiscal Year 2016 Series E, GO, 5.00%, 8/1/2023		75		86
City of New York, Fiscal Year 2018
Subseries B-5, GO, VRDO, LIQ: Barclays Bank plc, 0.06%, 6/1/2020(d)		20,000		20,000
Series 2018A, GO, 5.00%, 8/1/2020		10		10
Series C, GO, 5.00%, 8/1/2022		95		106
Series A, GO, 4.00%, 8/1/2023		50		55
Series A, GO, 5.00%, 8/1/2027		35		44
City of New York, Fiscal Year 2019
Series 2019A, GO, 5.00%, 8/1/2024		20		24
Series D, Subseries 2019-D1, GO, 5.00%, 12/1/2034		500		622
City of New York, Fiscal Year 2020
Series B, Subseries B-1, GO, 5.00%, 10/1/2033		25		32
Series B, Subseries B-1, GO, 5.00%, 10/1/2039		90		112
Series 2020D-1, GO, 5.00%, 3/1/2040		620		776
Series 2020D-1, GO, 4.00%, 3/1/2050		875		984
City of New York, Unrefunded Balance Series 2003F, GO, 6.00%, 1/15/2021		3,665		3,681
City of Rochester
Series II, GO, 4.00%, 8/1/2020		30		30
Series I, GO, 5.00%, 8/1/2020		60		61
County of Erie, Public Improvement Series 2018A, GO, 5.00%, 9/15/2020		50		51
County of Livingston, Public Improvement GO, 4.00%, 5/15/2021		20		21
County of Monroe GO, AGM, 5.00%, 6/1/2024		25		29
County of Onondaga GO, 4.00%, 5/1/2022		100		107
County of Rensselaer, Public Improvement GO, 5.00%, 9/1/2020		15		15
County of Suffolk
Series 2017D, GO, 4.00%, 10/15/2020		50		50
Series 2015B, GO, AGM, 5.00%, 10/1/2023		50		56
Series 2015C, GO, 5.00%, 5/1/2025		10		11
Series 2017D, GO, 5.00%, 10/15/2026		105		126

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
County of Westchester
Series 2019A, GO, 5.00%, 1/15/2021		100		104
Series 2016A, GO, 5.00%, 1/1/2022		15		16
Series 2019F, GO, 5.00%, 12/15/2025		30		37
Evans-Brant Central School District GO, AGM, 5.00%, 6/15/2020		30		30
Greece Central School District GO, 2.00%, 6/15/2020		200		200
Hauppauge Union Free School District GO, 5.00%, 7/15/2023		20		23
Honeoye Falls-Lima Central School District GO, 2.00%, 6/15/2020		10		10
Jamestown City School District GO, AGM, 4.00%, 5/15/2022		220		236
Middle Country Central School District at Centereach GO, 4.00%, 8/15/2022		35		38
Ogdensburg Enlarged City School District GO, AGM, 3.00%, 6/15/2020		50		50
Oyster Bay-East Norwich Central School District GO, 5.00%, 9/15/2020		20		20
Port Washington Union Free School District GO, 3.00%, 8/1/2027		70		75
Schuylerville Central School District
GO, 4.00%, 6/15/2020		80		80
GO, 4.00%, 6/15/2021		1,095		1,133
GO, 4.00%, 6/15/2022		665		710
GO, 5.00%, 6/15/2023		165		186
GO, 5.00%, 6/15/2024		1,215		1,424
GO, 5.00%, 6/15/2025		745		898
GO, 5.00%, 6/15/2026		815		1,006
Simi Valley Unified School District GO, 5.00%, 8/1/2020		35		35
South Glens Falls Central School District Series 2019A, GO, BAN, 2.00%, 7/24/2020		100		100
Spencerport Central School District GO, 2.00%, 6/15/2020		250		250
Town of Brookhaven, Public Improvement GO, 4.00%, 7/15/2021		50		52
Town of Patterson, Public Improvement GO, 4.13%, 7/15/2020		10		10
Town of Southeast, Public Improvement Series 2019A, GO, 5.00%, 8/15/2022		45		50
Vestal Central School District GO, 5.00%, 6/15/2021		25		26
Village of Ardsley, Public Improvement Series 2019A, GO, 4.00%, 7/15/2029		80		97
Village of Tarrytown, Public Improvement GO, 3.00%, 6/15/2021		60		62
Wantagh Union Free School District, Nassau County Series 2013A, GO, 5.00%, 9/1/2022		30		33
Washingtonville Central School District Series A, Subseries A-2, GO, 5.00%, 7/15/2020		15		15
				47,925
Hospital — 0.0%(b)
Dutchess County Local Development Corp., Health Quest Systems Series 2014A, Rev., 4.00%, 7/1/2020		15		15
Dutchess County Local Development Corp., Nuvance Health Issue Series 2019B, Rev., 5.00%, 7/1/2020		15		15
New York State Dormitory Authority, Langone Hospital Obligated Group Rev., 5.00%, 7/1/2020		25		25
Suffolk County Economic Development Corp., Catholic Health Services of Long Island Obligated Group Project Rev., 5.00%, 7/1/2020		50		50
				105
Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
Monroe County IDA, School Facility, Rochester School Modernization Project
Rev., 5.00%, 5/1/2032		675		814
Rev., 5.00%, 5/1/2033		810		972
New York City Industrial Development Agency, United Jewish Appeal Federation of Jewish Philanthropies of New York, Inc. Project Series 2004B, Rev., 5.00%, 7/1/2034		150		161
				1,947
Other Revenue — 3.0%
Battery Park City Authority, Senior Series 2013A, Rev., 5.00%, 11/1/2021		35		37

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Build NYC Resource Corp., United Jewish Appeal-Federation Philanthropies Project Rev., 4.00%, 7/1/2020		15		15
Erie County Fiscal Stability Authority, Sales Tax and State Aid Secured Series 2017D, Rev., 5.00%, 9/1/2038		25		31
Hudson Yards Infrastructure Corp., Tax-Exempt, Fiscal Year 2017
Series 2017A, Rev., 5.00%, 2/15/2031		100		122
Series 2017A, Rev., 5.00%, 2/15/2037		50		59
New York City Transitional Finance Authority Building Aid, Fiscal Year 2013 Series 2013S-1, Rev., 5.00%, 7/15/2024		25		27
New York City Transitional Finance Authority Building Aid, Fiscal Year 2015 Series 2015S-2, Rev., 5.00%, 7/15/2040		50		58
New York City Transitional Finance Authority Building Aid, Fiscal Year 2016
Series 2016S-1, Rev., 5.00%, 7/15/2029		30		36
Series 2016S-1, Rev., 4.00%, 7/15/2036		45		50
Series 2016S-1, Rev., 5.00%, 7/15/2043		45		52
New York City Transitional Finance Authority Building Aid, Fiscal Year 2018
Series 2018S-2, Rev., 5.00%, 7/15/2020		10		10
Series 2018S-2, Rev., 5.00%, 7/15/2030		25		31
Series 2018S-2, Rev., 5.00%, 7/15/2031		45		57
Series 2018S-4, Rev., 5.00%, 7/15/2032		25		31
New York City Transitional Finance Authority Building Aid, Fiscal Year 2019
Series S-3, Subseries S-3A, Rev., 5.00%, 7/15/2029		25		32
Series 2019S-2A, Rev., 5.00%, 7/15/2030		125		160
Series S-3, Subseries S-3A, Rev., 5.00%, 7/15/2037		180		221
Series 2019S-1, Rev., 5.00%, 7/15/2043		900		1,091
New York City Transitional Finance Authority, Building Aid Series S-2A, Rev., 4.00%, 7/15/2037		5,000		5,694
New York City Transitional Finance Authority, Fiscal Year 2015 Series 2015 S-1, Rev., 5.00%, 7/15/2040		45		52
New York City Transitional Finance Authority, Fiscal Year 2020 Series 2020-I, Rev., 5.00%, 11/1/2022		25		28
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 Series 2011C, Rev., 5.00%, 11/1/2039		200		203
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012
Series 2012D-1, Rev., 5.00%, 11/1/2032		60		63
Subseries E-1, Rev., 5.00%, 2/1/2035		3,350		3,546
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013
Series 2013G, Rev., 4.00%, 11/1/2022		25		27
Series B, Rev., 5.00%, 11/1/2026		250		274
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014
Series 2014A-1, Rev., 5.00%, 11/1/2022		35		39
Series 2014B-1, Rev., 5.00%, 11/1/2026		40		46
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015
Series 2015C, Rev., 5.00%, 11/1/2023		195		224
Series 2015E-1, Rev., 5.00%, 2/1/2024		25		29
Series B, Subseries B-1, Rev., 5.00%, 8/1/2029		55		64
Series 2015A-1, Rev., 5.00%, 8/1/2037		100		115
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016
Series 2016E-1, Rev., 5.00%, 2/1/2031		30		36
Series E-1, Rev., 5.00%, 2/1/2035		7,295		8,660

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017
Series B, Subseries B-1, Rev., 5.00%, 8/1/2024		25		29
Series C, Rev., 5.00%, 11/1/2030		5,685		7,065
Series E, Subseries E-1, Rev., 5.00%, 2/1/2031		1,410		1,735
Series E, Subseries E-1, Rev., 5.00%, 2/1/2032		7,000		8,549
Series 2017F-1, Rev., 5.00%, 5/1/2032		25		31
Series E, Subseries E-1, Rev., 5.00%, 2/1/2033		10,000		12,134
Series 2017A-1, Rev., 4.00%, 5/1/2036		40		44
Subseries E-1, Rev., 5.00%, 2/1/2039		2,525		3,000
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018
Series 2018B-1, Rev., 4.00%, 8/1/2023		30		33
Series 2018-A-2, Rev., 5.00%, 8/1/2033		30		37
Series 2018-A-2, Rev., 5.00%, 8/1/2038		25		30
Series C-3, Rev., 5.00%, 5/1/2039		70		86
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019
Series 2019C-1, Rev., 5.00%, 11/1/2022		40		44
Series 2019C-1, Rev., 5.00%, 11/1/2035		65		82
Series 2019A-1, Rev., 5.00%, 8/1/2038		30		37
Series A, Subseries A-1, Rev., 5.00%, 8/1/2040		2,100		2,570
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020
Series A, Subseries A-2, Rev., 5.00%, 5/1/2035		125		158
Series 2020B-1, Rev., 5.00%, 11/1/2035		35		45
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt Subordinate, Fiscal Year 2019 Series 2019C-1, Rev., 5.00%, 11/1/2034		45		57
New York City Trust for Cultural Resources, The Museum of Modern Art Series 2016-1-E, Rev., 4.00%, 2/1/2023		490		533
New York Convention Center Development Corp., Capital Appreciation Subordinated Lien, Hotel Unit fee Secured
Series B, Rev., Zero Coupon, 11/15/2025		805		707
Series B, Rev., Zero Coupon, 11/15/2026		1,250		1,062
Series B, Rev., Zero Coupon, 11/15/2027		1,500		1,230
Series 2016B, Rev., Zero Coupon, 11/15/2028		1,960		1,551
Series B, Rev., Zero Coupon, 11/15/2030		3,400		2,478
Series B, Rev., Zero Coupon, 11/15/2031		1,835		1,279
Series B, Rev., Zero Coupon, 11/15/2032		2,000		1,330
Series 2016B, Rev., AGM-CR, Zero Coupon, 11/15/2052		10,625		3,043
New York Convention Center Development Corp., Hotel Unit fee Secured
Rev., 5.00%, 11/15/2024		4,360		4,894
Rev., 5.00%, 11/15/2025		2,000		2,280
New York State Dormitory Authority, State Sales Tax
Series 2015A, Rev., 5.00%, 3/15/2023		75		84
Series 2015B, Rev., 5.00%, 3/15/2023		590		663
Series 2016A, Rev., 5.00%, 3/15/2023		45		51
Series 2018C, Rev., 5.00%, 3/15/2023		130		146
Series 2014A, Rev., 5.00%, 3/15/2027		90		104
Series A, Rev., 5.00%, 3/15/2028		25		29
Series 2015B, Rev., 5.00%, 3/15/2029		45		54
Series 2018C, Rev., 5.00%, 3/15/2029		40		51
Series 2014A, Rev., 5.00%, 3/15/2030		5,500		6,315
Series 2015B, Rev., 5.00%, 3/15/2030		8,000		9,617
Series A, Rev., 5.00%, 3/15/2031		5,000		5,731
Series B, Rev., 5.00%, 3/15/2031		6,600		7,915
Series 2014A, Rev., 5.00%, 3/15/2032		20,210		23,121
Series 2016A, Rev., 5.00%, 3/15/2032		35		43
Series 2016A, Rev., 5.00%, 3/15/2033		70		85

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2015B, Rev., 5.00%, 3/15/2038		80		95
Series 2018E, Rev., 5.00%, 3/15/2038		10,000		12,351
Series B, Rev., 5.00%, 3/15/2039		13,080		15,450
Series 2018A, Rev., 5.00%, 3/15/2041		135		164
Series 2018E, Rev., 5.00%, 3/15/2041		225		276
Series 2018A, Rev., 5.00%, 3/15/2044		30		36
New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program, Green Bonds Series 2015D, Rev., 5.00%, 9/15/2025		100		121
New York State Urban Development Corp., State Sales Tax Series 2019A, Rev., 5.00%, 3/15/2041		70		87
Sales Tax Asset Receivable Corp., Fiscal Year 2015
Series 2015A, Rev., 4.00%, 10/15/2022		75		82
Series 2015A, Rev., 5.00%, 10/15/2025		25		30
Series A, Rev., 5.00%, 10/15/2026		2,500		2,965
Series 2015A, Rev., 5.00%, 10/15/2028		55		65
Series A, Rev., 5.00%, 10/15/2029		3,785		4,462
Series A, Rev., 5.00%, 10/15/2031		12,500		14,677
United Nations Development Corp., Senior Lien Series 2019A, Rev., 5.00%, 7/1/2022		50		55
				182,298
Prerefunded — 0.4%
Metropolitan Transportation Authority, Transportation Series 2011A, Rev., 4.00%, 11/15/2023(c)		10		11
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2010 Series FF, Rev., 5.00%, 6/15/2024(c)		16,555		16,583
New York State Dormitory Authority Series 2010A, Rev., 5.00%, 7/1/2035(c)		100		100
New York State Dormitory Authority, State Personal Income Tax Series 2015B, Rev., 5.00%, 2/15/2045(c)		5		6
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series 2014A, Rev., 5.00%, 2/15/2029(c)		15		18
Series A, Rev., 5.00%, 2/15/2043(c)		3,000		3,386
New York State Dormitory Authority, State University Dormitory Facilities Series A, Rev., 5.00%, 7/1/2030(c)		550		605
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2011A, Rev., 5.00%, 1/1/2026(c)		5,495		5,914
				26,623
Special Tax — 3.2%
New York State Dormitory Authority, State Personal Income Tax
Series 2015B, Rev., 5.00%, 2/15/2023		20		22
Series 2015B, Rev., 5.00%, 2/15/2024		110		128
Series 2005B, Rev., AMBAC, 5.50%, 3/15/2029		140		190
Series 2015B, Rev., 5.00%, 2/15/2039		50		58
Series 2016A, Rev., 5.00%, 2/15/2041		50		60
Series 2015B, Rev., 5.00%, 2/15/2045		10,540		12,108
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series 2014A, Rev., 5.00%, 2/15/2023		90		101
Series 2014E, Rev., 5.00%, 2/15/2023		110		123
Series 2016D, Rev., 5.00%, 2/15/2023		25		28
Series 2015E, Rev., 5.00%, 3/15/2023		50		56
Series 2012B, Rev., 5.00%, 3/15/2024		9,000		9,708
Series 2012A, Rev., 5.00%, 12/15/2025		145		161
Series A, Rev., 5.00%, 2/15/2027		20,000		22,910
Series 2014C, Rev., 5.00%, 3/15/2027		220		253
Series 2012A, Rev., 5.00%, 12/15/2027		100		111
Series 2014A, Rev., 5.00%, 2/15/2028		10,000		11,440

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2017A, Rev., 5.00%, 2/15/2028		40		50
Series A, Rev., 5.00%, 12/15/2028		20,000		22,101
Series 2014A, Rev., 5.00%, 2/15/2029		4,985		5,697
Series 2015E, Rev., 5.00%, 3/15/2029		125		150
Series 2012A, Rev., 5.00%, 12/15/2029		4,900		5,408
Series 2015E, Rev., 5.00%, 3/15/2030		30		36
Series 2014E, Rev., 5.00%, 2/15/2031		6,455		7,578
Series 2019D, Rev., 5.00%, 2/15/2031		15,170		20,073
Series 2019-A, Rev., 5.00%, 3/15/2032		5,000		6,407
Series 2014C, Rev., 5.00%, 3/15/2033		20,000		22,770
Series A, Rev., 5.00%, 3/15/2033		95		121
Series 2012D, Rev., 5.00%, 2/15/2042		75		80
Series 2019A, Rev., 5.00%, 3/15/2042		25		31
Series 2019A, Rev., 5.00%, 3/15/2043		95		117
New York State Dormitory Authority, State Personal Income Tax, Tax Exempt
Series 2017B, Rev., 5.00%, 2/15/2041		80		95
Series 2017B, Rev., 5.00%, 2/15/2042		30		36
New York State Thruway Authority, State Personal Income Tax, Transportation Series 2010A, Rev., 5.00%, 3/15/2026		11,025		11,176
New York State Urban Development Corp., State Personal Income Tax
Series 2013A-1, Rev., 4.00%, 3/15/2023		25		27
Series 2015A, Rev., 5.00%, 3/15/2023		50		56
Series 2016A, Rev., 5.00%, 3/15/2023		110		124
Series 2014A, Rev., 5.00%, 3/15/2024		40		47
Series 2016A, Rev., 5.00%, 3/15/2024		10		12
Series 2013C, Rev., 5.00%, 3/15/2032		30		33
Series 2016A, Rev., 5.00%, 3/15/2032		350		418
Series 2015A, Rev., 5.00%, 3/15/2033		60		71
New York State Urban Development Corp., State Personal Income Tax, General Purpose
Series 2017C, Rev., 5.00%, 3/15/2027		5,750		7,286
Series 2011A, Rev., 5.00%, 3/15/2031		2,340		2,416
Series 2019A, Rev., 5.00%, 3/15/2035		25		31
Series 2019A, Rev., 5.00%, 3/15/2037		35		43
Series 2019A, Rev., 5.00%, 3/15/2038		45		55
Series 2019A, Rev., 5.00%, 3/15/2042		6,500		7,925
New York State Urban Development Corp., State Personal Income Tax, State Facilities and Equipment Series A-2, Rev., NATL-RE, 5.50%, 3/15/2021		17,770		18,505
				196,432
Transportation — 1.5%
Metropolitan Transportation Authority
Series 2019C, Rev., BAN, 4.00%, 7/1/2020		2,925		2,926
Series 2019E, Rev., BAN, 4.00%, 9/1/2020		750		751
Series 2018C, Subseries C-1, Rev., BAN, 5.00%, 9/1/2020		7,405		7,481
Subseries C-1, Rev., 5.25%, 11/15/2029		6,000		6,434
Subseries C-1, Rev., 5.00%, 11/15/2035		3,000		3,137
Metropolitan Transportation Authority, Dedicated Tax Series 2016A, Rev., 5.00%, 11/15/2025		45		52
Metropolitan Transportation Authority, Dedicated Tax, Green Bond Series 2016B-1, Rev., 5.00%, 11/15/2025		150		174
Metropolitan Transportation Authority, Green Bonds Series 2017C-1, Rev., 5.00%, 11/15/2030		5,025		5,443
New York State Thruway Authority
Series L, Rev., 5.00%, 1/1/2025		2,635		3,083
Series L, Rev., 5.00%, 1/1/2027		1,250		1,528
New York State Thruway Authority, Junior Indebtedness Obligations
Series 2019B, Rev., 4.00%, 1/1/2039		5,000		5,488
Series 2019B, Rev., 4.00%, 1/1/2053		750		810

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project
Rev., AMT, 5.00%, 1/1/2022		5,000		5,061
Rev., AMT, 5.00%, 1/1/2025		5,000		5,062
Rev., AMT, 5.00%, 1/1/2036		9,900		9,943
Port Authority of New York and New Jersey, Consolidated Bonds
Series 172, Rev., 5.00%, 10/1/2022		3,000		3,193
Series 194, Rev., 5.00%, 10/15/2023		225		255
Series 179, Rev., 5.00%, 12/1/2023		50		57
Series 179, Rev., 5.00%, 12/1/2025		50		56
Series 207, Rev., AMT, 5.00%, 9/15/2033		800		953
Series 209, Rev., 5.00%, 7/15/2035		125		152
Series 214, Rev., AMT, 4.00%, 9/1/2043		3,000		3,256
Series 93, Rev., 6.13%, 6/1/2094		12,000		13,860
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Series 2013B, Rev., 5.00%, 11/15/2021		60		64
Series 2012B, Rev., 5.00%, 11/15/2022		75		83
Series 2013B, Rev., 5.00%, 11/15/2023		90		103
Series 2016A, Rev., 5.00%, 11/15/2023		20		23
Series 2017C-1, Rev., 5.00%, 11/15/2024		110		130
Series 2017C-1, Rev., 4.00%, 11/15/2025		50		58
Series 2017C-1, Rev., 5.00%, 11/15/2025		150		182
Series 2012B, Rev., 5.00%, 11/15/2026		240		264
Series 2017B, Rev., 5.00%, 11/15/2027		500		628
Series 2015A, Rev., 5.00%, 11/15/2029		200		237
Series B, Rev., 5.00%, 11/15/2030		2,500		2,742
Series 2012B, Rev., Zero Coupon, 11/15/2032		8,860		6,444
				90,113
Utility — 0.5%
Long Island Power Authority, Capital Appreciation Series 1998A, Rev., AGM, Zero Coupon, 12/1/2020		35		35
Long Island Power Authority, Electric System
Series 2012B, Rev., 5.00%, 9/1/2024		20		22
Rev., 5.00%, 9/1/2034		5,000		6,195
Rev., 5.00%, 9/1/2035		3,000		3,704
Utility Debt Securitization Authority
Rev., 5.00%, 6/15/2023		40		42
Series 2016B, Rev., 5.00%, 12/15/2023		30		32
Series 2016A, Rev., 5.00%, 6/15/2025		100		114
Series 2016B, Rev., 5.00%, 6/15/2025		50		57
Rev., 5.00%, 12/15/2025		75		87
Series 2016A, Rev., 5.00%, 6/15/2027		25		30
Series TE, Rev., 5.00%, 12/15/2029		1,500		1,724
Series TE, Rev., 5.00%, 12/15/2032		3,500		4,003
Rev., 5.00%, 12/15/2036		5,250		6,331
Series 2013TE, Rev., 5.00%, 12/15/2041		4,250		4,823
				27,199
Water & Sewer — 1.6%
New York City Municipal Water Finance Authority, Building Aid Series 2016 S-1, Rev., 5.00%, 7/15/2033		70		83
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2012
Series 2012FF, Rev., 5.00%, 6/15/2020		50		50
Series 2012EE, Rev., 4.00%, 6/15/2045		30		32
Series 2012FF, Rev., 4.00%, 6/15/2045		45		47
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014
Series DD, Rev., 5.00%, 6/15/2022		4,000		4,391
Series 2014DD, Rev., 5.00%, 6/15/2023		40		46
Series 2014DD, Rev., 5.00%, 6/15/2024		50		59
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2015HH, Rev., 5.00%, 6/15/2029		75		90
Series FF, Rev., 5.00%, 6/15/2031		5,000		5,973
Series 2015AA, Rev., 4.00%, 6/15/2044		25		27
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2016 Subseries 2016CC-1, Rev., 4.00%, 6/15/2020		40		40
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2017 Series 2017CC, Rev., 5.00%, 6/15/2023		60		64
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2018
Series 2018CC-2, Rev., 5.00%, 6/15/2025		20		23
Series 2018EE, Rev., 5.00%, 6/15/2035		35		42
Series 2018FF, Rev., 5.00%, 6/15/2040		50		63
Series BB, Subseries BB-1, Rev., 5.00%, 6/15/2045		40		48
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2019
Series 2019AA, Rev., 5.00%, 6/15/2023		80		91
Subseries 2019EE-2, Rev., 5.00%, 6/15/2040		35		45
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020
Series 2020CC-1, Rev., 5.00%, 6/15/2024		100		119
Series 2020CC-1, Rev., 4.00%, 6/15/2038		10,000		11,884
Series 2020AA, Rev., 5.00%, 6/15/2040		25		32
Series 2020CC-2, Rev., 4.00%, 6/15/2041		10,000		11,763
Subseries 202DD-3, Rev., 5.00%, 6/15/2041		140		182
Subseries 202DD-3, Rev., 4.00%, 6/15/2042		1,880		2,220
New York City Water and Sewer System Series EE, Rev., 5.00%, 6/15/2036		5,000		6,165
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019 Series 2019FF-2, Rev., 4.00%, 6/15/2037		16,245		19,235
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects — Second Resolution
Series 2015A, Rev., 4.00%, 6/15/2020		50		50
Series 2011B, Rev., 5.00%, 6/15/2020		25		25
Series 2013A, Rev., 5.00%, 6/15/2020		25		25
Series 2014A, Rev., 5.00%, 6/15/2020		30		30
Series 2017A, Rev., 5.00%, 6/15/2023		25		29
Series 2014A, Rev., 5.00%, 6/15/2025		5,635		6,634
Series D, Rev., 5.00%, 6/15/2025		7,280		7,954
Series 2011B, Rev., 5.00%, 6/15/2027		4,345		4,545
Series D, Rev., 5.00%, 6/15/2027		5,325		5,809
Series 2013A, Rev., 4.00%, 6/15/2028		10,000		10,925
Series 2019B, Rev., 5.00%, 6/15/2028		25		33
Series 2017E, Rev., 4.00%, 6/15/2037		40		46
Series 2019B, Rev., 5.00%, 6/15/2039		150		191
Series 2018B, Rev., 5.00%, 6/15/2043		50		62
Suffolk County Water Authority, Waterworks System Series 2014A, Rev., 4.00%, 6/1/2026		50		57
				99,229
Total New York				744,337
North Carolina — 1.9%
Certificate of Participation/Lease — 0.0%(b)
City of Charlotte, Cultural Arts Facilities Series 2019B, COP, 5.00%, 6/1/2029		120		160
Education — 0.2%
University of North Carolina at Chapel Hill Rev., 5.00%, 2/1/2032		25		32

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
University of North Carolina at Charlotte (The)
Series 2020A, Rev., 5.00%, 10/1/2027		200		254
Series 2020A, Rev., 5.00%, 10/1/2028		500		645
Rev., 5.00%, 10/1/2029		45		56
Series 2020A, Rev., 5.00%, 10/1/2029		250		329
Series 2020A, Rev., 5.00%, 10/1/2030		165		216
Series 2020A, Rev., 5.00%, 10/1/2031		100		130
Series 2020A, Rev., 5.00%, 10/1/2032		100		129
Series 2020A, Rev., 5.00%, 10/1/2033		500		640
Series 2020A, Rev., 5.00%, 10/1/2034		125		159
University of North Carolina, School of The Arts
Rev., 5.00%, 2/1/2032(f)		1,285		1,581
Rev., 5.00%, 2/1/2033(f)		850		1,037
Rev., 5.00%, 2/1/2034(f)		1,240		1,505
Rev., 5.00%, 2/1/2036(f)		1,385		1,670
Rev., 4.00%, 2/1/2040(f)		500		545
Rev., 4.00%, 2/1/2045(f)		1,750		1,881
				10,809
General Obligation — 0.0%(b)
City of Charlotte Series 2016A, GO, 5.00%, 7/1/2029		1,050		1,315
County of Davidson GO, 4.00%, 6/1/2020		50		50
County of Durham GO, 5.00%, 11/1/2021		25		27
County of Forsyth GO, 5.00%, 12/1/2027		25		33
County of Moore, School Bonds Series 2019A, GO, 5.00%, 1/15/2024		20		23
County of Wake Series 2016A, GO, 5.00%, 3/1/2026		250		314
State of North Carolina Series 2013B, GO, 5.00%, 6/1/2020		150		150
Town of Cornelius, Public Improvement GO, 5.00%, 8/1/2020		30		30
				1,942
Hospital — 0.5%
North Carolina Medical Care Commission, Duke University Health Systems Series 2016A, Rev., 5.00%, 6/1/2020		20		20
North Carolina Medical Care Commission, Health Care Facilities, Novant Health Obligated Group Series 2010A, Rev., 4.63%, 11/1/2035		30		30
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group
Series 2019B, Rev., 2.20%, 12/1/2022(d)		13,500		13,693
Series 2019C, Rev., 2.55%, 6/1/2026(d)		13,800		14,380
				28,123
Other Revenue — 1.1%
City of Raleigh Rev., 5.00%, 2/1/2029		305		374
City of Wilmington Series A, Rev., 5.00%, 6/1/2028		400		469
County of Beaufort Rev., 4.00%, 6/1/2020		150		150
County of Brunswick Rev., 5.00%, 4/1/2022		30		33
County of Buncombe, Limited Obligation
Rev., 5.00%, 6/1/2023		50		57
Series 2020A, Rev., 5.00%, 6/1/2029		60		81
Series 2020A, Rev., 5.00%, 6/1/2030		75		102
Series 2020A, Rev., 5.00%, 6/1/2031		290		391
Series 2020A, Rev., 5.00%, 6/1/2033		125		165
County of Chatham Rev., 5.00%, 11/1/2026		1,880		2,256
County of Cumberland, Limited Obligation Rev., 5.00%, 11/1/2022		20		22
County of Davidson
Rev., 5.00%, 6/1/2032		275		369
Rev., 5.00%, 6/1/2033		250		333
Rev., 5.00%, 6/1/2034		225		299
Rev., 5.00%, 6/1/2035		250		330
County of Harnett, Limited Obligation Rev., 4.00%, 10/1/2035		45		53
County of Henderson, Limited Obligation Series 2018A, Rev., 4.00%, 6/1/2020		30		30
County of Onslow, Public Facilities Company Ltd.
Rev., 5.00%, 10/1/2026		25		32
Rev., 5.00%, 12/1/2029		220		300
Rev., 5.00%, 12/1/2030		150		203

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Rev., 5.00%, 12/1/2031		350		468
Rev., 4.00%, 10/1/2032		340		395
Rev., 5.00%, 12/1/2033		450		593
County of Union, Enterprise System Series 2019A, Rev., 5.00%, 6/1/2024		20		24
County of Wake
Rev., 5.00%, 9/1/2023		25		29
Rev., 5.00%, 9/1/2024		25		30
Rev., 5.00%, 9/1/2032		270		358
State of North Carolina
Series 2014B, Rev., 5.00%, 6/1/2021		25		26
Series 2019, Rev., GRAN, 5.00%, 3/1/2027		17,070		21,707
Series 2019, Rev., GRAN, 5.00%, 3/1/2028		16,000		20,813
Rev., GRAN, 5.00%, 3/1/2033		15,000		19,390
State of North Carolina, Build NC Series 2019A, Rev., 5.00%, 5/1/2026		25		31
State of North Carolina, Limited Obligation Series 2014C, Rev., 5.00%, 5/1/2023		50		57
				69,970
Transportation — 0.1%
City of Charlotte, Airport Special Facilities, Charlotte Douglas International Airport
Rev., 5.00%, 7/1/2031		25		31
Series A, Rev., 5.00%, 7/1/2034		25		30
North Carolina Turnpike Authority, Triangle Expressway System Series 2018A, Rev., 4.00%, 1/1/2035		85		100
Raleigh Durham Airport Authority
Series 2020B, Rev., 5.00%, 5/1/2026		30		36
Series 2015B, Rev., AMT, 5.00%, 5/1/2027		1,135		1,306
Series 2020B, Rev., 5.00%, 5/1/2029		25		32
Series 2020B, Rev., 5.00%, 5/1/2031		50		65
Series 2020A, Rev., AMT, 5.00%, 5/1/2032		2,600		3,197
Series 2020A, Rev., AMT, 5.00%, 5/1/2033		1,000		1,220
				6,017
Utility — 0.0%(b)
City of Concord, Utilities Systems Rev., 4.00%, 12/1/2020		20		20
Water & Sewer — 0.0%(b)
Buncombe County Metropolitan Sewerage District Rev., 5.00%, 7/1/2020		20		20
City of High Point Combined Water and Sewer System Rev., 5.00%, 11/1/2028		25		32
County of Bladen Rev., 4.00%, 6/1/2020		10		10
				62
Total North Carolina				117,103
North Dakota — 0.0%(b)
General Obligation — 0.0%(b)
City of Fargo
Series 2014E, GO, 5.00%, 5/1/2025		290		341
Series 2018D, GO, 5.00%, 5/1/2028		100		132
				473
Other Revenue — 0.0%(b)
North Dakota Public Finance Authority, State Revolving Fund Program Series 2011A, Rev., 5.00%, 10/1/2021		50		53
Prerefunded — 0.0%(b)
Barnes County North Public School District Building Authority, North Dakota Lease Rev., 4.00%, 5/1/2022(c)		10		10
Total North Dakota				536
Ohio — 2.4%
Certificate of Participation/Lease — 0.0%(b)
State of Ohio, Department of Administrative Services, Enterprise Data Center Solutions Projects
COP, 5.00%, 9/1/2027		1,000		1,276
COP, 5.00%, 9/1/2028		1,000		1,303
				2,579
Education — 0.2%
Bowling Green State University, A State University of Ohio
Series 2020A, Rev., 5.00%, 6/1/2030		130		164
Series 2020A, Rev., 5.00%, 6/1/2031		860		1,077
Series 2020A, Rev., 5.00%, 6/1/2032		625		776
Series 2020A, Rev., 5.00%, 6/1/2033		375		462
Series 2020A, Rev., 5.00%, 6/1/2034		450		553
Series 2020A, Rev., 5.00%, 6/1/2035		650		795
Cleveland State University Rev., 5.00%, 6/1/2020		15		15

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Ohio Higher Educational Facility Commission, Franciscan University of Steubenville 2016 Project Rev., 4.00%, 11/1/2020		25		25
Ohio Higher Educational Facility Commission, Tiffin University 2019 Project
Rev., 3.00%, 11/1/2024		100		101
Rev., 3.00%, 11/1/2025		605		605
Rev., 3.00%, 11/1/2026		585		580
Rev., 3.00%, 11/1/2027		645		634
Rev., 3.00%, 11/1/2028		655		639
Rev., 5.00%, 11/1/2034		1,520		1,641
Ohio Higher Educational Facility Commission, University of Dayton Project Series B, Rev., 5.00%, 12/1/2029		1,105		1,308
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project
Rev., 5.00%, 3/1/2029		720		805
Rev., 5.00%, 3/1/2034		3,000		3,235
Ohio State University (The) Series 2010D, Rev., 5.00%, 12/1/2028		20		27
University of Akron (The), General Receipts Series 2015A, Rev., 5.00%, 1/1/2025		110		128
				13,570
General Obligation — 0.7%
City of Cleveland, Various Purpose GO, 3.00%, 12/1/2020		115		117
City of Columbus Series 2017-1, GO, 5.00%, 4/1/2029		11,010		14,280
City of Columbus, Various Purpose, Limited Tax Series 2013B, GO, 5.00%, 8/15/2021		100		106
City of Columbus, Various Purpose, Unlimited Tax
Series 2012-1, GO, 5.00%, 7/1/2021		25		26
Series 2017-1, GO, 5.00%, 4/1/2024		80		94
City of Dublin, Various Purpose GO, 5.00%, 12/1/2025		500		618
City of Elyria, Various Purpose GO, 3.00%, 12/1/2020		25		25
City of Huber Heights, Limited Tax GO, 5.00%, 12/1/2032		25		31
City of North Ridgeville GO, 4.00%, 12/1/2023		20		22
Columbia Local School District, School Facilities Improvement GO, AGM, 3.00%, 11/1/2020		15		15
Columbus City School District, School Facilities Construction and Improvement Series 2016-A, GO, 5.00%, 12/1/2031		3,000		3,695
Columbus City School District, Various Purpose Series 2016B, GO, 4.00%, 12/1/2023		25		28
Dayton City School District GO, 5.00%, 11/1/2029		10		13
Lakota Local School District/Sandusky Seneca and Wood Counties, School Facilities Construction and Improvement GO, 5.00%, 1/15/2023		50		56
Mahoning County Career and Technical Center Board of Education, School Improvement, Limited Tax GO, Zero Coupon, 12/1/2020		10		10
Miami Valley Career Technology Center, School Improvement, Unlimited Tax GO, 5.00%, 12/1/2032		35		45
New Albany Plain Local School District, School Improvement GO, 5.00%, 12/1/2023		25		29
Shaker Heights City School District Series A, GO, 5.00%, 12/15/2026		1,000		1,276
State of Ohio
Series 2014A, GO, 5.00%, 9/15/2022		25		28
Series A, GO, 5.00%, 5/1/2033		15,170		19,027
State of Ohio, Common Schools
Series 2013A, GO, 5.00%, 9/15/2020		10		10
Series 2019A, GO, 5.00%, 6/15/2036		2,090		2,729
State of Ohio, Conservation Projects Series 2011A, GO, 5.00%, 9/1/2020		10		10
State of Ohio, Higher Education
Series 2009C, GO, 5.00%, 8/1/2020		150		151
Series 2018A, GO, 5.00%, 2/1/2030		30		37
State of Ohio, Highway Capital Improvements Series V, GO, 5.00%, 5/1/2034		10		13

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Village of Cuyahoga Heights, Various Purpose GO, AGM, 4.00%, 12/1/2020		50		51
Wapakoneta City School District, Unlimited Tax, School Improvement GO, Zero Coupon, 12/1/2020		100		100
				42,642
Hospital — 0.3%
County of Franklin, Trinity Health Credit Group Series 2019A, Rev., 5.00%, 12/1/2036		1,250		1,514
County of Lucas, Promedica Healthcare Obligated Group Series 2011A, Rev., 5.00%, 11/15/2020		10		10
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group
Series A, Rev., 5.00%, 7/1/2028		1,200		1,276
Series A, Rev., 5.75%, 7/1/2028		750		814
Series A, Rev., 5.75%, 7/1/2033		1,400		1,503
County of Warren, Otterbein Homes
Series A, Rev., 4.00%, 7/1/2021		500		508
Series A, Rev., 5.00%, 7/1/2027		840		959
Series A, Rev., 5.00%, 7/1/2031		250		286
Series A, Rev., 4.00%, 7/1/2033		920		966
Franklin County, Nationwide Children’s Hospital Series 2016C, Rev., 5.00%, 11/1/2027		325		407
Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Series 2012A, Rev., 5.00%, 1/1/2027		4,770		5,060
State of Ohio, Cleveland Clinic Health System Obligated Group
Series 2017A, Rev., 5.00%, 1/1/2032		170		212
Series 2019B, Rev., 4.00%, 1/1/2046		3,000		3,339
				16,854
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Ohio Water Development Authority, Water Pollution Control Loan Fund Rev., 5.00%, 12/1/2024		3,360		4,047
Other Revenue — 0.2%
Buckeye Tobacco Settlement Financing Authority
Series 2020A-2, Class I, Rev., 5.00%, 6/1/2034		1,000		1,244
Series 2020A-2, Class I, Rev., 4.00%, 6/1/2037		2,000		2,245
Series 2020A-2, Class I, Rev., 4.00%, 6/1/2038		1,850		2,070
Series 2020A-2, Class I, Rev., 4.00%, 6/1/2039		2,000		2,230
County of Hamilton, Sales Tax
Series 2016A, Rev., 4.00%, 12/1/2020		235		239
Series 2016A, Rev., 5.00%, 12/1/2025		50		61
Series 2016A, Rev., 4.00%, 12/1/2032		1,600		1,818
State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects Series 2017A, Rev., 5.00%, 12/1/2032		35		44
State of Ohio, Capital Facilities Lease Appropriation, Administrative Building Fund Projects
Series 2016A, Rev., 5.00%, 10/1/2023		70		80
Series 2017A, Rev., 5.00%, 4/1/2033		25		31
State of Ohio, Capital Facilities Lease Appropriation, Adult Correctional Building Fund Projects
Series 2017B, Rev., 5.00%, 10/1/2023		35		40
Series B, Rev., 5.00%, 10/1/2029		1,495		1,643
State of Ohio, Capital Facilities Lease-Appropriation Series 2017A, Rev., 5.00%, 4/1/2037		760		922
				12,667
Prerefunded — 0.1%
County of Allen, Hospital Facilities, Catholic Healthcare Partners Series 2010A, Rev., 5.25%, 6/1/2038(c)		1,000		1,000
County of Cuyahoga, Sports Facilities Improvement Project
Rev., 5.00%, 12/1/2024(c)		835		970
Rev., 5.00%, 12/1/2025(c)		500		581
Rev., 5.00%, 12/1/2026(c)		1,000		1,161
Rev., 5.00%, 12/1/2027(c)		500		581
University of Cincinnati, General Receipts Series 2010F, Rev., 5.00%, 6/1/2021(c)		25		26
				4,319

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Transportation — 0.3%
Ohio Turnpike and Infrastructure Commission
Series 2017A, Rev., 5.00%, 2/15/2026		55		69
Series 2017A, Rev., 5.00%, 2/15/2028		55		70
Ohio Turnpike and Infrastructure Commission, Junior Lien, Infrastructure Project Series 2018A, Rev., 5.00%, 2/15/2030		50		63
State of Ohio, Capital Facilities Lease Appropriation, Transportation Building Fund Project Series 2018A, Rev., 5.00%, 4/1/2029		1,800		2,319
State of Ohio, Major New State Infrastructure Project
Series 1, Rev., 5.00%, 12/15/2028		7,500		9,267
Series 2019-1, Rev., 5.00%, 12/15/2028		25		33
Series 1, Rev., 5.00%, 12/15/2029		7,000		8,612
				20,433
Utility — 0.4%
American Municipal Power, Inc., Combined Hydroelectric Projects Series 2018A, Rev., 2.25%, 8/15/2021(d)		8,500		8,576
American Municipal Power, Inc., Green Bonds
Series 2019A, Rev., 5.00%, 2/15/2023		150		169
Series 2019A, Rev., 5.00%, 2/15/2024		225		262
Series 2019A, Rev., 5.00%, 2/15/2025		160		192
Series 2019A, Rev., 5.00%, 2/15/2026		200		246
Series 2019A, Rev., 5.00%, 2/15/2027		250		315
Series 2019A, Rev., 5.00%, 2/15/2028		225		289
Lancaster Port Authority, Gas Supply Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 2/1/2025(d)		8,700		10,045
Ohio Air Quality Development Authority, American Electric Company Project Series 2014A, Rev., 2.40%, 10/1/2029(d)		1,820		1,829
				21,923
Water & Sewer — 0.1%
City of Cincinnati, Water System Series B, Rev., 5.00%, 12/1/2023		30		35
Cleveland Department of Public Utilities Division of Water
Series 2017BB, Rev., 5.00%, 1/1/2026		25		31
Series 2017BB, Rev., 5.00%, 1/1/2032		45		56
County of Hamilton, Sewer System Improvement, Metropolitan Sewer District of Greater Cincinnati (The) Series 2014A, Rev., 5.00%, 12/1/2020		35		36
County of Hamilton, Sewer System Improvement, The Metropolitan Sewer District of Greater Cincinnati Series A, Rev., 5.00%, 12/1/2021		4,210		4,310
Northeast Ohio Regional Sewer District, Wastewater Improvement
Rev., 5.00%, 11/15/2026		1,500		1,795
Rev., 4.00%, 11/15/2049		45		48
Ohio Water Development Authority, Fresh Water Series 2016A, Rev., 5.00%, 12/1/2030		55		68
Ohio Water Development Authority, Water Pollution Control Loan Fund
Series 2019A, Rev., 5.00%, 12/1/2027		50		65
Series 2017A, Rev., 5.00%, 12/1/2029		25		32
Series 2019B, Rev., 5.00%, 12/1/2035		55		74
				6,550
Total Ohio				145,584
Oklahoma — 0.5%
Education — 0.1%
Canadian County Educational Facilities Authority, Mustang Public Schools Project Rev., 5.00%, 9/1/2026		500		624
McClain County Economic Development Authority, Educational Facilities, Blanchard Public Schools Project
Rev., 4.00%, 9/1/2027		600		703
Rev., 4.00%, 9/1/2028		675		799
Rev., 4.00%, 9/1/2029		615		734
Oklahoma County Finance Authority, Crooked Oak Public Schools Project Series 2013A, Rev., 4.00%, 9/1/2020		10		10

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Rev., 5.00%, 10/1/2022		250		277
Rev., 5.00%, 10/1/2023		180		207
Rev., 5.00%, 10/1/2025		510		624
Rev., 5.00%, 10/1/2026		500		627
Oklahoma County Finance Authority, Educational Facilities, Western Heights Public Schools Project Rev., 5.00%, 9/1/2021		1,110		1,173
Oklahoma Development Finance Authority, State System of Higher Education Master Real Property Lease Series 2016D, Rev., 3.00%, 6/1/2022		135		141
Tulsa County Industrial Authority, Broken Arrow Public Schools Project Series A, Rev., 5.00%, 9/1/2028		15		20
University of Oklahoma (The) Series 2014C, Rev., 5.00%, 7/1/2031		50		54
				5,993
General Obligation — 0.0%(b)
Canadian County Independent School District No. 69 Mustang, Combined Purpose GO, 2.25%, 6/1/2020		90		90
Mayes County Independent School District No. 1, Pryor Board of Education GO, 3.00%, 6/1/2020		25		25
Oklahoma City GO, 5.00%, 3/1/2024		25		29
Tulsa County Independent School District No. 4 Bixby Board of Education, Combined Purpose GO, 3.00%, 6/1/2020		10		10
Tulsa County Independent School District No. 5 Jenks, Public School Combined Purpose GO, 2.00%, 6/1/2020		10		10
				164
Hospital — 0.1%
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., 5.00%, 8/15/2033		6,030		6,576
Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
Oklahoma City Environmental Assistance Trust, Solid Waste Management System Series 2017A, Rev., 5.00%, 7/1/2023		255		289
Other Revenue — 0.0%(b)
Edmond Public Works Authority, Sales Tax and Utility System Rev., 4.00%, 7/1/2020		15		15
Grand River Dam Authority
Series 2016A, Rev., 5.00%, 6/1/2020		15		15
Series 2014A, Rev., 4.00%, 6/1/2024		25		28
Series 2016A, Rev., 5.00%, 6/1/2031		60		75
Oklahoma Capitol Improvement Authority
Series 2014A, Rev., 5.00%, 7/1/2022		25		27
Series 2014C, Rev., 5.00%, 7/1/2024		25		30
Oklahoma Capitol Improvement Authority, Capitol Repair Project Series 2017B, Rev., 5.00%, 1/1/2024		285		330
Tulsa Public Facilities Authority, Capital Improvements Rev., 3.00%, 6/1/2020		15		15
				535
Prerefunded — 0.0%(b)
Oklahoma Water Resources Board, Revolving Fund, Master Trust Series 2012A, Rev., 5.00%, 4/1/2033(c)		25		27
Transportation — 0.3%
Grand River Dam Authority Series A, Rev., 5.00%, 6/1/2020		50		50
Oklahoma Department of Transportation Series 2018A, Rev., GAN, 5.00%, 9/1/2023		235		270
Oklahoma Development Finance Authority (The), Gilcrease Expressway West Project Rev., AMT, 1.63%, 7/6/2023		2,885		2,762
Oklahoma Turnpike Authority, Second Senior Series 2017C, Rev., 5.00%, 1/1/2036		25		30
Oklahoma Turnpike Authority, Turnpike System, Second Senior
Series A, Rev., 5.00%, 1/1/2023		4,000		4,104
Series 2011A, Rev., 5.00%, 1/1/2025		5,000		5,129
Series 2017A, Rev., 5.00%, 1/1/2038		2,000		2,384
				14,729

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Water & Sewer — 0.0%(b)
Oklahoma City Water Utilities Trust, Water and Sewer System
Rev., 5.00%, 7/1/2020		75		76
Rev., 5.00%, 7/1/2022		25		27
Oklahoma Water Resources Board, Revolving Fund, Master Trust, Drinking Water Program Rev., 4.00%, 4/1/2032		30		35
				138
Total Oklahoma				28,451
Oregon — 2.2%
Education — 0.0%(b)
Oregon State University Series 2015A, Rev., 5.00%, 4/1/2045		100		114
General Obligation — 1.8%
City of Hermiston GO, 3.00%, 3/1/2026		30		34
City of Medford, Jackson County, Limited Tax GO, 5.00%, 7/15/2033		25		28
City of Portland, 4th and Montgomery and Streetcar Projects Series A, GO, 5.00%, 2/1/2035		650		843
City of Salem
GO, 5.00%, 6/1/2026		460		579
GO, 5.00%, 6/1/2029		2,055		2,715
City of Tualatin Series 2018, GO, 5.00%, 6/15/2028		15		20
City of West Linn, Clackamas County GO, 2.75%, 6/1/2020		250		250
Clackamas County School District No. 7J, Lake Oswego
GO, 5.00%, 6/1/2029		20		26
GO, 5.00%, 6/1/2030		50		63
Clackamas County, Canby School District No. 86, Series 2012A, GO, 4.00%, 6/15/2020		270		270
County of Multnomah, Full Faith and Credit GO, 5.00%, 6/1/2020		15		15
Hillsboro School District No. 1J
GO, 4.00%, 6/15/2020		100		100
GO, 5.00%, 6/15/2032		80		101
Jackson County School District No. 549C Medford GO, 5.00%, 12/15/2020		35		36
Lane County School District No. 52 Bethel GO, 4.00%, 6/15/2023		30		33
Mount Hood Community College District GO, 5.00%, 6/1/2022		5		5
Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series 2019A, GO, Zero Coupon, 6/15/2035		600		407
Multnomah County School District No. 1J, Public Schools
GO, 5.00%, 6/15/2027		11,110		14,356
GO, 5.00%, 6/15/2028		14,540		19,286
GO, 5.00%, 6/15/2029		20,305		27,528
Oregon Coast Community College District GO, 3.00%, 6/15/2020		210		210
Oregon County Administrative School District No. 1 Bend-La Pine GO, 5.00%, 6/15/2026		4,725		5,942
Portland Community College District
GO, 5.00%, 6/15/2020		10		10
GO, 5.00%, 6/15/2023		35		40
GO, 5.00%, 6/15/2025		1,365		1,673
GO, 5.00%, 6/15/2026		710		893
GO, 5.00%, 6/15/2027		2,640		3,309
Rogue Community College District Series 2016B, GO, 3.00%, 6/15/2020		10		10
Salem-Keizer School District No. 24J GO, 5.00%, 6/15/2037		7,500		9,523
State of Oregon
Series 2013L, GO, 5.00%, 11/1/2020(c)		35		36
Series N, GO, 5.00%, 12/1/2020		25		26
Series 2019K, GO, 5.00%, 11/1/2031		555		749
State of Oregon, Article XI-M Seismic Projects Series 2016F, GO, 5.00%, 5/1/2032		2,885		3,544
State of Oregon, Article XI-Q State Projects
Series 2019K, GO, 5.00%, 11/1/2020		25		26
Series A, GO, 5.00%, 5/1/2021		25		26
Series 2019A, GO, 5.00%, 5/1/2030		240		323
State of Oregon, Higher Education
Series 2019G, GO, 5.00%, 8/1/2020		20		20
Series L, GO, 5.00%, 8/1/2035		1,930		2,419
Series L, GO, 5.00%, 8/1/2036		1,975		2,467
Tillamook County School District No 9 Tillamook GO, 3.00%, 6/15/2020		75		75

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Washington and Multnomah Counties School District No. 48J Beaverton Series 2014B, GO, 5.00%, 6/15/2032		105		123
Washington County School District No. 1 West Union, Hillsborough School District
GO, 5.00%, 6/15/2026		4,000		5,034
GO, 5.00%, 6/15/2027		1,470		1,901
Yamhill Clackamas and Washington Counties School District No. 29J Newberg GO, NATL-RE, 5.50%, 6/15/2020		25		25
Yamhill County School District No. 40 McMinnville
GO, 4.00%, 6/15/2029		5		6
GO, 4.00%, 6/15/2035		75		85
				105,190
Housing — 0.0%(b)
Oregon State Housing and Community Services Department, Single Family Housing Program Series 2011A, Rev., 5.00%, 7/1/2020		10		10
Other Revenue — 0.2%
Oregon State Lottery, Department of Administrative Services
Series 2014C, Rev., 5.00%, 4/1/2024		25		29
Series 2015C, Rev., 5.00%, 4/1/2026		200		243
Series 2014A, Rev., 5.00%, 4/1/2027		100		117
Series A, Rev., 5.00%, 4/1/2031		1,950		2,459
Series A, Rev., 5.00%, 4/1/2032		1,750		2,193
Series A, Rev., 5.00%, 4/1/2033		3,500		4,364
Series A, Rev., 5.00%, 4/1/2035		2,470		3,059
				12,464
Transportation — 0.1%
State of Oregon Department of Transportation Series 2019A, Rev., 5.00%, 11/15/2039		4,500		5,820
State of Oregon, Department of Transportation, Senior Lien Series 2017B, Rev., 5.00%, 11/15/2020		25		26
State of Oregon, Department of Transportation, Subordinate Lien Series 2019A, Rev., 5.00%, 11/15/2038		40		52
State of Oregon, Department of Transportation, User Tax Series 2013A, Rev., 5.00%, 11/15/2020		75		77
Tri-County Metropolitan Transportation District of Oregon, Senior Lien Payroll Tax Series 2015B, Rev., 4.00%, 9/1/2020		15		15
				5,990
Water & Sewer — 0.1%
City of Portland, Sewer System, First Lien
Series 2015A, Rev., 5.00%, 6/1/2020		25		25
Series A, Rev., 5.00%, 6/1/2026		5,350		6,530
City of Portland, Sewer System, Second Lien
Series 2019A, Rev., 5.00%, 3/1/2031		85		115
Series 2020A, Rev., 5.00%, 5/1/2031		45		61
Washington County Clean Water Services, Senior Lien Rev., 5.00%, 10/1/2022		25		28
				6,759
Total Oregon				130,527
Pennsylvania — 3.5%
Certificate of Participation/Lease — 0.0%(b)
Commonwealth of Pennsylvania
Series A, COP, 5.00%, 7/1/2028		400		515
Series A, COP, 5.00%, 7/1/2029		300		384
Series A, COP, 5.00%, 7/1/2030		375		477
Series A, COP, 5.00%, 7/1/2031		425		538
Series A, COP, 5.00%, 7/1/2034		450		560
				2,474
Education — 0.4%
Bucks County Community College Authority Rev., GTD, 5.00%, 6/15/2021		25		26
Delaware County Authority, Commonwealth of Pennsylvania, Haverford College Series 2017A, Rev., 5.00%, 10/1/2026		30		37
Delaware County Authority, Haverford College
Series 2017A, Rev., 5.00%, 10/1/2030		40		49
Series 2017A, Rev., 5.00%, 10/1/2042		45		53

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Delaware County Authority, Villanova University Rev., 5.00%, 8/1/2021		15		16
Lehigh County General Purpose Authority, Muhlenberg College Project Rev., 0.72%, 6/9/2020(d)		14,385		14,192
Montgomery County Higher Education and Health Authority, Arcadia University
Rev., 5.00%, 4/1/2027		840		908
Rev., 5.00%, 4/1/2028		625		678
Rev., 5.00%, 4/1/2029		815		888
Rev., 5.00%, 4/1/2030		860		937
Rev., 5.00%, 4/1/2031		905		978
Rev., 5.00%, 4/1/2032		945		1,013
Rev., 5.00%, 4/1/2033		950		1,011
Rev., 5.00%, 4/1/2034		520		551
Rev., 4.00%, 4/1/2035		405		386
Rev., 4.00%, 4/1/2036		515		486
Rev., 4.00%, 4/1/2037		545		511
Rev., 4.00%, 4/1/2038		695		647
Rev., 4.00%, 4/1/2039		720		663
Pennsylvania Higher Educational Facilities Authority, The Trustees of the University
Series 2016A, Rev., 5.00%, 8/15/2023		50		57
Series 2015A, Rev., 5.00%, 10/1/2023		30		35
Pennsylvania State University (The) Series A, Rev., 5.00%, 9/1/2023		40		46
State Public School Building Authority, Series 2014A, Rev., 5.00%, 6/15/2020		10		10
State Public School Building Authority, Harrisburg Area Community College Project Rev., AGM, 3.00%, 10/1/2020		15		15
State Public School Building Authority, Harrisburg School District Project Series 2016A, Rev., AGM, 4.00%, 12/1/2020		100		102
Swarthmore Borough Authority, Swarthmore College Series 2016B, Rev., 4.00%, 9/15/2041		50		58
				24,353
General Obligation — 0.6%
Allegheny County, Pittsburgh School District Series 2012B, GO, 4.00%, 9/1/2020		10		10
Allegheny Valley Joint School District GO, 5.00%, 11/1/2020		50		51
Allentown City School District
Series B, GO, 5.00%, 2/1/2029		3,110		4,040
Series B, GO, 5.00%, 2/1/2030		4,300		5,618
Berks County
GO, 5.00%, 11/15/2022		50		56
GO, 5.00%, 11/15/2023		20		23
Bethlehem Area School District GO, 5.00%, 10/15/2020		25		25
Centennial School District Bucks County
GO, 5.00%, 12/15/2023		60		70
GO, 5.00%, 12/15/2024		20		24
Central Dauphin School District GO, 4.00%, 2/1/2028		10		12
City of Philadelphia Series 2015B, GO, 5.00%, 8/1/2020		15		15
Commonwealth of Pennsylvania
Series I, GO, 5.00%, 7/1/2020		35		35
Series 2015D, GO, 5.00%, 8/15/2020		10		10
Series I, GO, 5.00%, 9/15/2020		75		76
County of Allegheny Series C-77, GO, 5.00%, 11/1/2043		50		62
County of Armstrong, Commonwealth of Pennsylvania
GO, AGM, 4.00%, 6/1/2027		170		204
GO, AGM, 4.00%, 6/1/2028		175		214
GO, AGM, 4.00%, 6/1/2029		160		194
GO, AGM, 4.00%, 6/1/2030		190		229
GO, AGM, 4.00%, 6/1/2031		200		239
GO, AGM, 4.00%, 6/1/2032		315		371
GO, AGM, 4.00%, 6/1/2033		500		584
GO, AGM, 4.00%, 6/1/2034		575		668
County of Bucks GO, 5.00%, 5/1/2027		325		407
County of Cambria
Series 2020B, GO, AGM, 4.00%, 8/1/2032		500		572
Series 2020B, GO, AGM, 4.00%, 8/1/2033		500		568
Series 2020B, GO, AGM, 4.00%, 8/1/2034		700		792
County of Chester
GO, 5.00%, 7/15/2020		150		151
Series 2016A, GO, 5.00%, 7/15/2020		75		75
County of Westmoreland Series 2013A, GO, 5.00%, 12/1/2020		10		10
East Stroudsburg Area School District Series 2017AAA, GO, 4.00%, 9/1/2026		115		133

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Easton Area School District Series 2020B, GO, 5.00%, 2/1/2031		50		64
Haverford Township School District GO, 4.00%, 9/15/2022		40		43
Lower Merion School District Series 2012A, GO, 5.00%, 11/15/2020		25		26
Nazareth Area School District
Series D, GO, 5.00%, 11/15/2030		900		1,102
Series D, GO, 5.00%, 11/15/2035		1,390		1,684
Series D, GO, 5.00%, 11/15/2036		1,250		1,511
Series D, GO, 5.00%, 11/15/2037		550		664
Series E, GO, 5.00%, 11/15/2038		810		975
North Penn School District Series 2019A, GO, 3.00%, 1/15/2023		70		75
Pennsbury School District Series 2019A, GO, 4.00%, 8/1/2022		25		27
Red Lion Area School District Series B, GO, 4.00%, 5/1/2023		5		5
School District of the City of Erie (The)
Series 2019A, GO, AGM, 5.00%, 4/1/2027		525		660
Series 2019C, GO, AGM, 5.00%, 4/1/2027		1,275		1,604
Series 2019A, GO, AGM, 5.00%, 4/1/2028		550		706
Series 2019C, GO, AGM, 5.00%, 4/1/2028		925		1,188
Series 2019A, GO, AGM, 5.00%, 4/1/2029		310		407
Series 2019C, GO, AGM, 5.00%, 4/1/2029		1,000		1,312
Series 2019A, GO, AGM, 5.00%, 4/1/2030		425		555
Series 2019C, GO, AGM, 5.00%, 4/1/2030		500		653
Series 2019A, GO, AGM, 5.00%, 4/1/2031		525		680
Series 2019A, GO, AGM, 4.00%, 4/1/2033		1,150		1,346
Series 2019A, GO, AGM, 5.00%, 4/1/2034		825		1,046
Shaler Area School District, Capital Appreciation Series 1997A, GO, NATL-RE, Zero Coupon, 11/15/2020		15		15
Souderton Area School District GO, 4.00%, 11/1/2020		55		56
Spring-Ford Area School District
GO, 5.00%, 3/1/2023		25		26
GO, 5.00%, 6/1/2023		50		57
Township of Hampton GO, 4.00%, 1/1/2039		45		52
Township of Lower Paxton GO, 4.00%, 4/1/2033		35		42
Township of Palmer Series 2020D, GO, 4.00%, 11/15/2025		20		23
Township of Radnor
GO, 3.00%, 6/15/2020		15		15
Series B, GO, 4.00%, 7/15/2024		10		11
Township of Spring GO, 5.00%, 11/15/2028		25		34
Upper Merion Area School District
GO, 4.00%, 1/15/2026		50		58
GO, 5.00%, 1/15/2029		350		431
GO, 5.00%, 1/15/2031		650		797
GO, 5.00%, 1/15/2033		480		585
GO, 5.00%, 1/15/2034		200		243
GO, 5.00%, 1/15/2035		475		576
Warwick School District, Lancaster County GO, 4.00%, 3/1/2024		30		34
West Chester Area School District, Chester and Delaware Counties GO, 4.00%, 5/15/2040		40		46
Wilkes-Barre Area School District
Series 2019, GO, 5.00%, 4/15/2023		110		123
Series 2019, GO, 3.50%, 4/15/2038		370		417
Series 2019, GO, 3.50%, 4/15/2039		235		264
Series 2019, GO, 3.75%, 4/15/2044		1,500		1,698
				37,474
Hospital — 1.5%
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group
Series 2018A, Rev., 5.00%, 4/1/2028		7,000		8,574
Series 2018A, Rev., 5.00%, 4/1/2029		7,785		9,484
Series 2018A, Rev., 5.00%, 4/1/2030		5,000		6,060
Series 2018A, Rev., 5.00%, 4/1/2031		3,800		4,579

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Allegheny County Hospital Development Authority, Medical Center
Series 2019A, Rev., 5.00%, 7/15/2027		3,000		3,665
Series 2019A, Rev., 5.00%, 7/15/2028		2,050		2,544
Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center Series 2019A, Rev., 5.00%, 7/15/2022		25		27
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2027		1,150		1,292
Rev., 5.00%, 11/1/2028		1,535		1,705
Rev., 5.00%, 11/1/2029		350		387
Rev., 5.00%, 11/1/2030		600		659
Berks County Municipal Authority (The), Tower Health Project
Series 2020A, Rev., 5.00%, 2/1/2027		1,000		1,115
Series 2020B-2, Rev., 5.00%, 2/1/2027(d)		9,700		11,000
Series 2020A, Rev., 5.00%, 2/1/2028		1,050		1,182
Series 2020A, Rev., 5.00%, 2/1/2029		740		840
Series 2020A, Rev., 5.00%, 2/1/2030		800		912
Series 2020B-3, Rev., 5.00%, 2/1/2030(d)		3,300		3,844
Series 2020A, Rev., 5.00%, 2/1/2031		700		801
Series 2020A, Rev., 5.00%, 2/1/2032		750		859
DuBois Hospital Authority, Penn Highlands Healthcare
Rev., 5.00%, 7/15/2029		1,700		2,067
Rev., 5.00%, 7/15/2030		2,000		2,417
Rev., 5.00%, 7/15/2031		1,450		1,737
Rev., 5.00%, 7/15/2032		1,525		1,814
Rev., 5.00%, 7/15/2034		1,675		1,977
Rev., 4.00%, 7/15/2043		5,670		6,084
Lancaster County Hospital Authority, Masonic Villages Project Rev., 5.00%, 11/1/2028		1,215		1,344
Montgomery County Higher Education and Health Authority, Thomas Jefferson University
Series 2018A, Rev., 5.00%, 9/1/2030		3,000		3,535
Series 2018A, Rev., 4.00%, 9/1/2038		2,950		3,130
Pennsylvania Higher Educational Facilities Authority, Health System
Rev., 5.00%, 8/15/2029		40		52
Rev., 5.00%, 8/15/2031		50		64
Rev., 5.00%, 8/15/2040		100		114
Sayre Health Care Facilities Authority, Guthrie Health Issue Rev., (ICE LIBOR USD 3 Month + 0.78%, 15.00% Cap), 1.02%, 9/1/2020(g)		3,800		3,751
St. Mary Hospital Authority, Catholic Health East Issue Series 2010B, Rev., 5.00%, 11/15/2020		15		15
St. Mary Hospital Authority, Trinity Health Credit Group Series 2019PA, Rev., 5.00%, 12/1/2031		25		31
				87,661
Industrial Development Revenue/Pollution Control Revenue — 0.5%
Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2025		500		551
Chester County Industrial Development Authority, Longwood Gardens Project
Rev., 5.00%, 12/1/2032		475		623
Rev., 5.00%, 12/1/2033		740		964
Rev., 5.00%, 12/1/2034		400		518
Rev., 5.00%, 12/1/2035		175		225
Rev., 5.00%, 12/1/2036		305		391
Rev., 5.00%, 12/1/2037		450		575
Rev., 5.00%, 12/1/2038		950		1,211
Rev., 5.00%, 12/1/2039		1,000		1,272
Rev., 5.00%, 12/1/2044		8,530		10,711
Lackawanna County Industrial Development Authority, University of Scranton Rev., 5.00%, 11/1/2021		10		10
Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project
Series 2019, Rev., 4.00%, 12/1/2024		155		159
Series 2019, Rev., 4.00%, 12/1/2025		150		154
Series 2019, Rev., 4.00%, 12/1/2026		150		153
Series 2019, Rev., 4.00%, 12/1/2027		200		204
Series 2019, Rev., 4.00%, 12/1/2028		205		209
Series 2019, Rev., 4.00%, 12/1/2029		250		254
Series 2019, Rev., 4.00%, 12/1/2030		300		302
Series 2019, Rev., 4.00%, 12/1/2031		300		302
Series 2019, Rev., 4.00%, 12/1/2032		435		434

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019, Rev., 4.00%, 12/1/2033		400		397
Series 2019, Rev., 4.00%, 12/1/2034		165		164
Series 2019, Rev., 4.00%, 12/1/2035		175		173
Series 2019, Rev., 4.00%, 12/1/2036		175		172
Series 2019, Rev., 4.00%, 12/1/2037		100		98
Series 2019, Rev., 4.00%, 12/1/2038		100		97
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Rev., 2.80%, 12/1/2021(d)		8,855		9,098
				29,421
Other Revenue — 0.3%
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Rev., 5.00%, 6/1/2024		1,275		1,461
Rev., 5.00%, 6/1/2025		1,875		2,204
Rev., 5.00%, 6/1/2026		1,120		1,343
Rev., 5.00%, 6/1/2027		1,500		1,832
Rev., 5.00%, 6/1/2028		2,620		3,258
Rev., 5.00%, 6/1/2029		1,120		1,383
Urban Redevelopment Authority of Pittsburgh, Crawford Square Apartments Project Rev., VRDO, 0.60%, 12/1/2020(d)		4,450		4,450
				15,931
Prerefunded — 0.0%(b)
Commonwealth of Pennsylvania
Series I, GO, 5.00%, 4/1/2026(c)		2,465		2,796
Series 1, GO, 5.00%, 6/15/2026(c)		50		59
Series 2011, GO, 5.00%, 11/15/2026(c)		100		107
				2,962
Transportation — 0.1%
City of Philadelphia, Airport System Series 2017B, Rev., AMT, 5.00%, 7/1/2032		250		290
Pennsylvania Turnpike Commission
Series A-1, Rev., 3.00%, 12/1/2020		15		15
Series 2019A, Rev., 5.00%, 12/1/2020		150		153
Series A, Rev., 5.00%, 12/1/2032		1,750		2,198
Series A, Rev., 5.00%, 12/1/2033		1,240		1,549
Series A, Rev., 5.00%, 12/1/2034		1,400		1,742
Series A, Rev., 5.00%, 12/1/2035		2,000		2,476
Pennsylvania Turnpike Commission, Motor License Series B-1, Rev., 5.00%, 12/1/2020		10		10
				8,433
Water & Sewer — 0.1%
Allegheny County Sanitary Authority, Sewer Rev., AGM, 4.00%, 12/1/2035		5		6
Bucks County Water and Sewer Authority Rev., 4.00%, 6/1/2020		50		50
Erie City Water Authority
Series B, Rev., AGM, 5.00%, 12/1/2032		1,235		1,616
Series B, Rev., AGM, 5.00%, 12/1/2033		800		1,042
Series 2018D, Rev., 4.00%, 12/1/2036		35		41
Pittsburgh Water and Sewer Authority Series B, Rev., AGM, 5.00%, 9/1/2033		1,300		1,820
Pittsburgh Water and Sewer Authority, First Lien
Series 2013A, Rev., AGM, 5.00%, 9/1/2020		65		66
Series 2019A, Rev., 5.00%, 9/1/2020		300		303
Reading Area Water Authority, Capital Appreciation Rev., AGM, Zero Coupon, 12/1/2020		15		15
				4,959
Total Pennsylvania				213,668
Puerto Rico — 0.2%
Other Revenue — 0.2%
Puerto Rico Public Finance Corp. (Puerto Rico) Series E, Rev., AGC-ICC, AGM-CR, 6.00%, 8/1/2026(c)		10,000		13,121
Rhode Island — 0.1%
General Obligation — 0.0%(b)
State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan of 2014 Series A, GO, 5.00%, 11/1/2025		1,000		1,150
State of Rhode Island, Consolidated Capital Development Loan
Series 2014D, GO, 5.00%, 8/1/2020		25		25
Series 2017B, GO, 5.00%, 8/1/2027		210		269
Series 2019A, GO, 4.00%, 5/1/2037		50		59
				1,503

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Housing — 0.0%(b)
Rhode Island Housing and Mortgage Finance Corp., Homeownership Series 62-A, Rev., 2.88%, 10/1/2020		10		10
Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund Series 2015B, Rev., 5.00%, 10/1/2023		20		23
Prerefunded — 0.1%
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund Series 2012A, Rev., 5.00%, 10/1/2023(c)		1,750		1,941
Transportation — 0.0%(b)
Rhode Island Infrastructure Bank Municipal Road and Bridge Revolving Fund Series 2018A, Rev., 5.00%, 10/1/2024		25		29
Rhode Island Turnpike and Bridge Authority Motor Fuel Tax Series 2019A, Rev., 4.00%, 10/1/2044		480		528
				557
Total Rhode Island				4,034
South Carolina — 0.4%
Education — 0.1%
Berkeley County School District, Special Obligation
Rev., 5.00%, 12/1/2022		1,000		1,113
Rev., 5.00%, 12/1/2023		1,505		1,737
Charleston Educational Excellence Finance Corp., Installment Purchase Series 2013B, Rev., 5.00%, 12/1/2020		235		240
Scago Educational Facilities Corp. for Cherokee School District No. 1, South Carolina Project Rev., 5.00%, 12/1/2020		25		26
				3,116
General Obligation — 0.1%
County of Charleston Series 2013A, GO, 4.00%, 11/1/2020		100		102
Richland County School District No. 1 Series C, GO, SCSDE, 5.00%, 3/1/2025		4,000		4,779
Spartanburg County School District No. 7
Series 2019D, GO, SCSDE, 5.00%, 3/1/2043		3,960		5,007
Series 2019D, GO, SCSDE, 5.00%, 3/1/2044		400		504
				10,392
Hospital — 0.1%
Lexington County Health Services District, Inc., Hospital, LexMed Obligated Group
Series 2017, Rev., 5.00%, 11/1/2029		575		695
Series 2017, Rev., 4.00%, 11/1/2030		750		849
Series 2017, Rev., 4.00%, 11/1/2031		500		561
Series 2017, Rev., 4.00%, 11/1/2032		535		595
Series 2017, Rev., 4.00%, 11/1/2033		200		221
Series 2017, Rev., 4.00%, 11/1/2034		250		276
South Carolina State Fiscal Accountability Authority, Department of Mental Health Project Rev., 5.00%, 10/1/2037		300		367
				3,564
Other Revenue — 0.0%(b)
Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2023		35		40
Prerefunded — 0.1%
South Carolina Public Service Authority, Santee Cooper Series A, Rev., 5.75%, 12/1/2043(c)		5,000		5,930
Transportation — 0.0%(b)
Charleston County Airport District Rev., 5.00%, 7/1/2026		100		121
Utility — 0.0%(b)
Easley Combined Utility System
Rev., AGM, 4.00%, 12/1/2033		600		718
Rev., AGM, 4.00%, 12/1/2034		780		926
				1,644
Water & Sewer — 0.0%(b)
Beaufort-Jasper Water and Sewer Authority Series 2019A, Rev., 5.00%, 3/1/2029		25		34
City of Spartanburg, Water System Series B, Rev., 5.00%, 6/1/2031		480		603

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Grand Strand Water and Sewer Authority, System Improvement Series 2011-A, Rev., 3.00%, 6/1/2020		50		50
				687
Total South Carolina				25,494
South Dakota — 0.0%(b)
General Obligation — 0.0%(b)
Brookings School District No. 005-1 GO, 4.00%, 7/1/2026		25		30
Rapid City Area School District No. 51-4, Capital Outlay
GO, 5.00%, 8/1/2024		420		494
GO, 5.00%, 8/1/2025		105		127
GO, 5.00%, 8/1/2026		260		322
GO, 5.00%, 8/1/2027		215		273
GO, 4.00%, 8/1/2028		1,115		1,326
				2,572
Prerefunded — 0.0%(b)
Harrisburg School District No. 41-2 GO, 4.00%, 7/15/2034(c)		55		58
Total South Dakota				2,630
Tennessee — 4.7%
Education — 0.1%
Tennessee State School Bond Authority, Higher Educational Facilities Second Program
Series A, Rev., 5.00%, 11/1/2026		15		19
Series B, Rev., 5.00%, 11/1/2030		3,645		4,662
Series B, Rev., 5.00%, 11/1/2031		75		95
				4,776
General Obligation — 2.9%
City of Cleveland GO, 5.00%, 12/1/2023		50		58
City of Gatlinburg Series 2020A, GO, 5.00%, 6/1/2026		1,265		1,572
City of Johnson City Series 2019B, GO, 5.00%, 6/1/2028		45		59
City of Kingsport Series B, GO, 5.00%, 3/1/2025		110		133
City of Memphis, General Improvement
Series D, GO, 5.00%, 7/1/2023		4,005		4,020
Series 2015A, GO, 5.00%, 4/1/2026		40		49
GO, 5.00%, 5/1/2028		2,680		3,534
GO, 5.00%, 5/1/2029		4,450		5,832
County of Anderson, Rural Elementary School Series A, GO, 5.00%, 5/1/2025		890		1,083
County of Anderson, Rural High School
Series B, GO, 5.00%, 5/1/2024		750		883
Series 2018B, GO, 5.00%, 5/1/2025		785		955
County of Blount Series B, GO, 5.00%, 6/1/2027		1,000		1,244
County of Hamilton
Series 2013B, GO, 3.00%, 3/1/2023		75		80
Series 2018A, GO, 5.00%, 4/1/2025		30		37
Series 2018A, GO, 5.00%, 4/1/2027		500		646
County of Knox GO, 5.00%, 6/1/2029		1,410		1,855
County of Loudon, Rural School Refunding GO, 5.00%, 6/1/2025		640		775
County of Madison GO, 5.00%, 5/1/2026		3,770		4,700
County of Montgomery Series 2020A, GO, 5.00%, 6/1/2027		595		761
County of Sevier GO, 5.00%, 6/1/2025		145		176
County of Shelby Series 2019B, GO, 5.00%, 4/1/2022		30		33
County of Shelby, Public Improvement Series A, GO, 4.00%, 4/1/2034		9,470		11,365
County of Sullivan, School Bonds GO, 4.00%, 5/1/2045		40		44
County of Sumner GO, 5.00%, 6/1/2020		45		45
County of Washington
Series B, GO, 5.00%, 6/1/2021		50		53
Series 2016A, GO, 4.00%, 6/1/2032		35		40
County of Williamson Series 2016A, GO, 5.00%, 4/1/2023		25		28
County of Williamson, Tennessee County District School Series B, GO, 5.00%, 4/1/2023(c)		10		11
County of Wilson
GO, 5.00%, 4/1/2022		10		11
GO, 5.00%, 4/1/2026		65		81
GO, 5.00%, 4/1/2029		3,590		4,841

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Franklin Special School District, School Improvement
Series 2019, GO, 5.00%, 6/1/2028		100		132
Series 2019, GO, 5.00%, 6/1/2030		300		402
Metropolitan Government of Nashville and Davidson County
GO, 5.00%, 7/1/2024		15		18
GO, 5.00%, 7/1/2029		27,295		35,782
GO, 5.00%, 1/1/2031		15		18
GO, 4.00%, 7/1/2031		17,400		20,612
GO, 5.00%, 7/1/2031		10,000		12,904
GO, 4.00%, 7/1/2036		24,290		28,510
GO, 4.00%, 7/1/2037		16,205		18,892
Metropolitan Government of Nashville and Davidson, Public Improvement Series C, GO, 5.00%, 7/1/2030		5,500		6,564
Montgomery County GO, 5.00%, 4/1/2022		7,330		7,975
				176,813
Hospital — 0.4%
Chattanooga Health Educational and Housing Facility Board, CommonSpirit Health
Series A-1, Rev., 5.00%, 8/1/2031		1,000		1,182
Series A-1, Rev., 5.00%, 8/1/2032		1,000		1,171
Series A-1, Rev., 5.00%, 8/1/2034		750		867
Series A-1, Rev., 5.00%, 8/1/2035		500		575
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group
Series 2018A, Rev., 5.00%, 7/1/2031		4,500		4,767
Series 2018A, Rev., 5.00%, 7/1/2032		4,000		4,225
Series 2018A, Rev., 5.00%, 7/1/2033		5,300		5,585
Knox County Health Educational and Housing Facility Board, East Tennessee Children’s Hospital
Rev., 5.00%, 11/15/2025		855		1,009
Rev., 5.00%, 11/15/2027		800		976
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project
Series 2019A, Rev., 5.75%, 10/1/2049		2,420		2,080
Series 2019A, Rev., 5.75%, 10/1/2054		4,280		3,626
Series 2019A, Rev., 5.75%, 10/1/2059		1,040		870
				26,933
Transportation — 0.3%
Metropolitan Nashville Airport Authority (The)
Series 2019A, Rev., 5.00%, 7/1/2031		850		1,079
Series 2019A, Rev., 5.00%, 7/1/2032		850		1,068
Series 2019A, Rev., 5.00%, 7/1/2033		825		1,028
Series 2019A, Rev., 5.00%, 7/1/2034		275		342
Series 2019A, Rev., 5.00%, 7/1/2035		545		673
Series 2019A, Rev., 5.00%, 7/1/2036		1,150		1,414
Series 2019A, Rev., 5.00%, 7/1/2037		1,750		2,143
Series 2019A, Rev., 5.00%, 7/1/2038		1,810		2,210
Series 2019A, Rev., 5.00%, 7/1/2039		1,800		2,190
Series 2019A, Rev., 5.00%, 7/1/2044		1,620		1,946
Series 2019B, Rev., AMT, 4.00%, 7/1/2054		1,550		1,644
				15,737
Utility — 1.0%
City of Knoxville, Tennessee Electric System Series 2017-II, Rev., 5.00%, 7/1/2023		25		28
Metropolitan Government of Nashville and Davidson County, Electric Revenue Series 2011A, Rev., 5.00%, 5/15/2021		35		37
Tennessee Energy Acquisition Corp. Series 2006B, Rev., 5.63%, 9/1/2026		5,000		5,780
Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2023(d)		22,170		23,652
Rev., 4.00%, 11/1/2025(d)		29,000		32,197
				61,694
Water & Sewer — 0.0%(b)
Metropolitan Government of Nashville & Davidson County, Water and Sewer Revenue, Subordinate Lien Rev., 5.00%, 7/1/2021		80		84
Total Tennessee				286,037

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Texas — 4.6%
Education — 0.7%
Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2020		35		36
Clifton Higher Education Finance Corp., Idea Public Schools Series 2016B, Rev., 4.00%, 8/15/2021		45		47
Danbury Higher Education Authority, Inc., Golden Rule Schools, Inc. Rev., PSF-GTD, 4.00%, 2/15/2028		250		298
Houston Community College System
Rev., 5.00%, 4/15/2023		25		28
Rev., 4.00%, 4/15/2031		25		29
Houston Independent School District Public Facility Corp., School Project Rev., 5.00%, 9/15/2020		60		61
Permanent University Fund, Texas A&M University System
Rev., 5.00%, 7/1/2020		50		50
Series A, Rev., 5.25%, 7/1/2028		2,015		2,474
Permanent University Fund, University of Texas System Series 2016A, Rev., 5.00%, 7/1/2023		35		40
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center Rev., 5.00%, 9/1/2020		750		757
Texas A&M University, Financing System
Series E, Rev., 5.00%, 5/15/2026		2,840		3,569
Series 2017C, Rev., 5.00%, 5/15/2027		75		97
University of Houston Series 2017A, Rev., 5.00%, 2/15/2037		30		36
University of North Texas, Improvement Bonds
Series 2017A, Rev., 5.00%, 4/15/2031		500		623
Series 2015A, Rev., 5.00%, 4/15/2040		50		58
University of Texas System (The), Financing System
Series 2012A, Rev., 4.00%, 8/15/2020		20		20
Series 2014B, Rev., 5.00%, 8/15/2023		35		40
Series 2016E, Rev., 5.00%, 8/15/2026		25		32
Series 2016J, Rev., 5.00%, 8/15/2027		50		63
Series 2020A, Rev., 5.00%, 8/15/2030		25,615		35,628
				43,986
General Obligation — 1.9%
Alto Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2030		25		33
Amarillo College, Limited Tax GO, 4.00%, 2/15/2023		65		71
Arlington Independent School District, Unlimited Tax School Building
GO, PSF-GTD, 5.00%, 2/15/2031		40		53
GO, PSF-GTD, 4.00%, 2/15/2036		25		30
Austin Community College District, Limited Tax GO, 5.00%, 8/1/2030		35		45
Austin Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 8/1/2020		35		35
Belton Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2032		25		29
Bexar County Hospital District, Limited Tax GO, 4.00%, 2/15/2036		25		29
Bexar County Hospital District, Political Subdivision GO, 5.00%, 2/15/2024		85		99
Brazosport Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2026		45		56
Burleson Independent School District, Capital Appreciation GO, PSF-GTD, Zero Coupon, 8/1/2020		15		15
Carrollton-Farmers Branch Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2024		35		41
City of Arlington, Permanent Improvement
Series A, GO, 4.00%, 8/15/2024		25		29
GO, 5.00%, 8/15/2026		60		75
City of Austin GO, 5.00%, 9/1/2030		10		12
City of Austin, Public Improvement
GO, 5.00%, 9/1/2028		125		157
GO, 5.00%, 9/1/2029		50		64
City of Baytown GO, 5.00%, 2/1/2023		65		73
City of Brenham, Combination Tax GO, 5.00%, 8/15/2020		140		141

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
City of Carrollton GO, 4.00%, 8/15/2035		100		121
City of Carrollton, General Improvement GO, 5.00%, 8/15/2024		10		12
City of College Station GO, 5.00%, 2/15/2024		25		29
City of Conroe Series 2019B, GO, 5.00%, 11/15/2028		20		27
City of Copperas Cove, Combination Tax GO, 5.00%, 8/15/2027		20		26
City of Dallas
GO, 5.00%, 2/15/2028		10,005		11,535
GO, 5.00%, 2/15/2029		2,505		2,966
City of Dallas, General Improvement GO, 5.00%, 2/15/2023		150		168
City of Denton
GO, 5.00%, 2/15/2021		30		31
GO, 5.00%, 2/15/2025		25		30
GO, 5.00%, 2/15/2027		200		241
City of Edinburg, Combination Tax Series A, GO, 3.00%, 3/1/2021		10		10
City of El Paso
GO, 4.00%, 8/15/2031		75		87
Series 2020A, GO, 4.00%, 8/15/2034		1,000		1,213
Series 2020A, GO, 4.00%, 8/15/2035		750		906
Series 2020A, GO, 4.00%, 8/15/2036		1,000		1,203
City of Fort Worth, General Purpose, Tarrant Denton Parker Johnson 2019 GO, 5.00%, 3/1/2028		30		39
City of Garland GO, 5.00%, 2/15/2030		1,175		1,560
City of Grand Prairie, Combination Tax
GO, 5.00%, 2/15/2026		20		25
Series 2019A, GO, 5.00%, 2/15/2029		20		26
City of Houston, Public Improvement
Series A, GO, 5.00%, 3/1/2028		2,700		3,142
Series A, GO, 5.00%, 3/1/2029		2,600		3,019
City of Irving, Combination Tax and Hotel Occupancy GO, 5.00%, 8/15/2028		40		52
City of Irving, Texas Combination and Hotel Occupancy Tax GO, 5.50%, 8/15/2027		2,785		3,713
City of Killeen GO, 4.00%, 8/1/2033		50		58
City of Laredo GO, 5.00%, 2/15/2023		45		50
City of League City GO, 5.00%, 2/15/2023		20		22
City of Longview, Improvement
GO, 5.00%, 6/1/2023		40		45
GO, 5.00%, 9/1/2023		25		29
City of Lubbock GO, 5.00%, 2/15/2026		2,800		3,268
City of Mansfield, Improvement Bonds
GO, 5.00%, 8/15/2020		10		10
GO, 5.00%, 2/15/2024		30		35
City of McAllen GO, 5.00%, 2/15/2029		355		462
City of McKinney GO, 4.00%, 8/15/2020		25		25
City of Mesquite, Refunding and Improvement GO, 5.00%, 2/15/2023		40		45
City of Midland GO, 5.00%, 3/1/2024		55		64
City of Pflugerville GO, 5.00%, 8/1/2026		25		31
City of Pflugerville, Combination Tax GO, 5.00%, 8/1/2033		30		39
City of Plano
GO, 5.00%, 9/1/2028		2,210		2,815
GO, 5.00%, 9/1/2029		1,855		2,361
City of Richardson GO, 2.00%, 2/15/2021		25		25
City of San Antonio, Combination Tax
GO, 5.00%, 2/1/2023		30		34
GO, 5.00%, 2/1/2025		100		121
GO, 5.00%, 8/1/2026		80		101
City of San Antonio, General Improvement
GO, 5.00%, 2/1/2021		50		52
GO, 5.00%, 8/1/2027		140		181
City of Temple, Bell County GO, 5.00%, 8/1/2026		35		44
City of the Colony, Combination Tax and Limited Surplus GO, 5.00%, 2/15/2023		25		28
City of Waco, Combination Tax GO, 5.00%, 2/1/2028		35		46
City of Waco, McLennan County GO, 5.00%, 2/1/2023		35		39
City of Wylie, Combination Tax GO, 4.00%, 2/15/2024		20		23
Clear Creek Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2023		20		23
Cleveland Independent School District, Unlimited Tax Series 2018A, GO, PSF-GTD, 5.00%, 2/15/2031		80		104

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Comal Independent School District, School Building Series B, GO, PSF-GTD, 5.00%, 2/1/2023		100		112
Comal Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/1/2026		35		44
Corpus Christi Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 8/15/2020		10		10
Counties of Collin and Denton, City of Frisco, Improvement GO, 5.00%, 2/15/2023		4,290		4,434
Counties of Harris and Fort Bend, Houston Community College System, Limited Tax GO, 5.00%, 2/15/2025		5,140		5,311
Counties of Travis, Williamson and Hays, City of Austin, Public Improvement GO, 5.00%, 9/1/2022		8,120		8,988
County of Bexar GO, 5.00%, 6/15/2026		95		120
County of Brazos, Limited Tax GO, 5.00%, 9/1/2025		45		55
County of Collin, Community College District GO, 5.00%, 8/15/2029		11,990		15,440
County of Denton, Permanent Improvement GO, 5.00%, 7/15/2027		50		63
County of Hays, Unlimited Tax GO, 5.00%, 2/15/2031		45		58
County of Hidalgo Series 2018B, GO, 5.00%, 8/15/2028		25		33
County of Lubbock GO, 5.00%, 2/15/2023		45		51
County of Parker, Unlimited Tax GO, 5.00%, 2/15/2023		20		23
County of Tarrant, Refunding and Improvement, Limited Tax GO, 5.00%, 7/15/2020		105		106
County of Travis, Limited Tax GO, 5.00%, 3/1/2023		170		192
County of Williamson, Limited Tax GO, 5.00%, 2/15/2027		50		64
Cypress-Fairbanks Independent School District, Unlimited Tax, School Building Bonds
GO, PSF-GTD, 5.00%, 2/15/2026		55		69
Series 2019A, GO, PSF-GTD, 5.00%, 2/15/2031		25		33
Dallas Independent School District, Unlimited Tax GO, 5.00%, 2/15/2031		30		39
Del Mar College District, Limited Tax
GO, 3.25%, 8/15/2020		10		10
Series 2018A, GO, 5.00%, 8/15/2020		10		10
El Paso Independent School District, School Building GO, PSF-GTD, Zero Coupon, 8/15/2020		20		20
El Paso Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2020		135		136
Fort Bend County Municipal Utility District No. 185, Unlimited Tax GO, AGM, 5.25%, 9/1/2020		10		10
Fort Bend County Municipal Utility District No. 25
GO, 4.00%, 10/1/2022		100		108
GO, 4.00%, 10/1/2023		150		167
GO, 4.00%, 10/1/2024		375		428
Fort Bend Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2029		35		45
Frisco Independent School District, School Building, Unlimited Tax
Series 2016A, GO, PSF-GTD, 5.00%, 8/15/2026		75		93
GO, PSF-GTD, 5.00%, 8/15/2031		150		198
Galena Park Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 8/15/2020		10		10
Garland Independent School District, School Building Series 2015 A, GO, PSF-GTD, 5.00%, 2/15/2026		10		12
Georgetown Independent School District, Unlimited Tax Series 2019-D, GO, 4.00%, 8/15/2033		30		36
Goose Creek Consolidated Independent School District, Unlimited Tax, School Building Bonds Series 2019A, GO, PSF-GTD, 5.00%, 2/15/2027		30		38
Grapevine-Colleyville Independent School District, Unlimited Tax, School Building Bonds GO, PSF-GTD, 5.00%, 8/15/2027		1,000		1,221

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Harris County, Road Series A, GO, 5.00%, 10/1/2022		5,000		5,079
Harris County, Unlimited Tax Series 2015A, GO, 5.00%, 10/1/2026		350		432
Harris Montgomery Counties Municipal Utility District No. 386, Unlimited Tax GO, AGM, 3.00%, 9/1/2020		20		20
Haskell Consolidated Independent School District GO, PSF-GTD, 5.00%, 2/15/2029		10		12
Houston Community College System, Limited Tax GO, 5.00%, 2/15/2026		100		124
Houston Independent School District GO, 5.00%, 7/15/2031		9,700		12,620
Houston Independent School District, Limited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2023		25		28
Hudsonville Public Schools, School Building Bonds, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2031		165		224
Hurst-Euless-Bedford Independent School District, Unlimited Tax Series 2017A, GO, 5.00%, 8/15/2024		80		95
Irving Independent School District, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2023		50		56
Keller Independent School District, Unlimited Tax Series B, GO, PSF-GTD, 5.00%, 8/15/2030		25		31
Killeen Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2035		25		32
La Porte Independent School District GO, 4.00%, 2/15/2030		20		23
Lake Travis Independent School District, School Building, Unlimited Tax Series 2018A, GO, PSF-GTD, 5.00%, 2/15/2029		35		44
Lancaster Independent School District, Unlimited Tax Series 2015-C, GO, 5.00%, 2/15/2033		45		53
Leander Independent School District, Unlimited Tax Series 2013A, GO, PSF-GTD, Zero Coupon, 8/15/2021		90		90
Lewisville Independent School District
Series 2016A, GO, PSF-GTD, 5.00%, 8/15/2024		10		12
Series A, GO, PSF-GTD, 4.00%, 8/15/2026		505		592
Lewisville Independent School District, Unlimited Tax
GO, PSF-GTD, 5.00%, 8/15/2020		55		56
GO, 5.00%, 8/15/2023		20		23
GO, PSF-GTD, 5.00%, 8/15/2026		35		44
Lone Star College System, Limited Tax Series 2017A, GO, 5.00%, 8/15/2020		50		50
Longview Independent School District GO, PSF-GTD, 5.00%, 2/15/2025		80		97
Lufkin Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2025		40		49
Manor Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2020		25		25
Missouri City, Fort Bend and Harris Counties
GO, 5.00%, 6/15/2020		100		100
GO, 5.00%, 6/15/2023		55		63
New Caney Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2051		1,000		1,159
North East Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2024		85		101
Northside Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2031		250		329
Northside Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 6/15/2020		30		30
Pearland Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2024		25		29
Pharr San Juan Alamo Independent School District GO, PSF-GTD, 5.00%, 2/1/2024		75		87

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Port Authority of Houston of Harris County Texas, Unlimited Tax Series 2015A, GO, 5.00%, 10/1/2023		25		29
San Jacinto College District
Series 2019A, GO, 5.00%, 2/15/2023		25		28
Series 2016A, GO, 5.00%, 2/15/2024		75		88
Series 2016B, GO, 5.00%, 2/15/2024		20		23
South Texas College GO, 5.00%, 8/15/2023		40		46
State of Texas, Transportation Commission Mobility Fund Series 2017B, GO, 5.00%, 10/1/2030		11,185		14,432
State of Texas, Unrefunded Water Final Assistance Series 2018B-3, GO, 5.00%, 8/1/2020		20		20
Town of Addison GO, 4.00%, 2/15/2023		100		110
United Independent School District, Capital Appreciation GO, PSF-GTD, Zero Coupon, 8/15/2020		50		50
Waxahachie Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 8/15/2041		25		27
Weslaco Independent School District, Maintenance Tax Notes GO, AGM, 5.00%, 2/15/2028		25		31
				115,928
Hospital — 0.0%(b)
Harris County Cultural Education Facilities Finance Corp., Children’s Hospital Series 2015-1, Rev., 5.00%, 10/1/2020		10		10
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%, 12/1/2028		185		212
North Central Texas Health Facility Development Corp., Children’s Medical Center of Dallas Project Rev., 5.00%, 8/15/2020		25		25
Tarrant County Cultural Education Facilities Finance Corp., Christus Health
Series 2018A, Rev., 5.00%, 7/1/2021		20		21
Series 2018A, Rev., 5.00%, 7/1/2025		150		178
Series 2018A, Rev., 5.00%, 7/1/2028		40		50
Series 2018B, Rev., 5.00%, 7/1/2033		100		118
Tarrant County Cultural Education Facilities Finance Corp., Cook Children’s Medical Center
Rev., 5.00%, 12/1/2027		50		64
Rev., 5.00%, 12/1/2029		25		33
Tarrant County Cultural Education Facilities Finance Corp., Health Resources System Rev., 5.00%, 2/15/2026		50		61
				772
Other Revenue — 0.1%
Dallas Area Rapid Transit, Senior Lien, Sales Tax
Rev., 5.00%, 12/1/2029		50		68
Series 2020A, Rev., 5.00%, 12/1/2030		45		61
Rev., 5.00%, 12/1/2031		45		59
Harris County-Houston Sports Authority, Senior Lien
Series 2014B, Rev., 5.00%, 11/15/2020		10		10
Series A, Rev., AGM, 5.00%, 11/15/2024		30		34
Lower Colorado River Authority, Transmission Contract, LCRA Transmission Services Corp. Project Series A, Rev., 5.00%, 5/15/2028		3,800		3,956
Metropolitan Transit Authority of Harris County Sales and Use Tax
Series 2015A, Rev., 5.00%, 8/15/2020		25		25
Rev., 5.00%, 11/1/2023		25		29
Midtown Redevelopment Authority, Tax Increment
Rev., 5.00%, 1/1/2027		250		311
Rev., 5.00%, 1/1/2028		100		127
Rev., 5.00%, 1/1/2029		200		259
Rev., 5.00%, 1/1/2030		315		414
Nueces River Authority Rev., 5.00%, 7/15/2020		35		35
				5,388
Prerefunded — 0.2%
Beaumont Independent School District, School Building GO, PSF-GTD, 5.00%, 2/15/2036(c)		45		47
City of Victoria, Utility System
Rev., 5.00%, 12/1/2027(c)		300		350
Rev., 5.00%, 12/1/2028(c)		305		356
Rev., 5.00%, 12/1/2029(c)		360		420
Rev., 5.00%, 12/1/2030(c)		270		315
Rev., 5.00%, 12/1/2031(c)		430		501
Rev., 5.00%, 12/1/2032(c)		540		628
Rev., 5.00%, 12/1/2034(c)		500		583

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Dallas-Fort Worth International Airport, Joint Improvement Series A, Rev., 5.00%, 11/1/2042(c)		80		82
North Texas Tollway Authority System, Special Projects System
Series 2011A, Rev., 5.50%, 9/1/2036(c)		1,000		1,065
Series 2011A, Rev., 5.50%, 9/1/2041(c)		3,000		3,195
Series A, Rev., 6.00%, 9/1/2041(c)		3,000		3,212
North Texas Tollway Authority, Special Projects System Series 2011D, Rev., 5.25%, 9/1/2025(c)		25		27
				10,781
Transportation — 0.6%
City of Austin, Airport System
Rev., AMT, 5.00%, 11/15/2033		500		558
Series 2017B, Rev., AMT, 5.00%, 11/15/2046		5,000		5,585
City of Houston, Airport System, Subordinate Lien
Series 2018C, Rev., AMT, 5.00%, 7/1/2027		175		210
Series 2018B, Rev., 5.00%, 7/1/2030		85		104
Series 2018A, Rev., AMT, 5.00%, 7/1/2031		250		295
City of Laredo, International Toll Bridge System Series 2014B, Rev., 5.00%, 10/1/2020		10		10
County of Fort Bend, Toll Road, Senior Lien Rev., 5.00%, 3/1/2041		225		260
Dallas Area Rapid Transit, Senior Lien Series 2016A, Rev., 5.00%, 12/1/2048		9,905		11,503
Dallas-Fort Worth International Airport
Series F, Rev., 5.00%, 11/1/2024		5,000		5,599
Series B, Rev., 5.00%, 11/1/2035		4,000		4,056
Dallas-Fort Worth International Airport, Unlimited Tax Series 2012G, Rev., 5.00%, 11/1/2024		25		25
Grand Parkway Transportation Corp., TELA Supported Series 2018A, Rev., 5.00%, 10/1/2034		45		57
Harris County Toll Road Authority (The), Senior Lien
Series 2018A, Rev., 5.00%, 8/15/2023		35		40
Series 2018A, Rev., 5.00%, 8/15/2024		30		36
Harris County, Toll Road, Senior Lien
Series 2016A, Rev., 5.00%, 8/15/2028		4,500		5,612
Series 2016A, Rev., 5.00%, 8/15/2036		60		73
North Texas Tollway Authority System, First Tier Series 2017A, Rev., 5.00%, 1/1/2030		1,140		1,359
North Texas Tollway Authority System, Second Tier
Series 2017B, Rev., 5.00%, 1/1/2026		550		609
Series 2017B, Rev., 5.00%, 1/1/2027		950		1,118
Series 2017B, Rev., 5.00%, 1/1/2030		1,100		1,281
Texas Transportation Commission State Highway Fund, First Tier Rev., 5.00%, 10/1/2020		20		20
				38,410
Utility — 0.4%
City of Austin, Electric Utility Series 2015A, Rev., 5.00%, 11/15/2024		105		126
City of Houston, Combined Utility System, First Lien
Series 2014C, Rev., 5.00%, 5/15/2023		20		23
Series 2016B, Rev., 4.00%, 11/15/2031		25		29
Series 2016B, Rev., 5.00%, 11/15/2036		1,435		1,753
Series 2016B, Rev., 4.00%, 11/15/2037		40		46
Series 2016B, Rev., 4.00%, 11/15/2040		50		57
City of Houston, Combined Utility System, Junior Lien
Series 1999A, Rev., AGM, Zero Coupon, 12/1/2020(c)		100		100
Series A, Rev., AGM, 5.75%, 12/1/2032(c)		2,000		3,059
City of San Antonio, Electric and Gas Systems
Rev., 5.00%, 2/1/2023		35		39
Rev., 5.00%, 2/1/2026		6,000		7,446
Rev., 5.00%, 2/1/2028		310		406
Rev., 5.00%, 2/1/2029		100		127
Rev., 5.00%, 2/1/2036		30		40

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Matagorda County Navigation District No. 1, Central Power and Light Co. Project Rev., 2.60%, 11/1/2029		4,625		4,595
Texas Municipal Gas Acquisition and Supply Corp. I Series D, Rev., 6.25%, 12/15/2026		4,455		5,118
				22,964
Water & Sewer — 0.7%
City of Austin, Water and Wastewater System
Rev., 5.00%, 11/15/2020(c)		10		10
Rev., 5.00%, 11/15/2023		50		58
Series 2015A, Rev., 5.00%, 11/15/2023		25		29
City of Fort Worth, Water and Sewer System
Rev., 5.00%, 2/15/2021		25		26
Series 2015A, Rev., 5.00%, 2/15/2023		35		39
City of Irving, Waterworks and Sewer System, New Lien Rev., 5.00%, 8/15/2029		20		26
City of Laredo, Waterworks and Sewer System
Rev., 4.00%, 3/1/2035		30		35
Rev., 4.00%, 3/1/2040		100		110
Coastal Water Authority, City of Houston Projects
Rev., 5.00%, 12/15/2022		3,160		3,240
Rev., 5.00%, 12/15/2025		5,115		5,241
North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System
Rev., 5.00%, 6/1/2020		15		15
Rev., 5.00%, 6/1/2027		15		19
North Texas Municipal Water District, Water System
Rev., 5.00%, 6/1/2027		15		19
Series 2016, Rev., 5.00%, 9/1/2027		2,900		3,627
North Texas Municipal Water District, Water System and Improvement Rev., 5.00%, 9/1/2035		20		24
San Antonio Water System, Junior Lien
Series 2015B, Rev., 5.00%, 5/15/2023		35		40
Series 2020A, Rev., 5.00%, 5/15/2031		100		137
Series C, Rev., 5.00%, 5/15/2031		1,125		1,398
Tarrant Regional Water District, Water Control and Improvement District Rev., 4.00%, 3/1/2031		25		29
Texas Water Development Board, State Revolving Fund Rev., 5.00%, 8/1/2038		45		58
Texas Water Development Board, State Water Implementation
Series 2019A, Rev., 5.00%, 4/15/2023		25		28
Series 2018A, Rev., 5.00%, 10/15/2026		30		38
Series 2018A, Rev., 5.00%, 10/15/2027		275		361
Series 2018B, Rev., 5.00%, 10/15/2027		175		229
Series 2018B, Rev., 5.00%, 4/15/2030		7,000		9,318
Trinity River Authority Central Regional Wastewater System
Rev., 5.00%, 8/1/2028		25		33
Rev., 5.00%, 8/1/2029		20		26
Trinity River Authority, Water Project Rev., 4.00%, 2/1/2027		225		271
West Harris County Regional Water Authority
Rev., 5.00%, 12/15/2028		660		877
Rev., 5.00%, 12/15/2029		500		678
Rev., 5.00%, 12/15/2030		1,800		2,429
Rev., 5.00%, 12/15/2032		910		1,207
Rev., 5.00%, 12/15/2033		700		923
Rev., 5.00%, 12/15/2034		1,100		1,444
Rev., 5.00%, 12/15/2035		1,160		1,514
Rev., 5.00%, 12/15/2036		1,325		1,720
Rev., 5.00%, 12/15/2037		1,000		1,293
Rev., 5.00%, 12/15/2038		1,000		1,289
Rev., 5.00%, 12/15/2039		1,165		1,496
				39,354
Total Texas				277,583
Utah — 0.6%
Education — 0.0%(b)
Local Building Authority of Alpine School District Rev., 5.00%, 3/15/2025		75		91
University of Utah (The), Board of Regents
Series 2013A, Rev., 5.00%, 8/1/2023		25		29
Series 2015B, Rev., 5.00%, 8/1/2023		40		46
Series 2014A-1, Rev., 5.00%, 8/1/2024		15		18
Series 2017A, Rev., 5.00%, 8/1/2032		40		50
Series 2019A, Rev., 5.00%, 8/1/2032		70		91
				325

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
General Obligation — 0.4%
Alpine School District, School Building Guaranty Program Series 2019B, GO, 5.00%, 3/15/2026		50		63
Box Elder County School District, School Bond Guaranty Program GO, 2.00%, 7/15/2020		50		50
Canyons School District, Utah School Bond Guaranty Program GO, 4.00%, 6/15/2021		115		120
Central Utah Water Conservancy District, Limited Tax Series 2011B, GO, 5.25%, 4/1/2022		1,000		1,042
City of Orem
GO, 5.00%, 12/1/2025		440		546
GO, 5.00%, 12/1/2026		155		198
GO, 5.00%, 12/1/2027		520		682
GO, 5.00%, 12/1/2028		565		759
City of Provo GO, 5.00%, 2/1/2027		1,230		1,576
Davis School District, School Guaranty Program Series 2019A, GO, 5.00%, 6/1/2031		35		47
Jordan School District, School Building GO, 5.00%, 6/15/2026		950		1,163
Ogden City School District
GO, 5.00%, 6/15/2031		1,890		2,557
GO, 5.00%, 6/15/2032		1,940		2,603
State of Utah GO, 5.00%, 7/1/2029		4,925		6,382
				17,788
Hospital — 0.0%(b)
County of Utah Hospital, IHC Health Services, Inc.
Series 2018A, Rev., 5.00%, 5/15/2032		25		32
Series 2018A, Rev., 5.00%, 5/15/2034		70		87
Series 2018A, Rev., 5.00%, 5/15/2038		30		37
				156
Other Revenue — 0.1%
City of Park City Rev., 5.00%, 6/15/2026		2,165		2,701
County of Davis, Sales Tax Series 2019B, Rev., 5.00%, 4/1/2026		30		38
County of Utah Hospital, Transportation Sales Tax Rev., 5.00%, 12/1/2023		35		41
County of Utah, Excise Tax
Rev., 5.00%, 12/1/2031		240		322
Rev., 5.00%, 12/1/2032		330		438
Salt Lake City Corp., Sales Tax Rev., 5.00%, 2/1/2031		220		277
Utah Infrastructure Agency, Tax-Exempt Telecommunications Bond
Series A, Rev., 5.00%, 10/15/2023		620		650
Series 2018A, Rev., 5.00%, 10/15/2025		1,450		1,535
Series A, Rev., 5.00%, 10/15/2028		1,000		1,067
Series 2018A, Rev., 5.25%, 10/15/2033		965		1,018
Utah Transit Authority, Sales Tax
Series 2008A, Rev., 5.25%, 6/15/2022		25		28
Rev., 4.00%, 12/15/2031		40		44
West Jordan Municipal Building Authority Rev., 5.00%, 10/1/2023		5		6
West Valley City Municipal Building Authority Rev., AGM, 5.00%, 2/1/2039		30		36
				8,201
Prerefunded — 0.0%(b)
Jordan Valley Water Conservancy District Series 2011B, Rev., 5.00%, 10/1/2023(c)		15		16
Metropolitan Water District of Salt Lake and Sandy Series A, Rev., 5.00%, 7/1/2029(c)		2,000		2,199
Utah Infrastructure Agency, Telecommunications and Franchise Tax Rev., 5.00%, 10/15/2028(c)		25		29
Utah State Board of Regents, University of Utah Hospital Rev., 5.00%, 8/1/2021(c)		100		101
				2,345
Transportation — 0.0%(b)
Salt Lake City Corp. Airport
Series 2018A, Rev., AMT, 5.00%, 7/1/2027		140		168
Series 2018A, Rev., AMT, 5.00%, 7/1/2031		120		143
Series 2018B, Rev., 5.00%, 7/1/2048		25		29
				340
Utility — 0.0%(b)
City of Salt Lake City, Public Utilities Series 2017, Rev., 5.00%, 2/1/2032		10		12

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Water & Sewer — 0.1%
Utah Water Finance Agency, Loan Financing Program
Series 2019A, Rev., 5.00%, 3/1/2028		50		65
Series B, Rev., 5.00%, 3/1/2031		1,685		2,230
Series B, Rev., 5.00%, 3/1/2032		800		1,048
Series B, Rev., 5.00%, 3/1/2033		660		858
Series 2017C, Rev., 5.00%, 3/1/2034		350		432
				4,633
Total Utah				33,800
Vermont — 0.1%
Education — 0.0%(b)
University of Vermont and State Agricultural College Rev., 5.00%, 10/1/2024		25		29
Vermont Educational and Health Buildings Financing Agency, Middlebury College Project Series A, Rev., 5.00%, 11/1/2023		20		22
				51
General Obligation — 0.1%
City of Burlington, Public Improvement
Series 2019A, GO, 5.00%, 11/1/2028		300		396
Series 2019A, GO, 5.00%, 11/1/2029		450		606
Series 2019A, GO, 5.00%, 11/1/2030		300		401
Series 2019A, GO, 5.00%, 11/1/2031		450		597
Series 2019A, GO, 5.00%, 11/1/2032		530		698
Series 2019A, GO, 5.00%, 11/1/2033		750		980
Series 2019A, GO, 4.00%, 11/1/2034		125		148
Series 2019A, GO, 4.00%, 11/1/2035		310		366
State of Vermont Series 2012D, GO, 4.00%, 8/15/2020		30		30
				4,222
Other Revenue — 0.0%(b)
Vermont Municipal Bond Bank Series 2017-4, Rev., 5.00%, 12/1/2027		25		32
Total Vermont				4,305
Virginia — 2.1%
Education — 0.1%
Lexington Industrial Development Authority, Washington and Lee University
Series 2018A, Rev., 5.00%, 1/1/2022		100		108
Series 2018A, Rev., 5.00%, 1/1/2023		120		135
Series 2018A, Rev., 5.00%, 1/1/2027		250		319
Series 2018A, Rev., 5.00%, 1/1/2028		200		263
Virginia College Building Authority, 21st Century College Equipment Programs
Series 2009E-1, Rev., 5.00%, 2/1/2022		20		22
Series 2016A, Rev., 5.00%, 2/1/2022		40		43
Series 2009E-1, Rev., 5.00%, 2/1/2023		55		62
Series 2017E, Rev., 5.00%, 2/1/2028		20		26
Virginia College Building Authority, Education Facilities, Public Higher Education Financing Series B, Rev., 5.00%, 9/1/2024		250		298
Virginia College Building Authority, Educational Facilities, Washington and Lee University Project Rev., NATL-RE, 5.25%, 1/1/2026		5,045		5,861
Virginia College Building Authority, Va Educational Facility, Washington and Lee University Rev., NATL-RE, 5.25%, 1/1/2031		30		40
Virginia Public School Authority Series 2015A, Rev., 5.00%, 8/1/2028		30		37
Virginia Public School Authority, Prince William County, School Financing Bonds Rev., 5.00%, 8/1/2024		40		48
Virginia Public School Authority, School Financing Bonds Series 2017B, Rev., 5.00%, 8/1/2027		115		148
Virginia Public School Authority, School Financing Bonds, 1997 Resolution
Series 2012A, Rev., 5.00%, 8/1/2020		15		15
Series 2012A, Rev., 5.00%, 8/1/2024		50		55
Virginia Public School Authority, Technology and Security Notes Series VI, Rev., 5.00%, 4/15/2023		70		79
				7,559

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
General Obligation — 1.0%
Albemarle County, School Bonds GO, 3.00%, 6/1/2020		10		10
City of Alexandria
Series 2017D, GO, 5.00%, 7/1/2022		115		127
Series 2017C, GO, 5.00%, 7/1/2026		4,065		5,152
City of Alexandria, Capital Improvement Series 2018C, GO, 5.00%, 7/15/2029		45		60
City of Fredericksburg Series 2011A, GO, 4.50%, 7/15/2020(c)		15		15
City of Hampton, Public Improvement Series 2018A, GO, 5.00%, 9/1/2027		10		13
City of Harrisonburg, Public Improvement Series 2010B, GO, 4.00%, 7/15/2020		10		10
City of Portsmouth
Series D, GO, 5.00%, 7/15/2020(c)		10		10
Series A, GO, 5.00%, 7/15/2029		5,215		6,748
City of Richmond, Public Improvement
Series 2017D, GO, 5.00%, 3/1/2025		35		43
Series 2017D, GO, 5.00%, 3/1/2029		7,750		10,471
City of Virginia Beach, Public Improvement Series 2017A, GO, 5.00%, 4/1/2028		95		126
Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2030		135		179
County of Arlington, Public Improvement GO, 5.00%, 8/15/2029		7,455		9,734
County of Chesterfield, Public Improvement Series 2018A, GO, 5.00%, 1/1/2027		30		38
County of Fairfax, Public Improvement
Series 2020A, GO, 5.00%, 10/1/2034		5,000		6,767
Series 2020A, GO, 5.00%, 10/1/2035		5,000		6,731
Series 2020A, GO, 5.00%, 10/1/2036		5,030		6,741
County of Henrico, Public Improvement
GO, 5.00%, 8/1/2024		10		12
GO, 5.00%, 7/15/2025		25		31
County of Prince William, Public Improvement Series 2010A, GO, 2.75%, 8/1/2020		50		50
County of Spotsylvania, Public Improvement GO, 5.00%, 1/15/2022		65		70
				53,138
Hospital — 0.0%(b)
Norfolk Economic Development Authority, Sentara Healthcare Series 2012B, Rev., 5.00%, 11/1/2020		25		25
Roanoke Economic Development Authority, Carilion Clinic Obligated Group
Series 2020A, Rev., 4.00%, 7/1/2035		700		830
Series 2020A, Rev., 4.00%, 7/1/2036		1,000		1,180
Winchester Economic Development Authority, Valley Health System Obligated Group Rev., 5.00%, 1/1/2021		40		41
				2,076
Industrial Development Revenue/Pollution Control Revenue — 0.3%
Albermarle County Economic Development Authority, Virginia Public Facility Rev., 5.00%, 6/1/2021		50		52
Arlington County Industrial Development Authority Rev., 5.00%, 2/15/2022		75		81
Culpeper County Economic Development Authority, Virginia Capital Project Rev., 5.00%, 6/1/2022		75		82
Powhatan County Economic Development Authority, Virginia Capital Projects Rev., 5.00%, 10/15/2025		25		31
Virginia Beach Development Authority, Public Facility
Series B, Rev., 5.00%, 7/15/2024		5,000		5,944
Series 2015A, Rev., 5.00%, 3/1/2025		1,925		2,335
Series B, Rev., 5.00%, 7/15/2025		2,635		3,234

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Wise County Industrial Development Authority, Solid Waste and Sewage Disposal Series 2010A, Rev., VRDO, 1.20%, 5/31/2024(d)		5,470		5,470
				17,229
Other Revenue — 0.0%(b)
County of Fairfax, Public Improvement Series 2016A, Rev., 4.00%, 7/15/2038		50		58
Loudoun County Economic Development Authority, Public Facilities Project Series 2015A, Rev., 5.00%, 12/1/2020		35		36
Virginia Beach Development Authority, Westminster-Canterbury On Chesapeake Bay Rev., 5.00%, 9/1/2021		30		31
Virginia Public Building Authority, Public Facilities
Series 2012A, Rev., 5.00%, 8/1/2020		50		49
Series 2016B, Rev., 5.00%, 8/1/2023		25		29
Virginia Resources Authority Series 2019C, Rev., 5.00%, 11/1/2029		25		34
Virginia Resources Authority, Tax-Exempt Infrastructure Bonds Series A, Rev., 5.00%, 11/1/2022		40		45
				282
Prerefunded — 0.0%(b)
Virginia Commonwealth Transportation Board Series 2013A, Rev., GAN, 5.00%, 9/15/2027(c)		30		34
Transportation — 0.5%
Hampton Roads Transportation Accountability Commission, Senior Lien
Series 2018A, Rev., 5.00%, 7/1/2027		45		58
Series 2018A, Rev., 5.00%, 7/1/2030		640		830
Northern Virginia Transportation Authority
Rev., 5.00%, 6/1/2024		400		474
Rev., 5.00%, 6/1/2033		2,035		2,381
Rev., 5.00%, 6/1/2034		2,285		2,670
Peninsula Ports Authority, Dominion Term Association Project Rev., 1.70%, 10/1/2022(d)		1,550		1,560
Virginia Commonwealth Transportation Board
Series 2012A, Rev., GAN, 4.50%, 3/15/2022		65		70
Series 2013-A, Rev., GAN, 5.00%, 3/15/2023		20		23
Rev., 5.00%, 3/15/2024		20		23
Series 2017, Rev., 5.00%, 9/15/2024		15		18
Rev., 5.00%, 3/15/2026		20		25
Series 2017A, Rev., 5.00%, 5/15/2032		35		44
Virginia Commonwealth Transportation Board, Capital Projects
Rev., 5.00%, 5/15/2023		85		97
Series 2017A, Rev., 5.00%, 5/15/2027		5,500		6,972
Series A, Rev., 5.00%, 5/15/2028		2,750		3,569
Series A, Rev., 5.00%, 5/15/2030		10,000		12,845
Virginia Commonwealth Transportation Board, Federal Transportation Rev., GAN, 5.00%, 9/15/2025		45		55
Virginia Commonwealth Transportation Board, U.S. Route 58 Corridor Development Program Series 2014B, Rev., 5.00%, 5/15/2021		15		16
				31,730
Water & Sewer — 0.2%
City of Newport News Rev., 5.00%, 7/15/2024		10		12
City of Newport News, Water Project Rev., 5.00%, 7/15/2020		10		10
County of Henrico, Water and Sewer System Rev., 5.00%, 5/1/2027		225		283
Fairfax County Water Authority, Water Subseries B, Rev., 5.25%, 4/1/2025		3,500		4,312
Hampton Roads Sanitation District, Wastewater Subseries 2016A, Rev., 5.00%, 8/1/2020		30		30
Virginia Resources Authority, Clean Water State Revolving Fund Rev., 5.50%, 10/1/2022		7,390		8,304
				12,951
Total Virginia				124,999

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Washington — 4.4%
Certificate of Participation/Lease — 0.0%(b)
State of Washington, Local Agency Real and Personal Property
Series 2018C, COP, 5.00%, 7/1/2020		10		10
COP, 5.00%, 7/1/2034		1,050		1,326
State of Washington, State and Local Agency Personal Property
Series 2013B, COP, 4.00%, 7/1/2020		30		31
Series 2013A, COP, 5.00%, 7/1/2020		25		25
Series 2013A, COP, 5.00%, 7/1/2023		25		28
State of Washington, State and Local Agency Real and Personal Property
Series 2015C, COP, 5.00%, 7/1/2020		10		10
Series 2016A, COP, 5.00%, 7/1/2020		170		172
Series 2017A, COP, 5.00%, 7/1/2020		25		25
Series 2017A, COP, 5.00%, 7/1/2029		35		44
Series 2019A, COP, 5.00%, 1/1/2035		45		57
Series 2015C, COP, 4.00%, 1/1/2038		50		55
Series 2018B, COP, 5.00%, 7/1/2041		40		49
				1,832
Education — 0.0%(b)
University of Washington
Series 2015C, Rev., 5.00%, 12/1/2023		25		29
Rev., 5.00%, 4/1/2029		1,860		2,353
Washington State University
Rev., 5.00%, 4/1/2030		40		47
Series 2012B, Rev., 4.00%, 4/1/2035		25		26
				2,455
General Obligation — 2.1%
Chelan County School District No. 228 Cascade, Unlimited Tax Series 2016, GO, 5.00%, 12/1/2027		90		113
City of Edmonds, Civic Park Improvements
GO, 5.00%, 12/1/2028		170		226
GO, 5.00%, 12/1/2029		175		235
City of Everett, Limited Tax GO, 5.00%, 12/1/2026		60		76
City of Seattle, Limited Tax Series 2015A, GO, 5.00%, 6/1/2024		50		59
City of Wenatchee, Limited Tax GO, 4.00%, 12/1/2034		70		84
Clark County School District No. 114 Evergreen, Unlimited Tax Series 2018, GO, 5.00%, 12/1/2024		15		18
Clark County, Vancouver School District No. 37 GO, 5.00%, 12/1/2027		25		32
County of Franklin, Limited Tax GO, AGM, 4.50%, 1/1/2037		20		21
County of King, Limited Tax
Series 2014A, GO, 5.00%, 12/1/2028		35		41
Series 2017B, GO, 4.00%, 6/1/2036		200		232
County of Snohomish, Limited Tax Series 2010A, GO, 4.00%, 12/1/2020		40		40
County of Spokane, Limited Tax Series 2019A, GO, 5.00%, 12/1/2040		25		32
Franklin County School District No. 1 Pasco, Unlimited Tax GO, 5.00%, 12/1/2026		30		36
Kennewick School District No. 17 Benton County GO, 5.00%, 12/1/2027		50		61
King County Fire Protection District No. 2, Unlimited Tax GO, 4.00%, 12/1/2025		125		148
King County Public Hospital District No. 2, EvergreenHealth, Limited Tax
Series 2020A, GO, 4.00%, 12/1/2039		4,745		5,375
Series 2020A, GO, 4.00%, 12/1/2045		6,750		7,538
King County Rural Library District, Unlimited Tax GO, 4.00%, 12/1/2023		75		84
King County School District No. 403 Renton, Unlimited Tax GO, 4.00%, 12/1/2036		35		42
King County School District No. 405 Bellevue, Washington State School District Credit Enhancement Program, Unlimited Tax GO, 5.00%, 12/1/2023		25		29
King County School District No. 411 Issaquah, Unlimited Tax
GO, 2.00%, 12/1/2020		30		30
GO, 5.00%, 12/1/2020		100		102
GO, 5.00%, 12/1/2027		30		39
GO, 5.00%, 12/1/2030		205		265
GO, 4.00%, 12/1/2031		500		582
King County School District No. 412 Shoreline, Unlimited Tax GO, 5.00%, 12/1/2025		60		70

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
King County School District No. 415 Kent, Unlimited Tax GO, 4.00%, 12/1/2037		40		48
Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 4.00%, 12/1/2031		45		54
Pierce County, Franklin Pierce School District No. 402, Unlimited Tax GO, 5.00%, 12/1/2027		30		39
Pierce County, Peninsula School District No. 401, Unlimited Tax GO, 5.00%, 12/1/2033		55		72
Pierce County, Steilacoom Historical School District No. 1, Unlimited Tax GO, 5.00%, 12/1/2020		325		333
Pierce County, Tacoma School District No. 10, Unlimited Tax GO, 5.00%, 12/1/2027		45		55
Port of Tacoma, Limited Tax
Series 2016A, GO, 5.00%, 12/1/2030		15		19
Series 2016A, GO, 5.00%, 12/1/2031		25		31
Shoreline Fire Department GO, 5.00%, 12/1/2027		25		32
Snohomish County School District No. 103 Monroe GO, 5.00%, 12/1/2020		200		205
Snohomish County School District No. 15 Edmonds GO, 5.00%, 12/1/2021		30		32
Snohomish County School District No. 6 Mukilteo GO, 5.00%, 12/1/2023		85		99
Spokane and Whitman Counties School District No. 360 Cheney GO, 4.00%, 12/1/2030		100		119
Spokane County School District No. 81 Spokane
GO, 5.00%, 12/1/2031		30		40
GO, 5.00%, 12/1/2034		25		33
State of Washington
Series R-2015A, GO, 5.00%, 7/1/2020		140		141
Series R-2018C, GO, 5.00%, 8/1/2031		65		83
Series 2020A, GO, 5.00%, 8/1/2036		13,595		17,771
Series 2018B, GO, 5.00%, 8/1/2042		4,050		4,980
State of Washington, Local Agency Real and Personal Property Series B, GO, 5.00%, 2/1/2040		20,965		24,485
State of Washington, Motor Vehicle Fuel Tax
Series 2003C, GO, NATL-RE, Zero Coupon, 6/1/2020		50		50
Series B, GO, 5.00%, 8/1/2020		10		10
Series B-1, GO, 5.00%, 8/1/2020		10		10
Series 2014E, GO, 5.25%, 2/1/2022		25		27
Series 2018D, GO, 5.00%, 2/1/2025		75		91
Series 2017B, GO, 4.00%, 8/1/2026		90		108
Series R-2015H, GO, 5.00%, 7/1/2030		5,000		5,963
Series R-2016C, GO, 5.00%, 7/1/2030		30		37
State of Washington, Motor Vehicle Fuel Tax and Vehicle Related Fees Series 2020E, GO, 5.00%, 6/1/2038		3,675		4,811
State of Washington, Various Purpose
Series R-2014A, GO, 5.00%, 7/1/2020		75		75
Series R-2015E, GO, 5.00%, 7/1/2020		550		552
Series R-2017C, GO, 5.00%, 8/1/2020		65		66
Series R-2011A, GO, 5.00%, 1/1/2022		7,010		7,206
Series 2019C, GO, 5.00%, 2/1/2023		25		28
Series R-2011B, GO, 5.00%, 7/1/2023		7,260		7,288
Series R-2015C, GO, 5.00%, 7/1/2023		25		29
Series R-2017A, GO, 5.00%, 8/1/2023		100		115
Series 2018D, GO, 5.00%, 8/1/2024		35		42
Series R-2015A, GO, 4.00%, 7/1/2026		4,465		5,067
Series R-2017A, GO, 5.00%, 8/1/2026		85		108
Series 2016C, GO, 5.00%, 2/1/2028		30		37
Series 2018C, GO, 5.00%, 2/1/2030		20		26
Series 2017A, GO, 5.00%, 8/1/2030		50		62
Series R-2015C, GO, 5.00%, 7/1/2031		100		119
Series R-2018C, GO, 5.00%, 8/1/2033		70		88
Series 2020C, GO, 5.00%, 2/1/2034		300		402
Series C, GO, 5.00%, 2/1/2037		14,430		18,172

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2016A-1, GO, 5.00%, 8/1/2038		100		119
Series 2017D, GO, 5.00%, 2/1/2040		40		49
Series 2018A, GO, 5.00%, 8/1/2040		10,000		12,349
Series 2020C, GO, 5.00%, 2/1/2041		75		98
Tacoma Metropolitan Park District
GO, 5.00%, 12/1/2036		600		750
GO, 5.00%, 12/1/2037		1,750		2,182
Thurston and Pierce Counties Community Schools, Unlimited Tax
GO, 5.00%, 12/1/2027		30		39
GO, 4.00%, 12/1/2034		35		42
Whatcom County School District No. 501 Bellingham, Unlimited Tax
GO, 5.00%, 12/1/2020		25		26
GO, 4.00%, 12/1/2031		100		123
Whitman County Reorganized School District No. 300 Colfax GO, 5.00%, 12/1/2032		40		51
Yakima and Benton Counties School District No. 116-200 Grandview, Unlimited Tax GO, 5.00%, 12/1/2032		25		31
Yakima County School District No. 208 West Valley, Unlimited Tax GO, 4.00%, 12/1/2034		30		36
				130,765
Hospital — 0.3%
Washington Health Care Facilities Authority, Commonspirit Health
Series A-1, Rev., 5.00%, 8/1/2031		780		922
Series A-2, Rev., 5.00%, 8/1/2031		1,000		1,182
Series A-1, Rev., 5.00%, 8/1/2032		1,000		1,171
Series A-2, Rev., 5.00%, 8/1/2032		1,000		1,171
Series A-1, Rev., 5.00%, 8/1/2034		1,250		1,444
Series A-2, Rev., 5.00%, 8/1/2034		1,000		1,155
Series A-1, Rev., 5.00%, 8/1/2035		750		863
Series A-2, Rev., 5.00%, 8/1/2035		1,000		1,150
Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center Rev., 5.00%, 1/1/2021		1,450		1,488
Washington Health Care Facilities Authority, Multicare Health System
Series 2017B, Rev., 5.00%, 8/15/2031		30		37
Series 2017B, Rev., 5.00%, 8/15/2034		35		42
Washington Health Care Facilities Authority, Providence Health and Services
Series B, Rev., 5.00%, 10/1/2020		10		10
Series 2012B, Rev., 4.00%, 10/1/2021(d)		2,000		2,087
Series B, Rev., 5.00%, 10/1/2021(d)		2,500		2,642
Series 2012A, Rev., 5.00%, 10/1/2026		390		423
Washington Health Care Facilities Authority, Providence St. Joseph Health Series 2018B, Rev., 5.00%, 10/1/2025		50		60
				15,847
Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
Washington Economic Development Finance Authority, Washington Biomedical Research Properties Rev., 4.00%, 6/1/2020		25		25
Other Revenue — 0.8%
FYI Properties, State of Washington District Project — Green Bonds
Rev., 5.00%, 6/1/2030		35		44
Rev., 5.00%, 6/1/2031		5,650		7,073
Rev., 5.00%, 6/1/2032		235		292
Rev., 5.00%, 6/1/2033		5,345		6,605
Rev., 5.00%, 6/1/2034		5,990		7,380
Rev., 5.00%, 6/1/2035		7,200		8,833
Rev., 5.00%, 6/1/2036		4,915		6,005
Rev., 5.00%, 6/1/2037		7,395		9,008
				45,240
Prerefunded — 0.0%(b)
State of Washington, Various Purpose Series 2011B, GO, 5.00%, 2/1/2029(c)		10		10
Transportation — 0.1%
Central Puget Sound Regional Transit Authority, Green Bonds
Series 2016 S-1, Rev., 5.00%, 11/1/2027		25		32
Series 2016 S-1, Rev., 5.00%, 11/1/2028		40		50
Port of Seattle, Intermediate Lien
Series 2012A, Rev., 4.00%, 8/1/2021		25		26
Series B, Rev., 5.00%, 3/1/2032		4,000		4,513
Series 2015B, Rev., 5.00%, 3/1/2034		1,000		1,119

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
State of Washington, Federal Highway Grant Series 2012F, Rev., GRAN, 5.00%, 9/1/2020		45		46
				5,786
Utility — 0.9%
Chelan County Public Utility District No.1 Series 1997A, Rev., NATL-RE, Zero Coupon, 6/1/2022		21,835		21,566
City of Lynnwood, Utility System Rev., 5.00%, 12/1/2026		40		51
City of Seattle, Municipal Light and Power Improvement Series A, Rev., 4.00%, 1/1/2048		2,000		2,261
City of Tacoma, Electric System
Series 2013B, Rev., 5.00%, 1/1/2023		35		39
Series 2017, Rev., 5.00%, 1/1/2028		35		45
Energy Northwest, Bonneville Power Administrator Series 2016-A, Rev., 5.00%, 7/1/2027		20,020		25,156
Energy Northwest, Columbia Generating Station
Series 2006A, Rev., 5.00%, 7/1/2020		10		10
Rev., 5.00%, 7/1/2031		30		36
Series 2018C, Rev., 5.00%, 7/1/2031		35		46
Series 2018A, Rev., 5.00%, 7/1/2034		25		32
Series A, Rev., 5.00%, 7/1/2034		5,025		6,292
Rev., 5.00%, 7/1/2035		75		98
Rev., 5.00%, 7/1/2036		40		52
Energy Northwest, Electric Generating Station Series A, Rev., 5.00%, 7/1/2021		25		26
Grant County Public Utility District No. 2, Priest Rapids Hydroelectric Project Series 2012A, Rev., 5.00%, 1/1/2022(c)		30		32
Public Utility District No. 1 of Cowlitz County, Washington Electric Distribution System Rev., 3.75%, 9/1/2020		30		30
				55,772
Water & Sewer — 0.2%
City of Everett, Water and Sewer Rev., 5.00%, 12/1/2027		25		32
City of Tacoma, Regional Water Supply System Rev., 5.00%, 12/1/2026		100		114
City of Tacoma, Sewer System Rev., 5.00%, 12/1/2031		40		52
Clark Regional Wastewater District, Sewer
Rev., 5.00%, 12/1/2021		310		332
Rev., 5.00%, 12/1/2022		100		111
Rev., 5.00%, 12/1/2023		215		247
Rev., 5.00%, 12/1/2024		355		422
Rev., 5.00%, 12/1/2025		125		153
Rev., 5.00%, 12/1/2026		195		244
Rev., 5.00%, 12/1/2027		200		257
Rev., 5.00%, 12/1/2028		435		571
Rev., 5.00%, 12/1/2029		455		609
Rev., 5.00%, 12/1/2030		200		266
Rev., 5.00%, 12/1/2031		250		330
Rev., 5.00%, 12/1/2032		125		164
Rev., 5.00%, 12/1/2033		105		137
Rev., 5.00%, 12/1/2034		180		234
Rev., 5.00%, 12/1/2035		160		207
Rev., 5.00%, 12/1/2037		310		398
Rev., 5.00%, 12/1/2040		400		509
County of King, Sewer
Series 2015A, Rev., 5.00%, 7/1/2020		100		100
Series 2015B, Rev., 5.00%, 7/1/2020		200		201
Series A, Rev., 5.00%, 1/1/2023		1,180		1,323
Series 2016A, Rev., 5.00%, 7/1/2026		2,295		2,850
Rev., 5.00%, 7/1/2031		30		38
County of Kitsap, Sewer Rev., 4.00%, 12/1/2032		25		31
				9,932
Total Washington				267,664
West Virginia — 0.1%
General Obligation — 0.0%(b)
State of West Virginia, State Road
Series 2018A, GO, 5.00%, 6/1/2028		25		33
Series 2019A, GO, 5.00%, 12/1/2043		40		51
				84
Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
West Virginia Economic Development Authority, Correctional, Juvenile and Public Safety Facilities Series 2011A, Rev., 5.00%, 6/1/2020		85		85
Utility — 0.1%
West Virginia Economic Development Authority, Appalachian Power Co. — AMOS Project Series 2009-B, Rev., 2.63%, 6/1/2022(d)		6,460		6,549
Total West Virginia				6,718

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Wisconsin — 1.2%
Education — 0.0%(b)
Public Finance Authority, Piedmont Community Charter School
Rev., 5.00%, 6/15/2022		190		201
Rev., 5.00%, 6/15/2024		205		227
Rev., 5.00%, 6/15/2026		225		257
Rev., 5.00%, 6/15/2034		215		243
Rev., 5.00%, 6/15/2039		390		433
				1,361
General Obligation — 0.2%
DeForest Area School District GO, 4.00%, 4/1/2031		25		30
McFarland School District, School Improvement Series 2018A, GO, 4.00%, 4/1/2025		25		29
Milwaukee Area Technical College District, Promissory Notes Series 2018-19C, GO, 4.00%, 6/1/2023		40		44
Oconomowoc Area School District, Corporate Purpose GO, 4.00%, 4/1/2025		145		169
State of Wisconsin
Series 2011-1, GO, 5.00%, 5/1/2022		30		31
Series 2017-1, GO, 5.00%, 11/1/2023		30		35
Series 4, GO, 5.00%, 5/1/2027		5,000		5,953
Series 2017-1, GO, 5.00%, 11/1/2027		500		644
Series 2019A, GO, 5.00%, 5/1/2030		65		80
Series 3, GO, 5.00%, 11/1/2030		4,190		5,318
Series 2017-1, GO, 5.00%, 11/1/2031		210		265
Series 2017-3, GO, 5.00%, 11/1/2032		20		25
				12,623
Hospital — 0.2%
Public Finance Authority, Wakemed Hospital Series 2019A, Rev., 5.00%, 10/1/2044		12,500		14,572
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. Rev., 5.00%, 7/1/2027		95		117
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2027		25		28
				14,717
Other Revenue — 0.2%
State of Wisconsin Series A, Rev., 5.00%, 5/1/2028		7,200		9,191
State of Wisconsin, General Fund Annual Appropriation Series 2017B, Rev., 5.00%, 5/1/2035		25		30
				9,221
Prerefunded — 0.6%
State of Wisconsin
Series A, GO, 5.00%, 5/1/2023(c)		16,050		16,756
Series A, GO, 5.25%, 5/1/2025(c)		13,190		13,802
State of Wisconsin, Clean Water Fund, Leveraged Loan Portfolio Rev., 5.00%, 6/1/2031(c)		1,225		1,449
				32,007
Transportation — 0.0%(b)
County of Milwaukee, Airport Series 2019A, Rev., 5.00%, 12/1/2026		175		213
Wisconsin Department of Transportation
Series 2012-1, Rev., 5.00%, 7/1/2022		40		44
Series 2012-1, Rev., 5.00%, 7/1/2023		20		22
Series 2015-1, Rev., 5.00%, 7/1/2023		35		40
Series 2017-1, Rev., 5.00%, 7/1/2023		35		40
Series 2015-1, Rev., 5.00%, 7/1/2026		25		31
Series 2017-1, Rev., 5.00%, 7/1/2027		115		148
Series 2017-1, Rev., 5.00%, 7/1/2030		60		71
Series 2017-2, Rev., 5.00%, 7/1/2030		30		38
				647
Water & Sewer — 0.0%(b)
City of Madison, Water Utility Series 2019A, Rev., 5.00%, 1/1/2028		1,485		1,951
City of Mequon, Water System Series 2017A, Rev., 4.00%, 5/1/2027		25		29
				1,980
Total Wisconsin				72,556
Wyoming — 0.4%
Industrial Development Revenue/Pollution Control Revenue — 0.4%
County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry Fork Station Facilities

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019A, Rev., 3.63%, 7/15/2039		23,570		25,066
TOTAL MUNICIPAL BONDS (Cost $5,335,960)				5,659,835
	Shares (000)
SHORT-TERM INVESTMENTS — 5.6%
INVESTMENT COMPANIES — 5.6%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.16%(h)(i)(Cost $336,452)		336,311		336,580
Total Investments — 99.5% (Cost $5,672,412)				5,996,415
Other Assets Less Liabilities — 0.5%				31,045
Net Assets — 100.0%				6,027,460

Percentages indicated are based on net assets.

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations

AGC	Insured by Assured Guaranty Corp.
AGM	Insured by Assured Guaranty Municipal Corp.
AMBAC	Insured by American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
BHAC	Insured by Berkshire Hathaway Assurance Corp.
CHESLA	Connecticut Higher Education Supplemental Loan Authority
COP	Certificate of Participation
CR	Custodial Receipts
FGIC	Insured by Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GAN	Grant Anticipation Note
GNMA	Government National Mortgage Association
GO	General Obligation
GRAN	Grant Revenue Anticipation Note
GTD	Guaranteed
IBC	Insured Bond Certificates
ICC	Insured Custody Certificates
ICE	Intercontinental Exchange
IDA	Industrial Development Authority
LIBOR	London Interbank Offered Rate
LIQ	Liquidity Agreement
MTA	Metropolitan Transportation Authority
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
RE	Reinsured
Rev.	Revenue
SCSDE	South Carolina School District Enhancement
TAN	Tax 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)	Amount rounds to less than 0.1% of net assets.
(c)	Security is prerefunded or escrowed to maturity.
(d)	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.
(e)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2020.
(h)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of May 31, 2020.

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Futures contracts outstanding as of May 31, 2020 (amounts in thousands, except number of contracts):
Description	Number of Contracts		Expiration Date		Trading Currency	Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 10 Year Ultra Note		144		09/2020	USD		22,644		91

Abbreviations

USD United States Dollar

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.

Futures contracts are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Municipal Bonds	$	—	$	5,659,835	$	—	$	5,659,835
Short-Term Investments
Investment Companies		336,580		—		—		336,580
Total Investments in Securities	$	336,580	$	5,659,835	$	—	$	5,996,415
Appreciation in Other Financial Instruments
Futures Contracts	$	91	$	—	$	—	$	91

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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)	$	143,314	$	1,047,760	$	854,575	$	(47	)	$	128	$	336,580		336,311	$	480	$	—

(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.