JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 97.1%(a)
Alaska — 0.5%
Alaska Industrial Development and Export Authority, Providence Health and Services Series 2011A, Rev., 5.50%, 10/1/2041		325		335
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2036		2,000		2,323
Total Alaska				2,658
Arizona — 5.0%
Arizona Industrial Development Authority, Academics of Math and Science Projects
Rev., 4.00%, 7/1/2029(b)		400		426
Rev., 5.00%, 7/1/2039(b)		1,000		1,116
Arizona Industrial Development Authority, Cadence Campus Project
Series 2020A, Rev., 4.00%, 7/15/2030(b)		500		535
Series 2020A, Rev., 4.00%, 7/15/2040(b)		800		825
Arizona Industrial Development Authority, Equitable School Revolving Funds Series A, Rev., 5.00%, 11/1/2044		750		911
Arizona Industrial Development Authority, Fire MESA and Red Rock Campus Projects
Series 2019A, Rev., 3.55%, 7/15/2029(b)		1,360		1,440
Series 2019A, Rev., 5.00%, 7/15/2039(b)		1,325		1,482
Series 2019A, Rev., 5.00%, 7/15/2049(b)		1,675		1,848
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project
Series 2019A, Rev., 5.00%, 1/1/2029		1,500		1,495
Series 2019A, Rev., 5.00%, 1/1/2037		1,000		944
Series 2019A, Rev., 5.00%, 1/1/2038		1,000		938
Series 2019A, Rev., 4.25%, 1/1/2039		1,000		840
Series 2019A, Rev., 4.50%, 1/1/2049		2,000		1,616
Arizona Industrial Development Authority, Pebble Campus Project Series 2020A, Rev., 5.00%, 7/15/2040(b)		415		463
Arizona Industrial Development Authority, Pinecrest Academy, Canoyn Campus Project Rev., 5.00%, 7/15/2040(b)		2,515		2,803
Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects
Series 2018A, Rev., 5.00%, 7/15/2028(b)		1,000		1,114
Series 2018A, Rev., 5.75%, 7/15/2038(b)		1,000		1,143
City of Mesa, Utility System Rev., AGM, 5.25%, 7/1/2029		40		55
Glendale Industrial Development Authority, Terraces of Phoenix Project
Series 2018A, Rev., 4.00%, 7/1/2028		450		459
Series 2018A, Rev., 5.00%, 7/1/2033		600		635
Series 2018A, Rev., 5.00%, 7/1/2038		300		313
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project
Series 2018A, Rev., 5.00%, 7/1/2032		350		384
Series 2018A, Rev., 5.00%, 7/1/2033		150		164
Series 2018A, Rev., 5.00%, 7/1/2037		200		216
La Paz County Industrial Development Authority, Charter School Solutions-Harmony Public Schools Project
Series 2018A, Rev., 5.00%, 2/15/2028		200		231
Series 2018A, Rev., 5.00%, 2/15/2038		405		468
Maricopa County Industrial Development Authority, Arizona Autism Charter School Project
Series 2020A, Rev., 4.00%, 7/1/2030(b)		320		340
Series 2020A, Rev., 5.00%, 7/1/2040(b)		620		687
Series 2020A, Rev., 5.00%, 7/1/2050(b)		780		850
Total Arizona				24,741
California — 1.7%
California Community College Financing Authority, Orange Coast Properties LLC — Orange Coast College Project
Rev., 5.00%, 5/1/2037		750		759
Rev., 5.00%, 5/1/2038		400		404
California Health Facilities Financing Authority, Children’s Hospital
Series 2017A, Rev., 5.00%, 8/15/2047		500		581

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2047		200		228
California Municipal Finance Authority, John Adams Academies Lincoln Project
Series 2019A, Rev., 4.00%, 10/1/2029(b)		410		422
Series 2019A, Rev., 5.00%, 10/1/2039(b)		900		951
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032		245		263
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035		240		261
California Municipal Finance Authority, San Antonio Gardens Project Rev., 5.00%, 11/15/2039		850		943
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project Series 2015B-2, Rev., AMT, 3.13%, 11/3/2025(c)		250		278
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2029		200		234
California Public Finance Authority, Laverne Elementary Preparatory Academy
Series 2019A, Rev., 4.25%, 6/15/2029(b)		795		813
Series 2019A, Rev., 5.00%, 6/15/2039(b)		785		806
California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2018A, Rev., AGM, Zero Coupon, 8/1/2030		200		175
California School Finance Authority, Klare Holdings Series 2015A, Rev., 5.00%, 7/1/2035(b)		100		114
Eastern Municipal Water District Financing Authority, Water and Wastewater System Series 2020A, Rev., 5.00%, 7/1/2037		80		109
Palomar Health Rev., 5.00%, 11/1/2039		500		571
Pomona Unified School District Series C, GO, 6.00%, 8/1/2029(d)		160		230
San Mateo Union High School District, Election of 2006 Series A, GO, Zero Coupon, 9/1/2028		100		73
Sunnyvale School District, Election of 2013 Series C, GO, 5.50%, 9/1/2034		175		262
Total California				8,477
Colorado — 8.7%
Aviation Station, North Metropolitan District No. 2 Series A, GO, 5.00%, 12/1/2039		750		782
Bradburn Metropolitan District No. 2
Series 2018A, GO, 5.00%, 12/1/2038		500		548
Series 2018B, GO, 7.25%, 12/15/2047		500		529
Broadway Park North Metropolitan District No. 2
GO, 5.00%, 12/1/2040(b)		550		578
GO, 5.00%, 12/1/2049(b)		650		675
Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project
Series 2018A, Rev., 5.00%, 12/1/2032		500		618
Series 2018A, Rev., 5.00%, 12/1/2033		500		615
Series 2018A, Rev., 4.00%, 12/1/2048		500		548
Colorado Health Facilities Authority, Christian Living Neighborhoods
Rev., 4.00%, 1/1/2028		500		539
Rev., 4.00%, 1/1/2038		550		557
Rev., 5.00%, 1/1/2038		1,550		1,697
Colorado Health Facilities Authority, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044		2,000		2,229
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project
Series 2017A, Rev., 5.00%, 5/15/2022		280		290
Series A, Rev., 5.25%, 5/15/2028		1,000		1,147
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2050		675		756
Copper Ridge Metropolitan District, Tax Increment and Sales Tax
Rev., 4.00%, 12/1/2029		1,000		957
Rev., 5.00%, 12/1/2039		1,000		974
Copperleaf Metropolitan District No. 4
Series 2020A, GO, 5.00%, 12/1/2039		775		816
Series 2020A, GO, 5.00%, 12/1/2049		1,000		1,036
Cottonwood Highlands Metropolitan District No. 1 Series 2019A, GO, 5.00%, 12/1/2049		900		930

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Cross Creek Metropolitan District No. 2, Unlimited Tax GO, AGM, 4.00%, 12/1/2045		1,000		1,130
Denver Health and Hospital Authority Series 2019A, Rev., 4.00%, 12/1/2037		1,250		1,399
DIATC Metropolitan District, Limited Tax
GO, 3.25%, 12/1/2029(b)		590		585
GO, 5.00%, 12/1/2039(b)		1,240		1,301
Jefferson Center Metropolitan District No. 1 Series 2020A-2, Rev., 4.13%, 12/1/2040		285		293
Lanterns Metropolitan District No. 1 Series A, GO, 5.00%, 12/1/2039		1,375		1,445
Mirabelle Metropolitan District No. 2
Series 2020A, GO, 5.00%, 12/1/2039		700		728
Series 2020A, GO, 5.00%, 12/1/2049		1,250		1,281
Painted Prairie Metropolitan District No. 2 GO, 5.25%, 12/1/2048		2,000		2,069
Painted Prairie Public Improvement Authority
Rev., 4.00%, 12/1/2029		1,000		1,042
Rev., 5.00%, 12/1/2039		2,500		2,671
Public Authority for Colorado Energy, Natural Gas Purchase Rev., 6.13%, 11/15/2023		70		77
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040		750		769
South Suburban Park and Recreation District
COP, 4.00%, 12/15/2036		1,350		1,566
COP, 4.00%, 12/15/2037		500		578
STC Metropolitan District No. 2, Limited Tax Improvement
Series 2019A, GO, 3.00%, 12/1/2025		555		548
Series 2019A, GO, 4.00%, 12/1/2029		1,000		1,022
Series 2019A, GO, 5.00%, 12/1/2038		1,700		1,772
Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2
Series 2020A, Rev., 3.38%, 12/1/2030		500		509
Series 2020A, Rev., 3.75%, 12/1/2040		500		509
Thompson Crossing Metropolitan District No. 4
GO, 5.00%, 12/1/2039		1,400		1,490
GO, 5.00%, 12/1/2049		1,500		1,554
Trails at Crowfoot Metropolitan District No. 3, Limited Tax
Series A, GO, 4.38%, 12/1/2030		620		637
Series A, GO, 5.00%, 12/1/2039		1,000		1,039
Willow Bend Metropolitan District Convertible Tax Series A, GO, 5.00%, 12/1/2039		600		627
Total Colorado				43,462
Connecticut — 1.8%
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue
Series A-1, Rev., 5.00%, 10/1/2029(b)		400		430
Series A-1, Rev., 4.50%, 10/1/2034(b)		2,350		2,369
Series A-1, Rev., 5.00%, 10/1/2039(b)		1,000		1,028
Connecticut State Health and Educational Facilities Authority, McLean Issue
Series 2020B-2, Rev., 2.75%, 1/1/2026(b)		650		654
Series 2020B-1, Rev., 3.25%, 1/1/2027(b)		700		706
Series 2020A, Rev., 5.00%, 1/1/2030(b)		250		276
Series 2020A, Rev., 5.00%, 1/1/2045(b)		500		534
Connecticut State Health and Educational Facilities Authority, The Griffin Hospital Issue Series G-1, Rev., 5.00%, 7/1/2034(b)		225		256
State of Connecticut Series A, GO, 5.00%, 4/15/2037		1,000		1,244
Town of Hamden, Whitney Center Project Rev., 5.00%, 1/1/2030		1,500		1,589
Total Connecticut				9,086
Delaware — 0.2%
Delaware Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048		700		794
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		120		121
Total Delaware				915
District of Columbia — 0.8%
District of Columbia, International School Issue Rev., 5.00%, 7/1/2039		650		766

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
District of Columbia, Kipp DC Issue
Series 2017B, Rev., 5.00%, 7/1/2037		500		593
Rev., 4.00%, 7/1/2039		200		222
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue
Rev., 4.00%, 6/1/2030		1,000		1,103
Rev., 5.00%, 6/1/2040		1,000		1,146
Total District of Columbia				3,830
Florida — 10.2%
Capital Trust Agency, Inc., Advantage Academy of Hillsborough Project
Series A, Rev., 5.00%, 12/15/2029		405		458
Series A, Rev., 5.00%, 12/15/2039		1,775		1,957
Capital Trust Agency, Inc., Franklin Academy Project
Rev., 4.00%, 12/15/2025(b)		300		318
Rev., 5.00%, 12/15/2026(b)		300		335
Rev., 5.00%, 12/15/2027(b)		330		367
Rev., 5.00%, 12/15/2028(b)		345		383
Rev., 5.00%, 12/15/2029(b)		365		404
Rev., 5.00%, 12/15/2030(b)		510		562
Rev., 5.00%, 12/15/2035(b)		1,080		1,173
Rev., 5.00%, 12/15/2040(b)		1,200		1,290
Capital Trust Agency, Inc., Imagine School at Land O’Lakes Project
Series 2020A, Rev., 3.00%, 12/15/2029(b)		420		416
Series 2020A, Rev., 5.00%, 12/15/2039(b)		640		717
Capital Trust Agency, Inc., Liza Jackson Preparatory School, Inc., Project
Series 2020A, Rev., 4.00%, 8/1/2030		200		227
Series 2020A, Rev., 5.00%, 8/1/2040		300		355
Charlotte County, Utility System
Rev., AGM, 5.25%, 10/1/2021(d)		70		73
Rev., AGM, 5.25%, 10/1/2024		130		135
City of Tampa, H. Lee Moffitt Cancer Center Project
Series 2020B, Rev., 4.00%, 7/1/2038		190		221
Series 2020B, Rev., 4.00%, 7/1/2039		250		290
Series 2020B, Rev., 5.00%, 7/1/2040		390		487
Series 2020B, Rev., 4.00%, 7/1/2045		750		856
Series 2020B, Rev., 5.00%, 7/1/2050		1,785		2,201
City of Venice, Village on the Isle Project
Rev., 5.00%, 1/1/2037		1,000		1,090
Rev., 5.00%, 1/1/2047		1,000		1,076
County of Broward, Airport System Series 2019A, Rev., AMT, 4.00%, 10/1/2044		2,475		2,810
County of Lake, Imagine South Lake Charter School Project
Series A, Rev., 5.00%, 1/15/2029(b)		500		540
Series A, Rev., 5.00%, 1/15/2039(b)		550		592
Series A, Rev., 5.00%, 1/15/2049(b)		825		873
County of Palm Beach, Atlantic University
Rev., 5.00%, 4/1/2029(b)		400		419
Rev., 5.00%, 4/1/2039(b)		900		907
County of Palm Beach, Tuscan Gardens of Delray Beach Project
Series 2018-A, Rev., 4.25%, 4/1/2022(c)		1,000		900
Series 2018C, Rev., 6.25%, 4/2/2022(c)		1,000		850
Florida Development Finance Corp., Educational Facilities, Renaissance Charter School Inc., Project
Series 2020C, Rev., 4.00%, 9/15/2030(b)		235		247
Series 2020C, Rev., 5.00%, 9/15/2040(b)		525		568
Florida Development Finance Corp., Educational Facilities, UCP Charter Schools Project
Series 2020A, Rev., 4.00%, 6/1/2030		500		509
Series 2020A, Rev., 5.00%, 6/1/2040		830		870
Florida Development Finance Corp., Imagine School at Broward Project
Series A, Rev., 4.00%, 12/15/2029(b)		260		290
Series A, Rev., 5.00%, 12/15/2034(b)		525		622
Series A, Rev., 5.00%, 12/15/2039(b)		305		357
Florida Development Finance Corp., Mater Academy Project Series 2020A, Rev., 5.00%, 6/15/2040		590		675
Florida Development Finance Corp., Pepin Academics of Pasco County, Inc., Project Series 2020A, Rev., 5.00%, 1/1/2040(b)		2,430		2,508
Florida Higher Educational Facilities Financial Authority, Ringling College Project
Rev., 5.00%, 3/1/2034		385		431
Rev., 5.00%, 3/1/2035		1,165		1,302
Rev., 5.00%, 3/1/2036		1,230		1,371
Rev., 5.00%, 3/1/2037		1,130		1,256
Rev., 5.00%, 3/1/2044		2,000		2,187

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Florida Higher Educational Facilities Financial Authority, St. Leo University Project Rev., 5.00%, 3/1/2039		750		821
JEA Electric System Series B, Rev., 5.00%, 10/1/2034		25		26
Lakeland Educational Facilities, Southern College Project Series 2012A, Rev., 5.00%, 9/1/2025		500		531
Miami Beach Health Facilities Authority, Mount Sinai Medical Center Rev., 5.00%, 11/15/2029		545		616
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020B, Rev., 4.00%, 11/15/2041		250		275
Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Raton Expansion Rev., 3.00%, 6/1/2027		1,255		1,276
Pinellas County Educational Facilities Authority, Pinellas Academy of Math and Science Project Series 2018A, Rev., 4.13%, 12/15/2028(b)		985		1,074
Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc., Project Rev., 5.00%, 7/1/2029		625		696
Polk County Industrial Development Authority, Retirement Facilities, Carpenter’s Home Estates Series 2019A, Rev., 5.00%, 1/1/2029		440		485
Sarasota County Health Facilities Authority, Sunnyside Village Project Rev., 5.00%, 5/15/2038		1,050		1,141
Seminole County Industrial Development Authority, Legacy Pointe at UCF Project
Series 2019B-2, Rev., 3.75%, 11/15/2025		2,000		1,884
Series 2019B-1, Rev., 4.25%, 11/15/2026		2,000		1,902
Series 2019A, Rev., 5.00%, 11/15/2029		1,000		990
Series 2019A, Rev., 5.25%, 11/15/2039		2,000		1,879
Tampa Bay Water Utility System Series A, Rev., NATL-RE, 6.00%, 10/1/2029		500		719
Total Florida				50,790
Georgia — 0.3%
City of Atlanta, Water and Wastewater Series 2012C, Rev., 5.00%, 1/1/2042		500		518
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project Series 2020A, Rev., 5.00%, 4/1/2050		230		289
Downtown Smyrna Development Authority Rev., 5.25%, 2/1/2028		240		285
Georgia Housing and Finance Authority, Single Family Mortgage Series B, Rev., AMT, 4.00%, 12/1/2029		5		5
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2036		375		428
Total Georgia				1,525
Idaho — 0.0%(e)
Idaho Housing and Finance Association, Compass Public Charter School, Inc., Project Series A, Rev., 4.63%, 7/1/2029(b)		180		191
Illinois — 3.2%
Chicago O’Hare International Airport, Transportation Infrastructure Properties LLC (TRIPS) Obligated Group Rev., AMT, 5.00%, 7/1/2038		500		584
City of Chicago, Waterworks, Second Lien Rev., AMBAC, BHAC-CR, 5.75%, 11/1/2030		150		192
County of Du Page, The Morton Abroretum Project Rev., 3.00%, 5/15/2047		1,265		1,289
Illinois Finance Authority, University of Illinois, Urbana-Champaign Project
Series 2019A, Rev., 5.00%, 10/1/2036		300		364
Series 2019A, Rev., 5.00%, 10/1/2037		400		483
Series 2019A, Rev., 5.00%, 10/1/2038		400		482
Series 2019A, Rev., 5.00%, 10/1/2039		350		420
Series 2019A, Rev., 5.00%, 10/1/2044		1,000		1,182
Lake County Community Consolidated School District No. 50 Woodland Series C, GO, 5.25%, 1/1/2021(d)		150		151
Metropolitan Pier and Exposition Authority, MC Cormik Place Expansion Project Series 2012B, Rev., 5.00%, 12/15/2028		1,610		1,676

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Metropolitan Water Reclamation District of Greater Chicago Series C, GO, 5.25%, 12/1/2027		50		64
Northern Illinois University
Series 2020B, Rev., 4.00%, 4/1/2039		650		739
Series 2020B, Rev., 4.00%, 4/1/2041		1,450		1,641
Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024		250		296
Sales Tax Securitization Corp., Second Lien Series 2020A, Rev., 5.00%, 1/1/2037		1,050		1,288
State of Illinois
GO, 5.13%, 5/1/2022		250		261
GO, 5.38%, 5/1/2023		250		268
GO, 4.13%, 3/1/2028		170		172
Upper Illinois River Valley Development Authority, Morris Hospital
Rev., 5.00%, 12/1/2027		1,145		1,415
Rev., 5.00%, 12/1/2028		1,050		1,319
Rev., 5.00%, 12/1/2029		875		1,092
Rev., 5.00%, 12/1/2033		250		302
Rev., 5.00%, 12/1/2034		20		24
Total Illinois				15,704
Indiana — 2.0%
City of Franklin, Otterbeit Homes
Series B, Rev., 4.00%, 7/1/2036		870		977
Series B, Rev., 4.00%, 7/1/2037		905		1,014
Series B, Rev., 4.00%, 7/1/2038		940		1,052
Series B, Rev., 4.00%, 7/1/2039		750		836
Series B, Rev., 4.00%, 7/1/2040		500		556
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project
Series 2020A, Rev., 4.00%, 7/1/2030		105		113
Series 2020A, Rev., 5.00%, 7/1/2040		170		189
Series 2020A, Rev., 5.00%, 7/1/2055		455		496
Indiana Finance Authority, Goshen Health
Series A, Rev., 5.00%, 11/1/2035		665		818
Series A, Rev., 4.00%, 11/1/2036		235		269
Series A, Rev., 4.00%, 11/1/2037		330		376
Series A, Rev., 4.00%, 11/1/2038		340		387
Series A, Rev., 4.00%, 11/1/2039		360		409
Indiana Finance Authority, Marian University Project Series A, Rev., 4.00%, 9/15/2044		1,090		1,135
Indiana Finance Authority, Marquette Project Series A, Rev., 5.00%, 3/1/2030		1,000		1,082
Indiana Housing and Community Development Authority, Home First Mortgage Series C, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/1/2027		5		5
Indiana State Finance Authority, Wastewater Utility, First Lien Series 2101A, Rev., 5.25%, 10/1/2031		250		260
Total Indiana				9,974
Iowa — 0.5%
Iowa Finance Authority, Northcrest Inc., Project
Series 2018A, Rev., 5.00%, 3/1/2028		890		962
Series 2018A, Rev., 5.00%, 3/1/2038		250		265
Iowa Finance Authority, Phs Council Bluffs, Inc., Project
Rev., 3.95%, 8/1/2023		150		152
Rev., 4.45%, 8/1/2028		250		258
Rev., 5.00%, 8/1/2033		485		505
Rev., 5.00%, 8/1/2038		370		385
Total Iowa				2,527
Kansas — 0.5%
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc.
Series A, Rev., 5.00%, 5/15/2032		500		543
Series A, Rev., 5.00%, 5/15/2039		850		915
City of Wichita, Health Care Facilities, Presbyterian Manors, Inc.
Series 2018 I, Rev., 5.00%, 5/15/2033		500		518
Series I, Rev., 5.00%, 5/15/2038		500		510
Total Kansas				2,486
Kentucky — 0.3%
City of Ashland, Kings Daughters Medical Center
Series 2016A, Rev., 4.00%, 2/1/2036		1,000		1,047

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2016A, Rev., 5.00%, 2/1/2040		500		552
Total Kentucky				1,599
Louisiana — 0.8%
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2042		500		596
Louisiana Public Facilities Authority, Young Audiences Charter School Project
Series A, Rev., 5.00%, 4/1/2030(b)		525		555
Series A, Rev., 5.00%, 4/1/2039(b)		1,425		1,453
Series A, Rev., 5.00%, 4/1/2049(b)		1,135		1,143
New Orleans Aviation Board, General Airport, North Terminal Project Series B, Rev., AMT, 5.00%, 1/1/2048		250		290
Total Louisiana				4,037
Maine — 0.0%(e)
Maine Health and Higher Educational Facilities Authority, Central Maine Medical Central Center Series A, Rev., 5.00%, 7/1/2023(d)		25		28
Maryland — 0.8%
County of Frederick, Educational Facilities, Mount St. Mary’s University Series A, Rev., 5.00%, 9/1/2037(b)		1,500		1,596
Maryland Economic Development Corp., Bowie State University Project
Rev., 4.00%, 7/1/2040		300		305
Rev., 4.00%, 7/1/2050		1,500		1,503
Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue
Rev., 3.25%, 7/1/2039		175		182
Rev., 4.00%, 7/1/2040		215		245
Total Maryland				3,831
Massachusetts — 2.0%
Massachusetts Bay Transportation Authority, Mass Sales Tax Series B, Rev., NATL-RE, 5.50%, 7/1/2028		300		407
Massachusetts Development Finance Agency, Emerson College Issue
Rev., 5.00%, 1/1/2037		500		585
Rev., 5.00%, 1/1/2038		405		473
Rev., 5.00%, 1/1/2043		500		577
Massachusetts Development Finance Agency, Emmanuel College Issue Series 2016A, Rev., 5.00%, 10/1/2043		500		559
Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Rev., 4.13%, 10/1/2042(b)		2,000		2,036
Massachusetts Development Finance Agency, Orchid Cove, Inc.
Rev., 4.00%, 10/1/2029		925		994
Rev., 4.00%, 10/1/2039		500		516
Rev., 5.00%, 10/1/2039		250		272
Massachusetts Development Finance Agency, Suffolk University Issue
Rev., 5.00%, 7/1/2036		450		538
Rev., 5.00%, 7/1/2037		605		720
Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045		1,280		1,327
Massachusetts Port Authority Series A, Rev., 5.00%, 7/1/2044		500		569
Massachusetts State College Building Authority Series B, Rev., AGC, 5.50%, 5/1/2028		350		442
Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2032		100		146
Total Massachusetts				10,161
Michigan — 4.3%
City of Detroit
GO, 5.00%, 4/1/2035		500		549
GO, 5.00%, 4/1/2036		500		549
GO, 5.00%, 4/1/2037		500		548
Flint Hospital Building Authority, Hurley Medical Center Rev., 4.00%, 7/1/2038		1,800		1,943
Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project
Rev., 5.00%, 5/15/2037		980		1,091
Rev., 5.00%, 5/15/2044		2,000		2,186
Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project
Rev., 5.00%, 5/15/2037		1,230		1,330
Rev., 5.00%, 5/15/2055		3,000		3,174
Michigan Finance Authority, Kettering University Project
Rev., 4.00%, 9/1/2045		500		550
Rev., 4.00%, 9/1/2050		1,000		1,093
Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032		750		851
Michigan Strategic Fund, Holland Home Obligated Group Rev., 5.00%, 11/15/2043		750		811
Michigan Strategic Fund, I-75, Improvement Project Rev., AMT, AGM, 4.13%, 6/30/2035		2,500		2,936

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project
Rev., 5.00%, 5/15/2037		670		746
Rev., 5.00%, 5/15/2044		1,000		1,093
Michigan Strategic Fund, United Methodist Retirement Communities, Inc., Project Rev., 5.00%, 11/15/2034		1,280		1,428
Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020		40		40
Wayne County Airport Authority, Detroit Metropolitan Airport Series B, Rev., AMT, 5.00%, 12/1/2021		400		418
Total Michigan				21,336
Minnesota — 0.9%
City of Apple Valley, Senior Housing, Orchard Path Project Rev., 4.25%, 9/1/2038		750		760
City of Minneapolis, Health Care System, Fairview Health Services Series A, Rev., 4.00%, 11/15/2038		750		862
City of Wayzata, Folkestone Senior Living Community
Rev., 5.00%, 8/1/2032		100		106
Rev., 5.00%, 8/1/2033		200		213
Rev., 5.00%, 8/1/2035		200		213
Rev., 3.75%, 8/1/2036		250		250
Rev., 3.75%, 8/1/2037		500		497
Rev., 4.00%, 8/1/2038		350		353
Rev., 4.00%, 8/1/2039		250		252
City of Woodbury, Charter School Lease
Rev., 3.00%, 12/1/2030		250		257
Rev., 4.00%, 12/1/2040		200		212
Rev., 4.00%, 12/1/2050		250		263
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs
Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040		2		1
Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		50		51
Total Minnesota				4,290
Mississippi — 0.6%
Mississippi Development Bank, Harrison County, Coliseum and Convention Center
Series A, Rev., GTD, 5.25%, 1/1/2030		160		213
Series 2010A, Rev., GTD, 5.25%, 1/1/2034		100		138
Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project
Series A, Rev., 4.00%, 1/1/2039		1,250		1,448
Series A, Rev., 4.00%, 1/1/2040		1,000		1,157
Total Mississippi				2,956
Missouri — 1.9%
Bi-State Development Agency, Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2025		400		489
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects
Series 2019A, Rev., 5.00%, 2/1/2029		550		618
Series 2019C, Rev., 4.00%, 2/1/2032		390		428
Series 2019C, Rev., 4.00%, 2/1/2033		865		943
Series 2019C, Rev., 4.00%, 2/1/2034		1,000		1,084
Series 2019A, Rev., 5.00%, 2/1/2034		1,010		1,124
Series 2016A, Rev., 5.00%, 2/1/2036		2,500		2,783
Series 2019A, Rev., 5.00%, 2/1/2042		1,000		1,104
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program Series E-4, Rev., AMT, GNMA/FNMA/FHLMC, 4.25%, 5/1/2021(d)		15		15
St. Louis County Industrial Development Authority, Friendship Village Series 2018A, Rev., 5.00%, 9/1/2028		630		707
Total Missouri				9,295
Montana — 0.1%
Cascade County Elementary School District No. 1 Great Falls, School Building GO, 3.63%, 7/1/2038		335		375
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038		75		79
Total Montana				454
Nevada — 0.5%
City of Las Vegas, Special Improvement District No. 611, Local Improvement
3.50%, 6/1/2030		200		210

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
3.50%, 6/1/2031		160		166
3.75%, 6/1/2032		260		271
4.00%, 6/1/2033		185		195
4.00%, 6/1/2034		185		194
4.00%, 6/1/2035		185		193
4.00%, 6/1/2040		450		464
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048		375		411
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024(b)		190		190
County of Clark, NV Passenger Facility Charge, Las Vegas-Mccarran International Airport Passenger Facility Series 2019E, Rev., 5.00%, 7/1/2033		200		255
Total Nevada				2,549
New Hampshire — 0.3%
City of Manchester, School Facilities Rev., NATL-RE, 5.50%, 6/1/2027		100		130
New Hampshire Business Finance Authority, The Vista Project
Series A, Rev., 5.25%, 7/1/2039(b)		200		205
Series A, Rev., 5.63%, 7/1/2046(b)		1,000		1,035
Total New Hampshire				1,370
New Jersey — 5.2%
New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project Series 2019A, Rev., 5.00%, 10/1/2039(b)		2,000		1,952
New Jersey Economic Development Authority, Charter School, Golden Door Charter School Project
Series 2018A, Rev., 5.13%, 11/1/2029(b)		210		226
Series 2018-A, Rev., 6.25%, 11/1/2038(b)		525		599
New Jersey Economic Development Authority, Charter School, Marion P. Thomas Charter School, Inc., Project Series 2018-A, Rev., 5.00%, 10/1/2033(b)		1,000		1,063
New Jersey Economic Development Authority, Motor Vehicle Surplus Series A, Rev., NATL-RE, 5.25%, 7/1/2024		380		433
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039		1,200		1,367
New Jersey Economic Development Authority, Transit Transportation Project
Series 2020A, Rev., 4.00%, 11/1/2037		1,500		1,637
Series 2020A, Rev., 4.00%, 11/1/2038		750		818
Series 2020A, Rev., 4.00%, 11/1/2039		2,000		2,180
New Jersey Economic Development Authority, White Horse HMT Urban Renewal LLC Project Rev., 5.00%, 1/1/2040(b)		3,000		2,909
New Jersey Educational Facilities Authority, Seton Hall University Issue, Tax-Exempt
Series 2020C, Rev., AGM, 3.25%, 7/1/2049		700		732
Series 2020C, Rev., AGM, 4.00%, 7/1/2050		725		822
New Jersey Health Care Facilities Financing Authority, St. Josephs Healthcare System Rev., 5.00%, 7/1/2041		1,500		1,698
New Jersey Higher Education Student Assistance Authority, Senior Student Loan
Series 2018A, Rev., AMT, 3.75%, 12/1/2031		750		800
Series 2018A, Rev., AMT, 4.00%, 12/1/2032		400		434
Series A, Rev., AMT, 4.00%, 12/1/2033		500		541
Series 2018A, Rev., AMT, 4.00%, 12/1/2034		300		324
Series A, Rev., AMT, 4.00%, 12/1/2035		200		215
New Jersey Transportation Trust Fund Authority, Transportation Program Series 2019BB, Rev., 4.00%, 6/15/2036		1,000		1,086
State of New Jersey, Covid-19 Emergency Bonds GO, 5.00%, 6/1/2028		4,700		5,907
Total New Jersey				25,743
New Mexico — 0.6%
City of Santa Fe, El Castillo Retirement Residences Project Series 2019A, Rev., 5.00%, 5/15/2034		650		704
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group – La Vida Llena Expansion Project
Series A, Rev., 5.00%, 7/1/2033		360		395
Series A, Rev., 5.00%, 7/1/2034		375		407
Series A, Rev., 5.00%, 7/1/2039		1,225		1,316

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2011B, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 3/1/2028		55		55
Total New Mexico				2,877
New York — 4.6%
Buffalo & Erie County Industrial Land Development Corp., D’youville College Project
Rev., 4.00%, 11/1/2035		510		549
Rev., 4.00%, 11/1/2040		1,035		1,098
Build NYC Resource Corp., Inwood Academy for Leadership Charter School Project
Series 2018A, Rev., 4.88%, 5/1/2031(b)		500		547
Series 2018A, Rev., 5.13%, 5/1/2038(b)		250		271
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042		1,000		1,010
Metropolitan Transportation Authority
Series 2019B-1, Rev., BAN, 5.00%, 5/15/2022		200		207
Series 2020A-1, Rev., BAN, 5.00%, 2/1/2023		500		526
Monroe County Industrial Development Corp., St. Anns Community Project
Rev., 4.00%, 1/1/2030		2,000		2,023
Rev., 5.00%, 1/1/2040		2,145		2,253
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project
Series 2020A, Rev., 5.00%, 6/1/2040(b)		630		742
Series 2020A, Rev., 5.00%, 6/1/2059(b)		540		622
New York Liberty Development Corp., Goldman Sachs Headquarters Rev., 5.25%, 10/1/2035		525		758
New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., AGM, 3.00%, 9/1/2050		1,850		1,894
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project
Rev., AMT, 5.00%, 1/1/2022		1,000		1,033
Rev., AMT, 5.00%, 1/1/2025		3,250		3,621
Rev., AMT, 5.00%, 1/1/2028		500		587
Rev., AMT, 4.00%, 10/1/2030		1,000		1,126
Rev., AMT, 4.00%, 1/1/2036		500		537
Rev., AMT, 5.00%, 1/1/2036		375		425
Onondaga Civic Development Corp., Le Moyne College Project
Rev., 5.00%, 1/1/2037		300		343
Rev., 5.00%, 1/1/2038		200		229
Rev., 5.00%, 1/1/2043		500		565
Suffolk County Economic Development Corp., Peconic Landing at Southold Project, Inc., Forward Delivery Rev., 5.00%, 12/1/2029		750		852
Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project Rev., 5.00%, 7/1/2042		365		405
Yonkers Economic Development Corp., Charter School of Educational Excellence Project
Series 2019A, Rev., 4.00%, 10/15/2029		200		215
Series 2019A, Rev., 5.00%, 10/15/2039		315		353
Total New York				22,791
North Carolina — 0.2%
North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Galloway Ridge Series 2019A, Rev., 5.00%, 1/1/2031		625		682
North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project Series 2020A, Rev., 5.00%, 10/1/2040		355		392
Total North Carolina				1,074
North Dakota — 0.0%(e)
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2012A, Rev., 3.75%, 7/1/2042		40		41
Ohio — 3.8%
City of Centerville, Graceworks Lutheran Services Rev., 5.00%, 11/1/2027		380		409
City of Middleburg Heights, Southwest General Health Center Project, Tax-Exempt Series 2020A, Rev., 4.00%, 8/1/2041		550		637
Cleveland-Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project
Rev., 5.00%, 12/1/2033		1,000		1,069
Rev., 5.25%, 12/1/2038		500		536
Rev., 5.50%, 12/1/2043		500		539

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction and Improvement GO, NATL-RE, 5.25%, 12/1/2025		185		230
County of Hardin, Economic Development Facilities, Ohio Northern University Rev., 5.00%, 5/1/2030		250		258
County of Ross, Adena Health System Rev., 5.00%, 12/1/2039		1,000		1,237
County of Warren, Otterbein Homes
Series A, Rev., 4.00%, 7/1/2037		1,000		1,121
Series A, Rev., 4.00%, 7/1/2039		500		557
Greene County Series 2007A, GO, AMBAC, 5.25%, 12/1/2028		45		58
Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project
Rev., 5.00%, 12/1/2028		500		536
Rev., 5.00%, 12/1/2033		270		281
Rev., 5.00%, 12/1/2038		685		698
Ohio Higher Educational Facility Commission, Tiffin University 2019 Project
Rev., 5.00%, 11/1/2034		2,875		3,222
Rev., 5.00%, 11/1/2039		4,890		5,398
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034		2,000		2,094
Ohio Housing Finance Agency, Single Family Mortgage Series 2011 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2028		5		5
Total Ohio				18,885
Oklahoma — 0.4%
Oklahoma City Water Utilities Trust, Water and Sewer System Rev., 5.38%, 7/1/2021(d)		220		227
Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series B, Rev., 5.00%, 8/15/2038		1,000		1,177
Tulsa Airports Improvement Trust
Series A, Rev., AMT, 5.00%, 6/1/2024		300		343
Series A, Rev., AMT, 5.00%, 6/1/2025		420		478
Total Oklahoma				2,225
Oregon — 0.6%
Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project
Series 2018A, Rev., 5.00%, 5/15/2038		220		233
Series 2018A, Rev., 5.00%, 5/15/2043		310		326
Clackamas County School District No. 7J, Lake Oswego GO, AGM, 5.25%, 6/1/2025		165		201
Linn County Community School District No. 9 Lebanon GO, NATL-RE, 5.50%, 6/15/2030		20		28
Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt
Series 2020A, Rev., 5.00%, 10/1/2035		135		170
Series 2020A, Rev., 5.00%, 10/1/2040		585		727
Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030		10		10
Salem Hospital Facility Authority, Capital Manor Project Rev., 5.00%, 5/15/2038		1,000		1,089
State of Oregon, University Systems Projects Series G, GO, 5.25%, 8/2/2021(d)		105		109
Total Oregon				2,893
Pennsylvania — 7.9%
Aliquippa School District
GO, 3.75%, 12/1/2033		2,000		2,285
GO, 3.88%, 12/1/2037		1,250		1,420
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2038		500		564
Allentown City School District
Series C, GO, 4.00%, 2/1/2034		1,580		1,858
Series B, GO, 5.00%, 2/1/2034		1,300		1,660
Series C, GO, 4.00%, 2/1/2035		1,000		1,173
Allentown Neighborhood Improvement Zone Development Authority, City Center Project
Rev., 5.00%, 5/1/2033(b)		250		270
Rev., 5.00%, 5/1/2042(b)		250		265
Berks County Industrial Development Authority, Healthcare Facilities
Rev., 5.00%, 5/15/2033		500		546

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2017A, Rev., 5.00%, 5/15/2037		250		273
Rev., 5.00%, 5/15/2038		500		540
Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037		1,000		1,066
Bucks County Industrial Development Authority, St. Luke’s University Health Network Project Rev., 4.00%, 8/15/2044		2,475		2,730
Cumberland County Municipal Authority, Asbury Pennsylvania Obligation Rev., 3.00%, 1/1/2024		1,000		976
Dallas Area Municipal Authority, Misericordia University Project
Rev., 3.25%, 5/1/2023		150		152
Rev., 5.00%, 5/1/2029		650		723
Rev., 5.00%, 5/1/2039		1,100		1,203
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project
Rev., 5.00%, 12/1/2029		195		216
Rev., 5.00%, 12/1/2039		385		411
Rev., 5.00%, 12/1/2049		500		523
Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc., Project
Series 2019B, Rev., 2.88%, 12/15/2023		600		598
Series 2019A, Rev., 5.00%, 6/15/2032		545		590
Series 2019A, Rev., 5.00%, 6/15/2033		570		615
Series 2019A, Rev., 5.00%, 6/15/2038		1,110		1,178
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc., Project
Rev., 5.00%, 3/1/2040		250		265
Rev., 5.00%, 3/1/2045		500		524
Rev., 5.00%, 3/1/2050		500		521
Luzerne County Industrial Development Authority Rev., AGM, 5.00%, 12/15/2024		70		82
Mercer County Industrial Development Authority, Thiel College Project Rev., 6.13%, 10/1/2050(b)		2,500		2,537
Montgomery County Higher Education and Health Authority, Arcadia University
Rev., 5.00%, 4/1/2034		275		313
Rev., 4.00%, 4/1/2035		205		215
Rev., 4.00%, 4/1/2036		520		542
Rev., 4.00%, 4/1/2037		545		567
Rev., 4.00%, 4/1/2038		695		720
Rev., 4.00%, 4/1/2039		725		749
Montgomery County Industrial Development Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020C, Rev., 4.00%, 11/15/2043		300		329
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc., Project Rev., 5.00%, 11/1/2039		1,000		1,048
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2011- 112, Rev., AMT, 5.00%, 4/1/2028		10		10
Philadelphia Authority for Industrial Development, Independence Charter School West Project
Rev., 4.00%, 6/15/2029		360		375
Rev., 5.00%, 6/15/2039		500		532
Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018-A, Rev., 4.50%, 6/1/2029(b)		700		742
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project
Series 2020A, Rev., 5.00%, 8/1/2030		265		317
Series 2020A, Rev., 5.00%, 8/1/2040		315		374
School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,455
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038		750		812
West Mifflin School District, Limited Tax
GO, 3.00%, 4/1/2034		1,000		1,115
GO, 3.00%, 4/1/2038		1,400		1,541
Wilkes-Barre Area School District
GO, 3.50%, 4/15/2038		370		419
GO, 3.50%, 4/15/2039		230		260
GO, 3.75%, 4/15/2044		1,000		1,133
Total Pennsylvania				39,332
Rhode Island — 0.1%
Rhode Island Commerce Corp. Series B, Rev., 5.00%, 7/1/2022		250		266
Rhode Island Student Loan Authority Series 2017A, Rev., AMT, 5.00%, 12/1/2024		100		114
Total Rhode Island				380

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
South Carolina — 1.6%
South Carolina Jobs-Economic Development Authority, Bishop Gadsden Episcopal Retirement Community Series 2019A, Rev., 4.00%, 4/1/2034		605		641
South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes Series 2018A, Rev., 5.00%, 4/1/2033		1,485		1,602
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project
Series A, Rev., 4.00%, 12/1/2029(b)		1,130		1,255
Series A, Rev., 5.00%, 12/1/2034(b)		1,405		1,650
Series A, Rev., 5.00%, 12/1/2039(b)		1,795		2,072
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project
Series 2020A, Rev., 5.00%, 11/15/2028		210		228
Series 2020A, Rev., 5.00%, 11/15/2029		110		120
Series 2020A, Rev., 5.00%, 11/15/2042		580		604
Total South Carolina				8,172
South Dakota — 0.1%
South Dakota Health and Educational Facilities Authority, Sanford Health Obligated Group Rev., 5.00%, 11/1/2045		500		579
South Dakota Housing Development Authority, Homeownership Mortgage Series 2012A, Rev., AMT, 4.50%, 5/1/2031		35		36
Total South Dakota				615
Tennessee — 1.7%
Chattanooga Health Educational and Housing Facility Board, CommonSpirit Health Series A-1, Rev., 4.00%, 8/1/2044		1,000		1,114
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019B, Rev., AMT, 5.00%, 7/1/2039		625		782
Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project
Rev., 4.50%, 6/1/2028(b)		500		526
Rev., 5.13%, 6/1/2036(b)		425		452
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project
Series 2019A, Rev., 5.75%, 10/1/2049		1,000		991
Series 2019A, Rev., 5.75%, 10/1/2054		1,500		1,476
Series 2019A, Rev., 5.75%, 10/1/2059		3,350		3,244
Tennessee Housing Development Agency, Homeownership Program
Series A, Rev., AMT, 4.50%, 1/1/2021(d)		20		20
Series 1A, Rev., AMT, 4.50%, 1/1/2038		35		36
Total Tennessee				8,641
Texas — 6.3%
Arlington Higher Education Finance Corp. Series 2020A, Rev., 4.00%, 6/15/2040(b)		1,810		1,819
Arlington Higher Education Finance Corp., Winfree Academy Charter Schools
Series 2019A, Rev., 5.15%, 8/15/2029		435		472
Series 2019A, Rev., 5.75%, 8/15/2043		1,000		1,111
Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project Rev., 4.00%, 7/15/2045		940		904
City of Houston
Series 2018D, Rev., 5.00%, 7/1/2028		355		459
Rev., AMT, 5.00%, 7/1/2029		2,500		2,622
City of Houston, Combined Utility System, Capital Appreciation Series A, Rev., AGM, Zero Coupon, 12/1/2027(d)		30		28
City of Temple, Reinvestment Zone Series A, Rev., 5.00%, 8/1/2028(b)		915		1,031
Dallas Area Rapid Transit, Sales Tax, Senior Lien Rev., AMBAC, 5.25%, 12/1/2029		130		178
Danbury Higher Education Authority, Inc., Golden Rule Schools, Inc. Series 2019A, Rev., 5.00%, 8/15/2039		3,000		3,123
Matagorda County Navigation District No. 1, Pollution Control, Central Power and Light Co. Project. Series 2001A, Rev., 2.60%, 11/1/2029		1,000		1,071
New Hope Cultural Education Facilities Finance Corp., Beta Academy
Series A, Rev., 3.38%, 8/15/2029(b)		300		301

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series A, Rev., 5.00%, 8/15/2039(b)		425		444
Series A, Rev., 5.00%, 8/15/2049(b)		670		695
New Hope Cultural Education Facilities Finance Corp., Cityscape Schools Inc.
Series A, Rev., 4.00%, 8/15/2029(b)		330		356
Series A, Rev., 5.00%, 8/15/2039(b)		610		667
New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series A, Rev., 5.50%, 7/1/2054		1,000		1,008
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project
Series 2020A, Rev., 5.00%, 1/1/2030		1,075		1,162
Series 2020A, Rev., 5.00%, 1/1/2035		865		916
Series 2020A, Rev., 5.00%, 1/1/2040		790		825
Series 2020A, Rev., 5.00%, 1/1/2055		2,000		2,056
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039		1,000		1,018
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation Series A-1, Rev., 5.00%, 12/1/2039		1,420		1,540
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes Inc., Project
Rev., 4.00%, 1/1/2029		300		299
Rev., 5.00%, 1/1/2039		205		211
Newark Higher Education Finance Corp., Austin Achieve Public Schools, Inc.
Rev., 4.25%, 6/15/2028		140		142
Rev., 5.00%, 6/15/2033		150		154
Rev., 5.00%, 6/15/2038		250		255
Permanent University Fund — University of Texas System Series B, Rev., 5.25%, 7/1/2028		140		187
Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center Series A, Rev., 5.25%, 12/1/2039		170		189
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project
Series 2020A, Rev., 6.25%, 11/15/2031		500		526
Series 2020A, Rev., 6.63%, 11/15/2041		1,455		1,547
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project, Tax Exempt
Series 2020B-2, Rev., 3.00%, 11/15/2026		1,660		1,669
Series 2020B-1, Rev., 4.00%, 11/15/2027		2,100		2,114
Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029		5		5
Total Texas				31,104
Utah — 1.8%
Mida Mountain Village Public Infrastructure District
Series 2020B, 6.25%, 8/1/2030(b)		1,000		969
Series 2020A, 4.50%, 8/1/2040		1,000		1,033
Utah Charter School Finance Authority, Mountain West Montessori Academy Project
Series 2020A, Rev., 3.13%, 6/15/2029(b)		750		741
Series 2020A, Rev., 5.00%, 6/15/2039(b)		475		509
Series 2020A, Rev., 5.00%, 6/15/2049(b)		825		871
Utah Charter School Finance Authority, Summit Academy Incorporated
Series A, Rev., 4.00%, 4/15/2032		250		296
Series A, Rev., 4.00%, 4/15/2033		260		306
Series A, Rev., 5.00%, 4/15/2034		235		293
Series A, Rev., 5.00%, 4/15/2039		700		862
Utah Infrastructure Agency, Tax-Exempt Telecommunications
Rev., 4.00%, 10/15/2033		500		540
Rev., 4.00%, 10/15/2036		500		534
Rev., 4.00%, 10/15/2039		700		742
Rev., 4.00%, 10/15/2042		475		498
Utah Transit Authority, Subordinate Sales Tax
Series C, Rev., AGM, 5.25%, 6/15/2025		40		48
Series 2006C, Rev., AGM, 5.25%, 6/15/2032		450		625
Total Utah				8,867

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Vermont — 0.1%
Vermont Student Assistance Corp., Education Loan
Series A, Rev., AMT, 4.00%, 6/15/2032		150		160
Series A, Rev., AMT, 4.00%, 6/15/2033		190		202
Series 2018A, Rev., AMT, 4.00%, 6/15/2034		155		165
Total Vermont				527
Virginia — 3.6%
Chesapeake Hospital Authority, Regional Medical Center
Rev., 4.00%, 7/1/2035		1,000		1,163
Rev., 4.00%, 7/1/2036		1,175		1,361
Rev., 4.00%, 7/1/2037		1,205		1,392
Danville Industrial Development Authority, Averett University Series A, Rev., 4.75%, 10/1/2032		760		773
Fredericksburg Economic Development Authority, Stadium Project
Series B, Rev., 6.13%, 9/1/2029(b)		2,000		1,971
Series B, Rev., 7.00%, 9/1/2044(b)		1,000		932
Norfolk Redevelopment and Housing Authority, Harbors Edge Project
Series 2019A, Rev., 5.00%, 1/1/2034		1,000		1,064
Series 2019A, Rev., 4.38%, 1/1/2039		1,400		1,416
Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living
Series 2019A, Rev., 4.75%, 9/1/2029		1,000		1,009
Series 2019A, Rev., 5.00%, 9/1/2034		2,000		2,022
Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2020A, Rev., 5.00%, 7/1/2047		1,550		2,490
Roanoke Economic Development Authority, Residential Care Facility, Richfield Living
Rev., 4.30%, 9/1/2030		770		749
Rev., 5.00%, 9/1/2040		1,640		1,608
Virginia Resources Authority, Infrastructure Pooled Financing Program Series 2011A, Rev., 5.00%, 11/1/2021(d)		70		73
Total Virginia				18,023
Washington — 3.6%
Pend Oreille County, Public Hospital District No. 1
GO, 5.00%, 12/1/2033		1,000		1,179
GO, 5.00%, 12/1/2038		1,255		1,464
Pend Oreille County, Public Utility District No. 1, Box Canyon Production System Rev., 5.00%, 1/1/2039		2,605		2,917
Washington Health Care Facilities Authority, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044		1,000		1,115
Washington Higher Education Facilities Authority, Seattle University Project
Rev., 3.50%, 5/1/2039		300		315
Rev., 3.63%, 5/1/2040		800		846
Rev., 4.00%, 5/1/2045		500		552
Washington State Housing Finance Commission, Judson Park Project
Rev., 4.00%, 7/1/2028(b)		535		558
Rev., 5.00%, 7/1/2033(b)		535		578
Rev., 5.00%, 7/1/2038(b)		300		321
Washington State Housing Finance Commission, Rockwood Retirement Communities Project
Rev., 5.00%, 1/1/2032(b)		785		835
Series 2020A, Rev., 5.00%, 1/1/2041(b)		3,070		3,127
Washington State Housing Finance Commission, The Heart Stone Project
Series 2018A, Rev., 4.50%, 7/1/2028(b)		965		998
Series 2018A, Rev., 5.00%, 7/1/2038(b)		825		848
Washington State Housing Finance Commission, Transforming Age Projects
Series 2019A, Rev., 5.00%, 1/1/2034(b)		745		801
Series 2019A, Rev., 5.00%, 1/1/2039(b)		1,495		1,583
Total Washington				18,037
West Virginia — 0.6%
West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc.
Series 2019A, Rev., 5.00%, 9/1/2038		1,250		1,487
Series 2019A, Rev., 5.00%, 9/1/2039		1,400		1,663
Total West Virginia				3,150
Wisconsin — 6.4%
Public Finance Authority, Blue Ridge Healthcare Facilities
Series 2020A, Rev., 4.00%, 1/1/2045		750		845
Series 2020A, Rev., 3.00%, 1/1/2050		750		758
Public Finance Authority, Cedars Obligated Group Rev., 4.25%, 5/1/2029(b)		1,000		966

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Public Finance Authority, Community School of Davidson Project
Rev., 3.75%, 10/1/2023		230		234
Rev., 5.00%, 10/1/2033		775		848
Public Finance Authority, Coral Academy of Science Reno
Series 2019A, Rev., 5.00%, 6/1/2029(b)		370		404
Series 2019A, Rev., 5.00%, 6/1/2039(b)		710		746
Public Finance Authority, ENO River Academy Project
Series 2020A, Rev., 4.00%, 6/15/2030(b)		235		250
Series 2020A, Rev., 5.00%, 6/15/2040(b)		410		453
Series 2020A, Rev., 5.00%, 6/15/2054(b)		685		744
Public Finance Authority, Minnesota College of Osteopathic Medicine
Series 2019A-1, Rev., 5.50%, 12/1/2048(b)(f)		17		9
Series 2019A-2, Rev., 7.25%, 12/1/2048(b)(f)		46		23
Public Finance Authority, Piedmont Community Charter School
Rev., 5.00%, 6/15/2027		160		192
Rev., 5.00%, 6/15/2028		505		613
Rev., 5.00%, 6/15/2034		215		257
Rev., 5.00%, 6/15/2039		390		459
Rev., 5.00%, 6/15/2049		1,000		1,156
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Rev., 4.00%, 11/15/2042(b)		3,955		3,619
Public Finance Authority, Retirement Facilities First Mortgage Rev., 4.25%, 10/1/2038(b)		2,000		1,968
Public Finance Authority, Roseman University of Health Sciences Project
Rev., 5.00%, 4/1/2030(b)		500		552
Rev., 5.00%, 4/1/2040(b)		2,155		2,333
Public Finance Authority, The Evergreens Obligated Group Rev., 5.00%, 11/15/2044		1,565		1,707
Public Finance Authority, Ultimate Medical Academy Project
Series 2019A, Rev., 5.00%, 10/1/2028(b)		2,000		2,200
Series 2019A, Rev., 5.00%, 10/1/2029(b)		1,850		2,038
Series 2019A, Rev., 5.00%, 10/1/2034(b)		500		537
Public Finance Authority, Wilson Preparatory Academy
Series 2019A, Rev., 4.13%, 6/15/2029(b)		510		531
Series 2019A, Rev., 5.00%, 6/15/2039(b)		500		528
Series 2019A, Rev., 5.00%, 6/15/2049(b)		1,100		1,148
Wisconsin Health and Educational Facilities Authority Rev., 4.00%, 2/1/2045		575		616
Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc.
Series B, Rev., 5.00%, 7/1/2038		150		176
Series A, Rev., 5.00%, 7/1/2044		210		244
Series A, Rev., 5.00%, 7/1/2049		750		866
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System
Series 2019A, Rev., 5.00%, 11/1/2026		355		383
Series 2019A, Rev., 5.00%, 11/1/2027		370		401
Series 2019A, Rev., 5.00%, 11/1/2028		470		510
Series 2019A, Rev., 5.00%, 11/1/2029		315		341
Series 2019A, Rev., 5.00%, 11/1/2030		515		554
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc., Project Series A, Rev., 4.25%, 9/15/2035		1,500		1,514
Total Wisconsin				31,723
TOTAL MUNICIPAL BONDS (Cost $473,308)				483,372
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%(e)
Southcross Holdco Equity, 0.00%, 7/9/2070‡(Cost $11)		3		—
	Shares (000)
SHORT-TERM INVESTMENTS — 1.0%
INVESTMENT COMPANIES — 1.0%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.09%(g)(h)(Cost $5,125)		5,122		5,125
Total Investments — 98.1% (Cost $478,444)				488,497
Other Assets Less Liabilities — 1.9%				9,323
Net Assets — 100.0%				497,820

Percentages indicated are based on net assets.

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 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.
COP	Certificate of Participation
CR	Custodial Receipts
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
GTD	Guaranteed
NATL	Insured by National Public Finance Guarantee Corp.
RE	Reinsured
Rev.	Revenue
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2020.
(d)	Security is prerefunded or escrowed to maturity.
(e)	Amount rounds to less than 0.1% of net assets.
(f)	Defaulted security.
(g)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(h)	The rate shown is the current yield as of November 30, 2020.
‡	Value determined using significant unobservable inputs.

A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

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

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.

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

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

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

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

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

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

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
Collateralized Mortgage Obligations	$	—	$	—	$	—	(a)	$	—	(a)
Municipal Bonds		—		483,372		—			483,372
Short-Term Investments
Investment Companies		5,125		—		—			5,125
Total Investments in Securities	$	5,125	$	483,372	$	—		$	488,497

(a) Value is zero.

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

For the period ended November 30, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at November 30, 2020		Shares at November 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.09%(a)(b)	$	44,883	$	170,492	$	210,249	$	(1	)	$	—	(c)	$	5,125		5,122	$	49	$	—

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

(b) The rate shown is the current yield as of November 30, 2020.

(c) Amount rounds to less than one thousand.