JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 95.0%(a)
Alaska — 0.5%
Alaska Industrial Development and Export Authority, Providence Health and Services Series 2011A, Rev., 5.50%, 10/1/2041		325		330
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2036		2,000		2,308
Total Alaska				2,638
Arizona — 5.0%
Arizona Industrial Development Authority, Academics of Math & Science Projects
Rev., 4.00%, 7/1/2029(b)		400		441
Rev., 5.00%, 7/1/2039(b)		1,000		1,168
Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project Series 2021A, Rev., 4.00%, 12/15/2051(b)		350		378
Arizona Industrial Development Authority, Cadence Campus Project
Series 2020A, Rev., 4.00%, 7/15/2030(b)		500		551
Series 2020A, Rev., 4.00%, 7/15/2040(b)		800		863
Arizona Industrial Development Authority, Equitable School Revolving Fund Series A, Rev., 5.00%, 11/1/2044		750		907
Arizona Industrial Development Authority, Fire MESA and Red Rock Campus Projects
Series 2019A, Rev., 3.55%, 7/15/2029(b)		1,360		1,471
Series 2019A, Rev., 5.00%, 7/15/2039(b)		1,325		1,521
Series 2019A, Rev., 5.00%, 7/15/2049(b)		1,675		1,897
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project
Series 2019A, Rev., 5.00%, 1/1/2029		1,500		1,603
Series 2019A, Rev., 5.00%, 1/1/2037		1,000		1,040
Series 2019A, Rev., 5.00%, 1/1/2038		1,000		1,038
Series 2019A, Rev., 4.25%, 1/1/2039		1,000		960
Series 2019A, Rev., 4.50%, 1/1/2049		2,000		1,886
Arizona Industrial Development Authority, Pebble Campus Project Series 2020A, Rev., 5.00%, 7/15/2040(b)		415		475
Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project Rev., 5.00%, 7/15/2040(b)		2,515		2,911
Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects
Series 2018A, Rev., 5.00%, 7/15/2028(b)		1,000		1,133
Series 2018A, Rev., 5.75%, 7/15/2038(b)		1,000		1,172
City of Mesa, Utility System Rev., AGM, 5.25%, 7/1/2029		40		53
Glendale Industrial Development Authority, Terraces of Phoenix Project
Series 2018A, Rev., 4.00%, 7/1/2028		450		473
Series 2018A, Rev., 5.00%, 7/1/2038		300		321
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		420
Series 2018A, Rev., 5.00%, 7/1/2033		150		180
Series 2018A, Rev., 5.00%, 7/1/2037		200		238
La Paz County Industrial Development Authority, Charter School Solutions-Harmony Public Schools Project
Series 2018A, Rev., 5.00%, 2/15/2028		200		230
Series 2018A, Rev., 5.00%, 2/15/2038		405		475
Maricopa County Industrial Development Authority, Arizona Autism Charter School Project
Series 2020A, Rev., 4.00%, 7/1/2030(b)		320		351
Series 2020A, Rev., 5.00%, 7/1/2040(b)		620		711
Series 2020A, Rev., 5.00%, 7/1/2050(b)		780		882
Maricopa County Industrial Development Authority, Ottawa University
Rev., 5.00%, 10/1/2026(b)		150		160
Rev., 5.13%, 10/1/2030(b)		210		234
Total Arizona				26,143

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
California — 4.0%
California Community College Financing Authority, Glendale Properties Series 2021A-2, Rev., 4.00%, 8/1/2047(b)		1,500		1,628
California Community College Financing Authority, Orange Coast Properties LLC — Orange Coast College Project
Rev., 5.00%, 5/1/2037		750		841
Rev., 5.00%, 5/1/2038		400		447
California Health Facilities Financing Authority, Children’s Hospital Series 2017A, Rev., 5.00%, 8/15/2047		500		588
California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc.
Series 2021A, Rev., 5.00%, 12/1/2036(b)		175		203
Series 2021A, Rev., 5.00%, 12/1/2046(b)		1,000		1,138
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2047		200		233
California Municipal Finance Authority, John Adams Academies Lincoln Project
Series 2019A, Rev., 4.00%, 10/1/2029(b)		410		435
Series 2019A, Rev., 5.00%, 10/1/2039(b)		900		980
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032		245		267
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035		240		264
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project Series 2015B-2, Rev., AMT, 3.13%, 11/3/2025(c)		250		279
California Public Finance Authority, Enso Village Project, Green Bond
Series 2021A, Rev., 5.00%, 11/15/2046(b)(d)		200		223
Series 2021A, Rev., 5.00%, 11/15/2051(b)(d)		500		556
Series 2021A, Rev., 5.00%, 11/15/2056(b)(d)		500		553
California Public Finance Authority, Henry Mayo Newhall Hospital
Rev., 5.00%, 10/15/2029		200		237
Rev., 4.00%, 10/15/2031(c)		340		412
California Public Finance Authority, Laverne Elementary Preparatory Academy
Series 2019A, Rev., 4.25%, 6/15/2029(b)		765		790
Series 2019A, Rev., 5.00%, 6/15/2039(b)		785		813
California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2018A, Rev., AGM, Zero Coupon, 8/1/2030		200		172
California School Finance Authority, Kipp Projects School Facility Series 2015A, Rev., 5.00%, 7/1/2035(b)		100		113
CSCDA Community Improvement Authority, Essential Housing, Jefferson-Anaheim
Series 2021A-1, Rev., 2.88%, 8/1/2041(b)		2,000		2,018
Rev., 3.13%, 8/1/2056(b)		2,400		2,378
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056(b)		1,500		1,629
CSCDA Community Improvement Authority, Oceanaire-Long Beach Series 2021A-2, Rev., 4.00%, 9/1/2056(b)		2,115		2,323
Eastern Municipal Water District Financing Authority, Water and Wastewater System Series 2020A, Rev., 5.00%, 7/1/2037		80		106
Palomar Health Rev., 5.00%, 11/1/2039		500		574
Pomona Unified School District Series C, GO, 6.00%, 8/1/2029(e)		160		223
San Mateo Union High School District, Election of 2006 Series A, GO, Zero Coupon, 9/1/2022		100		73
Sunnyvale School District, Election of 2013 Series C, GO, 5.50%, 9/1/2034		175		257
Total California				20,753
Colorado — 11.1%
Aviation Station North Metropolitan District No. 2, Limited Tax Series A, GO, 5.00%, 12/1/2039		750		814
Bradburn Metropolitan District No. 2, Limited Tax
Series 2018A, GO, 5.00%, 12/1/2038		500		575
Series 2018B, GO, 7.25%, 12/15/2047		500		560

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Broadway Park North Metropolitan District No. 2, Limited Tax
GO, 5.00%, 12/1/2040(b)		550		610
GO, 5.00%, 12/1/2049(b)		650		716
Clear Creek Transit Metropolitan District No. 2, Limited Tax Series 2021A, GO, 5.00%, 12/1/2050		500		547
Colorado Crossing Metropolitan District No. 2, Limited Tax
Series 2020A-2, GO, 4.00%, 12/1/2030		1,065		1,120
Series 2020A-1, GO, 5.00%, 12/1/2047		2,000		2,166
Series 2020A-2, GO, 5.00%, 12/1/2050		2,000		2,158
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project Rev., 4.00%, 5/1/2051		175		194
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project
Rev., 5.00%, 12/1/2040(b)		555		613
Rev., 5.00%, 12/1/2050(b)		735		798
Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project
Series 2018A, Rev., 5.00%, 12/1/2032		500		625
Series 2018A, Rev., 5.00%, 12/1/2033		500		623
Series 2018A, Rev., 4.00%, 12/1/2048		500		568
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Rev., 5.00%, 2/1/2051(b)		750		830
Colorado Health Facilities Authority, Christian Living Neighborhoods Rev., 4.00%, 1/1/2038		550		579
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project
Series 2017A, Rev., 5.00%, 5/15/2022		280		288
Series A, Rev., 5.25%, 5/15/2028		1,000		1,163
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2050		675		761
Copper Ridge Metropolitan District, Tax Increment and Sales Tax
Rev., 4.00%, 12/1/2029		1,000		1,025
Rev., 5.00%, 12/1/2039		1,000		1,064
Copperleaf Metropolitan District No. 4, Limited Tax
Series 2020A, GO, 5.00%, 12/1/2039		775		850
Series 2020A, GO, 5.00%, 12/1/2049		1,000		1,087
Cottonwood Highlands Metropolitan District No. 1, Limited Tax Series 2019A, GO, 5.00%, 12/1/2049		900		969
Cross Creek Metropolitan District No. 2, Unlimited Tax GO, AGM, 4.00%, 12/1/2045		1,000		1,114
Denver Health and Hospital Authority Series 2019A, Rev., 4.00%, 12/1/2037		1,250		1,459
DIATC Metropolitan District, Limited Tax and Improvement
GO, 3.25%, 12/1/2029(b)		590		620
GO, 5.00%, 12/1/2039(b)		1,240		1,349
Jefferson Center Metropolitan District No. 1 Series 2020A-2, Rev., 4.13%, 12/1/2040		285		304
Lanterns Metropolitan District No. 1, Senior Series A, GO, 5.00%, 12/1/2039		1,375		1,496
Mirabelle Metropolitan District No. 2
Series 2020A, GO, 5.00%, 12/1/2039		700		765
Series 2020A, GO, 5.00%, 12/1/2049		1,250		1,353
Painted Prairie Metropolitan District No. 2, Limited Tax GO, 5.25%, 12/1/2048		2,000		2,113
Painted Prairie Public Improvement Authority
Rev., 4.00%, 12/1/2029		1,000		1,085
Rev., 5.00%, 12/1/2039		2,500		2,751
Peak Metropolitan District No. 1 Series A, GO, 5.00%, 12/1/2051(b)		600		659
Public Authority for Colorado Energy, Natural Gas Purchase Rev., 6.13%, 11/15/2023		70		76
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040		750		822
Regional Transportation District, Denver Transit Partners Rev., 4.00%, 7/15/2036		190		227
Rocky Mountain Rail Park Metropolitan District, Limited Tax Series 2021A, GO, 5.00%, 12/1/2041(b)		1,250		1,365
South Suburban Park and Recreation District
COP, 4.00%, 12/15/2036		1,350		1,538
COP, 4.00%, 12/15/2037		500		568

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
STC Metropolitan District No. 2, Limited Tax Improvement
Series 2019A, GO, 3.00%, 12/1/2025		555		582
Series 2019A, GO, 4.00%, 12/1/2029		1,000		1,086
Series 2019A, GO, 5.00%, 12/1/2038		1,700		1,866
Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2
Series 2020A, Rev., 3.38%, 12/1/2030		500		550
Series 2020A, Rev., 3.75%, 12/1/2040		500		550
Thompson Crossing Metropolitan District No. 4
GO, 5.00%, 12/1/2039		1,400		1,532
GO, 5.00%, 12/1/2049		1,500		1,621
Trails at Crowfoot Metropolitan District No. 3, Limited Tax
Series A, GO, 4.38%, 12/1/2030		620		666
Series A, GO, 5.00%, 12/1/2039		1,000		1,085
Transport Metropolitan District No. 3, Limited Tax
Series 2021A-1, GO, 4.13%, 12/1/2031		500		557
Series 2021A-1, GO, 5.00%, 12/1/2041		1,000		1,128
Series 2021A-1, GO, 5.00%, 12/1/2051		1,960		2,187
Verve Metropolitan District No. 1
GO, 5.00%, 12/1/2036		525		584
GO, 5.00%, 12/1/2041		1,125		1,242
Westerly Metropolitan District No. 4, Limited Tax Series 2021A, GO, 5.00%, 12/1/2040		700		776
Willow Bend Metropolitan District, Limited Tax Series A, GO, 5.00%, 12/1/2039		600		652
Total Colorado				57,631
Connecticut — 0.5%
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Series A-1, Rev., 5.00%, 10/1/2029(b)		400		436
Connecticut State Health and Educational Facilities Authority, McLean
Series 2020A, Rev., 5.00%, 1/1/2030(b)		250		286
Series 2020A, Rev., 5.00%, 1/1/2045(b)		500		557
Connecticut State Health and Educational Facilities Authority, The Griffin Hospital Series G-1, Rev., 5.00%, 7/1/2034(b)		225		266
State of Connecticut Series A, GO, 5.00%, 4/15/2037		1,000		1,240
Total Connecticut				2,785
Delaware — 0.2%
Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048		700		807
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		95		95
Total Delaware				902
District of Columbia — 1.2%
District of Columbia, Gallaudet University Project Rev., 5.00%, 4/1/2051		1,500		1,895
District of Columbia, International School Rev., 5.00%, 7/1/2039		650		767
District of Columbia, Kipp DC Project
Series 2017B, Rev., 5.00%, 7/1/2037		500		594
Rev., 4.00%, 7/1/2039		200		225
District of Columbia, Latin American Montessori Bilingual Public Charter School
Rev., 4.00%, 6/1/2030		1,000		1,134
Rev., 5.00%, 6/1/2040		1,000		1,192
District of Columbia, Rocketship Obligated Group Series 2020A, Rev., 5.00%, 6/1/2051(b)		400		460
Total District of Columbia				6,267
Florida — 9.2%
Capital Trust Agency, Inc., Advantage Academy of Hillsborough Project
Series A, Rev., 5.00%, 12/15/2029		405		461
Series A, Rev., 5.00%, 12/15/2039		1,775		1,980
Capital Trust Agency, Inc., Franklin Academy Project
Rev., 4.00%, 12/15/2025(b)		300		328
Rev., 5.00%, 12/15/2026(b)		300		345
Rev., 5.00%, 12/15/2027(b)		330		378
Rev., 5.00%, 12/15/2028(b)		345		392
Rev., 5.00%, 12/15/2029(b)		365		413
Rev., 5.00%, 12/15/2030(b)		510		573

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Capital Trust Agency, Inc., Imagine School at Land O’Lakes Project
Series 2020A, Rev., 3.00%, 12/15/2029(b)		420		435
Series 2020A, Rev., 5.00%, 12/15/2039(b)		640		749
Capital Trust Agency, Inc., Liza Jackson Preparatory School, Inc., Project
Series 2020A, Rev., 4.00%, 8/1/2030		200		226
Series 2020A, Rev., 5.00%, 8/1/2040		300		360
Charlotte County, Utility System Series 2011, Rev., AGM, 5.25%, 10/1/2021(e)		200		203
City of Lakeland, Florida Southern College Project Series 2012A, Rev., 5.00%, 9/1/2025		500		528
City of Tampa, H. Lee Moffitt Cancer Center Project
Series 2020B, Rev., 4.00%, 7/1/2038		190		224
Series 2020B, Rev., 4.00%, 7/1/2039		250		294
Series 2020B, Rev., 5.00%, 7/1/2040		390		497
Series 2020B, Rev., 4.00%, 7/1/2045		750		870
Series 2020B, Rev., 5.00%, 7/1/2050		1,785		2,231
County of Broward, Florida Airport System Series 2019A, Rev., AMT, 4.00%, 10/1/2044		2,475		2,845
County of Lake, Imagine South Lake Charter School Project
Series A, Rev., 5.00%, 1/15/2029(b)		500		550
Series A, Rev., 5.00%, 1/15/2039(b)		550		613
Series A, Rev., 5.00%, 1/15/2049(b)		825		904
County of Palm Beach, Atlantic University
Rev., 5.00%, 4/1/2029(b)		400		452
Rev., 5.00%, 4/1/2039(b)		900		1,016
County of Palm Beach, Tuscan Gardens of Delray Beach Project
Series 2018-A, Rev., 4.25%, 4/1/2022(c)		1,000		919
Series 2018C, Rev., 6.25%, 4/2/2022(c)		1,000		700
Florida Development Finance Corp., Educational Facilities, Renaissance Charter School, Inc. Project
Series 2020C, Rev., 4.00%, 9/15/2030(b)		235		256
Series 2020C, Rev., 5.00%, 9/15/2040(b)		525		590
Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects Rev., 4.00%, 7/1/2045		600		649
Florida Development Finance Corp., Educational Facilities, UCP Charter Schools Project
Series 2020A, Rev., 4.00%, 6/1/2030		500		534
Series 2020A, Rev., 5.00%, 6/1/2040		830		910
Florida Development Finance Corp., Imagine School at Broward Project
Series A, Rev., 4.00%, 12/15/2029(b)		260		291
Series A, Rev., 5.00%, 12/15/2034(b)		525		626
Series A, Rev., 5.00%, 12/15/2039(b)		305		361
Florida Development Finance Corp., Mater Academy Project Series 2020A, Rev., 5.00%, 6/15/2040		590		677
Florida Development Finance Corp., Pepin Academics of Pasco County, Inc., Project Series 2020A, Rev., 5.00%, 1/1/2040(b)		2,430		2,615
Florida Higher Educational Facilities Financial Authority, Ringling College Project
Rev., 5.00%, 3/1/2034		385		467
Rev., 5.00%, 3/1/2035		1,165		1,410
Rev., 5.00%, 3/1/2036		1,230		1,485
Rev., 5.00%, 3/1/2037		1,130		1,360
Rev., 5.00%, 3/1/2044		2,000		2,374
Florida Higher Educational Facilities Financial Authority, St. Leo University Project Rev., 5.00%, 3/1/2039		750		864
JEA Electric System Series B, Rev., 5.00%, 10/1/2034		25		25
Miami Beach Health Facilities Authority, Mount Sinai Medical Center Rev., 5.00%, 11/15/2029		545		615
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020B, Rev., 4.00%, 11/15/2041		250		288
Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Raton Expansion Rev., 3.00%, 6/1/2027		1,255		1,310
Pinellas County Educational Facilities Authority, Pinellas Academy of Math and Science Project Series 2018A, Rev., 4.13%, 12/15/2028(b)		985		1,086

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation For Global Understanding, Inc., Project Rev., 5.00%, 7/1/2029		625		718
Sarasota County Health Facilities Authority, Sunnyside Village Project Rev., 5.00%, 5/15/2038		1,050		1,193
Seminole County Industrial Development Authority, Legacy Pointe at UCF Project
Series 2019B-2, Rev., 3.75%, 11/15/2025		2,000		1,971
Series 2019B-1, Rev., 4.25%, 11/15/2026		2,000		1,998
Series 2019A, Rev., 5.00%, 11/15/2029		1,000		1,037
Series 2019A, Rev., 5.25%, 11/15/2039		2,000		2,064
Tampa Bay Water, Regional Water Supply Authority, Utility System Series A, Rev., NATL-RE, 6.00%, 10/1/2029		500		696
Total Florida				47,956
Georgia — 0.7%
City of Atlanta, Department of Aviation Series 2012C, Rev., 5.00%, 1/1/2042		500		513
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project Series 2020A, Rev., 5.00%, 4/1/2050		230		287
Downtown Smyrna Development Authority Rev., 5.25%, 2/1/2028		220		259
George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054		500		582
George L Smith II Congress Center Authority, Convention Center Hotel Second
Series 2021B, Rev., 5.00%, 1/1/2036(b)		500		609
Series 2021B, Rev., 5.00%, 1/1/2054(b)		855		1,011
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2036		375		438
Total Georgia				3,699
Idaho — 0.0%(f)
Idaho Housing and Finance Association, Compass Public Charter School, Inc., Project Series A, Rev., 4.63%, 7/1/2029(b)		180		203
Illinois — 2.7%
Chicago O’Hare International Airport, Transportation Infrastructure Properties LLC (TRIPS) Obligated Group Rev., AMT, 5.00%, 7/1/2038		500		598
City of Chicago, Waterworks, Second Lien Rev., AMBAC, BHAC-CR, 5.75%, 11/1/2030		150		186
County of Du Page, The Morton Abroretum Project Rev., 3.00%, 5/15/2047		1,265		1,307
Illinois Finance Authority, University of Illinois, Urbana-Champaign Project
Series 2019A, Rev., 5.00%, 10/1/2036		300		382
Series 2019A, Rev., 5.00%, 10/1/2037		400		508
Series 2019A, Rev., 5.00%, 10/1/2038		400		507
Series 2019A, Rev., 5.00%, 10/1/2039		350		443
Series 2019A, Rev., 5.00%, 10/1/2044		1,000		1,238
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project Series 2012B, Rev., 5.00%, 12/15/2028		1,610		1,675
Metropolitan Water Reclamation District of Greater Chicago Series C, GO, 5.25%, 12/1/2027		50		64
Northern Illinois University, Auxiliary Facilities System
Series 2020B, Rev., 4.00%, 4/1/2039		650		754
Series 2020B, Rev., 4.00%, 4/1/2041		1,450		1,678
Northern Illinois University, Board of Trustees, Auxiliary Facilities System Rev., 4.00%, 10/1/2043(d)		325		379
Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024		250		291
Southern Illinois University, Housing and Auxiliary Facilities System
Series 2021A, Rev., 4.00%, 4/1/2038		250		296
Series 2021A, Rev., 4.00%, 4/1/2039		250		295
Series 2021A, Rev., 4.00%, 4/1/2040		270		317
State of Illinois
GO, 5.13%, 5/1/2022		250		261
GO, 5.38%, 5/1/2023		250		273
GO, 4.13%, 3/1/2028		170		174

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Upper Illinois River Valley Development Authority, Morris Hospital
Rev., 5.00%, 12/1/2028		1,050		1,326
Rev., 5.00%, 12/1/2029		875		1,098
Rev., 5.00%, 12/1/2033		250		304
Rev., 5.00%, 12/1/2034		20		24
Total Illinois				14,378
Indiana — 2.2%
City of Franklin, Otterbeit Homes
Series B, Rev., 4.00%, 7/1/2036		870		1,009
Series B, Rev., 4.00%, 7/1/2037		905		1,047
Series B, Rev., 4.00%, 7/1/2038		940		1,085
Series B, Rev., 4.00%, 7/1/2039		750		863
Series B, Rev., 4.00%, 7/1/2040		500		574
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project
Series 2020A, Rev., 4.00%, 7/1/2030		105		117
Series 2020A, Rev., 5.00%, 7/1/2040		170		194
Series 2020A, Rev., 5.00%, 7/1/2055		455		513
Indiana Finance Authority, First Lien Wastewater Utility, CWA Authority Project Series 2101A, Rev., 5.25%, 10/1/2031		250		254
Indiana Finance Authority, Goshen Health
Series A, Rev., 5.00%, 11/1/2035		665		809
Series A, Rev., 4.00%, 11/1/2036		235		267
Series A, Rev., 4.00%, 11/1/2037		330		374
Series A, Rev., 4.00%, 11/1/2038		340		385
Series A, Rev., 4.00%, 11/1/2039		360		407
Indiana Finance Authority, Marian University Project Series A, Rev., 4.00%, 9/15/2044		1,090		1,214
Indiana Finance Authority, Marquette Project Series A, Rev., 5.00%, 3/1/2030		1,000		1,111
Indiana Housing and Community Development Authority, Home First Mortgage Series C, Rev., GNMA/FNMA/FHLMC, 4.50%, 7/1/2021		5		5
Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021A, Rev., 5.25%, 4/1/2041		1,250		1,310
Total Indiana				11,538
Iowa — 0.5%
Iowa Finance Authority, Northcrest Inc., Project
Series 2018A, Rev., 5.00%, 3/1/2028		795		878
Series 2018A, Rev., 5.00%, 3/1/2038		250		271
Iowa Finance Authority, Phs Council Bluffs, Inc., Project
Rev., 3.95%, 8/1/2023		150		152
Rev., 4.45%, 8/1/2028		250		261
Rev., 5.00%, 8/1/2033		485		508
Rev., 5.00%, 8/1/2038		370		388
Total Iowa				2,458
Kansas — 0.5%
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc.
Series A, Rev., 5.00%, 5/15/2032		500		558
Series A, Rev., 5.00%, 5/15/2039		850		939
City of Wichita, Health Care Facilities, Presbyterian Manors, Inc.
Series 2018 I, Rev., 5.00%, 5/15/2033		500		536
Series I, Rev., 5.00%, 5/15/2038		500		533
Total Kansas				2,566
Kentucky — 0.3%
City of Ashland, Kings Daughters Medical Center
Series 2016A, Rev., 4.00%, 2/1/2036		1,000		1,061
Series 2016A, Rev., 5.00%, 2/1/2040		500		555
Total Kentucky				1,616
Louisiana — 1.0%
Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051(b)		1,145		1,251
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2042		500		598
Louisiana Public Facilities Authority, Young Audiences Charter School Project
Series A, Rev., 5.00%, 4/1/2030(b)		525		570

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series A, Rev., 5.00%, 4/1/2039(b)		1,425		1,496
Series A, Rev., 5.00%, 4/1/2049(b)		1,135		1,177
New Orleans Aviation Board, General Airport, North Terminal Project Series B, Rev., AMT, 5.00%, 1/1/2048		250		298
Total Louisiana				5,390
Maine — 0.0%(f)
Maine Health and Higher Educational Facilities Authority, Central Maine Medical Center Series A, Rev., 5.00%, 7/1/2023(e)		25		27
Maryland — 1.3%
County of Frederick, Educational Facilities, Mount St. Mary’s University Series A, Rev., 5.00%, 9/1/2037(b)		1,500		1,681
Maryland Economic Development Corp., Bowie State University Project
Rev., 4.00%, 7/1/2040		300		345
Rev., 4.00%, 7/1/2050		1,500		1,696
Maryland Economic Development Corp., Port Covington Project
Rev., 4.00%, 9/1/2040		875		1,017
Rev., 4.00%, 9/1/2050		555		634
Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue
Rev., 3.25%, 7/1/2039		175		192
Rev., 4.00%, 7/1/2040		215		255
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project
Rev., 4.00%, 6/1/2046		250		284
Rev., 4.00%, 6/1/2051		500		566
Total Maryland				6,670
Massachusetts — 2.0%
Massachusetts Bay Transportation Authority, Sales Tax Series B, Rev., NATL-RE, 5.50%, 7/1/2028		300		397
Massachusetts Development Finance Agency, Emerson College
Rev., 5.00%, 1/1/2037		500		606
Rev., 5.00%, 1/1/2038		405		489
Rev., 5.00%, 1/1/2043		500		597
Massachusetts Development Finance Agency, Emmanuel College Series 2016A, Rev., 5.00%, 10/1/2043		500		579
Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Rev., 4.13%, 10/1/2042(b)		2,000		2,153
Massachusetts Development Finance Agency, Orchid Cove, Inc.
Rev., 4.00%, 10/1/2029		925		1,037
Rev., 4.00%, 10/1/2039		500		550
Rev., 5.00%, 10/1/2039		250		284
Massachusetts Development Finance Agency, Suffolk University Issue
Rev., 5.00%, 7/1/2036		450		565
Rev., 5.00%, 7/1/2037		605		756
Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045		1,280		1,359
Massachusetts Port Authority Series A, Rev., 5.00%, 7/1/2044		500		568
Massachusetts State College Building Authority Series B, Rev., AGC, 5.50%, 5/1/2028		350		431
Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2032		100		143
Total Massachusetts				10,514
Michigan — 3.6%
City of Detroit, Unlimited Tax
Series 2021A, GO, 5.00%, 4/1/2031		210		263
GO, 5.00%, 4/1/2035		500		592
GO, 5.00%, 4/1/2036		500		592
GO, 5.00%, 4/1/2037		500		591
Series 2021A, GO, 4.00%, 4/1/2041		500		560
Series 2021A, GO, 4.00%, 4/1/2042		400		447
Flint Hospital Building Authority, Hurley Medical Center Rev., 4.00%, 7/1/2038		1,800		1,968
Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project
Rev., 5.00%, 5/15/2037		1,230		1,393
Rev., 5.00%, 5/15/2055		3,000		3,365
Michigan Finance Authority, Kettering University Project
Rev., 4.00%, 9/1/2045		500		570
Rev., 4.00%, 9/1/2050		1,000		1,134
Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032		750		878
Michigan Strategic Fund, I-75 Improvement Project Rev., AMT, AGM, 4.13%, 6/30/2035		2,500		2,965
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project
Rev., 5.00%, 5/15/2037		670		770
Rev., 5.00%, 5/15/2044		1,000		1,131

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Michigan Strategic Fund, United Methodist Retirement Communities, Inc. Rev., 5.00%, 11/15/2034		1,280		1,469
Wayne County Airport Authority, Detroit Metropolitan Airport Series B, Rev., AMT, 5.00%, 12/1/2021		400		409
Total Michigan				19,097
Minnesota — 0.8%
City of Minneapolis, Health Care System, Fairview Health Services Series A, Rev., 4.00%, 11/15/2038		750		856
City of Wayzata, Folkestone Senior Living Community
Rev., 5.00%, 8/1/2032		100		109
Rev., 5.00%, 8/1/2033		200		218
Rev., 5.00%, 8/1/2035		200		217
Rev., 3.75%, 8/1/2036		250		262
Rev., 3.75%, 8/1/2037		500		523
Rev., 4.00%, 8/1/2038		350		368
Rev., 4.00%, 8/1/2039		250		263
City of Woodbury, Charter School Lease
Rev., 3.00%, 12/1/2030		250		257
Rev., 4.00%, 12/1/2040		200		213
Rev., 4.00%, 12/1/2050		250		264
Series 2021A, Rev., 4.00%, 7/1/2051		660		717
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		40		40
Total Minnesota				4,307
Mississippi — 0.6%
Mississippi Development Bank, Harrison County, Coliseum and Convention Center
Series A, Rev., GTD, 5.25%, 1/1/2030		160		208
Series 2010A, Rev., GTD, 5.25%, 1/1/2034		100		137
Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project
Series A, Rev., 4.00%, 1/1/2039		1,250		1,440
Series A, Rev., 4.00%, 1/1/2040		1,000		1,149
Total Mississippi				2,934
Missouri — 2.0%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2025		400		476
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects
Series 2019A, Rev., 5.00%, 2/1/2029		550		624
Series 2019A, Rev., 5.00%, 2/1/2034		1,010		1,138
Series 2016A, Rev., 5.00%, 2/1/2036		2,500		2,856
Series 2019A, Rev., 5.00%, 2/1/2042		1,000		1,118
Joplin Industrial Development Authority, 32nd Street Place Community Improvement District Project
Rev., 3.50%, 11/1/2040		750		754
Rev., 4.25%, 11/1/2050		1,250		1,261
Plaza at Noah’s Ark Community Improvement District
Rev., 3.00%, 5/1/2024(d)		200		205
Rev., 3.00%, 5/1/2025(d)		225		232
Rev., 3.00%, 5/1/2026(d)		275		283
Rev., 3.00%, 5/1/2030(d)		500		506
Rev., 3.13%, 5/1/2035(d)		500		500
St. Louis County Industrial Development Authority, Friendship Village Series 2018A, Rev., 5.00%, 9/1/2028		630		730
Total Missouri				10,683
Montana — 0.1%
Cascade County Elementary School District No. 1 Great Falls, School Building GO, 3.63%, 7/1/2038		335		369
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038		60		63
Total Montana				432
Nevada — 0.5%
City of Las Vegas, Special Improvement District No. 611, Local Improvement
3.50%, 6/1/2030		200		220
3.50%, 6/1/2031		160		174
3.75%, 6/1/2032		260		285
4.00%, 6/1/2033		185		205
4.00%, 6/1/2034		185		204
4.00%, 6/1/2035		185		203
4.00%, 6/1/2040		450		488
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048		375		415
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024(b)		140		142

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2019E, Rev., 5.00%, 7/1/2033		200		257
Total Nevada				2,593
New Hampshire — 0.3%
City of Manchester, School Facilities Rev., NATL-RE, 5.50%, 6/1/2027		100		127
New Hampshire Business Finance Authority, The Vista Project
Series A, Rev., 5.25%, 7/1/2039(b)		200		209
Series A, Rev., 5.63%, 7/1/2046(b)		1,000		1,056
Total New Hampshire				1,392
New Jersey — 4.7%
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project
Series 2021A, Rev., AGM, 4.00%, 7/1/2047		50		59
Series 2021A, Rev., AGM, 4.00%, 7/1/2053		125		147
New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project Series 2019A, Rev., 5.00%, 10/1/2039(b)		2,000		2,028
New Jersey Economic Development Authority, Golden Door Charter School Project
Series 2018A, Rev., 5.13%, 11/1/2029(b)		210		234
Series 2018-A, Rev., 6.25%, 11/1/2038(b)		525		625
New Jersey Economic Development Authority, Marion P. Thomas Charter School, Inc., Project Series 2018-A, Rev., 5.00%, 10/1/2033(b)		1,000		1,113
New Jersey Economic Development Authority, Motor Vehicle Surcharge Series A, Rev., NATL-RE, 5.25%, 7/1/2024		380		436
New Jersey Economic Development Authority, School Facilities Construction
Rev., 4.00%, 6/15/2046		875		1,003
Rev., 4.00%, 6/15/2050		1,000		1,141
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039		1,200		1,397
New Jersey Economic Development Authority, Transit Transportation Project
Series 2020A, Rev., 4.00%, 11/1/2037		1,500		1,734
Series 2020A, Rev., 4.00%, 11/1/2038		750		866
Series 2020A, Rev., 4.00%, 11/1/2039		2,000		2,304
New Jersey Economic Development Authority, White Horse HMT Urban Renewal LLC Project Rev., 5.00%, 1/1/2040(b)		3,000		3,032
New Jersey Educational Facilities Authority, Seton Hall University Issue, Tax-Exempt
Series 2020C, Rev., AGM, 3.25%, 7/1/2049		700		747
Series 2020C, Rev., AGM, 4.00%, 7/1/2050		725		830
New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Rev., 5.00%, 7/1/2041		1,500		1,750
New Jersey Higher Education Student Assistance Authority, Senior Student Loan
Series 2018A, Rev., AMT, 3.75%, 12/1/2031		750		807
Series 2018A, Rev., AMT, 4.00%, 12/1/2032		400		435
Series A, Rev., AMT, 4.00%, 12/1/2033		500		543
Series 2018A, Rev., AMT, 4.00%, 12/1/2034		300		325
Series A, Rev., AMT, 4.00%, 12/1/2035		200		216
New Jersey Transportation Trust Fund Authority
Series 2019BB, Rev., 4.00%, 6/15/2036		1,000		1,151
Series 2020AA, Rev., 4.00%, 6/15/2039		1,000		1,169
Series 2020AA, Rev., 4.00%, 6/15/2040		600		700
Total New Jersey				24,792
New Mexico — 0.4%
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group — La Vida Llena Expansion Project
Series A, Rev., 5.00%, 7/1/2033		360		421
Series A, Rev., 5.00%, 7/1/2034		375		437
Series A, Rev., 5.00%, 7/1/2039		1,225		1,417
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2011B, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 6/1/2021		50		50
Total New Mexico				2,325

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
New York — 3.8%
Buffalo and Erie County Industrial Land Development Corp., D’youville College Project
Rev., 4.00%, 11/1/2035		510		602
Rev., 4.00%, 11/1/2040		1,035		1,205
Build NYC Resource Corp., Inwood Academy for Leadership Charter School Project
Series 2018A, Rev., 4.88%, 5/1/2031(b)		500		573
Series 2018A, Rev., 5.13%, 5/1/2038(b)		250		286
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042		1,000		1,102
Metropolitan Transportation Authority
Series 2019B-1, Rev., BAN, 5.00%, 5/15/2022		200		209
Series 2020A-1, Rev., BAN, 5.00%, 2/1/2023		500		539
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		624
New York Liberty Development Corp., Goldman Sachs Headquarters Rev., 5.25%, 10/1/2035		525		756
New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., AGM, 3.00%, 9/1/2050		950		993
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		1,026
Rev., AMT, 5.00%, 1/1/2025		3,250		3,729
Rev., AMT, 5.00%, 1/1/2028		500		621
Rev., AMT, 4.00%, 10/1/2030		1,000		1,200
Rev., AMT, 4.00%, 1/1/2036		500		569
Rev., AMT, 5.00%, 1/1/2036		375		453
Onondaga Civic Development Corp., Le Moyne College Project
Rev., 5.00%, 1/1/2037		300		359
Rev., 5.00%, 1/1/2038		200		239
Rev., 5.00%, 1/1/2043		500		591
Suffolk County Economic Development Corp., Peconic Landing at Southold Project, Inc. Rev., 5.00%, 12/1/2029		750		893
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project
Rev., 5.13%, 11/1/2041(b)		850		877
Rev., 5.38%, 11/1/2054(b)		750		774
Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project Rev., 5.00%, 7/1/2042		365		412
Yonkers Economic Development Corp., Charter School of Educational Excellence Project
Series 2019A, Rev., 4.00%, 10/15/2029		200		222
Series 2019A, Rev., 5.00%, 10/15/2039		315		367
Total New York				19,963
North Carolina — 0.1%
North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project Series 2020A, Rev., 5.00%, 10/1/2040		355		400
North Dakota — 0.0%(f)
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2012A, Rev., 3.75%, 7/1/2021		30		31
Ohio — 3.2%
Cleveland-Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project
Rev., 5.00%, 12/1/2033		1,000		1,158
Rev., 5.25%, 12/1/2038		500		580
County of Greene, Various Purpose Series 2007A, GO, AMBAC, 5.25%, 12/1/2028		45		56
County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction and Improvement GO, NATL-RE, 5.25%, 12/1/2025		185		224
County of Hardin, Economic Development Facilities Improvement Bonds, Ohio Northern University Rev., 5.00%, 5/1/2030		250		275
County of Ross, Adena Health System Obligated Group Project Rev., 5.00%, 12/1/2039		1,000		1,257
Northeast Ohio Medical University
Series 2021A, Rev., 3.00%, 12/1/2040		125		131
Series 2021A, Rev., 4.00%, 12/1/2045		120		136

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project
Rev., 5.00%, 12/1/2028		500		577
Rev., 5.00%, 12/1/2033		270		308
Rev., 5.00%, 12/1/2038		685		773
Ohio Higher Educational Facility Commission, Tiffin University 2019 Project
Rev., 5.00%, 11/1/2034		2,875		3,362
Rev., 5.00%, 11/1/2039		4,890		5,662
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034		2,000		2,364
Total Ohio				16,863
Oklahoma — 0.3%
Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series B, Rev., 5.00%, 8/15/2038		1,000		1,212
Tulsa Airports Improvement Trust Series A, Rev., AMT, 5.00%, 6/1/2025		420		474
Total Oklahoma				1,686
Oregon — 0.5%
Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project
Series 2018A, Rev., 5.00%, 5/15/2038		220		240
Series 2018A, Rev., 5.00%, 5/15/2043		310		337
Clackamas County School District No. 7J Lake Oswego GO, AGM, 5.25%, 6/1/2025		165		196
Linn County Community School District No. 9 Lebanon GO, NATL-RE, 5.50%, 6/15/2030		20		27
Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt
Series 2020A, Rev., 5.00%, 10/1/2035		135		172
Series 2020A, Rev., 5.00%, 10/1/2040		585		733
Salem Hospital Facility Authority, Capital Manor Project Rev., 5.00%, 5/15/2038		1,000		1,142
Total Oregon				2,847
Pennsylvania — 7.5%
Aliquippa School District, Limited Tax
GO, 3.75%, 12/1/2033		2,000		2,269
GO, 3.88%, 12/1/2037		1,250		1,416
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2038		500		572
Allentown City School District, Limited Tax
Series C, GO, 4.00%, 2/1/2034		1,580		1,881
Series C, GO, 4.00%, 2/1/2035		1,000		1,188
Allentown Neighborhood Improvement Zone Development Authority, City Center Project
Rev., 5.00%, 5/1/2033(b)		250		299
Rev., 5.00%, 5/1/2042(b)		250		297
Berks County Industrial Development Authority, The Highlands at Wyomissing
Rev., 5.00%, 5/15/2033		500		567
Series 2017A, Rev., 5.00%, 5/15/2037		250		288
Rev., 5.00%, 5/15/2038		500		563
Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037		1,000		1,049
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 4.00%, 7/1/2046		890		994
Bucks County Industrial Development Authority, St. Luke’s University Health Network Project Rev., 4.00%, 8/15/2044		2,475		2,825
City of Erie Higher Education Building Authority, Gannon University Project - Aicup Financing Program Series 2021TT1, Rev., 4.00%, 5/1/2041		175		196
Cumberland County Municipal Authority, Asbury Pennsylvania Obligated Group Rev., 3.00%, 1/1/2024		1,000		1,025
Dallas Area Municipal Authority, Misericordia University Project
Rev., 3.25%, 5/1/2023		100		103
Rev., 5.00%, 5/1/2029		650		761
Rev., 5.00%, 5/1/2039		1,100		1,293
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project
Rev., 5.00%, 12/1/2029		195		219
Rev., 5.00%, 12/1/2039		385		418
Rev., 5.00%, 12/1/2049		500		536
Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc., Project
Series 2019A, Rev., 5.00%, 6/15/2032		545		617
Series 2019A, Rev., 5.00%, 6/15/2033		570		644
Series 2019A, Rev., 5.00%, 6/15/2038		1,110		1,239

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc., Project
Rev., 5.00%, 3/1/2040		250		277
Rev., 5.00%, 3/1/2045		500		549
Rev., 5.00%, 3/1/2050		500		546
Luzerne County Industrial Development Authority Rev., AGM, 5.00%, 12/15/2024		70		80
Mercer County Industrial Development Authority, Thiel College Project Rev., 6.13%, 10/1/2050(b)		2,685		3,027
Montgomery County Higher Education and Health Authority, Arcadia University
Rev., 5.00%, 4/1/2034		275		340
Rev., 4.00%, 4/1/2035		205		234
Rev., 4.00%, 4/1/2036		520		592
Rev., 4.00%, 4/1/2037		545		619
Rev., 4.00%, 4/1/2038		695		787
Rev., 4.00%, 4/1/2039		725		818
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc., Project Rev., 5.00%, 11/1/2039		1,000		1,112
Philadelphia Authority for Industrial Development, Independence Charter School West Project
Rev., 4.00%, 6/15/2029		360		392
Rev., 5.00%, 6/15/2039		500		554
Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018-A, Rev., 4.50%, 6/1/2029(b)		700		796
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project
Series 2020A, Rev., 5.00%, 8/1/2030		265		313
Series 2020A, Rev., 5.00%, 8/1/2040		315		376
School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,458
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038		750		844
West Mifflin School District, Limited Tax
GO, 3.00%, 4/1/2034		1,000		1,098
GO, 3.00%, 4/1/2038		1,400		1,523
Wilkes-Barre Area School District
GO, 3.50%, 4/15/2038		370		415
GO, 3.50%, 4/15/2039		230		258
GO, 3.75%, 4/15/2044		1,000		1,126
Total Pennsylvania				39,393
Rhode Island — 0.1%
Rhode Island Commerce Corp. Series B, Rev., 5.00%, 7/1/2022		250		262
Rhode Island Student Loan Authority Series 2017A, Rev., AMT, 5.00%, 12/1/2024		100		115
Total Rhode Island				377
South Carolina — 1.3%
South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes Series 2018A, Rev., 5.00%, 4/1/2033		1,485		1,615
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project
Series A, Rev., 4.00%, 12/1/2029(b)		1,130		1,252
Series A, Rev., 5.00%, 12/1/2034(b)		1,405		1,651
Series A, Rev., 5.00%, 12/1/2039(b)		1,795		2,080
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project Series 2020A, Rev., 5.00%, 11/15/2029		110		126
Total South Carolina				6,724
South Dakota — 0.1%
South Dakota Health and Educational Facilities Authority, Sanford Health Obligated Group Rev., 5.00%, 11/1/2045		500		581
South Dakota Housing Development Authority, Homeownership Mortgage Series 2012A, Rev., AMT, 4.50%, 5/1/2031		25		26
Total South Dakota				607
Tennessee — 1.7%
Chattanooga Health Educational and Housing Facility Board, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044		1,000		1,137
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019B, Rev., AMT, 5.00%, 7/1/2039		625		792
Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project
Rev., 4.50%, 6/1/2028(b)		500		553
Rev., 5.13%, 6/1/2036(b)		425		488

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Shelby County Health Educational & Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2059		3,350		3,392
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project
Series 2019A, Rev., 5.75%, 10/1/2049		1,000		1,029
Series 2019A, Rev., 5.75%, 10/1/2054		1,500		1,534
Tennessee Housing Development Agency, Homeownership Program Series 1A, Rev., AMT, 4.50%, 1/1/2038		25		25
Total Tennessee				8,950
Texas — 5.1%
Arlington Higher Education Finance Corp. Series 2021A, Rev., 4.00%, 8/15/2041		305		325
Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc. Series 2020A, Rev., 4.00%, 6/15/2040(b)		1,810		1,859
Arlington Higher Education Finance Corp., Newman International Academy
Rev., 5.00%, 8/15/2041		300		330
Rev., 5.00%, 8/15/2051		850		919
Arlington Higher Education Finance Corp., Winfree Academy Charter Schools
Series 2019A, Rev., 5.15%, 8/15/2029		435		489
Series 2019A, Rev., 5.75%, 8/15/2043		1,000		1,173
Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project Rev., 4.00%, 7/15/2045		940		964
City of Houston, Airport System, Subordinate Lien Series 2018D, Rev., 5.00%, 7/1/2028		355		454
City of Houston, Airport System, United Airlines, Inc., Terminal E Project Rev., AMT, 5.00%, 7/1/2029		2,500		2,750
City of Houston, Combined Utility System, Capital Appreciation Series A, Rev., AGM, Zero Coupon, 12/1/2027(e)		30		28
City of Temple, Reinvestment Zone Series A, Rev., 5.00%, 8/1/2028(b)		915		1,028
Dallas Area Rapid Transit, Sales Tax, Senior Lien Rev., AMBAC, 5.25%, 12/1/2029		130		174
Danbury Higher Education Authority, Inc., Golden Rule Schools, Inc. Series 2019A, Rev., 5.00%, 8/15/2039		3,000		3,096
Matagorda County Navigation District No. 1, Pollution Control, Central Power and Light Co. Project. Series 2001A, Rev., 2.60%, 11/1/2029		1,000		1,073
New Hope Cultural Education Facilities Finance Corp., Beta Academy
Series A, Rev., 3.38%, 8/15/2029(b)		300		307
Series A, Rev., 5.00%, 8/15/2039(b)		425		449
Series A, Rev., 5.00%, 8/15/2049(b)		670		703
New Hope Cultural Education Facilities Finance Corp., Cityscape Schools Inc.
Series A, Rev., 4.00%, 8/15/2029(b)		330		370
Series A, Rev., 5.00%, 8/15/2039(b)		610		694
New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series A, Rev., 5.50%, 7/1/2054		1,000		1,056
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project
Series 2020A, Rev., 5.00%, 1/1/2035		865		948
Series 2020A, Rev., 5.00%, 1/1/2040		790		860
Series 2020A, Rev., 5.00%, 1/1/2055		2,000		2,151
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039		1,000		1,073
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation Series A-1, Rev., 5.00%, 12/1/2039		1,420		1,568
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes Inc., Project
Rev., 4.00%, 1/1/2029		300		307
Rev., 5.00%, 1/1/2039		205		217
Newark Higher Education Finance Corp., Austin Achieve Public Schools, Inc.
Rev., 4.25%, 6/15/2028		135		139
Rev., 5.00%, 6/15/2033		150		155
Rev., 5.00%, 6/15/2038		250		258

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Permanent University Fund - University of Texas System Series B, Rev., 5.25%, 7/1/2028		140		183
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		578
Total Texas				26,867
Utah — 2.6%
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2
Series 2020B, Rev., 6.25%, 8/1/2030(b)		1,000		1,010
Series 2020A, Rev., 4.50%, 8/1/2040		1,000		1,133
4.00%, 8/1/2050(b)		1,750		1,824
Utah Charter School Finance Authority, Mountain West Montessori Academy Project
Series 2020A, Rev., 3.13%, 6/15/2029(b)		650		684
Series 2020A, Rev., 5.00%, 6/15/2039(b)		475		541
Series 2020A, Rev., 5.00%, 6/15/2049(b)		825		925
Utah Charter School Finance Authority, Summit Academy Incorporated
Series A, Rev., 4.00%, 4/15/2032		250		289
Series A, Rev., 4.00%, 4/15/2033		260		299
Series A, Rev., 5.00%, 4/15/2034		235		287
Series A, Rev., 5.00%, 4/15/2039		700		845
Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project
Series 2021A, Rev., 5.00%, 6/15/2041(b)		870		1,006
Series 2021A, Rev., 5.00%, 6/15/2052(b)		1,295		1,472
Utah Infrastructure Agency, Tax-Exempt Telecommunications
Rev., 4.00%, 10/15/2033		500		585
Rev., 4.00%, 10/15/2036		500		580
Rev., 4.00%, 10/15/2039		700		805
Rev., 4.00%, 10/15/2041		250		290
Rev., 4.00%, 10/15/2042		475		543
Utah Transit Authority, Sales Tax
Series C, Rev., AGM, 5.25%, 6/15/2025		40		47
Series 2006C, Rev., AGM, 5.25%, 6/15/2032		450		618
Total Utah				13,783
Vermont — 0.1%
Vermont Student Assistance Corp., Education Loan
Series A, Rev., AMT, 4.00%, 6/15/2032		125		133
Series A, Rev., AMT, 4.00%, 6/15/2033		155		164
Series 2018A, Rev., AMT, 4.00%, 6/15/2034		130		137
Total Vermont				434
Virginia — 3.5%
Chesapeake Hospital Authority, Regional Medical Center
Rev., 4.00%, 7/1/2035		1,000		1,177
Rev., 4.00%, 7/1/2036		1,175		1,380
Rev., 4.00%, 7/1/2037		1,205		1,410
Danville Industrial Development Authority, Averett University Series A, Rev., 4.75%, 10/1/2032		760		813
Fredericksburg Economic Development Authority, Stadium Project
Series B, Rev., 6.13%, 9/1/2029(b)		2,000		2,012
Series B, Rev., 7.00%, 9/1/2044(b)		1,000		995
Norfolk Redevelopment and Housing Authority, Fort Norfolk Retirement Community, Harbors Edge Project
Series 2019A, Rev., 5.00%, 1/1/2034		1,000		1,073
Series 2019A, Rev., 4.38%, 1/1/2039		1,400		1,452
Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living
Series 2019A, Rev., 4.75%, 9/1/2029		1,000		1,015
Series 2020, Rev., 4.30%, 9/1/2030		770		753
Series 2019A, Rev., 5.00%, 9/1/2034		2,000		2,037
Series 2020, Rev., 5.00%, 9/1/2040		1,640		1,643
Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2020A, Rev., 5.00%, 7/1/2047		1,550		2,372
Virginia Resources Authority, Infrastructure Pooled Financing Program Series 2011A, Rev., 5.00%, 11/1/2021(e)		70		71
Total Virginia				18,203

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Washington — 2.8%
Pend Oreille County, Public Hospital District No. 1, Unlimited Tax
GO, 5.00%, 12/1/2033		1,000		1,158
GO, 5.00%, 12/1/2038		1,255		1,439
Pend Oreille County, Public Utility District No. 1, Box Canyon Production System Rev., 5.00%, 1/1/2039		2,605		3,019
Washington Health Care Facilities Authority, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044		1,000		1,137
Washington Higher Education Facilities Authority, Seattle University Project
Rev., 3.50%, 5/1/2039		300		331
Rev., 3.63%, 5/1/2040		800		887
Rev., 4.00%, 5/1/2045		500		574
Washington State Housing Finance Commission, Judson Park Project
Rev., 4.00%, 7/1/2028(b)		535		568
Rev., 5.00%, 7/1/2033(b)		535		585
Rev., 5.00%, 7/1/2038(b)		300		325
Washington State Housing Finance Commission, The Heart Stone Project
Series 2018A, Rev., 4.50%, 7/1/2028(b)		965		1,048
Series 2018A, Rev., 5.00%, 7/1/2038(b)		825		892
Washington State Housing Finance Commission, Transforming Age Projects
Series 2019A, Rev., 5.00%, 1/1/2034(b)		745		842
Series 2019A, Rev., 5.00%, 1/1/2039(b)		1,495		1,671
Total Washington				14,476
West Virginia — 0.6%
West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc.
Series 2019A, Rev., 5.00%, 9/1/2038		1,250		1,529
Series 2019A, Rev., 5.00%, 9/1/2039		1,400		1,709
Total West Virginia				3,238
Wisconsin — 5.8%
Public Finance Authority, Blue Ridge Healthcare Facilities
Series 2020A, Rev., 4.00%, 1/1/2045		750		863
Series 2020A, Rev., 3.00%, 1/1/2050		750		790
Public Finance Authority, Cedars Obligated Group, Cedars Obligated Group Rev., 4.25%, 5/1/2029(b)		960		949
Public Finance Authority, Community School of Davidson Project
Rev., 3.75%, 10/1/2023		230		236
Rev., 5.00%, 10/1/2033		775		890
Public Finance Authority, Coral Academy of Science Reno
Series 2019A, Rev., 5.00%, 6/1/2029(b)		370		421
Series 2019A, Rev., 5.00%, 6/1/2039(b)		710		779
Public Finance Authority, ENO River Academy Project
Series 2020A, Rev., 4.00%, 6/15/2030(b)		235		261
Series 2020A, Rev., 5.00%, 6/15/2040(b)		410		472
Series 2020A, Rev., 5.00%, 6/15/2054(b)		685		776
Public Finance Authority, First Mortgage Southminster, Inc. Rev., 4.25%, 10/1/2038(b)		2,000		2,033
Public Finance Authority, Minnesota College of Osteopathic Medicine
Series 2019A-1, Rev., 5.50%, 12/1/2048(b)(g)		17		9
Series 2019A-2, Rev., 7.25%, 12/1/2048(b)(g)		46		23
Public Finance Authority, Piedmont Community Charter School
Rev., 5.00%, 6/15/2027		160		191
Rev., 5.00%, 6/15/2028		505		609
Rev., 5.00%, 6/15/2034		215		257
Rev., 5.00%, 6/15/2039		390		460
Rev., 5.00%, 6/15/2049		1,000		1,161
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Rev., 4.00%, 11/15/2042(b)		3,955		3,927
Public Finance Authority, Roseman University of Health Sciences Project
Rev., 5.00%, 4/1/2030(b)		500		608
Rev., 5.00%, 4/1/2040(b)		2,155		2,586
Public Finance Authority, Ultimate Medical Academy Project
Series 2019A, Rev., 5.00%, 10/1/2028(b)		2,000		2,455
Series 2019A, Rev., 5.00%, 10/1/2029(b)		1,850		2,311
Series 2019A, Rev., 5.00%, 10/1/2034(b)		500		609
Public Finance Authority, Wilson Preparatory Academy
Series 2019A, Rev., 4.13%, 6/15/2029(b)		475		511
Series 2019A, Rev., 5.00%, 6/15/2039(b)		500		545
Series 2019A, Rev., 5.00%, 6/15/2049(b)		1,100		1,185

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc.
Series B, Rev., 5.00%, 7/1/2038		150		178
Series A, Rev., 5.00%, 7/1/2044		210		248
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System
Series 2019A, Rev., 5.00%, 11/1/2026		355		391
Series 2019A, Rev., 5.00%, 11/1/2027		370		411
Series 2019A, Rev., 5.00%, 11/1/2028		470		523
Series 2019A, Rev., 5.00%, 11/1/2029		315		350
Series 2019A, Rev., 5.00%, 11/1/2030		515		570
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc., Project Series A, Rev., 4.25%, 9/15/2035		1,500		1,562
Total Wisconsin				30,150
TOTAL MUNICIPAL BONDS (Cost $469,011)				497,681
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%
Southcross Holdco Equity 0.00%, 7/9/2070‡(Cost $11)		3		—
	Shares (000)
SHORT-TERM INVESTMENTS — 4.7%
INVESTMENT COMPANIES — 4.7%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02%(h)(i)(Cost $24,509)		24,497		24,509
Total Investments — 99.7% (Cost $493,531)				522,190
Other Assets Less Liabilities — 0.3%				1,640
Net Assets — 100.0%				523,830

Percentages indicated are based on net assets.

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations

AGC	Insured by Assured Guaranty Corp.
AGM	Insured by Assured Guaranty Municipal Corp.
AMBAC	Insured by American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
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 May 31, 2021.
(d)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(e)	Security is prerefunded or escrowed to maturity.
(f)	Amount rounds to less than 0.1% of net assets.
(g)	Defaulted security.
(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, 2021.
‡	Value determined using significant unobservable inputs.

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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

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

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

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

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

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

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Collateralized Mortgage Obligations	$	—	$	—	$	—	(a)	$	—	(a)
Municipal Bonds		—		497,681		—			497,681
Short-Term Investments
Investment Companies		24,509		—		—			24,509
Total Investments in Securities	$	24,509	$	497,681	$	—	(a)	$	522,190

(a) Value is zero.

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

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

For the period ended May 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at May 31, 2021		Shares at May 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02%(a)(b)	$	5,698	$	43,904	$	25,093	$	—	(c)	$	—	(c)	$	24,509		24,497	$	—	(c)	$	—

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

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

(c) Amount rounds to less than one thousand.