NPORT-EX 2 HG_HYM.htm HTML

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.