JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 96.9%(a)
Alabama — 3.1%
Alabama Federal Aid Highway Finance Authority
Rev., 5.00%, 9/1/2023(b)		20		22
Series B, Rev., 5.00%, 9/1/2023(b)		30		32
Series A, Rev., 5.00%, 9/1/2027(b)		25		31
Alabama Public School and College Authority, Capital Improvement
Series 2014-B, Rev., 5.00%, 1/1/2023		50		53
Series 2014-A, Rev., 5.00%, 2/1/2025		2,000		2,198
Series 2019A, Rev., 4.00%, 5/1/2033		85		102
Alabama Special Care Facilities Financing Authority-Birmingham, Children’s Hospital Health Care Facility
Rev., 5.00%, 6/1/2023		115		123
Birmingham Airport Authority
Rev., 5.00%, 7/1/2028		350		438
Rev., 5.00%, 7/1/2029		375		479
Rev., 5.00%, 7/1/2030		250		326
Rev., 5.00%, 7/1/2031		175		227
Rev., 5.00%, 7/1/2032		150		194
Black Belt Energy Gas District, Gas Prepay
Series 2018A, Rev., 4.00%, 12/1/2023(c)		5,500		5,860
City of Birmingham, Warrant
Series 2018B, GO, 4.00%, 12/1/2032		570		675
Series 2018B, GO, 4.00%, 12/1/2033		375		443
Series 2018B, GO, 4.00%, 12/1/2034		510		602
Series 2018B, GO, 4.00%, 12/1/2035		500		590
City of Huntsville, Electric System, Warrants
Series A, Rev., 5.00%, 12/1/2023		35		38
City of Huntsville, Warrants
Series A, GO, 5.00%, 5/1/2030		2,765		3,404
Series A, GO, 5.00%, 5/1/2031		3,035		3,737
Series 2018-A, GO, 5.00%, 5/1/2033		70		86
City of Madison, Warrants
GO, 5.00%, 4/1/2023		25		27
County of Mobile, Warrants
Series C, GO, 5.00%, 8/1/2022(b)		25		26
GO, 5.00%, 2/1/2033		25		32
DeKalb-Jackson Water Supply District, Inc.
Series 2021A, Rev., 4.00%, 7/1/2031		650		782
Infirmary Health System Special Care Facilities Financing Authority of Mobile, Infirmary Health System, Inc.
Series 2016A, Rev., 5.00%, 2/1/2025		320		363
Lower Alabama Gas District (The), Gas Project
Rev., 4.00%, 12/1/2025(c)		32,500		36,360
Montgomery County Public Building Authority, Facilities Project
Rev., 5.00%, 3/1/2024(b)		7,500		8,288
Rev., 5.00%, 3/1/2026		1,735		1,909
Shelby County Board of Education, Special Tax 5.00%, 2/1/2025		50		57
Southeast Alabama Gas Supply District (The), Project No. 1
Series 2018A, Rev., 4.00%, 4/1/2024(c)		34,000		36,496
Series A, Rev., 5.00%, 4/1/2024		20,845		23,004
Southeast Alabama Gas Supply District (The), Project No. 2
Series 2018A, Rev., 4.00%, 6/1/2024(c)		16,015		17,256
UAB Medicine Finance Authority
Series 2019B, Rev., 5.00%, 9/1/2035		55		70
University of West Alabama, General Fee
Rev., AGM, 5.00%, 1/1/2028		200		243
Rev., AGM, 5.00%, 1/1/2029		200		248
Rev., AGM, 5.00%, 1/1/2030		200		252
Water Works Board of the City of Birmingham (The)
Series 2016A, Rev., 5.00%, 1/1/2030		150		181
Total Alabama				145,254
Alaska — 0.2%
Alaska Housing Finance Corp., State Capital Project
Series 2019B, Rev., 5.00%, 6/1/2026		20		24

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project
Series 2019A, Rev., 5.00%, 10/1/2024		800		894
Series 2019A, Rev., 5.00%, 10/1/2025		1,325		1,526
Series 2019A, Rev., 5.00%, 10/1/2026		1,385		1,641
Series 2019A, Rev., 5.00%, 10/1/2027		1,455		1,765
Series 2019A, Rev., 5.00%, 10/1/2028		1,530		1,898
Municipality of Anchorage
Series C, GO, 5.00%, 9/1/2028		1,675		2,123
Total Alaska				9,871
Arizona — 1.8%
Arizona Department of Transportation State Highway Fund
Rev., 5.00%, 7/1/2031		25		30
Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project
Series 2021A, Rev., 3.00%, 12/15/2031(d)		265		279
Series 2021A, Rev., 4.00%, 12/15/2041(d)		250		274
Arizona Industrial Development Authority, Children’s National Medical Center
Series 2020A, Rev., 4.00%, 9/1/2035		200		239
Series 2020A, Rev., 4.00%, 9/1/2036		355		423
Series 2020A, Rev., 4.00%, 9/1/2037		820		979
Series 2020A, Rev., 4.00%, 9/1/2039		810		958
Series 2020A, Rev., 4.00%, 9/1/2046		2,750		3,186
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project
Series 2021A, Rev., 4.00%, 7/15/2026(d)		115		127
Series 2021A, Rev., 4.00%, 7/15/2027(d)		120		135
Series 2021A, Rev., 4.00%, 7/15/2028(d)		200		227
Series 2021A, Rev., 4.00%, 7/15/2029(d)		200		229
Series 2021A, Rev., 4.00%, 7/15/2030(d)		200		227
Series 2021A, Rev., 4.00%, 7/15/2031(d)		215		242
Series 2021A, Rev., 4.00%, 7/15/2032(d)		225		251
Series 2021A, Rev., 4.00%, 7/15/2033(d)		180		201
Series 2021A, Rev., 4.00%, 7/15/2034(d)		200		223
Series 2021A, Rev., 4.00%, 7/15/2035(d)		250		277
Series 2021A, Rev., 4.00%, 7/15/2037(d)		270		298
Series 2021A, Rev., 4.00%, 7/15/2041(d)		135		149
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project
Series 2019A, Rev., 5.00%, 1/1/2022		675		676
Series 2019A, Rev., 5.00%, 1/1/2023		610		618
Series 2019A, Rev., 5.00%, 1/1/2024		1,475		1,512
Series 2019A, Rev., 5.00%, 1/1/2025		1,800		1,861
Series 2019A, Rev., 5.00%, 1/1/2026		1,875		1,951
Series 2019A, Rev., 5.00%, 1/1/2027		1,850		1,926
Series 2019A, Rev., 5.00%, 1/1/2028		1,500		1,562
Series 2019A, Rev., 5.00%, 1/1/2029		660		687
Series 2019A, Rev., 5.00%, 1/1/2030		3,670		3,842
Series 2019A, Rev., 4.00%, 1/1/2031		4,100		3,946
Series 2019A, Rev., 4.00%, 1/1/2032		4,265		4,073
Series 2019A, Rev., 4.00%, 1/1/2033		4,440		4,214
Series 2019A, Rev., 5.00%, 1/1/2034		1,770		1,859
Series 2019A, Rev., 5.00%, 1/1/2035		2,285		2,392
Series 2019A, Rev., 5.00%, 1/1/2036		1,835		1,915
Series 2019A, Rev., 5.00%, 1/1/2037		500		520
Series 2019A, Rev., 5.00%, 1/1/2038		500		518
Series 2019A, Rev., 4.25%, 1/1/2039		545		524
Series 2019A, Rev., 4.25%, 1/1/2040		1,320		1,275
Series 2019A, Rev., 5.00%, 1/1/2043		1,750		1,814
Arizona Industrial Development Authority, Macombs Facility Project
Series 2021A, Rev., 5.00%, 7/1/2032		165		205
Series 2021A, Rev., 5.00%, 7/1/2033		160		198
Series 2021A, Rev., 4.00%, 7/1/2034		165		188
Series 2021A, Rev., 4.00%, 7/1/2035		180		205
Series 2021A, Rev., 4.00%, 7/1/2036		155		176
Series 2021A, Rev., 4.00%, 7/1/2041		365		409

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Arizona Industrial Development Authority, Pebble Campus Project
Series 2020A, Rev., 4.00%, 7/15/2030(d)		250		279
Series 2020A, Rev., 5.00%, 7/15/2040(d)		415		481
Arizona State University
Series 2017B, Rev., 5.00%, 7/1/2034		920		1,126
Series 2017B, Rev., 5.00%, 7/1/2035		1,000		1,222
Arizona State University, Green Bonds
Series 2016B, Rev., 5.00%, 7/1/2042		30		36
Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund
Rev., 5.00%, 7/1/2023		95		102
Arizona Water Infrastructure Finance Authority, Water Quality
Series 2014A, Rev., 5.00%, 10/1/2026		5,910		6,669
City of Cottonwood
Rev., AGM, 5.00%, 7/1/2026		10		12
City of Glendale, Water and Sewer
Rev., 5.00%, 7/1/2028		1,000		1,027
City of Mesa
GO, 4.00%, 7/1/2033		30		36
City of Mesa, Utility System
Series 2019C, Rev., 5.00%, 7/1/2023		30		32
Series 2019A, Rev., 5.00%, 7/1/2029		40		52
Rev., 4.00%, 7/1/2031		50		56
Series 2019A, Rev., 5.00%, 7/1/2031		25		32
Series 2019A, Rev., 5.00%, 7/1/2033		25		32
City of Phoenix Civic Improvement Corp., Civic Plaza Expansion
Series 2005B, Rev., BHAC-CR , FGIC, 5.50%, 7/1/2035		75		108
City of Phoenix Civic Improvement Corp., Junior Lien, Airport System
Rev., 5.00%, 7/1/2022		25		26
Rev., 5.00%, 7/1/2023		25		27
Series 2017D, Rev., 5.00%, 7/1/2024		275		308
Series 2017D, Rev., 5.00%, 7/1/2029		190		231
City of Phoenix Civic Improvement Corp., Senior Lien, Airport System
Series 2017B, Rev., 5.00%, 7/1/2027		150		184
Rev., AMT, 5.00%, 7/1/2037		1,000		1,220
City of Scottsdale, Water and Sewer System
Rev., 5.25%, 7/1/2023		1,875		2,024
City of Surprise
Rev., 5.00%, 7/1/2025		20		23
County of Pima
Series 2020A, COP, 5.00%, 12/1/2021		25		25
County of Pima, Sewer System
Rev., 5.00%, 7/1/2023		30		32
County of Pinal
Rev., 4.00%, 8/1/2037		75		88
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project
Series 2018A, Rev., 5.00%, 7/1/2028		700		856
Series 2018A, Rev., 5.00%, 7/1/2029		1,300		1,582
Industrial Development Authority of the County of Yavapai (The), Regional Medical Center
Series A, Rev., 5.25%, 8/1/2033		1,000		1,076
Kyrene Elementary School District No. 28, School Improvement Project
Series 2019A, GO, 5.00%, 7/1/2029		55		69
Maricopa County Elementary School District No. 92 Pendergast Elementary, School Improvement, Project of 2016
Series 2016A, GO, 5.00%, 7/1/2023		20		21
Maricopa County High School District No. 214 Tolleson Union High School, School Improvement, Project of 2017
Series 2017B, GO, 5.00%, 7/1/2026		20		24
Maricopa County Industrial Development Authority, HonorHealth
Series 2019A, Rev., 5.00%, 9/1/2033		500		623
Series 2019A, Rev., 5.00%, 9/1/2034		1,000		1,243
Series 2019A, Rev., 5.00%, 9/1/2035		1,000		1,242
Maricopa County Industrial Development Authority, Ottawa University
Rev., 5.00%, 10/1/2026(d)		150		159
Rev., 5.13%, 10/1/2030(d)		215		243

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Maricopa County Special Health Care District, Integrated Health Services
Series 2018C, GO, 5.00%, 7/1/2031		25		31
Series 2018C, GO, 5.00%, 7/1/2033		25		31
Maricopa County Unified School District No. 4 Mesa, School Improvement, Project of 2018
Series 2019A, GO, 5.00%, 7/1/2028		25		32
Maricopa County Unified School District No. 48 Scottsdale, School Improvement, Project of 2016
Series 2017B, GO, 5.00%, 7/1/2031		25		31
Maricopa County Unified School District No. 95, Queen Creek, School Improvement
GO, 5.00%, 7/1/2028		225		263
GO, 5.00%, 7/1/2029		500		584
Maricopa County Unified School District No. 97 Deer Valley, School Improvement, Project of 2013
Series 2019E, GO, 5.00%, 7/1/2027		50		62
Maricopa County Unified School District No. 9-Wickenburg, School Improvement
Series 2017A, GO, AGM, 4.00%, 7/1/2023		50		53
Maricopa County Union High School District No. 216 Agua Fria, School Improvement
GO, 4.00%, 7/1/2034		50		60
GO, 4.00%, 7/1/2036		90		107
Mohave County Unified School District No. 1 Lake Havasu, School Improvement, Project of 2016
Series 2017A, GO, 4.00%, 7/1/2030		30		35
Pima County Community College District
Rev., 5.00%, 7/1/2030		60		75
Pima County Elementary School District No. 39 Continental, School Improvement, Project of 2010
Series B, GO, AGM, 3.75%, 7/1/2029		20		20
Pinal County School District No. 1 Florence
GO, 5.00%, 7/1/2023		70		75
Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund
Rev., 5.25%, 7/1/2025		1,000		1,124
Salt River Project Agricultural Improvement and Power District, Arizona Salt River Project
Series 2011A, Rev., 5.00%, 12/1/2021		70		70
Series A, Rev., 5.00%, 12/1/2021		1,005		1,005
Series 2016A, Rev., 5.00%, 1/1/2036		7,000		8,394
Series 2019A, Rev., 5.00%, 1/1/2037		55		71
Scottsdale Municipal Property Corp., Excise Tax
Rev., 5.00%, 7/1/2026		1,570		1,881
University of Arizona (The)
Series 2012A, Rev., 5.00%, 6/1/2022		1,000		1,023
Rev., 5.00%, 6/1/2026		10		11
University of Arizona (The), Stimulus Plan for Economic and Educational Development
Series 2020A, Rev., 5.00%, 8/1/2036		75		97
Total Arizona				85,783
Arkansas — 0.0%(e)
State of Arkansas, Federal Highway
GO, 5.00%, 10/1/2025		10		11
University of Arkansas, Various Facility Fayetteville Campus
Series 2014A, Rev., 4.50%, 11/1/2024(b)		45		51
Total Arkansas				62
California — 10.3%
Alameda County Joint Powers Authority, Multiple Capital Projects
Series 2013A, Rev., 5.25%, 12/1/2025		75		82
Series 2013A, Rev., 5.25%, 12/1/2027		50		55
Anaheim Public Financing Authority
Series 1997C, Rev., AGM, Zero Coupon, 3/1/2037(b)		30		23
Anaheim Union High School District
GO, 5.00%, 8/1/2022		25		26
GO, 5.00%, 8/1/2025		65		73
Antelope Valley Union High School District
GO, 4.00%, 8/1/2022		55		56
Arcadia Unified School District
GO, 4.00%, 8/1/2038		9,385		10,547
Banning Unified School District
GO, AGM, 5.00%, 8/1/2027		100		119
Bay Area Toll Authority, Toll Bridge
Series 2017S-7, Rev., 4.00%, 4/1/2033		35		41
Series 2019S-H, Rev., 5.00%, 4/1/2044		50		62

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Bay Area Water Supply and Conservation Agency, Capital Cost Recovery Prepayment Program
Series 2013 A, Rev., 5.00%, 10/1/2026		60		64
Belmont Joint Powers Financing Authority
Rev., 5.00%, 8/1/2024		20		23
Beverly Hills Unified School District, Election of 2008
GO, 5.00%, 8/1/2026		30		35
Brentwood Union School District, Election of 2016
GO, 5.00%, 8/1/2031		20		24
California Community Choice Financing Authority, Clean Energy Project
Series 2021B-1, Rev., 4.00%, 8/1/2031(c)		3,450		4,178
California Community College Financing Authority, West Valley Mission Community College District
Rev., 5.00%, 6/1/2025(b)		55		64
California Community Housing Agency, Fountains at Emerald Park
Series 2021A-2, Rev., 4.00%, 8/1/2046(d)		2,965		2,996
California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.
Series 2020A, Rev., 5.00%, 6/1/2024		350		389
Series 2020A, Rev., 5.00%, 6/1/2027		400		490
Series 2020A, Rev., 5.00%, 6/1/2029		400		512
Series 2020A, Rev., 5.00%, 6/1/2030		250		327
Series 2020A, Rev., 5.00%, 6/1/2031		250		324
Series 2020A, Rev., 5.00%, 6/1/2032		250		323
Series 2020A, Rev., 5.00%, 6/1/2033		300		387
Series 2020A, Rev., 4.00%, 6/1/2034		200		241
California Educational Facilities Authority, Claremont McKenna College
Series 2015A, Rev., 5.00%, 1/1/2028		1,000		1,170
Series 2015A, Rev., 5.00%, 1/1/2029		880		1,028
Series 2015A, Rev., 5.00%, 1/1/2030		1,185		1,381
Series 2015A, Rev., 5.00%, 1/1/2031		2,450		2,854
Series 2015A, Rev., 5.00%, 1/1/2032		2,000		2,328
Series 2015A, Rev., 4.00%, 1/1/2033		3,000		3,361
California Educational Facilities Authority, Pepperdine University
Rev., 5.00%, 9/1/2022(b)		315		326
California Educational Facilities Authority, Santa Clara University
Series 2017B, Rev., 5.00%, 4/1/2035		80		97
California Health Facilities Financing Authority, Cedars-Sinai Medical Center
Series A, Rev., 5.00%, 8/15/2026		45		54
Rev., 5.00%, 11/15/2027		6,250		7,343
California Health Facilities Financing Authority, Children’s Hospital
Series 2019A, Rev., 5.00%, 11/1/2024		30		34
California Health Facilities Financing Authority, Kaiser Permanente
Series 2017A, Subseries 2017A-2, Rev., 4.00%, 11/1/2038		4,000		4,648
California Health Facilities Financing Authority, Memorial Health Service
Series 2012A, Rev., 5.00%, 10/1/2026		1,500		1,558
California Health Facilities Financing Authority, On Lok Senior Health Service
Rev., 3.00%, 8/1/2024		100		106
Rev., 3.00%, 8/1/2025		50		54
Rev., 3.00%, 8/1/2027		150		165
Rev., 3.00%, 8/1/2028		130		145
Rev., 3.00%, 8/1/2029		150		169
Rev., 5.00%, 8/1/2040		600		746
California Health Facilities Financing Authority, Sutter Health
Series 2016A, Rev., 3.25%, 11/15/2025(b)		1,425		1,580
Series 2016A, Rev., 5.00%, 11/15/2025(b)		1,550		1,826
Series 2017A, Rev., 5.00%, 11/15/2031		110		136
Series 2017A, Rev., 5.00%, 11/15/2032		25		31
Series 2017A, Rev., 5.00%, 11/15/2033		50		62
Series 2018A, Rev., 5.00%, 11/15/2035		25		31
Series 2018A, Rev., 5.00%, 11/15/2036		35		43

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
California Infrastructure and Economic Development Bank, Academy of Motion Picture Arts and Sciences Obligated Group
Series 2015A, Rev., 5.00%, 11/1/2026		1,000		1,088
California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund, Green Bond
Rev., 5.00%, 10/1/2026		60		71
Rev., 5.00%, 10/1/2032		25		30
California Infrastructure and Economic Development Bank, Independent System Operator Corp. Project
Rev., 5.00%, 2/1/2023(b)		15		16
California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund
Series 2015A, Rev., 5.00%, 10/1/2025(b)		185		217
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2026		150		179
Rev., 5.00%, 10/1/2027		150		183
Rev., 5.00%, 10/1/2028		150		187
California Municipal Finance Authority, Civic Center Infrastructure Improvement Program
Rev., 5.00%, 6/1/2023		80		86
Rev., 5.00%, 6/1/2027		75		91
California Municipal Finance Authority, Community Medical Centers
Series 2017A, Rev., 5.00%, 2/1/2028		900		1,087
Series 2017A, Rev., 5.00%, 2/1/2029		1,250		1,507
California Municipal Finance Authority, Electric Utility Distribution System
Rev., 5.00%, 10/1/2022		25		26
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032		6,680		7,263
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035		4,555		5,008
California Public Finance Authority, Enso Village Project, Green Bond
Series 2021B-3, Rev., 2.13%, 11/15/2027(d)		1,490		1,503
Series 2021B-2, Rev., 2.38%, 11/15/2028(d)		1,800		1,819
Series 2021B-1, Rev., 3.13%, 5/15/2029(d)		400		405
Series 2021A, Rev., 5.00%, 11/15/2036(d)		400		470
Series 2021A, Rev., 5.00%, 11/15/2046(d)		525		603
California Public Finance Authority, Henry Mayo Newhall Hospital
Rev., 4.00%, 10/15/2025		250		280
Rev., 4.00%, 10/15/2026		415		474
Rev., 4.00%, 10/15/2027		400		465
Rev., 4.00%, 10/15/2028		360		425
Rev., 5.00%, 10/15/2029		700		829
Rev., 5.00%, 10/15/2030		500		592
Rev., 4.00%, 10/15/2031(c)		345		417
Rev., 5.00%, 10/15/2031		535		633
California School Finance Authority, Kipp Socal Projects
Series 2020A, Rev., 4.00%, 7/1/2040(d)		505		582
California State Public Works Board, California State University, Various Capital Projects
Series C, Rev., 5.00%, 3/1/2032		3,025		3,659
California State Public Works Board, California State University, Various University Projects
Series 2013H, Rev., 5.00%, 9/1/2023(b)		13,405		14,519
California State Public Works Board, State Office Buildings
Series F, Rev., 5.00%, 5/1/2026		3,100		3,562
Series F, Rev., 5.00%, 5/1/2027		5,000		5,731
California State University, Systemwide
Series 2012A, Rev., 4.00%, 11/1/2022(b)		145		150
Series 2017A, Rev., 5.00%, 11/1/2034		2,875		3,517
Series 2016A, Rev., 5.00%, 11/1/2045		30		35
California Statewide Communities Development Authority
Series 2019B, Rev., 4.00%, 11/15/2023		100		107
California Statewide Communities Development Authority, Emanate Health, Tax-Exempt
Series 2020A, Rev., 5.00%, 4/1/2031		365		471
Series 2020A, Rev., 5.00%, 4/1/2032		900		1,158
Series 2020A, Rev., 5.00%, 4/1/2033		2,880		3,701
Series 2020A, Rev., 5.00%, 4/1/2034		1,910		2,450
Series 2020A, Rev., 5.00%, 4/1/2035		650		832

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
California Statewide Communities Development Authority, San Francisco Campus for Jewish Living Project
Rev., 4.00%, 11/1/2030		145		176
Rev., 4.00%, 11/1/2031		210		258
Rev., 4.00%, 11/1/2033		415		505
Rev., 4.00%, 11/1/2034		435		528
Rev., 4.00%, 11/1/2035		450		545
Rev., 4.00%, 11/1/2041		1,740		2,079
Calleguas Municipal Water District
Series 2016A, Rev., 5.00%, 7/1/2023		35		38
Capistrano Unified School District Community Facilities District No. 90-2, Special Tax
Rev., AGM, 4.00%, 9/1/2023		35		37
Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project
Series 1999A, COP, AMBAC, Zero Coupon, 8/1/2025		10,445		10,132
Central Unified School District
GO, 5.00%, 8/1/2025		110		128
Cerritos Community College District
Series A, GO, 5.00%, 8/1/2029		45		50
Chaffey Community College District
GO, 5.00%, 6/1/2022		25		26
Chino Valley Unified School District
GO, 5.00%, 8/1/2022		60		62
Chula Vista Municipal Financing Authority
Rev., 5.00%, 5/1/2025		15		17
Citrus Community College District
Series A, GO, 5.00%, 8/1/2023		20		22
City of Alameda
GO, 4.00%, 8/1/2033		10		11
City of Brea, Water Utility
Rev., 5.00%, 7/1/2025		25		29
Rev., 5.00%, 7/1/2028		90		114
City of Gilroy, Wastewater
Rev., 5.00%, 8/1/2022		55		57
City of Los Alamitos
COP, 5.00%, 10/1/2023		25		27
City of Los Angeles Department of Airports, International Airport Senior
Series A, Rev., AMT, 5.00%, 5/15/2028		135		154
City of Los Angeles Department of Airports, International Airport Subordinate
Series 2019C, Rev., 5.00%, 5/15/2033		45		57
City of Los Angeles, Wastewater System
Subseries B, Rev., 5.00%, 6/1/2023		120		129
Series 2013A, Rev., 5.00%, 6/1/2026		12,500		13,389
Series C, Rev., 5.00%, 6/1/2026		2,000		2,048
City of Oakland
Series 2015A, GO, 5.00%, 1/15/2023		25		26
City of Pasadena
Series 2016A, Rev., 5.00%, 6/1/2031		25		30
City of Richmond, Wastewater
Series 2019B, Rev., 5.00%, 8/1/2023		40		43
City of San Francisco, Public Utilities Commission
Subseries A, Rev., 5.00%, 11/1/2035		1,500		1,789
City of San Jose, Disaster Preparedness, Public Safety and Infrastructure
Series A-1, GO, 5.00%, 9/1/2036		25		32
City of San Jose, Libraries, Parks and Public Safety Projects
Series 2019C, GO, 5.00%, 9/1/2028		50		64
Series 2019C, GO, 5.00%, 9/1/2032		100		128
City of Santa Rosa, Wastewater
Series 2014A, Rev., 5.00%, 9/1/2022		25		26
Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023		5,000		4,960
City of Ukiah, Water System
Rev., AGM, 5.00%, 9/1/2023		50		54
Coachella Valley Unified School District
GO, 4.00%, 8/1/2027		20		22
Coachella Valley Unified School District, Election of 2005
Series 2012D, GO, AGM, 5.00%, 8/1/2022(b)		20		21
Contra Costa County Transportation Authority, Sales Tax
Series 2015A, Rev., 5.00%, 3/1/2022		25		25
Series 2012B, Rev., 5.00%, 3/1/2023(b)		50		53
Series 2017A, Rev., 5.00%, 3/1/2023		20		21
Series A, Rev., 5.00%, 3/1/2024		50		56

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Corona Utility Authority, Water Projects
Rev., 5.00%, 9/1/2022		40		41
County of Calaveras
GO, 5.00%, 8/1/2026		100		117
County of San Benito, Jail Facility Project
COP, 5.00%, 10/1/2025		45		53
County of San Joaquin, County Administration Building Project
COP, AGM, 5.00%, 11/15/2029		5		6
County of Santa Clara, Election of 2008
Series 2017C, GO, 5.00%, 8/1/2033		25		31
CSCDA Community Improvement Authority, Essential Housing, Altana-Glendale
Series 2021A-1, Rev., 3.50%, 10/1/2046(d)		6,000		6,025
CSCDA Community Improvement Authority, Essential Housing, Jefferson-Anaheim
Series 2021A-1, Rev., 2.88%, 8/1/2041(d)		2,580		2,484
CSCDA Community Improvement Authority, Essential Housing, Orange Portfolio
Series 2021A-1, Rev., 2.80%, 3/1/2047(d)		13,585		12,536
CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio
Series 2021A-1, Rev., 2.65%, 12/1/2046(d)		1,500		1,401
CSCDA Community Improvement Authority, Essential Housing, Senior Lien
Series 2021A-1, Rev., 2.45%, 2/1/2047(d)		3,000		2,703
Desert Community College District
GO, 5.00%, 8/1/2022		50		52
GO, 5.00%, 8/1/2031		2,250		2,753
Desert Sands Unified School District
COP, 5.00%, 3/1/2023		70		74
Series A, GO, 5.00%, 6/1/2026		40		43
GO, 5.00%, 8/1/2026		2,200		2,567
Desert Sands Unified School District, Election of 2014
GO, 4.00%, 8/1/2038		1,000		1,153
Downey Public Finance Authority
Rev., 5.00%, 12/1/2022		100		105
Downey Unified School District, Election of 2014
Series B, GO, 5.00%, 8/1/2032		50		63
Dry Creek Joint Elementary School District
Rev., AGM, 5.00%, 9/1/2022		25		26
East Bay Municipal Utility District, Water System
Series 2015B, Rev., 5.00%, 6/1/2024		45		50
East Side Union High School District
Series 2016B, GO, 5.00%, 8/1/2027		50		60
East Side Union High School District, Election of 2012
Series B, GO, 5.00%, 8/1/2030		25		29
El Camino Community College District Foundation (The)
GO, 5.00%, 8/1/2022		25		26
El Centro Financing Authority
Series 2021B, Rev., 4.00%, 10/1/2029		265		315
Series 2021B, Rev., 4.00%, 10/1/2030		275		330
Series 2021B, Rev., 4.00%, 10/1/2031		285		345
El Monte City School District
GO, BAN, Zero Coupon, 4/1/2023		525		522
Elsinore Valley Municipal Water District Financing Authority
Series 2016A, Rev., 5.00%, 7/1/2023		30		32
Escondido Union School District, Election of 2014
Series A, GO, 5.00%, 8/1/2027		100		116
Fairfield-Suisun Unified School District, Election of 2016
GO, 5.00%, 8/1/2026		50		60
Foothill-De Anza Community College District
GO, 5.00%, 8/1/2024(b)		65		73
Fremont Union High School District
Series 2019A, GO, 5.00%, 8/1/2030		75		92
Fullerton Joint Union High School District, Election of 2014
Series 2015A, GO, 5.00%, 8/1/2022		30		31
Garden Grove Unified School District, Election of 2010
Series C, GO, 5.00%, 8/1/2023(b)		1,390		1,500
Glendale Unified School District
Series 2015A, GO, 5.00%, 9/1/2023		25		27

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement
Series A, Rev., 5.00%, 6/1/2025(b)		4,000		4,632
Series A-1, Rev., 3.50%, 6/1/2036		4,690		4,738
Grossmont-Cuyamaca Community College District, Election of 2002
Series 2008C, GO, AGC, Zero Coupon, 8/1/2026		19,585		18,695
Hayward Unified School District
GO, AGM, 5.00%, 8/1/2027		55		66
Hillsborough City School District
Series A, GO, 4.00%, 9/1/2022		35		36
Hollister Joint Powers Financing Authority
Rev., AGM, 5.00%, 6/1/2031		65		77
Huntington Beach Union High School District
GO, 5.00%, 8/1/2023(b)		10		11
Imperial Irrigation District Electric System
Series 2016B-2, Rev., 5.00%, 11/1/2026		80		97
Irvine Ranch Water District
COP, 5.00%, 3/1/2032		2,275		2,723
Jefferson Union High School District, Election of 2012
Series A, GO, 4.00%, 8/1/2022		65		67
John Swett Unified School District
Series A-1, GO, AGM, 5.00%, 8/1/2027		50		61
La Canada Unified School District, Election of 2017
Series 2018A, GO, 5.00%, 8/1/2031		50		63
Lincoln Public Financing Authority
Series A, Rev., 4.00%, 10/1/2023		25		27
Long Beach Bond Finance Authority, Natural Gas
Series A, Rev., 5.25%, 11/15/2022		9,545		9,995
Long Beach Community College District, Election of 2002
Series D, GO, NATL-RE, Zero Coupon, 5/1/2022		5,265		5,258
Long Beach Community College District, Election of 2016
Series 2019C, GO, 4.00%, 8/1/2045		40		46
Los Angeles Community College District
Series G, GO, 4.00%, 8/1/2022		25		25
Series 2015A, GO, 5.00%, 8/1/2023		20		22
Series A, GO, 4.00%, 8/1/2024(b)		2,300		2,523
Series A, GO, 5.00%, 8/1/2024(b)		24,000		26,957
Los Angeles County Facilities, Inc., Vermont Corridor County Administration Building
Series 2018A, Rev., 5.00%, 12/1/2023		25		27
Los Angeles County Metropolitan Transportation Authority, Proposition C Senior Sales Tax
Series 2017A, Rev., 5.00%, 7/1/2023		35		38
Series A, Rev., 5.00%, 7/1/2030		4,925		6,075
Los Angeles County Metropolitan Transportation Authority, R Senior Sales Tax
Series 2016A, Rev., 5.00%, 6/1/2023		35		38
Los Angeles County Public Works Financing Authority
Series 2019E1, Rev., 4.00%, 12/1/2023		35		38
Los Angeles Department of Water & Power, Power System
Series 2019B, Rev., 5.00%, 7/1/2024		275		308
Series 2014B, Rev., 5.00%, 7/1/2026		15		16
Series 2014D, Rev., 5.00%, 7/1/2027		50		56
Series 2014D, Rev., 5.00%, 7/1/2028		1,250		1,396
Series B, Rev., 5.00%, 7/1/2029		10,000		12,126
Series 2015A, Rev., 5.00%, 7/1/2030		270		307
Series 2018A, Rev., 5.00%, 7/1/2030		35		44
Series D, Rev., 5.00%, 7/1/2030		2,710		3,025
Series 2019C, Rev., 5.00%, 7/1/2031		85		110
Series A, Rev., 5.00%, 7/1/2031		2,055		2,490
Series B, Rev., 5.00%, 7/1/2031		3,400		3,718
Series D, Rev., 5.00%, 7/1/2031		2,500		2,790
Series A, Rev., 5.00%, 7/1/2032		2,550		3,088
Series B, Rev., 5.00%, 7/1/2032		3,075		3,362

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2017A, Rev., 5.00%, 7/1/2033		5,000		6,051
Series D, Rev., 5.00%, 7/1/2033		390		435
Series 2018D, Rev., 5.00%, 7/1/2034		30		38
Series 2019B, Rev., 5.00%, 7/1/2034		110		140
Series D, Rev., 5.00%, 7/1/2034		4,750		5,294
Series D, Rev., 5.00%, 7/1/2035		250		279
Series 2019A, Rev., 5.00%, 7/1/2039		35		44
Series 2019D, Rev., 5.00%, 7/1/2044		30		38
Los Angeles Department of Water & Power, Water System
Series 2014A, Rev., 5.00%, 7/1/2024		35		39
Series 2016A, Rev., 5.00%, 7/1/2030		60		71
Series 2017A, Rev., 5.00%, 7/1/2030		30		36
Series 2018B, Rev., 5.00%, 7/1/2031		60		76
Los Angeles Unified School District
Series C, GO, 5.00%, 7/1/2024		11,670		13,070
Series C, GO, 5.00%, 7/1/2026		5,505		6,148
Los Angeles Unified School District, Election of 2005
Series M-1, GO, 5.00%, 7/1/2032		2,095		2,593
Series M-1, GO, 5.00%, 7/1/2033		4,305		5,323
Los Angeles Unified School District, Headquarters Building Projects
Series B, COP, 5.00%, 10/1/2030		1,250		1,296
Los Rios Community College District, Election of 2008
Series B, GO, 5.00%, 8/1/2022		25		26
Madera Irrigation District
Rev., AGM, 5.00%, 9/1/2025		150		176
Marin Community College District
GO, 5.00%, 8/1/2023		35		38
Marin Water District Financing Authority, Subordinate Lien
Rev., 5.00%, 7/1/2027		40		50
Marina Coast Water District, Tax-Exempt, Senior Lien
Series A, Rev., 5.00%, 6/1/2029		25		29
Menlo Park City School District, Capital Appreciation
GO, Zero Coupon, 7/1/2033		1,000		699
GO, Zero Coupon, 7/1/2035		725		462
GO, Zero Coupon, 7/1/2036		1,150		697
GO, Zero Coupon, 7/1/2037		1,950		1,127
GO, Zero Coupon, 7/1/2041		1,250		601
Merced City School District, Election of 2014
GO, 4.00%, 8/1/2025		50		56
Merced Community College District No. 1, School Facilities Improvement
GO, 5.00%, 8/1/2022		25		26
Metropolitan Water District of Southern California, Waterworks
Series 2018B, Rev., 5.00%, 9/1/2028		700		892
Series 2016A, Rev., 5.00%, 7/1/2030		30		35
Series 2019A, Rev., 5.00%, 7/1/2030		75		96
Milpitas Redevelopment Agency Successor Agency, Redevelopment Project Area No.1
Rev., 5.00%, 9/1/2027		75		87
Montebello Public Financing Authority, Sales Tax, Limited Tax
Series 2019A, Rev., AGM, 4.00%, 6/1/2033		380		446
Mount San Antonio Community College District, Election of 2018
Series 2019A, GO, 5.00%, 8/1/2028		50		64
Mountain View-Los Altos Union High School District, Election of 2010
Series C, GO, Zero Coupon, 8/1/2023		2,000		1,989
Series C, GO, Zero Coupon, 8/1/2027		1,000		944
Murrieta Valley Unified School District
GO, AGM, 5.00%, 9/1/2025		1,400		1,596
Murrieta Valley Unified School District, Election of 2014
Series 2014A, GO, AGM, 4.00%, 3/1/2025(b)		25		28
Napa Sanitation District
Rev., 4.00%, 8/1/2023		25		27
Nevada Irrigation District, Joint Powers Authority
Series 2016A, Rev., 5.00%, 3/1/2024		95		105
Newhall School District, School Facilities Improvement, Election of 2011
Series 2011A, GO, 4.00%, 8/1/2022		35		36

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Newport Mesa Unified School District, Election of 2005
Series 2007, GO, NATL-RE, Zero Coupon, 8/1/2031		8,375		7,254
North Orange County Community College District, Election of 2014
Series 2016A, GO, 4.00%, 8/1/2025		20		23
Novato Sanitary District, Wastewater
Rev., 5.00%, 2/1/2022		30		30
Rev., 5.00%, 2/1/2026		65		77
Novato Unified School District, Election of 2019
Series 2019B, GO, 5.00%, 8/1/2026		25		30
Oakdale Irrigation District
Series 2016A, Rev., 5.00%, 8/1/2022		30		31
Oakland Joint Powers Financing Authority
Rev., 5.00%, 11/1/2025		100		117
Ocean View School District, Orange County, Election of 2016
Series 2016B, GO, 6.00%, 8/1/2026		115		144
Oceanside Unified School District
GO, 5.00%, 8/1/2024		5		6
Ohlone Community College District, Election of 2010
Series D, GO, 4.00%, 8/1/2022		40		41
Orange County Sanitation District, Wastewater
Series 2016A, Rev., 5.00%, 2/1/2027		45		53
Orange County Water District
Series A, Rev., 5.00%, 8/15/2034		650		785
Orange Redevelopment Agency, Orange Merged and Amended Redevelopment Project
Series 2014A, Rev., AGM, 5.00%, 9/1/2023		110		119
Orange Unified School District, Election of 2016
GO, 5.00%, 8/1/2031		85		107
Otay Water District Financing Authority
Series 2018A, Rev., 5.00%, 9/1/2022		35		36
Palm Springs Financing Authority
Rev., 5.00%, 11/1/2022		25		26
Palm Springs Unified School District, Election of 2008
Series D, GO, 4.00%, 8/1/2024		65		71
Palomar Community College District
GO, 5.00%, 5/1/2022		25		26
GO, 5.00%, 5/1/2023		20		21
Pittsburg Unified School District
GO, 5.00%, 8/1/2023		55		59
Pleasanton Unified School District, Election of 2016
GO, 5.00%, 8/1/2027		20		25
Plumas Unified School District, Election of 2016
Series B, GO, 5.00%, 8/1/2024		50		56
Pomona Unified School District
GO, AGM, 5.00%, 8/1/2027		50		59
Rancho Water District Financing Authority
Series 2019A, Rev., 5.00%, 8/1/2023		25		27
Regents of the University of California Medical Center Pooled
Series 2016L, Rev., 5.00%, 5/15/2041		155		183
Rio Hondo Community College District, Election of 2019
Series 2019B, GO, 5.00%, 8/1/2025		40		47
Riverside County Infrastructure Financing Authority
Series 2016A, Rev., 4.00%, 11/1/2023		25		27
Riverside County Infrastructure Financing Authority, Capital Projects
Series 2017C, Rev., 5.00%, 5/1/2025		25		29
Riverside County Infrastructure Financing Authority, Indio Law Building
Series 2017A, Rev., 4.00%, 11/1/2023		40		43
Riverside County Public Financing Authority, Capital Facilities Project
Rev., 4.25%, 11/1/2025(b)		35		40
Riverside County Public Financing Authority, Desert Communities and Interstate 215 Corridor Projects
Series 2017A, Rev., 5.00%, 10/1/2026		75		90
Riverside County Redevelopment Successor Agency, Desert Communities Redevelopment Project
Series 2014D, Rev., AGM, 5.00%, 10/1/2026		115		129
Riverside County Transportation Commission, Sales Tax
Series 2013A, Rev., 5.00%, 6/1/2023		55		59
Series 2013A, Rev., 5.25%, 6/1/2023(b)		4,525		4,866

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2017B, Rev., 5.00%, 6/1/2032		60		74
Series 2017A, Rev., 5.00%, 6/1/2033		30		37
Series 2017B, Rev., 5.00%, 6/1/2035		45		56
Riverside Public Financing Authority
Series 2012A, Rev., 5.00%, 11/1/2023		95		99
Riverside Unified School District, Election of 2016
Series B, GO, 4.00%, 8/1/2042		50		57
Ross Valley Public Financing Authority
Series A, Rev., 4.00%, 1/1/2023		25		26
Rowland Unified School District, Election of 2012
Series A, GO, 5.25%, 8/1/2023(b)		2,750		2,980
Sacramento Area Flood Control Agency, Consolidated Capital Assessment District No. 2
Series 2016A, 5.00%, 10/1/2023		125		136
Sacramento City Financing Authority, Master Lease Program Facilities
Series 2015A, Rev., 5.00%, 12/1/2023		135		148
Sacramento County Sanitation Districts Financing Authority
Series 2014A, Rev., 5.00%, 12/1/2027		60		67
San Diego Community College District
GO, 5.00%, 8/1/2022		30		31
GO, 5.00%, 8/1/2025		25		29
San Diego County Regional Airport Authority, Subordinate Airport
Series 2019A, Rev., 5.00%, 7/1/2031		25		32
San Diego Public Facilities Financing Authority, Fire and Life Safety Facilities
Series 2012B, Rev., 4.00%, 4/15/2027		70		71
San Dieguito School Facilities Financing Authority, Special Tax
Rev., 5.00%, 3/1/2024		30		33
Rev., 5.00%, 3/1/2025		125		143
San Francisco Bay Area Rapid Transit District, Election of 2004
Series 2013C, GO, 4.00%, 8/1/2022		25		26
Series D, GO, 5.00%, 8/1/2030		3,000		3,478
Series 2019F-1, GO, 5.00%, 8/1/2031		85		111
Series D, GO, 5.00%, 8/1/2032		55		64
Series 2019F-1, GO, 5.00%, 8/1/2033		25		33
San Francisco Bay Area Rapid Transit District, Sales Tax
Series A, Rev., 5.00%, 7/1/2025		510		592
Series A, Rev., 5.00%, 7/1/2026		475		551
San Francisco City and County Airport Commission, San Francisco International Airport
Series 2019H, Rev., AMT, 5.00%, 5/1/2029		175		222
San Francisco City and County Airport Commission, San Francisco International Airport, Special Facilities, SFO Fuel Co. LLC
Series 2019A, Rev., AMT, 5.00%, 1/1/2047		4,000		4,871
San Francisco County Transportation Authority, Sales Tax
Rev., 3.00%, 2/1/2022		25		25
San Francisco Municipal Transportation Agency
Series 2018B, Rev., 5.00%, 3/1/2028		60		73
San Joaquin County Transportation Authority, Measure K Sales Tax
Rev., 5.00%, 3/1/2023		20		21
Rev., 5.00%, 3/1/2026		40		47
Rev., 5.00%, 3/1/2031		2,185		2,639
Rev., 5.00%, 3/1/2032		2,000		2,416
Rev., 5.00%, 3/1/2033		750		905
San Joaquin Delta Community College District
Series 2015A, GO, 5.00%, 8/1/2022		25		26
San Jose Unified School District
GO, 5.00%, 8/1/2023		25		27
San Juan Unified School District, Election of 2002
GO, 5.00%, 8/1/2023(b)		9,210		9,940
San Juan Unified School District, Election of 2012
Series 2019N, GO, 4.00%, 8/1/2025		125		141
San Luis Coastal Unified School District, Election of 2014
Series C, GO, 4.00%, 8/1/2025		25		28
Series A, GO, 5.00%, 8/1/2026		75		84
Series B, GO, 5.00%, 8/1/2026		75		91

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
San Luis Obispo Public Financing Authority, Los Osos Valley Road Interchange Project
Rev., 4.00%, 11/1/2023		75		80
San Marcos Unified School District
GO, 5.00%, 8/1/2031		60		73
GO, 4.00%, 8/1/2033		25		29
San Marcos Unified School, District No. 4, Community Facilities, Special Tax
Rev., 4.00%, 9/1/2025		55		60
San Mateo Foster City School District, Election of 2008
Series 2012C, GO, 5.00%, 8/1/2022		25		26
San Mateo Joint Powers Financing Authority, Maple Street Correctional Center
Series 2014A, Rev., 5.00%, 6/15/2027		75		84
San Mateo Joint Powers Financing Authority, Youth Services Campus
Series A, Rev., 5.00%, 7/15/2027		25		30
San Mateo Union High School District, Election of 2006
Series 2013A, GO, 5.00%, 9/1/2023(b)		80		87
Santa Clara County Financing Authority
Series 2016A, Rev., 5.00%, 11/15/2023		65		71
Santa Clara County Financing Authority, County Facilities
Series A, Rev., 5.00%, 5/1/2028		25		32
Series 2019A, Rev., 4.00%, 5/1/2034		55		65
Santa Clara County Financing Authority, Multiple Facilities Projects
Series 2015P, Rev., 5.00%, 5/15/2029		8,400		9,655
Santa Clara Unified School District
GO, 5.00%, 7/1/2025		25		29
Santa Clara Unified School District, Election of 2014
GO, 5.00%, 7/1/2022		35		36
GO, 5.00%, 7/1/2027		25		30
Santa Clara Valley Water District, Water System
Series 2017A, Rev., 5.00%, 6/1/2035		3,115		3,760
Santa Clarita Community College District
GO, 4.00%, 8/1/2022		25		26
Santa Clarita Public Finance Authority, Open Space and Parkland Acquisition Program
Series 2016B, Rev., 4.00%, 10/1/2026		75		87
Santa Cruz County Redevelopment Successor Agency
Series 2015A, Rev., AGM, 5.00%, 9/1/2028		50		58
Santa Cruz Libraries Facilities Financing Authority, Special Tax
Rev., 5.00%, 9/1/2026		150		180
Santa Margarita Water District, Community Facilities District No. 99-1, Special Tax
Series 2017A, Rev., 5.00%, 9/1/2024		280		313
Santa Margarita-Dana Point Authority, Water District Improvement
Series A, Rev., 5.00%, 8/1/2031		950		1,165
Series A, Rev., 5.00%, 8/1/2032		1,030		1,264
Series A, Rev., 5.00%, 8/1/2033		1,455		1,784
Santa Monica Community College District, Election of 2016
Series 2018A, GO, 5.00%, 8/1/2022		35		37
Series 2018A, GO, 4.00%, 8/1/2035		25		29
Santa Monica Public Financing Authority, City Services Building Project
Rev., 5.00%, 7/1/2028		45		56
Santa Monica-Malibu Unified School District
Series 2016C, GO, 4.00%, 7/1/2024		30		33
GO, 5.00%, 8/1/2024		70		79
Santa Rosa High School District
GO, 5.00%, 8/1/2022(b)		40		41
Santa Rosa Regional Resources Authority, Facilities Acquisition and Improvement Projects, Tax Exempt
Series 2017A, Rev., 5.00%, 8/1/2031		100		122
Schools Infrastructure Financing Agency, Special Tax
Rev., AGM, 4.00%, 9/1/2034		105		114
Scotts Valley Unified School District
GO, 5.00%, 8/1/2023		30		32
Sewerage Agency of Southern Marin
Rev., 5.00%, 7/1/2022		25		26
Sierra View Local Health Care District
Rev., 4.00%, 7/1/2026		150		170
Rev., 5.00%, 7/1/2027		155		188

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Rev., 5.00%, 7/1/2028		165		204
Rev., 5.00%, 7/1/2029		160		202
Rev., 5.00%, 7/1/2030		155		200
Simi Valley Unified School District
GO, 4.00%, 8/1/2022		25		26
GO, 5.00%, 8/1/2027		30		37
Simi Valley Unified School District, Election of 2016
Series B, GO, 4.00%, 8/1/2022		30		31
Sonoma County Junior College District
Series 2013A, GO, 5.00%, 8/1/2022		25		26
Sonoma Valley Unified School District, Election of 2016
GO, 4.00%, 8/1/2042		25		29
South Orange County Public Financing Authority
Rev., 5.00%, 4/1/2027		50		59
Southern California Water Replenishment District
Rev., 5.00%, 8/1/2023		25		27
Rev., 5.00%, 8/1/2026		75		87
Southwestern Community College District
Series 2016B, GO, 4.00%, 8/1/2023		35		37
Series 2016B, GO, 4.00%, 8/1/2025		50		56
Series A, GO, 4.00%, 8/1/2038		1,000		1,164
State Center Community College District
GO, 5.25%, 8/1/2022(b)		5,450		5,635
GO, 5.00%, 8/1/2030		40		46
State of California Department of Water Resources, Central Valley Project, Water System
Series AR, Rev., 5.00%, 12/1/2022		25		26
Series AX, Rev., 5.00%, 12/1/2022		35		37
Series BA, Rev., 5.00%, 12/1/2031		65		84
State of California, Various Purpose
GO, 5.13%, 4/1/2023		5		5
GO, 4.00%, 12/1/2024		15		16
GO, 5.00%, 10/1/2025		40		47
GO, AMBAC, 5.00%, 2/1/2027		565		688
GO, 5.00%, 8/1/2030		24,000		27,288
GO, 4.00%, 9/1/2033		1,340		1,537
Tahoe-Truckee Sanitation Agency, Wastewater
Rev., 5.00%, 7/1/2022		35		36
Tahoe-Truckee Unified School District, Election of 2014, School Facilities Improvement District No. 2
Series B, GO, 5.00%, 8/1/2028		25		30
Temple City Unified School District
GO, NATL-RE, 5.25%, 8/1/2022		2,485		2,567
Tustin Unified School District, School Facilities Improvement Districts No. 2002-1
GO, 5.00%, 6/1/2022		25		26
Union Elementary School District
Series C, GO, 5.00%, 9/1/2027		50		62
University of California
Series 2013 AF, Rev., 5.00%, 5/15/2023(b)		60		64
Series 2017AY, Rev., 5.00%, 5/15/2028		55		67
Series 2018AZ, Rev., 5.00%, 5/15/2029		30		38
Series 2018AZ, Rev., 5.00%, 5/15/2031		35		44
Series 2019BB, Rev., 5.00%, 5/15/2033		20		26
Series 2018AZ, Rev., 5.00%, 5/15/2034		25		31
University of California, Limited Project
Series G, Rev., 5.00%, 5/15/2022(b)		2,885		2,948
Series 2015-I, Rev., 5.00%, 5/15/2023		30		32
Series 2012G, Rev., 5.00%, 5/15/2029		5,615		5,737
Series 2017M, Rev., 5.00%, 5/15/2036		25		31
Val Verde Unified School District, Election of 2020
Series 2020A, GO, 4.00%, 8/1/2035		250		293
Ventura County Community College District
GO, 5.00%, 8/1/2022		25		26
Ventura County Public Financing Authority
Series 2016A, Rev., 5.00%, 11/1/2027		55		67
Vista Joint Powers Financing Authority
Rev., 5.25%, 5/1/2037		100		115
Vista Unified School District, 2018 Election
Series 2019A, GO, 5.00%, 8/1/2022		60		62

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Walnut Energy Center Authority
Series 2014A, Rev., 5.00%, 1/1/2022		25		25
West Hills Community College District, School Facilities Improvement District No. 2, 2008 Election
Series 2012B, GO, AGM, 4.00%, 8/1/2038		25		26
West Hollywood Public Financing Authority, Hollywood Park Phase II
Rev., 5.00%, 4/1/2022		45		46
West Valley-Mission Community College District, Election of 2012, Tax Exempt
GO, 5.00%, 8/1/2027		40		46
Series 2015B, GO, 5.00%, 8/1/2027		40		47
Westside Union School District, 2012 Election
Series A, GO, 4.00%, 8/1/2022		25		26
Whittier Union High School District
Series 2014B, GO, 4.00%, 8/1/2022		30		31
Wiseburn School District
Series 2016A, GO, 5.00%, 8/1/2031		50		60
Yuba City Unified School District, School Facilities Project
COP, AGM, 4.00%, 10/1/2025		1,100		1,235
Total California				476,003
Colorado — 2.5%
Adams & Arapahoe Joint School District 28J Aurora
GO, 5.00%, 12/1/2024		50		52
Adams 12 Five Star Schools, The City & County of Broomfield
GO, 5.50%, 12/15/2030		1,400		1,831
GO, 5.50%, 12/15/2032		625		815
Adams County School District No. 1, Mapleton Public Schools
GO, 4.00%, 12/1/2030		25		29
Arapahoe County School District No. 6 Littleton
Series 2019A, GO, 5.50%, 12/1/2028		40		52
Series 2019A, GO, 5.50%, 12/1/2029		25		33
Board of Governors of Colorado State University System
Series 2019A, Rev., 4.00%, 3/1/2037		50		60
Boulder Larimer and Weld Counties St. Vrain Valley School District Re1J
Series 2016A, GO, 5.00%, 12/15/2028		5,000		5,841
Broadway Park North Metropolitan District No. 2, Limited Tax
GO, 5.00%, 12/1/2040(d)		550		606
Canyon Pines Metropolitan District Special Improvement District No. 1
Series 2021A-2, Rev., 3.75%, 12/1/2040		1,325		1,276
City and County of Broomfield, Sales and Use Tax
COP, 5.00%, 12/1/2025		30		35
City and County of Denver, Airport System
Series 2012A, Rev., AMT, 5.00%, 11/15/2022		25		26
Series 2017A, Rev., AMT, 5.00%, 11/15/2028		1,000		1,223
Series 2017B, Rev., 5.00%, 11/15/2033		25		31
Series 2018A, Rev., AMT, 5.00%, 12/1/2036		2,500		3,482
City of Aurora, First Lien Water, Green Bonds
Rev., 5.00%, 8/1/2024		15		17
City of Colorado Springs, Utilities System Improvement
Series A-1, Rev., 5.00%, 11/15/2023		30		33
City of Commerce City
COP, AGM, 4.00%, 12/15/2037		150		172
City of Englewood
GO, 5.00%, 12/1/2025		45		53
GO, 5.00%, 12/1/2029		15		19
Clear Creek Transit Metropolitan District No. 2, Limited Tax
Series 2021A, GO, 5.00%, 12/1/2041		575		627
Series 2021A, GO, 5.00%, 12/1/2050		500		545
Colorado Crossing Metropolitan District No. 2, Limited Tax
Series 2020A-2, GO, 4.00%, 12/1/2030		1,065		1,118
Series 2020A-1, GO, 5.00%, 12/1/2047		2,000		2,158
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project
Rev., 4.00%, 5/1/2025		25		27
Rev., 4.00%, 5/1/2027		30		33
Rev., 4.00%, 5/1/2029		35		40
Rev., 4.00%, 5/1/2031		30		34
Rev., 4.00%, 5/1/2041		85		95
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project
Rev., 4.00%, 12/1/2030(d)		595		631
Rev., 5.00%, 12/1/2040(d)		555		613

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Colorado Educational and Cultural Facilities Authority, University Denver Project
Rev., NATL-RE, 5.00%, 3/1/2035		5,055		6,857
Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group
Rev., 5.00%, 11/15/2028		30		36
Colorado Health Facilities Authority, Boulder Community Health Project
Rev., 5.00%, 10/1/2033		1,000		1,282
Rev., 5.00%, 10/1/2034		1,100		1,405
Rev., 4.00%, 10/1/2035		725		848
Rev., 4.00%, 10/1/2037		400		466
Rev., 4.00%, 10/1/2038		300		349
Rev., 4.00%, 10/1/2039		270		313
Rev., 4.00%, 10/1/2040		300		348
Colorado Health Facilities Authority, Commonspirit Health
Series A-1, Rev., 5.00%, 8/1/2031		2,500		3,173
Series A-2, Rev., 5.00%, 8/1/2031		1,000		1,270
Series A-1, Rev., 5.00%, 8/1/2032		2,000		2,531
Series A-2, Rev., 5.00%, 8/1/2032		2,000		2,531
Series A-1, Rev., 5.00%, 8/1/2034		1,865		2,346
Series A-2, Rev., 5.00%, 8/1/2034		2,000		2,516
Series A-1, Rev., 5.00%, 8/1/2035		2,500		3,140
Series A-2, Rev., 5.00%, 8/1/2035		2,000		2,512
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project
Series 2015A, Rev., 3.00%, 9/1/2024		235		250
Series 2020A, Rev., 4.00%, 9/1/2045		1,000		1,164
Colorado Health Facilities Authority, School Health System
Series 2013A, Rev., 5.50%, 1/1/2035		4,500		4,955
Colorado Health Facilities Authority, Valley View Hospital Association Project
Rev., 2.80%, 5/15/2023(c)		2,400		2,453
Colorado Mountain College Project
COP, 5.00%, 8/1/2031		30		36
Colorado State Board for Community Colleges and Occupational Educational System
Series 2019A, Rev., 5.00%, 11/1/2025		40		47
County of Adams
COP, 5.00%, 12/1/2031		1,100		1,281
COP, 5.00%, 12/1/2034		500		581
County of Eagle
COP, 5.00%, 12/1/2028		25		29
County of Gunnison
COP, 4.00%, 12/1/2033		50		59
County of Pueblo, Community Improvement Projects
COP, 5.00%, 12/1/2026		50		60
Dawson Ridge Metropolitan District No. 1, Limited Tax
Series A, GO, Zero Coupon, 10/1/2022(b)		10,000		9,974
Debeque School District No. 49JT
GO, 4.00%, 12/1/2024		10		11
Denver Health and Hospital Authority
Series 2019A, Rev., 5.00%, 12/1/2030		1,000		1,271
Series 2019A, Rev., 5.00%, 12/1/2031		1,400		1,771
Series 2019A, Rev., 5.00%, 12/1/2032		1,330		1,683
Series 2019A, Rev., 5.00%, 12/1/2033		1,100		1,388
Douglas County School District No. Re-1 Douglas and Elbert Counties
GO, 5.00%, 12/15/2028		20		26
Ebert Metropolitan District
Series 2018A-2, GO, 5.00%, 12/1/2034		170		211
El Paso County School District No. 3 Widefield
GO, 5.00%, 12/1/2034		50		60
El Paso County School District No. 49 Falcon
Series 2017B, COP, 5.00%, 12/15/2028		25		30
Jefferson Center Metropolitan District No. 1
Series 2020A-2, Rev., 4.13%, 12/1/2040		290		306
Jefferson County School District R-1
COP, 5.00%, 12/15/2028		5		6
Larimer County School District No. R-1 Poudre
GO, 5.00%, 12/15/2037		2,450		3,085
Montrose County School District RE-1J
GO, 5.00%, 12/1/2036		200		239
Peak Metropolitan District No. 1
Series A, GO, 4.00%, 12/1/2035(d)		500		534
Series A, GO, 5.00%, 12/1/2041(d)		500		549
Series A, GO, 5.00%, 12/1/2051(d)		550		599

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Raindance Metropolitan District No. 1, Non-Potable Water System
Rev., 5.00%, 12/1/2040		750		818
Regional Transportation District, Denver Transit Partners
Rev., 5.00%, 7/15/2031		500		647
Rev., 5.00%, 1/15/2032		700		903
Rev., 4.00%, 7/15/2033		1,935		2,400
Rev., 4.00%, 7/15/2034		1,000		1,195
Rev., 4.00%, 7/15/2035		1,000		1,197
Reunion Metropolitan District Series 2021A,
Rev., 3.63%, 12/1/2044		500		497
Rocky Mountain Rail Park Metropolitan District, Limited Tax Series 2021A, GO, 5.00%, 12/1/2031(d)		750		812
Series 2021A, GO, 5.00%, 12/1/2041(d)		750		791
State of Colorado
Series 2018A, COP, 4.00%, 12/15/2034		75		89
State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement
COP, 5.00%, 6/15/2023		45		48
COP, 5.00%, 6/15/2041		1,500		1,736
State of Colorado, Building Excellent Schools Today
Series 2018N, COP, 5.00%, 3/15/2028		75		94
University of Colorado, Enterprise System
Series 2013A, Rev., 5.00%, 6/1/2023		25		27
Series 2014A, Rev., 5.00%, 6/1/2024(b)		60		67
Series 2015A, Rev., 5.00%, 6/1/2025(b)		25		29
Series 2019B, Rev., 5.00%, 6/1/2028		25		31
Series 2017A-1, Rev., 4.00%, 6/1/2032		25		29
University of Northern Colorado, Institutional Enterprise
Series 2018B, Rev., 4.00%, 6/1/2035		250		289
Verve Metropolitan District No. 1
GO, 5.00%, 12/1/2036		500		558
GO, 5.00%, 12/1/2041		1,125		1,243
Weld County School District No. RE-2 Eaton
GO, 5.00%, 12/1/2035		40		52
Windler Public Improvement Authority, Limited Tax
Series 2021 A-1, Rev., 4.00%, 12/1/2031		535		547
Series 2021 A-1, Rev., 4.00%, 12/1/2036		7,500		7,570
Series 2021 A-1, Rev., 4.00%, 12/1/2041		6,750		6,695
Total Colorado				114,552
Connecticut — 1.3%
City of Derby
Series A, GO, 5.00%, 8/1/2027		15		18
City of Milford
Series 2014B, GO, 4.00%, 11/1/2026		50		55
City of Stamford, Water Pollution Control System and Facility
Series 2013A, Rev., 5.50%, 8/15/2023		100		109
Series A, Rev., 5.00%, 8/15/2024		100		108
Series A, Rev., 5.00%, 8/15/2025		350		378
Series 2013A, Rev., 5.00%, 8/15/2026		150		162
Series 2013A, Rev., 5.00%, 8/15/2027		250		269
Series A, Rev., 5.00%, 8/15/2029		300		323
Connecticut State Health and Educational Facilities Authority, Connecticut State University System
Series N, Rev., 5.00%, 11/1/2025		4,165		4,509
Connecticut State Health and Educational Facilities Authority, McLean
Series 2020A, Rev., 5.00%, 1/1/2030(d)		250		284
Series 2020A, Rev., 5.00%, 1/1/2045(d)		500		554
Connecticut State Health and Educational Facilities Authority, Nuvance Health
Series 2019A, Rev., 5.00%, 7/1/2033		2,630		3,290
Connecticut State Health and Educational Facilities Authority, Sacred Heart University
Series K, Rev., 5.00%, 7/1/2032		700		897
Series K, Rev., 5.00%, 7/1/2033		625		800
Series K, Rev., 5.00%, 7/1/2034		725		926

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series K, Rev., 5.00%, 7/1/2035		525		669
Series K, Rev., 5.00%, 7/1/2036		1,000		1,272
Series K, Rev., 5.00%, 7/1/2037		1,750		2,222
Series K, Rev., 5.00%, 7/1/2038		2,750		3,484
Series K, Rev., 5.00%, 7/1/2040		1,600		2,020
Connecticut State Health and Educational Facilities Authority, Trinity College
Series R, Rev., 4.00%, 6/1/2045		2,250		2,643
State of Connecticut
Series 2017A, GO, 5.00%, 4/15/2024		160		177
Series 2019A, GO, 5.00%, 4/15/2028		4,700		5,897
Series 2019A, GO, 5.00%, 4/15/2030		4,000		5,086
Series 2014A, GO, 4.00%, 3/1/2034		40		43
Series 2019A, GO, 5.00%, 4/15/2034		3,450		4,353
Series 2019A, GO, 5.00%, 4/15/2035		2,900		3,654
Series 2016A, GO, 4.00%, 3/15/2036		60		67
Series 2019A, GO, 5.00%, 4/15/2036		2,300		2,892
Series 2017A, GO, 4.00%, 4/15/2037		460		524
Series 2019A, GO, 4.00%, 4/15/2038		3,625		4,275
State of Connecticut Clean Water Fund, State Revolving Fund
Series 2017A, Rev., 4.00%, 5/1/2023		20		21
Series 2015A, Rev., 5.00%, 3/1/2024		70		77
Series 2015A, Rev., 5.00%, 3/1/2025		170		195
State of Connecticut, Special Tax Transportation Infrastructure Purposes
Series 2015A, Rev., 5.00%, 8/1/2026		5,000		5,796
Series 2013A, Rev., 5.00%, 10/1/2029		25		27
Series A, Rev., 5.00%, 9/1/2030		2,000		2,244
Series 2016A, Rev., 5.00%, 9/1/2031		25		30
Series 2015A, Rev., 5.00%, 8/1/2032		15		17
Steel Point Infrastructure Improvement District, Steelpointe Harbor Project
Rev., 4.00%, 4/1/2031(d)		300		330
Rev., 4.00%, 4/1/2036(d)		485		520
Rev., 4.00%, 4/1/2041(d)		550		583
Town of Trumbull
Series B, GO, 5.00%, 9/1/2025		50		58
Total Connecticut				61,858
Delaware — 0.3%
Delaware State Economic Development Authority, Newark Charter School, Inc., Project
Rev., 4.00%, 9/1/2023		355		374
Rev., 4.00%, 9/1/2025		385		426
Rev., 4.00%, 9/1/2030		530		608
Rev., 5.00%, 9/1/2040		1,550		1,924
Rev., 5.00%, 9/1/2050		600		733
Delaware State Economic Development Authority, St. Andrews School Project
Rev., 4.00%, 7/1/2041		5,000		5,929
Delaware Transportation Authority, Transportation System
Rev., 5.00%, 7/1/2023		40		43
Rev., 5.00%, 7/1/2025		25		29
Rev., 5.00%, 7/1/2026		25		30
State of Delaware
Series 2019A, GO, 5.00%, 10/1/2022		45		47
University of Delaware
Rev., 5.00%, 11/1/2035		525		667
Rev., 5.00%, 11/1/2039		875		1,104
Total Delaware				11,914
District of Columbia — 1.1%
District of Columbia
Series 2015A, GO, 5.00%, 6/1/2027		50		58
Series 2018A, GO, 5.00%, 6/1/2027		25		31
Series D, GO, 5.00%, 6/1/2028		1,500		1,842
Series 2016A, GO, 5.00%, 6/1/2029		25		30
Series 2017A, GO, 5.00%, 6/1/2030		1,250		1,527
Series D, GO, 5.00%, 6/1/2030		3,750		4,531
Series D, GO, 5.00%, 6/1/2031		50		60
Series A, GO, 5.00%, 6/1/2035		7,175		8,222
Series A, GO, 5.00%, 6/1/2036		4,200		4,807

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
District of Columbia, Income Tax
Series 2012C, Rev., 4.00%, 12/1/2022		20		21
Series 2012A, Rev., 5.00%, 12/1/2022		20		21
Series 2019C, Rev., 5.00%, 10/1/2031		35		45
Series 2020A, Rev., 5.00%, 3/1/2038		70		90
Series 2020A, Rev., 5.00%, 3/1/2040		210		270
District of Columbia, Kipp DC Project
Rev., 5.00%, 7/1/2023		100		107
Rev., 5.00%, 7/1/2024		100		111
Rev., 5.00%, 7/1/2025		180		206
Series 2017A, Rev., 5.00%, 7/1/2025		100		114
Rev., 5.00%, 7/1/2026		185		217
Rev., 5.00%, 7/1/2027		115		138
Rev., 5.00%, 7/1/2028		250		307
Rev., 5.00%, 7/1/2029		255		319
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien
Series B, Rev., 5.00%, 10/1/2037		100		116
Metropolitan Washington Airports Authority Aviation
Series 2019B, Rev., 5.00%, 10/1/2027		75		93
Series 2017A, Rev., AMT, 5.00%, 10/1/2029		180		219
Metropolitan Washington Airports Authority Dulles Toll Road, Metrorail and Capital Improvement Projects
Series 2019B, Rev., AGM, 4.00%, 10/1/2053		500		570
Washington Convention and Sports Authority, Senior Lien Dedicated Tax
Series 2018A, Rev., 5.00%, 10/1/2025		1,750		2,038
Series A, Rev., 5.00%, 10/1/2026		5,005		6,008
Series A, Rev., 5.00%, 10/1/2027		4,620		5,675
Series 2018A, Rev., 5.00%, 10/1/2028		4,035		4,931
Series A, Rev., 5.00%, 10/1/2029		2,690		3,269
Washington Metropolitan Area Transit Authority
Series B, Rev., 5.00%, 7/1/2029		5		6
Series 2017B, Rev., 5.00%, 7/1/2030		50		61
Series A-1, Rev., 5.00%, 7/1/2030		5,185		6,316
Rev., 5.00%, 7/1/2034		5		6
Series 2017B, Rev., 5.00%, 7/1/2034		75		91
Total District of Columbia				52,473
Florida — 3.0%
Bay County School Board
Series 2020A, COP, AGM, 5.00%, 7/1/2032		825		1,066
Series 2020A, COP, AGM, 5.00%, 7/1/2033		675		870
Series 2020A, COP, AGM, 5.00%, 7/1/2034		1,000		1,283
Brevard County Health Facilities Authority, Health First, Inc., Project
Rev., 5.00%, 4/1/2022		1,000		1,016
Rev., 5.00%, 4/1/2024		1,400		1,549
Broward County. Water & Sewer Utility
Series B, Rev., 5.00%, 10/1/2025		35		41
Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities
Series 2020A-1, Rev., 5.00%, 10/1/2024		550		608
Series 2020A-1, Rev., 5.00%, 10/1/2025		1,000		1,136
Series 2020A-1, Rev., 5.00%, 10/1/2026		1,000		1,164
Series 2020A-1, Rev., 5.00%, 10/1/2027		1,000		1,189
Series 2020A-1, Rev., 5.00%, 10/1/2028		1,000		1,211
City of Gainesville, Utilities System
Series 2017A, Rev., 5.00%, 10/1/2037		120		147
City of Jacksonville
Series 2016A, Rev., 5.00%, 10/1/2027		100		121
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation Project
Rev., 4.00%, 11/1/2036		500		582
Rev., 4.00%, 11/1/2037		1,040		1,207
Rev., 4.00%, 11/1/2038		1,085		1,257
Rev., 4.00%, 11/1/2039		1,650		1,907
Rev., 4.00%, 11/1/2040		2,170		2,505
City of Pompano Beach
GO, 5.00%, 7/1/2023		30		32
GO, 5.00%, 7/1/2030		110		139
City of Tallahassee, Utility System
Rev., 5.00%, 10/1/2023		50		54
City of Tampa, H. Lee Moffitt Cancer Center Project
Series 2020B, Rev., 5.00%, 7/1/2026		100		119
Series 2020B, Rev., 5.00%, 7/1/2027		125		153

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2020B, Rev., 5.00%, 7/1/2028		230		288
Series 2020B, Rev., 5.00%, 7/1/2029		225		287
Series 2020B, Rev., 5.00%, 7/1/2030		250		325
Series 2020B, Rev., 5.00%, 7/1/2031		325		419
Series 2020B, Rev., 5.00%, 7/1/2032		250		321
Series 2020B, Rev., 5.00%, 7/1/2033		250		321
Series 2020B, Rev., 5.00%, 7/1/2034		300		384
Series 2020B, Rev., 5.00%, 7/1/2035		300		384
Series 2020B, Rev., 5.00%, 7/1/2036		500		638
Series 2020B, Rev., 4.00%, 7/1/2038		185		217
Series 2020B, Rev., 4.00%, 7/1/2039		1,600		1,874
Series 2020B, Rev., 5.00%, 7/1/2040		2,340		2,954
Series 2020B, Rev., 4.00%, 7/1/2045		7,400		8,517
City of West Palm Beach, Special Obligation
Series C, Rev., 5.00%, 10/1/2028		25		30
County of Broward, Airport System
Series 2019A, Rev., AMT, 5.00%, 10/1/2027		1,850		2,259
County of Broward, Professional Sports Facilities, Civic Arena Project
Rev., 5.00%, 9/1/2024		40		43
County of Escambia, Sales Tax
Rev., 5.00%, 10/1/2025		15		17
County of Lee, Transportation Facilities
Rev., AGM, 5.00%, 10/1/2035		190		213
County of Manatee
Rev., 5.00%, 10/1/2026		25		27
County of Manatee, Public Utilities
Rev., 5.00%, 10/1/2028		535		664
Rev., 5.00%, 10/1/2031		815		1,002
County of Martin, Half-Cent Sales Tax
Rev., 5.00%, 7/1/2022		25		26
County of Miami-Dade, Aviation
Rev., AMT, 5.00%, 10/1/2028		1,500		1,678
Rev., 5.00%, 10/1/2029		900		1,077
Series B, Rev., 5.00%, 10/1/2029		1,250		1,405
County of Miami-Dade, Building Better Communities Program
Series A, GO, 5.00%, 7/1/2033		2,835		3,369
Series 2016A, GO, 5.00%, 7/1/2034		5,355		6,356
County of Miami-Dade, Capital Asset Acquisition
Series 2019B, Rev., 5.00%, 4/1/2040		45		56
County of Miami-Dade, Public Health Trust Program
Series A, GO, 5.00%, 7/1/2036		3,000		3,826
County of Miami-Dade, Subordinate Special Obligation
Rev., 5.00%, 10/1/2028		120		144
County of Miami-Dade, Transit System, Sales Surtax
Rev., 5.00%, 7/1/2022		90		92
Rev., 4.00%, 7/1/2034		35		40
Rev., 5.00%, 7/1/2034		475		605
County of Miami-Dade, Water and Sewer System
Rev., 5.00%, 10/1/2033		25		31
Series 2017A, Rev., 4.00%, 10/1/2037		40		47
Series 2017A, Rev., 4.00%, 10/1/2039		50		59
Series 2019B, Rev., 5.00%, 10/1/2044		40		50
County of Palm Beach, Airport System
Rev., AMT, 5.00%, 10/1/2036		500		593
County of Palm Beach, Public Improvement
Rev., 5.00%, 5/1/2038		1,545		1,807
County of Polk, Utility System
Rev., 5.00%, 10/1/2030		50		66
County of Sarasota, Guaranteed Entitlement
Rev., 4.50%, 10/1/2023(b)		25		27
County of Sarasota, Utility System
Series 2019A, Rev., 5.00%, 10/1/2038		35		44
East Central Regional Wastewater Treatment Facilities Operation Board, Biosolids Project
Rev., 5.00%, 10/1/2023		40		43
Escambia County Health Facilities Authority, Baptist Health Care Corp., Obligated Group
Series 2020A, Rev., 5.00%, 8/15/2040		3,600		4,466
Florida Atlantic University Finance Corp., Student Housing Project
Series 2019A, Rev., 5.00%, 7/1/2027		300		366
Series 2019B, Rev., 5.00%, 7/1/2032		1,715		2,169
Series 2019B, Rev., 5.00%, 7/1/2033		1,475		1,858

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Florida Department of Environmental Protection
Series 2017A, Rev., 5.00%, 7/1/2028		40		50
Florida Department of Management Services
Series 2018A, COP, 5.00%, 11/1/2026		20		24
Florida Development Finance Corp., Educational Facilities, Renaissance Charter School, Inc. Project
Series 2020C, Rev., 4.00%, 9/15/2030(d)		235		255
Series 2020C, Rev., 5.00%, 9/15/2040(d)		525		587
Florida Development Finance Corp., Imagine School at Broward Project
Series A, Rev., 2.63%, 12/15/2024(d)		275		280
Series A, Rev., 4.00%, 12/15/2029(d)		265		293
Series A, Rev., 5.00%, 12/15/2039(d)		305		357
Florida Development Finance Corp., Mater Academy Project
Series 2020A, Rev., 4.00%, 6/15/2025(d)		455		501
Series 2020A, Rev., 5.00%, 6/15/2026(d)		370		431
Series 2020A, Rev., 5.00%, 6/15/2027(d)		390		465
Series 2020A, Rev., 5.00%, 6/15/2028(d)		410		486
Series 2020A, Rev., 5.00%, 6/15/2029(d)		400		472
Series 2020A, Rev., 5.00%, 6/15/2030(d)		375		441
Series 2020A, Rev., 5.00%, 6/15/2035(d)		1,000		1,166
Florida Development Finance Corp., The Mayflower Retirement Community Project
Series 2021B2, Rev., 1.75%, 6/1/2026(d)		925		923
Series 2021B1, Rev., 2.38%, 6/1/2027(d)		730		732
Florida Gulf Coast University Financing Corp., Housing Project
Series 2019A, Rev., 5.00%, 2/1/2026		125		146
Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology
Rev., 5.00%, 10/1/2022		110		114
Rev., 5.00%, 10/1/2023		125		135
Greater Orlando Aviation Authority, Airport Facilities
Series 2019A, Rev., AMT, 5.00%, 10/1/2038		1,810		2,263
Halifax Hospital Medical Center
Rev., 5.00%, 6/1/2022		25		26
Hillsborough County, Aviation Authority, Tampa International Airport
Series 2018F, Rev., 5.00%, 10/1/2043		150		187
JEA Electric System
Series D, Rev., 5.00%, 4/1/2023(b)		10		11
Series A, Rev., 5.00%, 10/1/2023(b)		1,395		1,514
Key West Utility Board, Electric System
Rev., 5.00%, 10/1/2027		45		55
Lee County School Board (The)
Series 2016A, COP, 5.00%, 8/1/2035		25		29
Lee Memorial Health System
Series 2019A-1, Rev., 5.00%, 4/1/2028		3,375		4,192
Series 2019A-1, Rev., 5.00%, 4/1/2029		2,500		3,176
Manatee County School District, Sales Tax
Rev., AGM, 5.00%, 10/1/2023		50		54
Orange County School Board
Series 2016C, COP, 5.00%, 8/1/2033		40		47
Orlando Utilities Commission, Utility System
Series 2012A, Rev., 5.00%, 10/1/2023		25		27
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group
Series 2020B, Rev., 4.00%, 11/15/2041		250		288
Series 2020B, Rev., 5.00%, 11/15/2042		500		605
Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Raton Expansion
Rev., 2.63%, 6/1/2025		4,185		4,267
Rev., 4.00%, 6/1/2026(f)		300		318
Rev., 3.00%, 6/1/2027		7,780		8,036
Rev., 4.00%, 6/1/2031(f)		1,250		1,329
Rev., 4.00%, 6/1/2036(f)		1,600		1,684
Palm Beach County School District
Series C, COP, 5.00%, 8/1/2029		16,000		20,032
School Board of Miami-Dade County (The)
Series 2015A, COP, 5.00%, 5/1/2030		70		80

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
School District of Broward County
Series 2019A, COP, 5.00%, 7/1/2029		35		45
Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning
Series 2021A, Rev., 4.00%, 6/15/2036(d)		155		177
Series 2021A, Rev., 4.00%, 6/15/2041(d)		215		241
South Florida Water Management District
COP, 5.00%, 10/1/2036		125		146
St. Johns County Industrial Development Authority, Vicar’s Landing Project
Series 2021A, Rev., 4.00%, 12/15/2025		180		197
Series 2021A, Rev., 4.00%, 12/15/2026		185		205
Series 2021A, Rev., 4.00%, 12/15/2027		215		241
Series 2021A, Rev., 4.00%, 12/15/2028		200		226
Series 2021A, Rev., 4.00%, 12/15/2030		200		225
Series 2021A, Rev., 4.00%, 12/15/2031		205		229
Series 2021A, Rev., 4.00%, 12/15/2036		500		553
Series 2021A, Rev., 4.00%, 12/15/2041		375		411
State of Florida Board of Education, Public Education Capital Outlay
Series 2012C, GO, 5.00%, 6/1/2023		40		41
Series 2015F, GO, 5.00%, 6/1/2026		25		29
State of Florida Department of Education
Series 2018A, Rev., 5.00%, 7/1/2024		1,025		1,142
Series A, Rev., 5.00%, 7/1/2025		2,375		2,738
Series A, Rev., 5.00%, 7/1/2026		3,385		4,022
State of Florida Department of Transportation Turnpike System
Series 2013A, Rev., 5.00%, 7/1/2022		35		36
Series 2013B, Rev., 5.00%, 7/1/2022		75		77
Series 2013A, Rev., 5.00%, 7/1/2023		30		32
Series 2016A, Rev., 5.00%, 7/1/2023		20		22
Series 2019A, Rev., 5.00%, 7/1/2024		25		28
Tohopekaliga Water Authority, Utility System
Rev., 4.00%, 10/1/2022		25		26
Rev., 4.00%, 10/1/2034		30		34
Volusia County Educational Facility Authority, Embry-Riddle Aeronautical University, Inc., Project
Series 2020A, Rev., 4.00%, 10/15/2035		400		465
Series 2020A, Rev., 4.00%, 10/15/2036		500		581
Wildwood Utility Dependent District, South Sumter Utility Project
Rev., 5.00%, 10/1/2028		150		187
Rev., 5.00%, 10/1/2029		150		192
Rev., 5.00%, 10/1/2031		250		333
Total Florida				139,799
Georgia — 1.8%
Albany-Dougherty Inner City Authority, State University Projects
Rev., 5.00%, 7/1/2029		1,050		1,324
Rev., 5.00%, 7/1/2030		1,155		1,479
Rev., 5.00%, 7/1/2031		425		542
Athens-Clarke County Unified Government, Sales Tax
GO, 5.00%, 12/1/2028		300		382
Cherokee County Board of Education, School System
GO, 5.00%, 8/1/2031		725		867
GO, 5.00%, 8/1/2032		750		895
GO, 5.00%, 8/1/2033		690		824
Cherokee County Water and Sewer Authority
Rev., 5.00%, 8/1/2032		25		30
City of Atlanta, Water and Wastewater
Series 2013B, Rev., 5.00%, 11/1/2023		30		33
Rev., 5.00%, 11/1/2029		2,110		2,427
Rev., 5.00%, 11/1/2030		4,250		4,894
City of Columbus, Water and Sewerage
Series 2014A, Rev., 5.00%, 5/1/2027		445		494
Series 2014A, Rev., 5.00%, 5/1/2028		595		660
Rev., 5.00%, 5/1/2031		280		332
Rev., 5.00%, 5/1/2034		350		414
Rev., 5.00%, 5/1/2035		350		414
Clayton County Development Authority, Clayton State University
Rev., 5.00%, 7/1/2029		175		224
Rev., 5.00%, 7/1/2030		200		262
Rev., 5.00%, 7/1/2031		175		234
Rev., 5.00%, 7/1/2032		205		273
Rev., 5.00%, 7/1/2033		250		333
Rev., 5.00%, 7/1/2035		270		357

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project
Series 2020A, Rev., 4.00%, 4/1/2032		400		479
Series 2020A, Rev., 4.00%, 4/1/2033		500		597
Series 2020A, Rev., 4.00%, 4/1/2034		350		418
Series 2020A, Rev., 4.00%, 4/1/2035		250		298
Series 2020A, Rev., 4.00%, 4/1/2036		505		600
Series 2020A, Rev., 3.00%, 4/1/2037		700		762
Series 2020A, Rev., 4.00%, 4/1/2039		475		560
Series 2020A, Rev., 3.00%, 4/1/2045		1,785		1,901
County of DeKalb, Water and Sewerage
Series B, Rev., 5.25%, 10/1/2022		4,810		5,013
Series B, Rev., 5.25%, 10/1/2023		8,660		9,443
Series 2006B, Rev., 5.25%, 10/1/2026		5,500		6,693
DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta, Inc.
Series 2019B, Rev., 5.00%, 7/1/2032		50		64
Forsyth County School District
GO, 5.00%, 2/1/2022		30		30
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project
Series 2017A, Rev., 5.00%, 2/15/2028		115		139
George L Smith II Congress Center Authority, Convention Center Hotel First
Series 2021A, Rev., 2.38%, 1/1/2031		500		521
Series 2021A, Rev., 4.00%, 1/1/2036		500		578
George L Smith II Congress Center Authority, Convention Center Hotel Second
Series 2021B, Rev., 3.63%, 1/1/2031(d)		1,170		1,273
Series 2021B, Rev., 5.00%, 1/1/2036(d)		1,000		1,193
Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects
Rev., 5.00%, 6/15/2023		645		691
Rev., 5.00%, 6/15/2024		580		646
Rev., 5.00%, 6/15/2025		650		750
Rev., 5.00%, 6/15/2026		500		595
Rev., 5.00%, 6/15/2027		500		610
Rev., 5.00%, 6/15/2028		500		625
Rev., 5.00%, 6/15/2029		500		639
Rev., 5.00%, 6/15/2030		500		635
Rev., 5.00%, 6/15/2031		800		1,013
Rev., 3.00%, 6/15/2032		1,175		1,304
Rev., 5.00%, 6/15/2033		1,660		2,087
Rev., 5.00%, 6/15/2034		1,125		1,409
Rev., 5.00%, 6/15/2035		1,250		1,563
Rev., 4.00%, 6/15/2036		1,000		1,172
Rev., 4.00%, 6/15/2037		1,500		1,754
Rev., 4.00%, 6/15/2039		1,785		2,074
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project
Rev., 4.00%, 8/1/2035		500		595
Rev., 4.00%, 8/1/2036		375		444
Rev., 4.00%, 8/1/2037		495		585
Henry County, Water and Sewerage Authority
Rev., AGM-CR ,BHAC-CR,NATL-RE, 5.25%, 2/1/2028		5,000		6,321
Rev., AGM-CR ,BHAC-CR,NATL-RE, 5.25%, 2/1/2029		25		32
Main Street Natural Gas, Inc.
Series 2021C, Rev., 4.00%, 12/1/2026		1,300		1,491
Series 2021C, Rev., 4.00%, 12/1/2027		1,225		1,428
Newton County School District
Series 2012A, GO, 5.00%, 4/1/2022		40		41
Polk School District, Sales Tax
GO, 5.00%, 3/1/2025		360		413
Private Colleges and Universities Authority, Emory University
Series 2019A, Rev., 5.00%, 9/1/2028		40		51
Series A, Rev., 5.00%, 10/1/2043		2,005		2,149
State of Georgia
Series E, GO, 5.00%, 12/1/2023		20		22
Series A-2, GO, 5.00%, 2/1/2029		5,020		6,097
Total Georgia				85,492
Hawaii — 0.5%
City and County Honolulu, Wastewater System
Series 2019A, Rev., 4.00%, 7/1/2025		25		28

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City and County of Honolulu
Series 2019D, GO, 5.00%, 8/1/2023		20		22
Series 2017D, GO, 5.00%, 9/1/2023		20		22
Series B, GO, 5.00%, 10/1/2027		8,695		10,136
Series C, GO, 5.00%, 10/1/2027		3,000		3,497
State of Hawaii
Series FE, GO, 5.00%, 10/1/2027		1,315		1,587
Series FG, GO, 5.00%, 10/1/2028		2,500		3,010
Series FW, GO, 5.00%, 1/1/2032		5,000		6,322
Total Hawaii				24,624
Idaho — 0.2%
Idaho Housing and Finance Association, Federal Highway Trust
Series A, Rev., 5.00%, 7/15/2025		2,550		2,949
Series A, Rev., 5.00%, 7/15/2026		4,800		5,724
Total Idaho				8,673
Illinois — 5.5%
Champaign County Community Unit School District No. 4 Champaign, School Building
GO, 5.00%, 1/1/2031		305		357
Chicago O’Hare International Airport, General Airport, Senior Lien
Series C, Rev., 5.00%, 1/1/2022		195		196
City of Altamont, Electric Ars
Series 2019B, GO, 3.00%, 1/1/2024		35		37
City of Aurora
Series 2015-C, GO, 3.00%, 12/30/2022		100		103
City of Chicago, Motor Fuel Tax
Rev., 5.00%, 1/1/2022		20		20
City of Chicago, Pilsen Redevelopment Project
Series 2014A, Rev., 5.00%, 6/1/2022		1,000		1,019
City of Chicago, Wastewater Transmission, Second Lien
Rev., 5.00%, 1/1/2022		700		703
City of Chicago, Waterworks, Second Lien
Rev., 5.00%, 11/1/2022		600		626
Rev., 5.00%, 11/1/2027		1,000		1,121
Rev., 5.00%, 11/1/2030		500		557
City of Country Club Hills
GO, 4.00%, 12/1/2021		40		40
City of Decatur
GO, AGM, 5.00%, 3/1/2028		15		17
City of Rockford, Sales Tax
GO, 4.00%, 12/15/2027		255		298
GO, 4.00%, 12/15/2029		515		608
GO, 4.00%, 12/15/2030		360		416
City of Springfield, Electric System, Senior Lien
Rev., 5.00%, 3/1/2027		4,500		5,126
Rev., 5.00%, 3/1/2028		4,000		4,550
Rev., AGM, 3.50%, 3/1/2030		3,500		3,723
Cook County School District No. 111 Burbank
GO, AGM, 4.00%, 12/1/2035		50		57
Cook County School District No. 122, Ridgeland, Capital Appreciation
GO, AGM-CR, NATL-RE, Zero Coupon, 12/1/2021(b)		5,000		5,000
Cook County Township High School District No. 225, Glenbrook
Series 2016A, GO, 5.00%, 12/1/2024		15		17
County of Cook, Sales Tax
Rev., 5.00%, 11/15/2031		3,600		4,431
County of Du Page, Courthouse Project
GO, 5.00%, 1/1/2028		255		301
GO, 5.00%, 1/1/2029		730		862
County of Will
GO, 4.00%, 11/15/2036		60		67
Du Page Cook and Will Counties Community College District No. 502
GO, 5.00%, 6/1/2023		25		27
DuPage and Cook Counties Community Consolidated School District No. 181 Hinsdale
Rev., 5.00%, 12/1/2025		25		29
Series 2018A, GO, 4.00%, 1/15/2032		25		28
DuPage County Community Unit School District No. 200 Wheaton-Warrenville
GO, 5.00%, 10/1/2025		30		35
DuPage County High School District No. 87 Glenbard
GO, 5.00%, 1/1/2028		25		28
Illinois Finance Authority, Advocate Health and Hospital Corp. Obligated Group
Series 2013A, Rev., 5.00%, 6/1/2023		20		21
Rev., 4.13%, 5/1/2025(b)		5		6
Rev., 4.13%, 5/1/2025		5		6
Rev., 4.13%, 5/1/2045		30		33
Illinois Finance Authority, Clean Water Initiative Revolving Fund
Rev., 5.00%, 7/1/2039		80		101

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Illinois Finance Authority, Plymouth Place, Inc.
Series 2021A, Rev., 5.00%, 5/15/2032		140		170
Series 2021A, Rev., 5.00%, 5/15/2033		145		176
Series 2021A, Rev., 5.00%, 5/15/2034		300		362
Series 2021A, Rev., 5.00%, 5/15/2035		315		378
Series 2021A, Rev., 5.00%, 5/15/2036		325		388
Illinois Finance Authority, Riverside Health System
Rev., 4.00%, 11/15/2030		45		50
Illinois Finance Authority, Rush University Medical Center Obligated Group
Series 2015A, Rev., 5.00%, 11/15/2024		1,000		1,130
Illinois Finance Authority, Social Bonds-Learn Chapter School Project
Rev., 4.00%, 11/1/2026		75		85
Rev., 4.00%, 11/1/2027		75		86
Rev., 4.00%, 11/1/2028		120		139
Rev., 4.00%, 11/1/2029		120		140
Rev., 4.00%, 11/1/2030		130		154
Rev., 4.00%, 11/1/2031		130		155
Rev., 4.00%, 11/1/2041		375		436
Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc.
Series C, Rev., 5.00%, 3/1/2025		400		457
Illinois Finance Authority, Township High School District
Rev., 4.00%, 12/1/2035		40		48
Illinois Sports Facilities Authority (The), State Tax
Rev., 5.00%, 6/15/2028		2,000		2,479
Rev., 5.00%, 6/15/2029		2,500		3,164
Rev., 5.00%, 6/15/2030		1,500		1,866
Illinois State Toll Highway Authority
Series 2019C, Rev., 5.00%, 1/1/2028		25		31
Series 2015B, Rev., 5.00%, 1/1/2029		35		41
Series 2019C, Rev., 5.00%, 1/1/2029		7,500		9,489
Series 2016B, Rev., 5.00%, 1/1/2030		30		36
Series 2019C, Rev., 5.00%, 1/1/2030		19,000		24,503
Series 2019C, Rev., 5.00%, 1/1/2031		11,050		14,160
Series 2016A, Rev., 5.00%, 12/1/2031		30		35
Kane Cook and DuPage Counties School District No. U-46 Elgin
Series 2015D, GO, 5.00%, 1/1/2034		1,700		1,855
Kane County Community Unit School District No. 304 Geneva
GO, 5.00%, 1/1/2029		20		24
Kane County School District No. 131 Aurora East Side
Series 2020A, GO, AGM, 4.00%, 12/1/2028		65		77
Series 2020A, GO, AGM, 4.00%, 12/1/2029		65		77
Series 2020B, GO, AGM, 4.00%, 12/1/2029		40		47
Series 2020A, GO, AGM, 4.00%, 12/1/2030		75		88
Series 2020A, GO, AGM, 4.00%, 12/1/2031		100		117
Series 2020A, GO, AGM, 4.00%, 12/1/2032		115		134
Series 2020A, GO, AGM, 4.00%, 12/1/2033		130		152
Series 2020A, GO, AGM, 4.00%, 12/1/2034		230		268
Series 2020A, GO, AGM, 4.00%, 12/1/2035		280		325
Series 2020A, GO, AGM, 4.00%, 12/1/2036		250		290
Lake County Community Consolidated School District No. 3 Beach Park
GO, AGM, 4.00%, 2/1/2030		730		859
GO, AGM, 4.00%, 2/1/2031		830		973
GO, AGM, 4.00%, 2/1/2032		535		625
GO, AGM, 4.00%, 2/1/2033		500		582
McHenry County Community Consolidated School District No. 47 Crystal Lake
Rev., 4.00%, 2/1/2028		25		29
Northern Illinois University, Auxiliary Facilities System
Series 2020B, Rev., 5.00%, 4/1/2027		550		660
Series 2020B, Rev., 5.00%, 4/1/2028		650		798
Series 2020B, Rev., 5.00%, 4/1/2029		425		533
Series 2020B, Rev., 5.00%, 4/1/2030		250		319
Series 2020B, Rev., 5.00%, 4/1/2032		650		824
Series 2020B, Rev., 5.00%, 4/1/2033		675		855
Series 2020B, Rev., 5.00%, 4/1/2034		475		600
Regional Transportation Authority
Series 2002A, Rev., NATL-RE, 6.00%, 7/1/2029		55		73

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Sales Tax Securitization Corp.
Series 2017A, Rev., 5.00%, 1/1/2027		90		108
Series C, Rev., 5.50%, 1/1/2030		18,250		23,642
Series C, Rev., 5.50%, 1/1/2031		26,360		34,039
Series C, Rev., 5.25%, 1/1/2034		22,520		28,539
Southwestern Illinois Development Authority, Flood Prevention District Council Project
Rev., 5.00%, 4/15/2030		625		803
State of Illinois
GO, 5.00%, 5/1/2022		160		163
Series 2018A, GO, 5.00%, 10/1/2022		180		187
GO, 5.00%, 3/1/2023		10		10
GO, 5.00%, 5/1/2023		120		128
Series 2018A, GO, 4.00%, 5/1/2024		50		54
Series D, GO, 5.00%, 11/1/2024		15,715		17,658
GO, 5.00%, 1/1/2025		700		791
GO, 5.00%, 3/1/2025		5,600		5,665
GO, 5.00%, 8/1/2025		25		26
GO, 5.00%, 2/1/2026		4,900		5,713
GO, 5.00%, 3/1/2026		5,910		5,977
Series 2017D, GO, 5.00%, 11/1/2026		5,175		6,141
GO, 5.00%, 6/1/2027		25		29
GO, 5.00%, 1/1/2028		150		174
GO, 4.13%, 3/1/2028		30		30
GO, 4.50%, 2/1/2029		450		487
Series A, GO, 5.00%, 5/1/2030		35		42
GO, 4.13%, 11/1/2031		40		45
GO, 4.00%, 6/1/2032		100		111
Series 2021A, GO, 4.00%, 3/1/2038		2,250		2,630
GO, 5.00%, 2/1/2039		2,255		2,450
Series 2021A, GO, 4.00%, 3/1/2039		2,100		2,449
State of Illinois, Sales Tax
Rev., 5.00%, 6/15/2023		40		43
Series D, Rev., 5.00%, 6/15/2024		40		44
Village of Bolingbrook
Series 2014A, GO, AGM, 5.00%, 1/1/2032		150		170
Village of Bolingbrook, Capital Appreciation
Series C, GO, NATL-RE, Zero Coupon, 1/1/2023		2,195		2,177
Village of Bolingbrook, Will and Dupage Counties, Special Service Areas Numbers 2001-1, 2001-2, 2001-3, and 2002-1
Rev., AGM, 4.00%, 3/1/2026		620		700
Rev., AGM, 4.00%, 3/1/2027		375		432
Rev., AGM, 4.00%, 3/1/2028		1,000		1,156
Village of Westmont
GO, 4.00%, 1/1/2027		45		52
Will County Community Unit School District No. 365-U Valley View
GO, 4.00%, 1/1/2030		975		1,098
GO, 4.00%, 1/1/2033		1,000		1,124
GO, 3.00%, 7/1/2036		1,700		1,796
Will County Forest Preservation District, Limited Tax
GO, 5.00%, 12/15/2031		500		652
GO, 5.00%, 12/15/2032		500		651
GO, 5.00%, 12/15/2033		710		922
GO, 5.00%, 12/15/2034		915		1,183
Will Grundy Etc Counties Community College District No. 525, Joliet Junior College
GO, 5.00%, 1/1/2026		40		47
Total Illinois				252,246
Indiana — 1.5%
Brownsburg 1999 School Building Corp., Ad Valorem Property Tax First Mortgage
Rev., 5.00%, 1/15/2028		10		12
Carmel Redevelopment Authority, Option Income Tax Lease Rental
Series 2014B, Rev., 5.00%, 7/1/2023		25		27
Center Grove Multi-Facility School Building Corp., Ad Valorem Property Tax First Mortgage
Series 2020C, Rev., 5.50%, 1/10/2030		655		856
City of Evansville, Waterworks District
Series 2014B, Rev., 5.00%, 1/1/2022(b)		375		376
Series 2014B, Rev., 5.00%, 1/1/2022(b)		325		326
City of Fishers
Series 2018C, GO, 5.00%, 1/1/2026		40		47
City of Franklin, Otterbeit Homes
Series B, Rev., 5.00%, 7/1/2025		1,500		1,724
Series B, Rev., 5.00%, 7/1/2027		500		605
Series B, Rev., 5.00%, 7/1/2030		670		842
Series B, Rev., 5.00%, 7/1/2032		735		916
Series B, Rev., 4.00%, 7/1/2034		805		933
Series B, Rev., 4.00%, 7/1/2035		685		792

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of Goshen, Multi-Family, Green Oaks of Goshen Project
Series 2021A, Rev., 5.00%, 8/1/2041(d)		750		745
City of Greensburg, Sewage Works
Rev., 3.00%, 5/1/2025		100		108
City of Jeffersonville, Vivera Senior Living of Jeffersonville Project
Series 2020A, Rev., 5.25%, 11/1/2040(d)		4,560		4,709
City of Rockport, Indiana Michigan Power Co. Project
Series A, Rev., 3.05%, 6/1/2025		11,600		12,473
East Allen Multi School Building Corp., Indiana Ad Valorem Property Tax, First Mortgage
Rev., 5.00%, 1/15/2038		25		30
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project
Rev., 5.00%, 8/1/2024		1,095		1,200
Rev., 5.00%, 2/1/2025		500		548
Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage
Rev., 4.00%, 7/15/2033		245		280
Rev., 4.00%, 1/15/2035		550		622
Hamilton Southeastern Consolidated School Building Corp., Ad Valorem Property Tax First Mortgage
Series B-2, Rev., 4.00%, 7/15/2023		5		5
Rev., 5.00%, 1/15/2026		30		35
Hobart Building Corp., Ad Valorem Property Tax First Mortgage
Rev., 5.00%, 1/15/2029		65		77
Huntington Countywide School Building Corp., Ad Valorem Property Tax First Mortgage
Rev., 5.00%, 1/15/2035		35		44
Indiana Bond Bank, Hamilton County Projects
Series 2019B, Rev., Zero Coupon, 7/15/2024		220		216
Series 2019B, Rev., Zero Coupon, 1/15/2025		200		196
Series 2019B, Rev., Zero Coupon, 7/15/2025		450		437
Series 2019B, Rev., Zero Coupon, 1/15/2026		370		357
Series 2019B, Rev., Zero Coupon, 7/15/2026		370		354
Series 2019B, Rev., Zero Coupon, 1/15/2027		325		308
Series 2019B, Rev., Zero Coupon, 7/15/2027		320		300
Series 2019B, Rev., Zero Coupon, 1/15/2028		450		418
Series 2019B, Rev., Zero Coupon, 7/15/2028		450		413
Series 2019B, Rev., Zero Coupon, 1/15/2029		560		508
Series 2019B, Rev., Zero Coupon, 7/15/2029		735		657
Series 2019B, Rev., Zero Coupon, 1/15/2030		750		657
Series 2019B, Rev., Zero Coupon, 7/15/2030		740		636
Indiana Bond Bank, Special Program, Columbus Learning Center Project
Series 2012C, Rev., 5.00%, 8/1/2022		20		20
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project
Series 2020A, Rev., 4.00%, 7/1/2030		110		122
Indiana Finance Authority, Educational Facilities, Valparaiso University Project
Rev., 5.00%, 10/1/2024		1,000		1,110
Rev., 5.00%, 10/1/2025		675		772
Rev., 4.00%, 10/1/2034		170		201
Rev., 4.00%, 10/1/2035		415		490
Indiana Finance Authority, First Lien Wastewater, CWA Authority Project
Series 2016A, Rev., 5.00%, 10/1/2036		70		84
Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group
Series 2016B, Rev., 5.00%, 11/1/2026		10		12
Series 2017B, Rev., 5.00%, 11/1/2032		25		30
Indiana Finance Authority, Goshen Health
Series 2019A, Rev., 5.00%, 11/1/2029		125		156
Series A, Rev., 5.00%, 11/1/2030		500		622
Series A, Rev., 5.00%, 11/1/2031		1,020		1,266
Series A, Rev., 5.00%, 11/1/2032		530		654
Series A, Rev., 5.00%, 11/1/2033		1,110		1,369
Series A, Rev., 5.00%, 11/1/2034		760		935
Series A, Rev., 5.00%, 11/1/2035		665		815
Series A, Rev., 4.00%, 11/1/2036		230		264

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series A, Rev., 4.00%, 11/1/2037		335		383
Series A, Rev., 4.00%, 11/1/2038		340		388
Series A, Rev., 4.00%, 11/1/2039		355		405
Indiana Finance Authority, Green Bonds
Series 2019A, Rev., 5.00%, 2/1/2033		30		38
Series 2019A, Rev., 5.00%, 2/1/2034		35		45
Indiana Finance Authority, Marion General Hospital, Inc.
Series 2021A, Rev., 4.00%, 7/1/2032		135		163
Indiana Finance Authority, Rose-Hulman Institute of Technology Project
Rev., 5.00%, 6/1/2030		110		141
Rev., 5.00%, 6/1/2032		70		89
Rev., 4.00%, 6/1/2034		120		141
Indiana Finance Authority, State Revolving Fund Program
Series 2011A, Rev., 5.00%, 2/1/2022(b)		5,205		5,247
Series C, Rev., 5.00%, 2/1/2023(b)		3,000		3,167
Series 2017B, Rev., 5.00%, 2/1/2026		20		24
Series A, Rev., 5.00%, 2/1/2027		1,000		1,141
Series 2018A, Rev., 5.00%, 2/1/2035		100		124
Indiana Housing and Community Development Authority, Vita of Marion Project
Series 2021B, Rev., 4.00%, 4/1/2024		500		506
Series 2021A, Rev., 5.00%, 4/1/2031(d)		665		691
Series 2021A, Rev., 5.25%, 4/1/2041(d)		1,875		1,973
Indiana University
Series A, Rev., 5.00%, 6/1/2022(b)		1,000		1,024
Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project
Series 2019A, Rev., 5.00%, 2/1/2032		225		285
Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project
Series 2017C, Rev., 5.00%, 1/1/2035		195		239
Indianapolis Local Public Improvement Bond Bank, Stormwater Project
Series 2013D, Rev., 5.00%, 1/1/2024		1,250		1,315
Michigan City School Building Corp., Ad Valorem Property Tax First Mortgage
Series 2016A, Rev., 5.00%, 1/15/2025		4,925		5,492
MSD Warren Township Vision 2005 School Building Corp., First Mortgage, Ad Valorem Property Tax
Rev., 4.00%, 7/10/2032		25		30
North Adams Community Schools Renovation Building Corp., First Mortgage, Ad Valorem Property Tax
Rev., 5.00%, 7/15/2032		25		31
Northern Wells Multi-School Building Corp., Ad Valorem Property Tax, First Mortgage
Rev., 4.00%, 7/15/2035		50		57
Perry Central Multi-School Building Corp., Ad Valorem Property Tax First Mortgage
Rev., 5.00%, 1/15/2031(f)		200		258
Rev., 5.00%, 7/15/2031(f)		205		267
Perry Township Multi School Building Corp., Ad Valorem Property Tax First Mortgage
Series 2012B, Rev., 5.00%, 7/15/2022		25		26
Plainfield High School Building Corp., Ad Valorem Property Tax First Mortgage Refunding
Rev., 5.00%, 7/15/2023		750		807
Rev., 5.00%, 7/15/2024		1,255		1,400
Series 2019A, Rev., 5.00%, 7/15/2028		30		37
Purdue University, Student Fee
Series DD, Rev., 5.00%, 7/1/2026		1,000		1,200
Valparaiso Multi-Schools Building Corp., Unlimited AD Valorem Property Tax First Mortgage
Rev., 4.00%, 1/15/2024		50		54
Vinton-Tecumseh School Building Corp., Ad Valorem Property Tax First Mortgage
Rev., 5.00%, 7/15/2032		265		345
Yorktown Redevelopment Authority, Ad Valorem Property Tax Lease
Rev., 4.00%, 1/15/2026		35		40
Total Indiana				70,284

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Iowa — 0.3%
City of Cedar Rapids, Sewer
Series 2019C, Rev., 4.00%, 6/1/2031		25		29
City of Des Moines, Capital Loan Notes
Series 2014E, GO, 5.00%, 6/1/2022		30		31
County of Linn
COP, 4.00%, 6/1/2030		490		565
COP, 4.00%, 6/1/2032		1,455		1,670
COP, 4.00%, 6/1/2033		1,615		1,852
COP, 4.00%, 6/1/2034		700		802
COP, 4.00%, 6/1/2035		575		658
Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project
Rev., 3.00%, 9/1/2022		315		317
Rev., 4.00%, 9/1/2025		115		120
Rev., 5.00%, 9/1/2026		85		93
Rev., 5.00%, 9/1/2028		200		223
Rev., 5.00%, 9/1/2030		110		122
Rev., 5.00%, 9/1/2031		100		110
Rev., 5.00%, 9/1/2036		440		481
Iowa Finance Authority, State Revolving Fund
Rev., 5.00%, 8/1/2026(b)		5,220		6,279
Rev., 5.00%, 8/1/2027		30		35
Rev., 5.00%, 8/1/2031		30		38
Iowa Finance Authority, Unitypoint Health
Series 2016E, Rev., 5.00%, 8/15/2023		435		470
State of Iowa, IJOBS Program, Special Obligation
Series 2016A, Rev., 5.00%, 6/1/2023		35		37
State of Iowa, Special Obligation
Rev., 5.00%, 6/15/2024		200		223
Waukee Community School District
Series 2016B, GO, 5.00%, 6/1/2022		20		20
Total Iowa				14,175
Kansas — 0.6%
Butler County, Unified School District No. 385 Andover, School Building
GO, 5.00%, 9/1/2027(b)		790		980
City of Manhattan, Meadowlark Hills
Series 2021A, Rev., 4.00%, 6/1/2026		315		344
Series 2021A, Rev., 4.00%, 6/1/2027		330		364
Series 2021A, Rev., 4.00%, 6/1/2028		300		333
Series 2021A, Rev., 4.00%, 6/1/2036		500		552
Series 2021A, Rev., 4.00%, 6/1/2046		500		542
City of Wichita, Airport Bonds
Series 2015A, GO, 4.00%, 12/1/2040		25		28
Johnson and Miami Counties Unified School District No. 230 Spring Hills
Series 2018-A, GO, 4.00%, 9/1/2033		2,965		3,441
Riley County Unified School District No. 383, Manhattan-Ogden
Series 2018A, GO, 5.00%, 9/1/2032		40		49
Series 2018A, GO, 5.00%, 9/1/2034		60		73
State of Kansas Department of Transportation
Series 2018A, Rev., 5.00%, 9/1/2023		20		22
Series 2015B, Rev., 5.00%, 9/1/2029		5,150		5,974
Series B, Rev., 5.00%, 9/1/2030		8,025		9,310
Series B, Rev., 5.00%, 9/1/2035		4,625		5,360
Wyandotte County Unified School District No. 203 Piper
Series A, GO, 5.00%, 9/1/2041		1,000		1,236
Series 2018A, GO, 5.00%, 9/1/2042		30		37
Total Kansas				28,645
Kentucky — 1.3%
City of Hazard, Appalachian Regional Healthcare Project
Rev., 4.00%, 7/1/2035		1,300		1,557
Rev., 4.00%, 7/1/2037		1,000		1,193
Rev., 4.00%, 7/1/2038		1,040		1,238
County of Carroll, Kentucky Environmental Facilities
Series A, Rev., AMT, 2.00%, 2/1/2032		11,025		11,352
Series B, Rev., AMT, 2.13%, 10/1/2034		7,440		7,690
Jefferson County Kentucky Capital Projects Corp.
Series A, Rev., AGM, 4.25%, 6/1/2022		1,000		1,003
Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group
Series B, Rev., 5.00%, 8/15/2028		2,885		3,527
Kentucky Economic Development Finance Authority, Commonspirit Health
Series A-1, Rev., 5.00%, 8/1/2031		1,250		1,588

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series A-1, Rev., 5.00%, 8/1/2032		1,000		1,265
Series A-1, Rev., 5.00%, 8/1/2035		500		628
Kentucky Economic Development Finance Authority, Owensboro Health, Inc.
Series 2017A, Rev., AGM, 4.00%, 6/1/2037		1,750		1,947
Series A, Rev., 5.00%, 6/1/2037		2,795		3,282
Kentucky Public Energy Authority, Gas Supply
Series A, Rev., 4.00%, 4/1/2024(c)		6,450		6,921
Series 2019C, Rev., 4.00%, 2/1/2028(c)		15,000		17,373
Kentucky State Property & Building Commission, Project No. 84
Rev., NATL-RE, 5.00%, 8/1/2022		1,175		1,212
Total Kentucky				61,776
Louisiana — 0.9%
City of Alexandria
Series 2013A, Rev., 5.00%, 5/1/2023(b)		1,400		1,494
City of Shreveport, Water and Sewer
Series 2016B, Rev., 5.00%, 12/1/2031		75		90
City of Shreveport, Water and Sewer, Junior Lien
Series 2018C, Rev., 5.00%, 12/1/2023		370		404
Series C, Rev., 5.00%, 12/1/2024		510		578
Series 2018C, Rev., 5.00%, 12/1/2025		835		976
Series 2018C, Rev., 5.00%, 12/1/2026		500		603
Series 2018C, Rev., 5.00%, 12/1/2028		400		505
Series 2019B, Rev., AGM, 5.00%, 12/1/2029		300		378
Series C, Rev., 5.00%, 12/1/2029		1,500		1,883
Series 2019B, Rev., AGM, 5.00%, 12/1/2030		500		629
Series 2019B, Rev., AGM, 5.00%, 12/1/2031		500		628
Series 2019B, Rev., AGM, 5.00%, 12/1/2032		445		560
Series 2019B, Rev., AGM, 4.00%, 12/1/2033		325		375
Louisiana Public Facilities Authority, Lincoln Preparatory School Project
Series 2021A, Rev., 5.00%, 6/1/2031(d)		450		502
Series 2021A, Rev., 5.00%, 6/1/2041(d)		525		573
Louisiana Public Facilities Authority, Materra Campus Project
Series 2021C, Rev., 4.00%, 6/1/2031(d)(f)		245		257
Series 2021A, Rev., 4.00%, 6/1/2041(d)(f)		1,330		1,380
Series 2021C, Rev., 4.00%, 6/1/2041(d)(f)		440		456
Louisiana Public Facilities Authority, Mentorship Steam Academy Project
Series 2021A, Rev., 5.00%, 6/1/2036(d)		385		420
Series 2021A, Rev., 5.00%, 6/1/2042(d)		440		473
Series 2021A, Rev., 5.00%, 6/1/2051(d)		705		751
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project
Rev., 5.00%, 5/15/2026		20		24
Rev., 5.00%, 5/15/2031		875		1,128
Rev., 5.00%, 5/15/2032		900		1,158
Rev., 5.00%, 5/15/2033		700		899
Rev., 5.00%, 5/15/2034		875		1,121
Louisiana Public Facilities Authority, Tulane University Project
Series 2016A, Rev., 5.00%, 12/15/2027		160		192
Series 2020A, Rev., 5.00%, 4/1/2032		150		192
Series 2020A, Rev., 5.00%, 4/1/2034		500		640
Louisiana State University, Agricultural and Mechanical College, Auxiliary Facilities System
Rev., 3.75%, 7/1/2036		75		79
State of Louisiana
Series 2012C, GO, 5.00%, 7/15/2022		15		15
Series 2019A, Rev., 5.00%, 9/1/2022		30		31
Series 2019A, GO, 5.00%, 3/1/2035		13,000		16,379
Series 2019A, GO, 5.00%, 3/1/2038		3,470		4,348
Total Louisiana				40,121
Maine — 0.1%
City of Portland
GO, 5.00%, 4/1/2024		25		28
Maine Health and Higher Educational Facilities Authority, John F Murphy Homes, Inc.
Series 2019B, Rev., 4.00%, 7/1/2036		25		29

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Maine Health and Higher Educational Facilities Authority, Mainehealth
Series 2020A, Rev., 5.00%, 7/1/2033		1,000		1,293
Series 2020A, Rev., 5.00%, 7/1/2034		1,000		1,290
Series 2020A, Rev., 5.00%, 7/1/2035		500		644
Series 2020A, Rev., 4.00%, 7/1/2036		950		1,128
Maine Municipal Bond Bank
Series C, Rev., 5.00%, 11/1/2034		660		810
Maine Municipal Bond Bank, Transcap Program
Series 2015A, Rev., 5.00%, 9/1/2024		70		79
University of Maine
Rev., AGM, 4.00%, 3/1/2027		100		110
Total Maine				5,411
Maryland — 4.1%
City of Baltimore, Consolidated Public Improvement
Series 2017B, GO, 5.00%, 10/15/2027		2,000		2,485
City of Baltimore, Wastewater Projects
Series 2017A, Rev., 5.00%, 7/1/2041		13,845		16,698
County of Anne Arundel, Consolidated General Improvements
GO, 5.00%, 10/1/2026		6,285		7,600
GO, 5.00%, 10/1/2027		6,000		7,454
GO, 5.00%, 10/1/2034		3,360		4,026
GO, 5.00%, 10/1/2035		2,395		2,870
GO, 5.00%, 10/1/2037		3,400		4,075
County of Anne Arundel, Consolidated Water and Sewer
GO, 5.00%, 10/1/2026		2,260		2,733
GO, 5.00%, 10/1/2027		2,260		2,809
GO, 5.00%, 10/1/2034		1,875		2,246
GO, 5.00%, 10/1/2035		1,925		2,306
County of Baltimore, Consolidated Public Improvement
GO, 5.00%, 8/1/2026		1,400		1,626
GO, 5.00%, 3/1/2028		4,930		6,199
GO, 5.00%, 3/1/2029		5,540		6,934
GO, 5.00%, 3/1/2030		6,335		7,885
County of Baltimore, Metropolitan District, 2019 Crossover
GO, 5.00%, 11/1/2024		25		28
County of Baltimore, Metropolitan District, 80th Issue
GO, 5.00%, 3/1/2027		4,830		5,912
GO, 5.00%, 3/1/2029		5,500		6,884
GO, 5.00%, 3/1/2030		5,665		7,051
GO, 5.00%, 3/1/2031		6,125		7,636
County of Howard, Consolidated Public Improvement
Series 2018A, GO, 5.00%, 2/15/2027		5,435		6,644
Series A, GO, 5.00%, 2/15/2029		6,605		8,258
Series D, GO, 5.00%, 2/15/2030		4,780		5,949
Series 2017D, GO, 4.00%, 2/15/2032		40		47
County of Montgomery, Consolidated Public Improvement
Series 2017C, GO, 5.00%, 10/1/2026		5,000		6,046
Series A, GO, 5.00%, 11/1/2026		4,150		5,031
County of Montgomery, Department of Liquor Control
Series 2019A, Rev., 5.00%, 4/1/2027		75		92
County of Prince George’s, Consolidated Public Improvement
Series 2018A, GO, 5.00%, 7/15/2029		10		13
Maryland Economic Development Corp., Port Covington Project
Rev., 4.00%, 9/1/2040		875		999
Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue
Rev., 3.25%, 7/1/2039		175		193
Rev., 4.00%, 7/1/2040		215		254
Rev., 4.00%, 7/1/2045		800		932
Rev., 4.00%, 7/1/2050		1,295		1,494
Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue
Rev., 4.00%, 7/1/2035		1,000		1,112
Rev., 4.00%, 7/1/2036		1,000		1,113
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue
Series 2017A, Rev., 5.00%, 5/15/2045		1,205		1,456
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project
Rev., 5.00%, 6/1/2029		150		187
Rev., 5.00%, 6/1/2031		175		226
Rev., 5.00%, 6/1/2033		200		257
Rev., 4.00%, 6/1/2034		350		413
Rev., 4.00%, 6/1/2035		475		558
Rev., 4.00%, 6/1/2037		445		522
Rev., 4.00%, 6/1/2039		465		543
Rev., 4.00%, 6/1/2040		250		291
State of Maryland, Department of Transportation
Rev., 5.00%, 10/1/2027		2,000		2,413

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
State of Maryland, State and Local Facilities Loan of 2017
Series 2017A, GO, 5.00%, 3/15/2024		40		44
Series A, GO, 5.00%, 3/15/2028		5,280		6,439
Series A, GO, 4.00%, 3/15/2030		22,225		25,911
Series A, GO, 5.00%, 3/15/2031		1,920		2,342
State of Maryland, State and Local Facilities Loan of 2018
Series A, GO, 5.00%, 3/15/2029		4,225		5,293
Washington Suburban Sanitary District, Consolidated Public Improvement
Rev., GTD, 4.00%, 6/1/2025		40		45
Rev., GTD, 5.00%, 6/1/2030		25		32
Total Maryland				190,606
Massachusetts — 3.2%
City of Westfield, Municipal Purpose Loan
GO, 5.00%, 10/15/2022		25		26
GO, 5.00%, 3/1/2024		20		22
City of Woburn
GO, 5.00%, 7/15/2027		45		56
Commonwealth of Massachusetts
Series B, GO, 5.25%, 8/1/2023		10,000		10,833
Series 2006B, GO, AGM, 5.25%, 9/1/2023		15		16
Series 2016A, GO, 5.00%, 7/1/2026		45		54
Series 2018B, GO, 5.00%, 7/1/2026		45		54
Series 2019A, GO, 5.00%, 1/1/2027		25		30
Series 2017D, GO, 5.00%, 7/1/2027		45		56
Series A, GO, 5.00%, 7/1/2027		25		31
Series A, GO, 5.00%, 7/1/2036		3,535		4,086
Commonwealth of Massachusetts Federal Highway, Accelerated Bridge Program
Series 2013A, Rev., GAN, 5.00%, 6/15/2022(b)		20		21
Commonwealth of Massachusetts, Consolidated Loan
Series E, GO, AMBAC, 5.00%, 11/1/2025		5,000		5,872
Commonwealth of Massachusetts, Consolidated Loan of 2014
Series 7, GO, 5.00%, 7/1/2024		40		45
Commonwealth of Massachusetts, Consolidated Loan of 2015
Series 2015D, GO, 4.00%, 9/1/2029		9,460		10,616
Commonwealth of Massachusetts, Consolidated Loan of 2016
Series A, GO, 5.00%, 3/1/2031		2,250		2,483
Series A, GO, 5.00%, 3/1/2032		1,000		1,103
Series J, GO, 4.00%, 12/1/2039		13,125		15,057
Commonwealth of Massachusetts, Consolidated Loan of 2017
Series A, GO, 5.00%, 4/1/2032		9,145		11,131
Series 2017A, GO, 5.00%, 4/1/2033		10,000		12,174
Series 2017D, GO, 5.00%, 2/1/2036		40		49
Commonwealth of Massachusetts, Consolidated Loan of 2018
Series 2018B, GO, 5.00%, 1/1/2027		10,000		12,166
Series 2018A, GO, 5.00%, 1/1/2040		35		43
Commonwealth of Massachusetts, Consolidated Loan of 2020
Series 2020A, GO, 5.00%, 3/1/2023		20		21
Commonwealth of Massachusetts, Transportation Fund
Series 2016A, Rev., 5.00%, 6/1/2027		15		18
Essex North Shore Agricultural and Technical School District, State Qualified School Bonds
GO, 4.00%, 6/1/2043		35		39
Massachusetts Bay Transportation Authority Assessment
Series A, Rev., 5.25%, 7/1/2025		2,250		2,636
Series A, Rev., 5.25%, 7/1/2027		10,530		13,166
Massachusetts Bay Transportation Authority, Sales Tax
Series 2004A, Rev., 5.50%, 7/1/2024		25		28
Series B, Rev., NATL-RE, 5.50%, 7/1/2026		5		6
Series 2015A, Rev., 5.00%, 7/1/2027		25		29
Series 2017A-2, Rev., 5.00%, 7/1/2027		25		31
Series 2005A, Rev., 5.00%, 7/1/2028		25		32

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series A, Rev., 5.25%, 7/1/2029		5,000		6,555
Series A, Rev., 5.00%, 7/1/2031		1,255		1,695
Series A-1, Rev., 5.25%, 7/1/2033		5,000		7,146
Massachusetts Clean Water Trust (The), Revolving Funds
Series 21, Rev., 5.00%, 8/1/2031		110		138
Series 22, Rev., 5.00%, 8/1/2033		25		32
Massachusetts Development Finance Agency, Mass General Brigham Issue
Series 2020A-2, Rev., 5.00%, 7/1/2029		75		96
Massachusetts Development Finance Agency, Milford Regional Medical Center
Series G, Rev., 5.00%, 7/15/2023(d)		120		128
Series G, Rev., 5.00%, 7/15/2024(d)		130		143
Series G, Rev., 5.00%, 7/15/2025(d)		120		136
Series G, Rev., 5.00%, 7/15/2027(d)		320		379
Series G, Rev., 5.00%, 7/15/2029(d)		600		738
Series G, Rev., 5.00%, 7/15/2031(d)		675		845
Series G, Rev., 5.00%, 7/15/2032(d)		400		500
Massachusetts Development Finance Agency, Suffolk University Issue
Rev., 5.00%, 7/1/2029		440		550
Rev., 5.00%, 7/1/2030		720		896
Rev., 5.00%, 7/1/2031		620		766
Rev., 5.00%, 7/1/2032		770		949
Rev., 5.00%, 7/1/2033		800		984
Rev., 5.00%, 7/1/2034		550		675
Massachusetts Development Finance Agency, Umass Memorial Healthcare
Series 2016I, Rev., 5.00%, 7/1/2029		145		170
Massachusetts Development Finance Agency, Wellforce Issue
Series 2020C, Rev., AGM, 5.00%, 10/1/2028		1,165		1,458
Series 2020C, Rev., AGM, 5.00%, 10/1/2029		665		849
Series 2020C, Rev., AGM, 5.00%, 10/1/2030		675		879
Series 2020C, Rev., AGM, 5.00%, 10/1/2031		635		824
Series 2020C, Rev., AGM, 5.00%, 10/1/2033		1,290		1,669
Series 2020C, Rev., AGM, 5.00%, 10/1/2034		1,175		1,516
Series 2020C, Rev., AGM, 3.00%, 10/1/2045		1,770		1,893
Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology
Series M, Rev., 5.25%, 7/1/2025		4,070		4,769
Massachusetts School Building Authority, Dedicated Sales Tax
Series 2015B, Rev., 5.00%, 1/15/2025		40		46
Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured
Series A, Rev., 5.00%, 1/1/2028		3,765		4,701
Series 2019C, Rev., 5.00%, 1/1/2035		40		50
Massachusetts Water Resources Authority
Series B, Rev., AGM, 5.25%, 8/1/2023		20		22
Series B, Rev., AGM, 5.25%, 8/1/2024		3,110		3,513
Series C, Rev., 5.00%, 8/1/2030		55		68
Series B, Rev., AGM, 5.25%, 8/1/2036		20		31
Town of Longmeadow
GO, 5.00%, 6/1/2025		25		29
Town of South Hadley, Municipal Purpose Loan
Series 2017A, GO, 4.00%, 6/15/2022		40		41
Town of Southwick, Municipal Purpose Loan
GO, 5.00%, 12/15/2028		25		31
Town of Stoughton, Municipal Purpose Loan
GO, 5.00%, 10/15/2022		35		36
GO, 4.00%, 10/15/2038		50		59
University of Massachusetts Building Authority
Series 2019-1, Rev., 5.00%, 5/1/2035		105		133
Total Massachusetts				148,168
Michigan — 1.0%
Bath Community Schools, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2025		100		111

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Bendle Public School District, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2035		40		44
Cadillac Area Public Schools, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2041		45		56
Caledonia Community Schools, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2044		70		75
Charter Township of Meridian, Unlimited Tax
GO, 5.00%, 10/1/2023		30		33
City of Grand Rapids, Sanitary Sewer System
Series A, Rev., AGM-CR ,BHAC-CR, FGIC, 5.50%, 1/1/2022		1,115		1,120
Rev., 5.00%, 1/1/2026		25		29
Rev., 5.00%, 1/1/2027		400		472
Rev., 5.00%, 1/1/2028		325		383
Rev., 5.00%, 1/1/2029		350		411
Rev., 5.00%, 1/1/2032		750		877
Rev., 5.00%, 1/1/2033		1,400		1,634
Rev., 5.00%, 1/1/2036		185		236
Rev., 4.00%, 1/1/2037		500		594
Rev., 5.00%, 1/1/2038		35		43
County of Genesee, Water Supply System
GO, 5.00%, 2/1/2024		90		99
Dansville Schools, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2039		25		28
Forest Hills Public Schools, Unlimited Tax
GO, 5.00%, 5/1/2023		20		21
Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project
Rev., 4.00%, 5/15/2027		2,645		2,965
Rev., 5.00%, 5/15/2037		4,575		5,334
Grand Rapids Public Schools, Unlimited Tax
GO, AGM, 5.00%, 11/1/2030		1,350		1,703
GO, AGM, 5.00%, 11/1/2032		1,500		1,888
GO, AGM, 5.00%, 11/1/2034		1,045		1,311
GO, AGM, 5.00%, 11/1/2035		1,500		1,879
Grosse Pointe Public School System
GO, 5.00%, 5/1/2035		45		57
Hartford Public Schools, School Building and Site, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2037		35		39
Holland School District
GO, AGM, 4.00%, 5/1/2035		25		27
Holt Public Schools, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2028		45		56
Hudsonville Public Schools, Unlimited Tax
Series 2020-I, GO, Q-SBLF, 5.00%, 5/1/2031		25		33
Huron School District, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2044		35		43
Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project
Rev., 2.63%, 5/15/2025		1,150		1,151
Rev., 2.88%, 5/15/2026		1,545		1,552
Lakeview School District, School Building & Site, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2022		90		92
Lansing Community College, Building & Site, Limited Tax
GO, 5.00%, 5/1/2029		60		74
GO, 5.00%, 5/1/2030		600		742
GO, 5.00%, 5/1/2032		635		782
Lapeer Community Schools, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2024		15		17
Lawrence Public Schools, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2026		30		33
Macomb Interceptor Drain Drainage District, Limited Tax
GO, GTD, 5.00%, 5/1/2028		85		107
Michigan Finance Authority, Aqunias College Project
Rev., 4.00%, 5/1/2031		540		568
Michigan Finance Authority, Henry Ford Health System
Rev., 5.00%, 11/15/2023		510		556
Rev., 4.00%, 11/15/2035		1,900		2,137
Michigan Finance Authority, Kettering University Project
Rev., 4.00%, 9/1/2045		500		568
Michigan Finance Authority, Local Government Loan Program, Detroit Water and Sewerage Department Water Supply System Local Project
Series 2014D-4, Rev., 5.00%, 7/1/2034		50		56
Michigan Finance Authority, Trinity Health Credit Group
Rev., 5.00%, 12/1/2021(b)		1,000		1,000
Series 2017MI, Rev., 5.00%, 12/1/2027		50		61
Series 2017A-MI, Rev., 5.00%, 12/1/2029		125		155

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2017A-MI, Rev., 5.00%, 12/1/2035		130		160
Series 2016MI, Rev., 5.25%, 12/1/2041		475		562
Michigan State Hospital Finance Authority, Ascension Health Credit Group
Series B-4, Rev., 5.00%, 11/15/2027		50		57
Michigan Strategic Fund, Community Colleges Skilled Trades Equipment Program
Rev., 5.00%, 3/1/2025		315		359
Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project
Rev., AMT, 4.00%, 10/1/2026(c)		1,125		1,256
Michigan Strategic Fund, Holland Home Obligated Group
Rev., 4.00%, 11/15/2022		185		190
Rev., 4.00%, 11/15/2023		185		195
Rev., 4.00%, 11/15/2024		585		631
Rev., 5.00%, 11/15/2029		1,700		1,997
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project
Rev., 5.00%, 5/15/2037		2,360		2,751
North Branch Area Schools, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2023		20		21
Novi Community School District, School Building and Site, Unlimited Tax
Series 2020-I, GO, 5.00%, 5/1/2030		30		39
Ottawa County Board of County Road Commissioners, Michigan Transportation Fund Notes
Rev., 5.00%, 8/1/2025		25		29
Plymouth-Canton Community School District
Series 2015B, GO, AGM, 4.00%, 5/1/2035		50		56
Roseville Community Schools, School Building and Site, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2028		25		31
South Lyon Community Schools, School Building and Site
GO, 4.00%, 5/1/2038		25		27
State of Michigan, Environmental Program
Series 2016A, GO, 5.00%, 12/1/2023		20		22
Series A, GO, 5.00%, 12/1/2028		4,300		4,878
University of Michigan
Rev., 5.00%, 4/1/2028		25		30
Series 2019A, Rev., 5.00%, 4/1/2029		25		32
Rev., 5.00%, 4/1/2031		15		18
Rev., 5.00%, 4/1/2033		2,190		2,583
Utica Community Schools, School Building and Site, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2028		25		31
Warren Consolidated Schools, School Building and Site, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2034		25		29
Waterford School District
GO, Q-SBLF, 4.00%, 5/1/2032		40		45
Total Michigan				47,281
Minnesota — 0.5%
Circle Pines Independent School District No. 12
Series 2015A, GO, Zero Coupon, 2/1/2023		800		797
City of Brainerd
Series 2016A, GO, 5.00%, 10/1/2024		10		11
City of Brooklyn Park
Series 2018A, GO, 5.00%, 2/1/2026		1,005		1,186
City of Hastings
Series 2019A, GO, 5.00%, 2/1/2030		70		86
City of Minneapolis, Health Care System, Fairview Health Services
Series A, Rev., 4.00%, 11/15/2037		6,230		7,112
Series A, Rev., 4.00%, 11/15/2038		750		856
Series 2018A, Rev., 4.00%, 11/15/2048		2,000		2,261
Series A, Rev., 5.00%, 11/15/2049		1,000		1,223
City of New Hope, Capital Improvement Plan
Series 2017A, GO, 5.00%, 2/1/2026		10		12
City of Savage
Series 2019A, GO, 4.00%, 2/1/2029		25		29
City of Woodbury, Charter School Lease
Rev., 3.00%, 12/1/2030		250		263
Rev., 4.00%, 12/1/2040		200		219

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of Woodbury, Charter School Lease, Woodbury Leadership Academy Project
Series 2021A, Rev., 4.00%, 7/1/2031		355		398
Series 2021A, Rev., 4.00%, 7/1/2041		445		490
Clearbrook-Gonvick Independent School District No. 2311
Series 2019A, GO, 5.00%, 2/1/2024		120		132
County of Douglas, Law Enforcement Center
Series 2019B, GO, 5.00%, 2/1/2028		5		6
Duluth Economic Development Authority, Benedictine Health System
Series 2021A, Rev., 4.00%, 7/1/2031		800		872
Series 2021A, Rev., 4.00%, 7/1/2036		1,500		1,619
Series 2021A, Rev., 4.00%, 7/1/2041		930		998
Duluth Independent School District No. 709
Series 2019B, COP, 5.00%, 2/1/2023		190		199
Series 2019B, COP, 5.00%, 2/1/2024		215		234
Series 2019B, COP, 5.00%, 2/1/2025		190		215
Series 2019B, COP, 5.00%, 2/1/2026		200		232
Series 2019B, COP, 5.00%, 2/1/2027		185		221
Series 2019B, COP, 5.00%, 2/1/2028		175		214
Hutchinson Independent School District No. 423
Series 2016A, GO, 5.00%, 2/1/2026		10		12
Itasca County Independent School District No. 318, School Building, Minnesota School District Credit Enhancement Program
Series 2018A, GO, 5.00%, 2/1/2030		1,400		1,677
Lakeville Independent School District No. 194
Series 2020B, COP, 4.00%, 4/1/2026		140		160
Mahnomen Independent School District No. 432
Series A, GO, 2.00%, 2/1/2029		25		25
Minneapolis-St. Paul Metropolitan Airports Commission
Series 2019C, Rev., 5.00%, 1/1/2026		100		117
Series A, Rev., 5.00%, 1/1/2026		25		29
Series A, Rev., 5.00%, 1/1/2027		85		103
Series A, Rev., 5.00%, 1/1/2032		35		42
Series 2019A, Rev., 5.00%, 1/1/2034		50		63
Minnesota Higher Education Facilities Authority, Carleton College
Rev., 5.00%, 3/1/2027		725		878
Minnesota Municipal Power Agency
Series 2014A, Rev., 5.00%, 10/1/2024		10		11
State of Minnesota, Various Purpose
Series 2017A, GO, 5.00%, 10/1/2029		65		80
Series 2019A, GO, 5.00%, 8/1/2035		30		39
Total Minnesota				23,121
Mississippi — 1.1%
City of Tupelo
GO, 4.00%, 12/1/2024		165		182
GO, 4.00%, 12/1/2025		150		170
GO, 4.00%, 12/1/2027		475		564
GO, 4.00%, 12/1/2030		545		656
Mississippi Development Bank, Department of Corrections Walnut Grove Correctional Facility Refunding Bonds Project
Rev., 5.00%, 8/1/2025		35		40
Mississippi Development Bank, Department of Transportation Special Obligation, Industrial Development Authority
Series 2015A, Rev., 5.00%, 1/1/2026		35		40
Mississippi Development Bank, Northwest Mississippi Community College Improvement Project
Rev., 4.00%, 3/1/2033		205		244
Rev., 4.00%, 3/1/2034		230		273
Rev., 4.00%, 3/1/2036		500		591
Rev., 4.00%, 3/1/2037		730		862
Mississippi Development Bank, Public Improvement
Rev., 4.00%, 3/1/2025		100		110
Mississippi Development Bank, Rankin County Bond Project
Rev., 5.00%, 3/1/2023		30		32
Mississippi Development Bank, Rankin County School District Project
Rev., 3.50%, 6/1/2042		450		488

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Mississippi Development Bank, Rankin County, Mississippi General Obligation Bond Project
Rev., 5.00%, 8/1/2034		350		446
Mississippi State University Educational Building Corp., University Facilities Refinancing
Series 2017A, Rev., 5.00%, 8/1/2028		25		31
Oxford School District
GO, 4.00%, 5/1/2022		10		10
State of Mississippi
Series A, GO, 5.00%, 11/1/2030		1,250		1,508
Series A, GO, 5.00%, 11/1/2031		2,750		3,317
Series 2019B, GO, 5.00%, 10/1/2033		30		39
Series A, GO, 5.00%, 11/1/2034		7,595		9,157
Series A, GO, 4.00%, 11/1/2036		5,030		5,764
Series A, GO, 4.00%, 11/1/2038		21,155		24,193
State of Mississippi, Gaming Tax
Series 2019A, Rev., 5.00%, 10/15/2025		1,005		1,167
Series 2019A, Rev., 5.00%, 10/15/2026		1,500		1,794
Total Mississippi				51,678
Missouri — 1.5%
City of Bridgeton
Series 2021A, Rev., 4.00%, 12/1/2031		115		132
City of Gladstone
Series A, COP, 3.00%, 12/1/2025		5		5
City of Kansas City, Downtown Arena Project
Series E, Rev., 5.00%, 4/1/2028		90		102
Columbia School District
GO, 4.00%, 3/1/2030		1,595		1,839
County of Jackson, Special Obligation
Rev., 4.00%, 12/1/2023		25		27
Fort Zumwalt School District, Missouri Direct Deposit Program
GO, 5.00%, 3/1/2036		40		48
Health and Educational Facilities Authority of the State of Missouri, City Art Institute
Rev., 5.00%, 9/1/2030		210		259
Health and Educational Facilities Authority of the State of Missouri, Coxhealth and Obligated Group
Series 2019A, Rev., 5.00%, 11/15/2032		135		170
Series 2019A, Rev., 5.00%, 11/15/2038		250		312
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects
Series 2019A, Rev., 5.00%, 2/1/2029		550		615
Series 2019A, Rev., 5.00%, 2/1/2042		1,000		1,105
Health and Educational Facilities Authority of the State of Missouri, Mercy Health
Series 2018A, Rev., 5.00%, 6/1/2027		100		122
Health and Educational Facilities Authority of the State of Missouri, SSM Health System
Series 2014A, Rev., 4.00%, 6/1/2023		100		106
Health and Educational Facilities Authority of the State of Missouri, St. Luke’s Health System, Inc.
Rev., 5.00%, 11/15/2034		1,000		1,298
Rev., 5.00%, 11/15/2035		1,350		1,749
Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital
Rev., 5.00%, 9/1/2022		540		556
Rev., 5.00%, 9/1/2024		300		331
Rev., 5.00%, 9/1/2025		315		358
Rev., 5.00%, 9/1/2026		620		723
Rev., 5.00%, 9/1/2029		1,420		1,756
Rev., 5.00%, 9/1/2031		100		123
Jefferson City School District, Missouri Direct Deposit Program
GO, 5.00%, 3/1/2025		35		40
Kansas City Industrial Development Authority, City International Airport Terminal Modernization Project
Series 2019B, Rev., AMT, 5.00%, 3/1/2032		1,250		1,552
Series 2019B, Rev., AMT, 5.00%, 3/1/2033		2,250		2,789
Series 2019C, Rev., 5.00%, 3/1/2033		2,485		3,103
Metropolitan St. Louis Sewer District, Wastewater System Improvement
Series 2017A, Rev., 5.00%, 5/1/2029		6,765		8,283
Series 2015B, Rev., 5.00%, 5/1/2031		530		608
Series B, Rev., 5.00%, 5/1/2032		1,900		2,180
Series B, Rev., 5.00%, 5/1/2033		4,430		5,082
Series B, Rev., 5.00%, 5/1/2034		2,000		2,294
Series B, Rev., 5.00%, 5/1/2035		2,125		2,436

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Missouri Highway and Transportation Commission, First Lien
Series A, Rev., 5.00%, 5/1/2026		25,750		30,701
Missouri State Board of Public Buildings
Series 2018A, Rev., 5.00%, 4/1/2027		25		30
Pattonville-Bridgeton Terrace Fire Protection District
GO, 4.00%, 11/1/2025		25		28
St. Charles County Public Water Supply District No. 2
COP, 5.00%, 12/1/2026		15		18
Total Missouri				70,880
Montana — 0.6%
City of Missoula, Water System
Series 2019A, Rev., 5.00%, 7/1/2026		300		358
Series 2019A, Rev., 5.00%, 7/1/2027		535		655
Series 2019A, Rev., 5.00%, 7/1/2028		480		603
Series 2019A, Rev., 5.00%, 7/1/2029		1,000		1,251
Series 2019A, Rev., 5.00%, 7/1/2030		690		859
Series 2019A, Rev., 5.00%, 7/1/2031		870		1,082
Series 2019A, Rev., 5.00%, 7/1/2032		720		895
Series 2019A, Rev., 5.00%, 7/1/2033		565		701
Series 2019A, Rev., 5.00%, 7/1/2034		545		676
Series 2019A, Rev., 5.00%, 7/1/2035		550		681
Series 2019A, Rev., 5.00%, 7/1/2036		800		989
Series 2019A, Rev., 5.00%, 7/1/2038		850		1,047
Series 2019A, Rev., 5.00%, 7/1/2039		840		1,033
Series 2019A, Rev., 4.00%, 7/1/2044		3,500		4,059
Gallatin County School District No. 44 Belgrade, School Building
GO, 5.00%, 6/1/2027		205		250
GO, 5.00%, 6/1/2028		250		311
GO, 4.00%, 6/1/2029		290		347
GO, 4.00%, 6/1/2030		230		273
GO, 4.00%, 6/1/2031		370		437
GO, 4.00%, 6/1/2032		255		299
GO, 4.00%, 6/1/2033		155		181
GO, 4.00%, 6/1/2034		175		204
GO, 4.00%, 6/1/2035		270		315
GO, 4.00%, 6/1/2036		300		348
GO, 4.00%, 6/1/2037		410		475
GO, 4.00%, 6/1/2038		375		433
GO, 4.00%, 6/1/2039		385		444
Montana Facility Finance Authority, SCL Health System
Series A, Rev., 4.00%, 1/1/2035		4,000		4,746
Series A, Rev., 4.00%, 1/1/2036		3,000		3,551
Series A, Rev., 4.00%, 1/1/2038		960		1,131
Montana State Board of Regents, University of Montana
Series 2019B, Rev., 5.00%, 11/15/2028		55		70
Total Montana				28,704
Nebraska — 1.3%
Central Plains Energy Project, Gas Project No. 3
Rev., 5.25%, 9/1/2022		100		104
Series 2017A, Rev., 5.00%, 9/1/2042		1,500		2,212
Central Plains Energy Project, Gas Project No. 4
Series 2018A, Rev., 5.00%, 1/1/2024(c)		9,000		9,766
City of Columbus, Combined Utilities System
Rev., 5.00%, 6/15/2027		145		177
City of Lincoln, Electric System
Series 2020A, Rev., 5.00%, 9/1/2025		40		47
Series 2020A, Rev., 5.00%, 9/1/2033		30		39
City of Lincoln, Water
Rev., 5.00%, 8/15/2028		105		133
City of Omaha, Sanitary Sewerage System
Rev., 5.00%, 11/15/2031		1,825		2,065
City of Omaha, Various Purpose
GO, 4.00%, 4/15/2034		75		89
County of Cherry, Limited Tax
GO, 3.00%, 12/15/2023		15		16
Douglas County Hospital Authority No. 2, Children’s Hospital Obligated Group
Series 2020A, Rev., 5.00%, 11/15/2024		100		113
Series 2020A, Rev., 5.00%, 11/15/2025		175		204
Series 2020A, Rev., 5.00%, 11/15/2026		400		480
Series 2020A, Rev., 5.00%, 11/15/2027		400		492

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2020A, Rev., 5.00%, 11/15/2028		500		628
Series 2020A, Rev., 5.00%, 11/15/2029		285		364
Series 2020A, Rev., 5.00%, 11/15/2030		225		292
Series 2020A, Rev., 5.00%, 11/15/2031		275		354
Series 2020A, Rev., 5.00%, 11/15/2033		625		801
Series 2020A, Rev., 5.00%, 11/15/2034		600		767
Series 2020A, Rev., 4.00%, 11/15/2035		550		658
Series 2020A, Rev., 4.00%, 11/15/2036		425		508
Series 2020A, Rev., 4.00%, 11/15/2037		525		626
Series 2020A, Rev., 4.00%, 11/15/2038		600		714
Series 2020A, Rev., 4.00%, 11/15/2039		600		712
Douglas County Hospital Authority No. 2, Health Facilities, Nebraska Medicine
Rev., 5.00%, 5/15/2023		75		80
Rev., 5.00%, 5/15/2031		25		30
Douglas County School District, Elkhorn Public Schools
GO, 5.00%, 12/15/2025		160		189
GO, 5.00%, 12/15/2026		400		487
GO, 5.00%, 12/15/2027		175		218
GO, 5.00%, 12/15/2028		180		230
GO, 5.00%, 12/15/2029		250		326
GO, 5.00%, 12/15/2030		450		586
GO, 5.00%, 12/15/2031		325		422
GO, 4.00%, 12/15/2032		165		199
GO, 4.00%, 12/15/2033		185		223
GO, 4.00%, 12/15/2034		350		421
GO, 4.00%, 12/15/2035		350		419
Douglas County, Omaha School District No. 001
GO, 4.00%, 12/15/2041		10,000		11,585
GO, 4.00%, 12/15/2042		10,000		11,561
Lancaster County School District 001
GO, 5.00%, 1/15/2026		1,675		1,975
Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated Group
Series 2019A, Rev., 4.00%, 1/1/2033		150		169
Series 2019A, Rev., 4.00%, 1/1/2035		1,000		1,128
Series 2019A, Rev., 4.00%, 1/1/2036		1,250		1,410
Series 2019A, Rev., 4.00%, 1/1/2038		1,300		1,464
Omaha Public Facilities Corp., Omaha Baseball Stadium Project
Series 2016A, Rev., 5.00%, 6/1/2023		25		27
Omaha Public Power District, Electric System
Series 2019A, Rev., 5.00%, 2/1/2031		35		44
Series 2017A, Rev., 5.00%, 2/1/2035		1,250		1,537
Series A, Rev., 5.00%, 2/1/2036		1,750		2,149
Series A, Rev., 5.00%, 2/1/2037		2,000		2,454
Public Power Generation Agency, Whelan Energy Center Unit 2
Series A, Rev., 5.00%, 1/1/2034		500		593
Total Nebraska				62,287
Nevada — 0.7%
Clark County School District, Limited Tax
Series A, GO, 5.00%, 6/15/2026		2,080		2,474
County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, McCarran International Airport
Series 2019A, Rev., 5.00%, 7/1/2026		110		132
County of Clark, Flood Control Crossover, Limited Tax
GO, 5.00%, 11/1/2024		200		227
County of Clark, Las Vegas Convention and Visitors Authority, Limited Tax
Series 2015A, GO, 4.00%, 7/1/2033		75		83
County of Clark, Limited Tax
Series B, GO, 5.00%, 11/1/2027		15,030		18,164
County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility
Series 2017B, Rev., AMT, 5.00%, 7/1/2024		200		222
Series 2015C, Rev., 5.00%, 7/1/2027		195		240
County of Clark, Southern California Edison Co.
Rev., 2.10%, 6/1/2031		1,215		1,234

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
County of Clark, Stadium Improvement, Limited Tax
Series A, GO, 5.00%, 6/1/2026		1,985		2,371
Series A, GO, 5.00%, 6/1/2027		1,225		1,504
Series A, GO, 5.00%, 6/1/2028		1,165		1,468
Series A, GO, 5.00%, 6/1/2030		4,030		5,020
County of Clark, Transportation Improvement, Limited Tax
Series 2018B, GO, 5.00%, 12/1/2024		40		45
County of Washoe, Fuel Tax
Rev., 5.00%, 2/1/2036		80		100
Rev., 5.00%, 2/1/2042		150		185
Las Vegas Valley Water District, Limited Tax
Series C, GO, 5.00%, 9/15/2023		30		33
Series B, GO, 5.00%, 12/1/2023		45		49
Series 2019A, GO, 5.00%, 6/1/2030		40		51
State of Nevada Highway Improvement, Motor Vehicle Fuel Tax
Rev., 5.00%, 12/1/2031		25		30
State of Nevada, Limited Tax
Series 2015D, GO, 5.00%, 4/1/2023		25		27
Washoe County School District, Limited Tax, School Improvement
Series 2020A, GO, 4.00%, 10/1/2035		45		54
Total Nevada				33,713
New Hampshire — 0.1%
National Finance Authority, St. Luke’s University Health Network Project
Rev., 5.00%, 8/15/2033		2,440		3,173
Rev., 5.00%, 8/15/2034		800		1,036
New Hampshire Municipal Bond Bank
Series 2017B, Rev., 5.00%, 8/15/2023		20		22
Total New Hampshire				4,231
New Jersey — 4.0%
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project
Series 2021A, Rev., AGM, 5.00%, 7/1/2032		100		132
Series 2021A, Rev., AGM, 5.00%, 7/1/2034		60		79
Series 2021A, Rev., AGM, 5.00%, 7/1/2035		75		99
Bergen County Improvement Authority (The)
Rev., GTD, 5.00%, 8/15/2034		50		63
Burlington County Bridge Commission, Governmental Leasing Program
Rev., 5.00%, 4/15/2030		950		1,180
City of Jersey, General Improvement
Series 2017A, GO, 5.00%, 11/1/2026		85		102
County of Middlesex, Redevelopment General Improvement
GO, 4.00%, 1/15/2024		25		27
County of Ocean, General Improvement
GO, 4.00%, 9/1/2023		75		80
Freehold Township Board of Education
GO, 4.00%, 7/15/2025		85		96
Monmouth County Improvement Authority (The), Governmental Pooled Loan Project
Rev., GTD, 5.00%, 12/1/2021		20		20
Rev., GTD, 4.00%, 12/1/2024		35		39
Series 2019A, Rev., 4.00%, 8/1/2035		25		30
Monroe Township Commissioners Fire District No. 3
GO, 5.00%, 10/15/2022		25		26
New Jersey Economic Development Authority, Motor Vehicle Surcharge
Series 2017A, Rev., 4.00%, 7/1/2034		200		224
New Jersey Economic Development Authority, School Facilities Construction
Series LLL, Rev., 5.00%, 6/15/2028		2,750		3,416
Series LLL, Rev., 5.00%, 6/15/2029		1,970		2,488
Rev., 5.00%, 6/15/2033		300		385
Rev., 4.00%, 6/15/2034		500		587
Series 2019-LLL, Rev., 5.00%, 6/15/2034		1,000		1,251
Rev., 4.00%, 6/15/2035		400		469
Rev., 4.00%, 6/15/2036		575		671
Rev., 4.00%, 6/15/2037		640		745
Series EEE, Rev., 5.00%, 6/15/2043		2,000		2,417
New Jersey Economic Development Authority, Transit Transportation Project
Series 2020A, Rev., 4.00%, 11/1/2037		1,500		1,723
Series 2020A, Rev., 4.00%, 11/1/2038		3,250		3,723
New Jersey Educational Facilities Authority, Princeton University
Series 2017 I, Rev., 5.00%, 7/1/2031		40		49

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
New Jersey Educational Facilities Authority, Stevens Institute of Technology
Series 2020A, Rev., 5.00%, 7/1/2032		420		533
Series 2020A, Rev., 5.00%, 7/1/2033		330		418
Series 2020A, Rev., 5.00%, 7/1/2034		265		335
Series 2020A, Rev., 5.00%, 7/1/2035		570		719
Series 2020A, Rev., 5.00%, 7/1/2036		1,095		1,378
New Jersey Transportation Trust Fund Authority
Series 2019BB, Rev., 5.00%, 6/15/2032		2,000		2,469
Series 2020AA, Rev., 4.00%, 6/15/2035		870		1,019
Series 2020AA, Rev., 4.00%, 6/15/2036		2,000		2,336
Series 2020AA, Rev., 4.00%, 6/15/2037		3,000		3,494
Series 2020AA, Rev., 4.00%, 6/15/2038		1,000		1,163
Series 2020AA, Rev., 4.00%, 6/15/2045		5,000		5,702
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series A, Rev., 5.00%, 6/15/2024		10,880		12,100
Series A, Rev., 5.00%, 6/15/2029		10,000		11,756
Series 2018A, Rev., 5.00%, 6/15/2030		6,850		8,036
Series A, Rev., 5.00%, 6/15/2031		5,000		5,852
New Jersey Transportation Trust Fund Authority, Transportation Program
Series 2013AA, Rev., 5.00%, 6/15/2036		5,000		5,320
New Jersey Transportation Trust Fund Authority, Transportation System
Series B, Rev., AMBAC, 5.25%, 12/15/2022		5,000		5,255
Series 2012A, Rev., 5.00%, 6/15/2042		500		513
Passaic Valley Water Commission, Water Supply System
Rev., AGM, 5.00%, 12/15/2021		25		25
Rutgers The State University of New Jersey
Series 2016M, Rev., 5.00%, 5/1/2030		100		118
State of New Jersey, COVID-19 Emergency Bonds
GO, 4.00%, 6/1/2031		19,000		23,370
GO, 4.00%, 6/1/2032		38,140		47,410
Tobacco Settlement Financing Corp.
Series A, Rev., 5.00%, 6/1/2023		3,000		3,204
Series A, Rev., 5.00%, 6/1/2024		3,645		4,050
Series A, Rev., 5.00%, 6/1/2025		3,500		4,022
Series A, Rev., 5.00%, 6/1/2026		3,500		4,143
Series A, Rev., 5.00%, 6/1/2028		3,000		3,732
Series A, Rev., 5.00%, 6/1/2029		4,500		5,562
Series A, Rev., 4.00%, 6/1/2037		1,000		1,142
Township of Harrison
GO, 4.00%, 8/1/2023		25		27
Township of Hazlet
GO, 4.00%, 8/1/2023		25		26
Township of Montclair, General Improvement
Series 2017A, GO, 4.00%, 3/1/2024		35		38
Township of Moorestown, General Improvement and Water Sewer Utility
GO, 5.00%, 2/1/2028		30		38
Township of Mount Laurel
GO, 4.00%, 4/15/2023		25		26
Total New Jersey				185,452
New Mexico — 0.2%
Albuquerque Municipal School District No. 12, School Building
GO, 5.00%, 8/1/2030		800		998
GO, 5.00%, 8/1/2031		850		1,060
GO, 5.00%, 8/1/2032		1,050		1,307
GO, 5.00%, 8/1/2033		1,385		1,721
GO, 5.00%, 8/1/2035		1,980		2,454
Baltimore County, Gross Receipts Tax
Series B, Rev., NATL-RE-IBC, 5.70%, 4/1/2027		960		1,105
Central New Mexico Community College, Limited Tax
GO, 5.00%, 8/15/2022		40		41
City of Santa Fe, Senior Lien, Gross Receipts Tax
Series 2018A, Rev., 5.00%, 6/1/2032		30		37
City of Santa Fe, Wastewater Utility System
Rev., 5.00%, 6/1/2024		45		50
City of Santa Fe, Water Utility System
Rev., 4.00%, 6/1/2031		50		57

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Tax-Exempt
Series 2019C-1, Rev., 5.00%, 6/15/2029		100		129
Series 2019C-1, Rev., 4.00%, 6/15/2035		25		30
State of New Mexico, Severance Tax Permanent Fund
Series 2017A, Rev., 5.00%, 7/1/2024		180		201
University of New Mexico (The), Subordinate Lien System
Series 2014C, Rev., 5.00%, 6/1/2024(b)		50		56
Total New Mexico				9,246
New York — 12.3%
Bedford Central School District, Boces Project
GO, 4.00%, 7/1/2032		45		57
Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc.
Rev., 4.00%, 7/1/2031		685		774
Rev., 4.00%, 7/1/2036		1,440		1,616
Buffalo and Erie County Industrial Land Development Corp., D’youville College Project
Rev., 4.00%, 11/1/2035		515		596
Rev., 4.00%, 11/1/2040		1,035		1,186
Build NYC Resource Corp., New World Preparatory Charter School Project
Series 2021A, Rev., 4.00%, 6/15/2041		240		264
Series 2021A, Rev., 4.00%, 6/15/2051		320		345
City of New York
Series B, GO, 4.00%, 8/1/2022		25		26
City of New York, Fiscal Year 2006
Series H, Subseries 2006H-A, GO, 4.00%, 1/1/2023		20		21
City of New York, Fiscal Year 2013
Series 2013J, GO, 5.00%, 8/1/2022		95		98
Series 2013J, GO, 5.00%, 8/1/2023		55		59
City of New York, Fiscal Year 2014
Series G, GO, 5.00%, 8/1/2025		9,520		10,473
City of New York, Fiscal Year 2015
Series 1, GO, 5.00%, 8/1/2023		20		22
City of New York, Fiscal Year 2016
Series A, GO, 5.00%, 8/1/2023		20		22
Series C, GO, 5.00%, 8/1/2023		50		54
Series E, GO, 5.00%, 8/1/2023		75		80
Series C, GO, 4.00%, 8/1/2025		20		23
City of New York, Fiscal Year 2017
Series 2017B-1, GO, 5.00%, 12/1/2022		30		31
Series C, GO, 5.00%, 8/1/2023		310		334
City of New York, Fiscal Year 2018
Series C, GO, 5.00%, 8/1/2022		95		99
Series A, GO, 4.00%, 8/1/2023		50		53
Series C, GO, 5.00%, 8/1/2024		20		22
Series A, GO, 5.00%, 8/1/2027		35		43
City of New York, Fiscal Year 2019
Series 2019A, GO, 5.00%, 8/1/2024		20		22
City of New York, Fiscal Year 2020
Series B, Subseries B-1, GO, 5.00%, 10/1/2033		25		32
Series B, Subseries B-1, GO, 5.00%, 10/1/2039		90		113
County of Albany, Various Purpose
GO, 5.00%, 4/1/2022		40		41
County of Monroe, Public Improvement
GO, AGM, 5.00%, 6/1/2024		25		28
County of Suffolk
Series 2015B, GO, AGM, 5.00%, 10/1/2023		50		54
Series 2015C, GO, 5.00%, 5/1/2025		10		11
Series 2017D, GO, 5.00%, 10/15/2026		105		126
County of Westchester
Series 2016A, GO, 5.00%, 1/1/2022		15		15
Series 2019F, GO, 5.00%, 12/15/2025		30		35
Erie County Fiscal Stability Authority, Sales Tax and State Aid Secured
Series 2017D, Rev., 5.00%, 9/1/2038		25		31
Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project
Series 2016A, Rev., 5.00%, 5/1/2022		35		36
Series 2013A, Rev., 5.00%, 5/1/2024		25		27
Series 2013A, Rev., 5.00%, 5/1/2027		65		69

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Hauppauge Union Free School District
GO, 5.00%, 7/15/2023		20		22
Hudson Yards Infrastructure Corp., Second Indenture
Series 2017A, Rev., 5.00%, 2/15/2037		50		60
Huntington Local Development Corp., Fountaingate Garden Project
Series 2021C, Rev., 3.00%, 7/1/2025		865		891
Long Island Power Authority, Electric System
Rev., 5.00%, 9/1/2034		5,000		6,311
Rev., 5.00%, 9/1/2035		3,000		3,790
Metropolitan Transportation Authority
Subseries C-1, Rev., 5.25%, 11/15/2029		6,000		6,969
Series 2017C-1, Rev., 5.00%, 11/15/2030		5,025		6,081
Subseries C-1, Rev., 5.00%, 11/15/2035		3,000		3,414
Metropolitan Transportation Authority, Dedicated Tax Fund
Series 2016A, Rev., 5.00%, 11/15/2025		45		53
Series 2016B-1, Rev., 5.00%, 11/15/2025		150		176
Middle Country Central School District at Centereach
GO, 4.00%, 8/15/2022		35		36
Monroe County Industrial Development Corp., Rochester Schools Modernization Project
Rev., 5.00%, 5/1/2022		155		158
Rev., 5.00%, 5/1/2026		35		42
Rev., 5.00%, 5/1/2029		25		31
Rev., 5.00%, 5/1/2032		675		817
Rev., 5.00%, 5/1/2033		810		978
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project
Series 2020A, Rev., 5.00%, 6/1/2040(d)		630		744
New York City Industrial Development Agency, United Jewish Appeal — Federation of Jewish Philanthropies of New York, Inc., Project
Series 2004B, Rev., 5.00%, 1/1/2022		150		151
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2013
Series 2013S-1, Rev., 5.00%, 7/15/2024		25		26
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015
Series 2015S-2, Rev., 5.00%, 7/15/2040		50		57
Series S-1, Rev., 5.00%, 7/15/2040		45		51
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2016
Series 2016S-1, Rev., 5.00%, 7/15/2029		30		35
Series 2016 S-1, Rev., 5.00%, 7/15/2033		70		82
Series 2016S-1, Rev., 4.00%, 7/15/2036		45		50
Series 2016S-1, Rev., 5.00%, 7/15/2043		45		52
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018
Series 2018S-2, Rev., 5.00%, 7/15/2030		25		31
Series 2018S-2, Rev., 5.00%, 7/15/2031		45		55
Series 2018S-4, Rev., 5.00%, 7/15/2032		25		31
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019
Series S-3, Subseries S-3A, Rev., 5.00%, 7/15/2029		25		32
Series 2019S-2A, Rev., 5.00%, 7/15/2030		125		157
Series S-2A, Rev., 4.00%, 7/15/2037		5,000		5,866
Series S-3, Subseries S-3A, Rev., 5.00%, 7/15/2037		180		224
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014
Series 2014A-1, Rev., 5.00%, 11/1/2022		35		37
Series 2014B-1, Rev., 5.00%, 11/1/2026		40		44
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015
Series 2015E-1, Rev., 5.00%, 2/1/2024		25		27
Series B, Subseries B-1, Rev., 5.00%, 8/1/2029		55		61
Series 2015A-1, Rev., 5.00%, 8/1/2037		100		112

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016
Series 2016E-1, Rev., 5.00%, 2/1/2031		30		35
Series E-1, Rev., 5.00%, 2/1/2035		7,295		8,537
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017
Series C, Rev., 5.00%, 11/1/2030		5,685		6,935
Series E, Subseries E-1, Rev., 5.00%, 2/1/2031		1,410		1,707
Series E, Subseries E-1, Rev., 5.00%, 2/1/2032		7,000		8,464
Series 2017F-1, Rev., 5.00%, 5/1/2032		25		30
Series E, Subseries E-1, Rev., 5.00%, 2/1/2033		10,000		12,077
Series 2017A-1, Rev., 4.00%, 5/1/2036		40		45
Subseries E-1, Rev., 5.00%, 2/1/2039		2,525		3,033
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019
Series 2019C-1, Rev., 5.00%, 11/1/2022		40		42
Series 2019C-1, Rev., 5.00%, 11/1/2034		45		57
Series 2019C-1, Rev., 5.00%, 11/1/2035		65		82
Series 2019A-1, Rev., 5.00%, 8/1/2038		30		37
Series A, Subseries A-1, Rev., 5.00%, 8/1/2040		2,100		2,612
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020
Series 2020-I, Rev., 5.00%, 11/1/2022		25		26
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2013
Series 2013G, Rev., 4.00%, 11/1/2022		25		26
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2018
Series 2018-A-2, Rev., 5.00%, 8/1/2033		30		37
Series 2018-A-2, Rev., 5.00%, 8/1/2038		25		31
Series C-3, Rev., 5.00%, 5/1/2039		70		86
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2020
Series A, Subseries A-2, Rev., 5.00%, 5/1/2035		125		159
Series 2020B-1, Rev., 5.00%, 11/1/2035		35		45
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2012
Series 2012EE, Rev., 4.00%, 6/15/2045		30		31
Series 2012FF, Rev., 4.00%, 6/15/2045		45		46
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014
Series 2014DD, Rev., 5.00%, 6/15/2023(b)		40		43
Series 2014DD, Rev., 5.00%, 6/15/2024		50		56
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015
Series 2015HH, Rev., 5.00%, 6/15/2029		75		87
Series FF, Rev., 5.00%, 6/15/2031		5,000		5,761
Series 2015AA, Rev., 4.00%, 6/15/2044		25		27
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2017
Series EE, Rev., 5.00%, 6/15/2036		5,000		6,074
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2018
Series 2018CC-2, Rev., 5.00%, 6/15/2025		20		22
Series 2018EE, Rev., 5.00%, 6/15/2035		35		41
Series 2018FF, Rev., 5.00%, 6/15/2040		50		62
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019
Series 2019FF-2, Rev., 4.00%, 6/15/2037		16,245		19,227
Subseries 2019EE-2, Rev., 5.00%, 6/15/2040		35		44
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020
Series 2020CC-1, Rev., 4.00%, 6/15/2038		10,000		11,930

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2020AA, Rev., 5.00%, 6/15/2040		25		32
Series 2020CC-2, Rev., 4.00%, 6/15/2041		5,000		5,927
Subseries 202DD-3, Rev., 5.00%, 6/15/2041		140		180
Subseries 202DD-3, Rev., 4.00%, 6/15/2042		1,880		2,227
New York Convention Center Development Corp., Hotel Unit Fee Secured
Rev., 5.00%, 11/15/2025		2,000		2,324
New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured
Series B, Rev., Zero Coupon, 11/15/2025		805		765
Series B, Rev., Zero Coupon, 11/15/2026		1,250		1,162
Series B, Rev., Zero Coupon, 11/15/2027		1,500		1,360
Series 2016B, Rev., Zero Coupon, 11/15/2028		1,960		1,732
Series B, Rev., Zero Coupon, 11/15/2030		3,400		2,838
Series B, Rev., Zero Coupon, 11/15/2031		1,835		1,487
Series B, Rev., Zero Coupon, 11/15/2032		2,000		1,575
Series 2016B, Rev., AGM-CR, Zero Coupon, 11/15/2052		10,625		4,558
New York Counties Tobacco Trust
Series 2016B, Rev., 5.00%, 6/1/2026		150		178
New York State Dormitory Authority, Columbia University
Series 2016A-2, Rev., 5.00%, 10/1/2024		15		17
Series 2016A-1, Rev., 5.00%, 10/1/2026		70		85
Series 2017B, Rev., 5.00%, 10/1/2026		30		36
New York State Dormitory Authority, Cornell University
Series 2019A, Rev., 5.00%, 7/1/2025		65		76
Series 2019A, Rev., 5.00%, 7/1/2029		25		32
New York State Dormitory Authority, Municipal Health Facilities Improvement Program
Series 2018 1, Rev., 5.00%, 1/15/2031		3,445		4,232
New York State Dormitory Authority, New York University
Series 2016A, Rev., 5.00%, 7/1/2024		50		56
Series 2016A, Rev., 5.00%, 7/1/2027		60		72
Series 2019A, Rev., 5.00%, 7/1/2030		4,075		5,255
Series 2017A, Rev., 4.00%, 7/1/2035		25		29
Series 2017A, Rev., 4.00%, 7/1/2036		75		85
Series 2019A, Rev., 5.00%, 7/1/2036		45		58
Series 2017A, Rev., 4.00%, 7/1/2037		45		51
Series 2016A, Rev., 5.00%, 7/1/2039		140		165
Series 2019A, Rev., 5.00%, 7/1/2039		25		32
Series 2016A, Rev., 4.00%, 7/1/2043		3,500		3,893
Series 2019A, Rev., 4.00%, 7/1/2045		18,000		20,961
New York State Dormitory Authority, School Districts Financing Program
Series B, Rev., 5.00%, 10/1/2024		2,000		2,077
Series 2018A, Rev., 5.00%, 10/1/2026		285		342
Series 2019A, Rev., 5.00%, 4/1/2028		80		99
Series 2018A, Rev., 5.00%, 10/1/2030		25		30
Series 2018A, Rev., 5.00%, 10/1/2031		75		90
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series 2014A, Rev., 5.00%, 2/15/2023		90		95
Series 2016D, Rev., 5.00%, 2/15/2023(b)		25		26
Series A, Rev., 5.00%, 2/15/2023(b)		3,000		3,172
Series 2015E, Rev., 5.00%, 3/15/2023(b)		50		53
Series 2014A, Rev., 5.00%, 2/15/2024(b)		15		17
Series 2015B, Rev., 5.00%, 2/15/2025(b)		5		6
Series A, Rev., 5.00%, 2/15/2027		20,000		21,974
Series 2012A, Rev., 5.00%, 2/15/2028		10,000		10,984
Series 2017A, Rev., 5.00%, 2/15/2028		40		49
Series A, Rev., 5.00%, 12/15/2028		20,000		20,982
Series 2014A, Rev., 5.00%, 2/15/2029		4,985		5,474

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2015E, Rev., 5.00%, 3/15/2029		125		145
Series 2012A, Rev., 5.00%, 12/15/2029		4,900		5,141
Series 2015E, Rev., 5.00%, 3/15/2030		30		35
Series 2014C, Rev., 5.00%, 3/15/2033		20,000		22,006
Series A, Rev., 5.00%, 3/15/2033		95		121
Series 2015B, Rev., 5.00%, 2/15/2039		50		56
Series 2017B, Rev., 5.00%, 2/15/2041		80		97
Series 2017B, Rev., 5.00%, 2/15/2042		30		36
Series 2019A, Rev., 5.00%, 3/15/2042		25		31
Series 2019A, Rev., 5.00%, 3/15/2043		95		118
New York State Dormitory Authority, State Sales Tax
Series 2016A, Rev., 5.00%, 3/15/2023		45		48
Series 2014A, Rev., 5.00%, 3/15/2028		25		28
Series 2015B, Rev., 5.00%, 3/15/2029		45		52
Series 2018C, Rev., 5.00%, 3/15/2029		40		50
Series 2014A, Rev., 5.00%, 3/15/2030		5,500		6,069
Series 2015B, Rev., 5.00%, 3/15/2030		8,000		9,294
Series A, Rev., 5.00%, 3/15/2031		5,000		5,516
Series B, Rev., 5.00%, 3/15/2031		6,600		7,664
Series 2014A, Rev., 5.00%, 3/15/2032		20,210		22,284
Series 2016A, Rev., 5.00%, 3/15/2032		35		42
Series 2016A, Rev., 5.00%, 3/15/2033		70		84
Series 2015B, Rev., 5.00%, 3/15/2038		80		92
Series 2018E, Rev., 5.00%, 3/15/2038		10,000		12,597
Series B, Rev., 5.00%, 3/15/2039		13,080		15,104
Series 2018A, Rev., 5.00%, 3/15/2041		135		167
Series 2018E, Rev., 5.00%, 3/15/2041		225		281
Series 2018A, Rev., 5.00%, 3/15/2044		30		37
New York State Dormitory Authority, State University Dormitory Facilities
Series A, Rev., 5.00%, 7/1/2028		2,720		3,375
Series A, Rev., 5.00%, 7/1/2029		2,100		2,609
Series 2017A, Rev., 5.00%, 7/1/2030		750		916
Series 2018A, Rev., 5.00%, 7/1/2030		2,190		2,754
Series 2018A, Rev., 5.00%, 7/1/2031		4,430		5,563
Series A, Rev., 5.00%, 7/1/2032		3,130		3,932
Series 2017A, Rev., 5.00%, 7/1/2037		230		279
Series 2017A, Rev., 5.00%, 7/1/2042		25		30
New York State Dormitory Authority, Third General Resolution, State University Educational Facilities
Series A, Rev., 5.00%, 5/15/2025		2,000		2,043
Series A, Rev., 5.00%, 5/15/2028		2,000		2,044
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects — Second Resolution
Series 2017A, Rev., 5.00%, 6/15/2023		25		27
Series D, Rev., 5.00%, 6/15/2027		5,325		5,461
Series 2013A, Rev., 4.00%, 6/15/2028		10,000		10,553
Series 2019B, Rev., 5.00%, 6/15/2028		25		32
Series 2017E, Rev., 4.00%, 6/15/2037		40		46
Series 2019B, Rev., 5.00%, 6/15/2039		150		192
Series 2018B, Rev., 5.00%, 6/15/2043		50		62
New York State Thruway Authority
Series L, Rev., 5.00%, 1/1/2025		2,635		3,001
Series L, Rev., 5.00%, 1/1/2027		1,250		1,515
Series 2019B, Rev., 4.00%, 1/1/2039		5,000		5,847
New York State Urban Development Corp., State Personal Income Tax, General Purpose
Series 2013A-1, Rev., 4.00%, 3/15/2023		25		26

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2014A, Rev., 5.00%, 3/15/2024		40		44
Series 2016A, Rev., 5.00%, 3/15/2024		10		11
Series 2017C, Rev., 5.00%, 3/15/2027		5,750		7,007
Series 2013C, Rev., 5.00%, 3/15/2032		30		32
Series 2016A, Rev., 5.00%, 3/15/2032		350		411
Series 2015A, Rev., 5.00%, 3/15/2033		60		70
Series 2019A, Rev., 5.00%, 3/15/2035		25		31
Series 2019A, Rev., 5.00%, 3/15/2037		35		44
Series 2019A, Rev., 5.00%, 3/15/2038		45		56
New York State Urban Development Corp., State Sales Tax
Series 2019A, Rev., 5.00%, 3/15/2041		70		89
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project
Rev., AMT, 5.00%, 1/1/2022		5,000		5,018
Rev., AMT, 5.00%, 1/1/2025		5,000		5,646
Rev., AMT, 4.00%, 10/1/2030		5,350		6,246
Rev., AMT, 5.00%, 1/1/2036		9,900		11,812
Orange County Funding Corp., Mount Saint Mary College Project
Series 2012B, Rev., 4.00%, 7/1/2023		160		162
Port Authority of New York and New Jersey, Consolidated
Series 194, Rev., 5.00%, 10/15/2023		225		245
Series 179, Rev., 5.00%, 12/1/2023		50		55
Series 179, Rev., 5.00%, 12/1/2025		50		55
Series 207, Rev., AMT, 5.00%, 9/15/2033		800		977
Series 209, Rev., 5.00%, 7/15/2035		125		156
Series 214, Rev., AMT, 4.00%, 9/1/2043		3,000		3,478
Series 93, Rev., 6.13%, 6/1/2094		12,000		13,444
Port Washington Union Free School District
GO, 3.00%, 8/1/2027		70		73
Sales Tax Asset Receivable Corp., Fiscal Year 2015
Series 2015A, Rev., 5.00%, 10/15/2024(b)		80		91
Series A, Rev., 5.00%, 10/15/2024(b)		18,785		21,280
Town of Southeast, Public Improvement
Series 2019A, GO, 5.00%, 8/15/2022		45		47
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Series 2011A, Rev., 5.00%, 1/1/2022(b)		5,495		5,517
Series 2013B, Rev., 5.00%, 11/15/2023		90		98
Series 2016A, Rev., 5.00%, 11/15/2023		20		22
Series 2017C-1, Rev., 5.00%, 11/15/2024		110		125
Series 2017C-1, Rev., 4.00%, 11/15/2025		50		57
Series 2017C-1, Rev., 5.00%, 11/15/2025		150		176
Series 2012B, Rev., 5.00%, 11/15/2026		240		251
Series 2017B, Rev., 5.00%, 11/15/2027		500		613
Series 2015A, Rev., 5.00%, 11/15/2029		200		230
Series B, Rev., 5.00%, 11/15/2030		2,500		2,611
Series 2012B, Rev., Zero Coupon, 11/15/2032		8,860		7,168
United Nations Development Corp., Senior Lien
Series 2019A, Rev., 5.00%, 7/1/2022		50		51
Utility Debt Securitization Authority
Series 2016A, Rev., 5.00%, 6/15/2025		100		107
Series 2016B, Rev., 5.00%, 6/15/2025		50		54
Series 2016A, Rev., 5.00%, 6/15/2027		25		29
Rev., 5.00%, 12/15/2036		5,250		6,131
Utility Debt Securitization Authority, Federally Tax-Exempt
Series TE, Rev., 5.00%, 12/15/2029		1,500		1,640
Series TE, Rev., 5.00%, 12/15/2032		3,500		3,823
Series 2013TE, Rev., 5.00%, 12/15/2041		4,250		4,626
Wantagh Union Free School District
Series 2013A, GO, 5.00%, 9/1/2022		30		31

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project
Series 2021D, Rev., 2.88%, 7/1/2026(d)		3,765		3,786
Series 2021C, Rev., 3.20%, 7/1/2028(d)		13,350		13,436
Series 2021A, Rev., 5.00%, 7/1/2041(d)		10,770		11,697
Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project
Rev., 5.00%, 7/1/2040		1,000		1,049
Total New York				566,606
North Carolina — 1.3%
City of Charlotte
Series 2016A, GO, 5.00%, 7/1/2029		1,050		1,256
City of Charlotte, Airport Special Facilities, Charlotte Douglas International Airport
Rev., 5.00%, 7/1/2031		25		31
Series A, Rev., 5.00%, 7/1/2034		25		31
City of High Point, Combined Water and Sewer System
Rev., 5.00%, 11/1/2028		25		31
City of Raleigh, Limited Obligation
Rev., 5.00%, 2/1/2029		305		360
City of Wilmington
Series A, Rev., 5.00%, 6/1/2028		400		445
County of Brunswick, Limited Obligation
Rev., 5.00%, 4/1/2022		30		30
County of Buncombe, Limited Obligation
Series 2020A, Rev., 5.00%, 6/1/2030		75		99
Series 2020A, Rev., 5.00%, 6/1/2031		290		380
Series 2020A, Rev., 5.00%, 6/1/2033		125		163
County of Chatham, Limited Obligation
Rev., 5.00%, 11/1/2026		1,880		2,130
County of Cumberland, Limited Obligation
Rev., 5.00%, 11/1/2022		20		21
County of Harnett, Limited Obligation
Rev., 4.00%, 10/1/2035		45		53
County of Moore
Series 2019A, GO, 5.00%, 1/15/2024		20		22
County of Onslow, Public Facilities Co. Ltd., Limited Obligation
Rev., 5.00%, 10/1/2026		25		30
Rev., 4.00%, 10/1/2032		340		390
County of Union, Enterprise System
Series 2019A, Rev., 5.00%, 6/1/2024		20		22
County of Wake, Limited Obligation
Rev., 5.00%, 9/1/2023		25		27
Rev., 5.00%, 9/1/2024		25		28
North Carolina Capital Facilities Finance Agency, High Point University
Rev., 5.00%, 5/1/2031		500		648
Rev., 4.00%, 5/1/2032		1,000		1,195
Rev., 4.00%, 5/1/2033		1,000		1,189
Rev., 4.00%, 5/1/2034		900		1,068
North Carolina Medical Care Commission, Retirement Facilities, Friends Homes, Inc.
Series 2020B-2, Rev., 2.30%, 9/1/2025		1,250		1,261
Series 2020B-1, Rev., 2.55%, 9/1/2026		1,575		1,590
North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project
Series 2020A, Rev., 5.00%, 10/1/2040		695		787
North Carolina Medical Care Commission, The Forest at Duke Project
Rev., 4.00%, 9/1/2041		415		477
North Carolina Medical Care Commission, The Presbyterian Homes Obligated Group
Rev., 4.00%, 10/1/2035		650		748
Rev., 4.00%, 10/1/2040		600		679
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group
Series 2019C, Rev., 2.55%, 6/1/2026(c)		13,800		14,645
North Carolina Turnpike Authority, Triangle Expressway System
Series 2018A, Rev., 4.00%, 1/1/2035		85		100
Raleigh Durham Airport Authority
Series 2020B, Rev., 5.00%, 5/1/2026		30		36
Series 2015B, Rev., AMT, 5.00%, 5/1/2027		1,135		1,294
Series 2020B, Rev., 5.00%, 5/1/2029		25		32
Series 2020B, Rev., 5.00%, 5/1/2031		75		100
Series 2020A, Rev., AMT, 5.00%, 5/1/2032		2,600		3,316
State of North Carolina
Rev., 5.00%, 3/1/2033		15,000		19,016

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
University of North Carolina at Charlotte (The)
Rev., 5.00%, 10/1/2029		45		55
University of North Carolina, Hospital at Chapel Hill
Rev., 5.00%, 2/1/2032		25		32
University of North Carolina, School of the Arts
Rev., 5.00%, 2/1/2032		1,285		1,631
Rev., 5.00%, 2/1/2033		850		1,077
Rev., 5.00%, 2/1/2034		1,240		1,569
Rev., 5.00%, 2/1/2036		1,385		1,745
Rev., 4.00%, 2/1/2040		500		579
Rev., 4.00%, 2/1/2045		1,750		2,006
Total North Carolina				62,424
North Dakota — 0.0%(e)
City of Fargo
Series 2014E, GO, 5.00%, 5/1/2025		290		322
Ohio — 2.5%
Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group
Rev., 5.00%, 11/15/2028		130		162
Rev., 5.00%, 11/15/2029		275		350
Rev., 5.00%, 11/15/2030		350		453
Rev., 5.00%, 11/15/2031		300		386
Rev., 5.00%, 11/15/2032		350		449
American Municipal Power, Inc., Fremont Energy Center Project
Series 2021A, Rev., 5.00%, 2/15/2032		3,285		4,309
Series 2021A, Rev., 5.00%, 2/15/2033		1,250		1,636
Series 2021A, Rev., 5.00%, 2/15/2034		3,250		4,246
Series 2021A, Rev., 4.00%, 2/15/2036		1,975		2,375
American Municipal Power, Inc., Solar Electricity Prepayment Project, Green Bonds
Series 2019A, Rev., 5.00%, 2/15/2023		150		158
Series 2019A, Rev., 5.00%, 2/15/2024		225		247
Series 2019A, Rev., 5.00%, 2/15/2025		160		183
Series 2019A, Rev., 5.00%, 2/15/2026		200		235
Series 2019A, Rev., 5.00%, 2/15/2027		250		303
Series 2019A, Rev., 5.00%, 2/15/2028		225		278
Bowling Green State University, General Receipts
Series 2020A, Rev., 5.00%, 6/1/2033		375		476
Series 2020A, Rev., 5.00%, 6/1/2034		450		570
Series 2020A, Rev., 5.00%, 6/1/2035		650		821
Buckeye Tobacco Settlement Financing Authority
Series 2020A-2, Class 1, Rev., 5.00%, 6/1/2034		1,000		1,268
Series 2020A-2, Class 1, Rev., 4.00%, 6/1/2037		2,000		2,342
Series 2020A-2, Class 1, Rev., 4.00%, 6/1/2039		2,000		2,326
City of Cincinnati, Water System
Series B, Rev., 5.00%, 12/1/2023		30		33
City of Columbus, Various Purpose, Unlimited Tax
Series 2017-1, GO, 5.00%, 4/1/2029		11,010		13,665
City of Dublin, Various Purpose
GO, 5.00%, 12/1/2025		425		501
City of Huber Heights, Limited Tax, Various Purpose
GO, 5.00%, 12/1/2032		25		30
City of Middleburg Heights, Southwest General Health Center Project, Tax-Exempt
Series 2020A, Rev., 5.00%, 8/1/2032		340		434
Series 2020A, Rev., 5.00%, 8/1/2033		325		414
Series 2020A, Rev., 5.00%, 8/1/2034		355		451
Series 2020A, Rev., 4.00%, 8/1/2041		905		1,052
City of North Ridgeville, Limited Tax
GO, 4.00%, 12/1/2023		20		21
Cleveland Department of Public Utilities Division of Water
Series 2017BB, Rev., 5.00%, 1/1/2026		25		29
Series 2017BB, Rev., 5.00%, 1/1/2032		45		54
Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project
Rev., 5.00%, 7/1/2031		200		260
Rev., 5.00%, 7/1/2032		225		292
Rev., 5.00%, 7/1/2033		250		324
Rev., 5.00%, 7/1/2034		200		259
Rev., 5.00%, 7/1/2035		200		258
Rev., 5.00%, 7/1/2036		300		387
Rev., 4.00%, 7/1/2037		200		239
Rev., 4.00%, 7/1/2038		250		298
Rev., 4.00%, 7/1/2039		280		333
Rev., 4.00%, 7/1/2040		200		237
Rev., 4.00%, 7/1/2046		750		879

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Columbus City School District, Ohio School Facilities Construction and Improvement, Unlimited Tax
Series 2016-A, GO, 5.00%, 12/1/2031		3,000		3,552
County of Cuyahoga, Sports Facilities Improvement Project, Excise Tax
Rev., 5.00%, 12/1/2023(b)		1,835		2,008
County of Franklin, Health Care Facilities, Ohio Living Communities
Series 2020B, Rev., 4.00%, 7/1/2028		225		263
Series 2020B, Rev., 4.00%, 7/1/2029		265		309
Series 2020B, Rev., 4.00%, 7/1/2030		875		1,016
Series 2020B, Rev., 4.00%, 7/1/2031		925		1,069
Series 2020B, Rev., 4.00%, 7/1/2032		1,440		1,656
Series 2020B, Rev., 4.00%, 7/1/2033		385		441
Series 2020B, Rev., 4.00%, 7/1/2034		475		542
Series 2020B, Rev., 4.00%, 7/1/2035		365		415
Series 2020B, Rev., 5.00%, 7/1/2040		5,290		6,241
County of Franklin, Hospital Facilities, Nationwide Children’s Hospital Project
Series 2016C, Rev., 5.00%, 11/1/2027		325		396
County of Franklin, Trinity Health Credit Group
Series 2019A, Rev., 5.00%, 12/1/2036		1,250		1,598
County of Hamilton, Sales Tax
Series 2016A, Rev., 5.00%, 12/1/2025		50		59
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University
Rev., 4.00%, 5/1/2026		270		277
Rev., 5.00%, 5/1/2030		500		549
County of Montgomery, Dayton Children’s Hospital
Rev., 4.00%, 8/1/2046		950		1,112
County of Montgomery, Kettering Health Network Obligated Group Project
Rev., 5.00%, 8/1/2035		375		486
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group
Series A, Rev., 5.00%, 7/1/2027		840		1,016
Series A, Rev., 5.00%, 7/1/2028		1,200		1,286
Series A, Rev., 5.75%, 7/1/2028		750		813
Series A, Rev., 5.00%, 7/1/2031		250		313
Series A, Rev., 4.00%, 7/1/2033		920		1,072
Series A, Rev., 5.75%, 7/1/2033		1,400		1,516
Dayton City School District, School Facilities Construction and Improvement, Unlimited Tax
GO, 5.00%, 11/1/2029		10		13
Lakota Local School District/Sandusky Seneca and Wood Counties, School Facilities Construction & Improvement
GO, 5.00%, 1/15/2023		50		53
Miami Valley Career Technology Center, Various Purpose School Improvement, Unlimited Tax
GO, 5.00%, 12/1/2032		35		43
New Albany Plain Local School District, School Improvement
GO, 5.00%, 12/1/2023		25		27
Northeast Ohio Regional Sewer District, Wastewater Improvement
Rev., 4.00%, 11/15/2024(b)		15		17
Rev., 5.00%, 11/15/2024(b)		1,500		1,704
Ohio Air Quality Development Authority. American Electric Co. Project
Series 2014A, Rev., 2.40%, 10/1/2029(c)		1,820		1,911
Ohio Higher Educational Facility Commission, Tiffin University 2019 Project
Rev., 3.00%, 11/1/2024		100		102
Rev., 3.00%, 11/1/2025		605		622
Rev., 3.00%, 11/1/2026		585		603
Rev., 3.00%, 11/1/2027		645		664
Rev., 3.00%, 11/1/2028		655		673
Rev., 5.00%, 11/1/2034		1,520		1,756
Ohio Higher Educational Facility Commission, University of Dayton 2018 Project
Series B, Rev., 5.00%, 12/1/2029		1,105		1,364
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project
Rev., 5.00%, 3/1/2029		720		864
Rev., 5.00%, 3/1/2034		3,000		3,529
Ohio Higher Educational Facility Commission, Xavier University 2020 Project
Rev., 5.00%, 5/1/2033		500		639

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Rev., 5.00%, 5/1/2034		520		663
Rev., 5.00%, 5/1/2035		440		560
Rev., 5.00%, 5/1/2036		460		585
Rev., 4.00%, 5/1/2037		695		817
Rev., 4.00%, 5/1/2039		680		796
Ohio State University (The), General Receipts
Series 2010D, Rev., 5.00%, 12/1/2028		20		26
Ohio Turnpike and Infrastructure Commission
Series 2017A, Rev., 5.00%, 2/15/2026		55		65
Ohio Turnpike and Infrastructure Commission, Junior Lien, Infrastructure Projects
Series 2018A, Rev., 5.00%, 2/15/2030		50		62
Ohio Water Development Authority, Fresh Water
Series 2016A, Rev., 5.00%, 12/1/2030		55		65
Ohio Water Development Authority, Water Pollution Control Loan Fund
Series 2017A, Rev., 5.00%, 12/1/2029		25		31
Series 2019B, Rev., 5.00%, 12/1/2035		55		72
Port of Greater Cincinnati Development Authority, FC Cincinnati Public Improvements Project
Rev., 3.75%, 12/1/2031(d)		245		250
Shaker Heights City School District, School Facilities Improvement, Unlimited Tax
Series A, GO, 5.00%, 12/15/2026		1,000		1,212
State of Ohio
Series 2014A, GO, 5.00%, 9/15/2022		25		26
State of Ohio, Capital Facilities Lease Appropriation Administrative Building Fund Projects
Series 2017A, Rev., 5.00%, 4/1/2027(b)		760		932
Series 2017A, Rev., 5.00%, 4/1/2033		25		30
State of Ohio, Capital Facilities Lease Appropriation Adult Correctional Building Fund Projects
Series 2017B, Rev., 5.00%, 10/1/2023		35		38
Series B, Rev., 5.00%, 10/1/2029		1,495		1,553
State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects
Series 2017A, Rev., 5.00%, 12/1/2032		35		43
State of Ohio, Capital Facilities Lease Appropriation Transportation Building Fund Projects
Series 2018A, Rev., 5.00%, 4/1/2029		1,760		2,189
State of Ohio, Cleveland Clinic Health System Obligated Group
Series 2017A, Rev., 5.00%, 1/1/2032		170		210
State of Ohio, Higher Education
Series 2018A, GO, 5.00%, 2/1/2030		30		35
State of Ohio, Highway Capital Improvements Full Faith and Credit/Highway User Receipts
Series V, GO, 5.00%, 5/1/2034		10		12
State of Ohio, Major New State Infrastructure Project
Series 1, Rev., 5.00%, 12/15/2028		7,500		8,924
Series 2019-1, Rev., 5.00%, 12/15/2028		25		32
Series 1, Rev., 5.00%, 12/15/2029		7,000		8,309
State of Ohio, University Hospitals Health System, Inc.
Series 2021E, Rev., 4.00%, 1/15/2037		1,700		1,942
University of Akron (The), General Receipts
Series 2015A, Rev., 5.00%, 1/1/2025		110		125
Total Ohio				116,216
Oklahoma — 0.3%
Grand River Dam Authority
Series 2014A, Rev., 4.00%, 6/1/2024		25		27
Series 2016A, Rev., 5.00%, 6/1/2031		60		72
McClain County Economic Development Authority, Educational Facilities, Blanchard Public Schools Project
Rev., 4.00%, 9/1/2027		600		688
Rev., 4.00%, 9/1/2028		675		785
Oklahoma Capitol Improvement Authority
Series 2014C, Rev., 5.00%, 7/1/2024		25		28
Oklahoma City Water Utilities Trust, Water and Sewer System
Rev., 5.00%, 7/1/2022		25		26

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Rev., 5.00%, 10/1/2022		250		260
Rev., 5.00%, 10/1/2023		180		195
Rev., 5.00%, 10/1/2025		510		591
Rev., 5.00%, 10/1/2026		500		598
Oklahoma Development Finance Authority, Health System, OU Medicine Project
Series 2018B, Rev., 5.00%, 8/15/2033		6,030		7,367
Oklahoma Turnpike Authority, Second Senior
Series 2017C, Rev., 5.00%, 1/1/2036		25		30
Series 2017A, Rev., 5.00%, 1/1/2038		2,000		2,328
Oklahoma Water Resources Board, Master Trust, Drinking Water Program
Rev., 4.00%, 4/1/2032		30		34
Tulsa County Industrial Authority Educational Facilities Lease, Broken Arrow Public Schools Project
Series A, Rev., 5.00%, 9/1/2028		15		19
University of Oklahoma (The)
Series 2014C, Rev., 5.00%, 7/1/2031		50		51
Total Oklahoma				13,099
Oregon — 1.2%
City of Medford, Limited Tax
GO, 5.00%, 7/15/2023(b)		25		27
City of Portland, 4th and Montgomery and Streetcar Projects
Series A, GO, 5.00%, 2/1/2035		650		825
City of Portland, Sewer System, First Lien
Series A, Rev., 5.00%, 6/1/2026		5,350		6,183
City of Portland, Sewer System, Second Lien
Series 2019A, Rev., 5.00%, 3/1/2031		85		110
Series 2020A, Rev., 5.00%, 5/1/2031		45		59
City of Salem
GO, 5.00%, 6/1/2026		460		551
GO, 5.00%, 6/1/2029		2,055		2,581
City of Tualatin
GO, 5.00%, 6/15/2028		15		19
Clackamas County School District No. 7J Lake Oswego
GO, 5.00%, 6/1/2029		20		24
Deschutes County Administrative School District No. 1 Bend-La Pine
GO, 5.00%, 6/15/2026		4,725		5,660
Hillsboro School District No. 1J
GO, 5.00%, 6/15/2026		4,000		4,779
GO, 5.00%, 6/15/2027		1,470		1,807
Mount Hood Community College District, Full Faith and Credit
GO, 5.00%, 6/1/2022		5		5
Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow
Series 2019A, GO, Zero Coupon, 6/15/2035		600		431
Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt
Series 2020A, Rev., 5.00%, 10/1/2024		200		224
Series 2020A, Rev., 5.00%, 10/1/2025		200		232
Series 2020A, Rev., 5.00%, 10/1/2026		125		149
Series 2020A, Rev., 5.00%, 10/1/2027		150		184
Series 2020A, Rev., 5.00%, 10/1/2028		175		219
Series 2020A, Rev., 5.00%, 10/1/2029		300		382
Series 2020A, Rev., 5.00%, 10/1/2030		300		389
Series 2020A, Rev., 5.00%, 10/1/2035		140		177
Series 2020A, Rev., 5.00%, 10/1/2040		1,165		1,454
Oregon State Lottery
Series 2014C, Rev., 5.00%, 4/1/2024		25		28
Series 2015C, Rev., 5.00%, 4/1/2026		200		230
Series 2014A, Rev., 5.00%, 4/1/2027		100		110
Series A, Rev., 5.00%, 4/1/2031		1,950		2,359
Series A, Rev., 5.00%, 4/1/2032		1,750		2,113
Series A, Rev., 5.00%, 4/1/2033		3,500		4,226
Series A, Rev., 5.00%, 4/1/2035		2,470		2,977
Portland Community College District
GO, 5.00%, 6/15/2023		35		38
GO, 5.00%, 6/15/2026		710		850
GO, 5.00%, 6/15/2027		2,640		3,152
State of Oregon, Article XI-G State Projects
Series L, GO, 5.00%, 8/1/2035		1,930		2,354
Series L, GO, 5.00%, 8/1/2036		1,975		2,407

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
State of Oregon, Article XI-Q State Projects
Series 2019A, GO, 5.00%, 5/1/2030		40		51
Series 2016F, GO, 5.00%, 5/1/2032		2,885		3,421
State of Oregon, Department of Transportation Highway User Subordinate Lien, Tax-Exempt
Series 2019A, Rev., 5.00%, 11/15/2038		40		51
Washington and Multnomah Counties School District No. 48J Beaverton
Series 2014B, GO, 5.00%, 6/15/2024(b)		105		117
Washington County Clean Water Services, Senior Lien
Rev., 5.00%, 10/1/2022		25		26
Yamhill County Hospital Authority, Friendsview, Tax Exempt
Series 2021B-3, Rev., 1.75%, 11/15/2026		415		415
Series 2021A, Rev., 5.00%, 11/15/2036		610		728
Series 2021A, Rev., 5.00%, 11/15/2046		770		898
Series 2021A, Rev., 5.00%, 11/15/2051		550		640
Yamhill County School District No. 40 McMinnville
GO, 4.00%, 6/15/2029		5		6
GO, 4.00%, 6/15/2035		75		84
Total Oregon				53,752
Pennsylvania — 4.4%
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group
Series 2018A, Rev., 5.00%, 4/1/2028		7,000		8,719
Series 2018A, Rev., 5.00%, 4/1/2029		7,785		9,639
Series 2018A, Rev., 5.00%, 4/1/2030		5,000		6,157
Series 2018A, Rev., 5.00%, 4/1/2031		3,800		4,663
Allegheny County Hospital Development Authority, Pittsburgh Medical Center
Series 2019A, Rev., 5.00%, 7/15/2022		25		26
Series 2019A, Rev., 5.00%, 7/15/2027		3,000		3,682
Series 2019A, Rev., 5.00%, 7/15/2028		2,050		2,577
Allegheny County Sanitary Authority, Sewer
Rev., AGM, 4.00%, 12/1/2035		5		6
Allentown City School District, Limited Tax
Series B, GO, 5.00%, 2/1/2029		3,110		3,903
Series B, GO, 5.00%, 2/1/2030		4,300		5,495
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2025		500		557
Rev., 5.00%, 11/1/2027		1,150		1,315
Rev., 5.00%, 11/1/2028		1,535		1,755
Rev., 5.00%, 11/1/2029		350		399
Rev., 5.00%, 11/1/2030		600		681
Berks County Municipal Authority (The), Tower Health Project
Series 2020B-2, Rev., 5.00%, 2/1/2027(c)		10,985		12,469
Series 2020A, Rev., 5.00%, 2/1/2028		1,050		1,202
Series 2020A, Rev., 5.00%, 2/1/2029		740		860
Series 2020A, Rev., 5.00%, 2/1/2030		800		940
Series 2020B-3, Rev., 5.00%, 2/1/2030(c)		2,015		2,351
Series 2020A, Rev., 5.00%, 2/1/2031		700		836
Series 2020A, Rev., 5.00%, 2/1/2032		750		902
Bucks County Industrial Development Authority, Grand View Hospital Project
Rev., 5.00%, 7/1/2025		370		418
Rev., 5.00%, 7/1/2026		450		521
Rev., 5.00%, 7/1/2027		475		563
Rev., 5.00%, 7/1/2028		500		604
Rev., 5.00%, 7/1/2029		500		614
Rev., 5.00%, 7/1/2030		675		843
Rev., 5.00%, 7/1/2031		1,150		1,460
Rev., 5.00%, 7/1/2032		500		636
Rev., 5.00%, 7/1/2033		1,170		1,484
Rev., 5.00%, 7/1/2034		1,300		1,646
Rev., 5.00%, 7/1/2035		1,055		1,333
Centennial School District Bucks County
GO, 5.00%, 12/15/2024		20		23
Chester County Industrial Development Authority, Longwood Gardens Project
Rev., 5.00%, 12/1/2032		475		607
Rev., 5.00%, 12/1/2033		740		943
Rev., 5.00%, 12/1/2034		400		508
Rev., 5.00%, 12/1/2035		175		222
Rev., 5.00%, 12/1/2036		305		386

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Rev., 5.00%, 12/1/2037		450		569
Rev., 5.00%, 12/1/2038		950		1,196
City of Erie, Higher Education Building Authority, Gannon University Project — AICUP Financing Program
Series 2021TT1, Rev., 4.00%, 5/1/2036		100		117
Series 2021TT1, Rev., 4.00%, 5/1/2041		100		115
City of Philadelphia, Airport System
Series 2017B, Rev., AMT, 5.00%, 7/1/2032		250		301
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Rev., 5.00%, 6/1/2024		1,275		1,417
Rev., 5.00%, 6/1/2025		1,875		2,156
Rev., 5.00%, 6/1/2026		1,120		1,328
Rev., 5.00%, 6/1/2027		1,500		1,827
Rev., 5.00%, 6/1/2028		2,620		3,269
Rev., 5.00%, 6/1/2029		1,120		1,387
Commonwealth of Pennsylvania
Series 1, GO, 5.00%, 6/15/2024(b)		50		56
Series A, COP, 5.00%, 7/1/2028		400		493
Series A, COP, 5.00%, 7/1/2029		300		369
Series A, COP, 5.00%, 7/1/2030		375		460
Series A, COP, 5.00%, 7/1/2031		425		520
Series A, COP, 5.00%, 7/1/2034		450		546
County of Allegheny
Series C-77, GO, 5.00%, 11/1/2043		50		62
County of Berks
GO, 5.00%, 11/15/2023		20		22
County of Bucks
GO, 5.00%, 5/1/2027		325		388
County of Cambria
Series 2020B, GO, AGM, 4.00%, 8/1/2032		500		570
Series 2020B, GO, AGM, 4.00%, 8/1/2033		500		570
Series 2020B, GO, AGM, 4.00%, 8/1/2034		700		797
Delaware County Authority, Haverford College
Series 2017A, Rev., 5.00%, 10/1/2026		30		36
Series 2017A, Rev., 5.00%, 10/1/2030		40		48
Series 2017A, Rev., 5.00%, 10/1/2042		45		54
DuBois Hospital Authority, Penn Highlands Healthcare
Rev., 5.00%, 7/15/2029		1,700		2,075
Rev., 5.00%, 7/15/2030		2,000		2,429
Rev., 5.00%, 7/15/2031		1,450		1,756
Rev., 5.00%, 7/15/2032		1,525		1,844
Rev., 5.00%, 7/15/2034		1,675		2,019
Rev., 4.00%, 7/15/2043		5,670		6,367
Easton Area School District
Series 2020B, GO, 5.00%, 2/1/2031		50		62
Erie City Water Authority
Series B, Rev., AGM, 5.00%, 12/1/2032		1,235		1,595
Series B, Rev., AGM, 5.00%, 12/1/2033		800		1,030
Series 2018D, Rev., 4.00%, 12/1/2036		35		41
Geisinger Authority, Health System
Series 2020A, Rev., 4.00%, 4/1/2039		6,665		7,792
Kiski Valley Water Pollution Control Authority, Sewer
Series 2020A, Rev., AGM, 4.00%, 9/1/2035		305		354
Lancaster County Hospital Authority, Health Center, Masonic Villages Project
Rev., 5.00%, 11/1/2028		1,215		1,368
Lehigh County Industrial Development Authority, Seven Generation Charter School
Series 2021A, Rev., 4.00%, 5/1/2031		340		376
Series 2021A, Rev., 4.00%, 5/1/2041		890		961
Montgomery County Higher Education and Health Authority, Arcadia University
Rev., 5.00%, 4/1/2027		815		968
Rev., 5.00%, 4/1/2028		600		727
Rev., 5.00%, 4/1/2029		815		1,006
Rev., 5.00%, 4/1/2030		760		954
Rev., 5.00%, 4/1/2031		705		880
Rev., 5.00%, 4/1/2032		945		1,176
Rev., 5.00%, 4/1/2033		920		1,140
Rev., 5.00%, 4/1/2034		520		643
Rev., 4.00%, 4/1/2036		515		588
Rev., 4.00%, 4/1/2037		545		622
Rev., 4.00%, 4/1/2038		695		792
Rev., 4.00%, 4/1/2039		305		347
Montgomery County Higher Education and Health Authority, Thomas Jefferson University
Series 2018A, Rev., 5.00%, 9/1/2030		3,125		3,871
Series 2018A, Rev., 4.00%, 9/1/2038		2,950		3,381

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group
Series 2020C, Rev., 4.00%, 11/15/2043		300		345
Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project
Rev., 4.00%, 12/1/2024		155		170
Rev., 4.00%, 12/1/2025		150		169
Rev., 4.00%, 12/1/2026		150		172
Rev., 4.00%, 12/1/2027		200		228
Rev., 4.00%, 12/1/2028		205		233
Rev., 4.00%, 12/1/2029		250		283
Rev., 4.00%, 12/1/2030		300		339
Rev., 4.00%, 12/1/2031		300		338
Rev., 4.00%, 12/1/2032		435		490
Rev., 4.00%, 12/1/2033		400		449
Rev., 4.00%, 12/1/2034		165		185
Rev., 4.00%, 12/1/2035		175		196
Rev., 4.00%, 12/1/2036		175		196
Rev., 4.00%, 12/1/2037		100		112
Rev., 4.00%, 12/1/2038		100		112
Nazareth Area School District
Series D, GO, 5.00%, 11/15/2030		900		1,049
Series D, GO, 5.00%, 11/15/2035		1,390		1,609
Series D, GO, 5.00%, 11/15/2036		1,250		1,445
Series D, GO, 5.00%, 11/15/2037		550		635
Series E, GO, 5.00%, 11/15/2038		810		934
Pennsbury School District
Series 2019A, GO, 4.00%, 8/1/2022		25		26
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project
Rev., 4.00%, 7/1/2030		1,265		1,439
Rev., 4.00%, 7/1/2033		1,750		1,977
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project
Rev., VRDO, 0.95%, 12/1/2026(c)		8,855		8,855
Pennsylvania Higher Educational Facilities Authority, Trustees of the University
Series 2016A, Rev., 5.00%, 8/15/2023		50		54
Series 2015A, Rev., 5.00%, 10/1/2023		30		33
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System
Rev., 5.00%, 8/15/2029		40		52
Rev., 5.00%, 8/15/2031		50		64
Rev., 5.00%, 8/15/2040		100		114
Pennsylvania State University (The)
Series A, Rev., 5.00%, 9/1/2023		40		43
Pennsylvania Turnpike Commission
Series A, Rev., 5.00%, 12/1/2032		1,750		2,258
Series 2020B, Rev., 5.00%, 12/1/2033		470		615
Series A, Rev., 5.00%, 12/1/2033		1,240		1,598
Series A, Rev., 5.00%, 12/1/2034		1,400		1,795
Series A, Rev., 5.00%, 12/1/2035		2,000		2,558
Series 2021B, Rev., 4.00%, 12/1/2046		5,500		6,456
Philadelphia Authority for Industrial Development, Electrical and Charter School Project
Series 2021A, Rev., 4.00%, 6/1/2031		340		387
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project
Series 2020A, Rev., 5.00%, 8/1/2030		260		305
Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project
Series 2021A, Rev., 4.00%, 6/1/2041		375		413
Series 2021A, Rev., 4.00%, 6/1/2051		400		433
Pittsburgh Water and Sewer Authority
Series B, Rev., AGM, 5.00%, 9/1/2033		1,300		1,807
School District of the City of Erie (The), Limited Tax
Series 2019A, GO, AGM, 5.00%, 4/1/2027		525		631
Series 2019A, GO, AGM, 5.00%, 4/1/2028		550		677
Series 2019A, GO, AGM, 5.00%, 4/1/2029		310		390
Series 2019A, GO, AGM, 5.00%, 4/1/2030		425		538
Series 2019A, GO, AGM, 5.00%, 4/1/2031		525		662
Series 2019A, GO, AGM, 4.00%, 4/1/2033		1,150		1,345
Series 2019A, GO, AGM, 5.00%, 4/1/2034		825		1,033

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
School District of the City of Erie (The), Unlimited Tax
Series 2019C, GO, AGM, 5.00%, 4/1/2027		1,275		1,532
Series 2019C, GO, AGM, 5.00%, 4/1/2028		925		1,138
Series 2019C, GO, AGM, 5.00%, 4/1/2029		1,000		1,257
Series 2019C, GO, AGM, 5.00%, 4/1/2030		500		633
Spring-Ford Area School District
GO, 5.00%, 6/1/2023		50		54
St. Mary Hospital Authority, Trinity Health Credit Group
Series 2019PA, Rev., 5.00%, 12/1/2031		25		32
Swarthmore Borough Authority, Swarthmore College
Series 2016B, Rev., 4.00%, 9/15/2041		50		56
Township of Hampton
GO, 4.00%, 1/1/2039		45		52
Township of Lower Paxton
GO, 4.00%, 4/1/2033		35		42
Township of Palmer
Series 2020D, GO, 4.00%, 11/15/2025		20		23
Township of Radnor
Series B, GO, 4.00%, 7/15/2024		10		11
Township of Spring
GO, 5.00%, 11/15/2028		25		32
Upper Merion Area School District
GO, 5.00%, 1/15/2029		350		412
GO, 5.00%, 1/15/2031		650		761
GO, 5.00%, 1/15/2033		480		561
GO, 5.00%, 1/15/2034		200		234
GO, 5.00%, 1/15/2035		475		554
Warwick School District
GO, 4.00%, 3/1/2024		30		32
West Chester Area School District
GO, 4.00%, 5/15/2040		40		46
Wilkes-Barre Area School District
GO, 5.00%, 4/15/2023		110		117
GO, 3.50%, 4/15/2038		370		414
GO, 3.50%, 4/15/2039		235		263
GO, 3.75%, 4/15/2044		1,500		1,683
Total Pennsylvania				203,968
Puerto Rico — 0.3%
Puerto Rico Public Finance Corp. (Puerto Rico)
Series E, Rev., AGC-ICC, AGM-CR, 6.00%, 8/1/2026(b)		10,000		12,392
Rhode Island — 0.0%(e)
Rhode Island Infrastructure Bank, Municipal Road and Bridge
Series 2018A, Rev., 5.00%, 10/1/2024		25		28
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax
Series 2019A, Rev., 4.00%, 10/1/2044		480		555
State of Rhode Island and Providence Plantations Consolidated Capital Development Loan
Series 2019A, GO, 4.00%, 5/1/2037		50		60
Total Rhode Island				643
South Carolina — 0.3%
Beaufort-Jasper Water & Sewer Authority
Series 2019A, Rev., 5.00%, 3/1/2029		25		32
Berkeley County School District
Rev., 5.00%, 12/1/2022		1,000		1,048
Rev., 5.00%, 12/1/2023		1,505		1,646
Charleston County Airport District
Rev., 5.00%, 7/1/2026		100		119
City of Spartanburg, Water System
Series B, Rev., 5.00%, 6/1/2031		480		587
Easley Combined Utility System
Rev., AGM, 4.00%, 12/1/2033		600		713
Rev., AGM, 4.00%, 12/1/2034		780		925
Lexington County Health Services District, Inc., LexMed Obligated Group
Rev., 5.00%, 11/1/2029		575		701
Rev., 4.00%, 11/1/2030		750		862
Rev., 4.00%, 11/1/2031		500		573
Rev., 4.00%, 11/1/2032		535		612
Rev., 4.00%, 11/1/2033		200		229
Richland County School District No. 1
Series C, GO, SCSDE, 5.00%, 3/1/2025		4,000		4,504
South Carolina Jobs-Economic Development Authority, Kiawah Life Plan Village, Inc., Project
Rev., 8.75%, 7/1/2025(d)		625		641
South Carolina State Fiscal Accountability Authority, Department of Mental Health Project
Rev., 5.00%, 10/1/2037		300		365
Town of Hilton Head Island, Beach Preservation Fee Pledge
Rev., 5.00%, 8/1/2023		35		38
Total South Carolina				13,595
South Dakota - 0.0%(e)
Brookings School District No. 005-1
GO, 4.00%, 7/1/2026		25		29
Harrisburg School District No. 41-2

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
GO, 4.00%, 1/15/2022(b)		55		55
Total South Dakota				84
Tennessee — 5.6%
Chattanooga Health Educational and Housing Facility Board, Commonspirit Health
Series A-1, Rev., 5.00%, 8/1/2031		1,000		1,270
Series A-1, Rev., 5.00%, 8/1/2032		1,000		1,265
Series A-1, Rev., 5.00%, 8/1/2034		750		943
Series A-1, Rev., 5.00%, 8/1/2035		500		628
City of Johnson City
Series 2019B, GO, 5.00%, 6/1/2028		45		57
City of Kingsport
Series B, GO, 5.00%, 3/1/2025		110		126
City of Knoxville, Electric System
Series 2017-II, Rev., 5.00%, 7/1/2023		25		27
County of Anderson, Rural Elementary School
Series A, GO, 5.00%, 5/1/2025		890		1,024
County of Anderson, Rural High School
Series B, GO, 5.00%, 5/1/2024		750		833
Series 2018B, GO, 5.00%, 5/1/2025		785		903
County of Blount
Series B, GO, 5.00%, 6/1/2027		1,000		1,191
County of Knox
GO, 5.00%, 6/1/2029		1,410		1,773
County of Madison
GO, 5.00%, 5/1/2026		3,770		4,486
County of Sevier
GO, 5.00%, 6/1/2025		145		167
County of Shelby
Series 2019B, GO, 5.00%, 4/1/2022		30		30
County of Shelby, Public Improvement
Series A, GO, 4.00%, 4/1/2034		9,470		11,329
County of Sullivan
GO, 4.00%, 5/1/2045		40		45
County of Washington
Series 2016A, GO, 4.00%, 6/1/2032		35		40
County of Wilson
GO, 5.00%, 4/1/2022		10		10
County of Wilson, District School
GO, 5.00%, 4/1/2026		65		77
Franklin Special School District, School Improvement
GO, 5.00%, 6/1/2028		100		126
GO, 5.00%, 6/1/2030		300		385
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group
Series 2018A, Rev., 5.00%, 7/1/2031		4,500		4,807
Series 2018A, Rev., 5.00%, 7/1/2032		4,000		4,272
Series 2018A, Rev., 5.00%, 7/1/2033		5,300		5,658
Knox County Health Educational & Housing Facility Board, East Tennessee Children’s Hospital
Rev., 5.00%, 11/15/2025		855		998
Rev., 5.00%, 11/15/2027		800		985
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Trevecca Nazarene University Project
Series 2021B, Rev., 4.00%, 10/1/2041		1,135		1,256
Metropolitan Government of Nashville & Davidson County
GO, 5.00%, 7/1/2029		27,295		34,287
GO, 4.00%, 7/1/2036		24,290		28,899
Metropolitan Government of Nashville and Davidson County
GO, 5.00%, 7/1/2024		15		17
Series C, GO, 5.00%, 7/1/2025(b)		5,500		6,377
GO, 5.00%, 1/1/2031		15		18
GO, 4.00%, 7/1/2031		17,400		20,321
GO, 5.00%, 7/1/2031		10,000		12,543
GO, 4.00%, 7/1/2037		16,205		19,245
Metropolitan Nashville Airport Authority (The), Subordinate Airport
Series 2019A, Rev., 5.00%, 7/1/2031		850		1,100
Series 2019A, Rev., 5.00%, 7/1/2032		850		1,095
Series 2019A, Rev., 5.00%, 7/1/2033		825		1,058
Series 2019A, Rev., 5.00%, 7/1/2034		275		352
Series 2019A, Rev., 5.00%, 7/1/2035		545		696
Series 2019B, Rev., AMT, 5.00%, 7/1/2035		300		380
Series 2019A, Rev., 5.00%, 7/1/2036		1,150		1,466
Series 2019A, Rev., 5.00%, 7/1/2037		1,750		2,226
Series 2019A, Rev., 5.00%, 7/1/2039		1,800		2,281

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019B, Rev., AMT, 5.00%, 7/1/2039		625		786
Series 2019A, Rev., 5.00%, 7/1/2044		1,620		2,033
Series 2019B, Rev., AMT, 4.00%, 7/1/2054		1,550		1,763
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project
Series 2019A, Rev., 5.75%, 10/1/2049		2,420		2,615
Series 2019A, Rev., 5.75%, 10/1/2054		4,280		4,617
Series 2019A, Rev., 5.75%, 10/1/2059		1,240		1,333
Tennessee Energy Acquisition Corp., Gas Project
Series 2017A, Rev., 4.00%, 5/1/2023(c)		22,170		23,188
Rev., 4.00%, 11/1/2025(c)		29,000		32,309
Series 2006B, Rev., 5.63%, 9/1/2026		5,000		6,039
Tennessee State School Bond Authority, Higher Educational Facilities Second Program
Series A, Rev., 5.00%, 11/1/2026		15		18
Series B, Rev., 5.00%, 11/1/2030		3,645		4,489
Series B, Rev., 5.00%, 11/1/2031		75		92
Total Tennessee				256,354
Texas — 4.5%
Alto Independent School District, Unlimited Tax
GO, PSF-GTD, 5.00%, 2/15/2030		25		32
Arlington Higher Education Finance Corp.
Series 2021A, Rev., 5.00%, 8/15/2024		195		213
Series 2021A, Rev., 5.00%, 8/15/2025		205		231
Series 2021A, Rev., 5.00%, 8/15/2026		190		218
Series 2021A, Rev., 5.00%, 8/15/2027		105		122
Series 2021A, Rev., 5.00%, 8/15/2028		35		41
Series 2021A, Rev., 4.00%, 8/15/2029		40		44
Series 2021A, Rev., 4.00%, 8/15/2030		45		49
Series 2021A, Rev., 4.00%, 8/15/2031		45		49
Series 2021A, Rev., 4.00%, 8/15/2036		170		185
Arlington Higher Education Finance Corp., Uplift Education Project
Series 2020A, Rev., PSF-GTD, 4.00%, 12/1/2032		20		24
Arlington Higher Education Finance Corp., Wayside Schools
Series 2021A, Rev., 4.00%, 8/15/2041		305		330
Arlington Independent School District, Unlimited Tax
GO, PSF-GTD, 5.00%, 2/15/2031		40		51
GO, PSF-GTD, 4.00%, 2/15/2036		25		30
Austin Community College District, Limited Tax
GO, 5.00%, 8/1/2030		35		43
Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien
Series 2021A, Rev., 2.50%, 10/1/2031		270		266
Series 2021A, Rev., 4.00%, 10/1/2050		875		951
Belton Independent School District, Unlimited Tax
GO, PSF-GTD, 4.00%, 2/15/2032		25		28
Bexar County Hospital District, Limited Tax
GO, 4.00%, 2/15/2036		25		29
Board of Regents of the University of Texas System, Financing System
Series 2016E, Rev., 5.00%, 8/15/2026		25		30
Series 2016J, Rev., 5.00%, 8/15/2027		50		60
Central Texas Regional Mobility Authority, Senior Lien
Series 2021D, Rev., 4.00%, 1/1/2044		8,255		9,723
City of Austin
GO, 5.00%, 9/1/2030		10		11
City of Austin, Airport System
Rev., AMT, 5.00%, 11/15/2033		500		560
Series 2019B, Rev., AMT, 5.00%, 11/15/2036		1,000		1,259
Series 2017B, Rev., AMT, 5.00%, 11/15/2046		5,000		5,928
City of Carrollton
GO, 5.00%, 8/15/2024		10		11
City of College Station
GO, 5.00%, 2/15/2024		25		28
City of Conroe
Series 2019B, GO, 5.00%, 11/15/2028		20		25

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of Copperas Cove, Combination Tax
GO, 5.00%, 8/15/2027		20		25
City of Dallas
GO, 5.00%, 2/15/2029		2,505		2,850
City of Denton
GO, 5.00%, 2/15/2025		25		29
City of El Paso
GO, 4.00%, 8/15/2031		75		86
Series 2020A, GO, 4.00%, 8/15/2035		750		892
City of Fort Worth, General Purpose, Tarrant Denton Parker Johnson, General Purpose
GO, 5.00%, 3/1/2028		30		37
City of Fort Worth, Water and Sewer System Improvement
Series 2015A, Rev., 5.00%, 2/15/2023		35		37
City of Frisco
Series 2011, GO, 5.00%, 2/15/2023		2,160		2,168
City of Grand Prairie, Combination Tax
GO, 5.00%, 2/15/2026		20		24
Series 2019A, GO, 5.00%, 2/15/2029		20		24
City of Houston, Airport System, Subordinate Lien
Series 2018C, Rev., AMT, 5.00%, 7/1/2027		175		213
Series 2018B, Rev., 5.00%, 7/1/2030		85		106
Series 2018A, Rev., AMT, 5.00%, 7/1/2031		250		306
Series 2018D, Rev., 5.00%, 7/1/2038		65		80
City of Houston, Airport System, United Airlines, Inc., Terminal Improvements Projects
Series 2021B-1, Rev., AMT, 4.00%, 7/15/2041		3,600		3,836
City of Houston, Combined Utility System, First Lien
Series 2014C, Rev., 5.00%, 5/15/2023		20		21
Series 2016B, Rev., 4.00%, 11/15/2031		25		29
Series 2016B, Rev., 5.00%, 11/15/2036		1,435		1,719
Series 2016B, Rev., 4.00%, 11/15/2037		40		45
City of Houston, Combined Utility System, Junior Lien
Series A, Rev., AGM, 5.75%, 12/1/2032(b)		2,000		2,946
City of Houston, Public Improvement
Series A, GO, 5.00%, 3/1/2024(b)		5,300		5,854
City of Irving, Hotel Occupancy, Occupancy Tax
GO, 5.50%, 8/15/2027		2,785		3,517
GO, 5.00%, 8/15/2028		40		50
City of Irving, Waterworks and Sewer System
Rev., 5.00%, 8/15/2029		20		25
City of Killeen
GO, 4.00%, 8/1/2033		50		57
City of Laredo
GO, 5.00%, 2/15/2023		45		48
City of Laredo, Waterworks and Sewer System
Rev., 4.00%, 3/1/2035		30		35
Rev., 4.00%, 3/1/2040		100		108
City of League City
GO, 5.00%, 2/15/2023		20		21
City of Longview
GO, 5.00%, 6/1/2023		40		43
GO, 5.00%, 9/1/2023		25		27
City of Lubbock
GO, 5.00%, 2/15/2026		35		41
City of Mansfield
GO, 5.00%, 2/15/2024		30		33
City of McAllen
GO, 5.00%, 2/15/2029		355		443
City of Mesquite
GO, 5.00%, 2/15/2023		40		42
City of Midland, Certificates of Obligation
GO, 5.00%, 3/1/2024		55		61
City of Missouri
GO, 5.00%, 6/15/2023		55		59
City of Pflugerville, Combination Tax, Certificates of Obligation
GO, 5.00%, 8/1/2033		30		38
City of Pflugerville, Limited Tax
GO, 5.00%, 8/1/2026		25		30
City of Plano
GO, 5.00%, 9/1/2028		2,210		2,700
GO, 5.00%, 9/1/2029		1,855		2,260
City of San Antonio, Electric and Gas Systems
Rev., 5.00%, 2/1/2023		35		37
Rev., 5.00%, 2/1/2026		6,000		7,091
Rev., 5.00%, 2/1/2028		310		387
Rev., 5.00%, 2/1/2029		100		121
Series 2020, Rev., 5.00%, 2/1/2036		30		39
City of San Antonio, General Improvement
GO, 5.00%, 8/1/2027		20		25
City of The Colony, Combination Tax, Certificates of Obligation
GO, 5.00%, 2/15/2023		25		26

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of Victoria, Utility System
Rev., 5.00%, 12/1/2023(b)		2,705		2,959
City of Waco
GO, 5.00%, 2/1/2023		35		37
City of Waco, Combination Tax, Certificates of Obligation
GO, 5.00%, 2/1/2028		35		44
City of Wylie, Combination Tax, Certificates of Obligation
GO, 4.00%, 2/15/2024		20		22
Cleveland Independent School District, Unlimited Tax School Building
Series 2018A, GO, PSF-GTD, 5.00%, 2/15/2031		80		99
Coastal Water Authority, City of Houston Projects
Rev., 5.00%, 12/15/2022		3,160		3,172
Rev., 5.00%, 12/15/2025		5,115		5,135
Collin County Community College District, Limited Tax
GO, 5.00%, 8/15/2029		11,990		14,826
Comal Independent School District, Unlimited Tax
Series B, GO, PSF-GTD, 5.00%, 2/1/2023		100		106
GO, PSF-GTD, 5.00%, 2/1/2026		35		41
Conroe Local Government Corp., Conroe Convention Center Hotel
Series 2021A, Rev., 2.50%, 10/1/2031		125		125
County of Brazos, Limited Tax
GO, 5.00%, 9/1/2025		45		52
County of Denton, Permanent Improvement
GO, 5.00%, 7/15/2027		50		60
County of Harris, Toll Road, Senior Lien
Series 2016A, Rev., 5.00%, 8/15/2028		4,500		5,393
Series 2016A, Rev., 5.00%, 8/15/2036		60		71
County of Harris, Unlimited Tax
Series 2015A, GO, 5.00%, 10/1/2026		350		411
County of Hays, Unlimited Tax
GO, 5.00%, 2/15/2031		45		56
County of Hidalgo, Certificates of Obligation
Series 2018B, GO, 5.00%, 8/15/2028		25		31
County of Lubbock
GO, 5.00%, 2/15/2023		45		48
County of Parker, Unlimited Tax
GO, 5.00%, 2/15/2023		20		21
County of Williamson, Limited Tax
GO, 5.00%, 2/15/2027		50		61
Cypress-Fairbanks Independent School District, Unlimited Tax
GO, PSF-GTD, 5.00%, 2/15/2026		55		65
Series 2019A, GO, PSF-GTD, 5.00%, 2/15/2031		25		32
Dallas Area Rapid Transit, Sales Tax, Senior Lien
Series 2016A, Rev., 5.00%, 12/1/2025(b)		9,905		11,643
Rev., 5.00%, 12/1/2029		50		65
Series 2020A, Rev., 5.00%, 12/1/2030		45		59
Rev., 5.00%, 12/1/2031		45		58
Dallas Fort Worth International Airport
Series F, Rev., 5.00%, 11/1/2024		5,000		5,440
Dallas Independent School District, Unlimited Tax
GO, 5.00%, 2/15/2031		30		37
Danbury Higher Education Authority, Inc., Golden Rule Schools, Inc.
Rev., PSF-GTD, 4.00%, 2/15/2028		250		287
Forney Independent School District, Unlimited Tax
GO, PSF-GTD, Zero Coupon, 8/16/2026		15		14
Fort Bend County Municipal Utility District No. 25, Unlimited Tax
GO, 4.00%, 10/1/2022		100		103
GO, 4.00%, 10/1/2023		150		159
GO, 4.00%, 10/1/2024		375		410
Fort Bend Independent School District, Unlimited Tax
GO, PSF-GTD, 5.00%, 8/15/2029		35		43
Frisco Independent School District
GO, PSF-GTD, Zero Coupon, 8/15/2037		330		243
Garland Independent School District, Unlimited Tax, School Building
Series 2015 A, GO, PSF-GTD, 5.00%, 2/15/2026		10		11
Georgetown Independent School District, Unlimited Tax
Series 2019-D, GO, 4.00%, 8/15/2033		30		35
Goose Creek Consolidated Independent School District
Series 2019A, GO, PSF-GTD, 5.00%, 2/15/2027		30		37
Grand Parkway Transportation Corp., System Toll
Series 2018A, Rev., 5.00%, 10/1/2034		45		56

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Grapevine-Colleyville Independent School District, Unlimited Tax, School Building
GO, PSF-GTD, 5.00%, 8/15/2027		1,000		1,164
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System
Series 2014A, Rev., 5.00%, 12/1/2028		185		209
Harris County Toll Road Authority (The), Senior Lien
Series 2018A, Rev., 5.00%, 8/15/2023		35		38
Series 2018A, Rev., 5.00%, 8/15/2024		30		34
Harris County-Houston Sports Authority, Taxable Senior Lien
Series A, Rev., AGM, 5.00%, 11/15/2024		30		34
Haskell Consolidated Independent School District, Unlimited Tax
GO, PSF-GTD, 5.00%, 2/15/2029		10		12
Houston Community College System, Combined Fee
Rev., 5.00%, 4/15/2023		25		27
Rev., 4.00%, 4/15/2031		25		28
Houston Community College System, Maintenance Tax
GO, 5.00%, 2/15/2026		100		118
Houston Higher Education Finance Corp., Houston Baptist University
Rev., 3.38%, 10/1/2037		250		250
Houston Independent School District, Maintenance Tax Notes
GO, 5.00%, 7/15/2031		9,700		12,172
Hurst-Euless-Bedford Independent School District, Unlimited Tax
Series 2017A, GO, 5.00%, 8/15/2024		80		90
Irving Independent School District, Unlimited Tax
Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2023		50		53
Keller Independent School District, Unlimited Tax
Series B, GO, PSF-GTD, 5.00%, 8/15/2030		25		29
Killeen Independent School District, Unlimited Tax
GO, PSF-GTD, 5.00%, 2/15/2035		25		31
La Porte Independent School District, Unlimited Tax
GO, 4.00%, 2/15/2030		20		22
Lake Travis Independent School District, School Building
Series 2018A, GO, PSF-GTD, 5.00%, 2/15/2029		35		42
Lancaster Independent School District, Unlimited Tax
Series 2015-C, GO, 5.00%, 2/15/2033		45		51
Lewisville Independent School District, Unlimited Tax
GO, 5.00%, 8/15/2023		20		22
Series 2016A, GO, PSF-GTD, 5.00%, 8/15/2024		10		11
Series A, GO, PSF-GTD, 4.00%, 8/15/2026		505		569
GO, PSF-GTD, 5.00%, 8/15/2026		35		42
Longview Independent School District, Unlimited Tax
GO, PSF-GTD, 5.00%, 2/15/2025		80		91
Lufkin Independent School District, Unlimited Tax
GO, PSF-GTD, 5.00%, 8/15/2025		40		47
Matagorda County Navigation District No. 1, Pollution Control, Central Power and Light Co. Project
Series 2001A, Rev., 2.60%, 11/1/2029		4,625		4,915
Metropolitan Transit Authority of Harris County Sales and Use Tax, Contractual Obligations
Rev., 5.00%, 11/1/2023		25		27
New Hope Cultural Education Facilities Finance Corp., Westminster Project
Rev., 4.00%, 11/1/2049		600		674
North Texas Municipal Water District Water System, Refunding and Improvement
Rev., 5.00%, 9/1/2027		2,900		3,491
Rev., 5.00%, 9/1/2035		20		23
North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System
Rev., 5.00%, 6/1/2027		15		18
North Texas Municipal Water District, Wastewater System
Rev., 5.00%, 6/1/2027		15		18
North Texas Tollway Authority, First Tier
Series 2017A, Rev., 5.00%, 1/1/2030		1,140		1,326

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
North Texas Tollway Authority, Second Tier
Series 2017B, Rev., 5.00%, 1/1/2026		550		577
Series 2017B, Rev., 5.00%, 1/1/2027		950		1,112
Series 2017B, Rev., 5.00%, 1/1/2030		1,100		1,276
Pearland Independent School District, Unlimited Tax
GO, PSF-GTD, 5.00%, 2/15/2024		25		28
Permanent University Fund—Texas A&M University System
Series A, Rev., 5.25%, 7/1/2028		2,015		2,346
Pharr San Juan Alamo Independent School District, Unlimited Tax
GO, PSF-GTD, 5.00%, 2/1/2024		75		82
Port Authority of Houston of Harris County Texas
Series 2015A, GO, 5.00%, 10/1/2023		25		27
San Antonio Education Facilities Corp., Hallmark University Project
Series 2021A, Rev., 5.00%, 10/1/2031		260		288
Series 2021A, Rev., 5.00%, 10/1/2041		200		218
San Antonio Education Facilities Corp., University of the Incarnate Word
Series 2021A, Rev., 4.00%, 4/1/2038		850		980
Series 2021A, Rev., 4.00%, 4/1/2039		1,000		1,151
Series 2021A, Rev., 4.00%, 4/1/2040		1,000		1,149
Series 2021A, Rev., 4.00%, 4/1/2041		900		1,031
San Antonio Water System, Junior Lien
Series C, Rev., 5.00%, 5/15/2031		1,125		1,353
San Jacinto Community College District, Limited Tax
Series 2019A, GO, 5.00%, 2/15/2023		25		26
Series 2016A, GO, 5.00%, 2/15/2024		75		83
Series 2016B, GO, 5.00%, 2/15/2024		20		22
South Texas College, Limited Tax
GO, 5.00%, 8/15/2023		40		43
Southwest Houston Redevelopment Authority, Tax Increment
Rev., AGM, 5.00%, 9/1/2027		40		48
Rev., AGM, 5.00%, 9/1/2028		190		230
Rev., AGM, 5.00%, 9/1/2030		175		218
Rev., AGM, 4.00%, 9/1/2031		225		261
Rev., AGM, 4.00%, 9/1/2032		250		289
Rev., AGM, 4.00%, 9/1/2033		225		259
Rev., AGM, 4.00%, 9/1/2034		225		258
Rev., AGM, 4.00%, 9/1/2035		225		258
Rev., AGM, 4.00%, 9/1/2036		350		401
Rev., AGM, 4.00%, 9/1/2037		390		445
State of Texas, Transportation Commission Mobility Fund
Series 2017B, GO, 5.00%, 10/1/2030		11,185		13,812
Tarrant County Cultural Education Facilities Finance Corp., Christus Health
Series 2018A, Rev., 5.00%, 7/1/2025		150		173
Series 2018A, Rev., 5.00%, 7/1/2028		40		50
Series 2018B, Rev., 5.00%, 7/1/2033		100		124
Tarrant County Cultural Education Facilities Finance Corp., Health Resources System
Rev., 5.00%, 2/15/2026		50		59
Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center
Rev., 5.00%, 12/1/2027		50		62
Rev., 5.00%, 12/1/2029		25		32
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project
Series 2020A, Rev., 6.25%, 11/15/2031		500		589
Series 2020A, Rev., 6.63%, 11/15/2041		2,545		2,998
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project, Tax Exempt
Series 2020B-2, Rev., 3.00%, 11/15/2026		1,665		1,676
Series 2020B-1, Rev., 4.00%, 11/15/2027		18,900		19,170
Tarrant Regional, Water Control and Improvement District, Water System
Rev., 4.00%, 3/1/2031		25		29
Texas A&M University, Financing System
Series E, Rev., 5.00%, 5/15/2026		2,840		3,386
Texas Municipal Gas Acquisition and Supply Corp., I Gas Supply Senior Lien
Series D, Rev., 6.25%, 12/15/2026		3,460		3,991

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Texas Water Development Board, State Revolving Fund
Rev., 5.00%, 8/1/2038		45		57
Texas Water Development Board, Water Implementation Fund
Series 2019A, Rev., 5.00%, 4/15/2023		25		27
Series 2018B, Rev., 5.00%, 4/15/2030		7,000		8,903
Town of Addison
GO, 4.00%, 2/15/2023		100		105
Trinity River Authority, Central Regional Wastewater System
Rev., 5.00%, 8/1/2028		25		31
Rev., 5.00%, 8/1/2029		20		25
University of Houston
Series 2017A, Rev., 5.00%, 2/15/2037		30		35
University of North Texas System
Series 2015A, Rev., 5.00%, 4/15/2040		50		57
Waxahachie Independent School District, Unlimited Tax
GO, PSF-GTD, 4.00%, 8/15/2041		25		27
Weslaco Independent School District, Limited Maintenance Tax Notes
GO, AGM, 5.00%, 2/15/2028		25		30
West Harris County Regional Water Authority
Rev., 5.00%, 12/15/2032		910		1,175
Rev., 5.00%, 12/15/2035		1,160		1,490
Rev., 5.00%, 12/15/2036		1,325		1,700
Total Texas				210,779
Utah — 0.7%
City of Orem
GO, 5.00%, 12/1/2026		155		188
GO, 5.00%, 12/1/2027		520		648
GO, 5.00%, 12/1/2028		565		721
City of Park City, Sales Tax
Rev., 5.00%, 6/15/2026		2,165		2,580
City of Provo
GO, 5.00%, 2/1/2027		1,230		1,498
City of Salt Lake, International Airport
Series 2018A, Rev., AMT, 5.00%, 7/1/2027		140		170
Series 2018A, Rev., AMT, 5.00%, 7/1/2031		120		147
Series 2018B, Rev., 5.00%, 7/1/2048		25		30
City of Salt Lake, Public Utilities
Rev., 5.00%, 2/1/2032		10		12
County of Davis, Sales Tax
Series 2019B, Rev., 5.00%, 4/1/2026		30		35
County of Utah, IHC Health Services, Inc.
Series 2018A, Rev., 5.00%, 5/15/2032		25		31
Series 2018A, Rev., 5.00%, 5/15/2034		70		87
Series 2018A, Rev., 5.00%, 5/15/2038		30		37
County of Utah, Transportation Sales Tax
Rev., 5.00%, 12/1/2023		35		38
Davis School District, School District Bond Guaranty Program
Series 2019A, GO, 5.00%, 6/1/2031		35		45
Jordan School District, School Building
GO, 5.00%, 6/15/2026		950		1,101
Local Building Authority of Alpine School District
Rev., 5.00%, 3/15/2025		75		86
Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax
GO, 4.25%, 6/1/2041(d)		1,105		1,116
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2
Rev., 4.00%, 8/1/2024(d)		1,120		1,182
Rev., 4.00%, 8/1/2026(d)		1,290		1,394
Rev., 4.00%, 8/1/2028(d)		1,230		1,346
Rev., 4.00%, 8/1/2031(d)		1,000		1,097
Military Installation Development Authority, Tax Allocation
Series 2021A-2, Rev., 4.00%, 6/1/2036		1,150		1,167
Military Installation Development Authority, Tax Allocation and Hotel Tax
Series 2021A-1, Rev., 4.00%, 6/1/2036		650		663
Series 2021A-1, Rev., 4.00%, 6/1/2041		525		531
State of Utah
GO, 5.00%, 7/1/2029		4,925		6,053
University of Utah (The)
Series 2013A, Rev., 5.00%, 8/1/2023		25		27
Series 2015B, Rev., 5.00%, 8/1/2023		40		43
Series 2014A-1, Rev., 5.00%, 8/1/2024		15		17
Series 2017A, Rev., 5.00%, 8/1/2032		40		49
Series 2019A, Rev., 5.00%, 8/1/2032		70		90

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Utah Charter School Finance Authority, Beehive Science and Technology Academy Project
Series 2021A, Rev., 4.00%, 10/15/2031(d)		1,250		1,343
Utah Infrastructure Agency, Tax-Exempt Telecommunications
Series A, Rev., 5.00%, 10/15/2023		620		671
Series 2018A, Rev., 5.00%, 10/15/2025		1,450		1,647
Series A, Rev., 5.00%, 10/15/2028		1,000		1,205
Series 2018A, Rev., 5.25%, 10/15/2033		965		1,154
Utah Transit Authority, Sales Tax
Series 2008A, Rev., 5.25%, 6/15/2022		25		26
Utah Transit Authority, Subordinate Sales Tax
Rev., 4.00%, 12/15/2031		40		45
Utah Water Finance Agency, Loan Financing Program
Series 2019A, Rev., 5.00%, 3/1/2028		50		62
Series B, Rev., 5.00%, 3/1/2031		1,685		2,131
Series B, Rev., 5.00%, 3/1/2032		800		1,010
Series B, Rev., 5.00%, 3/1/2033		660		832
Series 2017C, Rev., 5.00%, 3/1/2034		350		420
West Jordan Municipal Building Authority
Rev., 5.00%, 10/1/2023		5		5
West Valley City Municipal Building Authority
Rev., AGM, 5.00%, 2/1/2039		30		35
Total Utah				32,815
Vermont — 0.0%(e)
City of Burlington, Public Improvement
Series 2019A, GO, 4.00%, 11/1/2034		125		150
University of Vermont and State Agricultural College
Rev., 5.00%, 10/1/2024		25		28
Vermont Educational and Health Buildings Financing Agency, Middlebury College Project
Series A, Rev., 5.00%, 11/1/2023		20		21
Vermont Municipal Bond Bank
Series 2017-4, Rev., 5.00%, 12/1/2027		25		31
Total Vermont				230
Virginia — 2.2%
City of Alexandria
Series 2017C, GO, 5.00%, 7/1/2026		4,065		4,882
City of Hampton, Public Improvement
Series 2018A, GO, 5.00%, 9/1/2027		10		12
City of Newport News
Rev., 5.00%, 7/15/2024		10		11
City of Portsmouth, Tax Exempt
Series A, GO, 5.00%, 7/15/2029		5,215		6,411
City of Richmond, Public Improvement
Series 2017D, GO, 5.00%, 3/1/2025		35		40
Series 2017D, GO, 5.00%, 3/1/2029		7,750		9,989
County of Arlington, Public Improvement
GO, 5.00%, 8/15/2029		7,455		9,190
County of Chesterfield, Public Improvement
Series 2018A, GO, 5.00%, 1/1/2027		30		37
County of Fairfax, Sewer
Series 2016A, Rev., 4.00%, 7/15/2038		50		56
County of Henrico, Public Improvement
GO, 5.00%, 7/15/2025		25		29
Culpeper County Economic Development Authority, Capital Projects
Rev., 5.00%, 6/1/2022		75		77
Fairfax County Water Authority
Subseries B, Rev., 5.25%, 4/1/2025		3,500		4,058
Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien
Series 2018A, Rev., 5.00%, 7/1/2027		45		55
Lynchburg Economic Development Authority, Central Health, Inc.
Rev., 5.00%, 1/1/2032		1,125		1,505
Rev., 5.00%, 1/1/2033		2,745		3,644
Rev., 5.00%, 1/1/2035		2,545		3,365
Rev., 5.00%, 1/1/2036		875		1,154
Rev., 4.00%, 1/1/2038		550		662
Northern Virginia Transportation Authority, Special Tax
Rev., 5.00%, 6/1/2024		400		446
Rev., 5.00%, 6/1/2033		2,035		2,259
Rev., 5.00%, 6/1/2034		2,285		2,536

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Powhatan County Economic Development Authority
Rev., 5.00%, 10/15/2025		25		29
Virginia Beach Development Authority, Public Facility
Series 2015A, Rev., 5.00%, 3/1/2025		1,925		2,204
Series B, Rev., 5.00%, 7/15/2025		2,635		3,056
Virginia College Building Authority, Education Facilities, Regent University Project
Rev., 5.00%, 6/1/2029		350		432
Rev., 5.00%, 6/1/2030		220		277
Rev., 5.00%, 6/1/2031		165		211
Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs
Series 2009E-1, Rev., 5.00%, 2/1/2022		20		20
Series 2016A, Rev., 5.00%, 2/1/2022		40		41
Series 2017E, Rev., 5.00%, 2/1/2028		20		25
Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program
Series B, Rev., 5.00%, 9/1/2024		250		282
Virginia College Building Authority, Educational Facilities, Washington and Lee University Project
Rev., NATL-RE, 5.25%, 1/1/2026		5,045		5,543
Rev., NATL-RE, 5.25%, 1/1/2031		30		38
Virginia Commonwealth Transportation Board, Capital Projects
Rev., 5.00%, 5/15/2023		25		27
Series 2017A, Rev., 5.00%, 5/15/2027		5,500		6,735
Series A, Rev., 5.00%, 5/15/2028		2,750		3,429
Series A, Rev., 5.00%, 5/15/2030		10,000		12,403
Series 2017A, Rev., 5.00%, 5/15/2032		35		43
Virginia Commonwealth Transportation Board, Federal Transportation
Series 2012A, Rev., GAN, 4.50%, 3/15/2022		65		65
Series 2013A, Rev., GAN, 5.00%, 3/15/2023(b)		30		32
Series 2013-A, Rev., GAN, 5.00%, 3/15/2023		20		21
Rev., GAN, 5.00%, 3/15/2024		20		22
Rev., GAN, 5.00%, 9/15/2024		15		17
Rev., GAN, 5.00%, 9/15/2025		45		53
Rev., GAN, 5.00%, 3/15/2026		20		24
Virginia Public Building Authority, Public Facilities
Series 2016B, Rev., 5.00%, 8/1/2023		25		27
Virginia Public School Authority, School Financing 1997 Resolution
Series 2015A, Rev., 5.00%, 8/1/2028		30		35
Virginia Resources Authority, Clean Water State Revolving Fund
Rev., 5.50%, 10/1/2022		7,390		7,719
Virginia Resources Authority, Infrastructure Moral Obligation, Pooled Financing Program
Series 2019C, Rev., 5.00%, 11/1/2029		25		32
Virginia Resources Authority, Infrastructure Tax Exempt
Series A, Rev., 5.00%, 11/1/2022		40		42
Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc.
Rev., 5.00%, 1/1/2028		1,200		1,479
Rev., 5.00%, 1/1/2029		1,400		1,730
Rev., 5.00%, 1/1/2030		1,650		2,030
Rev., 5.00%, 1/1/2031		1,500		1,838
Rev., 5.00%, 1/1/2032		1,500		1,834
Total Virginia				102,213
Washington — 4.8%
Benton County School District No. 17 Kennewick, Unlimited Tax
GO, 5.00%, 12/1/2027		50		58
Central Puget Sound Regional Transit Authority, Sales and Motor Vehicle Excise Tax, Green Bond
Series 2016 S-1, Rev., 5.00%, 11/1/2027		25		30
Series 2016 S-1, Rev., 5.00%, 11/1/2028		40		48
Chelan County Public Utility District No.1, Capital Appreciation
Series 1997A, Rev., NATL-RE, Zero Coupon, 6/1/2022		21,835		21,810
Chelan County School District No. 228 Cascade, Unlimited Tax
GO, 5.00%, 12/1/2027		90		108
City of Everett, Limited Tax
GO, 5.00%, 12/1/2026		60		73
City of Everett, Water and Sewer
Rev., 5.00%, 12/1/2027		25		30
City of Lynnwood, Utility System
Rev., 5.00%, 12/1/2026		40		48

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of Seattle, Municipal Light and Power Improvement
Series A, Rev., 4.00%, 1/1/2048		2,000		2,274
City of Tacoma
Rev., 5.00%, 12/1/2031		40		50
City of Tacoma, Electric System
Series 2013B, Rev., 5.00%, 1/1/2023		35		37
Rev., 5.00%, 1/1/2028		35		42
City of Wenatchee, Limited Tax
GO, 4.00%, 12/1/2034		70		82
Clark County School District No. 114 Evergreen, Unlimited Tax
GO, 5.00%, 12/1/2024		15		17
Clark County, Vancouver School District No. 37, Unlimited Tax
GO, 5.00%, 12/1/2027		25		31
Clark Regional Wastewater District
Rev., 5.00%, 12/1/2030		200		258
Rev., 5.00%, 12/1/2032		125		160
Rev., 5.00%, 12/1/2033		105		134
Rev., 5.00%, 12/1/2034		180		230
Rev., 5.00%, 12/1/2035		160		204
Rev., 5.00%, 12/1/2037		310		394
County of Franklin, Limited Tax
GO, AGM, 4.50%, 7/1/2022(b)		20		21
County of King, Limited Tax
Series 2017B, GO, 4.00%, 6/1/2036		200		231
County of King, Sewer
Series 2016A, Rev., 5.00%, 7/1/2026		2,295		2,702
Rev., 5.00%, 7/1/2031		30		37
County of Kitsap, Sewer
Rev., 4.00%, 12/1/2032		25		30
County of Spokane, Limited Tax
Series 2019A, GO, 5.00%, 12/1/2040		25		32
Energy Northwest, Bonneville Power Administrator
Series 2016-A, Rev., 5.00%, 7/1/2027		20,020		23,894
Energy Northwest, Columbia Generating Station
Rev., 5.00%, 7/1/2031		30		35
Series 2018C, Rev., 5.00%, 7/1/2031		35		44
Series 2018A, Rev., 5.00%, 7/1/2034		25		31
Series A, Rev., 5.00%, 7/1/2034		5,025		6,121
Rev., 5.00%, 7/1/2035		75		95
Rev., 5.00%, 7/1/2036		40		51
FYI Properties, State of Washington District Project — Green Bonds
Rev., 5.00%, 6/1/2030		35		42
Rev., 5.00%, 6/1/2031		5,650		6,837
Rev., 5.00%, 6/1/2032		235		284
Rev., 5.00%, 6/1/2033		5,345		6,446
Rev., 5.00%, 6/1/2034		5,990		7,213
Rev., 5.00%, 6/1/2035		7,200		8,659
Rev., 5.00%, 6/1/2036		4,915		5,901
Rev., 5.00%, 6/1/2037		7,395		8,864
Grant County Public Utility District No. 2, Priest Rapids Hydroelectric Project
Series 2012A, Rev., 5.00%, 1/1/2022(b)		30		30
King County Fire Protection District No. 2, Unlimited Tax
GO, 4.00%, 12/1/2025		125		142
King County Rural Library District, Unlimited Tax
GO, 4.00%, 12/1/2023		75		80
King County School District No. 403 Renton, Unlimited Tax
GO, 4.00%, 12/1/2036		35		42
King County School District No. 405 Bellevue, Unlimited Tax
GO, 5.00%, 12/1/2023		25		27
King County School District No. 411 Issaquah, Unlimited Tax
GO, 5.00%, 12/1/2027		30		37
King County School District No. 412 Shoreline
GO, 5.00%, 12/1/2025		60		66
King County School District No. 415 Kent, Unlimited Tax
GO, 4.00%, 12/1/2037		40		48
Kitsap County School District No. 401 Central Kitsap, Unlimited Tax
GO, 4.00%, 12/1/2031		45		53
Pierce County School District No. 10 Tacoma, Unlimited Tax
GO, 5.00%, 12/1/2027		45		53
Pierce County School District No. 402 Franklin Pierce, Unlimited Tax
GO, 5.00%, 12/1/2027		30		37
Port of Seattle, Intermediate Lien
Series B, Rev., 5.00%, 3/1/2032		4,000		4,457
Series 2015B, Rev., 5.00%, 3/1/2034		1,000		1,112
Port of Tacoma, Limited Tax
Series 2016A, GO, 5.00%, 12/1/2030		15		18
Series 2016A, GO, 5.00%, 12/1/2031		25		30
Shoreline Fire Department, Limited Tax
GO, 5.00%, 12/1/2027		25		31
Snohomish County School District No. 15 Edmonds, Unlimited Tax
GO, 5.00%, 12/1/2021		30		30

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Spokane County School District No. 81, Unlimited Tax
GO, 5.00%, 12/1/2031		30		38
GO, 5.00%, 12/1/2034		25		32
State of Washington, Motor Vehicle Fuel Tax
Series 2018D, GO, 5.00%, 2/1/2025		75		86
Series R-2015H, GO, 5.00%, 7/1/2030		5,000		5,664
Series R-2016C, GO, 5.00%, 7/1/2030		30		35
State of Washington, State Agency Real Property
Series 2018B, COP, 5.00%, 7/1/2041		40		49
State of Washington, State and Local Agency Personal Property
Series 2013A, COP, 5.00%, 7/1/2023		25		27
State of Washington, State and Local Agency Real and Personal Property
Series 2017A, COP, 5.00%, 7/1/2029		35		43
COP, 5.00%, 7/1/2034		1,050		1,304
Series 2019A, COP, 5.00%, 1/1/2035		45		56
Series 2015C, COP, 4.00%, 1/1/2038		50		55
State of Washington, Various Purpose
Series R-2015A, GO, 4.00%, 7/1/2026		4,465		4,860
Series 2016C, GO, 5.00%, 2/1/2028		30		35
Series 2018C, GO, 5.00%, 2/1/2030		20		25
Series 2017A, GO, 5.00%, 8/1/2030		50		60
Series R-2018C, GO, 5.00%, 8/1/2033		70		86
Series C, GO, 5.00%, 2/1/2037		14,430		17,724
Series 2016A-1, GO, 5.00%, 8/1/2038		100		115
Series 2017D, GO, 5.00%, 2/1/2040		40		48
Series B, GO, 5.00%, 2/1/2040		20,965		23,689
Series 2018A, GO, 5.00%, 8/1/2040		10,000		12,199
Series 2020C, GO, 5.00%, 2/1/2041		75		96
Series 2018B, GO, 5.00%, 8/1/2042		4,050		4,935
Tacoma Metropolitan Park District, Unlimited Tax
GO, 5.00%, 12/1/2036		600		737
GO, 5.00%, 12/1/2037		1,750		2,144
Thurston and Pierce Counties Community Schools, Unlimited Tax
GO, 5.00%, 12/1/2027		30		37
GO, 4.00%, 12/1/2034		35		42
University of Washington
Series 2015C, Rev., 5.00%, 12/1/2023		25		27
Rev., 5.00%, 4/1/2029		1,860		2,259
Washington Health Care Facilities Authority, Commonspirit Health
Series A-1, Rev., 5.00%, 8/1/2031		780		990
Series A-2, Rev., 5.00%, 8/1/2031		1,000		1,271
Series A-1, Rev., 5.00%, 8/1/2032		1,000		1,265
Series A-2, Rev., 5.00%, 8/1/2032		1,000		1,265
Series A-1, Rev., 5.00%, 8/1/2034		1,250		1,573
Series A-2, Rev., 5.00%, 8/1/2034		1,000		1,258
Series A-1, Rev., 5.00%, 8/1/2035		750		942
Series A-2, Rev., 5.00%, 8/1/2035		1,000		1,256
Washington Health Care Facilities Authority, Multi-care Health System
Series 2017B, Rev., 5.00%, 8/15/2031		30		37
Series 2017B, Rev., 5.00%, 8/15/2034		35		42
Washington Health Care Facilities Authority, Providence St. Joseph Health
Series 2018B, Rev., 5.00%, 10/1/2025		50		58
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance
Rev., 5.00%, 12/1/2029(d)		250		320
Rev., 5.00%, 12/1/2030(d)		530		689
Rev., 5.00%, 12/1/2032(d)		250		323
Rev., 5.00%, 9/1/2038		1,300		1,657
Rev., 5.00%, 9/1/2039		100		127
Washington Higher Education Facilities Authority, Seattle University Project
Rev., 3.50%, 5/1/2039		460		510
Rev., 3.63%, 5/1/2040		985		1,101
Rev., 4.00%, 5/1/2045		500		573

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Washington State Housing Finance Commission, Rockwood Retirement Communities Project
Series 2020B-2, Rev., 3.00%, 7/1/2027(d)		7,050		7,063
Series 2020B-1, Rev., 3.38%, 7/1/2028(d)		7,200		7,229
Rev., 5.00%, 1/1/2032(d)		1,920		2,089
Series 2020A, Rev., 5.00%, 1/1/2041(d)		2,000		2,149
Washington State University
Rev., 5.00%, 4/1/2030		40		46
Series 2012B, Rev., 4.00%, 4/1/2035		25		25
Whitman County Reorganized School District No. 300, Colfax Unlimited Tax
GO, 5.00%, 12/1/2032		40		49
Yakima and Benton Counties School District No. 116-200 Grandview, Unlimited Tax
GO, 5.00%, 12/1/2032		25		31
Yakima County School District No. 208 West Valley
GO, 4.00%, 12/1/2034		30		36
Total Washington				220,462
West Virginia — 0.1%
State of West Virginia
Series 2018A, GO, 5.00%, 6/1/2028		25		32
Series 2019A, GO, 5.00%, 12/1/2043		40		50
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project
Series 2009-B, Rev., 2.63%, 6/1/2022(c)		6,460		6,532
Total West Virginia				6,614
Wisconsin — 1.3%
City of Mequon, Water System
Series 2017A, Rev., 4.00%, 5/1/2027		25		28
County of Milwaukee, Airport
Series 2019A, Rev., 5.00%, 12/1/2026		175		211
DeForest Area School District
GO, 4.00%, 4/1/2031		25		29
McFarland School District, School Improvement
Series 2018A, GO, 4.00%, 4/1/2025		25		28
Milwaukee Area Technical College District
Series 2018-19C, GO, 4.00%, 6/1/2023		40		42
Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group
Series 2020A, Rev., 4.00%, 11/15/2037		300		349
Series 2020A, Rev., 5.00%, 11/15/2041		1,445		1,751
Public Finance Authority, Appalachian Regional Healthcare System Obligated Group
Series 2021A, Rev., 5.00%, 7/1/2035		300		385
Series 2021A, Rev., 5.00%, 7/1/2036		350		449
Series 2021A, Rev., 5.00%, 7/1/2037		300		384
Series 2021A, Rev., 5.00%, 7/1/2038		375		479
Series 2021A, Rev., 5.00%, 7/1/2039		350		446
Public Finance Authority, Ascend Leadership Academy Project
Series 2021A, Rev., 5.00%, 6/15/2041(d)		1,035		1,085
Public Finance Authority, Blue Ridge Healthcare Facilities
Series 2020A, Rev., 5.00%, 1/1/2029		665		835
Series 2020A, Rev., 5.00%, 1/1/2030		540		691
Series 2020A, Rev., 5.00%, 1/1/2031		650		827
Series 2020A, Rev., 5.00%, 1/1/2032		680		862
Series 2020A, Rev., 5.00%, 1/1/2033		500		633
Series 2020A, Rev., 5.00%, 1/1/2034		500		632
Series 2020A, Rev., 5.00%, 1/1/2035		500		631
Series 2020A, Rev., 5.00%, 1/1/2036		500		629
Series 2020A, Rev., 5.00%, 1/1/2037		600		753
Series 2020A, Rev., 5.00%, 1/1/2038		735		920
Series 2020A, Rev., 5.00%, 1/1/2039		700		875
Series 2020A, Rev., 5.00%, 1/1/2040		500		623
Series 2020A, Rev., 4.00%, 1/1/2045		750		859
Public Finance Authority, Carson Valley Medical Center
Series 2021A, Rev., 3.00%, 12/1/2026		250		267
Series 2021A, Rev., 4.00%, 12/1/2031		350		418
Series 2021A, Rev., 4.00%, 12/1/2041		750		878
Public Finance Authority, ENO River Academy Project
Series 2020A, Rev., 4.00%, 6/15/2030(d)		235		261
Series 2020A, Rev., 5.00%, 6/15/2040(d)		405		465

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Public Finance Authority, Entrance Fee Principal Redemption, Searstone CCRC Project
Series 2021B2, Rev., 2.25%, 6/1/2027		1,755		1,760
Public Finance Authority, Piedmont Community Charter School
Rev., 5.00%, 6/15/2022		190		194
Rev., 5.00%, 6/15/2024		205		225
Rev., 5.00%, 6/15/2026		225		260
Rev., 5.00%, 6/15/2034		215		260
Rev., 5.00%, 6/15/2039		390		467
Public Finance Authority, Renown Regional Medical Center Project
Rev., 5.00%, 6/1/2031		1,050		1,356
Rev., 5.00%, 6/1/2032		1,650		2,126
Public Finance Authority, The Carmelite System, Inc., Obligated Group
Rev., 3.25%, 1/1/2028		835		928
Public Finance Authority, Triad Educational Services, Inc.
Series 2021A, Rev., 4.00%, 6/15/2025		355		389
Series 2021A, Rev., 4.00%, 6/15/2027		385		434
Series 2021A, Rev., 4.00%, 6/15/2029		415		475
Series 2021A, Rev., 4.00%, 6/15/2031		450		513
Series 2021A, Rev., 4.00%, 6/15/2041		1,000		1,121
Public Finance Authority, Wakemed Hospital
Series 2019A, Rev., 5.00%, 10/1/2044		12,500		15,221
State of Wisconsin
Series 2017-1, GO, 5.00%, 11/1/2023		30		33
Series 3, GO, 5.00%, 11/1/2030		4,190		5,127
Series 2017-3, GO, 5.00%, 11/1/2032		20		24
State of Wisconsin, Annual Appropriation Federally Tax-Exempt
Series A, Rev., 5.00%, 5/1/2028		7,200		8,817
Series 2017B, Rev., 5.00%, 5/1/2035		25		29
Wisconsin Department of Transportation
Series 1, Rev., 5.00%, 7/1/2022		40		41
Series 1, Rev., 5.00%, 7/1/2022(b)		20		21
Series 2015-1, Rev., 5.00%, 7/1/2023		35		38
Series 2017-1, Rev., 5.00%, 7/1/2023		35		38
Series 2015-1, Rev., 5.00%, 7/1/2026		25		29
Series 2017-1, Rev., 5.00%, 7/1/2030		60		66
Series 2017-2, Rev., 5.00%, 7/1/2030		30		37
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc.
Rev., 5.00%, 7/1/2027		95		116
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group
Rev., 5.00%, 8/15/2027		25		27
Wisconsin Health and Educational Facilities Authority, Hope Christian Schools
Rev., 3.00%, 12/1/2031		615		624
Rev., 4.00%, 12/1/2041		690		728
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities
Rev., 4.00%, 8/15/2041		825		956
Total Wisconsin				60,205
Wyoming — 0.5%
County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry Fork Station Facilities
Series 2019A, Rev., 3.63%, 7/15/2039		23,570		25,356
TOTAL MUNICIPAL BONDS (Cost $4,188,182)				4,502,512
	Shares (000)
SHORT-TERM INVESTMENTS — 2.1%
INVESTMENT COMPANIES — 2.1%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.05%(g)(h)(Cost $97,253)		97,222		97,261
Total Investments — 99.0% (Cost $4,285,435)				4,599,773
Other Assets Less Liabilities — 1.0%				45,505
Net Assets — 100.0%				4,645,278

Percentages indicated are based on net assets.

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 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
FGIC	Insured by Financial Guaranty Insurance Co.
GAN	Grant Anticipation Note
GO	General Obligation
GTD	Guaranteed
IBC	Insured Bond Certificates
ICC	Insured Custody Certificates
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
RE	Reinsured
Rev.	Revenue
SCSDE	South Carolina School District Enhancement
VRDO	Variable Rate Demand Obligation
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Security is prerefunded or escrowed to maturity.
(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2021.
(d)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(e)	Amount rounds to less than 0.1% of net assets.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(h)	The rate shown is the current yield as of November 30, 2021.

Futures contracts outstanding as of November 30, 2021 (amounts in thousands, except number of contracts):

Description

Number of Contracts

Expiration Date

Trading Currency

Notional Amount ($)

Value and Unrealized Appreciation (Depreciation) ($)

Short Contracts

U.S. Treasury 10 Year Ultra Note

(1,207

)

03/2022

USD

(177,372

)

(2,741

)

Abbreviations
USD	United States Dollar

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 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.

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

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

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

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

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

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

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

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

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Municipal Bonds	$	—		$	4,502,512	$	—	$	4,502,512
Short-Term Investments
Investment Companies		97,261			—		—		97,261
Total Investments in Securities	$	97,261		$	4,502,512	$	—	$	4,599,773
Depreciation in Other Financial Instruments
Futures Contracts	$	(2,741	)	$	—	$	—	$	(2,741	)

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 purchases at cost amount in the table below.

For the period ended November 30, 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 November 30, 2021		Shares at November 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.05%(a)(b)	$	229,398	$	735,868	$	867,992	$	(15	)	$	2	$	97,261		97,222	$	17	$	—

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

(b) The rate shown is the current yield as of November 30, 2021.