NPORT-EX 2 JPM_HYMF.htm EDGAR HTML
JPMorgan High Yield Municipal Fund
Schedule of Portfolio Investments as of November 30, 2022
(Unaudited) 
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2022.
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — 97.8% (a)
Alaska — 0.6%
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2036
2,000
  1,962
Arizona — 5.3%
Arizona Industrial Development Authority, Academics of Math & Science Projects
 
 
Rev., 4.00%, 7/1/2029 (b)
  400
    381
Rev., 5.00%, 7/1/2039 (b)
1,000
    974
Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project Series 2021A, Rev., 4.00%, 12/15/2051 (b)
  350
    262
Arizona Industrial Development Authority, Cadence Campus Project
 
 
Series 2020A, Rev., 4.00%, 7/15/2030 (b)
  480
    455
Series 2020A, Rev., 4.00%, 7/15/2040 (b)
  800
    668
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project
 
 
Series 2021A, Rev., 4.00%, 7/15/2041 (b)
  130
    105
Series 2021A, Rev., 4.00%, 7/15/2051 (b)
250
184
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Series A, Rev., 4.25%, 11/1/2052
800
730
Arizona Industrial Development Authority, Fire MESA and Red Rock Campus Projects Series 2019A, Rev., 3.55%, 7/15/2029 (b)
1,155
1,054
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project
 
 
Series 2019A, Rev., 5.00%, 1/1/2029
1,500
1,248
Series 2019A, Rev., 5.00%, 1/1/2037
1,000
712
Series 2019A, Rev., 5.00%, 1/1/2038
1,000
712
Series 2019A, Rev., 4.25%, 1/1/2039
1,000
642
Series 2019A, Rev., 4.50%, 1/1/2049
2,000
1,185
Arizona Industrial Development Authority, Pebble Campus Project Series 2020A, Rev., 5.00%, 7/15/2040 (b)
415
387
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project Series 2022A, Rev., 4.50%,
7/15/2029 (b)
250
240
Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project Rev., 5.00%, 7/15/2040 (b)
2,515
2,438
Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects
 
 
Series 2018A, Rev., 5.00%, 7/15/2028 (b)
865
874
Series 2018A, Rev., 5.75%, 7/15/2038 (b)
1,000
1,022
City of Mesa, Utility System Rev., AGM, 5.25%, 7/1/2029
40
46
Glendale Industrial Development Authority, Terraces of Phoenix Project
 
 
Series 2018A, Rev., 4.00%, 7/1/2028
450
414
Series 2018A, Rev., 5.00%, 7/1/2038
300
264
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University
Project
 
 
Series 2018A, Rev., 5.00%, 7/1/2032
350
359
Series 2018A, Rev., 5.00%, 7/1/2033
150
153
Series 2018A, Rev., 5.00%, 7/1/2037
200
201
La Paz County Industrial Development Authority, Harmony Public School Project Series 2018A, Rev., 5.00%, 2/15/2028
200
205
Maricopa County Industrial Development Authority, Arizona Autism Charter School Project
 
 
Series 2020A, Rev., 4.00%, 7/1/2030 (b)
320
294
Series 2020A, Rev., 5.00%, 7/1/2040 (b)
620
580
Series 2021A, Rev., 4.00%, 7/1/2041 (b)
165
131
Series 2020A, Rev., 5.00%, 7/1/2050 (b)
780
697
Series 2021A, Rev., 4.00%, 7/1/2051 (b)
540
393
Maricopa County Industrial Development Authority, Ottawa University
 
 
Rev., 5.00%, 10/1/2026 (b)
125
126
Rev., 5.13%, 10/1/2030 (b)
210
214
Total Arizona
 
18,350
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
California — 4.4%
California Community College Financing Authority, Orange Coast Properties LLC - Orange Coast College Project
 
 
Rev., 5.00%, 5/1/2037
  750
    741
Rev., 5.00%, 5/1/2038
  400
    393
California Community Housing Agency, Fountains at Emerald Park Series 2021A-2, Rev., 4.00%, 8/1/2046 (b)
  500
    383
California Community Housing Agency, Glendale Properties Series 2021A-2, Rev., 4.00%, 8/1/2047 (b)
1,500
  1,099
California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc.
 
 
Series 2021A, Rev., 5.00%, 12/1/2036 (b)
  175
    176
Series 2021A, Rev., 5.00%, 12/1/2046 (b)
1,000
    961
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2047
  200
    202
California Municipal Finance Authority, John Adams Academies Lincoln Project
 
 
Series 2019A, Rev., 4.00%, 10/1/2029 (b)
  410
    383
Series 2019A, Rev., 5.00%, 10/1/2039 (b)
900
832
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien
 
 
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032
245
226
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035
240
218
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project Series 2015B-2, Rev.,
AMT, 3.13%, 11/3/2025 (c)
250
242
California Public Finance Authority, Enso Village Project
 
 
Series 2021A, Rev., 5.00%, 11/15/2046 (b)
700
592
Series 2021A, Rev., 5.00%, 11/15/2056 (b)
500
406
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2029
200
209
California Public Finance Authority, Laverne Elementary Preparatory Academy
 
 
Series 2019A, Rev., 4.25%, 6/15/2029 (b)
720
685
Series 2019A, Rev., 5.00%, 6/15/2039 (b)
785
733
California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2018A, Rev., AGM, Zero
Coupon, 8/1/2030
200
153
California School Finance Authority, Kipp Projects School Facility Series 2015A, Rev., 5.00%, 7/1/2035 (b)
100
102
CMFA Special Finance Agency VIII Junior, Elan Hunting Beach Series 2021A-2, Rev., 4.00%, 8/1/2047 (b)
1,000
758
CSCDA Community Improvement Authority, Essential Housing, Mezzanine Lien Series 2021B, Rev., 4.00%, 2/1/2057 (b)
1,500
1,018
CSCDA Community Improvement Authority, Essential Housing, Oceanaire-Long Beach Series 2021A-2, Rev., 4.00%,
9/1/2056 (b)
2,115
1,605
CSCDA Community Improvement Authority, Essential Housing, Orange Portfolio Series 2021A-1, Rev., 2.80%, 3/1/2047 (b)
500
362
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056 (b)
1,500
1,142
CSCDA Community Improvement Authority, Essential Housing, Towne at Glendale Apartments Rev., 5.00%, 9/1/2037 (b)
225
208
Orange County Community Facilities District No. 2021-1, Rienda Series A, Rev., 5.00%, 8/15/2042
600
616
Palomar Health Rev., 5.00%, 11/1/2039
500
504
Pomona Unified School District Series C, GO, 6.00%, 8/1/2029 (d)
160
192
Total California
 
15,141
Colorado — 13.6%
Aviation Station North Metropolitan District No. 2, Limited Tax Series 2019A, GO, 5.00%, 12/1/2039
750
693
Bradburn Metropolitan District No. 2, Limited Tax
 
 
Series 2018A, GO, 5.00%, 12/1/2038
500
477
Series 2018B, GO, 7.25%, 12/15/2047
500
469
Broadway Park North Metropolitan District No. 2, Limited Tax
 
 
GO, 5.00%, 12/1/2040 (b)
550
515
GO, 5.00%, 12/1/2049 (b)
650
586
Canyon Pines Metropolitan District Special Improvement District No. 1 Series 2021A-2, 3.75%, 12/1/2040
1,325
1,007
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Colorado — continued
City and County of Denver
 
 
Series 2022-D, Rev., AMT, 5.75%, 11/15/2039
1,500
  1,687
Series 2022-D, Rev., AMT, 5.75%, 11/15/2045
1,250
  1,384
Colorado Crossing Metropolitan District No. 2, Limited Tax
 
 
Series 2020A-2, GO, 4.00%, 12/1/2030
1,065
    941
Series 2020A-1, GO, 5.00%, 12/1/2047
2,000
  1,726
Series 2020A-2, GO, 5.00%, 12/1/2050
2,000
  1,686
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project Rev., 4.00%, 5/1/2051
  175
    140
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project
 
 
Rev., 5.00%, 12/1/2040 (b)
  555
    485
Rev., 5.00%, 12/1/2050 (b)
  735
    603
Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project
 
 
Series 2018A, Rev., 5.00%, 12/1/2033
500
534
Series 2018A, Rev., 4.00%, 12/1/2048
500
452
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Rev., 5.00%, 2/1/2051 (b)
750
620
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series 2017A, Rev., 5.25%, 5/15/2028
1,000
1,005
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2050
675
552
Copper Ridge Metropolitan District, Tax Increment and Sales Tax Rev., 4.00%, 12/1/2029
500
456
Copperleaf Metropolitan District No. 4, Limited Tax
 
 
Series 2020A, GO, 5.00%, 12/1/2039
775
739
Series 2020A, GO, 5.00%, 12/1/2049
1,000
908
Cross Creek Metropolitan District No. 2, Unlimited Tax GO, AGM, 4.00%, 12/1/2045
1,000
955
DIATC Metropolitan District, Limited Tax and Improvement
 
 
GO, 3.25%, 12/1/2029 (b)
590
518
GO, 5.00%, 12/1/2039 (b)
1,240
1,128
Dominion Water and Sanitation District Rev., 5.25%, 12/1/2032
515
506
Jefferson Center Metropolitan District No. 1 Series 2020A-2, Rev., 4.13%, 12/1/2040
285
237
Lanterns Metropolitan District No. 1, Limited Tax Series 2019A, GO, 5.00%, 12/1/2039
1,375
1,291
Mirabelle Metropolitan District No. 2
 
 
Series 2020A, GO, 5.00%, 12/1/2039
700
650
Series 2020A, GO, 5.00%, 12/1/2049
1,250
1,091
Painted Prairie Metropolitan District No. 2 GO, 5.25%, 12/1/2048
2,000
1,821
Painted Prairie Public Improvement Authority
 
 
Rev., 4.00%, 12/1/2029
1,000
931
Rev., 5.00%, 12/1/2039
2,500
2,348
Peak Metropolitan District No. 1 Series A, GO, 5.00%, 12/1/2051 (b)
600
511
Public Authority for Colorado Energy, Natural Gas Purchase Rev., 6.13%, 11/15/2023
25
26
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040
750
682
Regional Transportation District, Denver Transit Partners Rev., 4.00%, 7/15/2036
190
179
Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044
500
359
Rocky Mountain Rail Park Metropolitan District, Limited Tax Series 2021A, GO, 5.00%, 12/1/2041 (b)
1,250
1,074
Sky Ranch Community Authority Board, Metropolitan District No. 3 Series A, Rev., 5.75%, 12/1/2052
500
456
STC Metropolitan District No. 2, Limited Tax Improvement
 
 
Series 2019A, GO, 3.00%, 12/1/2025
555
523
Series 2019A, GO, 4.00%, 12/1/2029
1,000
927
Series 2019A, GO, 5.00%, 12/1/2038
1,700
1,589
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Colorado — continued
Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2
 
 
Series 2020A, Rev., 3.38%, 12/1/2030
  500
    433
Series 2020A, Rev., 3.75%, 12/1/2040
  500
    394
Third Creek Metropolitan District No. 1, Limited Tax
 
 
Series 2022A-1, GO, 4.50%, 12/1/2037
  825
    686
Series 2022A-1, GO, 4.75%, 12/1/2051
  760
    567
Thompson Crossing Metropolitan District No. 4, Unlimited Tax
 
 
GO, 5.00%, 12/1/2039
1,400
  1,317
GO, 5.00%, 12/1/2049
1,500
  1,330
Trails at Crowfoot Metropolitan District No. 3, Limited Tax
 
 
Series 2019A, GO, 4.38%, 12/1/2030
  620
    572
Series 2019A, GO, 5.00%, 12/1/2039
1,000
937
Transport Metropolitan District No. 3, Limited Tax
 
 
Series 2021A-1, GO, 4.13%, 12/1/2031
500
444
Series 2021A-1, GO, 5.00%, 12/1/2041
1,000
871
Verve Metropolitan District No. 1
 
 
GO, 5.00%, 12/1/2036
525
508
GO, 5.00%, 12/1/2041
1,125
1,052
Westerly Metropolitan District No. 4, Limited Tax Series 2021A, GO, 5.00%, 12/1/2040
700
629
Windler Public Improvement Authority, Limited Tax Series 2021A-1, Rev., 4.00%, 12/1/2036
1,865
1,442
Total Colorado
 
46,649
Connecticut — 1.0%
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Series A-1, Rev., 5.00%, 10/1/2029 (b)
400
390
Connecticut State Health and Educational Facilities Authority, McLean
 
 
Series 2020A, Rev., 5.00%, 1/1/2030 (b)
250
251
Series 2020A, Rev., 5.00%, 1/1/2045 (b)
500
469
Connecticut State Health and Educational Facilities Authority, The Griffin Hospital Series G-1, Rev., 5.00%, 7/1/2034 (b)
225
223
Stamford Housing Authority Rev., BAN, 11.00%, 12/1/2027 (b) (e)
1,500
1,502
Steel Point Infrastructure Improvement District, Steelpointe Harbor Project Rev., 4.00%, 4/1/2051 (b)
700
555
Total Connecticut
 
3,390
Delaware — 0.1%
Delaware State Economic Development Authority, Aspria of Delaware Charter Operations inc. Projects Series 2022A, Rev.,
4.00%, 6/1/2042
250
202
District of Columbia — 0.7%
District of Columbia, Kipp DC Project Rev., 4.00%, 7/1/2039
200
185
District of Columbia, Latin American Montessori Bilingual Public Charter School
 
 
Rev., 4.00%, 6/1/2030
1,000
955
Rev., 5.00%, 6/1/2040
1,000
951
District of Columbia, Rocketship Obligated Group Series 2020A, Rev., 5.00%, 6/1/2051 (b)
400
365
Total District of Columbia
 
2,456
Florida — 6.5%
Capital Trust Agency, Inc., Advantage Academy of Hillsborough Project
 
 
Series A, Rev., 5.00%, 12/15/2029
405
415
Series A, Rev., 5.00%, 12/15/2039
1,775
1,789
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Florida — continued
Capital Trust Agency, Inc., Franklin Academy Project
 
 
Rev., 4.00%, 12/15/2025 (b)
  300
    296
Rev., 5.00%, 12/15/2026 (b)
  300
    304
Rev., 5.00%, 12/15/2027 (b)
  330
    334
Rev., 5.00%, 12/15/2028 (b)
  345
    348
Rev., 5.00%, 12/15/2029 (b)
  365
    367
Rev., 5.00%, 12/15/2030 (b)
  510
    511
Capital Trust Agency, Inc., Imagine School at Land O'Lakes Project
 
 
Series 2020A, Rev., 3.00%, 12/15/2029 (b)
  420
    380
Series 2020A, Rev., 5.00%, 12/15/2039 (b)
  640
    604
Capital Trust Agency, Inc., Legends Academy Project Series 2021A, Rev., 5.00%, 12/1/2045 (b)
1,625
  1,309
Capital Trust Agency, Inc., Liza Jackson Preparatory School, Inc., Project
 
 
Series 2020A, Rev., 4.00%, 8/1/2030
200
198
Series 2020A, Rev., 5.00%, 8/1/2040
300
303
Capital Trust Agency, Inc., Sustainability Bonds -The Marie Rev., 4.00%, 6/15/2031 (b)
200
181
Charlotte County Industrial Development Authority, Town and Country Utilities Project Series 2021A, Rev., AMT, 4.00%,
10/1/2041 (b)
400
321
City of Tampa, H. Lee Moffitt Cancer Center Project Series 2020B, Rev., 4.00%, 7/1/2038
190
186
County of Lake, Imagine South Lake Charter School Project Series A, Rev., 5.00%, 1/15/2029 (b)
500
505
County of Palm Beach, Palm Beach Atlantic University
 
 
Rev., 5.00%, 4/1/2029 (b)
400
398
Rev., 5.00%, 4/1/2039 (b)
900
825
Florida Development Finance Corp., Cornerstone Charter Academy Project Series 2022, Rev., 5.00%, 10/1/2042 (b)
400
369
Florida Development Finance Corp., Educational Facilities, Renaissance Charter School, Inc. Project
 
 
Series 2020C, Rev., 4.00%, 9/15/2030 (b)
235
216
Series 2020C, Rev., 5.00%, 9/15/2040 (b)
525
479
Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects
 
 
Rev., 4.00%, 7/1/2045
600
502
Series 2022A-1, Rev., 5.00%, 7/1/2051
195
191
Series 2022B, Rev., 5.00%, 7/1/2051
325
308
Florida Development Finance Corp., Educational Facilities, UCP Charter Schools Project
 
 
Series 2020A, Rev., 4.00%, 6/1/2030
500
460
Series 2020A, Rev., 5.00%, 6/1/2040
830
747
Florida Development Finance Corp., IDEA Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (b)
650
631
Florida Development Finance Corp., Imagine School at Broward Project
 
 
Series A, Rev., 4.00%, 12/15/2029 (b)
260
256
Series A, Rev., 5.00%, 12/15/2034 (b)
525
544
Series A, Rev., 5.00%, 12/15/2039 (b)
305
311
Florida Development Finance Corp., Mater Academy Project Series 2020A, Rev., 5.00%, 6/15/2040
590
595
Florida Development Finance Corp., Pepin Academics of Pasco County, Inc. Project Series 2020A, Rev., 5.00%, 1/1/2040 (b)
2,430
2,258
Florida Higher Educational Facilities Financial Authority, St. Leo University Project Rev., 5.00%, 3/1/2039
750
693
Miami Beach Health Facilities Authority, Mount Sinai Medical Center Rev., 5.00%, 11/15/2029
545
556
Middleton Community Development District A 6.10%, 5/1/2042
1,000
1,007
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020B, Rev.,
4.00%, 11/15/2041
250
213
Palm Beach County Health Facilities Authority, Jupiter Medical Center Series A, Rev., 5.00%, 11/1/2052
1,000
1,002
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Florida — continued
Pinellas County Educational Facilities Authority, Pinellas Academy of Math and Science Project Series 2018A, Rev., 4.13%,
12/15/2028 (b)
  785
    784
Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning Series 2021A, Rev., 4.00%,
6/15/2051 (b)
  830
    615
Total Florida
 
22,311
Georgia — 0.5%
George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054
  500
    405
George L Smith II Congress Center Authority, Convention Center Hotel Second
 
 
Series 2021B, Rev., 5.00%, 1/1/2036 (b)
  500
    466
Series 2021B, Rev., 5.00%, 1/1/2054 (b)
  855
    709
Total Georgia
 
1,580
Idaho — 0.0% ^
Idaho Housing and Finance Association, Compass Public Charter School, Inc., Project Series 2018A, Rev., 4.63%, 7/1/2029 (b)
  165
    167
Illinois — 2.3%
City of Chicago, Waterworks, Second Lien Rev., AMBAC, BHAC - CR, 5.75%, 11/1/2030
145
160
County of Du Page, The Morton Abroretum Project Rev., 3.00%, 5/15/2047
1,265
951
Illinois Finance Authority, Clark-Lindsey Village Series A, Rev., 5.25%, 6/1/2037
175
165
Illinois Finance Authority, Lake Forest College
 
 
Series A, Rev., 5.50%, 10/1/2039
400
403
Series A, Rev., 5.50%, 10/1/2042
1,200
1,203
Illinois Finance Authority, Play Mouth Place, Inc. Series 2022B-1, Rev., 6.00%, 11/15/2027
200
201
Illinois Finance Authority, Social Bonds-Learn Chapter School Project Rev., 4.00%, 11/1/2051
500
419
Illinois Finance Authority, University of Illinois, Urbana-Champaign Project
 
 
Series 2019A, Rev., 5.00%, 10/1/2036
300
316
Series 2019A, Rev., 5.00%, 10/1/2039
350
364
Series 2019A, Rev., 5.00%, 10/1/2044
1,000
1,034
Metropolitan Water Reclamation District of Greater Chicago Series C, GO, 5.25%, 12/1/2027
50
55
State of Illinois GO, 4.13%, 3/1/2028
170
170
Upper Illinois River Valley Development Authority, Morris Hospital
 
 
Rev., 5.00%, 12/1/2028
1,050
1,121
Rev., 5.00%, 12/1/2029
875
929
Rev., 5.00%, 12/1/2033
250
261
Rev., 5.00%, 12/1/2034
20
21
Total Illinois
 
7,773
Indiana — 2.0%
City of Franklin, Otterbeit Homes
 
 
Series B, Rev., 4.00%, 7/1/2039
750
712
Series B, Rev., 4.00%, 7/1/2040
500
471
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (b)
1,000
774
City of Valparaiso Rev., 5.38%, 12/1/2041 (b)
1,550
1,222
Indiana Finance Authority, DePauw University Series 2022-A, Rev., 5.00%, 7/1/2032
500
548
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project
 
 
Series 2020A, Rev., 4.00%, 7/1/2030
105
99
Series 2020A, Rev., 5.00%, 7/1/2040
170
162
Series 2020A, Rev., 5.00%, 7/1/2055
455
408
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Indiana — continued
Indiana Finance Authority, Goshen Health
 
 
Series 2019A, Rev., 4.00%, 11/1/2036
  235
    230
Series 2019A, Rev., 4.00%, 11/1/2037
  330
    324
Indiana Finance Authority, Marian University Project Series A, Rev., 4.00%, 9/15/2044
1,090
    966
Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021A, Rev., 5.25%, 4/1/2041 (b)
1,250
  1,002
Total Indiana
 
6,918
Iowa — 0.6%
Iowa Finance Authority, Northcrest Inc., Project
 
 
Series 2018A, Rev., 5.00%, 3/1/2028
  695
    690
Series 2018A, Rev., 5.00%, 3/1/2038
  250
    235
Iowa Finance Authority, PHS Council Bluffs, Inc., Project
 
 
Rev., 3.95%, 8/1/2023
50
49
Rev., 4.45%, 8/1/2028
250
231
Rev., 5.00%, 8/1/2033
485
437
Rev., 5.00%, 8/1/2038
370
310
Total Iowa
 
1,952
Kansas — 0.7%
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc.
 
 
Series 2018A, Rev., 5.00%, 5/15/2032
500
497
Series 2018A, Rev., 5.00%, 5/15/2039
850
822
City of Topeka Series 2022-A, Rev., 5.75%, 12/1/2033 (e)
250
251
City of Wichita, Health Care Facilities, Presbyterian Manors, Inc.
 
 
Series 2018 I, Rev., 5.00%, 5/15/2033
500
466
Series I, Rev., 5.00%, 5/15/2038
500
451
Total Kansas
 
2,487
Kentucky — 0.5%
City of Ashland, Kings Daughters Medical Center
 
 
Series 2016A, Rev., 4.00%, 2/1/2036
1,000
928
Series 2016A, Rev., 5.00%, 2/1/2040
500
505
City of Hermiston Series 2022A, Rev., AMT, 4.45%, 1/1/2042 (b)
400
363
Total Kentucky
 
1,796
Louisiana — 1.7%
Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051 (b)
1,145
953
Louisiana Public Facilities Authority, Materra Campus Project Series 2021C, Rev., 4.00%, 6/1/2041 (b)
440
358
Louisiana Public Facilities Authority, Mentorship Steam Academy Project
 
 
Series 2021A, Rev., 5.00%, 6/1/2051 (b)
700
548
Series 2021A, Rev., 5.00%, 6/1/2056 (b)
740
563
Louisiana Public Facilities Authority, School Master Project Series 2021A, Rev., 4.00%, 6/1/2031 (b)
290
266
Louisiana Public Facilities Authority, Young Audiences Charter School Project
 
 
Series A, Rev., 5.00%, 4/1/2030 (b)
525
519
Series A, Rev., 5.00%, 4/1/2039 (b)
1,425
1,299
Series A, Rev., 5.00%, 4/1/2049 (b)
1,135
963
New Orleans Aviation Board, General Airport, North Terminal Project Series B, Rev., AMT, 5.00%, 1/1/2048
250
251
Total Louisiana
 
5,720
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Maine — 0.0% ^
Maine Health and Higher Educational Facilities Authority, Central Maine Medical Center Series 2013A, Rev., 5.00%,
7/1/2023 (d)
   25
     25
Maryland — 2.1%
County of Frederick, Educational Facilities, Mount St. Mary's University Series 2017A, Rev., 5.00%, 9/1/2037 (b)
1,500
  1,442
Maryland Economic Development Corp., Annapolis Mobility and Resilience Project Series 2022-A, Rev., 5.00%, 12/31/2037
1,000
  1,045
Maryland Economic Development Corp., Bowie State University Project Rev., 4.00%, 7/1/2040
  300
    269
Maryland Economic Development Corp., Morgan State University Project
 
 
Series 2022-A, Rev., 5.25%, 7/1/2032
  500
    541
Series 2022-A, Rev., 5.25%, 7/1/2033
  545
    587
Series 2022-A, Rev., 5.38%, 7/1/2038
1,220
  1,295
Maryland Economic Development Corp., Port Covington Project
 
 
Rev., 4.00%, 9/1/2040
  875
    751
Rev., 4.00%, 9/1/2050
555
438
Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue
 
 
Rev., 3.25%, 7/1/2039
175
140
Rev., 4.00%, 7/1/2040
215
200
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project
 
 
Rev., 4.00%, 6/1/2046
250
215
Rev., 4.00%, 6/1/2051
500
419
Total Maryland
 
7,342
Massachusetts — 2.4%
Massachusetts Bay Transportation Authority, Sales Tax Series B, Rev., NATL - RE, 5.50%, 7/1/2028
300
344
Massachusetts Development Finance Agency, Emerson College
 
 
Rev., 5.00%, 1/1/2037
500
514
Rev., 5.00%, 1/1/2038
405
415
Rev., 5.00%, 1/1/2043
500
507
Massachusetts Development Finance Agency, Emmanuel College Series 2016A, Rev., 5.00%, 10/1/2043
500
501
Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Rev., 4.13%, 10/1/2042 (b)
2,000
1,890
Massachusetts Development Finance Agency, Orchid Cove, Inc.
 
 
Rev., 4.00%, 10/1/2029
925
905
Rev., 4.00%, 10/1/2039
500
448
Rev., 5.00%, 10/1/2039
250
252
Massachusetts Development Finance Agency, Suffolk University Issue
 
 
Rev., 5.00%, 7/1/2036
450
468
Rev., 5.00%, 7/1/2037
605
628
Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045
1,280
956
Massachusetts Port Authority Series A, Rev., 5.00%, 7/1/2044
500
510
Total Massachusetts
 
8,338
Michigan — 3.3%
City of Detroit, Unlimited Tax
 
 
Series 2021A, GO, 5.00%, 4/1/2031
210
221
GO, 5.00%, 4/1/2035
500
511
GO, 5.00%, 4/1/2036
500
509
GO, 5.00%, 4/1/2037
500
508
Series 2021A, GO, 4.00%, 4/1/2041
800
700
Series 2021A, GO, 4.00%, 4/1/2042
750
651
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Michigan — continued
Flint Hospital Building Authority, Hurley Medical Center Rev., 4.00%, 7/1/2038
1,800
  1,619
Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project
 
 
Rev., 5.00%, 5/15/2037
1,230
  1,109
Rev., 5.00%, 5/15/2055
3,000
  2,429
Michigan Finance Authority, Aqunias College Project Rev., 4.00%, 5/1/2031
  540
    478
Michigan Finance Authority, Lawrence Technological University Rev., 4.00%, 2/1/2042
  370
    307
Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032
  750
    776
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project
 
 
Rev., 5.00%, 5/15/2037
  670
    643
Rev., 5.00%, 5/15/2044
1,000
    924
Total Michigan
 
11,385
Minnesota — 1.0%
City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 4.00%, 11/15/2038
750
721
City of Wayzata, Folkestone Senior Living Community
 
 
Rev., 5.00%, 8/1/2032
100
100
Rev., 5.00%, 8/1/2033
200
200
Rev., 5.00%, 8/1/2035
200
199
Rev., 3.75%, 8/1/2036
250
215
Rev., 3.75%, 8/1/2037
500
426
Rev., 4.00%, 8/1/2038
350
304
Rev., 4.00%, 8/1/2039
250
215
City of Woodbury, Charter School Lease
 
 
Rev., 4.00%, 12/1/2050
250
208
Series 2021A, Rev., 4.00%, 7/1/2051
660
478
City of Woodbury, Charter School Lease, MSA Building Co.
 
 
Rev., 3.00%, 12/1/2030
225
204
Rev., 4.00%, 12/1/2040
200
178
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., GNMA /
FNMA / FHLMC, 5.52%, 3/1/2041
25
25
Total Minnesota
 
3,473
Mississippi — 0.7%
Mississippi Development Bank, Harrison County, Coliseum and Convention Center
 
 
Series A, Rev., GTD, 5.25%, 1/1/2030
160
182
Series 2010A, Rev., GTD, 5.25%, 1/1/2034
100
116
Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project
 
 
Series A, Rev., 4.00%, 1/1/2039
1,250
1,213
Series A, Rev., 4.00%, 1/1/2040
1,000
964
Total Mississippi
 
2,475
Missouri — 2.7%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%,
7/1/2025
400
424
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects
 
 
Series 2019A, Rev., 5.00%, 2/1/2029
550
558
Series 2019A, Rev., 5.00%, 2/1/2034
1,010
1,009
Series 2016A, Rev., 5.00%, 2/1/2036
2,500
2,460
Series 2019A, Rev., 5.00%, 2/1/2042
1,000
971
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Missouri — continued
Industrial Development Authority of the City of St. Louis Missouri (The), Innovation District Rev., 5.00%, 5/15/2041
  575
    560
Joplin Industrial Development Authority, 32nd Street Place Community Improvement District Project
 
 
Rev., 3.50%, 11/1/2040
  655
    548
Rev., 4.25%, 11/1/2050
1,250
    997
Plaza at Noah's Ark Community Improvement District
 
 
Rev., 3.00%, 5/1/2024
  200
    195
Rev., 3.00%, 5/1/2025
  225
    216
Rev., 3.00%, 5/1/2026
  275
    260
Rev., 3.13%, 5/1/2035
  500
    408
St. Louis County Industrial Development Authority, Friendship Village Series 2018A, Rev., 5.00%, 9/1/2028
  630
    619
Total Missouri
 
9,225
Montana — 0.4%
Cascade County Elementary School District No. 1 Great Falls, School Building GO, 3.63%, 7/1/2038
335
316
County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2032 (b)
1,000
906
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038
25
25
Total Montana
 
1,247
Nevada — 0.5%
City of Las Vegas, Special Improvement District No. 611, Local Improvement
 
 
3.50%, 6/1/2030
200
179
3.50%, 6/1/2031
160
140
3.75%, 6/1/2032
260
231
4.00%, 6/1/2033
185
170
4.00%, 6/1/2034
185
168
4.00%, 6/1/2035
185
166
4.00%, 6/1/2040
450
388
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (b)
65
63
County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2019E, Rev.,
5.00%, 7/1/2033
200
222
Total Nevada
 
1,727
New Hampshire — 0.4%
City of Manchester, School Facilities Rev., NATL - RE, 5.50%, 6/1/2027
100
111
New Hampshire Business Finance Authority, The Vista Project
 
 
Series 2019A, Rev., 5.25%, 7/1/2039 (b)
200
182
Series 2019A, Rev., 5.63%, 7/1/2046 (b)
1,000
922
Total New Hampshire
 
1,215
New Jersey — 1.9%
New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project Series 2019A, Rev., 5.00%,
10/1/2039 (b)
2,000
1,526
New Jersey Economic Development Authority, Golden Door Charter School Project
 
 
Series 2018A, Rev., 5.13%, 11/1/2029 (b)
210
209
Series 2018-A, Rev., 6.25%, 11/1/2038 (b)
525
547
New Jersey Economic Development Authority, Marion P. Thomas Charter School, Inc., Project Series 2018-A, Rev., 5.00%,
10/1/2033 (b)
1,000
957
New Jersey Economic Development Authority, White Horse HMT Urban Renewal LLC Project Rev., 5.00%, 1/1/2040 (b)
3,000
2,268
New Jersey Higher Education Student Assistance Authority, Senior Student Loan
 
 
Series 2018A, Rev., AMT, 4.00%, 12/1/2032
255
255
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
New Jersey — continued
Series 2018A, Rev., AMT, 4.00%, 12/1/2033
  320
    320
Series 2018A, Rev., AMT, 4.00%, 12/1/2034
  185
    185
Series 2018A, Rev., AMT, 4.00%, 12/1/2035
  125
    125
Total New Jersey
 
6,392
New Mexico — 0.2%
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group - La Vida Llena Expansion Project
 
 
Series A, Rev., 5.00%, 7/1/2033
  360
    330
Series A, Rev., 5.00%, 7/1/2034
  375
    340
Total New Mexico
 
670
New York — 5.1%
Buffalo and Erie County Industrial Land Development Corp., D'youville College Project
 
 
Rev., 4.00%, 11/1/2035
510
494
Rev., 4.00%, 11/1/2040
1,035
967
Build NYC Resource Corp., Inwood Academy for Leadership Charter School Project
 
 
Series 2018A, Rev., 4.88%, 5/1/2031 (b)
500
496
Series 2018A, Rev., 5.13%, 5/1/2038 (b)
250
243
Build NYC Resource Corp., New World Preparatory Charter School Project
 
 
Series 2021A, Rev., 4.00%, 6/15/2051
170
127
Series 2021A, Rev., 4.00%, 6/15/2056
225
162
Build NYC Resource Corp., Richmond Preparatory Charter School Project Series 2021A, Rev., 5.00%, 6/1/2041 (b)
550
513
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042
1,000
839
Metropolitan Transportation Authority Series 2020A-1, Rev., BAN, 5.00%, 2/1/2023
500
501
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project
 
 
Series 2020A, Rev., 5.00%, 6/1/2040 (b)
630
633
Series 2020A, Rev., 5.00%, 6/1/2059 (b)
540
524
New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., AGM, 3.00%, 9/1/2050
950
694
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project
 
 
Rev., AMT, 5.00%, 1/1/2025
3,250
3,279
Rev., AMT, 5.00%, 1/1/2028
500
509
Rev., AMT, 4.00%, 10/1/2030
2,000
1,945
Rev., AMT, 5.00%, 1/1/2034
375
378
Rev., AMT, 4.00%, 1/1/2036
500
465
Rev., AMT, 5.00%, 10/1/2040
1,000
996
Onondaga Civic Development Corp., Le Moyne College Project
 
 
Rev., 5.00%, 1/1/2037
300
307
Rev., 5.00%, 1/1/2038
200
204
Rev., 5.00%, 1/1/2043
500
508
Suffolk County Economic Development Corp., Peconic Landing at Southold Project, Inc. Rev., 5.00%, 12/1/2029
750
772
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project
 
 
Rev., 5.13%, 11/1/2041 (b)
850
692
Rev., 5.38%, 11/1/2054 (b)
750
594
Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project Rev., 5.00%, 7/1/2042
365
381
Yonkers Economic Development Corp., Charter School of Educational Excellence Project
 
 
Series 2019A, Rev., 4.00%, 10/15/2029
200
187
Series 2019A, Rev., 5.00%, 10/15/2039
315
291
Total New York
 
17,701
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
North Carolina — 0.1%
North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project Series 2020A, Rev., 5.00%,
10/1/2040
  355
    340
Ohio — 3.2%
Buckeye Tobacco Settlement Financing Authority Series 2020B-2, Class 2, Rev., 5.00%, 6/1/2055
2,720
  2,492
Cleveland-Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project
 
 
Rev., 5.00%, 12/1/2033
1,000
  1,009
Rev., 5.25%, 12/1/2038
  500
    505
County of Cuyahoga, Eliza Jennings Senior Care Network Series 2022-A, Rev., 5.00%, 5/15/2032
  500
    488
County of Greene, Various Purpose Series 2007A, GO, AMBAC, 5.25%, 12/1/2028
   45
     50
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University Rev., 5.00%, 5/1/2030
  250
    237
Northeast Ohio Medical University
 
 
Series 2021A, Rev., 3.00%, 12/1/2040
  125
     97
Series 2021A, Rev., 4.00%, 12/1/2045
120
106
Ohio Higher Educational Facility Commission, Capital University 2022 Project
 
 
Rev., 5.00%, 9/1/2032
415
425
Rev., 5.75%, 9/1/2037
605
631
Ohio Higher Educational Facility Commission, Cleveland Institute of Music 2 Rev., 5.38%, 12/1/2052
1,500
1,526
Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project
 
 
Rev., 5.00%, 12/1/2028
500
505
Rev., 5.00%, 12/1/2033
270
263
Rev., 5.00%, 12/1/2038
685
647
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034
2,000
2,019
Total Ohio
 
11,000
Oklahoma — 0.3%
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series B, Rev., 5.00%, 8/15/2038
1,000
896
Oregon — 1.5%
Clackamas County Hospital Facility Authority, Mary's Woods at Marylhurst Project
 
 
Series 2018A, Rev., 5.00%, 5/15/2038
220
197
Series 2018A, Rev., 5.00%, 5/15/2043
310
267
Linn County Community School District No. 9 Lebanon GO, NATL - RE, 5.50%, 6/15/2030
20
23
Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt
 
 
Series 2020A, Rev., 5.00%, 10/1/2035
135
141
Series 2020A, Rev., 5.00%, 10/1/2040
585
596
Salem Hospital Facility Authority, Capital Manor Project
 
 
Rev., 5.00%, 5/15/2038
1,000
985
Rev., 4.00%, 5/15/2047
100
77
Union County Hospital Facility Authority, Grande Ronde Hospital, Inc.
 
 
Series 2022, Rev., 5.00%, 7/1/2036
1,430
1,477
Series 2022, Rev., 5.00%, 7/1/2037
1,505
1,547
Total Oregon
 
5,310
Pennsylvania — 6.3%
Aliquippa School District, Limited Tax
 
 
GO, 3.75%, 12/1/2033
2,000
2,029
GO, 3.88%, 12/1/2037
1,250
1,238
Allegheny County Higher Education Building Authority, Chatham University Rev., 5.00%, 9/1/2032
475
480
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Pennsylvania — continued
Allentown Neighborhood Improvement Zone Development Authority, City Center Project
 
 
Rev., 5.00%, 5/1/2033 (b)
  250
    241
Rev., 5.00%, 5/1/2042 (b)
  250
    226
Berks County Industrial Development Authority, The Highlands at Wyomissing
 
 
Rev., 5.00%, 5/15/2033
  500
    502
Series 2017A, Rev., 5.00%, 5/15/2037
  250
    247
Rev., 5.00%, 5/15/2038
  500
    492
Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037
1,000
    742
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 4.00%, 7/1/2046
  890
    683
City of Erie, Higher Education Building Authority, Gannon University Project - AICUP Financing Program Series 2021TT1, Rev.,
4.00%, 5/1/2041
  175
    150
Dallas Area Municipal Authority, Misericordia University Project
 
 
Rev., 3.25%, 5/1/2023
50
50
Rev., 5.00%, 5/1/2029
650
651
Rev., 5.00%, 5/1/2039
1,100
1,068
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project Rev., 5.00%, 12/1/2049
500
407
Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc., Project
 
 
Series 2019A, Rev., 5.00%, 6/15/2032
545
528
Series 2019A, Rev., 5.00%, 6/15/2033
570
548
Series 2019A, Rev., 5.00%, 6/15/2038
1,110
1,039
Luzerne County Industrial Development Authority Rev., AGM, 5.00%, 12/15/2024
70
73
Mercer County Industrial Development Authority, Thiel College Project Rev., 6.13%, 10/1/2050 (b)
2,635
2,213
Montgomery County Higher Education and Health Authority, Arcadia University
 
 
Rev., 5.00%, 4/1/2034
275
287
Rev., 4.00%, 4/1/2036
520
488
Rev., 4.00%, 4/1/2037
545
505
Rev., 4.00%, 4/1/2039
725
660
Philadelphia Authority for Industrial Development, Holy Family University Series 2023, Rev., 5.00%, 9/1/2028 (e)
640
677
Philadelphia Authority for Industrial Development, Independence Charter School West Project
 
 
Rev., 4.00%, 6/15/2029
360
339
Rev., 5.00%, 6/15/2039
500
470
Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018-A,
Rev., 4.50%, 6/1/2029 (b)
700
693
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project
 
 
Series 2020A, Rev., 5.00%, 8/1/2030
175
181
Series 2020A, Rev., 5.00%, 8/1/2040
315
317
Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project
 
 
Series 2021A, Rev., 4.00%, 6/1/2041
200
159
Series 2021A, Rev., 4.00%, 6/1/2051
400
291
School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043
1,250
1,225
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038
750
716
Wilkes-Barre Area School District GO, 3.75%, 4/15/2044
1,000
908
Total Pennsylvania
 
21,523
Puerto Rico — 0.9%
Commonwealth of Puerto Rico Series 2022A-1, GO, 5.38%, 7/1/2025
3,000
3,041
Rhode Island — 0.0% ^
Rhode Island Student Loan Authority Series 2017A, Rev., AMT, 5.00%, 12/1/2024
100
104
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
South Carolina — 1.4%
South Carolina Jobs-Economic Development Authority, Episcopal Home at Still Hopes Series 2018A, Rev., 5.00%, 4/1/2033
1,485
  1,394
South Carolina Jobs-Economic Development Authority, Kiawah Life Plan Village, Inc., Project Rev., 8.75%, 7/1/2025 (b)
  300
    309
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project
 
 
Series 2019A, Rev., 5.00%, 12/1/2034 (b)
1,405
  1,418
Series 2019A, Rev., 5.00%, 12/1/2039 (b)
1,795
  1,762
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project Series 2020A, Rev., 5.00%, 11/15/2029
  110
    109
Total South Carolina
 
4,992
Tennessee — 2.6%
Metropolitan Nashville Airport Authority (The)
 
 
Series 2022-B, Rev., AMT, 5.25%, 7/1/2047 (e)
1,000
  1,046
Series 2022-B, Rev., AMT, 5.00%, 7/1/2052 (e)
1,000
  1,021
Series 2022-B, Rev., AMT, 5.50%, 7/1/2052 (e)
835
890
Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project
 
 
Rev., 4.50%, 6/1/2028 (b)
400
400
Rev., 5.13%, 6/1/2036 (b)
425
429
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project
 
 
Series 2019A, Rev., 5.75%, 10/1/2049
1,000
891
Series 2019A, Rev., 5.75%, 10/1/2054
1,500
1,310
Series 2019A, Rev., 5.75%, 10/1/2059
3,350
2,869
Total Tennessee
 
8,856
Texas — 6.0%
Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc. Series 2020A, Rev., 4.00%, 6/15/2040 (b)
1,810
1,477
Arlington Higher Education Finance Corp., Newman International Academy
 
 
Rev., 5.00%, 8/15/2041
300
272
Rev., 5.00%, 8/15/2051
850
729
Arlington Higher Education Finance Corp., TGP Public Schools, Gathering Place Series 2022A, Rev., 5.25%, 8/15/2032
410
390
Arlington Higher Education Finance Corp., Wayside Schools Series 2021A, Rev., 4.00%, 8/15/2041
305
245
Arlington Higher Education Finance Corp., Winfree Academy Charter Schools
 
 
Series 2019A, Rev., 5.15%, 8/15/2029
405
403
Series 2019A, Rev., 5.75%, 8/15/2043
1,000
975
Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien Series 2021A, Rev., 4.00%, 10/1/2050
875
699
Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project Rev., 4.00%, 7/15/2045
940
716
City of Houston, Airport System, United Airlines, Inc., Terminal Improvements Projects Series 2021B-1, Rev., AMT, 4.00%,
7/15/2041
550
461
City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, Zero Coupon, 12/1/2027 (d)
30
26
City of Temple, Reinvestment Zone Series 2018A, Rev., 5.00%, 8/1/2028
870
894
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 4.00%, 10/1/2050
550
443
New Hope Cultural Education Facilities Finance Corp., Beta Academy
 
 
Series A, Rev., 3.38%, 8/15/2029 (b)
300
270
Series A, Rev., 5.00%, 8/15/2039 (b)
425
403
Series A, Rev., 5.00%, 8/15/2049 (b)
670
603
New Hope Cultural Education Facilities Finance Corp., Cityscape Schools, Inc.
 
 
Series 2019A, Rev., 4.00%, 8/15/2029 (b)
330
312
Series 2019A, Rev., 5.00%, 8/15/2039 (b)
610
588
New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series 2018A, Rev., 5.50%, 7/1/2054
1,000
786
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Texas — continued
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project
 
 
Series 2020A, Rev., 5.00%, 1/1/2035
  865
    799
Rev., 4.00%, 1/1/2037
  625
    499
Series 2020A, Rev., 5.00%, 1/1/2040
  790
    704
Series 2020A, Rev., 5.00%, 1/1/2055
2,000
  1,641
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039
1,000
    851
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation Series 2019A-1, Rev., 5.00%,
12/1/2039
1,420
  1,304
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project
 
 
Rev., 4.00%, 1/1/2029
  300
    264
Rev., 5.00%, 1/1/2039
  205
    168
Newark Higher Education Finance Corp., The Hughen Center, Inc.
 
 
Series 2022-A, Rev., PSF-GTD, 5.00%, 8/15/2047
250
259
Series 2022-A, Rev., PSF-GTD, 5.00%, 8/15/2052
250
257
Series 2022-A, Rev., PSF-GTD, 5.00%, 8/15/2057
600
610
San Antonio Education Facilities Corp., Hallmark University Project Series 2021A, Rev., 5.00%, 10/1/2051
500
405
San Antonio Education Facilities Corp., University of The Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2051
1,000
792
Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series A, Rev., 4.00%, 7/1/2053
1,000
901
Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center Series A, Rev., 5.25%, 12/1/2039
170
173
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020A, Rev.,
6.25%, 11/15/2031
500
488
Total Texas
 
20,807
Utah — 3.9%
Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax
 
 
GO, 4.13%, 6/1/2036 (b)
895
735
GO, 4.25%, 6/1/2041 (b)
1,100
867
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area
 
 
Series 2020B, Rev., 6.25%, 8/1/2030 (b)
1,000
917
Series 2020A, Rev., 4.50%, 8/1/2040 (b)
1,000
905
Rev., 4.00%, 8/1/2050 (b)
1,750
1,323
Military Installation Development Authority, Tax Allocation and Hotel Tax
 
 
Series 2021A-1, Rev., 4.00%, 6/1/2036
500
420
Series 2021A-1, Rev., 4.00%, 6/1/2041
500
398
UIPA Crossroads Public Infrastructure District, Tax Differential Rev., 4.13%, 6/1/2041 (b)
1,000
850
Utah Charter School Finance Authority, Mountain West Montessori Academy Project
 
 
Series 2020A, Rev., 3.13%, 6/15/2029 (b)
570
516
Series 2020A, Rev., 5.00%, 6/15/2039 (b)
475
444
Series 2020A, Rev., 5.00%, 6/15/2049 (b)
825
732
Utah Charter School Finance Authority, Summit Academy Incorporated
 
 
Series A, Rev., 4.00%, 4/15/2032
250
252
Series A, Rev., 4.00%, 4/15/2033
260
261
Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project
 
 
Series 2021A, Rev., 5.00%, 6/15/2041 (b)
870
794
Series 2021A, Rev., 5.00%, 6/15/2052 (b)
1,295
1,114
Utah Charter School Finance Authority, Wallace Stegner Academy
 
 
Series 2022-A, Rev., 5.25%, 6/15/2032 (b)
250
246
Series 2022-A, Rev., 5.63%, 6/15/2042 (b)
400
388
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Utah — continued
Utah Infrastructure Agency, Tax-Exempt Telecommunications
 
 
Rev., 4.00%, 10/15/2033
  500
    464
Rev., 4.00%, 10/15/2036
  500
    446
Rev., 4.00%, 10/15/2039
  700
    603
Rev., 4.00%, 10/15/2041
  250
    211
Rev., 4.00%, 10/15/2042
  475
    399
Utah Transit Authority, Sales Tax Series C, Rev., AGM, 5.25%, 6/15/2025
   40
     42
Total Utah
 
13,327
Vermont — 0.1%
Vermont Student Assistance Corp., Education Loan
 
 
Series 2018A, Rev., AMT, 4.00%, 6/15/2032
   80
     80
Series 2018A, Rev., AMT, 4.00%, 6/15/2033
100
99
Series 2018A, Rev., AMT, 4.00%, 6/15/2034
80
79
Total Vermont
 
258
Virgin Islands — 0.1%
Matching Fund Special Purpose Securitization Corp. Series 2022A, Rev., 5.00%, 10/1/2025
500
510
Virginia — 2.6%
Danville Industrial Development Authority, Averett University Series 2017A, Rev., 4.75%, 10/1/2032
760
688
Fredericksburg Economic Development Authority, Stadium Project
 
 
Series 2021A-1, Rev., 7.00%, 11/15/2026 (b)
580
580
Series B, Rev., 6.13%, 9/1/2029 (b)
1,695
1,555
Series B, Rev., 7.00%, 9/1/2044 (b)
1,000
839
Norfolk Redevelopment and Housing Authority, Fort Norfolk Retirement Community, Harbors Edge Project Series 2019A, Rev.,
4.38%, 1/1/2039
1,400
1,222
Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living
 
 
Series 2019A, Rev., 4.75%, 9/1/2029
1,000
834
Series 2020, Rev., 4.30%, 9/1/2030
770
605
Series 2019A, Rev., 5.00%, 9/1/2034
2,000
1,536
Series 2020, Rev., 5.00%, 9/1/2040
1,640
1,165
Total Virginia
 
9,024
Washington — 1.1%
Washington Higher Education Facilities Authority, Seattle University Project
 
 
Rev., 3.50%, 5/1/2039
300
252
Rev., 3.63%, 5/1/2040
800
673
Washington State Housing Finance Commission, Judson Park Project
 
 
Rev., 4.00%, 7/1/2028 (b)
535
496
Rev., 5.00%, 7/1/2033 (b)
535
498
Rev., 5.00%, 7/1/2038 (b)
300
269
Washington State Housing Finance Commission, The Heart Stone Project
 
 
Series 2018A, Rev., 4.50%, 7/1/2028 (b)
965
884
Series 2018A, Rev., 5.00%, 7/1/2038 (b)
825
679
Total Washington
 
3,751
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
West Virginia — 0.8%
West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc.
 
 
Series 2019A, Rev., 5.00%, 9/1/2038
1,250
  1,284
Series 2019A, Rev., 5.00%, 9/1/2039
1,400
  1,441
Total West Virginia
 
2,725
Wisconsin — 5.7%
Public Finance Authority
 
 
Series 2022-A, Rev., 5.25%, 7/1/2033
  500
    555
Series 2022-A, Rev., 5.25%, 7/1/2034
  500
    548
Public Finance Authority, Blue Ridge Healthcare Facilities Series 2020A, Rev., 3.00%, 1/1/2050
  750
    528
Public Finance Authority, Carson Valley Medical Center Series 2021A, Rev., 4.00%, 12/1/2041
  500
    418
Public Finance Authority, Cedars Obligated Group Rev., 4.25%, 5/1/2029 (b)
  910
    811
Public Finance Authority, Community School of Davidson Project Rev., 3.75%, 10/1/2023
80
80
Public Finance Authority, ENO River Academy Project
 
 
Series 2020A, Rev., 4.00%, 6/15/2030 (b)
235
219
Series 2020A, Rev., 5.00%, 6/15/2040 (b)
410
381
Series 2020A, Rev., 5.00%, 6/15/2054 (b)
685
600
Public Finance Authority, First Mortgage Southminster, Inc. Rev., 4.25%, 10/1/2038 (b)
1,110
912
Public Finance Authority, Minnesota College of Osteopathic Medicine
 
 
Series 2019A-1, Rev., 5.50%, 12/1/2048 (b) (f)
17
5
Series 2019A-2, Rev., 7.25%, 12/1/2048 (b) (f)
46
14
Public Finance Authority, Piedmont Community Charter School
 
 
Rev., 5.00%, 6/15/2027
160
165
Rev., 5.00%, 6/15/2028
505
524
Rev., 5.00%, 6/15/2034
215
221
Rev., 5.00%, 6/15/2039
390
394
Rev., 5.00%, 6/15/2049
1,000
977
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Rev., 4.00%, 11/15/2042 (b)
3,955
2,837
Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (b)
800
552
Public Finance Authority, Roseman University of Health Sciences Project Rev., 4.00%, 4/1/2042 (b)
500
394
Public Finance Authority, Senior Lien, Grand Hyatt Series 2022A, Rev., 3.75%, 2/1/2032
300
275
Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (b)
250
221
Public Finance Authority, Triad Educational Services, Inc. Series 2021A, Rev., 4.00%, 6/15/2051
3,735
2,951
Public Finance Authority, Ultimate Medical Academy Project Series 2019A, Rev., 5.00%, 10/1/2034 (b)
500
479
Public Finance Authority, Viticus Group Project
 
 
Series 2022B, Rev., 5.00%, 12/1/2024 (b)
215
210
Series 2022A, Rev., 4.00%, 12/1/2031 (b)
400
360
Public Finance Authority, Wilson Preparatory Academy
 
 
Series 2019A, Rev., 4.13%, 6/15/2029 (b)
440
417
Series 2019A, Rev., 5.00%, 6/15/2039 (b)
500
476
Series 2019A, Rev., 5.00%, 6/15/2049 (b)
1,100
994
Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc. Series B, Rev., 5.00%, 7/1/2038
150
153
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System
 
 
Series 2019A, Rev., 5.00%, 11/1/2026
355
349
Series 2019A, Rev., 5.00%, 11/1/2027
370
362
Series 2019A, Rev., 5.00%, 11/1/2028
470
457
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Wisconsin — continued
Series 2019A, Rev., 5.00%, 11/1/2029
  315
    304
Series 2019A, Rev., 5.00%, 11/1/2030
  515
    493
Total Wisconsin
 
19,636
Total Municipal Bonds
(Cost $380,957)
 
336,169
 
SHARES
(000)
 
Short-Term Investments — 0.8%
Investment Companies — 0.8%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.77% (g) (h)
(Cost $2,989)
2,988
  2,989
Total Investments — 98.6%
(Cost $383,946)
 
339,158
Other Assets Less Liabilities — 1.4%
 
4,660
NET ASSETS — 100.0%
 
343,818
 
Percentages indicated are based on net assets.
 
Abbreviations
 
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.
CR
Custodial Receipts
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
GO
General Obligation
GTD
Guaranteed
NATL
Insured by National Public Finance Guarantee Corp.
PSF-GTD
Permanent School Fund Guaranteed
RE
Reinsured
Rev.
Revenue
 
^
Amount rounds to less than 0.1% of net assets.
(a)
The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
 
(b)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(c)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2022.
 
(d)
Security is prerefunded or escrowed to maturity.
 
(e)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(f)
Defaulted security.
 
(g)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
 
(h)
The rate shown is the current yield as of November 30, 2022.
 
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of November 30, 2022 (amounts in thousands):
 
REFERENCE
OBLIGATION/INDEX
FINANCING
RATE PAID
BY THE FUND
(%)
PAYMENT
FREQUENCY
MATURITY
DATE
IMPLIED
CREDIT
SPREAD
(%)(a)
NOTIONAL
AMOUNT(b)
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
VALUE
($)
CDX.NA.HY.39-V1
5.00
Quarterly
12/20/2027
4.79
USD 13,050
491
(866)
(375)
 
(*)
The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from
the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference
obligation, as defined under the terms of individual swap contracts.
(a)
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract.Increasing values, in absolute terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
(b)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
(c)
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
 
Abbreviations
 
CDX
Credit Default Swap Index
USD
United States Dollar
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (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.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of Investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations. 
This oversight by the AVC 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.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Fund is calculated on a valuation date.  
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values ("NAV") per share as of the report date.
Swaps are valued utilizing market quotations from approved Pricing Services.
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 ("SOI"): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Municipal Bonds
$—
$336,169
$—
$336,169
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Short-Term Investments
 
 
 
 
Investment Companies
$2,989
$—
$—
$2,989
Total Investments in Securities
$2,989
$336,169
$—
$339,158
Depreciation in Other Financial Instruments
 
 
 
 
Swaps
$—
$(866)
$—
$(866)
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 amounts in the table below. 
 
For the period ended November 30, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
November 30,
2022
Shares at
November 30,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Institutional Tax Free Money
Market Fund Class IM Shares, 1.77%
 (a) (b)
$2,497
$184,123
$183,633
$1
$1
$2,989
2,988
$72
$—
 
 
(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, 2022.
C. Derivatives — The Fund used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.
(1). Swaps — The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.
The Fund may be required to post or receive collateral based on the net value of the Fund's outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund's custodian bank.
The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.
The Fund's swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.
Credit Default Swaps
The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.
The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.
Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.
If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.