NPORT-EX 2 JPMNMI.htm EDGAR HTML
JPMorgan National Municipal Income Fund
Schedule of Portfolio Investments as of November 30, 2023
(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., 2023.
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — 94.0% (a)
Alabama — 3.4%
Alabama Community College System, Special Fee, Board of Trustees Rev., AGM, 4.00%, 9/1/2031
345
358
Black Belt Energy Gas District, Gas Project Series 2022B-1, Rev., 4.00%, 10/1/2027 (b)
8,455
8,331
City of Birmingham, Warrant
Series 2018B, GO, 4.00%, 12/1/2032
570
583
Series 2018B, GO, 4.00%, 12/1/2033
375
382
Series 2018B, GO, 4.00%, 12/1/2034
510
518
Series 2018B, GO, 4.00%, 12/1/2035
500
507
Lower Alabama Gas District (The), Gas Project Series 2016A, Rev., 5.00%, 9/1/2031
1,250
1,299
Montgomery County Public Building Authority, Facilities Project
Rev., 5.00%, 3/1/2024 (c)
3,910
3,926
Rev., 5.00%, 3/1/2026
1,735
1,741
Shelby County Board of Education, Special Tax 5.00%, 2/1/2025
50
51
Southeast Alabama Gas Supply District (The), Project No. 1
Series 2018A, Rev., 4.00%, 4/1/2024 (b)
34,000
33,959
Series 2018A, Rev., 5.00%, 4/1/2024
20,845
20,899
Southeast Energy Authority A Cooperative District, Project No. 1 Series 2021A, Rev., 4.00%, 10/1/2028 (b)
1,000
983
Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (b)
22,135
21,542
Total Alabama
95,079
Arizona — 2.3%
Arizona Industrial Development Authority, Aliante and Skye Canyon Campus Project Series 2021A, Rev., 4.00%,
12/15/2051 (d)
250
180
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project
Series 2021A, Rev., 4.00%, 7/15/2027 (d)
120
116
Series 2021A, Rev., 4.00%, 7/15/2028 (d)
200
192
Series 2021A, Rev., 4.00%, 7/15/2031 (d)
215
202
Series 2021A, Rev., 4.00%, 7/15/2032 (d)
225
209
Series 2021A, Rev., 4.00%, 7/15/2033 (d)
185
170
Series 2021A, Rev., 4.00%, 7/15/2034 (d)
200
182
Series 2021A, Rev., 4.00%, 7/15/2035 (d)
255
227
Series 2021A, Rev., 4.00%, 7/15/2036 (d)
250
218
Series 2021A, Rev., 4.00%, 7/15/2037 (d)
270
230
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC
Series 2022A, Rev., 5.00%, 11/1/2033
1,435
1,583
Series 2022A, Rev., 5.00%, 11/1/2034
1,550
1,697
Series 2022A, Rev., 5.00%, 11/1/2035
1,875
2,042
Series 2022A, Rev., 5.00%, 11/1/2036
1,775
1,913
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project
Series 2019A, Rev., 5.00%, 1/1/2024
1,475
1,465
Series 2019A, Rev., 5.00%, 1/1/2025
1,800
1,701
Series 2019A, Rev., 5.00%, 1/1/2026
1,875
1,722
Series 2019A, Rev., 5.00%, 1/1/2027
1,850
1,631
Series 2019A, Rev., 5.00%, 1/1/2028
1,500
1,284
Series 2019A, Rev., 5.00%, 1/1/2029
660
548
Series 2019A, Rev., 5.00%, 1/1/2030
3,670
2,954
Series 2019A, Rev., 4.00%, 1/1/2031
4,100
3,019
Series 2019A, Rev., 4.00%, 1/1/2032
4,265
2,999
Series 2019A, Rev., 4.00%, 1/1/2033
4,440
3,058
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Arizona — continued
Series 2019A, Rev., 5.00%, 1/1/2034
1,770
1,292
Series 2019A, Rev., 5.00%, 1/1/2035
2,285
1,638
Series 2019A, Rev., 5.00%, 1/1/2036
1,835
1,284
Series 2019A, Rev., 5.00%, 1/1/2037
500
341
Series 2019A, Rev., 5.00%, 1/1/2038
500
340
Series 2019A, Rev., 4.25%, 1/1/2039
545
334
Series 2019A, Rev., 4.25%, 1/1/2040
1,320
793
Series 2019A, Rev., 5.00%, 1/1/2043
1,750
1,124
Arizona Industrial Development Authority, Macombs Facility Project
Series 2021A, Rev., 5.00%, 7/1/2033
320
342
Series 2021A, Rev., 4.00%, 7/1/2035
360
355
Series 2021A, Rev., 4.00%, 7/1/2036
155
151
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project Series 2022A, Rev., 4.50%,
7/15/2029 (d)
1,100
1,029
Arizona State University Series 2016B, Rev., 5.00%, 7/1/2042
30
31
City of Phoenix Civic Improvement Corp., Junior Lien, Water System Series 2020B, Rev., 5.00%, 7/1/2040
70
76
City of Phoenix Civic Improvement Corp., Senior Lien, Airport System Rev., AMT, 5.00%, 7/1/2037
1,000
1,042
City of Yuma, Arizona Utility System Rev., 4.00%, 7/1/2038
85
86
County of Pinal Rev., 4.00%, 8/1/2037
75
76
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
721
Series 2018A, Rev., 5.00%, 7/1/2029
1,300
1,337
Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge Project Series 2022B-3, Rev., 5.13%,
11/15/2029 (d)
4,000
3,931
Industrial Development Authority of the County of Yavapai (The), Regional Medical Center Series 2013A, Rev., 5.25%,
8/1/2033
1,000
1,001
Maricopa County Industrial Development Authority, Banner Health Series A, Rev., 4.00%, 1/1/2041
1,650
1,622
Maricopa County Industrial Development Authority, Honorhealth Series 2019A, Rev., 5.00%, 9/1/2037
1,250
1,308
Maricopa County Industrial Development Authority, HonorHealth
Series 2019A, Rev., 5.00%, 9/1/2033
500
531
Series 2019A, Rev., 5.00%, 9/1/2034
1,000
1,061
Maricopa County Industrial Development Authority, Ottawa University
Rev., 5.00%, 10/1/2026 (d)
75
75
Rev., 5.13%, 10/1/2030 (d)
215
214
Maricopa County Industrial Development Authority, Valley Christian Schools Project
Series 2023A, Rev., 5.25%, 7/1/2033 (d)
165
163
Series 2023A, Rev., 6.00%, 7/1/2043 (d)
940
919
Maricopa County Special Health Care District, Integrated Health Services Series 2018C, GO, 5.00%, 7/1/2033
25
27
Maricopa County Union High School District No. 216 Agua Fria, School Improvement GO, 4.00%, 7/1/2034
50
52
Pima County Community College District Rev., 5.00%, 7/1/2034
50
54
Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund Rev., 5.25%,
7/1/2025
1,000
1,011
Salt River Project Agricultural Improvement and Power District, Arizona Electric System
Series 2017A, Rev., 5.00%, 1/1/2033
3,000
3,245
Series 2017A, Rev., 5.00%, 1/1/2034
6,000
6,486
Scottsdale Municipal Property Corp., Excise Tax Rev., 5.00%, 7/1/2026
1,570
1,652
Total Arizona
65,286
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Arkansas — 0.0% ^
County of Pulaski Rev., 4.25%, 3/1/2048
250
242
California — 7.9%
Alameda County Joint Powers Authority, Multiple Capital Projects Series 2013A, Rev., 5.25%, 2/2/2024
50
50
Arcadia Unified School District GO, 4.00%, 8/1/2038
9,385
9,495
Bay Area Toll Authority, Toll Bridge Series 2019S-H, Rev., 5.00%, 4/1/2029 (c)
50
56
Beverly Hills Unified School District, Election of 2008 GO, 5.00%, 8/1/2026
30
31
California Community Choice Financing Authority, Clean Energy Project Series 2021B-1, Rev., 4.00%, 8/1/2031 (b)
39,435
38,453
California Community Choice Financing Authority, Green Bond Series 2022A-1, Rev., 4.00%, 8/1/2028 (b)
2,935
2,912
California Community Housing Agency, Fountains at Emerald Park Series 2021A-2, Rev., 4.00%, 8/1/2046 (d)
2,955
2,348
California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.
Series 2020A, Rev., 5.00%, 6/1/2024
350
352
Series 2020A, Rev., 5.00%, 6/1/2027
400
418
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2026 (c)
3,000
3,084
California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2
Series 2022A, Rev., 4.00%, 6/1/2031 (d)
1,000
908
Series 2022A, Rev., 4.00%, 6/1/2042 (d)
5,450
4,278
California Health Facilities Financing Authority, Sutter Health
Series 2016A, Rev., 3.25%, 11/15/2025 (c)
1,725
1,741
Series 2017A, Rev., 5.00%, 11/15/2032
25
27
Series 2017A, Rev., 5.00%, 11/15/2033
50
54
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2026
150
155
Rev., 5.00%, 10/1/2027
150
157
Rev., 5.00%, 10/1/2028
150
159
California Municipal Finance Authority, Community Medical Center
Series 2017A, Rev., 5.00%, 2/1/2028
900
936
Series 2017A, Rev., 5.00%, 2/1/2029
1,250
1,300
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien Series 2018A, Rev., AMT, AGM, 3.25%,
12/31/2032
11,235
10,416
California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project
Rev., AMT, 5.00%, 7/1/2036 (d)
1,095
1,154
Rev., AMT, 5.00%, 7/1/2037 (d)
1,100
1,151
Rev., AMT, 5.00%, 7/1/2038 (d)
1,000
1,040
Rev., AMT, 5.00%, 11/21/2045 (d)
1,000
1,013
California Public Finance Authority, Enso Village Project
Series 2021B-3, Rev., 2.13%, 11/15/2027 (d)
6,240
5,942
Series 2021B-1, Rev., 3.13%, 5/15/2029 (d)
400
370
Series 2021A, Rev., 5.00%, 11/15/2036 (d)
400
381
Series 2021A, Rev., 5.00%, 11/15/2046 (d)
635
556
California State Public Works Board Series C, Rev., 5.00%, 3/1/2032
3,025
3,208
California State University, Systemwide Series 2017A, Rev., 5.00%, 11/1/2034
2,875
3,067
Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project Series 1999A, COP, AMBAC, Zero Coupon,
8/1/2025
10,445
9,910
City of Brea, Water Utility Rev., 5.00%, 7/1/2028
90
99
City of Livermore Series 2020B, COP, 4.00%, 10/1/2029
235
251
City of Los Angeles, Wastewater System Series 2013A, Rev., 5.00%, 6/1/2026
12,500
12,506
City of Oceanside Series 2020A, Rev., 4.00%, 5/1/2040
375
384
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
California — continued
City of San Francisco, Public Utilities Commission Water Series A, Rev., 5.00%, 11/1/2035
1,500
1,585
County of San Benito, Jail Facility Project COP, 5.00%, 10/1/2025
45
47
CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%,
12/1/2046 (d)
4,055
2,845
Desert Sands Unified School District, Election of 2014 GO, 4.00%, 8/1/2038
1,000
1,013
East Bay Municipal Utility District, Water System Series 2015B, Rev., 5.00%, 6/1/2024
45
45
East Side Union High School District Series 2016B, GO, 5.00%, 8/1/2027
50
53
Escondido Union School District, Election of 2014 Series A, GO, 5.00%, 8/1/2027
100
104
Etiwanda School District Community Facilities District No. 9, Special Tax Rev., 4.00%, 9/1/2028
305
308
Fallbrook Union High School District Series 2022 C, GO, 4.00%, 8/1/2046
10
10
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2025 (c)
4,000
4,122
Grossmont-Cuyamaca Community College District, Election of 2002 Series 2008C, GO, AGC, Zero Coupon, 8/1/2026
19,585
17,904
La Canada Unified School District, Election of 2017 Series 2018A, GO, 5.00%, 8/1/2031
50
55
Los Angeles Department of Water and Power, Power System
Series 2014B, Rev., 5.00%, 1/1/2024
6,475
6,484
Series 2014D, Rev., 5.00%, 7/1/2027
50
51
Series 2014D, Rev., 5.00%, 7/1/2034
4,750
4,793
Madera Irrigation District Rev., AGM, 5.00%, 9/1/2025
150
155
Menlo Park City School District, Capital Appreciation
GO, Zero Coupon, 7/1/2033
1,000
688
GO, Zero Coupon, 7/1/2035
725
455
GO, Zero Coupon, 7/1/2036
1,150
686
GO, Zero Coupon, 7/1/2037
1,950
1,108
GO, Zero Coupon, 7/1/2041
1,250
590
Modesto Elementary School District, Election of 2018 Series C, GO, 5.00%, 8/1/2052
2,500
2,702
Mountain View-Los Altos Union High School District, Election of 2010 Series C, GO, Zero Coupon, 8/1/2027
1,000
891
Murrieta Valley Unified School District, Election of 2014 Series 2015, GO, AGM, 4.00%, 3/1/2025 (c)
25
25
Oakland Joint Powers Financing Authority Rev., 5.00%, 11/1/2025
100
104
Orange County Community Facilities District No. 2021-1, Rienda
Series 2021-1, Rev., 5.00%, 8/15/2037
400
419
Rev., 5.00%, 8/15/2042
800
814
Orange County Sanitation District, Wastewater Series 2016A, Rev., 5.00%, 2/1/2027
45
47
Orange Unified School District, Election of 2016 GO, 5.00%, 8/1/2031
85
93
Plumas Unified School District, Election of 2016 Series B, GO, 5.00%, 8/1/2024
50
51
Pomona Unified School District GO, AGM, 5.00%, 8/1/2027
50
52
Regents of the University of California Medical Center Pooled Series 2016L, Rev., 5.00%, 5/15/2041
155
160
River Islands Public Financing Authority, Facilities District No. 2003
Series 2022A-1, Rev., AGM, 5.00%, 9/1/2033
400
455
Series 2022A-1, Rev., AGM, 4.00%, 9/1/2037
250
255
Series 2022A-1, Rev., AGM, 5.00%, 9/1/2042
1,000
1,081
Riverside County Public Financing Authority, Capital Facilities Project Rev., 4.25%, 11/1/2025 (c)
35
36
Riverside County Public Financing Authority, Desert Communities and Interstate 215 Corridor Projects Series 2017A, Rev.,
5.00%, 10/1/2026
75
79
Riverside County Redevelopment Successor Agency, Desert Communities Redevelopment Project Series 2014D, Rev., AGM,
5.00%, 10/1/2026
115
117
Sacramento City Financing Authority, Master Lease Program Facilities Series 2015A, Rev., 5.00%, 12/1/2023
135
135
San Bruno Park School District, Election of 2018 Series 2022C, GO, 4.00%, 8/1/2039
245
251
San Diego County Regional Airport Authority Series 2021 B, Rev., AMT, 5.00%, 7/1/2051
5,180
5,307
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
California — continued
San Diego Public Facilities Financing Authority, Fire and Life Safety Facilities Series B, Rev., 4.00%, 4/15/2027
70
70
San Dieguito School Facilities Financing Authority, Special Tax Rev., 5.00%, 3/1/2025
125
128
San Francisco City and County Airport Commission, San Francisco International Airport Series 2021A, Rev., AMT, 5.00%,
5/1/2032
5,065
5,510
San Jose Evergreen Community College District
Series C, GO, 4.00%, 9/1/2042
2,000
2,037
Series C, GO, 4.00%, 9/1/2045
1,250
1,262
San Luis Coastal Unified School District, Election of 2014 Series C, GO, 4.00%, 8/1/2025
25
25
San Marcos Unified School, District No. 4, Community Facilities, Special Tax Rev., 4.00%, 9/1/2025
55
56
San Mateo Joint Powers Financing Authority, Maple Street Correctional Center Series 2014A, Rev., 5.00%, 6/15/2027
75
76
Santa Clara County Financing Authority, Multiple Facilities Projects Series 2015P, Rev., 5.00%, 5/15/2029
8,400
8,678
Santa Clara Unified School District GO, 5.00%, 7/1/2025
25
26
Santa Clara Unified School District, Election of 2014 GO, 5.00%, 7/1/2027
25
27
Santa Monica Community College District, Election of 2016 Series 2018A, GO, 4.00%, 8/1/2035
25
26
Santa Monica Public Financing Authority, City Yards Projects Series 2021, Rev., 4.00%, 7/1/2034
100
107
Southern California Public Power Authority, Southern Transmission System Renewal Project Series 2023-1A, Rev., 5.25%,
7/1/2053
7,000
7,827
Southwestern Community College District, Election of 2016 Series A, GO, 4.00%, 8/1/2038
1,000
1,014
State of California Department of Water Resources, Central Valley Project, Water System Series BA, Rev., 5.00%, 12/1/2031
65
73
State of California, Various Purpose Series 2018A, GO, 5.00%, 8/1/2030
15,000
15,302
Union Elementary School District Series C, GO, 5.00%, 9/1/2027
50
54
University of California
Series 2017AY, Rev., 5.00%, 5/15/2028
55
59
Series 2018AZ, Rev., 5.00%, 5/15/2031
35
39
West Hills Community College District
GO, AGM, 5.00%, 8/1/2032
25
29
GO, AGM, 5.00%, 8/1/2033
50
58
GO, AGM, 4.00%, 8/1/2034
420
443
GO, AGM, 4.00%, 8/1/2037
1,650
1,694
West Hills Community College District, School Facilities Improvement District No. 2, 2008 Election Series 2012B, GO, AGM,
4.00%, 8/1/2038
25
25
West Valley-Mission Community College District, Election of 2012, Tax Exempt Series 2015B, GO, 5.00%, 8/1/2027
40
41
Total California
219,223
Colorado — 5.3%
Adams 12 Five Star Schools, The City and County of Broomfield GO, 5.50%, 12/15/2032
625
706
Board of Governors of Colorado State University System Series 2019A, Rev., 4.00%, 3/1/2037
50
51
Boulder Valley School District No. Re-2 Boulder GO, 4.13%, 12/1/2046
3,660
3,672
Broadway Park North Metropolitan District No. 2, Limited Tax GO, 5.00%, 12/1/2040 (d)
550
515
Canyon Pines Metropolitan District Special Improvement District No. 1 Series 2021A-2, 3.75%, 12/1/2040
1,321
1,002
City and County of Denver, Airport System
Series 2022A, Rev., AMT, 5.00%, 11/15/2034
4,565
5,062
Series 2022A, Rev., AMT, 5.50%, 11/15/2035
12,500
14,363
Series 2018A, Rev., AMT, 5.00%, 12/1/2035
18,390
19,432
Series 2022A, Rev., AMT, 5.00%, 11/15/2037
8,750
9,438
Series 2022A, Rev., AMT, 5.50%, 11/15/2038
15,000
16,769
Series 2022B, Rev., 5.00%, 11/15/2040
1,000
1,109
Series 2022B, Rev., 5.00%, 11/15/2041
1,220
1,344
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Colorado — continued
Series 2022A, Rev., AMT, 5.50%, 11/15/2042
12,340
13,543
Clear Creek Transit Metropolitan District No. 2, Limited Tax
Series 2021A, GO, 5.00%, 12/1/2041
575
519
Series 2021A, GO, 5.00%, 12/1/2050
500
425
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project
Rev., 4.00%, 12/1/2030 (d)
595
545
Rev., 5.00%, 12/1/2040 (d)
555
494
Colorado Educational and Cultural Facilities Authority, University Denver Project Rev., NATL - RE, 5.00%, 3/1/2035
5,055
5,637
Colorado Health Facilities Authority
Series 2019A, Rev., 4.00%, 1/1/2037
2,605
2,632
Series 2019A-2, Rev., 5.00%, 8/1/2039
1,225
1,270
Colorado Health Facilities Authority, CommonSpirit Health
Series 2019A-2, Rev., 5.00%, 8/1/2030
2,055
2,210
Series 2019A-2, Rev., 5.00%, 8/1/2031
1,000
1,075
Series 2019A-2, Rev., 5.00%, 8/1/2032
2,000
2,146
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2045
1,000
880
Colorado Health Facilities Authority, School Health System Series 2013A, Rev., 5.50%, 1/1/2024 (c)
4,550
4,557
Colorado Mountain College Project COP, 5.00%, 8/1/2031
30
32
County of Adams
COP, 5.00%, 12/1/2031
1,100
1,139
COP, 5.00%, 12/1/2034
500
516
Denver Health and Hospital Authority
Series 2019A, Rev., 5.00%, 12/1/2031
1,400
1,460
Series 2019A, Rev., 5.00%, 12/1/2032
3,500
3,653
Series 2019A, Rev., 4.00%, 12/1/2037
2,540
2,336
Dominion Water and Sanitation District
Rev., 5.00%, 12/1/2027
1,095
1,086
Rev., 5.25%, 12/1/2032
1,905
1,882
Jefferson County School District R-1 COP, 5.00%, 12/15/2028
5
5
Larimer County School District No. R-1 Poudre GO, 5.00%, 12/15/2037
2,450
2,629
Peak Metropolitan District No. 1
Series 2021A, GO, 4.00%, 12/1/2035 (d)
500
419
Series 2021A, GO, 5.00%, 12/1/2041 (d)
500
452
Series 2021A, GO, 5.00%, 12/1/2051 (d)
550
469
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040
750
690
Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044
490
357
Rocky Mountain Rail Park Metropolitan District, Limited Tax
Series 2021A, GO, 5.00%, 12/1/2031 (d)
750
646
Series 2021A, GO, 5.00%, 12/1/2041 (d)
750
506
State of Colorado
Series 2018A, COP, 4.00%, 12/15/2034
75
77
COP, 4.00%, 12/15/2039
3,100
3,130
State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement
COP, 5.00%, 6/15/2041
1,500
1,543
Third Creek Metropolitan District No. 1, Limited Tax Series 2022A-1, GO, 4.75%, 12/1/2051
1,515
1,149
Verve Metropolitan District No. 1
GO, 5.75%, 12/1/2033
2,000
1,853
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Colorado — continued
GO, 5.00%, 12/1/2036
500
421
GO, 5.00%, 12/1/2041
1,125
902
Waterview II Metropolitan District Series 2022A, GO, 5.00%, 12/1/2041
1,250
1,130
Windler Public Improvement Authority, Limited Tax
Series 2021 A-1, Rev., 4.00%, 12/1/2031
535
447
Series 2021A-1, Rev., 4.00%, 12/1/2036
7,500
5,659
Series 2021A-1, Rev., 4.00%, 12/1/2041
6,750
4,606
Total Colorado
148,590
Connecticut — 0.6%
City of Stamford, Water Pollution Control System and Facility
Series 2013A, Rev., 5.00%, 8/15/2024
100
100
Series 2013A, Rev., 5.00%, 8/15/2025
350
351
Series 2013A, Rev., 5.00%, 8/15/2026
150
150
Series 2013A, Rev., 5.00%, 8/15/2027
250
250
Series 2013A, Rev., 5.00%, 8/15/2029
300
300
Connecticut Municipal Electric Energy Cooperative Series 2021A, Rev., 5.00%, 1/1/2035
545
603
Connecticut State Health and Educational Facilities Authority, Connecticut State University System Series N, Rev., 5.00%,
11/1/2025
4,165
4,170
Connecticut State Health and Educational Facilities Authority, Sacred Heart University Issues Series I 1, Rev., 5.00%,
7/1/2042
1,725
1,747
Stamford Housing Authority, The Dogwoods Project Rev., BAN, 11.00%, 12/1/2027 (d)
7,150
7,293
State of Connecticut
Series 2014A, GO, 4.00%, 3/1/2034
40
40
Series 2016A, GO, 4.00%, 3/15/2036
60
61
Series A, GO, 4.00%, 4/15/2037
460
464
State of Connecticut, Special Tax Transportation Infrastructure Purposes Rev., 5.00%, 1/29/2024
25
25
Steel Point Infrastructure Improvement District, Steelpointe Harbor Project
Rev., 4.00%, 4/1/2031 (d)
300
282
Rev., 4.00%, 4/1/2036 (d)
485
431
Total Connecticut
16,267
Delaware — 0.1%
Delaware State Economic Development Authority, Newark Charter School, Inc., Project
Rev., 4.00%, 9/1/2025
385
384
Rev., 4.00%, 9/1/2030
530
530
Rev., 5.00%, 9/1/2040
1,550
1,580
Rev., 5.00%, 9/1/2050
600
601
Total Delaware
3,095
District of Columbia — 0.9%
District of Columbia
Series 2015A, GO, 5.00%, 6/1/2031
5,000
5,127
Series 2015A, GO, 5.00%, 6/1/2036
11,475
11,711
District of Columbia, Income Tax Series 2020A, Rev., 5.00%, 3/1/2038
70
76
District of Columbia, KIPP DC Project Series 2017A, Rev., 5.00%, 7/1/2025
100
101
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series B, Rev., 5.00%, 10/1/2037
100
102
Metropolitan Washington Airports Authority Aviation Series 2017A, Rev., AMT, 5.00%, 10/1/2029
180
189
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
District of Columbia — continued
Metropolitan Washington Airports Authority Dulles Toll Road, Metrorail and Capital Improvement Projects Series 2019B, Rev.,
AGM, 4.00%, 10/1/2053
500
467
Washington Metropolitan Area Transit Authority
Series 2017B, Rev., 5.00%, 7/1/2030
50
53
Series 2017B, Rev., 5.00%, 7/1/2032
5,750
6,093
Series 2017B, Rev., 5.00%, 7/1/2034
75
79
Total District of Columbia
23,998
Florida — 2.4%
Alachua County Health Facilities Authority, Shands Teaching Hospital and Clinic Series B-1, Rev., 5.00%, 12/1/2035
1,000
1,055
Capital Trust Agency, Inc., Legends Academy Project Series 2021A, Rev., 5.00%, 12/1/2045 (d)
1,445
1,155
Capital Trust Agency, Inc., Sustainability Bonds -The Marie Rev., 4.00%, 6/15/2031 (d)
250
226
Charlotte County Industrial Development Authority, Town and Country Utilities Project Series 2021A, Rev., AMT, 4.00%,
10/1/2041 (d)
500
428
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation Project Rev., 4.00%, 11/1/2045
6,500
5,617
City of Lakeland, Department of Electric Utilities Rev., 5.00%, 10/1/2032
250
289
City of Pompano Beach, John Knox Village Project Series 2021A, Rev., 4.00%, 9/1/2041
385
311
County of Lee, Airport Series 2021A, Rev., AMT, 5.00%, 10/1/2031
11,550
12,611
County of Lee, Transportation Facilities Rev., AGM, 5.00%, 10/1/2035
190
192
County of Miami-Dade Aviation Rev., Zero Coupon, 10/1/2040
5,000
2,321
County of Miami-Dade, Building Better Communities Program
Series 2016A, GO, 5.00%, 7/1/2033
2,835
2,957
Series 2016A, GO, 5.00%, 7/1/2034
5,355
5,581
County of Miami-Dade, Water and Sewer System
Series 2017A, Rev., 4.00%, 10/1/2037
40
40
Series 2019B, Rev., 5.00%, 10/1/2044
40
42
County of Palm Beach, Airport System Rev., AMT, 5.00%, 10/1/2036
500
506
Florida Department of Environmental Protection Series 2017A, Rev., 5.00%, 7/1/2028
40
44
Florida Development Finance Corp., Central Charter School Project
Series 2022, Rev., 5.00%, 8/15/2032 (d)
230
226
Series 2022, Rev., 5.25%, 8/15/2037 (d)
350
330
Florida Development Finance Corp., Cornerstone Charter Academy Project Series 2022, Rev., 5.00%, 10/1/2032 (d)
465
470
Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects
Series 2022A-1, Rev., 4.00%, 7/1/2031
170
168
Series 2022A-1, Rev., 5.00%, 7/1/2042
220
221
Series 2022B, Rev., 5.00%, 7/1/2042
230
231
Florida Development Finance Corp., IDEA Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (d)
1,000
979
Florida Development Finance Corp., Imagine School at Broward Project Series 2019A, Rev., 5.00%, 12/15/2034 (d)
530
539
Florida Development Finance Corp., Mater Academy Project
Series 2022A, Rev., 5.00%, 6/15/2026
135
139
Series 2022A, Rev., 5.00%, 6/15/2027
145
151
Series 2022A, Rev., 5.00%, 6/15/2029
235
244
Series 2020A, Rev., 5.00%, 6/15/2030
375
389
Series 2022A, Rev., 5.00%, 6/15/2030
245
254
Series 2022A, Rev., 5.00%, 6/15/2032
275
284
Series 2022A, Rev., 5.00%, 6/15/2033
380
392
Series 2022A, Rev., 5.00%, 6/15/2034
400
412
Series 2022A, Rev., 5.00%, 6/15/2035
1,260
1,295
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Florida — continued
Series 2020A, Rev., 5.00%, 6/15/2040
1,250
1,263
Greater Orlando Aviation Authority, Airport Facilities Series 2019A, Rev., AMT, 5.00%, 10/1/2038
1,810
1,890
Hillsborough County, Aviation Authority, Tampa International Airport Series 2018F, Rev., 5.00%, 10/1/2043
150
158
Key West Utility Board, Electric System Rev., 5.00%, 10/1/2027
45
49
Lee County School Board (The) COP, 5.00%, 8/1/2042
6,725
7,213
Miami-Dade County Health Facilities Authority, Niklaus Children's Hospital Series 2021A, Rev., 4.00%, 8/1/2046
2,140
2,014
Middleton Community Development District A, City of Wildwood, Florida Special Assessment
5.45%, 5/1/2032
250
257
5.85%, 5/1/2037
750
772
Orange County Health Facilities Authority, Orlando Health Obligated Group Series 2023A, Rev., 5.00%, 10/1/2037
930
1,015
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group
Series 2020B, Rev., 4.00%, 11/15/2041
250
213
Series 2020B, Rev., 5.00%, 11/15/2042
500
485
Palm Beach County Health Facilities Authority, Jupiter Medical Center
Series 2022, Rev., 5.00%, 11/1/2031
100
106
Series 2022, Rev., 5.00%, 11/1/2032
100
107
Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Raton Expansion
Rev., 4.00%, 6/1/2031
1,250
1,160
Rev., 4.00%, 6/1/2041
1,600
1,283
Pinellas County Educational Facilities Authority, Discovery Academy of Science Project Series 2022A, Rev., 4.00%,
6/1/2036 (d)
1,660
1,410
Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning Series 2021A, Rev., 4.00%,
6/15/2036 (d)
155
135
South Florida Water Management District COP, 5.00%, 10/1/2036
125
129
State of Florida Department of Transportation Series 2023, Rev., 5.00%, 7/1/2039
4,735
5,241
Tohopekaliga Water Authority, Utility System Rev., 4.00%, 10/1/2034
40
41
Village Community Development District No. 15 4.85%, 5/1/2038 (d)
1,000
988
Total Florida
66,028
Georgia — 3.1%
Bartow County Development Authority Series 2009-1, Rev., 3.95%, 3/8/2028 (b)
2,000
1,977
Brookhaven Urban Redevelopment Agency Series 2023A, Rev., 5.00%, 7/1/2039
1,415
1,599
Cherokee County Water and Sewer Authority
Series 2023, Rev., 5.00%, 8/1/2038
140
159
Series 2023, Rev., 5.00%, 8/1/2039
375
422
Series 2023, Rev., 5.00%, 8/1/2041
800
893
Series 2023, Rev., 5.00%, 8/1/2042
730
807
City of Atlanta, Water and Wastewater Rev., 5.00%, 11/1/2029
2,110
2,163
City of Columbus, Water and Sewerage Series 2014A, Rev., 5.00%, 5/1/2028
595
600
County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026
5,500
5,870
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project Series 2017A, Rev., 5.00%,
2/15/2028
115
121
George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2036
500
484
George L Smith II Congress Center Authority, Convention Center Hotel Second
Series 2021B, Rev., 3.63%, 1/1/2031 (d)
1,170
1,035
Series 2021B, Rev., 5.00%, 1/1/2036 (d)
1,000
953
Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects
Rev., 3.00%, 6/15/2032
1,175
1,128
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Georgia — continued
Rev., 5.00%, 6/15/2034
1,125
1,218
Rev., 5.00%, 6/15/2035
1,250
1,349
Rev., 4.00%, 6/15/2036
1,000
1,011
Rev., 4.00%, 6/15/2037
1,500
1,505
Rev., 4.00%, 6/15/2039
1,785
1,757
Georgia Ports Authority
Series 2022, Rev., 4.00%, 7/1/2040
4,000
4,065
Rev., 4.00%, 7/1/2052
4,030
3,899
Georgia State Road and Tollway Authority, Managed Lane System Series 2021A, Rev., GTD, 4.00%, 7/15/2039
2,000
2,039
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project
Rev., 4.00%, 8/1/2035
500
490
Rev., 4.00%, 8/1/2036
375
365
Rev., 4.00%, 8/1/2037
495
478
Henry County, Water and Sewerage Authority Rev., AGM - CR, BHAC - CR, NATL - RE, 5.25%, 2/1/2028
5,000
5,502
Main Street Natural Gas, Inc., Gas Supply
Series 2021C, Rev., 4.00%, 12/1/2028 (b)
2,500
2,453
Series 2022B, Rev., 5.00%, 6/1/2029 (b)
28,490
29,280
Series 2023B, Rev., 5.00%, 3/1/2030 (b)
9,430
9,825
Series 2023A, Rev., 5.00%, 6/1/2030 (b)
1,175
1,213
Milledgeville and Baldwin County Development Authority, Georgia College and State University Projects Rev., 5.00%,
6/15/2032
670
748
Private Colleges and Universities Authority, Emory University Series 2013A, Rev., 5.00%, 10/1/2043
2,005
2,005
State of Georgia Series 2016E, GO, 5.00%, 12/1/2023
20
20
Total Georgia
87,433
Idaho — 0.3%
Idaho Housing and Finance Association, Federal Highway Trust
Series 2015A, Rev., 5.00%, 7/15/2025
2,550
2,624
Series 2015A, Rev., 5.00%, 7/15/2026
4,800
5,050
Total Idaho
7,674
Illinois — 8.2%
Champaign County Community Unit School District No. 4 Champaign, School Building GO, 5.00%, 1/1/2031
305
316
Chicago O'Hare International Airport, Senior Lien
Series 2023A, Rev., AMT, 5.00%, 1/1/2029
3,315
3,540
Series 2023A, Rev., AMT, 5.00%, 1/1/2030
1,455
1,568
Series 2023A, Rev., AMT, 5.75%, 1/1/2048
1,000
1,100
City of Chicago, Waterworks, Second Lien
Rev., 5.00%, 11/1/2027
1,000
1,012
Rev., 5.00%, 11/1/2030
500
505
Series 2023B, Rev., AGM, 5.00%, 11/1/2039
3,160
3,455
City of Decatur GO, AGM, 5.00%, 3/1/2028
15
15
City of Rockford, Sales Tax GO, 4.00%, 12/15/2030
360
373
City of Springfield, Electric System, Senior Lien Rev., AGM, 3.50%, 3/1/2030
3,500
3,502
Cook County Community Consolidated School District No. 15 Palatine
GO, 5.00%, 12/1/2037
500
555
GO, 5.00%, 12/1/2039
650
710
GO, 5.00%, 12/1/2040
690
749
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Illinois — continued
GO, 4.00%, 12/1/2041
750
746
County of Cook, Sales Tax Rev., 5.00%, 11/15/2031
3,600
3,838
County of Will GO, 4.00%, 11/15/2036
60
60
DuPage & Cook Counties Community Unit School District No. 205 Elmhurst Series 2022, GO, 4.00%, 9/15/2042
1,060
1,048
DuPage County High School District No. 87 Glenbard GO, 5.00%, 1/1/2028
25
26
Illinois Finance Authority, Clark-Lindsey Village
Series 2022A, Rev., 4.60%, 6/1/2027
170
165
Series 2022A, Rev., 5.13%, 6/1/2032
190
182
Series 2022A, Rev., 5.25%, 6/1/2037
175
162
Illinois Finance Authority, DePaul College Prep Project
Series 2023A, Rev., 5.25%, 8/1/2038 (d)
650
652
Series 2023A, Rev., 5.50%, 8/1/2043 (d)
1,360
1,367
Illinois Finance Authority, Memorial Health System Series 2019, Rev., 5.00%, 4/1/2032
380
404
Illinois Finance Authority, Mercy Health System Rev., 5.00%, 12/1/2025
20
21
Illinois Finance Authority, Plymouth Place, Inc.
Series 2022B-3, Rev., 4.75%, 11/15/2027
1,000
990
Series 2022B-2, Rev., 5.25%, 11/15/2027
1,000
995
Series 2022B-1, Rev., 6.00%, 11/15/2027
500
500
Series 2021A, Rev., 5.00%, 5/15/2032
140
131
Series 2021A, Rev., 5.00%, 5/15/2033
145
134
Series 2021A, Rev., 5.00%, 5/15/2034
300
274
Series 2021A, Rev., 5.00%, 5/15/2035
315
284
Series 2021A, Rev., 5.00%, 5/15/2036
325
289
Illinois Finance Authority, Riverside Health System Rev., 4.00%, 11/15/2030
45
46
Illinois Finance Authority, Smith Crossing
Rev., 4.00%, 10/15/2026
465
438
Rev., 4.00%, 10/15/2027
485
448
Rev., 4.00%, 10/15/2028
320
291
Rev., 4.00%, 10/15/2029
900
803
Rev., 4.00%, 10/15/2030
625
548
Rev., 4.00%, 10/15/2031
1,000
862
Illinois Finance Authority, Social Bonds-Learn Chapter School Project
Rev., 4.00%, 11/1/2028
120
121
Rev., 4.00%, 11/1/2029
120
121
Rev., 4.00%, 11/1/2030
130
131
Rev., 4.00%, 11/1/2031
130
130
Illinois State Toll Highway Authority
Series 2015B, Rev., 5.00%, 1/1/2029
35
36
Series 2016B, Rev., 5.00%, 1/1/2030
30
31
Series 2016A, Rev., 5.00%, 12/1/2031
30
31
Series 2021A, Rev., 4.00%, 1/1/2040
160
160
Kane Cook and DuPage Counties School District No. U-46 Elgin Series D, GO, 5.00%, 1/1/2034
1,505
1,506
Northern Illinois University, Auxiliary Facilities System
Series 2020B, Rev., 5.00%, 4/1/2025
425
432
Rev., 5.00%, 10/1/2027
350
368
Rev., 5.00%, 10/1/2028
325
345
Park Ridge Park District Series 2023B, GO, 4.00%, 12/1/2042
1,030
1,012
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Illinois — continued
Peoria County Community Unit School District No. 323 GO, 4.00%, 4/1/2027
100
103
Sales Tax Securitization Corp.
Series 2018C, Rev., 5.50%, 1/1/2030
18,250
20,099
Series 2018C, Rev., 5.50%, 1/1/2031
3,540
3,886
Series 2018C, Rev., 5.50%, 1/1/2032
22,820
25,010
Series 2018C, Rev., 5.25%, 1/1/2034
13,520
14,613
Series 2018C, Rev., 5.25%, 1/1/2035
9,000
9,706
State of Illinois
Series 2018A, GO, 4.00%, 5/1/2024
50
50
Series 2017D, GO, 5.00%, 11/1/2024
15,715
15,904
GO, 5.00%, 2/1/2026
4,900
5,047
Series 2017D, GO, 5.00%, 11/1/2026
5,175
5,396
GO, 5.00%, 6/1/2027
25
26
GO, 5.00%, 1/1/2028
150
153
GO, 4.50%, 2/1/2029
450
450
Series 2018A, GO, 5.00%, 5/1/2030
35
37
GO, 4.13%, 11/1/2031
40
40
Series 2022B, GO, 5.00%, 3/1/2032
10,000
11,093
Series 2020B, GO, 4.00%, 10/1/2032
2,300
2,342
Series 2022B, GO, 5.00%, 10/1/2032
18,000
20,065
Series 2022B, GO, 5.00%, 3/1/2033
12,500
13,840
Series 2022A, GO, 5.00%, 3/1/2034
10,765
11,885
Series 2022A, GO, 5.00%, 3/1/2035
12,000
13,191
GO, 5.00%, 2/1/2039
2,275
2,275
Series 2019C, GO, 4.00%, 11/1/2042
5,880
5,534
Series 2023B, GO, 5.50%, 5/1/2047
1,125
1,210
State of Illinois, Sales Tax
Series 2016D, Rev., 5.00%, 6/15/2024
40
40
Series 2021A, Rev., 4.00%, 6/15/2029
150
153
Series 2018A, Rev., 4.00%, 6/15/2035
975
973
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
631
Rev., AGM, 4.00%, 3/1/2027
370
380
Rev., AGM, 4.00%, 3/1/2028
995
1,019
Village of Westmont GO, 4.00%, 1/1/2027
45
46
Will County Community Unit School District No. 365-U Valley View
GO, 4.00%, 1/1/2030
975
989
GO, 4.00%, 1/1/2033
1,000
1,012
GO, 3.00%, 7/1/2036
1,700
1,523
Will County Forest Preservation District, Limited Tax GO, 5.00%, 12/15/2033
710
793
Total Illinois
227,042
Indiana — 1.5%
City of Franklin, Otterbein Homes Series 2019B, Rev., 4.00%, 7/1/2034
705
690
City of Franklin, Otterbeit Homes Series 2019B, Rev., 4.00%, 7/1/2035
685
667
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (d)
750
587
City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 5.25%, 11/1/2040 (d)
4,560
3,520
City of Rockport, Indiana Michigan Power Co. Project Series 2009A, Rev., 3.05%, 6/1/2025
11,600
11,460
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Indiana — continued
City of Valparaiso Rev., 5.38%, 12/1/2041 (d)
1,550
1,169
Indiana Finance Authority
Series 2023A, Rev., 5.00%, 6/1/2038
400
407
Series 2023A, Rev., 5.00%, 6/1/2053
210
202
Indiana Finance Authority, DePauw University
Series 2022A, Rev., 5.00%, 7/1/2027
520
539
Series 2022A, Rev., 5.00%, 7/1/2028
760
795
Series 2022A, Rev., 5.00%, 7/1/2029
1,395
1,467
Series 2022A, Rev., 5.00%, 7/1/2030
1,400
1,479
Series 2022A, Rev., 5.00%, 7/1/2031
1,530
1,620
Series 2022A, Rev., 5.00%, 7/1/2032
1,625
1,726
Indiana Finance Authority, Educational Facilities, KIPP Indianapolis, Inc., Project Series 2020A, Rev., 4.00%, 7/1/2030
110
103
Indiana Finance Authority, First Lien Wastewater, CWA Authority Project Series 2016A, Rev., 5.00%, 10/1/2036
70
73
Indiana Finance Authority, Goshen Health
Series 2019A, Rev., 5.00%, 11/1/2035
665
675
Series 2019A, Rev., 4.00%, 11/1/2036
230
215
Series 2019A, Rev., 4.00%, 11/1/2037
335
310
Series 2019A, Rev., 4.00%, 11/1/2038
340
312
Series 2019A, Rev., 4.00%, 11/1/2039
355
323
Indiana Finance Authority, State Revolving Fund Program Series 2018A, Rev., 5.00%, 2/1/2035
100
107
Indiana Housing and Community Development Authority, Vita of Marion Project
Series 2021B, Rev., 4.00%, 4/1/2024
500
495
Series 2021A, Rev., 5.00%, 4/1/2031 (d)
665
575
Series 2021A, Rev., 5.25%, 4/1/2041 (d)
1,875
1,448
Indiana Housing and Community Development Authority, Vita of New Whiteland Project Rev., 6.75%, 1/1/2043
5,000
4,828
Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project Series 2017C, Rev., 5.00%, 1/1/2035
195
207
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2013D, Rev., 5.00%, 1/1/2024
1,250
1,252
Whitley County Multi School Building Corp., Ad Valorem Property Tax Rev., 5.00%, 7/15/2038
3,200
3,400
Total Indiana
40,651
Iowa — 0.1%
County of Linn
Series 2023A, GO, 4.00%, 6/1/2040
270
270
Series 2023A, GO, 4.00%, 6/1/2041
275
273
Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project
Rev., 4.00%, 9/1/2025
115
110
Rev., 5.00%, 9/1/2026
85
82
Rev., 5.00%, 9/1/2028
200
187
Rev., 5.00%, 9/1/2030
110
100
Rev., 5.00%, 9/1/2031
100
90
Rev., 5.00%, 9/1/2036
440
371
Total Iowa
1,483
Kansas — 0.2%
City of Topeka, Kansas Health Care Facilities
Series 2022B, Rev., 5.13%, 12/1/2026
250
247
Series 2022A, Rev., 5.75%, 12/1/2033
475
468
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Kansas — continued
Johnson and Miami Counties Unified School District No. 230 Spring Hills Series 2018A, GO, 4.00%, 9/1/2033
2,965
3,023
Wyandotte County Unified School District No. 203 Piper Series 2018A, GO, 5.00%, 9/1/2039
1,240
1,301
Total Kansas
5,039
Kentucky — 1.1%
County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027
5,220
5,143
County of Carroll, Kentucky Environmental Facilities
Series 2008A, Rev., AMT, 2.00%, 2/1/2032
11,025
8,889
Series 2006B, Rev., AMT, 2.13%, 10/1/2034
7,440
5,706
Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series 2017B, Rev., 5.00%,
8/15/2028
2,885
3,047
Kentucky Economic Development Finance Authority, Commonspirit Health Series 2019A-1, Rev., 5.00%, 8/1/2032
1,000
1,073
Kentucky Economic Development Finance Authority, CommonSpirit Health Series 2019A-1, Rev., 5.00%, 8/1/2031
1,250
1,343
Kentucky Economic Development Finance Authority, Owensboro Health, Inc.
Series 2017A, Rev., AGM, 4.00%, 6/1/2037
1,750
1,727
Series 2017A, Rev., 5.00%, 6/1/2037
2,795
2,816
Total Kentucky
29,744
Louisiana — 0.2%
City of Shreveport, Water and Sewer, Junior Lien
Series 2018C, Rev., 5.00%, 12/1/2026
500
525
Series 2018C, Rev., 5.00%, 12/1/2028
400
426
Series 2018C, Rev., 5.00%, 12/1/2029
1,500
1,594
Louisiana Public Facilities Authority, Lincoln Preparatory School Project
Series 2021A, Rev., 5.00%, 6/1/2031 (d)
450
427
Series 2021A, Rev., 5.00%, 6/1/2041 (d)
525
438
Louisiana Public Facilities Authority, Materra Campus Project
Series 2021C, Rev., 4.00%, 6/1/2031 (d)
245
222
Series 2021A, Rev., 4.00%, 6/1/2041 (d)
1,330
1,020
Series 2021C, Rev., 4.00%, 6/1/2041 (d)
440
337
Louisiana Public Facilities Authority, Mentorship Steam Academy Project
Series 2021A, Rev., 5.00%, 6/1/2036 (d)
385
336
Series 2021A, Rev., 5.00%, 6/1/2042 (d)
440
362
Series 2021A, Rev., 5.00%, 6/1/2051 (d)
705
547
Louisiana State University and Agricultural and Mechanical College, Auxiliary Facilities System Rev., 3.75%, 7/1/2024 (c)
75
75
Total Louisiana
6,309
Maine — 0.0% ^
Maine Health and Higher Educational Facilities Authority, John F Murphy Homes, Inc. Series 2019B, Rev., 4.00%, 7/1/2036
25
25
Maryland — 2.0%
City of Baltimore, Consolidated Public Improvement Series 2017B, GO, 5.00%, 10/15/2027
2,000
2,161
City of Baltimore, Wastewater Projects Series 2017A, Rev., 5.00%, 7/1/2041
13,845
14,221
County of Anne Arundel, Consolidated General Improvements GO, 5.00%, 10/1/2037
3,400
3,528
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
206
Rev., 4.00%, 7/1/2045
800
733
Rev., 4.00%, 7/1/2050
1,295
1,151
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Maryland — continued
Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue
Rev., 4.00%, 7/1/2035
1,000
1,004
Rev., 4.00%, 7/1/2036
1,000
1,001
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2017A, Rev., 5.00%, 5/15/2045
1,205
1,219
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project Series 2021A, Rev., 4.00%,
6/1/2040
250
237
State of Maryland, State and Local Facilities Loan of 2017 Series 2017, GO, 4.00%, 3/15/2030
7,260
7,495
Washington Suburban Sanitary Commission
Rev., GTD, 4.00%, 6/1/2045
13,035
12,991
Rev., GTD, 4.00%, 6/1/2048
10,870
10,704
Total Maryland
56,791
Massachusetts — 1.9%
City of Lawrence, State Qualified Municipal Purpose Loan of 2022 Bonds GO, 4.00%, 6/1/2036
1,215
1,269
Commonwealth of Massachusetts Series A, GO, 5.00%, 7/1/2036
3,535
3,622
Commonwealth of Massachusetts, Consolidated Loan Series E, GO, AMBAC, 5.00%, 11/1/2025
5,000
5,193
Commonwealth of Massachusetts, Consolidated Loan of 2015 Series 2015D, GO, 4.00%, 9/1/2029
8,710
8,834
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series 2016J, GO, 4.00%, 12/1/2039
13,125
13,159
Essex North Shore Agricultural and Technical School District, State Qualified School Bonds GO, 4.00%, 6/1/2043
35
35
Massachusetts Bay Transportation Authority Assessment Series 2006A, Rev., 5.25%, 7/1/2025
2,250
2,328
Massachusetts Bay Transportation Authority, Sales Tax Series 2006A, Rev., 5.25%, 7/1/2029
5,000
5,676
Massachusetts Development Finance Agency, Boston Medical Center Issue Series 2023G, Rev., 4.38%, 7/1/2052
1,200
1,113
Massachusetts Development Finance Agency, Mass General Brigham Issue Series 2020A-2, Rev., 5.00%, 7/1/2029
75
83
Massachusetts Development Finance Agency, Milford Regional Medical Center Series 2020G, Rev., 5.00%, 7/15/2024 (d)
130
131
Massachusetts Development Finance Agency, Salem Community Corp. Rev., 5.13%, 1/1/2040
410
366
Massachusetts Development Finance Agency, Suffolk University Issue
Rev., 5.00%, 7/1/2029
440
467
Rev., 5.00%, 7/1/2030
720
762
Rev., 5.00%, 7/1/2031
620
654
Rev., 5.00%, 7/1/2032
770
811
Rev., 5.00%, 7/1/2033
800
840
Rev., 5.00%, 7/1/2034
550
576
Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series M, Rev., 5.25%,
7/1/2025
4,070
4,219
Massachusetts Water Resources Authority
Series B, Rev., AGM, 5.25%, 8/1/2024
3,110
3,154
Series C, Rev., 5.00%, 8/1/2030
55
59
Town of Stoughton, Municipal Purpose Loan GO, 4.00%, 10/15/2038
50
50
University of Massachusetts Building Authority Series 2019-1, Rev., 5.00%, 5/1/2035
105
116
Total Massachusetts
53,517
Michigan — 1.1%
Caledonia Community Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2044
70
69
City of Detroit, Unlimited Tax
Series 2021A, GO, 5.00%, 4/1/2035
555
583
Series 2021A, GO, 5.00%, 4/1/2037
475
492
County of Genesee, Water Supply System GO, 5.00%, 2/1/2024
90
90
Dansville Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2039
25
25
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Michigan — continued
Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project Rev., 5.00%,
5/15/2037
4,575
4,184
Grand Rapids Public Schools, Unlimited Tax GO, AGM, 5.00%, 11/1/2037
1,750
1,844
Holt Public Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2028
45
49
Huron School District, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2044
35
37
Lansing Community College, Building and Site, Limited Tax GO, 5.00%, 5/1/2032
635
686
Macomb Interceptor Drain Drainage District, Limited Tax GTD, 5.00%, 5/1/2028
85
93
Michigan Finance Authority, Aquinas College Project Rev., 4.00%, 5/1/2031
540
482
Michigan Finance Authority, Henry Ford Health System Rev., 4.00%, 11/15/2036
1,900
1,866
Michigan Finance Authority, Kettering University Project Rev., 4.00%, 9/1/2045
500
448
Michigan Finance Authority, Trinity Health Credit Group
Series 2016MI, Rev., 5.00%, 12/1/2035
4,600
4,734
Series 2017A-MI, Rev., 5.00%, 12/1/2035
130
136
Series 2013MI-4, Rev., 4.00%, 12/1/2038
1,000
1,001
Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project Rev., AMT, 4.00%,
10/1/2026 (b)
1,125
1,101
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project
Rev., 5.00%, 5/15/2037
2,360
2,159
State of Michigan Trunk Line Series 2020B, Rev., 4.00%, 11/15/2039
5,280
5,346
State of Michigan, Environmental Program Series 2014A, GO, 5.00%, 12/1/2028
4,300
4,369
Utica Community Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2028
25
27
West Ottawa Public Schools, Unlimited Tax
GO, AGM, 4.00%, 11/1/2039
1,055
1,064
GO, AGM, 4.00%, 11/1/2040
700
705
Total Michigan
31,590
Minnesota — 0.6%
Chisholm Independent School District No. 695
Series 2023A, GO, Zero Coupon, 2/1/2035
950
616
Series 2023A, GO, Zero Coupon, 2/1/2036
845
516
Series 2023A, GO, Zero Coupon, 2/1/2037
615
353
Series 2023A, GO, Zero Coupon, 2/1/2038
825
444
City of Minneapolis, Health Care System, Fairview Health Services
Series 2018A, Rev., 4.00%, 11/15/2037
6,230
5,849
Series 2018A, Rev., 4.00%, 11/15/2038
750
695
Series 2018A, Rev., 4.00%, 11/15/2048
2,000
1,704
Series 2018A, Rev., 5.00%, 11/15/2049
1,000
1,009
City of Woodbury, Charter School Lease
Series 2020A, Rev., 3.00%, 12/1/2030
205
185
Series 2020A, Rev., 4.00%, 12/1/2040
200
171
Duluth Independent School District No. 709 Series 2019B, COP, 5.00%, 2/1/2024
215
216
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
1,500
Minneapolis-St. Paul Metropolitan Airports Commission Series A, Rev., 5.00%, 1/1/2032
35
37
Minnesota Municipal Gas Agency
Subseries, 2022A, Rev., LIQ : Royal Bank of Canada, 4.00%, 12/1/2026
1,000
1,006
Subseries, 2022A, Rev., LIQ : Royal Bank of Canada, 4.00%, 6/1/2027
535
538
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Minnesota — continued
Round Lake-Brewster Independent School District No. 2907
Series 2023A, GO, 5.00%, 2/1/2036
575
651
Series 2023A, GO, 5.00%, 2/1/2037
725
810
Series 2023A, GO, 5.00%, 2/1/2038
440
483
Total Minnesota
16,783
Mississippi — 1.5%
Mississippi Development Bank, Department of Transportation, Industrial Development Authority Series A, Rev., 5.00%,
1/1/2026
35
36
State of Mississippi
Series 2018A, GO, 4.00%, 11/1/2026 (c)
5,030
5,203
Series 2018A, GO, 5.00%, 11/1/2026 (c)
11,595
12,316
Series 2018A, GO, 4.00%, 11/1/2038
21,155
21,296
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2025
2,250
2,312
Total Mississippi
41,163
Missouri — 1.0%
City of Kansas Series 2023A, Rev., 4.00%, 12/1/2047
1,750
1,718
Health and Educational Facilities Authority of the State of Missouri Rev., 5.00%, 9/1/2028
1,355
1,385
Health and Educational Facilities Authority of the State of Missouri, City Art Institute Rev., 5.00%, 9/1/2030
210
225
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects
Series 2019A, Rev., 5.00%, 2/1/2029
550
550
Series 2019C, Rev., 4.00%, 2/1/2030
1,500
1,426
Series 2016B, Rev., 5.00%, 2/1/2035
1,000
989
Series 2019A, Rev., 5.00%, 2/1/2042
1,000
943
Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital
Rev., 5.00%, 9/1/2024
300
301
Rev., 5.00%, 9/1/2031
100
102
Industrial Development Authority of the City of St Louis Missouri (The), Innovation District Rev., 5.00%, 5/15/2041
2,815
2,757
Kansas City Industrial Development Authority, Airport Terminal Modernization Project Series 2019 B, Rev., AMT, 5.00%,
3/1/2039
4,710
4,833
Kansas City Industrial Development Authority, City International Airport Terminal Modernization Project Series 2019B, Rev.,
AMT, 5.00%, 3/1/2034
1,800
1,881
Metropolitan St. Louis Sewer District, Wastewater System Improvement
Series 2015B, Rev., 5.00%, 5/1/2031
530
542
Series 2015B, Rev., 5.00%, 5/1/2032
1,900
1,944
Series 2015B, Rev., 5.00%, 5/1/2033
3,185
3,259
Series 2015B, Rev., 5.00%, 5/1/2034
1,670
1,709
Series 2015B, Rev., 5.00%, 5/1/2035
2,125
2,174
Total Missouri
26,738
Montana — 0.2%
City of Missoula, Water System
Series 2019A, Rev., 5.00%, 7/1/2038
850
902
Series 2019A, Rev., 5.00%, 7/1/2039
840
888
Series 2019A, Rev., 4.00%, 7/1/2044
3,500
3,344
County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2032 (d)
2,000
1,830
Total Montana
6,964
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Nebraska — 1.5%
Central Plains Energy Project, Gas Project No. 4 Series 2018A, Rev., 5.00%, 12/28/2023 (b)
9,000
9,024
Central Plains Energy Project, Gas Project No. 5 Series 2022-1, Rev., 5.00%, 10/1/2029 (b)
2,500
2,573
Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group
Series 2020A, Rev., 4.00%, 11/15/2035
550
556
Series 2020A, Rev., 4.00%, 11/15/2036
425
426
Series 2020A, Rev., 4.00%, 11/15/2037
525
520
Series 2020A, Rev., 4.00%, 11/15/2038
600
588
Series 2020A, Rev., 4.00%, 11/15/2039
600
582
Douglas County School District No. 001, Omaha Public
GO, 4.00%, 12/15/2041
10,000
9,932
GO, 4.00%, 12/15/2042
10,000
9,825
Douglas County School District No. 010, Elkhorn Public Schools
GO, 4.00%, 12/15/2034
350
361
GO, 4.00%, 12/15/2035
350
359
Municipal Energy Agency of Nebraska, Power Supply System Series 2022A, Rev., 5.00%, 4/1/2030
180
201
Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated
Group
Series 2019A, Rev., 4.00%, 1/1/2033
150
152
Series 2019A, Rev., 4.00%, 1/1/2034
1,000
1,016
Series 2019A, Rev., 4.00%, 1/1/2036
1,250
1,260
Series 2019A, Rev., 4.00%, 1/1/2037
1,000
1,000
Omaha Public Power District, Electric System Series 2017A, Rev., 5.00%, 2/1/2037
2,000
2,123
Total Nebraska
40,498
Nevada — 1.1%
Clark County School District Series 2020A, GO, AGM, 4.00%, 6/15/2039
1,215
1,223
Clark County Water Reclamation District
Series 2023, GO, 5.00%, 7/1/2040
11,105
12,293
Series 2023, GO, 5.00%, 7/1/2041
5,000
5,490
Series 2023, GO, 5.00%, 7/1/2053
10,000
10,683
County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2017B, Rev.,
AMT, 5.00%, 7/1/2024
200
202
County of Washoe, Fuel Tax
Rev., 5.00%, 2/1/2036
80
87
Rev., 5.00%, 2/1/2042
150
157
Nye County School District Series 2023, GO, PSF-GTD, 5.00%, 5/1/2035
1,360
1,581
Total Nevada
31,716
New Hampshire — 0.2%
New Hampshire Business Finance Authority, University of Nevada Reno Project Series 2023A, Rev., 5.25%, 6/1/2051
4,000
4,319
New Jersey — 2.3%
New Jersey Economic Development Authority, Motor Vehicle Surcharges Series 2017A, Rev., 4.00%, 7/1/2034
325
325
New Jersey Economic Development Authority, School Facilities Construction
Series 2019LLL, Rev., 5.00%, 6/15/2034
1,000
1,091
Series 2018EEE, Rev., 5.00%, 6/15/2043
1,255
1,302
New Jersey Economic Development Authority, Transit Transportation Project Series 2020A, Rev., 4.00%, 11/1/2038
3,250
3,278
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series 2018A, Rev., 5.00%, 6/15/2030
9,585
9,986
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
New Jersey — continued
Series A, Rev., 5.00%, 6/15/2031
11,500
11,971
New Jersey Transportation Trust Fund Authority, Transportation Program
Series 2019BB, Rev., 5.00%, 6/15/2032
2,000
2,166
Series 2020AA, Rev., 4.00%, 6/15/2036
2,750
2,809
Series 2022A, Rev., 4.00%, 6/15/2041
2,000
1,979
Series 2022A, Rev., 4.00%, 6/15/2042
3,000
2,932
Rutgers The State University of New Jersey Series 2016M, Rev., 5.00%, 5/1/2030
100
104
Tobacco Settlement Financing Corp.
Series 2018A, Rev., 5.00%, 6/1/2024
7,645
7,690
Series 2018A, Rev., 5.00%, 6/1/2026
6,300
6,473
Series 2018 A, Rev., 5.00%, 6/1/2027
8,005
8,327
Series 2018A, Rev., 4.00%, 6/1/2037
1,000
971
Township of North Brunswick, General Improvement GO, 4.00%, 7/1/2039
1,540
1,563
Watchung School District
GO, 4.00%, 3/1/2039
420
425
GO, 4.00%, 3/1/2041
960
965
Total New Jersey
64,357
New Mexico — 0.2%
Albuquerque Municipal School District No. 12, School Building
GO, 5.00%, 8/1/2033
1,385
1,507
GO, 5.00%, 8/1/2035
1,980
2,139
County of Bernalillo Series 1996B, Rev., NATL - RE - IBC, 5.70%, 4/1/2027
670
705
Total New Mexico
4,351
New York — 16.5%
Buffalo and Erie County Industrial Land Development Corp., D'youville College Project
Series 2020A, Rev., 4.00%, 11/1/2035
515
505
Series 2020A, Rev., 4.00%, 11/1/2040
1,035
947
Build NYC Resource Corp., Global Community Charter School
Series 2022A, Rev., 4.00%, 6/15/2032
135
130
Series 2022A, Rev., 5.00%, 6/15/2042
365
355
Build NYC Resource Corp., Grand Concourse Academy Charter School
Series 2022A, Rev., 5.00%, 7/1/2032
100
106
Series 2022A, Rev., 5.00%, 7/1/2042
300
302
Series 2022A, Rev., 5.00%, 7/1/2052
350
342
Build NYC Resource Corp., New World Preparatory Charter School Project
Series 2021A, Rev., 4.00%, 6/15/2041 (d)
240
192
Series 2021A, Rev., 4.00%, 6/15/2051 (d)
320
230
City of New York Series 2015C, GO, 5.00%, 8/1/2026
5
5
City of New York, Fiscal Year 2014 Series G, GO, 5.00%, 8/1/2025
9,520
9,551
City of New York, Fiscal Year 2018 Series 2018B-1, GO, 4.00%, 10/1/2041
6,450
6,461
City of New York, Fiscal Year 2024 Series 2024A, GO, 4.13%, 8/1/2053
2,000
1,955
City of Yonkers Series 2022C, GO, AGM, 5.00%, 3/15/2038
35
38
County of Suffolk, Public Improvement Series 2021A, GO, 4.00%, 6/15/2031
880
926
Erie County Fiscal Stability Authority, Sales Tax and State Aid Secured Series 2017D, Rev., 5.00%, 9/1/2038
25
26
Hudson Yards Infrastructure Corp., Second Indenture
Series 2017A, Rev., 5.00%, 2/15/2030
20
21
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
New York — continued
Series 2017A, Rev., 5.00%, 2/15/2037
50
52
Hyde Park Central School District GO, 4.00%, 6/15/2034
125
128
Long Island Power Authority, Electric System
Series 2018, Rev., 5.00%, 9/1/2034
5,000
5,428
Series 2018, Rev., 5.00%, 9/1/2035
3,000
3,242
Metropolitan Transportation Authority
Series C-1, Rev., 5.25%, 11/15/2029
6,000
6,164
Series 2017C-1, Rev., 5.00%, 11/15/2030
4,885
5,236
Series C-1, Rev., 5.00%, 11/15/2035
3,000
3,055
Metropolitan Transportation Authority, Dedicated Tax Fund Series B-1, Rev., 5.00%, 11/15/2025
150
156
Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project
Series 2022A, Rev., 5.00%, 7/1/2032 (d)
250
245
Series 2022A, Rev., 5.63%, 7/1/2042 (d)
1,385
1,327
Monroe County Water Authority Series 2020, Rev., 4.00%, 3/1/2035
10
10
New York City Municipal Water Finance Authority Fiscal Year 2022 Series 2022, Subseries BB-1, Rev., 4.00%, 6/15/2045
17,765
17,572
New York City Municipal Water Finance Authority, Water and Sewer System Series 2020CC-2, Rev., 4.00%, 6/15/2042
5,000
5,012
New York City Transitional Finance Authority Future Tax Secured Series 2017 E1, Rev., 5.00%, 2/1/2035
3,000
3,152
New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2017 Series B, Rev., 5.00%, 8/1/2036
6,445
6,695
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015 Series 2015S-1, Rev., 5.00%, 7/15/2040
45
46
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2016
Series 2016S-1, Rev., 5.00%, 7/15/2029
30
31
Series 2016 S-1, Rev., 5.00%, 7/15/2033
70
72
Series 2016S-1, Rev., 4.00%, 7/15/2036
45
45
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018
Series S-2, Rev., 5.00%, 7/15/2030
25
27
Series 2018S-4A, Rev., 5.00%, 7/15/2032
25
27
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019
Series 2019 S-2A, Rev., 4.00%, 7/15/2037
5,000
5,063
Series 2019 S-3A, Rev., 5.00%, 7/15/2037
180
191
New York City Transitional Finance Authority, Future Tax Secured
Series C, Rev., 5.00%, 11/1/2033
6,500
6,879
Series 2020B-1, Rev., 4.00%, 11/1/2038
3,770
3,780
Series 2021-A, Rev., 4.00%, 11/1/2038
10,575
10,608
Series 2022B, Subseries B-1, Rev., 4.00%, 8/1/2045
3,700
3,633
Series 2022C, Subseries C-1, Rev., 4.00%, 2/1/2047
7,750
7,556
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 Series 2015B, Subseries B-1, Rev., 5.00%,
8/1/2029
55
55
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016 Series 2016E-1, Rev., 5.00%, 2/1/2031
30
31
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Series 2017F-1, Rev., 5.00%, 5/1/2032
25
27
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 2018 -1, Rev., 5.00%, 11/1/2028
20
21
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019 A-1, Rev., 5.00%, 8/1/2040
2,100
2,217
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
32
Series C-3, Rev., 5.00%, 5/1/2039
70
74
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015
Series 2015FF, Rev., 5.00%, 6/15/2031
5,000
5,130
Series 2015AA, Rev., 4.00%, 6/15/2044
25
25
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
New York — continued
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2017 Series 2017EE, Rev., 5.00%,
6/15/2036
5,000
5,299
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2018
Series 2018EE, Rev., 5.00%, 6/15/2035
35
36
Series 2018FF, Rev., 5.00%, 6/15/2040
50
53
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020
Series 2020CC-1, Rev., 4.00%, 6/15/2038
14,705
14,884
Series 2020AA, Rev., 5.00%, 6/15/2040
25
27
Series 2020, Subseries 202DD-3, Rev., 5.00%, 6/15/2041
140
151
Subseries 202DD-3, Rev., 4.00%, 6/15/2042
1,880
1,885
New York Convention Center Development Corp. Series B, Rev., AGM - CR, Zero Coupon, 11/15/2049
9,315
2,450
New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured
Series B, Rev., Zero Coupon, 11/15/2030
3,400
2,590
Series B, Rev., Zero Coupon, 11/15/2032
2,000
1,389
Series B, Rev., Zero Coupon, 11/15/2033
2,150
1,424
New York Liberty Development Corp., Secured by Port Authority
Series 1WTC-2021, Rev., AGM - CR, 3.00%, 2/15/2042
3,345
2,752
Series 1WTC-2021, Rev., 2.75%, 2/15/2044
2,000
1,534
New York Liberty Development Corp., World Trade Centre Series 1WTC-2021, Rev., 2.25%, 2/15/2041
4,500
3,317
New York Power Authority, Green Transmission Project
Series 2023 A, Rev., AGM, 5.00%, 11/15/2053
3,000
3,212
Series 2023 A, Rev., AGM, 5.13%, 11/15/2058
3,250
3,490
New York State Dormitory Authority Series 2019D, Rev., 4.00%, 2/15/2047
1,500
1,455
New York State Dormitory Authority, Barnard College Series 2020A, Rev., 4.00%, 7/1/2045
725
669
New York State Dormitory Authority, New York University
Series 2017A, Rev., 4.00%, 7/1/2035
25
25
Series 2017A, Rev., 4.00%, 7/1/2036
75
76
Series 2019A, Rev., 5.00%, 7/1/2036
45
49
Series 2017A, Rev., 4.00%, 7/1/2037
45
45
Series 2016A, Rev., 5.00%, 7/1/2039
140
144
Series 2019A, Rev., 5.00%, 7/1/2039
25
27
Series 2016A, Rev., 4.00%, 7/1/2043
3,500
3,445
Series 2019A, Rev., 4.00%, 7/1/2045
13,000
12,673
New York State Dormitory Authority, Rockefeller University (The) Series 2019B, Rev., 5.00%, 7/1/2050
2,500
2,606
New York State Dormitory Authority, State Personal Income Tax
Series 2021 E, Rev., 4.00%, 3/15/2042
7,000
6,938
Series 2020A, Rev., 4.00%, 3/15/2047
18,070
17,547
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series 2014A, Rev., 5.00%, 2/15/2024 (c)
30,015
30,122
Series 2015E, Rev., 5.00%, 3/15/2030
30
31
Series 2014C, Rev., 5.00%, 3/15/2033
20,000
20,065
Series 2017B, Rev., 5.00%, 2/15/2042
30
31
Series 2019A, Rev., 5.00%, 3/15/2042
25
26
Series 2019A, Rev., 5.00%, 3/15/2043
95
100
New York State Dormitory Authority, State Sales Tax
Series 2018C, Rev., 5.00%, 3/15/2036
8,020
8,577
Series 2015B, Rev., 5.00%, 3/15/2038
80
82
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
New York — continued
Series 2018E, Rev., 5.00%, 3/15/2038
2,000
2,126
Series 2015B, Rev., 5.00%, 3/15/2039
2,505
2,550
Series 2018E, Rev., 5.00%, 3/15/2041
225
238
Series 2018A, Rev., 5.00%, 3/15/2044
30
31
New York State Dormitory Authority, State University of New York Dormitory Facilities Series 2017A, Rev., 5.00%, 7/1/2042
20
21
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance
Authority Projects - Second Resolution Series 2017E, Rev., 4.00%, 6/15/2037
40
41
New York State Environmental Facilities Corp., State Revolving Fund Series 2021A, Rev., 4.00%, 6/15/2038
7,515
7,643
New York State Environmental Facilities Corp., State Revolving Funds Series 2014B, Rev., 5.00%, 5/15/2027
3,130
3,153
New York State Thruway Authority
Series 2019B, Rev., 4.00%, 1/1/2039
5,000
4,977
Series O, Rev., 4.00%, 1/1/2043
3,900
3,872
New York State Thruway Authority, Personal Income Tax Series 2022 A, Rev., 5.00%, 3/15/2042
12,000
13,139
New York State Urban Development Corp., Sales Tax Series 2019 A, Rev., 4.00%, 3/15/2042
10,080
9,940
New York State Urban Development Corp., State Personal Income Tax, General Purpose
Series 2013C, Rev., 5.00%, 12/26/2023
30
30
Series 2015A, Rev., 5.00%, 3/15/2033
60
61
Series 2019A, Rev., 5.00%, 3/15/2035
25
27
Series 2019A, Rev., 5.00%, 3/15/2037
35
37
Series 2019A, Rev., 5.00%, 3/15/2038
45
48
Series 2019A, Rev., 5.00%, 3/15/2041
70
74
New York State Urban Development Corp., State Sales Tax
Series 2019A, Rev., 5.00%, 3/15/2039
13,555
14,481
Series 2021A, Rev., 4.00%, 3/15/2046
2,000
1,942
New York Transportation Development Corp.
Series 2023, Rev., AMT, AGM, 5.50%, 6/30/2042
1,750
1,870
Series 2023, Rev., AMT, AGM, 5.50%, 6/30/2043
2,250
2,398
Series 2023, Rev., AMT, AGM, 5.50%, 6/30/2044
2,250
2,391
Series 2023, Rev., AMT, AGM, 5.00%, 6/30/2049
3,500
3,524
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project
Series 2018, Rev., AMT, 5.00%, 1/1/2025
5,000
5,026
Rev., AMT, 5.00%, 1/1/2029
1,400
1,421
Series 2018, Rev., AMT, 5.00%, 1/1/2031
3,500
3,545
Rev., AMT, 5.00%, 1/1/2034
9,885
9,995
Rev., AMT, 5.00%, 10/1/2035
3,920
3,992
Rev., AMT, 5.00%, 10/1/2040
5,350
5,310
Rev., AMT, 4.38%, 10/1/2045
1,690
1,519
Port Authority of New York and New Jersey
Series 223, Rev., AMT, 4.00%, 7/15/2039
2,975
2,919
Series 242, Rev., AMT, 5.00%, 12/1/2043
5,000
5,251
Port Authority of New York and New Jersey, Consolidated
Series 207, Rev., AMT, 5.00%, 9/15/2033
800
839
Series 209, Rev., 5.00%, 7/15/2035
125
134
Series 224, Rev., 4.00%, 7/15/2041
220
221
Series 93, Rev., 6.13%, 6/1/2094
12,000
12,107
Triborough Bridge & Tunnel Authority Series 2021 A, Rev., 5.00%, 11/15/2051
620
657
Triborough Bridge and Tunnel Authority Series 2018D, Rev., 4.00%, 11/15/2038
4,000
4,009
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
New York — continued
Triborough Bridge and Tunnel Authority Sales Tax, TBTA Capital Lockbox Series 2023A, Rev., 4.00%, 5/15/2048
7,910
7,606
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2012B, Rev., Zero Coupon, 11/15/2032
8,860
6,368
Utility Debt Securitization Authority
Series 2013TE, Rev., 5.00%, 3/14/2024
4,250
4,252
Rev., 5.00%, 12/15/2037
5,250
5,373
Utility Debt Securitization Authority, Federally Tax-Exempt Series 2013TE, Rev., 5.00%, 3/14/2024
3,500
3,503
Westchester County Local Development Corp., Kendal on Hudson Project
Series 2022B, Rev., 5.00%, 1/1/2037
260
254
Series 2022B, Rev., 5.00%, 1/1/2041
250
238
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project
Series 2021D, Rev., 2.88%, 7/1/2026 (d)
3,765
3,598
Series 2021C-EFRB, Rev., 3.20%, 7/1/2028 (d)
13,350
12,467
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project Series 2021A, Rev., 5.00%,
7/1/2041 (d)
10,450
8,860
Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project Series 2020A, Rev.,
5.00%, 7/1/2040
1,000
807
Total New York
459,247
North Carolina — 0.8%
City of Wilmington Series 2014A, Rev., 5.00%, 6/1/2028
400
404
County of Wake Series 2023B, Rev., 5.00%, 4/1/2038
1,865
2,104
North Carolina Capital Facilities Finance Agency, High Point University Rev., 4.00%, 5/1/2033
2,210
2,251
North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project Series 2020A, Rev., 5.00%,
10/1/2040
695
621
North Carolina Medical Care Commission, The Presbyterian Homes Obligated Group Series 2020A, Rev., 4.00%, 10/1/2040
600
524
State of North Carolina Rev., 5.00%, 3/1/2033
15,345
16,893
University of North Carolina at Charlotte (The) Rev., 5.00%, 10/1/2029
45
48
Total North Carolina
22,845
North Dakota — 0.0% ^
City of Fargo Series 2014E, GO, 5.00%, 5/1/2025
290
292
Ohio — 1.9%
Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2031
300
321
American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2024
225
226
Buckeye Tobacco Settlement Financing Authority
Series 2020A-2, Rev., 4.00%, 6/1/2038
4,000
3,926
Series 2020B-2, Rev., 5.00%, 6/1/2055
5,000
4,411
Columbus City School District, Ohio School Facilities Construction and Improvement, Unlimited Tax Series 2016-A, GO, 5.00%,
12/1/2031
3,000
3,143
County of Cuyahoga, Eliza Jennings Senior Care Network Series 2022A, Rev., 5.00%, 5/15/2032
1,105
1,045
County of Franklin, Health Care Facilities, Ohio Living Communities
Series 2020B, Rev., 4.00%, 7/1/2028
225
213
Series 2020B, Rev., 4.00%, 7/1/2029
265
248
Series 2020B, Rev., 4.00%, 7/1/2030
875
811
Series 2020B, Rev., 4.00%, 7/1/2031
925
848
Series 2020B, Rev., 4.00%, 7/1/2033
385
346
Series 2020B, Rev., 4.00%, 7/1/2034
475
422
Series 2020B, Rev., 4.00%, 7/1/2035
365
321
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Ohio — continued
Series 2020B, Rev., 5.00%, 7/1/2040
5,290
4,864
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University
Rev., 4.00%, 5/1/2026
175
169
Rev., 5.00%, 5/1/2030
500
484
Ohio Higher Educational Facility Commission, Capital University 2022 Project
Rev., 5.00%, 9/1/2027
325
331
Rev., 5.00%, 9/1/2028
340
348
Rev., 5.00%, 9/1/2029
360
369
Rev., 5.00%, 9/1/2031
395
404
Rev., 5.00%, 9/1/2032
420
428
Rev., 5.75%, 9/1/2037
1,400
1,451
Ohio Higher Educational Facility Commission, Cleveland Institute of Music 2
Rev., 5.00%, 12/1/2027
410
415
Rev., 5.00%, 12/1/2032
395
406
Ohio Higher Educational Facility Commission, Tiffin University 2019 Project
Rev., 3.00%, 11/1/2028
655
597
Rev., 5.00%, 11/1/2034
1,520
1,500
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project
Rev., 5.00%, 3/1/2029
720
728
Rev., 5.00%, 3/1/2034
3,000
3,002
Ohio Turnpike and Infrastructure Commission, Junior Lien Series 2018A, Rev., 5.00%, 2/15/2030
50
54
Ohio Water Development Authority, Water Pollution Control Loan Fund
Series 2019A, Rev., 5.00%, 6/1/2029
16,390
18,253
Series 2017A, Rev., 5.00%, 12/1/2029
25
27
Series 2019B, Rev., 5.00%, 12/1/2035
55
61
Port of Greater Cincinnati Development Authority, FC Cincinnati Public Improvements Project Rev., 3.75%, 12/1/2031 (d)
245
222
State of Ohio Series 2021E, Rev., 4.00%, 1/15/2038
1,700
1,676
State of Ohio, Capital Facilities Lease Appropriation Administrative Building Fund Projects Series 2017A, Rev., 5.00%,
4/1/2027 (c)
760
815
Total Ohio
52,885
Oklahoma — 0.1%
Oklahoma Capitol Improvement Authority Series 2014C, Rev., 5.00%, 7/1/2024
25
25
Oklahoma Development Finance Authority Health System, OU Medicine Project Series 2018B, Rev., 5.00%, 8/15/2025
800
799
Oklahoma Turnpike Authority, Second Senior Series 2017C, Rev., 5.00%, 1/1/2036
25
26
Oklahoma Turnpike Authority, Turnpike System, Second Senior Series 2017A, Rev., 5.00%, 1/1/2038
2,000
2,043
Total Oklahoma
2,893
Oregon — 0.8%
City of Portland, Sewer System, Second Lien Series 2023A, Rev., 5.00%, 12/1/2043
1,040
1,141
Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt
Series 2020A, Rev., 5.00%, 10/1/2030
300
319
Series 2020A, Rev., 5.00%, 10/1/2035
140
148
Oregon State Lottery
Series A, Rev., 5.00%, 4/1/2032
1,750
1,860
Series A, Rev., 5.00%, 4/1/2033
3,500
3,718
Port of Portland, International Airport Series 27A, Rev., AMT, 4.00%, 7/1/2039
2,500
2,430
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Oregon — continued
State of Oregon, Article XI-G State Projects
Series L, GO, 5.00%, 8/1/2035
1,930
2,054
Series L, GO, 5.00%, 8/1/2036
1,975
2,093
State of Oregon, Article XI-Q State Projects Series F, GO, 5.00%, 5/1/2032
2,885
3,009
State of Oregon, Department of Transportation Highway User Subordinate Lien, Tax-Exempt Series 2019A, Rev., 5.00%,
11/15/2038
40
44
Tualatin Valley Water District Series 2023, Rev., 5.00%, 6/1/2045
3,265
3,560
Union County Hospital Facility Authority, Grande Ronde Hospital, Inc. Series 2022, Rev., 5.00%, 7/1/2047
1,000
978
Washington and Multnomah Counties School District No. 48J Beaverton Series B, GO, 5.00%, 6/15/2024 (c)
105
106
Yamhill County Hospital Authority, Friendsview, Tax Exempt Series 2021A, Rev., 5.00%, 11/15/2051
550
411
Total Oregon
21,871
Pennsylvania — 3.2%
Abington School District, Limited Tax Series 2017A, GO, 4.00%, 10/1/2037
40
40
Allegheny County Airport Authority, Pittsburgh International Airport Series 2023A, Rev., AMT, AGM, 5.50%, 1/1/2053
1,000
1,075
Allegheny County Higher Education Building Authority, Chatham University
Series 2022, Rev., 5.00%, 9/1/2028
655
654
Rev., 5.00%, 9/1/2029
740
737
Rev., 5.00%, 9/1/2031
360
356
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group
Series 2018A, Rev., 5.00%, 4/1/2028
7,000
7,438
Series 2018A, Rev., 5.00%, 4/1/2029
8,785
9,322
Series 2018A, Rev., 5.00%, 4/1/2030
5,000
5,300
Series 2018A, Rev., 5.00%, 4/1/2031
3,800
4,025
Cambria County General Financing Authority, Mount Aloysius Project Series 2021TT-4, Rev., 4.00%, 11/1/2036
535
493
City of Philadelphia, Airport System Series 2017B, Rev., AMT, 5.00%, 7/1/2032
250
262
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Rev., 5.00%, 6/1/2025
1,875
1,915
Rev., 5.00%, 6/1/2026
1,120
1,162
Rev., 5.00%, 6/1/2027
1,500
1,581
Rev., 5.00%, 6/1/2028
2,620
2,801
Rev., 5.00%, 6/1/2029
1,120
1,197
Commonwealth of Pennsylvania
Series 2018A, COP, 5.00%, 7/1/2028
400
433
Series 2018A, COP, 5.00%, 7/1/2029
300
324
Series 2018A, COP, 5.00%, 7/1/2030
375
404
Series 2018A, COP, 5.00%, 7/1/2031
425
457
Series 1, GO, 4.00%, 4/1/2033
5,000
5,002
Series 2018A, COP, 5.00%, 7/1/2034
450
480
County of Allegheny Series C-77, GO, 5.00%, 11/1/2043
50
52
County of Chester GO, 4.00%, 7/15/2036
20
21
Delaware County Authority, Haverford College Series 2017A, Rev., 5.00%, 10/1/2042
70
72
DuBois Hospital Authority, Penn Highlands Healthcare
Rev., 5.00%, 7/15/2029
1,700
1,782
Rev., 5.00%, 7/15/2030
2,000
2,093
Rev., 5.00%, 7/15/2031
1,450
1,515
Rev., 5.00%, 7/15/2032
1,525
1,594
Rev., 5.00%, 7/15/2034
1,675
1,752
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Pennsylvania — continued
Rev., 4.00%, 7/15/2043
5,670
5,207
Easton Area School District Series 2020B, GO, 5.00%, 2/1/2031
50
54
Erie City Water Authority
Series 2019B, Rev., AGM, 5.00%, 12/1/2032
1,235
1,371
Series 2019B, Rev., AGM, 5.00%, 12/1/2033
800
887
Series 2018D, Rev., 4.00%, 12/1/2036
35
35
Lancaster County Hospital Authority, Health Center, Masonic Villages Project Series 2015, Rev., 5.00%, 11/1/2028
1,215
1,233
Lehigh County Industrial Development Authority, Seven Generation Charter School
Series 2021A, Rev., 4.00%, 5/1/2031
340
316
Series 2021A, Rev., 4.00%, 5/1/2041
890
708
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%,
9/1/2038
2,950
2,897
Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2020C,
Rev., 4.00%, 11/15/2043
300
250
Montgomery County Industrial Development Authority, Waverly Heights Ltd., Project
Rev., 4.00%, 12/1/2025
150
150
Rev., 4.00%, 12/1/2027
200
201
Rev., 4.00%, 12/1/2028
205
206
Rev., 4.00%, 12/1/2030
300
302
Rev., 4.00%, 12/1/2031
300
301
Rev., 4.00%, 12/1/2032
435
437
Rev., 4.00%, 12/1/2033
400
401
Rev., 4.00%, 12/1/2034
165
165
Rev., 4.00%, 12/1/2035
175
174
Rev., 4.00%, 12/1/2036
175
172
Rev., 4.00%, 12/1/2037
100
96
Rev., 4.00%, 12/1/2038
100
95
North Allegheny School District, Limited Tax GO, 4.00%, 5/1/2038
40
40
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Rev., AMT, AGM, 5.00%, 12/31/2057
5,645
5,698
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System
Rev., 5.00%, 8/15/2031
50
55
Rev., 5.00%, 8/15/2040
100
102
Pennsylvania Turnpike Commission
Series 2023, Rev., 5.00%, 12/1/2038
330
353
Series 2021B, Rev., 4.00%, 12/1/2039
2,250
2,260
Series 2023, Rev., 5.00%, 12/1/2039
320
335
Series 2023, Rev., 5.00%, 12/1/2040
1,000
1,084
Pennsylvania Turnpike Commission, Subordinate Series 2021B, Rev., 4.00%, 12/1/2038
1,500
1,512
Philadelphia Authority for Industrial Development, Holy Family University Project
Series 2023, Rev., 5.00%, 9/1/2030
835
888
Series 2023, Rev., 5.50%, 9/1/2037
2,135
2,337
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project Series 2020A, Rev., 5.00%,
8/1/2030
260
266
School District of the City of Erie (The), Limited Tax
Series 2019A, GO, AGM, 4.00%, 4/1/2033
1,150
1,180
Series 2019A, GO, AGM, 5.00%, 4/1/2034
825
897
Swarthmore Borough Authority, Swarthmore College Series 2016B, Rev., 4.00%, 9/15/2041
50
50
Township of Hampton GO, 4.00%, 1/1/2039
45
45
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Pennsylvania — continued
West Chester Area School District GO, 4.00%, 5/15/2039
40
40
Wilkes-Barre Area School District
GO, 3.50%, 4/15/2038
370
339
GO, 3.50%, 4/15/2039
235
212
GO, 3.75%, 4/15/2044
1,500
1,328
Total Pennsylvania
89,018
Puerto Rico — 0.4%
Puerto Rico Public Finance Corp. Series 2001E, Rev., AGC - ICC, AGM - CR, 6.00%, 8/1/2026 (c)
10,000
10,789
Rhode Island — 0.0% ^
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Series 2019A, Rev., 4.00%, 10/1/2044
480
454
South Carolina — 0.2%
Berkeley County School District Rev., 5.00%, 12/1/2023
1,505
1,505
City of Columbia
Rev., 5.00%, 2/1/2035
125
146
Rev., 5.00%, 2/1/2036
100
116
Rev., 5.00%, 2/1/2038
160
181
City of Spartanburg, Water System Series 2017B, Rev., 5.00%, 6/1/2031
480
511
Lexington County Health Services District, Inc., LexMed Obligated Group
Rev., 5.00%, 11/1/2025
140
145
Rev., 4.00%, 11/1/2030
750
761
Rev., 4.00%, 11/1/2031
500
507
Rev., 4.00%, 11/1/2032
535
542
Rev., 4.00%, 11/1/2033
200
202
Total South Carolina
4,616
Tennessee — 7.3%
City of Johnson City Series 2019B, GO, 5.00%, 6/1/2028
45
49
County of Sullivan GO, 4.00%, 5/1/2045
40
39
Knox County Health Educational and Housing Facility Board, East Tennessee Children's Hospital Rev., 4.00%, 11/15/2043
6,145
5,664
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Belmont University
Series 2023, Rev., 5.00%, 5/1/2036
500
552
Rev., 5.00%, 5/1/2037
250
273
Series 2023, Rev., 5.00%, 5/1/2039
500
536
Series 2023, Rev., 5.00%, 5/1/2040
725
773
Series 2023, Rev., 5.00%, 5/1/2041
500
531
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Trevecca Nazarene
University Project Series 2021B, Rev., 4.00%, 10/1/2041
2,590
2,278
Metropolitan Government of Nashville and Davidson County
GO, 4.00%, 7/1/2031
17,400
17,851
GO, 5.00%, 7/1/2031
10,000
10,949
GO, 4.00%, 7/1/2036
24,290
24,815
GO, 4.00%, 7/1/2037
16,205
16,453
Metropolitan Nashville Airport Authority (The)
Series 2022B, Rev., AMT, 5.50%, 7/1/2036
600
677
Series 2022B, Rev., AMT, 5.50%, 7/1/2037
1,500
1,674
Series 2022B, Rev., AMT, 5.50%, 7/1/2039
2,300
2,530
Series 2022B, Rev., AMT, 5.50%, 7/1/2040
2,000
2,191
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Tennessee — continued
Series 2022B, Rev., AMT, 5.50%, 7/1/2041
1,875
2,046
Series 2022B, Rev., AMT, 5.50%, 7/1/2042
2,000
2,172
Series 2022B, Rev., AMT, 5.25%, 7/1/2047
9,470
9,983
Metropolitan Nashville Airport Authority (The), Subordinate Airport
Series 2019A, Rev., 5.00%, 7/1/2049
1,680
1,738
Series 2019B, Rev., AMT, 4.00%, 7/1/2054
1,550
1,346
Series 2019B, Rev., AMT, 5.00%, 7/1/2054
5,000
5,073
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project
Series 2019A, Rev., 5.75%, 10/1/2049
2,420
1,742
Series 2019A, Rev., 5.75%, 10/1/2054
4,280
2,998
Series 2019A, Rev., 5.75%, 10/1/2059
1,240
853
Tennergy Corp., Gas Supply Series 2021 A, Rev., 4.00%, 9/1/2028 (b)
10,300
10,137
Tennessee Energy Acquisition Corp., Gas Project
Series 2018, Rev., 4.00%, 11/1/2025 (b)
57,150
56,782
Series 2006B, Rev., 5.63%, 9/1/2026
5,000
5,089
Series 2023A-1, Rev., 5.00%, 5/1/2028 (b)
14,065
14,383
Tennessee State School Bond Authority, Higher Educational Facilities Second Program Series B, Rev., 5.00%, 11/1/2031
75
80
Total Tennessee
202,257
Texas — 4.2%
Arlington Higher Education Finance Corp.
Series 2021A, Rev., 5.00%, 8/15/2024
195
194
Series 2021A, Rev., 5.00%, 8/15/2025
205
204
Series 2021A, Rev., 5.00%, 8/15/2026
190
189
Series 2021A, Rev., 5.00%, 8/15/2027
105
105
Series 2021A, Rev., 5.00%, 8/15/2028
35
35
Series 2021A, Rev., 4.00%, 8/15/2029
40
38
Series 2021A, Rev., 4.00%, 8/15/2030
45
42
Series 2021A, Rev., 4.00%, 8/15/2031
45
41
Rev., PSF-GTD, 5.00%, 8/15/2033
125
140
Rev., PSF-GTD, 5.00%, 8/15/2034
150
167
Rev., PSF-GTD, 5.00%, 8/15/2035
200
221
Series 2021A, Rev., 4.00%, 8/15/2036
170
146
Arlington Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2031
40
44
Austin Independent School District, Unlimited Tax Series 2023, GO, 5.00%, 8/1/2040
3,000
3,338
Barbers Hill Independent School District, Unimited Tax Series 2022, GO, PSF-GTD, 5.00%, 2/15/2042
4,525
4,905
Central Texas Regional Mobility Authority, Senior Lien
Series 2021B, Rev., 4.00%, 1/1/2040
1,000
973
Series 2021B, Rev., 4.00%, 1/1/2041
1,000
965
City of Dallas Housing Finance Corp., Rosemont At Ash Creek Apartments Series 2023, Rev., FHA, 5.00%, 12/1/2025 (b)
1,375
1,408
City of El Paso GO, 4.00%, 8/15/2031
75
77
City of Houston, Combined Utility System, First Lien Series 2016B, Rev., 4.00%, 11/15/2037
40
40
City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., AGM, 5.75%, 12/1/2032 (c)
2,000
2,474
City of Laredo, Waterworks and Sewer System Rev., 4.00%, 3/1/2035
30
31
City of Mesquite, Combination tax GO, 4.13%, 2/15/2040
1,665
1,667
City of San Antonio, Electric and Gas Systems Series 2020, Rev., 5.00%, 2/1/2036
30
33
City of Victoria, Utility System Rev., 5.00%, 12/1/2023 (c)
1,740
1,740
Cleveland Independent School District, Unlimited Tax School Building Series 2018A, GO, PSF-GTD, 5.00%, 2/15/2031
80
87
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Texas — continued
Clifton Higher Education Finance Corp. Series 2023, Rev., PSF-GTD, 4.25%, 4/1/2048
1,520
1,464
Clifton Higher Education Finance Corp., Idea Public Schools Series 2019, Rev., PSF-GTD, 4.00%, 8/15/2037
1,860
1,871
Coastal Water Authority, City of Houston Projects Rev., 5.00%, 12/15/2025
5,115
5,121
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 2.50%, 10/1/2031
125
105
County of Harris
Series 2023A, GO, 4.25%, 9/15/2048
2,000
2,004
Series 2023A, GO, 5.00%, 9/15/2048
1,950
2,115
County of Harris, Toll Road, Senior Lien Series 2016A, Rev., 5.00%, 8/15/2036
60
62
Dallas Area Rapid Transit, Sales Tax, Senior Lien Series 2016A, Rev., 5.00%, 12/1/2025 (c)
9,905
10,282
Denison Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 4.00%, 8/1/2045
2,865
2,793
Georgetown Independent School District, Unlimited Tax Series 2019-D, GO, 4.00%, 8/15/2033
30
31
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%,
12/1/2028
185
187
Houston Higher Education Finance Corp., Houston Baptist University Rev., 3.38%, 10/1/2037
250
211
Houston Independent School District, Maintenance Tax Notes GO, 5.00%, 7/15/2031
9,700
10,552
Hutto Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/1/2053
3,000
3,209
Johnson City Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 2/15/2038
1,745
1,946
Kermit Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 2/15/2048
3,500
3,753
Lamar Consolidated Independent School District, Unlimited Tax Series 2023 A, GO, PSF-GTD, 5.00%, 2/15/2053
5,000
5,358
Lower Colorado River Authority, LCRA Transmission Services Corp. Project Series 2023A, Rev., AGM, 5.00%, 5/15/2039
750
827
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project
Rev., 4.00%, 1/1/2032
420
356
Rev., 4.00%, 1/1/2037
525
407
North Texas Tollway Authority, First Tier Series 2020A, Rev., 4.00%, 1/2/2038
5,000
5,032
North Texas Tollway Authority, Second Tier
Series B, Rev., 5.00%, 1/1/2026
25
25
Series B, Rev., 5.00%, 1/1/2030
1,100
1,135
Pearland Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2024
25
25
Permanent University Fund - Texas A&M University System Series 2009A, Rev., 5.25%, 7/1/2028
2,015
2,078
Plano Independent School District, Unlimited Tax GO, 5.00%, 2/15/2041
3,900
4,278
San Antonio Education Facilities Corp., Hallmark University Project
Series 2021A, Rev., 5.00%, 10/1/2031
260
244
Series 2021A, Rev., 5.00%, 10/1/2041
200
164
Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series 2018B, Rev., 5.00%, 7/1/2033
100
107
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project
Series 2020A, Rev., 6.25%, 11/15/2031
500
475
Series 2020A, Rev., 6.63%, 11/15/2041
2,545
2,327
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project, Tax Exempt Series
2020B-1, Rev., 4.00%, 11/15/2027
15,530
14,613
Texas Water Development Board Series 2023 A, Rev., 5.00%, 10/15/2058
3,000
3,205
Texas Water Development Board, State Revolving Fund Rev., 5.00%, 8/1/2038
45
49
Texas Water Development Board, Water Implementation Fund Series 2018 B, Rev., 5.00%, 4/15/2030
7,000
7,683
Trinity River Authority
Series 2023, Rev., 5.00%, 2/1/2036
700
804
Series 2023, Rev., 5.00%, 2/1/2037
625
710
Rev., 5.00%, 2/1/2038
330
369
Trinity River Authority of Texas, Livingston Regional Water Supply System Project Series 2023, Rev., 5.00%, 8/1/2038
1,220
1,364
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Texas — continued
University of Houston Series 2017A, Rev., 5.00%, 2/15/2037
30
31
University of North Texas System, Financing System Series 2015A, Rev., 5.00%, 4/15/2040
50
51
Total Texas
116,727
Utah — 0.5%
City of Salt Lake City, Airport System
Series 2018B, Rev., 5.00%, 7/1/2048
45
46
Series 2023A, Rev., AMT, 5.25%, 7/1/2048
1,750
1,848
Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax GO, 4.25%, 6/1/2041 (d)
1,105
840
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2
Rev., 4.00%, 8/1/2028 (d)
1,230
1,178
Rev., 4.00%, 8/1/2031 (d)
1,000
926
Military Installation Development Authority, Tax Allocation Series 2021A-2, Rev., 4.00%, 6/1/2036
1,150
964
Military Installation Development Authority, Tax Allocation and Hotel Tax Series 2021A-1, Rev., 4.00%, 6/1/2036
650
545
University of Utah (The) Series 2017A, Rev., 5.00%, 8/1/2032
40
43
Utah Infrastructure Agency
Rev., 5.00%, 10/15/2027
160
163
Rev., 5.00%, 10/15/2032
515
525
Rev., 4.00%, 10/15/2038
1,560
1,572
Utah Infrastructure Agency, Clearfield City Project Rev., 4.00%, 10/15/2040
915
875
Utah Infrastructure Agency, Tax-Exempt Telecommunications
Series 2018A, Rev., 5.00%, 10/15/2025
1,450
1,456
Series 2018A, Rev., 5.00%, 10/15/2028
1,000
1,017
Series 2018A, Rev., 5.25%, 10/15/2033
965
983
Utah Transit Authority, Subordinate Sales Tax Rev., 4.00%, 12/15/2031
40
41
Utah Water Finance Agency, Loan Financing Program Series 2017C, Rev., 5.00%, 3/1/2034
350
371
Total Utah
13,393
Vermont — 0.0% ^
University of Vermont and State Agricultural College Series 2019A, Rev., 5.00%, 10/1/2039
15
16
Vermont Educational and Health Buildings Financing Agency, University of Vermont Medical Center Series 2016A, Rev.,
5.00%, 12/1/2025
30
31
Total Vermont
47
Virginia — 1.8%
City of Alexandria Series 2023, GO, 4.00%, 12/15/2048 (e)
1,515
1,498
Fairfax County Water Authority Series 2005B, Rev., 5.25%, 4/1/2025
3,500
3,603
Lynchburg Economic Development Authority, Centra Health Obligated Group Rev., 4.00%, 1/1/2037
1,590
1,598
Northern Virginia Transportation Authority, Special Tax Rev., 5.00%, 6/1/2034
2,285
2,300
Virginia College Building Authority, Educational Facilities, Washington & Lee University Project Rev., NATL - RE, 5.25%,
1/1/2026
3,175
3,232
Virginia Commonwealth Transportation Board, I-81 Regional Fuels Tax
Series 2021, Rev., 4.00%, 5/15/2037
640
657
Series 2021, Rev., 4.00%, 5/15/2038
800
814
Virginia Public School Authority
Series 2023, Rev., 5.00%, 8/1/2041
4,880
5,479
Series 2023, Rev., 5.00%, 8/1/2042
6,450
7,202
Series 2023, Rev., 5.00%, 8/1/2043
2,795
3,113
Virginia Small Business Financing Authority Series 2022, Rev., AMT, 4.00%, 7/1/2033
7,000
6,942
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Virginia — continued
Virginia Small Business Financing Authority, Senior Lien
Rev., AMT, 4.00%, 7/1/2029
3,875
3,868
Rev., AMT, 4.00%, 1/1/2032
5,000
4,968
Virginia Small Business Financing Authority, Senior Lien, Elizabeth River Crossing Opco, LLC Project Rev., AMT, 4.00%,
1/1/2036
5,000
4,884
Total Virginia
50,158
Washington — 3.3%
Central Puget Sound Regional Transit Authority, Sales and Motor Vehicle Excise Tax Series 2016 S-1, Rev., 5.00%, 11/1/2027
25
26
Chelan County Public Utility District No. 1 Series 2020A, Rev., 4.00%, 7/1/2038
1,670
1,678
City of Seattle, Municipal Light and Power Improvement Series 2018A, Rev., 4.00%, 1/1/2048
2,000
1,962
County of King, Sewer Rev., 5.00%, 7/1/2031
30
32
County of Snohomish, Limited Tax GO, 4.00%, 12/1/2039
1,470
1,486
County of Spokane, Limited Tax Series 2019A, GO, 5.00%, 12/1/2040
25
27
Energy Northwest, Columbia Generating Station Series 2017-A, Rev., 5.00%, 7/1/2034
5,025
5,355
FYI Properties, State of Washington District Project
Rev., 5.00%, 6/1/2034
5,990
6,393
Rev., 5.00%, 6/1/2036
4,915
5,213
King County School District No. 403 Renton, Unlimited Tax GO, 4.00%, 12/1/2036
35
36
King County School District No. 405 Bellevue, Unlimited Tax GO, 5.00%, 12/1/2023
25
25
Port of Seattle, Intermediate Lien
Series B, Rev., 5.00%, 3/1/2032
4,000
4,032
Series B, Rev., 5.00%, 3/1/2034
1,000
1,008
Port of Tacoma, Limited Tax Series 2016A, GO, 5.00%, 12/1/2030
15
16
State of Washington, Motor Vehicle Fuel Tax Series R-2016C, GO, 5.00%, 7/1/2030
75
78
State of Washington, State and Local Agency Real and Personal Property
Series 2018C, COP, 5.00%, 7/1/2034
1,050
1,134
Series 2015C, COP, 4.00%, 1/1/2038
50
50
State of Washington, Various Purpose
Series R-2015A, GO, 4.00%, 7/1/2026
4,465
4,483
Series 2018C, GO, 5.00%, 2/1/2037
14,430
15,445
Series 2015B, GO, 5.00%, 2/1/2040
20,965
21,187
Series 2017D, GO, 5.00%, 2/1/2040
40
42
Series 2018A, GO, 5.00%, 8/1/2040
10,000
10,436
Series 2023C, GO, 5.00%, 6/1/2041
2,330
2,596
Tacoma Metropolitan Park District, Unlimited Tax
GO, 5.00%, 12/1/2036
600
617
GO, 5.00%, 12/1/2037
1,750
1,788
University of Washington Series 2015C, Rev., 5.00%, 12/1/2023
25
25
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance Rev., 5.00%, 12/1/2031 (d)
200
217
Washington Higher Education Facilities Authority, Seattle University Project
Rev., 3.63%, 5/1/2040
985
895
Rev., 4.00%, 5/1/2045
500
466
Washington State Housing Finance Commission, Rockwood Retirement Communities Project
Series 2020B-1, Rev., 3.38%, 12/1/2023 (d)
890
890
Series 2020A, Rev., 5.00%, 1/1/2032 (d)
1,920
1,750
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Washington — continued
Series 2020A, Rev., 5.00%, 1/1/2041 (d)
2,000
1,605
Yakima County School District No. 208 West Valley GO, 4.00%, 12/1/2034
30
31
Total Washington
91,024
Wisconsin — 1.1%
Public Finance Authority Series 2022A, Rev., 5.00%, 10/1/2052
6,530
6,773
Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020A, Rev., 4.00%, 11/15/2037
300
268
Public Finance Authority, Ascend Leadership Academy Project Series 2021A, Rev., 5.00%, 6/15/2041 (d)
1,035
859
Public Finance Authority, Carson Valley Medical Center Series 2021A, Rev., 3.00%, 12/1/2026
250
240
Public Finance Authority, ENO River Academy Project
Series 2020A, Rev., 4.00%, 6/15/2030 (d)
235
224
Series 2020A, Rev., 5.00%, 6/15/2040 (d)
405
382
Public Finance Authority, Lenoir-Rhyne University
Series 2022, Rev., 5.00%, 4/1/2032
670
679
Series 2022, Rev., 5.00%, 4/1/2033
1,405
1,419
Public Finance Authority, Piedmont Community Charter School
Rev., 5.00%, 6/15/2024
205
205
Rev., 5.00%, 6/15/2026
225
228
Rev., 5.00%, 6/15/2034
215
220
Rev., 5.00%, 6/15/2039
390
387
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 3.25%, 1/1/2028
1,190
1,111
Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (d)
500
427
Public Finance Authority, Triad Educational Services, Inc.
Series 2021A, Rev., 4.00%, 6/15/2029
415
403
Series 2021A, Rev., 4.00%, 6/15/2031
450
431
Public Finance Authority, Viticus Group Project
Series 2022A, Rev., 4.00%, 12/1/2031 (d)
540
484
Series 2022A, Rev., 4.00%, 12/1/2041 (d)
2,320
1,833
Public Finance Authority, Wakemed Hospital Series 2019A, Rev., 5.00%, 10/1/2044
12,500
12,781
State of Wisconsin, Annual Appropriation Federally Tax-Exempt Series 2017B, Rev., 5.00%, 5/1/2026 (c)
25
26
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. Rev., 5.00%, 7/1/2027
95
100
Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries
Rev., 4.00%, 1/1/2026
175
166
Rev., 4.00%, 1/1/2027
180
167
Rev., 4.00%, 1/1/2028
375
340
Rev., 4.00%, 1/1/2029
385
341
Rev., 4.00%, 1/1/2030
405
350
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Series 2021A, Rev., 4.00%,
8/15/2041
675
549
Total Wisconsin
31,393
Wyoming — 0.7%
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
20,501
Total Municipal Bonds
(Cost $2,638,822)
2,612,405
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
 INVESTMENTS
SHARES
(000)
VALUE
($000)
Short-Term Investments — 3.9%
Investment Companies — 3.9%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.14% (f) (g)
(Cost $109,605)
109,605
109,616
Total Investments — 97.9%
(Cost $2,748,427)
2,722,021
Other Assets Less Liabilities — 2.1%
58,819
NET ASSETS — 100.0%
2,780,840
 
Percentages indicated are based on net assets.
 
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
FHA
Federal Housing Administration
GO
General Obligation
GTD
Guaranteed
IBC
Insured Bond Certificates
ICC
Insured Custody Certificates
LIQ
Liquidity Agreement
MTA
Metropolitan Transportation Authority
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
 
^
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)
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, 2023.
 
(c)
Security is prerefunded or escrowed to maturity.
 
(d)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(e)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(f)
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.
 
(g)
The rate shown is the current yield as of November 30, 2023.
 
Futures contracts outstanding as of November 30, 2023 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
U.S. Treasury 2 Year Note
353
03/28/2024
USD
72,200
188
U.S. Treasury 5 Year Note
366
03/28/2024
USD
39,136
152
 
340
 
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
Abbreviations
 
USD
United States Dollar
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of November 30, 2023 (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.41-V2
5.00
Quarterly
12/20/2028
4.03
USD75,650
(681
)
(2,975
)
(3,656
)
 
(*)
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 National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (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.
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.
Futures contracts are generally valued on the basis of available market quotations. 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: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Municipal Bonds
$—
$2,612,405
$—
$2,612,405
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (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
$109,616
$—
$—
$109,616
Total Investments in Securities
$109,616
$2,612,405
$—
$2,722,021
Appreciation in Other Financial Instruments
Futures Contracts
$340
$—
$—
$340
Depreciation in Other Financial Instruments
Swaps
—
(2,975
)
—
(2,975
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$340
$(2,975
)
$—
$(2,635
)
B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund 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, 2023
Security Description
Value at
February 28,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
November 30,
2023
Shares at
November 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Institutional Tax Free Money
Market Fund Class IM Shares, 3.14%
 (a) (b)
$134,839
$959,481
$984,717
$19
$(6
)
$109,616
109,605
$1,985
$—
 
 
(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, 2023.
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.
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Notes (1) — (2) below describe the various derivatives used by the Fund.
(1). Futures Contracts — The Fund used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.
The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2). 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.
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
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
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.