JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 97.5% (a)
Alabama — 1.3%
Education — 0.0% (b)
Alabama Public School and College Authority, Capital Improvement Series 2014-B, Rev., 5.00%, 1/1/2021		20		21
General Obligation — 0.1%
City of Hamilton
GO, 3.00%, 8/1/2020		55		56
GO, 3.00%, 8/1/2021		365		375
GO, 2.00%, 8/1/2022		370		375
GO, 5.00%, 8/1/2023		240		270
				1,076
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Prattville Industrial Development Board, International Paper Company Project
Series 2019C, Rev., VRDO, 2.00%, 5/1/2020 (c)		430		434
Series 2019B, Rev., VRDO, 2.00%, 10/1/2024 (c)		450		454
				888
Special Tax — 0.0% (b)
Hoover City Board of Education Rev., 4.00%, 2/15/2020		80		80
Utility — 1.2%
Black Belt Energy Gas District, Gas Prepay Series 2018B-2, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.62%), 1.72%, 12/10/2019 (d)		30,000		30,000
Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (c)		11,450		11,881
Southeast Alabama Gas Supply District (The), Project No. 1 Series A, Rev., 5.00%, 4/1/2020		1,000		1,011
Southeast Alabama Gas Supply District (The), Project No. 2 Series A, Rev., 4.00%, 6/1/2020		1,000		1,013
				43,905
Total Alabama				45,970
Alaska — 0.0% (b)
Other Revenue — 0.0% (b)
Alaska Municipal Bond Bank Authority
Series 2019 1, Rev., 5.00%, 5/1/2021		215		226
Series 2019 1, Rev., 5.00%, 5/1/2022		200		218
				444
Total Alaska				444
Arizona — 1.4%
Certificate of Participation/Lease — 0.0% (b)
Arizona State University Series 2018A, COP, 5.00%, 6/1/2020		1,000		1,019
Education — 0.0% (b)
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project
Series 2018A, Rev., 5.00%, 7/1/2023		140		156
Series 2018A, Rev., 5.00%, 7/1/2024		200		228
				384
General Obligation — 0.2%
Maricopa County School District No. 24-Gila Bend, School Improvement
Series 2019, GO, AGM, 2.00%, 7/1/2020		585		588
Series 2019, GO, AGM, 3.00%, 7/1/2021		575		592
Series 2019, GO, AGM, 4.00%, 7/1/2022		300		321
Series 2019, GO, AGM, 5.00%, 7/1/2023		700		789
Maricopa County School District No. 66, Roosevelt Elementary
GO, 5.00%, 7/1/2020		1,450		1,481
GO, 5.00%, 7/1/2021		1,520		1,608
Maricopa County School District No. 66, Roosevelt Elementary, Arizona School Improvement
Series 2018A, GO, 5.00%, 7/1/2020		1,025		1,047
Series 2017-A, GO, 5.00%, 7/1/2021		1,150		1,217
				7,643
Hospital — 0.0% (b)
Industrial Development Authority of the County of Yavapai (The), Regional Medical Center
Rev., 5.00%, 8/1/2021		225		239
Rev., 5.00%, 8/1/2022		380		417
Industrial Development Authority of the County of Yavapai (The), Yavapai Regional Medical Center Rev., 5.00%, 8/1/2023		325		367
				1,023

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Coconino County Pollution Control Corp., Nevada Power Company Projects Series B, Rev., VRDO, 1.60%, 5/21/2020 (c)		1,100		1,101
Other Revenue — 0.8%
Industrial Development Authority of The City of Phoenix, Health Care Facilities, Mayo Clinic Series 2014A, Rev., VRDO, LIQ: Bank of America NA, 1.10%, 12/2/2019 (c)		30,790		30,790
Transportation — 0.3%
Arizona Department of Transportation State Highway Fund Series 2013A, Rev., 5.00%, 7/1/2020		400		409
Arizona Transportation Board, Maricopa County Regional Area Road Fund Rev., 5.00%, 7/1/2020		8,565		8,757
				9,166
Water & Sewer — 0.0% (b)
Arizona Water Infrastructure Finance Authority, Water Quality Rev., 4.00%, 10/1/2020 (e)		540		553
Total Arizona				51,679
Arkansas — 0.1%
Education — 0.0% (b)
Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series 2018A, Rev., 5.00%, 11/1/2021		330		354
University of Central Arkansas, Student Housing System
Series 2019C, Rev., AGM, 3.00%, 11/1/2021		75		77
Series 2019C, Rev., AGM, 3.00%, 11/1/2022		85		89
Series 2019C, Rev., AGM, 3.00%, 11/1/2023		135		143
				663
General Obligation — 0.0% (b)
City of Fayetteville, Library Improvement GO, 3.00%, 1/1/2020		200		200
Other Revenue — 0.1%
Arkansas Development Finance Authority, 900 West Capitol Building Project Rev., 3.00%, 4/1/2021		500		511
Arkansas Development Finance Authority, Department of Community Correction Project
Rev., 5.00%, 11/1/2021		310		331
Rev., 5.00%, 11/1/2022		410		454
County of Sharp
Rev., 5.00%, 3/1/2021		270		282
Rev., 5.00%, 3/1/2022		495		533
Rev., 5.00%, 3/1/2023		540		597
				2,708
Water & Sewer — 0.0% (b)
City of Centerton
Rev., 3.00%, 12/1/2019		150		150
Rev., 3.00%, 12/1/2021		125		129
City of Heber Springs, Greenstar
Rev., 3.00%, 11/1/2021		50		52
Rev., 3.00%, 11/1/2023		100		105
Northwest Arkansas Conservation Authority, Wastewater Rev., 3.00%, 3/1/2020		280		281
				717
Total Arkansas				4,288
California — 2.2%
Education — 0.2%
California Educational Facilities Authority, Art Center College of Design
Series 2018A, Rev., 5.00%, 12/1/2019		125		125
Series 2018A, Rev., 5.00%, 12/1/2020		180		187
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2020		325		335
Rev., 5.00%, 10/1/2021		250		266
California Municipal Finance Authority, River Springs Charter School Rev., RAN, 4.00%, 8/15/2020 (f)		1,000		1,012
California School Finance Authority, Green Dot Public School Projects
Series 2018A, Rev., 5.00%, 8/1/2020 (f)		50		51
Series 2018A, Rev., 5.00%, 8/1/2021 (f)		50		53
Series 2018A, Rev., 5.00%, 8/1/2022 (f)		85		92
California School Finance Authority, Kipp Socal Project
Series 2019A, Rev., 5.00%, 7/1/2022 (f)		100		109
Series 2019A, Rev., 5.00%, 7/1/2023 (f)		100		111

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Chula Vista Elementary School District Rev., BAN, 0.00%, 8/1/2023		5,500		5,273
				7,614
General Obligation — 0.2%
Mount San Antonio Community College District GO, BAN, 0.00%, 4/1/2022		250		243
Sacramento City Unified School District Series 2019D, GO, 4.00%, 8/1/2021 (g)		4,475		4,676
South Bay Union School District/San Diego County GO, BAN, 0.00%, 8/1/2022		2,000		1,923
				6,842
Hospital — 0.1%
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c)		2,000		2,115
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2020		100		102
Pioneers Memorial Healthcare District Rev., 3.00%, 10/1/2020		265		267
				2,484
Housing — 0.1%
California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project
Rev., 5.00%, 5/15/2023		360		406
Rev., 5.00%, 5/15/2024		300		348
Rev., 5.00%, 5/15/2025		425		506
Rev., 5.00%, 5/15/2026		500		608
Rev., 5.00%, 5/15/2027		725		898
Rev., 5.00%, 5/15/2028		1,000		1,253
				4,019
Other Revenue — 1.2%
California Enterprise Development Authority, Riverside County, Library Facility
Rev., 4.00%, 11/1/2022		100		108
Rev., 4.00%, 11/1/2023		200		221
California Infrastructure and Economic Development Bank, California Academy of Sciences Series 2018D, Rev., VRDO, (ICE LIBOR USD 1 Month + 0.38%), 1.57%, 12/10/2019 (d)		17,010		16,993
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust
Series 2012B-2, Rev., VRDO, (ICE LIBOR USD 1 Month + 0.20%), 1.45%, 1/1/2020 (d)		11,615		11,626
Series 2013A-2, Rev., VRDO, 1.58%, 1/1/2020 (c)		6,750		6,771
Series 2011A-4, Rev., VRDO, (ICE LIBOR USD 3 Month + 0.37%), 1.71%, 1/1/2020 (d)		1,000		1,000
California Municipal Finance Authority, Hollywood El Entro Apartments Series 2019A, Rev., VRDO, 1.40%, 5/1/2021 (c)		1,750		1,751
California Statewide Communities Development Authority, Front Porch Communities and Services Series 2017A, Rev., 5.00%, 4/1/2020		75		76
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2615, Rev., VRDO, LIQ: Barclays Bank plc, LOC: Barclays Bank plc, 1.30%, 12/10/2019 (c) (f)		5,230		5,230
				43,776
Prerefunded — 0.1%
Pittsburg Unified School District Financing Authority Rev., AGM, 5.50%, 9/1/2046 (e)		3,000		3,232
Utility — 0.0% (b)
California Municipal Finance Authority, San Antonio Gardens Project
Rev., 4.00%, 11/15/2021		270		283
Rev., 4.00%, 11/15/2022		280		299
Rev., 4.00%, 11/15/2023		290		316
				898
Water & Sewer — 0.3%
California State Department of Water Resources, Central Valley Project, Water System Series AU, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.22%), 1.32%, 12/10/2019 (d)		12,000		12,009
Stockton Public Financing Authority, Green Bonds
Series 2018A, Rev., 5.00%, 10/1/2020		500		516
Series 2018A, Rev., 5.00%, 10/1/2021		450		481
				13,006
Total California				81,871

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Colorado — 0.9%
Certificate of Participation/Lease — 0.0% (b)
City of Colorado Springs CO
COP, 5.00%, 12/1/2020		120		124
COP, 5.00%, 12/1/2021		145		156
COP, 5.00%, 12/1/2022		155		172
COP, 5.00%, 12/1/2023		100		114
Denver Health and Hospital Authority, 550 Acoma, Inc.
COP, 5.00%, 12/1/2020		110		114
COP, 5.00%, 12/1/2021		220		235
COP, 5.00%, 12/1/2022		295		324
				1,239
Education — 0.4%
University of Colorado Hospital Authority
Series 2017B-2, Rev., VRDO, 1.15%, 12/10/2019 (c)		14,740		14,740
General Obligation — 0.2%
Arapahoe County School District No. 6 Littleton
Series 2019A, GO, 5.00%, 12/1/2021		2,585		2,784
Series 2019A, GO, 5.00%, 12/1/2022		1,370		1,526
City of Aurora, Sterling Hills West Metropolitan District
GO, 5.00%, 12/1/2019		110		110
GO, 5.00%, 12/1/2020		100		103
Denver City and County School District No. 1
Series B, GO, 4.00%, 12/1/2019 (e)		255		255
Interlocken Metropolitan District
Series A-1, GO, AGM, 5.00%, 12/1/2019		150		150
Series A-1, GO, AGM, 5.00%, 12/1/2020		175		182
				5,110
Hospital — 0.1%
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series 2017B, Rev., 5.00%, 5/15/2021		395		412
Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project Rev., 5.00%, 6/1/2020 (e)		400		408
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., VRDO, 2.80%, 5/15/2023 (c)		1,555		1,609
				2,429
Other Revenue — 0.0% (b)
City of Grand Junction Rev., 5.00%, 3/1/2021		35		37
Transportation — 0.2%
E-470 Public Highway Authority, Senior LIBOR Index Series 2019A, Rev., VRDO, 1.56%, 12/10/2019 (c)		8,000		7,999
Utility — 0.0% (b)
Colorado Water Resources and Power Development Authority, Clean Water Series A, Rev., 5.00%, 3/1/2020		200		202
Water & Sewer — 0.0% (b)
Town of Milliken, Water Activity Enterprise Rev., 3.00%, 12/1/2020		195		198
Total Colorado				31,954
Connecticut — 2.1%
Education — 0.2%
Connecticut State Health and Educational Facilities Authority
Series K-1, Rev., 5.00%, 7/1/2021		665		700
Series K-1, Rev., 5.00%, 7/1/2022		675		730
Connecticut State Health and Educational Facilities Authority, Yale University Issue Series B-1, Rev., 5.00%, 7/1/2020 (c)		4,000		4,088
				5,518
General Obligation — 1.7%
City of Derby
Series A, GO, 5.00%, 8/1/2020		140		143
Series A, GO, 5.00%, 8/1/2021		220		234
Series A, GO, 5.00%, 8/1/2022		75		82
Series A, GO, 5.00%, 8/1/2023		150		169
Series A, GO, 5.00%, 8/1/2024		85		98
City of Hartford
Series B, GO, 4.00%, 4/1/2020 (e)		115		116
City of New Britain
GO, BAN, 5.00%, 12/19/2019		6,500		6,511
City of New Haven
Series 2019A, GO, 5.00%, 8/1/2021		1,300		1,372
Series 2019B, GO, 5.00%, 2/1/2022		700		749
Series 2019A, GO, 5.00%, 8/1/2022		1,000		1,086

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
State of Connecticut
Series C, GO, VRDO, LIQ: Bank of America NA, 1.16%, 12/10/2019 (c)		5,030		5,030
Series 2019A, GO, 5.00%, 4/15/2020		28,040		28,437
Series C, GO, 5.00%, 12/1/2020		475		476
Series G, GO, 5.00%, 11/1/2021		200		214
Tender Option Bond Trust Receipts/Certificates
Series 2017-YX1047, GO, VRDO, LIQ: Barclays Bank plc, 1.16%, 12/10/2019 (c) (f)		6,890		6,890
Series 2018-YX1095, GO, VRDO, LIQ: Barclays Bank plc, 1.16%, 12/10/2019 (c) (f)		4,500		4,500
Town of Windham GO, BAN, 3.00%, 10/1/2020		6,250		6,334
				62,441
Hospital — 0.0% (b)
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series 2018B, Rev., 5.00%, 12/1/2021		1,000		1,068
Housing — 0.1%
Connecticut Housing Finance Authority Series E, Subseries E-3, Rev., VRDO, 1.63%, 11/15/2022 (c)		1,750		1,752
Other Revenue — 0.1%
Tender Option Bond Trust Receipts/Certificates Series 2017-YX1077, Rev., VRDO, LIQ: Barclays Bank plc, 1.16%, 12/10/2019 (c) (f)		4,550		4,550
Total Connecticut				75,329
Delaware — 0.0% (b)
Utility — 0.0% (b)
Delaware Municipal Electric Corp. (The), Middletown and Seaford Project
Series 2019A, Rev., 5.00%, 10/1/2020		195		201
Series 2019A, Rev., 5.00%, 10/1/2021		145		154
Series 2019A, Rev., 5.00%, 10/1/2022		150		165
Series 2019A, Rev., 5.00%, 10/1/2023		220		248
				768
Total Delaware				768
District of Columbia — 0.3%
Education — 0.0% (b)
District of Columbia, International School Issue Rev., 5.00%, 7/1/2022		500		541
Other Revenue — 0.1%
District of Columbia, Income Tax Series C, Rev., 4.13%, 12/1/2024		3,710		3,710
District of Columbia, Kipp DC Issue Rev., 5.00%, 7/1/2023		100		112
				3,822
Transportation — 0.2%
Metropolitan Washington Airports Authority, Airport System Subseries C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.10%, 12/10/2019 (c)		5,930		5,930
Total District of Columbia				10,293
Florida — 3.0%
Education — 0.1%
Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology
Rev., 5.00%, 10/1/2020		115		118
Rev., 5.00%, 10/1/2021		115		122
Florida Higher Educational Facilities Financial Authority, Ringling College Project
Rev., 4.00%, 3/1/2021		60		62
Rev., 4.00%, 3/1/2022		55		58
Rev., 5.00%, 3/1/2023		185		206
Rev., 5.00%, 3/1/2024		110		125
Florida Higher Educational Facilities Financial Authority, St. Leo University Project
Series 2019, Rev., 5.00%, 3/1/2021		350		364
Series 2019, Rev., 5.00%, 3/1/2022		355		377
Series 2019, Rev., 5.00%, 3/1/2023		410		445
				1,877
General Obligation — 0.0% (b)
City of Lauderhill
GO, 3.00%, 1/1/2020		460		461
GO, 3.00%, 1/1/2021		425		433
				894
Hospital — 0.6%
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group Series 2007A-2, Rev., VRDO, 1.14%, 12/10/2019 (c)		15,000		15,000

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Lee Memorial Health System
Series 2019A-1, Rev., 5.00%, 4/1/2020		1,875		1,898
Series 2019A-1, Rev., 5.00%, 4/1/2022		750		813
Series 2019A-1, Rev., 5.00%, 4/1/2023		400		446
Series 2019A-1, Rev., 5.00%, 4/1/2024		575		660
Orange County Health Facilities Authority, The Nemours Foundation Project Series B, Rev., VRDO, LOC: Northern Trust Co., 1.06%, 12/10/2019 (c)		950		950
				19,767
Other Revenue — 0.1%
Citizens Property Insurance Corp. Series 2015A-1, Rev., 5.00%, 6/1/2020		1,060		1,063
County of Escambia, International Paper Co. Series 2019B, Rev., VRDO, 2.00%, 10/1/2024 (c)		775		782
County of Hillsborough, Capital Improvement Program Rev., 5.00%, 8/1/2021		30		32
Village Community Development District No. 13 Rev.,, 2.63%, 5/1/2024 (f)		500		501
West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area
5.00%, 3/1/2023		1,335		1,493
5.00%, 3/1/2024		1,160		1,335
				5,206
Prerefunded — 0.3%
County of Miami-Dade, Water and Sewer System Rev., AGM, 5.00%, 10/1/2029 (e)		10,000		10,323
Orlando-Orange County Expressway Authority Series C, Rev., 5.00%, 7/1/2035 (e)		25		25
				10,348
Transportation — 0.4%
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project Series B, Rev., VRDO, AMT, 1.90%, 3/17/2020 (c)		15,000		15,005
Utility — 0.7%
County of Martin, Utilities System Series A, Rev., 5.00%, 10/1/2020		90		93
Orlando Utilities Commission Series B, Rev., VRDO, LIQ: TD Bank NA, 1.06%, 12/10/2019 (c)		25,820		25,820
				25,913
Water & Sewer — 0.8%
Broward County, Water and Sewer Utility Series 2012B, Rev., 5.00%, 10/1/2020		20		21
JEA Water and Sewer System Series 2008A-1, Rev., VRDO, LIQ: U.S. Bank NA, 1.13%, 12/2/2019 (c)		30,600		30,600
				30,621
Total Florida				109,631
Georgia — 3.3%
Education — 1.6%
Private Colleges & Universities Authority Series C, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.65%), 1.35%, 12/10/2019 (d)		57,865		57,878
General Obligation — 0.1%
Clarke County School District, Sales Tax GO, 5.00%, 9/1/2021		30		32
Dougherty County School District, Sales Tax
Series 2018, GO, 4.00%, 12/1/2019		1,775		1,775
Series 2018, GO, 4.00%, 12/1/2020		1,250		1,286
Hall County School District Series 2018, GO, 5.00%, 11/1/2020		1,250		1,294
Pike County School District GO, 4.00%, 10/1/2020		400		409
				4,796
Hospital — 0.0% (b)
Richmond County Hospital Authority, University Health Services, Inc. Project Rev., RAN, 5.00%, 1/1/2022		100		108
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Savannah Economic Development Authority, International Paper Company Project Series 2019A, Rev., VRDO, 2.00%, 10/1/2024 (c)		825		833

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Other Revenue — 0.0% (b)
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project
Series 2017, Rev., 5.00%, 7/1/2020		275		281
Series 2017, Rev., 5.00%, 7/1/2021		370		391
Series 2017, Rev., 5.00%, 7/1/2022		300		328
				1,000
Prerefunded — 0.7%
DeKalb County Hospital Authority, Medical Center, Inc. Project
Rev., RAN, 6.00%, 9/1/2030 (e)		5,470		5,668
Rev., RAN, 6.13%, 9/1/2040 (e)		17,925		18,589
				24,257
Transportation — 0.7%
Georgia State Road and Tollway Authority, Federal Highway Series B, Rev., 5.00%, 6/1/2020		15,445		15,739
Metropolitan Atlanta Rapid Transit Authority
Series A, Rev., 3.00%, 7/1/2020		2,900		2,932
Series A, Rev., 3.75%, 7/1/2021		5,585		5,816
				24,487
Utility — 0.2%
Municipal Electric Authority of Georgia Series B, Rev., VRDO, LOC: Barclays Bank plc, 1.12%, 12/10/2019 (c)		5,980		5,980
Water & Sewer — 0.0% (b)
East Point Building Authority, Water and Sewer Project Rev., AGM, 5.00%, 2/1/2020		550		553
Total Georgia				119,892
Hawaii — 0.1%
General Obligation — 0.1%
City and County of Honolulu, Rail Transit Project Series 2017H, GO, VRDO, (SIFMA Municipal Swap Index Yield + 0.30%), 1.40%, 12/10/2019 (d)		5,000		5,000
Idaho — 0.0% (b)
Housing — 0.0% (b)
Idaho Housing and Finance Association, Federal Highway Trust Series A, Rev., GRAN, 5.00%, 7/15/2021		25		26
Transportation — 0.0% (b)
Idaho Housing and Finance Association, Federal Highway Trust Series A, Rev., GRAN, 5.00%, 7/15/2020		425		435
Total Idaho				461
Illinois — 7.0%
Education — 1.6%
Illinois Educational Facilities Authority, University of Chicago
Series B-1, Rev., VRDO, 1.80%, 2/13/2020 (c)		5,500		5,506
Series 1998B, Rev., VRDO, 1.87%, 2/13/2020 (c)		12,490		12,506
Illinois Finance Authority, Chicago International Charter School Project, Refunding and Improvement Rev., 3.00%, 12/1/2019		185		185
Illinois Finance Authority, Local Government Program, East Prairie School District Number 73 Project
Rev., 4.00%, 12/1/2019		200		200
Rev., 4.00%, 12/1/2020		230		236
Rev., 5.00%, 12/1/2021		250		269
Illinois Finance Authority, North Park University Project Rev., VRDO, LOC: U.S. Bank NA, 1.07%, 12/10/2019 (c)		9,050		9,050
Illinois Finance Authority, Northwestern University Subseries 2008-B, Rev., VRDO, 1.05%, 12/10/2019 (c)		3,425		3,425
Illinois Finance Authority, The University of Chicago Rev., VRDO, 1.10%, 12/10/2019 (c)		20,028		20,028
Illinois Finance Authority, Wesleyan University Rev., 5.00%, 9/1/2022		560		607
Lake County School District No. 70 Libertyville Series 2019, Rev., 4.00%, 1/1/2023		300		324
Peoria Public Building Commission, School District No. 150 Project Rev., 5.00%, 12/1/2019		300		300
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024		2,500		2,785
Will County, Community Consolidated School District No. 70-C Laraway, Lease Certificates
Series A, Rev., AGM, 4.00%, 12/1/2019		370		370
Series A, Rev., AGM, 4.00%, 12/1/2020		385		395

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series A, Rev., AGM, 4.00%, 12/1/2021		400		421
				56,607
General Obligation — 2.6%
Adams County School District No. 172
GO, AGM, 4.00%, 2/1/2020		300		301
GO, AGM, 4.00%, 2/1/2021		300		308
Buffalo Grove Park District, Lake and Cook Counties GO, 2.00%, 12/30/2020		330		333
Champaign Coles Et Al Counties Community College District No. 505
Series 2018B, GO, 4.00%, 12/1/2019		2,490		2,490
Series 2018C, GO, 4.00%, 12/1/2019		430		430
Series 2018B, GO, 4.00%, 12/1/2020		1,250		1,284
Series 2018B, GO, 4.00%, 12/1/2021		2,500		2,632
Series 2018C, GO, 4.00%, 12/1/2021		465		489
Chicago Park District, Limited Tax
Series 2011B, GO, 4.00%, 1/1/2020		50		50
Series 2013B, GO, 5.00%, 1/1/2020		225		226
Series 2011B, GO, 4.00%, 1/1/2021		100		102
Series 2013B, GO, 5.00%, 1/1/2021		100		104
Chicago Park District, Unlimited Tax
Series 2011C, GO, 3.00%, 1/1/2020		100		100
Series 2011C, GO, 5.00%, 1/1/2022		175		186
Chicago Park District, Unlimited Tax, Special Recreation Activity Series 2018E, GO, 5.00%, 11/15/2021		300		319
City of Calumet Series 2018, GO, 4.00%, 3/1/2020		150		151
City of Kankakee Series 2011A, GO, AGM, 4.30%, 1/1/2021		1,040		1,059
City of Rock Island
Series A, GO, AGM, 2.00%, 12/1/2019		130		130
Series B, GO, AGM, 2.00%, 12/1/2019		150		150
Series B, GO, AGM, 3.00%, 12/1/2020		200		203
Series A, GO, AGM, 3.00%, 12/1/2021		130		134
Series B, GO, AGM, 3.00%, 12/1/2021		200		205
City of Rockford
Series 2019A, GO, AGM, 4.00%, 12/15/2020		100		103
Series 2019A, GO, AGM, 4.00%, 12/15/2021		130		136
Series 2019A, GO, AGM, 4.00%, 12/15/2022		135		144
Series 2019A, GO, AGM, 4.00%, 12/15/2023		140		152
City of Waukegan
Series A, GO, AGM, 3.00%, 12/30/2019		430		431
Series A, GO, AGM, 3.00%, 12/30/2020		590		600
Series A, GO, AGM, 4.00%, 12/30/2023		525		572
Clay Wayne and Marion Counties Community Unit School District No. 35
Series 2019, GO, AGM, 5.00%, 12/1/2019		135		135
Series 2019, GO, AGM, 5.00%, 12/1/2020		145		150
Series 2019, GO, AGM, 5.00%, 12/1/2021		205		219
Series 2019, GO, AGM, 5.00%, 12/1/2022		165		181
Series 2019, GO, AGM, 5.00%, 12/1/2023		175		197
Clinton and St. Clair Counties Community Unit School District No. 3, School Building GO, 5.00%, 12/1/2019		380		380
Cook County
Series 2018, GO, 5.00%, 11/15/2020		900		929
Series 2018, GO, 5.00%, 11/15/2021		700		744
Series A, GO, 5.00%, 11/15/2021		355		378
Series C, GO, 5.00%, 11/15/2022		180		197
Cook County Community College District No. 508 GO, 5.25%, 12/1/2029		250		282
Cook County Community Consolidated School District No. 34 Glenview
GO, 4.00%, 12/1/2019		175		175
GO, 4.00%, 12/1/2020		100		103
GO, 4.00%, 12/1/2021		175		184
GO, 4.00%, 12/1/2022		150		162
GO, 4.00%, 12/1/2023		150		165
Cook County Community Consolidated School District No. 65 Evanston GO, 5.00%, 12/1/2020		270		280

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Cook County Community Unit School District No. 401 Elmwood Park Series 2013, GO, 4.00%, 12/1/2023		3,440		3,591
Cook County High School District No. 207 Maine Township
Series 2019A, GO, 4.00%, 12/1/2021		8,330		8,780
Series 2019B, GO, 3.50%, 12/1/2022		325		345
Cook County School District No. 100 South Berwyn
Series 2019A, GO, 3.00%, 12/1/2020		100		101
Series 2019C, GO, 3.00%, 12/1/2020		100		102
Series 2019A, GO, 4.00%, 12/1/2021		100		105
Series 2019C, GO, 4.00%, 12/1/2021		165		173
Series 2019A, GO, 4.00%, 12/1/2022		235		251
Series 2019C, GO, 4.00%, 12/1/2022		605		647
Series 2019A, GO, 5.00%, 12/1/2023		345		388
Series 2019C, GO, 5.00%, 12/1/2023		660		742
Cook County School District No. 145, Arbor Park
Series 2019B, GO, 4.00%, 12/1/2021		150		157
Series 2019D, GO, 4.00%, 12/1/2023		110		119
Cook County School District No. 148 Dolton
Series 2018A, GO, 5.00%, 12/1/2021		450		478
Series 2018A, GO, 5.00%, 12/1/2022		725		793
Cook County School District No. 63 East Maine
GO, 5.00%, 12/1/2019		2,305		2,305
GO, 5.00%, 12/1/2020		2,170		2,251
GO, 5.00%, 12/1/2021		1,845		1,980
GO, 5.00%, 12/1/2022		1,935		2,146
Cook County School District No. 99 Cicero
Series 2019B, GO, 5.00%, 12/1/2022		350		384
Series 2019B, GO, 5.00%, 12/1/2023		575		648
Cook County Township High School District No. 208 Riverside-Brookfield Series C, GO, 3.00%, 12/15/2019		690		690
Cook County, Community Consolidated School District No. 146 Tinley Park
GO, 3.00%, 12/1/2019		250		250
GO, 4.00%, 12/1/2020		200		205
GO, 4.00%, 12/1/2021		200		211
Cook County, Proviso Township High School District No. 209 GO, 5.00%, 12/1/2021		2,825		3,027
County of DuPage High School District No. 87 Glenbard GO, 3.00%, 10/1/2022		1,500		1,568
County of Will
Series 2019, GO, 5.00%, 11/15/2020		810		839
Series 2019, GO, 5.00%, 11/15/2021		270		290
Series 2019, GO, 5.00%, 11/15/2022		475		527
Series 2019, GO, 5.00%, 11/15/2023		525		599
DuPage County Community High School District No. 94
GO, 4.00%, 1/1/2020		300		301
GO, 4.00%, 1/1/2021		200		206
Flagg-Rochelle Community Park District
Series A, GO, AGM, 4.00%, 1/1/2021		100		103
Series A, GO, AGM, 4.00%, 1/1/2022		210		220
Series A, GO, AGM, 4.00%, 1/1/2023		220		235
Series A, GO, AGM, 4.00%, 1/1/2024		225		245
Grundy and Will Counties Community Unit School District No. 1 Coal City GO, 4.00%, 2/1/2020		1,595		1,602
Grundy County School District No. 54 Series 2011A, GO, AGM, 7.25%, 12/1/2021		710		788
Grundy Kendall and Will Counties Community High School District No. 111 GO, 4.00%, 1/1/2020		855		857
Hoffman Estates Park District
Series 2019A, GO, 4.00%, 12/1/2020		1,300		1,335
Series 2019A, GO, 4.00%, 12/1/2021		135		142
Series 2019B, GO, 4.00%, 12/1/2023		245		269
Jackson County Community Unit School District No. 186
GO, AGM, 4.00%, 12/1/2019		200		200
GO, AGM, 4.00%, 12/1/2020		265		272

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Kendall Kane and Will Counties Community Unit School District No. 308
Series B, GO, 4.00%, 10/1/2020		225		230
Series B, GO, 4.00%, 10/1/2021		255		267
Series B, GO, 5.00%, 10/1/2022		1,375		1,500
La Grange Park District
Series 2012B, GO, 5.00%, 12/1/2021		415		444
Lee & Ogle Counties School District No. 170 Dixon
Series 2019A, GO, AGM, 3.00%, 1/30/2020		50		50
Series 2019A, GO, AGM, 3.00%, 1/30/2021		50		51
Series 2019B, GO, AGM, 3.00%, 1/30/2021		120		122
Series 2019A, GO, AGM, 3.00%, 1/30/2022		160		165
Series 2019B, GO, AGM, 3.00%, 1/30/2022		245		252
Series 2019A, GO, AGM, 3.00%, 1/30/2023		170		176
Series 2019B, GO, AGM, 3.00%, 1/30/2023		255		264
Lincoln Land Community College District No. 526 GO, 5.00%, 12/15/2021		125		134
Sangamon County Community Unit School District No. 5 Series B, GO, 5.00%, 1/1/2022		1,650		1,767
Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains
Series 2019C, GO, 4.00%, 1/1/2022		165		173
Series 2019C, GO, 4.00%, 1/1/2023		310		333
Series 2019C, GO, 4.00%, 1/1/2024		370		404
State of Illinois
Series D, GO, 5.00%, 11/1/2020		5,000		5,132
GO, 5.00%, 2/1/2024		3,370		3,716
Tazewell and Woodford Counties, Community Unit School District No. 701 Series 2017A, GO, 4.00%, 12/1/2019		260		260
Town of Cicero GO, 5.00%, 12/1/2019		550		550
Village of Antioch
GO, 2.00%, 12/1/2019		285		285
GO, 3.00%, 12/1/2020		290		294
Village of Bartlett
GO, 5.00%, 12/1/2021 (g)		980		1,049
GO, 5.00%, 12/1/2022 (g)		1,065		1,176
GO, 5.00%, 12/1/2023 (g)		1,130		1,283
Village of Bolingbrook
Series A, GO, AGM, 4.00%, 1/1/2020		100		100
Series A, GO, AGM, 4.00%, 1/1/2021		185		190
Village of Flossmoor
GO, 3.00%, 12/1/2019		425		425
GO, 3.00%, 12/1/2020		585		594
GO, 3.00%, 12/1/2021		605		624
Village of Franklin Park GO, 4.00%, 1/1/2021		500		514
Village of Gilberts Series 2011, GO, 4.00%, 12/1/2021		440		450
Village of Hoffman Estates
Series A, GO, 2.00%, 12/1/2019		110		110
GO, 5.00%, 12/1/2019		380		380
Series A, GO, 3.00%, 12/1/2020		110		112
GO, 5.00%, 12/1/2020		270		280
GO, 5.00%, 12/1/2021		210		226
Village of Oswego GO, 2.00%, 12/15/2019		100		100
Village of Palatine Series A, GO, 4.00%, 12/1/2019		1,250		1,250
Village of South Holland Series 2012, GO, 2.00%, 12/15/2019		1,005		1,005
Village of Sugar Grove, Kane County, Waterworks and Sewerage GO, 3.00%, 5/1/2020		390		393
Village of Villa Park
Series B, GO, 4.00%, 12/15/2020		125		128
Series B, GO, 4.00%, 12/15/2021		190		200
Series B, GO, 4.00%, 12/15/2022		200		215
Series B, GO, 4.00%, 12/15/2023		205		225
Village of Villa Park, Illinois Alternate Source
Series 2018C, GO, 3.00%, 12/15/2019		325		325
Series 2018C, GO, 3.00%, 12/15/2020		415		422
Series 2018C, GO, 4.00%, 12/15/2021		505		531

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Village of Villa Park, Sales Tax Series A, GO, 4.00%, 12/15/2023		125		137
Village of Woodridge
Series 2017, GO, 3.00%, 2/1/2020		270		271
Series 2017, GO, 3.00%, 2/1/2021		250		254
Washington County Community Unit School Dist No. 10 West Washington
GO, 4.00%, 1/15/2021		740		762
GO, 4.00%, 1/15/2022		575		604
GO, 4.00%, 1/15/2023		685		734
Whiteside and Lee Counties, Sterling Community Unit School District No. 5 GO, AGM, 4.00%, 12/1/2020		320		329
Whiteside County Community Unit School District No. 6 Morrison
Series A, GO, AGM, 4.00%, 12/1/2020		205		211
Series A, GO, AGM, 4.00%, 12/1/2021		745		781
Will County Township High School District No. 204 Joliet
GO, 4.00%, 1/1/2021		75		77
GO, 4.00%, 1/1/2023		125		135
Winnebago and Stephenson Counties School District No. 323, School Building GO, 5.00%, 11/1/2020		100		103
				93,126
Hospital — 1.7%
Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., VRDO, 1.75%, 4/1/2021 (c)		250		251
Illinois Finance Authority, Little Co. Mary Hospital Series 2008B, Rev., VRDO, LOC: Barclays Bank plc, 1.13%, 12/10/2019 (c)		42,220		42,220
Illinois Finance Authority, Little Company of Mary Hospital and Health Care Centers Series A, Rev., VRDO, LOC: Barclays Bank plc, 1.13%, 12/10/2019 (c)		18,840		18,840
				61,311
Other Revenue — 1.0%
City of Rochelle Series A, Rev., AGM, 3.00%, 6/30/2020		275		278
Illinois Finance Authority, Carle Foundation Series B, Rev., VRDO, LOC: Northern Trust Co., 1.07%, 12/10/2019 (c)		6,115		6,115
Metropolitan Pier and Exposition Authority, Illinois Dedicated State Tax, Capital Appreciation Series 1992A, Rev., NATL-RE, 0.00%, 6/15/2020		130		129
Peoria Public Building Commission
Series A, Rev., AGM, 3.00%, 12/1/2019		200		200
Series A, Rev., AGM, 3.00%, 12/1/2022		75		78
Series A, Rev., AGM, 4.00%, 12/1/2024		655		727
Sales Tax Securitization Corp. Series C, Rev., 5.00%, 1/1/2023		2,700		2,945
St Charles Public Library District
Series 2019, Rev., 3.00%, 11/1/2020		100		101
Series 2019, Rev., 3.00%, 11/1/2021		85		88
Series 2019, Rev., 4.00%, 11/1/2022		100		107
State of Illinois, Sales Tax, Junior Obligation
Series A, Rev., 5.00%, 6/15/2020		4,600		4,683
Series B, Rev., 5.00%, 6/15/2020		5,000		5,084
Rev., 5.00%, 6/15/2021		110		115
Series 2018B, Rev., 5.00%, 6/15/2021		5,000		5,215
Rev., 5.00%, 6/15/2023		990		1,082
Tender Option Bond Trust Receipts/Certificates
Series 2015-XF1045, Rev., VRDO, LIQ: Barclays Bank plc, 1.25%, 12/10/2019 (c) (f)		6,550		6,550
Series 2018, Rev., VRDO, LIQ: Barclays Bank plc, 1.25%, 12/10/2019 (c) (f)		4,500		4,500
				37,997
Prerefunded — 0.1%
Chicago O’Hare International Airport, Third Lien Series 2011C, Rev., 6.50%, 1/1/2041 (e)		5,000		5,286
Special Tax — 0.0% (b)
Village of Hampshire, Special Service Area No. 14, Lakewood Crossing Rev., 1.90%, 3/1/2020		200		200
Transportation — 0.0% (b)
Chicago Midway International Airport, Second Lien
Series 2014A, Rev., AMT, 5.00%, 1/1/2021		1,000		1,038
Series 2014B, Rev., 5.00%, 1/1/2023		150		167

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Chicago O’Hare International Airport, General Airport, Senior Lien Series 2016G, Rev., AMT, 5.00%, 1/1/2021		200		208
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula Funds Rev., 5.00%, 6/1/2021		270		283
				1,696
Water & Sewer — 0.0% (b)
City of Chicago, Wastewater Transmission Series 1998A, Rev., NATL-RE, 0.00%, 1/1/2020		40		40
Total Illinois				256,263
Indiana — 4.0%
Education — 0.4%
Fort Wayne Community School Building Corp., First Mortgage
Rev., 4.00%, 7/15/2020		165		168
Rev., 4.00%, 1/15/2021		100		103
Rev., 4.00%, 7/15/2021		250		261
Rev., 4.00%, 1/15/2022		250		264
Rev., 4.00%, 7/15/2022		125		133
Hammond Multi-School Building Corp., First Mortgage
Rev., 4.00%, 7/15/2020		615		624
Rev., 4.00%, 7/15/2021		670		697
Indiana Finance Authority, Butler University Project
Rev., 3.00%, 2/1/2020		300		301
Rev., 3.00%, 2/1/2021		140		143
Rev., 3.00%, 2/1/2022		210		217
Rev., 3.00%, 2/1/2023		225		237
Indiana Finance Authority, Marian University Project
Series A, Rev., 5.00%, 9/15/2020		50		51
Series A, Rev., 5.00%, 9/15/2021		60		64
Series A, Rev., 5.00%, 9/15/2022		50		54
Series A, Rev., 5.00%, 9/15/2023		75		84
Series A, Rev., 5.00%, 9/15/2024		155		177
North Putnam Middle School Building Corp., Property Tax, First Mortgage
Series 2019, Rev., 3.00%, 1/15/2021		170		173
Series 2019, Rev., 3.00%, 7/15/2021		190		195
Series 2019, Rev., 3.00%, 1/15/2022		250		259
Series 2019, Rev., 3.00%, 7/15/2022		150		157
Purdue University, Student Facilities System Series 2007C, Rev., VRDO, 0.92%, 12/10/2019 (c)		6,575		6,575
South Madison Elementary School Building Corp., Indiana Ad Valorem Property Tax
Rev., 4.00%, 7/15/2020		70		71
Rev., 4.00%, 1/15/2021		100		103
Rev., 4.00%, 7/15/2021		80		84
Southmont School Building Corp., Ad Valorem Property Tax
Rev., 4.00%, 1/15/2020		550		552
Rev., 4.00%, 7/15/2020		190		193
Tippecanoe County School Building Corp.
Rev., 4.00%, 1/15/2020		125		125
Rev., 4.00%, 7/15/2020		240		244
Rev., 4.00%, 1/15/2021		300		310
Rev., 4.00%, 7/15/2021		200		209
Rev., 4.00%, 1/15/2022		365		386
Rev., 4.00%, 7/15/2022		275		295
Rev., 4.00%, 1/15/2023		300		325
Rev., 4.00%, 7/15/2023		380		416
				14,250
General Obligation — 0.4%
Fort Wayne Community Schools
GO, 2.00%, 7/15/2020 (g)		450		452
GO, 4.00%, 1/15/2021 (g)		455		468
GO, 4.00%, 7/15/2021 (g)		630		657
GO, 4.00%, 1/15/2022 (g)		755		796
Franklin Township Community School Corp.
GO, 4.00%, 7/15/2020		1,415		1,437
GO, 4.00%, 1/15/2021		1,465		1,507
Metropolitan School District Washington Township
GO, 4.00%, 7/15/2021 (g)		250		261
GO, 4.00%, 1/15/2022 (g)		590		623
Vinton-Tecumseh School Building Corp. Series C, GO, BAN, 2.50%, 4/1/2020		10,000		10,035
				16,236
Hospital — 1.3%
Indiana Finance Authority, Goshen Health Series B, Rev., VRDO, 2.10%, 11/1/2026 (c)		2,700		2,733

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Indiana Finance Authority, Health Obligation
Series L, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.28%), 1.38%, 12/10/2019 (d)		10,000		10,003
Series B, Rev., 2.25%, 7/1/2025 (c)		5,000		5,188
Indiana Finance Authority, University Health Obligated Group Series E, Rev., VRDO, LOC: Bank of America NA, 1.10%, 12/10/2019 (c)		1,055		1,055
Indiana Health Facility Financing Authority, Ascension Health Credit Group
Rev., VRDO, 1.37%, 5/1/2020 (c)		3,675		3,677
Series 2001 A-2, Rev., VRDO, 2.00%, 2/1/2023 (c)		25,000		25,494
				48,150
Other Revenue — 1.0%
Indiana Finance Authority, Lease Appropriation Series 2007A-3, Rev., VRDO, LIQ: U.S. Bank NA, 1.14%, 12/2/2019 (c)		27,835		27,835
Indiana State Finance Authority, Lease Appropriation, Stadium Project Series A, Rev., VRDO, 1.08%, 12/10/2019 (c)		6,995		6,995
				34,830
Prerefunded — 0.0% (b)
Indiana Health Facility Financing Authority, Ascension Health Credit Group Rev., 1.37%, 5/1/2020 (c) (e)		95		95
Utility — 0.9%
City of Rockport, AEP Generating Company Project
Series A, Rev., VRDO, 1.35%, 9/1/2022 (c)		2,000		1,990
Series B, Rev., VRDO, 1.35%, 9/1/2022 (c)		2,250		2,239
City of Rockport, Indiana Michigan Power Company Project Series 2009B, Rev., 3.05%, 6/1/2025		6,500		6,941
Indiana Finance Authority, Duke Energy Indiana, Inc., Project Series A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.12%, 12/10/2019 (c)		20,000		20,000
				31,170
Water & Sewer — 0.0% (b)
City of Martinsville, Waterworks
Rev., AGM, 2.00%, 1/1/2020		305		305
Rev., AGM, 2.00%, 7/1/2020		310		312
				617
Total Indiana				145,348
Iowa — 0.6%
Certificate of Participation/Lease — 0.0% (b)
City of Coralville Series 2016E, COP, 4.00%, 6/1/2023		325		327
General Obligation — 0.1%
City of Iowa Falls
GO, 3.00%, 6/1/2020		120		121
GO, 3.00%, 6/1/2023		230		242
City of Sac City
GO, 5.00%, 6/1/2020		150		153
GO, 5.00%, 6/1/2021		160		169
County of Plymouth
GO, AGM, 3.00%, 6/1/2020		280		282
GO, AGM, 3.00%, 6/1/2021		565		579
GO, AGM, 3.00%, 6/1/2022		290		301
Waukee Community School District GO, 5.00%, 6/1/2020		45		46
				1,893
Hospital — 0.5%
Iowa Finance Authority, Health Systems Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.58%), 1.68%, 12/10/2019 (d) (f)		19,950		19,950
Other Revenue — 0.0% (b)
City of Coralville, Annual Appropriation Series 2018D, Rev., 3.00%, 5/1/2020		300		300
State of Iowa, Ijobs Program Series A, Rev., 5.00%, 6/1/2021		400		422
				722
Total Iowa				22,892
Kansas — 0.5%
Certificate of Participation/Lease — 0.1%
Johnson County Park & Recreation District
Series 2019B, COP, 3.00%, 9/1/2020		340		344
Series 2019A, COP, 5.00%, 9/1/2020		200		206
Series 2019B, COP, 3.00%, 9/1/2021		255		263
Series 2019A, COP, 5.00%, 9/1/2021		240		255
Series 2019B, COP, 3.00%, 9/1/2022		200		209
Series 2019A, COP, 5.00%, 9/1/2022		250		274

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019B, COP, 3.00%, 9/1/2023		200		211
Series 2019A, COP, 5.00%, 9/1/2023		125		141
				1,903
General Obligation — 0.3%
City of Manhattan GO, 1.50%, 6/15/2022 (g)		5,915		5,915
County of Reno, Temporary Notes GO, 3.00%, 12/1/2021		4,605		4,680
Sedgwick County Unified School District No. 267 Renwick
Series 2019A, GO, 3.00%, 11/1/2022		100		105
Series 2019A, GO, 3.00%, 11/1/2023		100		106
Wyandotte County Unified School District No. 202 Turner
Series 2019A, GO, AGM, 2.00%, 9/1/2021		200		203
Series 2019A, GO, AGM, 3.00%, 9/1/2022		125		130
Series 2019A, GO, AGM, 3.00%, 9/1/2023		400		422
Series 2019A, GO, AGM, 3.00%, 9/1/2024		400		427
				11,988
Hospital — 0.0% (b)
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc. Series A, Rev., 5.00%, 5/15/2020		440		446
Other Revenue — 0.1%
Overland Park Development Corp., Overland Park Convention Center
Rev., 3.00%, 3/1/2020		2,235		2,244
Rev., 4.00%, 3/1/2021		1,400		1,445
				3,689
Total Kansas				18,026
Kentucky — 1.1%
General Obligation — 0.0% (b)
Lexington-Fayette Urban County Government, Various Purpose Series 2014A, GO, 5.00%, 9/1/2020		20		21
Housing — 0.3%
Kentucky Housing Corp. Rev., VRDO, 1.40%, 6/1/2022 (c)		3,315		3,317
Kentucky Housing Corp., Henry Greene Apartments Project Rev., 2.00%, 9/1/2020 (c)		7,200		7,236
				10,553
Industrial Development Revenue/Pollution Control Revenue — 0.3%
Louisville/Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series 2003A, Rev., VRDO, 1.85%, 4/1/2021 (c)		10,000		10,059
Other Revenue — 0.1%
Kentucky Rural Water Finance Corp., Construction Series E-2018-1, Rev., 2.25%, 3/1/2020		1,565		1,566
Kentucky State Property and Buildings Commission, Project No. 110 Rev., 5.00%, 8/1/2024		85		98
Kentucky State Property and Buildings Commission, Project No. 99 Series A, Rev., 5.00%, 11/1/2021		1,540		1,591
				3,255
Prerefunded — 0.0% (b)
Franklin County Public Properties Corp., Justice Center Project Series A, Rev., 4.50%, 4/1/2031 (e)		40		42
Transportation — 0.0% (b)
Louisville Regional Airport Authority, Airport System Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,092
Utility — 0.4%
Kentucky Public Energy Authority, Gas Supply
Series 2018A, Rev., 4.00%, 4/1/2020		780		786
Series 2018A, Rev., 4.00%, 4/1/2021		775		800
Series A, Rev., 4.00%, 4/1/2022		1,210		1,277
Louisville/Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Company Project Series B, Rev., VRDO, AMT, 2.55%, 5/3/2021 (c)		2,750		2,794
Paducah Electric Plant Board
Rev., 5.00%, 10/1/2020		2,250		2,317
Rev., 5.00%, 10/1/2021		2,300		2,447
Rev., 5.00%, 10/1/2022		2,000		2,192
Rev., 5.00%, 10/1/2023		2,000		2,255
				14,868
Total Kentucky				39,890
Louisiana — 1.7%
General Obligation — 0.4%
Calcasieu Parish School District No. 23
GO, 5.00%, 9/1/2023		180		204
GO, 5.00%, 9/1/2024		250		290

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Calcasieu Parish School District No. 31 GO, 3.00%, 3/1/2020		370		372
Calcasieu Parish School District No. 34 GO, 3.00%, 1/15/2022		520		538
City of Shreveport, Water and Sewer GO, 5.00%, 9/1/2021		145		154
Iberia Parishwide School District GO, 2.00%, 3/1/2021		150		152
St. Martin Parish School Board GO, 3.00%, 3/1/2021		335		342
St. Tammany Parish Wide School District No. 12 GO, 2.00%, 3/1/2020		200		200
State of Louisiana Series 2013-C, GO, 5.00%, 7/15/2021		10,105		10,726
				12,978
Hospital — 1.1%
Louisiana Public Facilities Authority, Christus Health Series 2018D, Rev., 5.00%, 7/1/2020		700		715
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.65%), 1.75%, 12/10/2019(d)		40,000		40,136
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project
Rev., 4.00%, 5/15/2020		195		198
Rev., 5.00%, 5/15/2020		325		330
				41,379
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Parish of St Charles, Pollution Control, Shell Oil Co., Norco Project Series B, Rev., VRDO, 1.20%, 12/2/2019 (c)		150		150
Other Revenue — 0.2%
City of Youngsville LA
Rev., 3.00%, 12/1/2019		255		255
Rev., 3.00%, 12/1/2020		250		254
Rev., 3.00%, 12/1/2021		255		264
Louisiana Local Government Environmental Facilities and Community Development Authority, East Ascension Consolidated Gravity Drainage District No. 1 Project Series 2015, Rev., 5.00%, 12/1/2025		715		859
Louisiana Local Government Environmental Facilities and Community Development Authority, Lake Charles Public Improvement Projects Rev., 4.00%, 5/1/2020		200		202
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2021		1,500		1,600
Louisiana Office Facilities Corp., Lease, Capitol Complex Program Series A, Rev., 5.00%, 5/1/2020		4,290		4,357
				7,791
Transportation — 0.0% (b)
New Orleans Aviation Board, General Airport, North Terminal Project Series A, Rev., 5.00%, 1/1/2020		135		136
Water & Sewer — 0.0% (b)
City of Shreveport, Water and Sewer, Junior Lien
Series 2019B, Rev., AGM, 4.00%, 12/1/2023		310		340
Series 2019B, Rev., AGM, 5.00%, 12/1/2024		225		263
				603
Total Louisiana				63,037
Maryland — 1.5%
Hospital — 1.4%
County of Montgomery, CHE Trinity Health Credit Group Series MD, Rev., VRDO, 1.22%, 3/2/2020 (c)		52,500		52,500
Other Revenue — 0.1%
Maryland Stadium Authority, Construction and Revitalization Program
Series 2018A, Rev., 5.00%, 5/1/2020		800		812
Series 2018A, Rev., 5.00%, 5/1/2021		1,215		1,280
				2,092
Total Maryland				54,592
Massachusetts — 4.3%
Education — 0.1%
Massachusetts Development Finance Agency, Suffolk University
Rev., 4.00%, 7/1/2020		250		254
Rev., 5.00%, 7/1/2021		500		529
Rev., 5.00%, 7/1/2022		390		424
Rev., 5.00%, 7/1/2024		350		403

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Massachusetts Development Finance Agency, Western New England University
Rev., 5.00%, 9/1/2020		300		308
Rev., 5.00%, 9/1/2021		265		281
				2,199
General Obligation — 1.5%
City of Greenfield GO, BAN, 2.00%, 10/1/2020		4,853		4,882
City of Lowell GO, BAN, 2.00%, 9/25/2020		4,389		4,414
Commonwealth of Massachusetts Series A, GO, VRDO, (ICE LIBOR USD 3 Month + 0.55%), 1.83%, 2/1/2020 (d)		30,000		30,149
Commonwealth of Massachusetts, Consolidated Loan of 2014 Subseries D-2, GO, VRDO, 1.70%, 8/1/2022 (c)		5,500		5,565
Masconomet Regional School District GO, 5.00%, 5/1/2020		20		20
Southeastern Massachusetts Regional 911 District GO, BAN, 2.00%, 11/4/2020		7,000		7,040
Town of Bridgewater GO, BAN, 2.25%, 6/26/2020		3,500		3,516
				55,586
Hospital — 0.3%
Massachusetts Development Finance Agency, Partners Healthcare System
Series 2017S-5, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.42%), 1.52%, 12/10/2019 (d)		10,000		10,004
Series 2017S, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.50%), 1.60%, 12/10/2019 (d)		1,500		1,503
				11,507
Housing — 0.1%
Massachusetts Housing Finance Agency, Construction Loan Series 2017A, Rev., 1.85%, 6/1/2020		1,630		1,631
Prerefunded — 0.1%
Commonwealth of Massachusetts, Consolidated Loan of 2011 Series 2011A, GO, 5.00%, 4/1/2028 (e)		20		21
Massachusetts Clean Water Trust (The), Revolving Funds Subseries 16B, Rev., 5.00%, 8/1/2021 (e)		4,720		4,842
				4,863
Transportation — 2.2%
Massachusetts Bay Transportation Authority, Sales Tax Series A-2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.02%, 12/10/2019 (c)		30,785		30,785
Massachusetts Port Authority
Series 2019-A, Rev., AMT, 5.00%, 7/1/2020		2,295		2,345
Series 2019-A, Rev., AMT, 5.00%, 7/1/2021		3,000		3,174
Series 2019-A, Rev., AMT, 5.00%, 7/1/2022		2,500		2,730
Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured Series A, Rev., 5.00%, 1/1/2023 (c)		10,000		11,095
Merrimack Valley Regional Transit Authority Rev., RAN, 2.25%, 6/26/2020		8,400		8,441
Metrowest Regional Transit Authority Rev., RAN, 2.00%, 9/18/2020		9,657		9,716
Pioneer Valley Transit Authority Rev., RAN, 2.00%, 7/16/2020		13,000		13,047
				81,333
Water & Sewer — 0.0% (b)
Massachusetts Clean Water Trust (The), Revolving Funds Series 15A, Rev., 5.00%, 8/1/2020		200		205
Total Massachusetts				157,324
Michigan — 2.8%
Education — 0.8%
University of Michigan Series 2019C, Rev., 4.00%, 4/1/2024 (c)		25,000		27,641
General Obligation — 0.5%
City of Garden, Capital Improvement GO, 4.00%, 10/1/2020		795		813
City of Marquette, Capital Improvement
GO, 4.00%, 5/1/2020		75		76
GO, 4.00%, 5/1/2021		150		156
City of Marquette, Limited Tax
GO, 3.00%, 5/1/2020		85		86
GO, 3.00%, 5/1/2021		125		128
Frankenmuth School District School Building and Site GO, Q-SBLF, 4.00%, 5/1/2023 (g)		200		218
Grand Rapids Public Schools
Series 2019, GO, AGM, 5.00%, 11/1/2020		2,075		2,145

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019, GO, AGM, 5.00%, 11/1/2021		2,225		2,381
Series 2019, GO, AGM, 5.00%, 11/1/2023		1,700		1,939
Grosse Pointe Public School System
GO, 4.00%, 5/1/2020		500		506
GO, 4.00%, 5/1/2021		240		249
Hopkins Public Schools
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2020		85		86
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2021		180		187
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2022		160		170
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2023		365		397
Kalamazoo Public Schools, School Building and Site
GO, 4.00%, 5/1/2020		1,820		1,841
GO, 4.00%, 5/1/2021		775		806
Kelloggsville Public Schools, School Building and Site
GO, AGM, 4.00%, 5/1/2021		360		374
GO, AGM, 4.00%, 5/1/2022		380		405
Leland Public School District
GO, AGM, 4.00%, 5/1/2022		510		543
GO, AGM, 4.00%, 5/1/2023		785		855
Marshall Public Schools Series 2016, GO, Q-SBLF, 4.00%, 5/1/2020		850		860
Wayne-Westland Community Schools, Building and Site
Series 2019, GO, Q-SBLF, 4.00%, 5/1/2020		190		192
Series 2019, GO, Q-SBLF, 4.00%, 11/1/2020		875		897
Series 2019, GO, Q-SBLF, 4.00%, 5/1/2021		200		207
Series 2019, GO, Q-SBLF, 4.00%, 11/1/2021		785		825
Series 2019, GO, Q-SBLF, 4.00%, 5/1/2022		160		170
Series 2019, GO, Q-SBLF, 5.00%, 11/1/2022		290		320
				17,832
Hospital — 0.6%
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 11/15/2022 (c)		4,165		4,403
Michigan Finance Authority, CHE Trinity Health Credit Group Series MI-1, Rev., VRDO, 1.22%, 3/2/2020 (c)		15,000		15,000
Michigan State Hospital Finance Authority, Ascension Health Subordinate Credit Group Series A, Subseries 2016A-1, Rev., VRDO, 1.37%, 5/1/2020 (c)		2,095		2,096
				21,499
Housing — 0.3%
Michigan State Housing Development Authority, Single-Family Mortgage Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.12%, 12/10/2019 (c)		9,905		9,905
Other Revenue — 0.6%
Detroit Downtown Development Authority, Tax Increment
Series B, Rev., AGM, 5.00%, 7/1/2020		1,200		1,224
Series 2018A, Rev., AGM, 5.00%, 7/1/2021		500		526
Michigan Finance Authority Series A-1, Rev., 4.00%, 8/20/2020		10,000		10,203
Michigan Strategic Fund, Holland Home Obligated Group
Rev., 4.00%, 11/15/2020		200		203
Rev., 4.00%, 11/15/2021		180		186
Rev., 4.00%, 11/15/2022		180		189
Rev., 4.00%, 11/15/2023		190		202
Tender Option Bond Trust Receipts/Certificates Series 2018-XM0717, Rev., VRDO, AGM, LIQ: Morgan Stanley Bank, 1.30%, 12/10/2019 (c) (f)		9,410		9,410
				22,143
Transportation — 0.0% (b)
Gerald R Ford International Airport Authority, Limited Tax Rev., 5.00%, 1/1/2021		815		848
Wayne County Airport Authority, Junior Lien
Series 2017B, Rev., AMT, 5.00%, 12/1/2019		550		550
Series B, Rev., AMT, 5.00%, 12/1/2020		550		570
				1,968
Total Michigan				100,988
Minnesota — 0.3%
Certificate of Participation/Lease — 0.1%
Duluth Independent School District No. 709
Series 2019B, COP, 5.00%, 2/1/2020		180		181
Series 2019C, COP, 5.00%, 2/1/2020		150		151
Series 2019B, COP, 5.00%, 2/1/2021		145		151

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019B, COP, 5.00%, 2/1/2022		160		172
Series 2019C, COP, 5.00%, 2/1/2022		135		145
Series 2019B, COP, 5.00%, 2/1/2023		185		204
St. Paul Independent School District No. 625 Series B, COP, 5.00%, 2/1/2021		930		971
				1,975
Education — 0.1%
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.
Rev., 2.00%, 12/1/2019		150		150
Rev., 3.00%, 12/1/2020		75		76
Rev., 3.00%, 12/1/2021		75		77
Rev., 3.00%, 12/1/2022		100		104
Rev., 3.00%, 12/1/2023		100		105
Minnesota Higher Education Facilities Authority, Trustees of the Hamline University Series 2017B, Rev., 4.00%, 10/1/2020		780		795
University of Minnesota Series A, Rev., 5.00%, 4/1/2022		2,715		2,957
				4,264
General Obligation — 0.1%
City of Glencoe
Series 2018-A, GO, 3.00%, 8/1/2020		75		76
Series 2018-A, GO, 3.00%, 8/1/2021		80		82
State of Minnesota, Trunk Highway Series B, GO, 5.00%, 8/1/2021		1,765		1,878
				2,036
Housing — 0.0% (b)
City of Wayzata, Folkestone Senior Living Community
Rev., 3.00%, 8/1/2022		200		206
Rev., 3.00%, 8/1/2023		100		104
Rev., 3.00%, 8/1/2024		100		104
Duluth Housing and Redevelopment Authority, Public Schools Academy Project
Series 2018-A, Rev., 3.38%, 11/1/2021		330		336
Series 2018-A, Rev., 3.63%, 11/1/2022		345		356
Series 2018-A, Rev., 3.88%, 11/1/2023		325		341
Housing and Redevelopment Authority of The City of St Paul Minnesota, Parking Enterprise Series A, Rev., 3.00%, 8/1/2020		515		521
				1,968
Other Revenue — 0.0% (b)
State of Minnesota, General Fund Appropriation Series B, Rev., 5.00%, 3/1/2020		400		404
Total Minnesota				10,647
Mississippi — 0.5%
General Obligation — 0.2%
City of Tupelo
Series 2019, GO, 4.00%, 12/1/2019		170		170
Series 2019, GO, 4.00%, 12/1/2020		360		370
Series 2019, GO, 4.00%, 12/1/2021		125		132
Series 2019, GO, 4.00%, 12/1/2022		245		265
Series 2019, GO, 4.00%, 12/1/2023		315		347
State of Mississippi Series F, GO, 5.00%, 11/1/2020		4,000		4,140
				5,424
Hospital — 0.1%
Mississippi Hospital Equipment & Facilities Authority Series B2, Rev., VRDO, 1.80%, 3/2/2020 (c)		2,700		2,700
Mississippi Hospital Equipment & Facilities Authority, Forrest County General Hospital Refunding Project
Series B, Rev., 5.00%, 1/1/2021		270		280
Series B, Rev., 5.00%, 1/1/2022		320		343
Series B, Rev., 5.00%, 1/1/2023		370		409
Series B, Rev., 5.00%, 1/1/2024		370		420
				4,152
Industrial Development Revenue/Pollution Control Revenue — 0.2%
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series E, Rev., VRDO, 1.09%, 12/10/2019 (c)		6,200		6,200

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Other Revenue — 0.0% (b)
Mississippi Development Bank, Rankin County Project Rev., 3.00%, 3/1/2022		100		104
Mississippi Development Bank, Special Obligation, Biloxi project
Rev., 3.00%, 3/1/2020		125		125
Rev., 3.00%, 3/1/2021		130		133
Rev., 3.00%, 3/1/2022		175		181
State of Mississippi Series E, Rev., 5.00%, 10/15/2020		100		103
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2021		700		749
				1,395
Prerefunded — 0.0% (b)
State of Mississippi, Capital Improvements Project Series 2011A, GO, 5.00%, 10/1/2036 (e)		25		27
Total Mississippi				17,198
Missouri — 1.8%
Certificate of Participation/Lease — 0.0% (b)
Belton School District No. 124 Series 2019, COP, AGM, 4.00%, 1/15/2022		100		105
Blue Eye R-V School District COP, 4.00%, 4/1/2021		75		78
City of Arnold COP, 3.00%, 12/15/2019		120		120
City of Waynesville Series C, COP, 2.00%, 4/15/2020		250		251
County of Stone
COP, 3.00%, 12/1/2019		100		100
COP, 3.00%, 12/1/2020		145		147
Village of Country Club
COP, AGM, 3.00%, 4/1/2020		100		100
COP, AGM, 3.00%, 4/1/2021		165		169
				1,070
Education — 0.1%
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects Series 2019B, Rev., 2.88%, 2/1/2022		3,270		3,283
Missouri Western State University, Auxiliary System Rev., 2.80%, 10/1/2022		50		50
				3,333
General Obligation — 0.0% (b)
Greene County Reorganized School District No. R-8
Series 2019B, GO, 3.00%, 3/1/2022 (g)		500		519
Series 2019B, GO, 3.00%, 3/1/2023 (g)		595		626
				1,145
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Cape Girardeau County IDA, South Eastern Health Series 2017A, Rev., 5.00%, 3/1/2020		320		323
Hannibal IDA, Healthcare Facilities Rev., 5.00%, 10/1/2020		300		308
				631
Other Revenue — 1.6%
City of Kansas City, Roe Bartle Convention Center Series F, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.13%, 12/10/2019 (c)		4,490		4,490
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		4,000		4,429
Missouri Development Finance Board, The Nelson Gallery Foundation Series A, Rev., VRDO, LIQ: U.S. Bank NA, 1.13%, 12/2/2019 (c)		39,970		39,970
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176, Rev., VRDO, LIQ: Royal Bank of Canada, 1.20%, 12/10/2019 (c) (f)		8,200		8,200
				57,089
Transportation — 0.1%
St. Louis Lambert International Airport Series B, Rev., AMT, AGM, 5.00%, 7/1/2021		1,305		1,381
Total Missouri				64,649
Montana — 0.1%
Education — 0.1%
Montana State Board of Regents, Montana State University Series F, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.45%), 1.55%, 12/10/2019 (d)		3,225		3,225
Nebraska — 0.0% (b)
General Obligation — 0.0% (b)
Papio-Missouri River Natural Resource District
GO, 4.00%, 12/15/2019		720		721
GO, 4.00%, 12/15/2020		405		417
				1,138

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Other Revenue — 0.0% (b)
Upper Republican Natural Resource District, Limited Obligation, Occupation Tax Supported, River Flow Enhancement Series 2017B, Rev., AGM, 3.00%, 12/15/2020		250		255
Special Tax — 0.0% (b)
City of Omaha
Series A, Rev., 2.20%, 1/15/2021		125		126
Series A, Rev., 5.00%, 1/15/2022		125		135
				261
Total Nebraska				1,654
Nevada — 1.0%
General Obligation — 0.1%
Clark County School District
Series 2014A, GO, 5.00%, 6/15/2020		50		51
Series C, GO, 5.00%, 6/15/2023		2,000		2,245
				2,296
Hospital — 0.0% (b)
City of Carson, Carson Tahoe Regional Healthcare Project
Rev., 5.00%, 9/1/2020		250		256
Rev., 5.00%, 9/1/2027		610		739
				995
Industrial Development Revenue/Pollution Control Revenue — 0.1%
County of Humboldt, Sierra Pacific Power Company Project Series 2016B, Rev., VRDO, 1.85%, 4/15/2022 (c)		4,550		4,595
Transportation — 0.5%
Clark County, Department of Aviation, Nevada Airport System, Junior Subordinate Lien Series A, Rev., 5.00%, 7/1/2021		18,500		19,607
Utility — 0.1%
Clark County, Nevada Power Co. Projects Rev., VRDO, 1.60%, 5/21/2020 (c)		3,000		3,003
Water & Sewer — 0.2%
County of Washoe, Sierra Pacific Power Company Project Series 2016G, Rev., VRDO, 1.85%, 4/15/2022 (c)		5,000		5,050
Total Nevada				35,546
New Hampshire — 0.2%
Education — 0.2%
New Hampshire Health and Education Facilities Authority Act, Dartmouth College Rev., VRDO, LIQ: U.S. Bank NA, 1.04%, 12/10/2019 (c)		7,310		7,310
New Jersey — 7.7%
Education — 0.2%
New Jersey Economic Development Authority, School Facilities Construction
Series 2017DDD, Rev., 5.00%, 6/15/2020		500		509
Series PP, Rev., 5.00%, 6/15/2020		200		204
Series XX, Rev., 5.00%, 6/15/2021		5,000		5,267
New Jersey Educational Facilities Authority Series C, Rev., 5.00%, 7/1/2021		150		159
New Jersey Educational Facilities Authority, The William Paterson University Series 2012D, Rev., 5.00%, 7/1/2020		100		102
				6,241
General Obligation — 6.2%
Borough of Carlstadt GO, BAN, 2.00%, 6/26/2020		5,000		5,018
Borough of Carteret Series 2019, GO, BAN, 2.25%, 6/5/2020		5,999		6,026
Borough of East Rutherford
GO, AGM, 5.00%, 12/1/2019		145		145
GO, AGM, 5.00%, 12/1/2020		290		301
Borough of Fanwood GO, TAN, 2.00%, 2/14/2020		3,000		3,004
Borough of Franklin NJ/Sussex County GO, BAN, 2.00%, 7/31/2020		2,193		2,201
Borough of Haledon GO, 2.00%, 10/30/2020		3,650		3,672
Borough of Middlesex Series A, GO, BAN, 2.25%, 6/25/2020		5,282		5,311
Borough of Stanhope GO, BAN, 2.00%, 5/21/2020		4,639		4,655
Borough of Sussex GO, BAN, 2.00%, 10/23/2020		2,027		2,037
City of Atlantic, Tax Appeal
Series 2017A, GO, 5.00%, 3/1/2020		650		655
Series 2017B, GO, AGM, 5.00%, 3/1/2020		200		202
City of Bridgeton GO, BAN, 2.00%, 8/21/2020		9,397		9,428

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of Englewood GO, 2.00%, 3/27/2020		5,130		5,140
City of Linwood, Bemporary Nobas GO, BAN, 2.00%, 7/21/2020		4,935		4,951
City of Newark GO, 2.00%, 10/7/2020		49,420		49,631
City of Newark, New Jersey School Promissory Notes GO, 2.50%, 7/29/2020		30,582		30,785
City of Orange Township GO, 3.00%, 12/5/2019		3,890		3,890
City of Somers Point GO, BAN, 3.00%, 12/3/2019		6,755		6,755
East Brunswick Township Board of Education, School Energy Savings
GO, 5.00%, 8/1/2020		65		67
GO, 5.00%, 8/1/2021		55		58
GO, 5.00%, 8/1/2022		110		121
Penns Grove-Carneys Point Regional School District GO, 2.50%, 7/10/2020		7,158		7,201
Township of Florence Series 2019A, GO, BAN, 3.00%, 1/21/2020		5,315		5,328
Township of Franklin GO, BAN, 2.00%, 7/17/2020		3,158		3,168
Township of Galloway GO, BAN, 2.00%, 8/13/2020		6,920		6,949
Township of Haddon Series 2019A, GO, BAN, 2.00%, 10/29/2020		15,758		15,861
Township of Logan GO, BAN, 1.75%, 10/21/2020		2,360		2,369
Township of Pemberton Series 2019, GO, BAN, 2.25%, 6/9/2020		6,230		6,259
Township of Springfield GO, BAN, 2.00%, 7/30/2020		11,000		11,045
Township of Upper GO, BAN, 3.25%, 1/24/2020		4,510		4,522
Township of Waterford Series 2019A, GO, BAN, 2.00%, 12/1/2020		2,718		2,736
Township of West Orange GO, BAN, 2.00%, 7/24/2020		6,692		6,718
Township of Westampton Series B, GO, BAN, 2.00%, 6/4/2020		2,205		2,210
Township of Willingboro Series 2019, GO, BAN, 2.75%, 4/24/2020		4,973		5,000
				223,419
Hospital — 0.0% (b)
New Jersey Health Care Facilities Financing Authority, Holy Name Medical Center Series 2010, Rev., 4.50%, 7/1/2020		375		381
Housing — 0.4%
New Jersey Housing & Mortgage Finance Agency, Oceanport Gardens Series C, Rev., VRDO, 1.58%, 6/1/2020 (c)		1,000		1,001
New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit, Garden Spires Project Series 2018A, Rev., VRDO, 2.02%, 8/1/2020 (c)		8,000		8,032
New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit, Georgia King Village Project Series 2018-E, Rev., VRDO, 2.45%, 10/1/2020 (c)		4,500		4,539
				13,572
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Passaic County Utilities Authority, Solid Waste Disposal
Series 2018, Rev., 4.25%, 3/1/2020		180		181
Series 2018, Rev., 4.38%, 3/1/2021		255		265
				446
Other Revenue — 0.2%
Garden State Preservation Trust Series A, Rev., 5.00%, 11/1/2020		25		26
Tender Option Bond Trust Receipts/Certificates Series 2018-XL0058, Rev., VRDO, LIQ: Barclays Bank plc, 1.22%, 12/10/2019 (c) (f)		5,000		5,000
The Cumberland County Improvement Authority, Vineland Public Safety Building Project Series 2017, Rev., 5.00%, 12/15/2021		340		366
Tobacco Settlement Financing Corp. Series A, Rev., 5.00%, 6/1/2020		3,000		3,051
				8,443
Transportation — 0.7%
New Jersey Transportation Trust Fund Authority Series 2013A, Rev., 5.00%, 6/15/2020		9,635		9,816
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2021		6,000		6,327

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
New Jersey Transportation Trust Fund Authority, Transportation System Series B-4, Rev., 5.25%, 12/15/2019		225		225
New Jersey Turnpike Authority
Series C-1, Rev., (ICE LIBOR USD 1 Month + 0.34%), 1.59%, 1/1/2020 (d)		4,000		4,006
Series B, Rev., 5.00%, 1/1/2025		5,345		5,952
				26,326
Water & Sewer — 0.0% (b)
Logan Township Municipal Utilities Authority Rev., 4.00%, 5/1/2020		100		101
Total New Jersey				278,929
New Mexico — 0.4%
General Obligation — 0.1%
Albuquerque Municipal School District No. 12, Education Technology Notes GO, 5.00%, 8/1/2020		25		25
County of Sandoval
GO, 3.00%, 8/1/2020		330		334
GO, 5.00%, 8/1/2021		535		568
GO, 5.00%, 8/1/2022		560		616
University of New Mexico, Gallup Branch Community College District Series 2012, GO, 2.00%, 10/15/2022		1,500		1,501
				3,044
Other Revenue — 0.1%
City of Farmington Rev., VRDO, 1.87%, 4/1/2020 (c)		5,000		5,003
City of Santa Fe, El Castillo Retirement Residences Project Series 2019B-2, Rev., 2.25%, 5/15/2024		600		600
				5,603
Utility — 0.1%
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group – La Vida Llena Expansion Project
Series C, Rev., 2.25%, 7/1/2023		1,525		1,526
Series C, Rev., 2.38%, 7/1/2024		1,525		1,526
				3,052
Water & Sewer — 0.1%
City of Rio Rancho NM Water and Wastewater System
Rev., 5.00%, 5/15/2020		825		839
Rev., 5.00%, 5/15/2021		720		760
Rev., 5.00%, 5/15/2022		1,250		1,363
				2,962
Total New Mexico				14,661
New York — 15.1%
Education — 0.1%
Hempstead Town Local Development Corp., Adelphi University Project
Series 2019, Rev., 4.00%, 2/1/2020		100		101
Series 2019, Rev., 4.00%, 2/1/2021		75		77
Series 2019, Rev., 4.00%, 2/1/2022		50		53
Series 2019, Rev., 4.00%, 2/1/2023		100		108
Series 2019, Rev., 4.00%, 2/1/2024		200		221
New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023		920		1,043
				1,603
General Obligation — 9.2%
Batavia City School District GO, BAN, 2.00%, 6/16/2020		8,069		8,096
Beacon City School District GO, BAN, 2.50%, 6/19/2020		8,944		9,006
Brasher Falls Central School District GO, BAN, 2.00%, 7/15/2020		3,900		3,917
Carmel Central School District GO, TAN, 1.75%, 12/27/2019		9,000		9,003
Chateaugay Central School District Series A, GO, BAN, 2.00%, 12/19/2019		4,235		4,237
City of Ithaca Series B, GO, BAN, 2.00%, 7/24/2020		2,310		2,318
City of Jamestown, Public Improvement
GO, 5.00%, 6/1/2020		450		458
GO, 5.00%, 6/1/2021		475		502
GO, 5.00%, 6/1/2022		500		546
GO, 5.00%, 6/1/2023		525		591
GO, 5.00%, 6/1/2024		545		631
City of New York Subseries G-4, GO, VRDO, LIQ: Barclays Bank plc, 1.08%, 12/10/2019 (c)		20,000		20,000
Subseries J-10, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.08%, 12/10/2019 (c)		17,850		17,850
City of Ogdensburg Series 2019, GO, BAN, 3.00%, 4/24/2020		1,500		1,507

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of Troy Series B, GO, BAN, 2.00%, 7/31/2020		8,272		8,303
City of Yonkers
Series 2019A, GO, BAN, 2.25%, 12/17/2019		22,600		22,610
Series 2019A, GO, BAN, 3.00%, 12/17/2019		10,000		10,007
Clifton-Fine Central School District GO, BAN, 1.75%, 7/15/2020		3,980		3,987
County of Clinton Series B, GO, BAN, 2.00%, 7/30/2020		7,389		7,418
County of Orange, Public Improvement GO, 5.00%, 2/1/2023		2,295		2,574
County of Suffolk, Longwood Central School District GO, 5.00%, 6/15/2021		300		318
Fallsburg Central School District GO, BAN, 2.00%, 6/26/2020		9,000		9,032
Fort Ann Central School District GO, BAN, 2.25%, 6/26/2020		3,355		3,370
General Brown Central School District GO, BAN, 2.25%, 6/26/2020		5,500		5,530
Geneva City School District GO, RAN, 2.25%, 6/24/2020		6,000		6,030
Germantown Central School District GO, BAN, 2.25%, 6/26/2020		8,890		8,939
Gorham-Middlesex Central School District GO, BAN, 2.25%, 6/25/2020		9,500		9,552
Gouverneur Central School District GO, BAN, 2.00%, 6/26/2020		6,500		6,523
Grand Island Central School District GO, BAN, 2.00%, 8/13/2020		5,300		5,323
Hartford Central School District GO, BAN, 2.00%, 6/18/2020		3,760		3,774
Hempstead Union Free School District GO, TAN, 2.50%, 6/25/2020		6,750		6,791
Hinsdale Central School District GO, BAN, 2.25%, 6/26/2020		4,570		4,594
Johnson City Central School District GO, BAN, 2.00%, 8/7/2020		2,292		2,301
Lansing Central School District GO, BAN, 2.00%, 6/30/2020		3,150		3,160
Lewiston-Porter Central School District Series A, GO, BAN, 2.50%, 6/17/2020		3,750		3,775
Lynbrook Union Free School District GO, BAN, 2.00%, 6/26/2020		7,000		7,028
Menands Union Free School District GO, BAN, 2.25%, 6/26/2020		7,200		7,236
Morrisville-Eaton Central School District GO, BAN, 2.00%, 6/26/2020		5,372		5,395
Mount Vernon City School District
GO, 5.00%, 12/1/2021		885		953
GO, 5.00%, 12/1/2022		1,965		2,199
Peru Central School District GO, BAN, 2.00%, 6/26/2020		5,500		5,519
Poland Central School District GO, BAN, 2.25%, 6/26/2020		11,741		11,807
Rocky Point Union Free School District GO, TAN, 2.00%, 6/25/2020		4,500		4,516
Romulus Central School District GO, BAN, 2.00%, 6/26/2020		7,700		7,726
Salamanca City School District GO, BAN, 1.75%, 6/26/2020		8,600		8,618
Sharon Springs Central School District GO, BAN, 2.00%, 6/26/2020		3,540		3,553
Shenendehowa Central School District GO, BAN, 1.95%, 6/26/2020		6,000		6,020
Sherburne Earlville Central School District GO, BAN, 2.00%, 6/26/2020		10,095		10,129
Southwestern Central School District Series B, GO, BAN, 2.00%, 7/22/2020		8,464		8,495
St Regis Falls Central School District GO, BAN, 2.00%, 7/8/2020		4,751		4,770
Stillwater Central School District GO, BAN, 2.00%, 6/26/2020		6,100		6,126
Tioga Central School District GO, BAN, 2.00%, 8/14/2020		5,150		5,172
Town of East Fishkill Series A, GO, BAN, 3.50%, 12/17/2019		3,426		3,429
Town of LaGrange Series B, GO, BAN, 2.50%, 6/12/2020		3,780		3,805
Town of Victor GO, BAN, 2.00%, 7/30/2020		5,000		5,018
Wheatland Chili Central School District GO, BAN, 2.25%, 6/24/2020		4,940		4,967
				335,054
Hospital — 0.0% (b)
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series A, Rev., 3.00%, 11/1/2020		575		580
New York State Dormitory Authority, Mount Sinai Hospital Series 2010A, Rev., 5.00%, 7/1/2020 (e)		45		46
				626

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Other Revenue — 2.9%
New York City Transitional Finance Authority Future Tax Secured Subseries B-5, Rev., VRDO, LIQ: U.S. Bank NA, 1.16%, 12/2/2019 (c)		40,745		40,745
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Subseries A-4, Rev., VRDO, LIQ: TD Bank NA, 1.19%, 12/2/2019 (c)		35,000		35,000
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries A-7, Rev., VRDO, LIQ: State Street Bank & Trust, 1.06%, 12/10/2019 (c)		21,030		21,030
New York City Transitional Finance Authority, New York City Recovery Series 3, Subseries 3-G, Rev., VRDO, LIQ: Bank of New York Mellon, 1.07%, 12/10/2019 (c)		2,495		2,495
New York State Dormitory Authority, North Shore, Long Island Jewish Obligated Group Series 2015A, Rev., 4.00%, 5/1/2020		150		152
New York State Dormitory Authority, Sales Tax Series 2018C, Rev., 5.00%, 3/15/2025		400		478
Schenectady Metroplex Development Authority Series 2018A, Rev., BAN, 4.00%, 12/27/2019		1,240		1,242
Tender Option Bond Trust Receipts/Certificates Series 2017-XF0591, Rev., VRDO, LIQ: Bank of America NA, 1.25%, 12/10/2019 (c) (f)		6,000		6,000
				107,142
Prerefunded — 0.3%
New York City Water and Sewer System Rev., 5.00%, 6/15/2047 (e)		7,165		8,128
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2011A, Rev., 5.00%, 1/1/2028 (e)		1,120		1,213
				9,341
Special Tax — 0.0% (b)
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2014A, Rev., 5.00%, 2/15/2021		200		209
Transportation — 2.0%
Metropolitan Transportation Authority
Series 2018B-1A, Rev., BAN, 5.00%, 5/15/2020		10,010		10,175
Series 2019A, Rev., BAN, 5.00%, 3/1/2022		20,000		21,668
New York State Thruway Authority Series L, Rev., 5.00%, 1/1/2021		50		52
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2022		14,650		15,670
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport
Series 2019A, Rev., AMT, 5.00%, 4/1/2020		500		506
Series 2019A, Rev., AMT, 5.00%, 4/1/2021		1,540		1,615
Series 2019A, Rev., AMT, 5.00%, 4/1/2022		845		913
Port Authority of New York and New Jersey Rev., AMT, 5.00%, 9/15/2023		10,000		11,322
Triborough Bridge and Tunnel Authority Series D, Rev., VRDO, (SOFR + 0.50%), 1.53%, 12/2/2019 (d)		10,000		10,014
				71,935
Water & Sewer — 0.6%
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2013 Subseries AA-2, Rev., VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.08%, 12/10/2019 (c)		12,560		12,560
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.10%, 12/10/2019 (c)		5,680		5,680
New York City Water and Sewer System, Second General Resolution Series 2010CC, Rev., VRDO, LIQ: Barclays Bank plc, 1.08%, 12/10/2019 (c)		5,090		5,090
				23,330
Total New York				549,240

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
North Carolina — 0.7%
Education — 0.1%
North Carolina Capital Facilities Finance Agency, Meredith College Rev., 5.00%, 6/1/2020		275		280
University of North Carolina, Chapel Hill Series B, Rev., VRDO, (ICE LIBOR USD 1 Month + 0.40%), 1.59%, 1/1/2020 (d)		3,750		3,753
Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina Rev., AGM, 4.00%, 10/1/2020		120		123
				4,156
General Obligation — 0.0% (b)
County of Union Series A, GO, 5.00%, 3/1/2020		20		20
Hospital — 0.4%
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019B, Rev., VRDO, 2.20%, 12/1/2022 (c)		13,500		13,686
Housing — 0.1%
Asheville Housing Authority, Ledgewood Village, Multifamily Housing Rev., VRDO, 1.90%, 12/1/2020 (c)		4,000		4,000
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project
Series 2019A, Rev., VRDO, 2.00%, 10/1/2024 (c)		825		833
Series 2019B, Rev., VRDO, 2.00%, 10/1/2024 (c)		825		833
				1,666
Other Revenue — 0.0% (b)
County of Buncombe, Limited Obligation Series 2014A, Rev., 5.00%, 6/1/2021		20		21
Transportation — 0.0% (b)
North Carolina Turnpike Authority, Monroe Connector System Series 2011, Rev., 5.00%, 7/1/2020		420		429
Total North Carolina				23,978
Ohio — 3.3%
Certificate of Participation/Lease — 0.0% (b)
Euclid City School District
COP, 4.00%, 12/1/2023		70		76
COP, 4.00%, 12/1/2024		70		78
Goshen Local School District, School Facilities Project
COP, 4.00%, 12/15/2019		240		240
COP, 1.50%, 12/15/2020		280		281
				675
General Obligation — 1.1%
City of Cincinnati, Unlimited Tax Refunding and Improvement Series 2014A, GO, 5.00%, 12/1/2019		5,925		5,925
City of Elyria
Series 2019-2, GO, 4.00%, 12/1/2021 (g)		1,010		1,064
Series 2019-2, GO, 4.00%, 12/1/2022 (g)		935		1,008
City of Elyria, Improvement, Various Purpose GO, 5.00%, 12/1/2019		1,340		1,340
City of Euclid, Various Purpose Improvement Series 2019, GO, BAN, 3.00%, 4/30/2020		1,350		1,360
City of Gahanna GO, BAN, 3.00%, 8/6/2020		1,400		1,415
City of Lorain, Streetscape Improvements GO, BAN, 3.00%, 6/18/2020		540		545
City of Marysville, Various Purpose Series 2019B, GO, BAN, 3.00%, 3/26/2020		910		915
City of Middletown, Various Purpose GO, 4.00%, 12/1/2019		500		500
City of Moraine GO, BAN, 2.50%, 6/25/2020		2,725		2,742
City of Olmsted Falls, Various Purpose Series 2019, GO, BAN, 3.00%, 6/11/2020		1,365		1,377
City of Rocky River GO, BAN, 2.00%, 9/24/2020		3,375		3,395
City of Seven Hills Series 2019C, GO, BAN, 3.50%, 4/9/2020		700		705
City of Seven Hills, Capital Improvement Series 2019, GO, BAN, 3.00%, 4/9/2020		500		503
City of Toledo
GO, AGM, 2.00%, 12/1/2019		180		180
GO, AGM, 4.00%, 12/1/2020		100		103
City of Toledo, Capital Improvement
GO, AGM, 5.00%, 12/1/2020 (g)		615		637

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
GO, AGM, 5.00%, 12/1/2021 (g)		1,275		1,366
GO, AGM, 5.00%, 12/1/2022 (g)		1,305		1,445
City of Willoughby GO, BAN, 2.25%, 6/19/2020		6,400		6,433
County of Licking Series 2019, GO, BAN, 3.00%, 5/8/2020		1,500		1,511
County of Mahoning, Various Purpose Notes GO, 3.00%, 9/16/2020		3,100		3,141
County of Union GO, BAN, 2.00%, 9/9/2020		1,500		1,508
Township of Violet GO, BAN, 3.00%, 1/9/2020		1,500		1,503
Zanesville City School District GO, 4.00%, 12/1/2021		595		628
				41,249
Hospital — 1.3%
Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		125		134
City of Centerville, Graceworks Lutheran Services
Rev., 5.00%, 11/1/2020		275		281
Rev., 5.00%, 11/1/2021		285		297
County of Allen, Hospital Facilities, Mercy Health Series B, Rev., 5.00%, 5/5/2022 (c)		2,000		2,173
County of Franklin, Ohio Hospital Facilities Series C, Rev., VRDO, 1.11%, 12/10/2019 (c)		27,470		27,470
County of Ross, Adena Health System
Rev., 5.00%, 12/1/2020		1,000		1,037
Rev., 5.00%, 12/1/2021		335		359
Rev., 5.00%, 12/1/2022		355		393
Rev., 5.00%, 12/1/2023		490		556
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series 2016A, Rev., 5.00%, 7/1/2021		50		53
Franklin County, Hospital Facilities, OhioHealth Corp. Series B, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.43%), 1.53%, 12/10/2019 (d)		5,000		5,010
State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 1.28%, 12/2/2019 (c)		8,250		8,250
				46,013
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Ohio Water Development Authority, Water Pollution Control Loan Fund Rev., 5.25%, 12/1/2020		35		36
Other Revenue — 0.2%
City of Cleveland, Subordinate Lien, Public Facilities Improvements Series 2018A, Rev., 5.00%, 10/1/2022		265		293
City of Whitehall Rev., 2.25%, 12/9/2020 (g)		3,810		3,838
County of Mahoning, Various Purpose Sales Tax Supported Improvement Notes Rev., 3.00%, 9/16/2020		750		760
Village of Obetz
Rev., 5.00%, 12/1/2019		110		110
Rev., 5.00%, 12/1/2020		185		192
Rev., 5.00%, 12/1/2021		125		134
				5,327
Transportation — 0.2%
City of Cleveland, Airport System Series 2006A, Rev., AGM-CR, AMBAC, 5.25%, 1/1/2020		2,000		2,006
Columbus Regional Airport Authority, Columbus Ohio Regional Airport Authority Rev., VRDO, LOC: U.S. Bank NA, 1.09%, 12/10/2019 (c)		5,665		5,665
				7,671
Utility — 0.3%
American Municipal Power, Inc. Series 2019A, Rev., VRDO, 2.30%, 2/15/2022 (c)		10,000		10,150
Water & Sewer — 0.2%
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2016 A, Rev., LIQ: TD Bank NA, 1.06%, 12/10/2019 (c)		7,500		7,500
Total Ohio				118,621
Oklahoma — 0.4%
Education — 0.3%
Canadian County Educational Facilities Authority, Yukon Public Schools Project Series 2019, Rev., 5.00%, 12/1/2020		2,050		2,115

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Cleveland County Educational Facilities Authority, Lexington Public Schools Project
Series 2019, Rev., 4.00%, 9/1/2020		110		112
Series 2019, Rev., 4.00%, 9/1/2021		150		157
Series 2019, Rev., 4.00%, 9/1/2022		125		133
Series 2019, Rev., 4.00%, 9/1/2023		270		293
Cleveland County Educational Facilities Authority, Norman Public Schools Project Series 2019, Rev., 5.00%, 6/1/2020		1,200		1,222
Cushing Educational Facilities Authority, Public Schools Project Rev., 5.00%, 9/1/2020		50		51
Custer County Economic Development Authority, Thomas Fay Public Schools
Rev., 4.00%, 12/1/2021		410		431
Rev., 4.00%, 12/1/2023		450		493
Ellis County Educational Facilities Authority, Fargo-Gaage Public Schools Project
Rev., 3.00%, 3/1/2022		725		749
Rev., 3.00%, 3/1/2023		730		765
Grady County School Finance Authority, Tuttle Public Schools Project
Rev., 4.00%, 9/1/2021		250		262
Rev., 4.00%, 9/1/2022		200		214
Rev., 4.00%, 9/1/2023		300		329
Rev., 4.00%, 9/1/2024		245		274
Kingfisher County Educational Facilities Authority, Lomega Public Schools Project
Rev., 3.00%, 3/1/2022		165		171
Rev., 3.00%, 3/1/2023		385		402
Rev., 3.00%, 3/1/2024		270		285
Tulsa County Industrial Authority, Sand Springs Public Schools Project
Rev., 2.00%, 9/1/2020		70		70
Rev., 5.00%, 9/1/2021		325		346
Rev., 2.00%, 9/1/2022		125		127
Rev., 4.00%, 9/1/2023		175		190
Rev., 4.00%, 9/1/2024		435		482
				9,673
Housing — 0.1%
Oklahoma Housing Finance Agency, Green Rural Development Portfolio Series 2018, Rev., VRDO, 1.90%, 3/1/2020 (c)		1,500		1,502
Oklahoma Housing Finance Agency, Sooner Haven Apartments Rev., VRDO, 2.37%, 10/1/2020 (c)		2,375		2,395
				3,897
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Elk City Industrial Authority Rev., 2.00%, 5/1/2023		140		142
Prerefunded — 0.0% (b)
Oklahoma Turnpike Authority, Turnpike System, Second Senior Series B, Rev., 5.00%, 1/1/2029 (e)		20		21
Total Oklahoma				13,733
Oregon — 0.2%
General Obligation — 0.1%
County of Washington Series 2016, GO, 5.00%, 6/1/2021		1,875		1,983
Salem-Keizer School District No. 24J
GO, 4.00%, 6/15/2020		225		229
GO, 4.00%, 6/15/2021		175		183
GO, 5.00%, 6/15/2021		500		529
				2,924
Housing — 0.1%
State of Oregon Housing and Community Services Department, Sha Rad Group II Apartment Projects Rev., VRDO, 0.00%, 12/6/2019 (c)		3,350		3,350
Total Oregon				6,274
Pennsylvania — 8.2%
Education — 3.0%
Pennsylvania Higher Educational Facilities Authority Series AN, Rev., 5.00%, 6/15/2020		5,975		6,097
Pennsylvania Higher Educational Facilities Authority, Associates Independent Colleges Rev., VRDO, 2.72%, 5/1/2021 (c)		2,500		2,509
School District of Philadelphia (The) Series C, Rev., TRAN, 4.00%, 3/31/2020		43,000		43,385
State Public School Building Authority, Community College of Philadelphia Project
Series 2019A, Rev., AGM, 5.00%, 6/15/2021		295		311
Series 2019A, Rev., AGM, 5.00%, 6/15/2022		310		337

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
University of Pittsburgh of the Commonwealth System of Higher Education Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.24%), 1.34%, 12/10/2019 (d)		11,510		11,507
University of Pittsburgh-of the Commonwealth System of Higher Education Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.36%), 0.00%, 12/10/2019 (d)		47,000		47,000
				111,146
General Obligation — 2.2%
Allentown City School District GO, 2.05%, 1/2/2020		3,750		3,751
Apollo-Ridge School District
Series 2019A, GO, 2.00%, 9/1/2022 (g)		375		380
Series 2019A, GO, 4.00%, 9/1/2023 (g)		385		420
Series 2019A, GO, 4.00%, 9/1/2024 (g)		450		499
Armstrong School District
Series A, GO, 3.00%, 3/15/2020		165		166
Series B, GO, 3.00%, 3/15/2020		160		161
Series A, GO, 3.00%, 3/15/2021		230		235
Series B, GO, 3.00%, 3/15/2021		105		107
Series A, GO, 3.00%, 3/15/2022		235		243
Series B, GO, 3.00%, 3/15/2022		300		310
Series A, GO, 3.00%, 3/15/2023		240		251
Series B, GO, 3.00%, 3/15/2023		400		419
Bethlehem Area School District GO, 5.00%, 10/15/2021		13,155		14,060
Big Beaver Falls Area School District
GO, 4.00%, 3/15/2022 (g)		1,155		1,219
GO, 5.00%, 3/15/2023 (g)		1,200		1,332
Burgettstown Area School District
Series A, GO, 3.00%, 3/15/2022		100		103
Series A, GO, 4.00%, 3/15/2023		200		214
Butler Area School District GO, AGM, 4.00%, 10/1/2020		865		884
Carmichaels Area School District
GO, 4.00%, 9/1/2022		190		202
GO, 4.00%, 9/1/2023		150		163
City of Altoona, Guaranteed Sewer
GO, AGM, 2.00%, 12/1/2019		825		825
GO, AGM, 5.00%, 12/1/2020		315		326
GO, AGM, 5.00%, 12/1/2021		265		283
GO, AGM, 5.00%, 12/1/2022		200		221
GO, AGM, 5.00%, 12/1/2023		300		340
City of Philadelphia
Series 2009B, GO, VRDO, LOC: Barclays Bank plc, 1.11%, 12/10/2019 (c)		12,965		12,965
Series 2019A, GO, 5.00%, 8/1/2020		1,725		1,769
Series 2012A, GO, 5.00%, 9/15/2021		45		48
Series 2019A, GO, 5.00%, 8/1/2022		4,755		5,211
Conewago Valley School District Series 2013A, GO, 2.00%, 9/1/2022		570		570
Connellsville Area School District
Series A, GO, AGM, 2.00%, 5/15/2020		145		145
Series A, GO, AGM, 2.00%, 5/15/2021		70		71
Series A, GO, AGM, 2.00%, 5/15/2022		70		71
Series A, GO, AGM, 2.00%, 5/15/2023		70		71
Cornell School District
GO, AGM, 2.00%, 9/1/2020		200		201
GO, AGM, 2.00%, 9/1/2021		200		202
GO, AGM, 4.00%, 9/1/2022		200		213
County of Armstrong
Series A, GO, 4.00%, 6/1/2021		230		239
Series A, GO, 4.00%, 6/1/2022		430		458
Series A, GO, 5.00%, 6/1/2023		225		252
County of Somerset
GO, 2.00%, 10/1/2020		225		226
GO, 2.00%, 10/1/2021		285		287
GO, 2.00%, 10/1/2022		340		344
GO, 2.00%, 10/1/2023		335		340
GO, 2.00%, 10/1/2024		300		304
Dallas School District
Series 2019, GO, AGM, 4.00%, 10/15/2020		290		297
Series 2019, GO, AGM, 4.00%, 10/15/2021		275		289
Series 2019, GO, AGM, 4.00%, 10/15/2022		300		322
Series 2019, GO, AGM, 5.00%, 10/15/2023		175		199
Series 2019, GO, AGM, 5.00%, 10/15/2024		325		379
Iroquois School District
GO, 3.00%, 10/1/2020		185		188
GO, 4.00%, 10/1/2021		300		314
GO, 4.00%, 10/1/2022		390		419
GO, 4.00%, 10/1/2023		200		219

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Juniata County School District GO, AGM, 5.00%, 11/15/2021		185		198
Lower Merion School District Series B, GO, VRDO, LOC: U.S. Bank NA, 1.06%, 12/10/2019 (c)		3,950		3,950
Mars Area School District
Series 2019B, GO, AGM, 5.00%, 9/1/2020		145		149
Series 2019B, GO, AGM, 5.00%, 9/1/2021		120		128
Series 2019B, GO, AGM, 5.00%, 9/1/2023		115		129
Montour School District GO, 3.00%, 10/1/2023		200		211
Muncy School District GO, 4.00%, 5/15/2023		345		374
Municipality of Monroeville GO, 3.00%, 6/1/2020		1,075		1,084
Municipality of Penn Hills
Series A, GO, 3.00%, 12/1/2019		295		295
Series A, GO, 3.00%, 12/1/2020		275		280
Series A, GO, 3.00%, 12/1/2021		340		352
Series A, GO, 3.00%, 12/1/2022		345		361
Series A, GO, 3.00%, 12/1/2023		305		323
Neshannock Township School District
Series 2019AA, GO, 4.00%, 9/1/2021		100		105
Series 2019AA, GO, 4.00%, 9/1/2022		150		160
Series 2019AA, GO, 4.00%, 9/1/2023		200		218
Northeast Bradford School District
GO, AGM, 2.00%, 6/1/2020		125		126
GO, AGM, 2.00%, 6/1/2021		150		151
GO, AGM, 2.00%, 6/1/2022		320		324
GO, AGM, 3.00%, 6/1/2023		330		347
Northwestern Lehigh School District
Series 2019, GO, 5.00%, 2/15/2021		155		162
Series 2019, GO, 5.00%, 2/15/2023		680		758
Parkland School District GO, 4.00%, 4/15/2020		1,500		1,516
Pittsburgh School District
Series 2019, GO, 5.00%, 9/1/2022		1,690		1,864
Series 2019, GO, 5.00%, 9/1/2023		1,810		2,058
School District of Philadelphia (The)
Series 2019A, GO, 5.00%, 9/1/2020		600		617
Series 2019A, GO, 5.00%, 9/1/2021		800		850
Series 2019A, GO, 5.00%, 9/1/2022		1,050		1,153
Series 2019A, GO, 5.00%, 9/1/2023		1,050		1,186
School District of the City of Erie (The)
Series 2019B, GO, AGM, 5.00%, 4/1/2020		420		425
Series 2019B, GO, AGM, 5.00%, 4/1/2021		400		418
Series 2019B, GO, AGM, 5.00%, 4/1/2022		325		352
Series 2019B, GO, AGM, 5.00%, 4/1/2023		315		350
Selinsgrove Area School District
Series A, GO, 2.00%, 3/1/2020		100		100
Series B, GO, 3.00%, 3/1/2020		110		110
Series A, GO, 2.00%, 9/1/2020		100		101
Series A, GO, 2.00%, 3/1/2021		5		5
Series B, GO, 3.00%, 3/1/2021		110		112
Series A, GO, 2.00%, 9/1/2021		125		127
Series A, GO, 2.00%, 3/1/2022		5		5
Series B, GO, 3.00%, 3/1/2022		130		135
Series A, GO, 2.00%, 9/1/2022		400		407
Series A, GO, 2.00%, 3/1/2023		5		5
Series B, GO, 3.00%, 3/1/2023		95		100
Series A, GO, 2.00%, 9/1/2023		585		597
Steel Valley School District
Series 2019B, GO, 3.00%, 11/1/2021		230		236
Series 2019B, GO, 4.00%, 11/1/2022		240		256
Series 2019B, GO, 4.00%, 11/1/2023		250		272
Steelton-Highspire School District
GO, 4.00%, 11/15/2022		60		64
GO, 4.00%, 11/15/2023		85		92
Township of East Pennsboro, Cumberland County
Series 2019, GO, 3.00%, 9/1/2020		150		152

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019, GO, 3.00%, 9/1/2021		190		196
Series 2019, GO, 3.00%, 9/1/2022		175		183
Township of Rostraver
GO, AGM, 3.00%, 9/1/2020		140		142
GO, AGM, 4.00%, 9/1/2021		100		105
Waynesboro Area School District, Franklin County
Series 2019, GO, 5.00%, 10/1/2020		485		499
Series 2019, GO, 5.00%, 10/1/2021		580		618
Series 2019, GO, 5.00%, 10/1/2022		305		336
Series 2019, GO, 5.00%, 10/1/2023		320		364
Wilkes-Barre Area School District Series 2019, GO, 5.00%, 4/15/2023		115		128
Wyalusing Area School District, Bradford and Wyoming Counties
Series 2019, GO, AGM, 4.00%, 4/1/2021		375		388
Series 2019, GO, AGM, 4.00%, 4/1/2022		315		333
Series 2019, GO, AGM, 4.00%, 4/1/2023		400		433
				81,302
Hospital — 0.5%
General Authority of Southcentral, Wellspan Health Obligation Series C, Rev., VRDO, LIQ: Bank of America NA, 1.11%, 12/10/2019 (c)		16,000		16,000
Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc. Project Series 2019B, Rev., 2.88%, 12/15/2023		1,000		1,000
Northampton County General Purpose Authority, Saint Luke’s Hospital Project Series 2010A, Rev., 5.00%, 8/15/2020		25		26
				17,026
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project Rev., 4.00%, 12/1/2020		520		528
Lackawanna County Industrial Development Authority, University of Scranton
Rev., 4.00%, 11/1/2020		100		103
Rev., 5.00%, 11/1/2021		1,000		1,070
Montgomery County Industrial Development Authority, Meadowood Senior Living Project
Series 2018A, Rev., 3.00%, 12/1/2019		140		140
Series A, Rev., 3.00%, 12/1/2020		250		253
Series A, Rev., 3.00%, 12/1/2021		250		255
				2,349
Other Revenue — 0.7%
Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (f)		250		271
City of Lebanon Authority
Rev., 4.00%, 12/15/2020 (g)		405		416
Rev., 4.00%, 12/15/2021 (g)		240		252
Rev., 4.00%, 12/15/2022 (g)		275		297
Rev., 4.00%, 12/15/2023 (g)		360		397
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Series 2018, Rev., 5.00%, 6/1/2020		555		565
Series 2018, Rev., 5.00%, 6/1/2021		535		563
Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project Rev., VRDO, 2.00%, 4/30/2020 (c)		250		250
Emmaus General Authority Rev., VRDO, AGM, LIQ: Wells Fargo Bank NA, 1.05%, 12/10/2019 (c)		5,385		5,385
Tender Option Bond Trust Receipts/Certificates
Series 2018-XL0060, Rev., VRDO, LIQ: Barclays Bank plc, LOC: Barclays Bank plc, 1.20%, 12/10/2019 (c) (f)		5,650		5,650
Series 2018-XX1, Rev., VRDO, LIQ: Barclays Bank plc, LOC: Barclays Bank plc, 1.20%, 12/10/2019 (c) (f)		8,000		8,000
Urban Redevelopment Authority of Pittsburgh, Crawford Square Apartments Project Rev., VRDO, 2.25%, 6/1/2020 (c)		1,850		1,850
				23,896
Prerefunded — 0.0% (b)
City of Philadelphia, Water and Wastewater Rev., 5.00%, 11/1/2027 (e)		1,465		1,627

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pennsylvania Turnpike Commission, Convertible Capital Appreciation Series B2, Rev., 5.35%, 12/1/2024 (e)		30		31
Pennsylvania Turnpike Commission, Oil Franchise Tax Series A-2, Rev., AGC, 5.00%, 12/1/2023 (e)		30		30
				1,688
Transportation — 0.9%
Pennsylvania Turnpike Commission
Series 2nd, Rev., VRDO, LOC: TD Bank NA, 1.12%, 12/10/2019 (c)		12,855		12,855
Series A-1, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.60%), 1.70%, 12/10/2019 (d)		18,000		18,091
Series B, Subseries B-2, Rev., 5.00%, 6/1/2020		50		51
Series A, Rev., 5.00%, 12/1/2022		1,000		1,110
Series A, Rev., 5.00%, 12/1/2023		1,000		1,143
Pennsylvania Turnpike Commission, Senior Lien Series A, Rev., 5.00%, 12/1/2020		110		114
				33,364
Utility — 0.7%
Philadelphia Gas Works Co. Series A-2, Rev., VRDO, LOC: TD Bank NA, 1.12%, 12/10/2019 (c)		13,300		13,300
Philadelphia Gas Works Co., 1998 General Ordinance Series C, Rev., VRDO, LOC: Barclays Bank plc, 1.11%, 12/10/2019 (c)		10,585		10,585
				23,885
Water & Sewer — 0.1%
Ambridge Borough Water Authority
Rev., 3.00%, 11/15/2020		195		198
Rev., 4.00%, 11/15/2021		160		168
Rev., 4.00%, 11/15/2022		175		188
Rev., 4.00%, 11/15/2023		175		192
Charleroi Borough Authority, Water System
Rev., AGM, 2.00%, 12/1/2019		120		120
Rev., AGM, 3.00%, 12/1/2020		305		310
Rev., AGM, 4.00%, 12/1/2021		225		237
Rev., AGM, 4.00%, 12/1/2022		165		177
Rev., AGM, 4.00%, 12/1/2023		225		247
Middletown Township Sewer Authority
Rev., 3.00%, 10/1/2020		270		274
Rev., 4.00%, 10/1/2021		330		347
Rev., 4.00%, 10/1/2022		265		284
Rev., 4.00%, 10/1/2023		210		230
Pittsburgh Water & Sewer Authority Series A, Rev., 5.00%, 9/1/2022		250		275
Upper Allegheny Joint Sanitary Authority
Series 2019A, Rev., AGM, 3.00%, 9/1/2020		125		127
Series 2019A, Rev., AGM, 3.00%, 9/1/2021		285		293
Series 2019A, Rev., AGM, 4.00%, 9/1/2022		200		214
Series 2019A, Rev., AGM, 4.00%, 9/1/2023		215		235
				4,116
Total Pennsylvania				298,772
Rhode Island — 0.9%
Education — 0.8%
Rhode Island Health and Educational Building Corp. Rev., VRDO, LOC: TD Bank NA, 1.11%, 12/10/2019 (c)		25,120		25,120
Rhode Island Health and Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue Series 2008A, Rev., VRDO, LOC: U.S. Bank NA, 1.07%, 12/10/2019 (c)		4,725		4,725
Rhode Island Health and Educational Building Corp., Public School Program, Providence Public Building Authority Series 2013A, Rev., 5.00%, 5/15/2022		15		16
				29,861
General Obligation — 0.1%
City of Pawtucket
Series 2019C, GO, AGM, 3.00%, 7/15/2020		185		187
Series 2019D, GO, AGM, 3.00%, 7/15/2020		185		187
Series 2019D, GO, AGM, 3.00%, 7/15/2021		125		129
Series 2019C, GO, AGM, 4.00%, 7/15/2021		185		193
Series 2019D, GO, AGM, 3.00%, 7/15/2022		210		219
Series 2019C, GO, AGM, 4.00%, 7/15/2022		210		225
Series 2019D, GO, AGM, 3.00%, 7/15/2023		70		74
Series 2019C, GO, AGM, 4.00%, 7/15/2023		380		415
				1,629

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Other Revenue — 0.0% (b)
Providence Public Building Authority, Capital Improvement Series A, Rev., 5.00%, 9/15/2020		200		205
Transportation — 0.0% (b)
Rhode Island Commerce Corp., First Lien Special Facility, Rhode Island Airport Corp. Intermodal Facility Project Series 2018, Rev., 5.00%, 7/1/2020		585		597
Rhode Island Turnpike and Bridge Authority
Series 2019A, Rev., 5.00%, 10/1/2021		300		321
Series 2019A, Rev., 5.00%, 10/1/2023		125		142
				1,060
Total Rhode Island				32,755
South Carolina — 0.8%
Education — 0.0% (b)
Educational Facilities Authority, Wofford College Series B, Rev., VRDO, 2.37%, 4/1/2022 (c)		500		510
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project Series A, Rev., 2.38%, 12/1/2024 (f)		600		596
				1,106
General Obligation — 0.5%
County of Richland Series 2019A, GO, BAN, 3.00%, 2/27/2020		17,200		17,277
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes Series 2018A, Rev., 5.00%, 4/1/2021		500		517
Transportation — 0.3%
South Carolina Transportation Infrastructure Bank Series 2003B, Rev., VRDO, (ICE LIBOR USD 1 Month + 0.45%), 1.64%, 1/1/2020 (d)		9,950		9,963
Total South Carolina				28,863
South Dakota — 0.0% (b)
Housing — 0.0% (b)
South Dakota Board of Regents, Housing and Auxiliary Facility System Series 2017, Rev., 5.00%, 4/1/2022		375		406
Other Revenue — 0.0% (b)
South Dakota State Building Authority Series A, Rev., 3.00%, 6/1/2020		200		202
Total South Dakota				608
Tennessee — 3.0%
Education — 0.5%
Knox County Health Educational & Housing Facility Board, Meadowbrook Apartments Project Rev., VRDO, 1.50%, 7/1/2021 (c)		650		651
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Rev., 1.50%, 7/1/2020		3,750		3,755
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, East Webster Street Apartments Project Rev., VRDO, 2.05%, 4/1/2020 (c)		2,500		2,508
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Oakwood Flats Apartments Project Rev., VRDO, 2.10%, 10/1/2020 (c)		6,500		6,540
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2019, Rev., 3.00%, 10/1/2024		525		538
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Twelfth and Wedgewood Apartments Project Series 2017, Rev., VRDO, GNMA, 1.80%, 12/1/2020 (c)		4,000		4,000
				17,992
General Obligation — 0.1%
City of Memphis, General Improvement GO, 5.00%, 6/1/2020		25		25
County of Shelby, Public Improvment Series B, GO, VRDO, 1.10%, 12/10/2019 (c)		2,000		2,000

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
County of Sumner, School and Public Improvement Series 2013, GO, 5.00%, 12/1/2019		105		105
				2,130
Hospital — 1.8%
Chattanooga Health Educational and Housing Facility Board, Catholic Health Services Series 2004C, Rev., VRDO, 1.23%, 12/10/2019 (c)		21,940		21,940
Rutherford County Health and Educational Facilities Board Rev., VRDO, 2.50%, 11/1/2020 (c)		3,500		3,534
Shelby County Health Educational and Housing Facilities Board, Methodist Le Bonheur Healthcare Series B, Rev., VRDO, AGM, LOC: U.S. Bank NA, 1.15%, 12/2/2019 (c)		30,000		30,000
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Series 2019B-1, Rev., 4.00%, 12/1/2026 (f)		10,000		10,023
				65,497
Housing — 0.5%
Highlands Residential Services, Walnut Village Project Series 2019, Rev., VRDO, GNMA COLL, 1.80%, 4/1/2021 (c)		1,000		1,004
Knox County Health Educational and Housing Facility Board, Clear Springs Apartments Project Series 2019, Rev., VRDO, 1.80%, 5/1/2021 (c)		800		805
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Dandridge Towers Project Rev., VRDO, 1.87%, 7/1/2020 (c)		2,400		2,404
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers I/East Project Rev., VRDO, 2.00%, 1/1/2021 (c)		10,000		10,068
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers II Project Rev., 2.00%, 1/1/2021 (c)		5,000		5,040
				19,321
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Lewisburg Industrial Development Board, Lewisburg Summit Apartments Rev., VRDO, 1.55%, 3/1/2022 (c)		1,900		1,907
Utility — 0.0% (b)
Tennessee Energy Acquisition Corp., Gas Project
Series A, Rev., 4.00%, 5/1/2020		780		788
Series 2017A, Rev., 4.00%, 5/1/2021		730		754
				1,542
Water & Sewer — 0.0% (b)
Jackson Energy Authority, Wastewater System Rev., 5.00%, 12/1/2019		350		350
Total Tennessee				108,739
Texas — 7.2%
Education — 0.2%
Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 3.00%, 12/1/2019		435		435
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project
Series 2018C, Rev., 5.00%, 8/1/2024		200		233
Series 2018C, Rev., 5.00%, 8/1/2025		200		239
Austin Community College District, Combined Fee
Rev., 5.00%, 2/1/2020		110		111
Rev., 5.00%, 2/1/2021		160		167
Rev., 5.00%, 2/1/2022		165		178
Rev., 5.00%, 2/1/2023		170		190
McLennan County Junior College District
Rev., AGM, 3.00%, 4/15/2020		300		302
Rev., AGM, 3.00%, 4/15/2021		350		358
Rev., AGM, 3.00%, 4/15/2022		100		104
New Hope Cultural Education Facilities Finance Corp., Longhorn Village Project Rev., 5.00%, 1/1/2020		195		195
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project
Rev., 5.00%, 10/1/2020		675		688
Rev., 5.00%, 10/1/2021		1,425		1,484
Rev., 5.00%, 10/1/2022		1,495		1,586

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
University of Texas (The), Board of Regents, Financing System
Series A, Rev., 5.00%, 8/15/2020		25		26
Series 2016D, Rev., 5.00%, 8/15/2021		25		26
				6,322
General Obligation — 3.0%
Avery Ranch Road District No. 1
Series 2019, GO, 3.00%, 8/15/2022		615		644
Series 2019, GO, 3.00%, 8/15/2023		810		857
Big Oaks Municipal Utility District
GO, AGM, 3.00%, 3/1/2021 (g)		335		341
GO, AGM, 3.00%, 3/1/2022 (g)		345		357
GO, AGM, 3.00%, 3/1/2023 (g)		905		947
Bridgestone Municipal Utility District
Series A, GO, AGM, 2.00%, 5/1/2021		1,480		1,494
Series A, GO, AGM, 2.00%, 5/1/2022		110		111
Series A, GO, AGM, 3.00%, 5/1/2023		85		89
Brushy Creek Municipal Utility District
GO, 3.00%, 6/1/2021		200		205
GO, 3.00%, 6/1/2022		235		244
GO, 3.00%, 6/1/2023		250		262
City of Galveston
GO, 3.00%, 5/1/2021		130		133
GO, 4.00%, 5/1/2022		590		628
City of Granbury Series 2018, GO, 2.00%, 8/15/2020		185		186
City of Grand Prairie GO, 5.00%, 2/15/2021		20		21
City of Kenedy, Certificates of Obligation
GO, 4.00%, 5/1/2020		315		319
GO, 4.00%, 5/1/2021		130		135
GO, 4.00%, 5/1/2022		120		127
GO, 4.00%, 5/1/2023		125		136
City of Odessa Series 2017, GO, 4.00%, 3/1/2020		300		302
City of Port Arthur
GO, AGM, 3.00%, 2/15/2020		455		457
GO, AGM, 3.00%, 2/15/2021		350		358
GO, AGM, 3.00%, 2/15/2022		765		792
GO, AGM, 5.00%, 2/15/2023		910		1,012
City of Sulphur Springs
Series 2019, GO, AGM, 3.00%, 9/1/2020		100		101
Series 2019, GO, AGM, 3.00%, 9/1/2021		100		103
Series 2019, GO, AGM, 3.00%, 9/1/2022		520		543
City of Universal City
GO, 4.00%, 8/15/2020		215		219
GO, 4.00%, 8/15/2021		140		147
GO, 4.00%, 8/15/2022		145		155
GO, 2.00%, 8/15/2023		230		234
City of Wylie GO, 5.00%, 2/15/2020		20		20
Clear Brook City Municipal Utility District Series 2019, GO, AGM, 2.10%, 2/1/2023		450		456
Clear Creek Independent School District, School Building Series B, GO, VRDO, PSF-GTD, 1.45%, 8/14/2020 (c)		2,200		2,202
Counties of Travis, Williamson and Hays, City of Austin, Public Improvement GO, 5.00%, 9/1/2021		30		32
County of Bexar, Harlandale Independent School District GO, PSF-GTD, 3.00%, 8/15/2021 (c)		4,000		4,045
County of Denton GO, 5.00%, 7/15/2020		50		51
County of La Salle
GO, AGM, 5.00%, 3/1/2020		315		318
GO, AGM, 5.00%, 3/1/2021		345		362
County of La Salle, Unlimited Tax
GO, AGM, 5.00%, 3/1/2020		2,075		2,095
GO, AGM, 5.00%, 3/1/2021		2,135		2,238
County of Lubbock GO, 5.00%, 2/15/2020		20		20
County of Nueces GO, 1.95%, 2/15/2026		2,000		2,000
Cuero Independent School District, School Building Series 2014, GO, PSF-GTD, 5.00%, 8/15/2021		100		106
Cypress Hill Municipal Utility District No. 1
GO, 2.00%, 9/1/2020		30		30
GO, 2.00%, 9/1/2021		290		293
GO, 2.00%, 9/1/2022		190		193
GO, 3.00%, 9/1/2023		270		284
Cypress-Fairbanks Independent School District GO, PSF-GTD, 4.00%, 2/15/2020		6,065		6,100
Florence Independent School District
GO, PSF-GTD, 3.00%, 8/15/2026		230		239
GO, PSF-GTD, 3.00%, 8/15/2027		115		119

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Fort Bend County Levee Improvement District No. 11 GO, AGM, 3.00%, 9/1/2023		400		420
Fort Bend County Municipal Utility District No. 116
Series 2019, GO, 3.00%, 9/1/2021		330		339
Series 2019, GO, 3.00%, 9/1/2022		460		479
Series 2019, GO, 3.00%, 9/1/2023		450		473
Fort Bend County Municipal Utility District No. 151 GO, 3.00%, 9/1/2021		190		196
Georgetown Independent School District Series 2019-B, GO, PSF-GTD, 2.75%, 8/1/2022 (c)		8,000		8,284
Greenhawe Water Control & Improvement District No. 2
GO, AGM, 3.00%, 9/1/2022		190		198
GO, AGM, 3.00%, 9/1/2023		200		210
Harris County Fresh Water Supply District No. 61
Series 2019, GO, AGM, 4.00%, 9/1/2023		445		486
Series 2019, GO, AGM, 3.00%, 9/1/2024		695		739
Harris County Municipal Utility District No. 096
Series 2019, GO, 2.00%, 9/1/2021		185		187
Series 2019, GO, 2.00%, 9/1/2023		195		198
Harris County Municipal Utility District No. 152
GO, AGM, 3.00%, 8/1/2022		280		290
GO, AGM, 3.00%, 8/1/2023		400		419
Harris County Municipal Utility District No. 157 GO, AGM, 3.00%, 3/1/2023		425		445
Harris County Municipal Utility District No. 276
GO, 3.00%, 9/1/2022		365		380
GO, 3.00%, 9/1/2023		745		783
Harris County Municipal Utility District No. 281
Series 2019, GO, 2.00%, 9/1/2020		135		136
Series 2019, GO, 2.00%, 9/1/2021		130		131
Series 2019, GO, 2.00%, 9/1/2022		300		304
Series 2019, GO, 2.00%, 9/1/2023		305		310
Harris County Municipal Utility District No. 374
Series 2019, GO, 3.00%, 9/1/2021		100		103
Series 2019, GO, 3.00%, 9/1/2022		145		150
Series 2019, GO, 3.00%, 9/1/2023		115		121
Harris County Municipal Utility District No. 391
GO, 3.00%, 9/1/2020		95		96
GO, 3.00%, 9/1/2021		375		386
GO, 3.00%, 9/1/2023		400		420
Harris County Municipal Utility District No. 419
GO, 3.00%, 9/1/2020		75		76
GO, 3.00%, 9/1/2021		70		72
GO, 3.00%, 9/1/2022		175		182
GO, 3.00%, 9/1/2023		455		477
Harris County Municipal Utility District No. 55
GO, 2.00%, 2/1/2021		470		473
GO, 3.00%, 2/1/2022		260		269
GO, 3.00%, 2/1/2023		785		822
Harris County Water Control and Improvement District No. 119
GO, AGM, 2.00%, 10/1/2021		835		845
GO, AGM, 3.00%, 10/1/2022		365		381
GO, AGM, 3.00%, 10/1/2023		375		396
Hunters Glen Municipal Utility District, Waterworks & Sewer System
Series 2019A, GO, AGM, 2.00%, 4/1/2020		120		120
Series 2019A, GO, AGM, 2.00%, 4/1/2021		110		111
Series 2019A, GO, AGM, 2.00%, 4/1/2022		330		334
Series 2019A, GO, AGM, 2.00%, 4/1/2023		595		604
La Joya Independent School District
GO, AGM, 4.00%, 2/15/2021		380		393
GO, AGM, 4.00%, 2/15/2022		390		413
GO, AGM, 4.00%, 2/15/2023		420		454
Lytle Independent School District GO, PSF-GTD, 4.00%, 2/15/2028		255		298
Midlothian Independent School District, School Building Series B, GO, PSF-GTD, 2.50%, 8/1/2020 (c)		5,000		5,038
Montgomery County Municipal Utility District No. 94
GO, 2.00%, 10/1/2020		20		20
GO, 2.00%, 10/1/2021		60		61
GO, 2.00%, 10/1/2022		185		188
GO, 2.00%, 10/1/2023		185		188

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
New Caney Independent School District, School Building GO, PSF-GTD, 3.00%, 8/15/2021 (c)		1,500		1,543
Northside Independent School District, School Building
GO, VRDO, PSF-GTD, 1.45%, 6/1/2020 (c)		4,000		4,002
GO, PSF-GTD, 2.00%, 6/1/2021 (c)		3,035		3,066
Northwest Harris County Municipal Utility District No. 19
GO, AGM, 2.00%, 10/1/2020		40		40
GO, AGM, 2.00%, 10/1/2021		100		101
GO, AGM, 2.00%, 10/1/2022		100		101
GO, AGM, 2.00%, 10/1/2023		105		106
Pecan Grove Municipal Utility District
Series 2019, GO, 4.00%, 9/1/2021		560		586
Series 2019, GO, 4.00%, 9/1/2022		710		760
Series 2019, GO, 4.00%, 9/1/2023		740		807
Sienna Plantation Municipal Utility District No. 3
GO, 2.00%, 3/1/2021		200		202
GO, 2.00%, 3/1/2022		225		228
GO, 2.00%, 3/1/2023		185		187
State of Texas Series A, GO, VRDO, LIQ: State Street Bank & Trust, 1.21%, 12/10/2019 (c)		12,370		12,370
State of Texas, Veterans GO, VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.15%, 12/10/2019 (c)		19,505		19,505
Town of Horizon City
Series 2019, GO, AGM, 3.00%, 8/15/2020		155		157
Series 2019, GO, AGM, 3.00%, 8/15/2021		300		309
Series 2019, GO, AGM, 3.00%, 8/15/2022		170		177
Series 2019, GO, AGM, 4.00%, 8/15/2023		230		252
Travis County Municipal Utility District No. 4
Series 2019A, GO, AGM, 2.00%, 9/1/2022		410		415
Series 2019A, GO, AGM, 3.00%, 9/1/2023		650		684
Williamson County Municipal Utility District No. 11
GO, AGM, 4.00%, 8/1/2020		255		259
GO, AGM, 4.00%, 8/1/2021		140		146
GO, AGM, 4.00%, 8/1/2022		110		117
				107,880
Hospital — 0.9%
Harris County Cultural Education Facilities Finance Corp., Children’s Hospital Series A, Rev., 5.00%, 10/1/2020		3,255		3,357
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System
Series 2019C, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.42%), 1.52%, 12/10/2019 (d)		10,000		10,000
Series 2019C-2, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.57%), 1.67%, 12/10/2019 (d)		9,000		9,000
Series 2019A, Rev., 5.00%, 12/1/2021		1,750		1,878
Series 2019A, Rev., 5.00%, 12/1/2022		1,700		1,884
Series 2019A, Rev., 5.00%, 12/1/2023		2,230		2,545
Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series A, Rev., 5.00%, 7/1/2020		3,460		3,533
				32,197
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Matagorda County Navigation District No. 1, Pollution Control Rev., VRDO, AMT, 1.75%, 9/1/2020 (c)		4,000		4,007
Other Revenue — 2.1%
City of Irving, Hotel Occupancy
Rev., 5.00%, 8/15/2020 (g)		125		128
Rev., 5.00%, 8/15/2021 (g)		25		26
Rev., 5.00%, 8/15/2022 (g)		50		55
Rev., 5.00%, 8/15/2023 (g)		50		56
State of Texas Rev., TRAN, 4.00%, 8/27/2020		75,915		77,496
				77,761
Prerefunded — 0.0% (b)
Austin Independent School District Series 2013A, GO, PSF-GTD, 5.00%, 8/1/2032 (e)		30		32
Transportation — 0.8%
Brazoria County Toll Road Authority, Limited Contract Tax and Subordinate Lien Toll Road Series 2017B, Rev., BAN, 1.45%, 3/1/2020		7,000		7,003

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Central Texas Regional Mobility Authority, Subordinated Lien Rev., BAN, 4.00%, 1/1/2022		2,455		2,548
City of Austin, Airport System Series 2019, Rev., AMT, 5.00%, 11/15/2022		4,250		4,697
Harris County Toll Road Authority, Senior Lien
Series 2018A, Rev., 5.00%, 8/15/2020		1,500		1,540
Series A, Rev., 5.00%, 8/15/2021		1,500		1,597
Love Field Airport Modernization Corp. Rev., AMT, 5.00%, 11/1/2021		125		134
North Texas Tollway Authority
Series B, Rev., 4.00%, 1/1/2022		800		845
Series B, Rev., 5.00%, 1/1/2023		5,000		5,562
Series B, Rev., 5.00%, 1/1/2024		5,500		6,299
Port Beaumont Navigation District Rev., 4.00%, 9/1/2020		155		158
				30,383
Utility — 0.1%
City of Houston, Combined Utility System First Lien Series 2004B-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.09%, 12/10/2019 (c)		1,540		1,540
County of Bexar, Tax Exempt Revenue Project
Rev., 5.00%, 8/15/2020		235		241
Rev., 5.00%, 8/15/2022		275		302
Rev., 5.00%, 8/15/2023		275		311
				2,394
Water & Sewer — 0.0% (b)
Canyon Regional Water Authority, Wells Ranch I Project Rev., 4.00%, 8/1/2020		20		21
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/2020		675		692
				713
Total Texas				261,689
Utah — 0.4%
Education — 0.0% (b)
Utah Charter School Finance Authority
Series A, Rev., 5.00%, 4/15/2020		65		66
Series A, Rev., 5.00%, 4/15/2021		40		42
Series A, Rev., 5.00%, 4/15/2022		35		38
Series A, Rev., 5.00%, 4/15/2023		85		94
Utah Charter School Finance Authority, Utah Charter Academies Project
Rev., 3.00%, 10/15/2020		220		223
Rev., 4.00%, 10/15/2021		305		320
				783
Hospital — 0.4%
County of Utah Hospital, IHC Health Services, Inc.
Series C, Rev., VRDO, LIQ: U.S. Bank NA, 1.09%, 12/10/2019 (c)		2,500		2,500
Series D, Rev., VRDO, LIQ: U.S. Bank NA, 1.09%, 12/10/2019 (c)		11,275		11,275
				13,775
Other Revenue — 0.0% (b)
City of Murray, Sales Tax
Series 2018, Rev., 3.00%, 11/15/2020		235		239
Series 2018, Rev., 4.00%, 11/15/2021		150		158
West Valley City Municipal Building Authority Series 2019, Rev., AGM, 5.00%, 2/1/2021		90		94
				491
Utility — 0.0% (b)
City of Lehi, Electric Utility
Series 2018, Rev., 5.00%, 6/1/2020		85		87
Series 2018, Rev., 5.00%, 6/1/2021		75		79
				166
Total Utah				15,215
Virginia — 2.2%
Education — 0.2%
Virginia College Building Authority, Public Higher Education Financing Program Series 2014B, Rev., 5.00%, 9/1/2020		7,685		7,906
General Obligation — 0.1%
City of Charlottesville, Public Improvement Series 2012B, GO, 4.00%, 7/15/2020		200		204
City of Poquoson GO, 5.00%, 2/15/2020		120		121
Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2021		1,480		1,566
				1,891

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Hospital — 0.5%
Chesapeake Hospital Authority, Regional Medical Center
Rev., 5.00%, 7/1/2023		925		1,045
Rev., 5.00%, 7/1/2024		885		1,029
Fairfax County Industrial Development Authority, Health Care Series C, Rev., VRDO, 1.09%, 12/10/2019 (c)		14,170		14,170
Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., VRDO, 1.11%, 12/10/2019 (c)		1,315		1,315
				17,559
Industrial Development Revenue/Pollution Control Revenue — 0.5%
Chesapeake Economic Development Authority, Virginia Electric and Power Co. Project Series 2008A, Rev., VRDO, 1.90%, 6/1/2023 (c)		4,250		4,305
Wise County Industrial Development Authority Series 2009-A, Rev., VRDO, 2.15%, 9/1/2020 (c)		7,500		7,545
York County Economic Development Authority, Electric and Power Company Project Series 2009A, Rev., VRDO, 1.90%, 6/1/2023 (c)		8,000		8,100
				19,950
Other Revenue — 0.7%
Virginia Public Building Authority, Public Facilities
Series 2014C, Rev., 5.00%, 8/1/2020		18,830		19,316
Series A, Rev., 5.00%, 8/1/2020		5,220		5,355
				24,671
Prerefunded — 0.2%
Fairfax County EDA, Community Services Facilities Projects Series A, Rev., 4.50%, 3/1/2037 (e)		8,235		8,582
Transportation — 0.0% (b)
Peninsula Ports Authority, Dominion Term Association Project Rev., VRDO, 1.70%, 10/1/2022 (c)		1,550		1,548
Virginia Commonwealth Transportation Board, Federal Transportation Series B-G, Rev., 5.00%, 3/15/2021		25		26
				1,574
Total Virginia				82,133
Washington — 2.2%
General Obligation — 0.0% (b)
Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 4.00%, 12/1/2021		75		79
Pend Oreille County, Public Hospital District No. 1
GO, 3.00%, 12/1/2019		155		155
GO, 3.00%, 12/1/2020		155		157
Snohomish County School District No. 15 Edmonds GO, 5.00%, 12/1/2021		330		355
Snohomish County, Everett School District No. 2 GO, 5.00%, 12/1/2020		25		26
Snohomish County, School District No. 25, Marysville GO, 5.00%, 12/1/2020		170		176
				948
Hospital — 0.8%
Washington Health Care Facilities Authority, Catholic Health Initiatives
Series 2013B, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 1.00%), 2.10%, 12/10/2019 (d)		5,000		5,012
Series 2013B, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 1.40%), 2.50%, 12/10/2019 (d)		10,000		10,227
Washington Health Care Facilities Authority, Commonspirit Health Series B-1, Rev., 5.00%, 8/1/2024 (c)		11,000		12,507
Washington Health Care Facilities Authority, Overlake Hospital Medical Center Series 2017B, Rev., 5.00%, 7/1/2022		1,210		1,319
WBRP 3.2, Washington Biomedical Research Properties Series 2015A, Rev., 5.00%, 1/1/2021		25		26
				29,091
Housing — 0.7%
Washington State Housing Finance Commission, Multi-Family Housing, Cathedral Plaza Apartments Rev., 2.37%, 7/1/2020 (c)		13,500		13,571
Washington State Housing Finance Commission, Multi-Family Housing, The O’Malley Apartments Rev., VRDO, 2.37%, 7/1/2020 (c)		8,500		8,545

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Washington State Housing Finance Commission, Transforming Age Project Series 2019B, Rev., 2.38%, 1/1/2026 (f)		3,500		3,502
				25,618
Utility — 0.5%
City of Seattle, Municipal Light and Power Improvement Rev., 5.00%, 9/1/2021		20		21
Energy Northwest, Columbia Generating Station Series 2012A, Rev., 5.00%, 7/1/2020		18,750		19,172
				19,193
Water & Sewer — 0.2%
Cascade Water Alliance Rev., 5.00%, 1/1/2021		20		21
City of Seattle, Wastewater System Improvement Rev., 5.00%, 9/1/2020		25		26
County of King, Junior Lien, Sewer Rev., 2.45%, 12/1/2020 (c)		6,615		6,644
				6,691
Total Washington				81,541
West Virginia — 0.1%
Utility — 0.1%
West Virginia Economic Development Authority, Appalachian Power Co. - AMOS Project Series 2009A, Rev., VRDO, 2.63%, 6/1/2022 (c)		3,805		3,902
Wisconsin — 2.6%
Education — 1.6%
Milwaukee Redevelopment Authority, Milwaukee Public Schools Rev., 4.00%, 11/15/2021		55		58
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018C-1, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.35%), 1.45%, 12/10/2019 (d)		21,865		21,865
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.
Series 2017A, Rev., 5.00%, 9/1/2020		155		159
Series 2017A, Rev., 5.00%, 9/1/2021		160		169
Wisconsin Health and Educational Facilities Authority, Medical College Series 2008B, Rev., VRDO, LOC: U.S. Bank NA, 1.13%, 12/2/2019 (c)		32,930		32,930
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019B-3, Rev., 2.25%, 11/1/2026		4,000		4,020
				59,201
General Obligation — 0.4%
Big Foot Union High School District
Series 2019, GO, 4.00%, 3/1/2020		100		101
Series 2019, GO, 4.00%, 3/1/2021		130		134
Series 2019, GO, 4.00%, 3/1/2022		100		106
Series 2019, GO, 4.00%, 3/1/2023		115		124
City of Fort Atkinson
GO, 3.00%, 2/1/2021		115		117
GO, 3.00%, 2/1/2022		120		124
GO, 4.00%, 2/1/2023		230		248
City of Kenosha GO, 3.00%, 2/1/2021		1,000		1,021
City of Middletown
GO, 3.00%, 3/1/2020		200		201
GO, 3.00%, 3/1/2021		355		363
City of Racine
Series 2019B, GO, 4.00%, 6/1/2021 (g)		120		125
Series 2019B, GO, 4.00%, 12/1/2021 (g)		165		173
Series 2019B, GO, 4.00%, 12/1/2022 (g)		145		156
Series 2019B, GO, 5.00%, 12/1/2023 (g)		125		142
City of Shawano, Promissory Notes
Series 2019, GO, 3.00%, 4/1/2020		150		151
Series 2019, GO, 3.00%, 4/1/2021		250		256
Series 2019, GO, 3.00%, 4/1/2022		140		145
Series 2019, GO, 3.00%, 4/1/2023		150		157
City of Waukesha
Series 2019C, GO, 3.00%, 10/1/2020		575		584
Series 2019C, GO, 3.00%, 10/1/2021		450		464
Series 2019C, GO, 3.00%, 10/1/2022		425		447
Series 2019C, GO, 3.00%, 10/1/2023		350		372

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
County of Douglas
GO, 5.00%, 2/1/2020		350		352
GO, 5.00%, 2/1/2021		350		365
GO, 5.00%, 2/1/2022		520		561
County of Manitowoc
GO, AGM, 3.00%, 11/1/2022		50		52
GO, AGM, 3.00%, 11/1/2023		150		158
Eleva-Strum School District
GO, 3.00%, 4/1/2020		230		231
GO, 3.00%, 4/1/2021		450		461
Gale-Ettrick-Trempealeau School District
GO, 2.00%, 4/1/2020		85		85
GO, 2.00%, 4/1/2021		50		50
GO, 2.00%, 4/1/2022		105		106
GO, 2.00%, 4/1/2023		130		132
Gibraltar Area School District
GO, 4.00%, 3/1/2020		440		443
GO, 4.00%, 3/1/2021		700		724
GO, 4.00%, 3/1/2022		315		334
Lakeshore Technical College District
Series 2019A, GO, 3.00%, 3/1/2022		75		78
Series 2019A, GO, 3.00%, 3/1/2023		110		115
Series 2019A, GO, 3.00%, 3/1/2024		405		429
Pewaukee School District Series 2019A, GO, 5.00%, 3/1/2024		375		432
Poynette School District
GO, 3.00%, 4/1/2020		125		126
GO, 3.00%, 4/1/2021		100		102
GO, 3.00%, 4/1/2022		340		353
GO, 3.00%, 4/1/2023		265		278
Randall Consolidated School Joint No. 1
GO, 4.00%, 3/1/2020		380		382
GO, 4.00%, 3/1/2021		175		181
Village of Menomonee Falls, Promissory Note Series A, GO, 3.00%, 6/1/2021		270		277
Village of Mount Pleasant
Series 2019A, GO, 3.00%, 3/1/2020		100		100
Series 2019A, GO, 3.00%, 3/1/2021		285		291
Series 2019A, GO, 3.00%, 3/1/2022		265		274
Series 2019A, GO, 5.00%, 3/1/2023		380		423
Village of Pulaski GO, AGM, 3.00%, 4/1/2020		160		161
Western Technical College District, Promissory Notes Series 2019C, GO, 3.00%, 4/1/2020		150		151
Wittenberg Birnamwood School District
GO, AGM, 4.00%, 3/1/2021		130		134
GO, AGM, 4.00%, 3/1/2022		260		276
GO, AGM, 4.00%, 3/1/2023		280		304
				14,632
Other Revenue — 0.4%
City of Kaukauna Series 2019D, Rev., BAN, 2.63%, 9/1/2024		660		678
City of Racine Rev., RAN, 3.25%, 4/1/2020		1,500		1,501
Village of DeForest Series C, Rev., RAN, 3.00%, 5/1/2023		4,865		4,986
Village of Howard Rev., RAN, 2.00%, 12/1/2021		6,965		7,012
				14,177
Transportation — 0.1%
Wisconsin Department of Transportation
Series 1, Rev., 5.00%, 7/1/2020		2,135		2,183
Series 1, Rev., 5.00%, 7/1/2021		25		26
				2,209
Utility — 0.1%
WPPI Energy, Power Supply System Series A, Rev., 5.00%, 7/1/2020		3,275		3,346
Water & Sewer — 0.0% (b)
City of Kaukauna, Outagamie & Calumet Counties, Sanitary Sewer System Series 2019C, Rev., BAN, 2.63%, 9/1/2024		510		524
Total Wisconsin				94,089
TOTAL MUNICIPAL BONDS (Cost $3,537,923)				3,549,911
	Shares (000)
SHORT-TERM INVESTMENTS — 5.7%
INVESTMENT COMPANIES — 5.7%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.04% (h) (i) (Cost $205,733)		205,733		205,733
Total Investments — 103.2% (Cost $3,743,656)				3,755,644
Liabilities in Excess of Other Assets — (3.2)%				(115,613	)
Net Assets — 100.0%				3,640,031

Percentages indicated are based on net assets.

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Abbreviations

AGC	Insured by Assured Guaranty Corp.
AGM	Insured by Assured Guaranty Municipal Corp.
AMBAC	Insured by American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
COLL	Collateral
COP	Certificate of Participation
CR	Custodial Receipts
EDA	Economic Development Authority
GNMA	Government National Mortgage Association
GO	General Obligation
GRAN	Grant Revenue Anticipation Note
ICE	Intercontinental Exchange
IDA	Industrial Development Authority
LIBOR	London Interbank Offered Rate
LIQ	Liquidity Agreement
LOC	Letter of Credit
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
RAN	Revenue Anticipation Note
RE	Reinsured
Rev.	Revenue
SIFMA	The Securities Industry and Financial Markets Association
SOFR	Secured Overnight Financing Rate
TAN	Tax Anticipation Note
TRAN	Tax & Revenue Anticipation Note
USD	United States Dollar
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2019.

(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2019.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2019.
(e)	Security is prerefunded or escrowed to maturity.
(f)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(g)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of November 30, 2019.

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

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

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

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

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

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

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	205,733	$	3,549,911	$	—	$	3,755,644

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers into or out of level 3 for the period ended November 30, 2019.

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

For the period ended November 30, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at November 30, 2019		Shares at November 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.04% (a) (b)	$	106,738	$	2,528,637	$	2,429,659	$	17	$	—	$	205,733		205,733	$	1,134	$	—

(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, 2019.