JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 86.7% (a)
Alabama — 1.2%
Education — 0.0% (b)
Alabama Public School and College Authority, Capital Improvement Series 2014-B, Rev., 5.00%, 1/1/2021		20		21
University of West Alabama
Rev., AGM, 4.00%, 1/1/2022		150		156
Rev., AGM, 4.00%, 1/1/2023		120		127
Rev., AGM, 4.00%, 1/1/2024		125		135
Rev., AGM, 4.00%, 1/1/2025		150		165
				604
General Obligation — 0.1%
City of Centre
GO, 3.00%, 9/1/2021		100		103
GO, 3.00%, 9/1/2022		110		116
GO, 4.00%, 9/1/2023		215		238
City of Hamilton
GO, 3.00%, 8/1/2020		55		55
GO, 3.00%, 8/1/2021		365		376
GO, 2.00%, 8/1/2022		370		382
GO, 5.00%, 8/1/2023		240		273
State of Alabama Series 2013A, GO, 4.00%, 8/1/2023		1,250		1,394
				2,937
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Prattville Industrial Development Board, International Paper Company Project
Series 2019B, Rev., 2.00%, 10/1/2024 (c)		450		452
Series 2019C, Rev., 2.00%, 10/1/2024 (c)		430		431
				883
Utility — 1.1%
Black Belt Energy Gas District, Gas Prepay Series 2018B-2, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.62%, 12.00% Cap), 0.76%, 6/9/2020 (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		11,773
Southeast Alabama Gas Supply District (The), Project No. 2 Series A, Rev., 4.00%, 6/1/2020		1,000		1,000
				42,773
Total Alabama				47,197
Alaska — 0.0% (b)
Other Revenue — 0.0% (b)
Alaska Municipal Bond Bank Authority
Series 2019 1, Rev., 5.00%, 5/1/2021		215		224
Series 2019 1, Rev., 5.00%, 5/1/2022		200		215
				439
Total Alaska				439
Arizona — 0.3%
Certificate of Participation/Lease — 0.0% (b)
Arizona State University Series 2018A, COP, 5.00%, 6/1/2020		1,000		1,000
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		145
Series 2018A, Rev., 5.00%, 7/1/2024		200		210
				355
General Obligation — 0.3%
Maricopa County School District No. 24-Gila Bend, School Improvement
Series 2019, GO, AGM, 2.00%, 7/1/2020		585		586
Series 2019, GO, AGM, 3.00%, 7/1/2021		575		593
Series 2019, GO, AGM, 4.00%, 7/1/2022		300		322
Series 2019, GO, AGM, 5.00%, 7/1/2023		700		797
Maricopa County School District No. 66, Roosevelt Elementary
GO, 5.00%, 7/1/2020		1,450		1,455
GO, 5.00%, 7/1/2021		1,520		1,593
Maricopa County School District No. 66, Roosevelt Elementary, Arizona School Improvement
Series 2018A, GO, 5.00%, 7/1/2020		1,025		1,029
Series 2017-A, GO, 5.00%, 7/1/2021		1,150		1,205
Maricopa County Unified School District No. 95 Queen Creek GO, 3.00%, 7/1/2024		525		577
				8,157

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Hospital — 0.0% (b)
Industrial Development Authority of the County of Yavapai (The), Regional Medical Center
Rev., 5.00%, 8/1/2021		225		235
Rev., 5.00%, 8/1/2022		380		411
Industrial Development Authority of the County of Yavapai (The), Yavapai Regional Medical Center Rev., 5.00%, 8/1/2023		325		363
				1,009
Transportation — 0.0% (b)
Arizona Department of Transportation State Highway Fund Series 2013A, Rev., 5.00%, 7/1/2020		400		402
Water & Sewer — 0.0% (b)
Arizona Water Infrastructure Finance Authority, Water Quality Rev., 4.00%, 10/1/2020 (e)		540		547
Total Arizona				11,470
Arkansas — 0.1%
Education — 0.1%
Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series 2018A, Rev., 5.00%, 11/1/2021		330		352
University of Central Arkansas, Student Fee
Series 2020A, Rev., 5.00%, 11/1/2021		150		160
Series 2020A, Rev., 5.00%, 11/1/2022		200		216
Series 2020A, Rev., 5.00%, 11/1/2023		205		228
Series 2020A, Rev., 5.00%, 11/1/2024		160		182
Series 2020A, Rev., 5.00%, 11/1/2025		230		268
Series 2020A, Rev., 5.00%, 11/1/2026		220		261
Series 2020A, Rev., 5.00%, 11/1/2027		200		242
University of Central Arkansas, Student Housing System
Series 2019C, Rev., AGM, 3.00%, 11/1/2021		75		78
Series 2019C, Rev., AGM, 3.00%, 11/1/2022		85		88
Series 2019C, Rev., AGM, 3.00%, 11/1/2023		135		140
				2,215
Other Revenue — 0.0% (b)
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		330
Rev., 5.00%, 11/1/2022		410		456
County of Sharp
Rev., 5.00%, 3/1/2021		270		280
Rev., 5.00%, 3/1/2022		495		536
Rev., 5.00%, 3/1/2023		540		601
				2,714
Water & Sewer — 0.0% (b)
City of Centerton 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		108
				289
Total Arkansas				5,218
California — 2.3%
Certificate of Participation/Lease — 0.1%
Orange County Water District Series 2003 A, COP, VRDO, LOC: Citibank NA, 0.10%, 6/9/2020 (c)		5,680		5,680
Education — 0.2%
California Educational Facilities Authority, Art Center College of Design Series 2018A, Rev., 5.00%, 12/1/2020		180		183
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2020		325		328
Rev., 5.00%, 10/1/2021		250		260
California Municipal Finance Authority, River Springs Charter School Rev., RAN, 4.00%, 8/15/2020 (f)		1,000		1,006
California School Finance Authority, Green Dot Public School Projects
Series 2018A, Rev., 5.00%, 8/1/2020 (f)		50		50
Series 2018A, Rev., 5.00%, 8/1/2021 (f)		50		53
Series 2018A, Rev., 5.00%, 8/1/2022 (f)		85		89

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
California School Finance Authority, Kipp Socal Project
Series 2019A, Rev., 5.00%, 7/1/2022 (f)		100		106
Series 2019A, Rev., 5.00%, 7/1/2023 (f)		100		108
Chula Vista Elementary School District Rev., BAN, Zero Coupon, 8/1/2023		5,500		5,423
				7,606
General Obligation — 0.2%
Mount San Antonio Community College District GO, BAN, Zero Coupon, 4/1/2022		250		249
Sacramento City Unified School District Series 2019D, GO, 4.00%, 8/1/2021		4,475		4,669
South Bay Union School District GO, BAN, Zero Coupon, 8/1/2022		2,000		1,976
				6,894
Hospital — 0.1%
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c)		1,970		2,049
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2020		100		101
Pioneers Memorial Healthcare District Rev., 3.00%, 10/1/2020		265		265
				2,415
Housing — 0.1%
California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project
Rev., 5.00%, 5/15/2023		360		390
Rev., 5.00%, 5/15/2024		300		332
Rev., 5.00%, 5/15/2025		425		479
Rev., 5.00%, 5/15/2026		500		574
Rev., 5.00%, 5/15/2027		725		844
				2,619
Other Revenue — 1.1%
California Enterprise Development Authority, Riverside County, Library Facility
Rev., 4.00%, 11/1/2022		100		109
Rev., 4.00%, 11/1/2023		200		224
California Infrastructure and Economic Development Bank, California Academy of Sciences Series 2018D, Rev., (ICE LIBOR USD 1 Month + 0.38%, 9.00% Cap), 0.50%, 6/9/2020 (d)		17,010		16,686
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust
Series 2012B-2, Rev., (ICE LIBOR USD 1 Month + 0.20%, 8.00% Cap), 0.32%, 7/1/2020 (d)		11,615		11,532
Series 2013A-2, Rev., (ICE LIBOR USD 1 Month + 0.33%, 8.00% Cap), 0.45%, 7/1/2020 (d)		6,750		6,683
California Municipal Finance Authority, Hollywood El Centro Apartments Series 2019A, Rev., 1.40%, 5/1/2021 (c)		1,750		1,767
Stockton Public Financing Authority
Rev., 5.00%, 3/1/2023		360		393
Rev., 5.00%, 3/1/2025		570		654
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2615, Rev., VRDO, LOC: Barclays Bank plc, 0.34%, 6/9/2020 (c) (f)		5,230		5,230
				43,278
Utility — 0.2%
California Municipal Finance Authority, San Antonio Gardens Project
Rev., 4.00%, 11/15/2021		270		272
Rev., 4.00%, 11/15/2022		280		282
Rev., 4.00%, 11/15/2023		290		293
Los Angeles Department of Water and Power, Power System Subseries B-8, Rev., VRDO, LIQ: TD Bank NA, 0.05%, 6/9/2020 (c)		5,300		5,300
				6,147
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%, 8.00% Cap), 0.36%, 6/9/2020 (d)		12,000		12,000
Stockton Public Financing Authority, Green Bonds
Series 2018A, Rev., 5.00%, 10/1/2020		500		508

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2018A, Rev., 5.00%, 10/1/2021		450		477
				12,985
Total California				87,624
Colorado — 1.7%
Certificate of Participation/Lease — 0.2%
City of Colorado Springs
COP, 5.00%, 12/1/2020		120		123
COP, 5.00%, 12/1/2021		145		155
COP, 5.00%, 12/1/2022		155		173
COP, 5.00%, 12/1/2023		100		116
Denver Health and Hospital Authority, 550 Acoma, Inc.
COP, 5.00%, 12/1/2020		110		112
COP, 5.00%, 12/1/2021		220		231
COP, 5.00%, 12/1/2022		295		318
State of Colorado
Series 2020A, COP, 5.00%, 12/15/2023		2,500		2,892
Series 2020A, COP, 5.00%, 12/15/2024		2,085		2,493
				6,613
General Obligation — 0.1%
Arapahoe County School District No. 6 Littleton
Series 2019A, GO, 5.00%, 12/1/2021		2,585		2,772
Series 2019A, GO, 5.00%, 12/1/2022		1,370		1,531
City of Aurora, Sterling Hills West Metropolitan District GO, 5.00%, 12/1/2020		100		102
Interlocken Metropolitan District Series A-1, GO, AGM, 5.00%, 12/1/2020		175		179
				4,584
Hospital — 0.9%
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series 2017B, Rev., 5.00%, 5/15/2021		395		395
Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project Rev., 5.00%, 6/1/2020 (e)		400		400
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c)		1,515		1,587
University of Colorado Hospital Authority Series 2018-C, Rev., VRDO, LIQ: TD Bank NA, 0.12%, 6/9/2020 (c)		33,100		33,100
				35,482
Housing — 0.1%
Colorado Housing and Finance Authority Rev., 1.30%, 1/1/2021 (c)		5,000		5,022
Other Revenue — 0.0% (b)
City of Grand Junction Rev., 5.00%, 3/1/2021 (e)		35		36
Transportation — 0.2%
E-470 Public Highway Authority, Senior LIBOR Index Series 2019A, Rev., 0.54%, 6/9/2020 (c)		8,000		7,912
Utility — 0.2%
City of Aurora, Acting by and Through its Utility Enterprise First Lien Water, Green Bonds Rev., 5.00%, 8/1/2023		2,355		2,703
City of Colorado Springs, Utilities System Improvement Series 2012A, Rev., VRDO, LIQ: U.S. Bank NA, 0.14%, 6/9/2020 (c)		3,500		3,500
				6,203
Water & Sewer — 0.0% (b)
Town of Milliken, Water Activity Enterprise Rev., 3.00%, 12/1/2020		195		198
Total Colorado				66,050
Connecticut — 1.5%
Education — 0.1%
Connecticut State Health and Educational Facilities Authority
Series K-1, Rev., 5.00%, 7/1/2021		665		681
Series K-1, Rev., 5.00%, 7/1/2022		675		702
Connecticut State Health and Educational Facilities Authority, Yale University Issue Series B-1, Rev., 5.00%, 7/1/2020 (c)		4,000		4,016
				5,399
General Obligation — 0.9%
City of Bridgeport Series C, GO, GAN, 2.00%, 12/10/2020		21,000		21,181
City of Derby
Series A, GO, 5.00%, 8/1/2020		140		141
Series A, GO, 5.00%, 8/1/2021		220		231
Series A, GO, 5.00%, 8/1/2022		75		82
Series A, GO, 5.00%, 8/1/2023		150		171

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series A, GO, 5.00%, 8/1/2024		85		100
City of New Britain
GO, 5.00%, 9/1/2022		50		55
GO, 5.00%, 9/1/2023		110		126
City of New Haven
Series 2019A, GO, 5.00%, 8/1/2021		1,300		1,365
Series 2019B, GO, 5.00%, 2/1/2022		700		749
Series 2019A, GO, 5.00%, 8/1/2022		1,000		1,070
State of Connecticut Series G, GO, 5.00%, 11/1/2021		200		212
Town of Windham GO, BAN, 3.00%, 10/1/2020		6,250		6,296
				31,779
Hospital — 0.5%
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series 2018B, Rev., 5.00%, 12/1/2021		1,000		1,018
Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Issue Series 2020B-1, Rev., 5.00%, 1/1/2025 (c)		8,500		10,061
Connecticut State Health and Educational Facilities Authority, Hotchkiss School Issue Series 2000A, Rev., VRDO, LIQ: TD Bank NA, 0.14%, 6/9/2020 (c)		9,900		9,900
				20,979
Housing — 0.0% (b)
Connecticut Housing Finance Authority Series E, Subseries E-3, Rev., 1.63%, 11/15/2022 (c)		1,750		1,757
Total Connecticut				59,914
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		198
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		251
				768
Total Delaware				768
District of Columbia — 0.5%
Education — 0.3%
District of Columbia, Georgetown University Series C, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ, 0.12%, 6/9/2020 (c)		14,330		14,330
District of Columbia, International School Issue Rev., 5.00%, 7/1/2022		500		525
				14,855
Other Revenue — 0.0% (b)
District of Columbia, Kipp DC Project Rev., 5.00%, 7/1/2023		100		108
Transportation — 0.2%
Metropolitan Washington Airports Authority, Airport System Subseries C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.13%, 6/9/2020 (c)		5,930		5,930
Total District of Columbia				20,893
Florida — 2.3%
Education — 0.0% (b)
Florida Higher Educational Facilities Financial Authority, Institute of Technology
Rev., 5.00%, 10/1/2020		115		116
Rev., 5.00%, 10/1/2021		115		118
Florida Higher Educational Facilities Financial Authority, Ringling College Project
Rev., 4.00%, 3/1/2021		60		61
Rev., 4.00%, 3/1/2022		55		56
Rev., 5.00%, 3/1/2023		185		193
Rev., 5.00%, 3/1/2024		110		117
Florida Higher Educational Facilities Financial Authority, St. Leo University Project
Series 2019, Rev., 5.00%, 3/1/2021		350		357
Series 2019, Rev., 5.00%, 3/1/2022		355		371
Series 2019, Rev., 5.00%, 3/1/2023		410		437
				1,826
General Obligation — 0.0% (b)
City of Lauderhill GO, 3.00%, 1/1/2021		425		432
Hospital — 0.1%
Lee Memorial Health System
Series 2019A-1, Rev., 5.00%, 4/1/2022		750		809
Series 2019A-1, Rev., 5.00%, 4/1/2023		400		442

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019A-1, Rev., 5.00%, 4/1/2024		575		655
Orange County Health Facilities Authority, The Nemours Foundation Project Series B, Rev., VRDO, LOC: Northern Trust Co., 0.12%, 6/9/2020 (c)		880		880
				2,786
Other Revenue — 0.1%
County of Escambia, International Paper Co. Project, Environmental Improvement, Composite Offering 2019 Series 2019B, Rev., 2.00%, 10/1/2024 (c)		775		777
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		500		491
West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area
5.00%, 3/1/2023		1,335		1,504
5.00%, 3/1/2024		1,160		1,351
				4,155
Prerefunded — 0.0% (b)
Orlando-Orange County Expressway Authority Series C, Rev., 5.00%, 7/1/2035 (e)		25		25
Transportation — 1.0%
County of Miami-Dade, Seaport Department Series A, Rev., VRDO, LOC: PNC Bank NA, 0.15%, 6/9/2020 (c)		2,400		2,400
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project Series 2019B, Rev., AMT, 0.62%, 6/18/2020 (c)		35,000		34,993
				37,393
Utility — 1.1%
City of Fort Myers, Subordinate Utility System
Series 2020B, Rev., AGM, 5.00%, 10/1/2021		2,000		2,122
Series 2020B, Rev., AGM, 5.00%, 10/1/2022		2,000		2,206
Series 2020B, Rev., AGM, 5.00%, 10/1/2023		2,125		2,430
Series 2020B, Rev., AGM, 5.00%, 10/1/2024		2,355		2,785
Series 2020B, Rev., AGM, 5.00%, 10/1/2025		5,100		6,203
Series 2020B, Rev., AGM, 5.00%, 10/1/2026		2,225		2,765
City of Gainesville, Utilities System Series B, Rev., VRDO, LIQ: Barclays Bank plc, 0.15%, 6/9/2020 (c)		6,100		6,100
County of Martin, Utilities System Series A, Rev., 5.00%, 10/1/2020		90		91
Orlando Utilities Commission, Utility System Series B, Rev., VRDO, LIQ: TD Bank NA, 0.13%, 6/9/2020 (c)		17,400		17,400
				42,102
Water & Sewer — 0.0% (b)
Broward County, Water and Sewer Utility Series 2012B, Rev., 5.00%, 10/1/2020		20		20
Total Florida				88,739
Georgia — 2.7%
Education — 2.2%
Private Colleges and Universities Authority, Emory University
Series C-4, Rev., VRDO, 0.12%, 6/9/2020 (c)		7,995		7,995
Series C, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.25%, 12.00% Cap), 0.39%, 6/9/2020 (d)		57,865		57,867
Series 2020B, Rev., 5.00%, 9/1/2025		13,345		16,386
				82,248
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%, 12/1/2020		1,250		1,274
Hall County School District Series 2018, GO, 5.00%, 11/1/2020		1,250		1,274
Pike County School District GO, 4.00%, 10/1/2020		400		405
				2,985
Hospital — 0.0% (b)
Richmond County Hospital Authority, University Health Services, Inc. Project Rev., RAN, 5.00%, 1/1/2022		100		107

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Savannah Economic Development Authority, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (c)		1,675		1,680
Other Revenue — 0.0% (b)
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project
Series 2017, Rev., 5.00%, 7/1/2020		275		276
Series 2017, Rev., 5.00%, 7/1/2021		370		386
Series 2017, Rev., 5.00%, 7/1/2022		300		326
				988
Transportation — 0.2%
Metropolitan Atlanta Rapid Transit Authority
Series A, Rev., 3.00%, 7/1/2020		2,900		2,907
Series A, Rev., 3.75%, 7/1/2021		5,585		5,801
				8,708
Utility — 0.2%
Georgia Municipal Electric Authority, Project One Series 2008-B, Rev., VRDO, LOC: PNC Bank NA, 0.13%, 6/9/2020 (c)		4,255		4,255
Municipal Electric Authority of Georgia Series B, Rev., VRDO, LOC: Barclays Bank plc, 0.15%, 6/9/2020 (c)		4,145		4,145
				8,400
Total Georgia				105,116
Idaho — 0.1%
Education — 0.1%
University of Idaho
Series 2020A, Rev., 5.00%, 4/1/2021		390		405
Series 2020A, Rev., 5.00%, 4/1/2022		165		179
Series 2020A, Rev., 5.00%, 4/1/2023		355		393
Series 2020A, Rev., 5.00%, 4/1/2024		315		365
Series 2020A, Rev., 5.00%, 4/1/2025		330		394
				1,736
Transportation — 0.0% (b)
Idaho Housing and Finance Association, Federal Highway Trust
Series A, Rev., GRAN, 5.00%, 7/15/2020		425		428
Series A, Rev., GRAN, 5.00%, 7/15/2021		25		26
				454
Total Idaho				2,190
Illinois — 4.4%
Education — 0.3%
Cook County School District No. 89, Maywood Melrose Park
Rev., AGM, 4.00%, 12/15/2020		415		422
Rev., AGM, 4.00%, 12/15/2021		515		541
Rev., AGM, 4.00%, 12/15/2022		535		577
Rev., AGM, 4.00%, 12/15/2023		555		612
Rev., AGM, 4.00%, 12/15/2024		580		650
Illinois Finance Authority, Local Government Program, East Prairie School District Number 73 Project
Rev., 4.00%, 12/1/2020		230		234
Rev., 5.00%, 12/1/2021		250		268
Illinois Finance Authority, Northwestern University Subseries 2008-B, Rev., VRDO, 0.15%, 6/9/2020 (c)		3,425		3,425
Illinois Finance Authority, Wesleyan University Rev., 5.00%, 9/1/2022		560		595
Lake County School District No. 70 Libertyville Series 2019, Rev., 4.00%, 1/1/2023		300		327
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024		2,500		2,731
Will County, Community Consolidated School District No. 70-C Laraway, Lease Certificates
Series A, Rev., AGM, 4.00%, 12/1/2020		385		392
Series A, Rev., AGM, 4.00%, 12/1/2021		400		420
				11,194
General Obligation — 3.4%
Adams County School District No. 172 GO, AGM, 4.00%, 2/1/2021		300		307
Buffalo Grove Park District, Lake and Cook Counties GO, 2.00%, 12/30/2020		330		333

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Champaign Coles Et Al Counties Community College District No. 505
Series 2018B, GO, 4.00%, 12/1/2020		1,250		1,273
Series 2018B, GO, 4.00%, 12/1/2021		2,500		2,639
Series 2018C, GO, 4.00%, 12/1/2021		465		491
Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation
Series 2020A, GO, Zero Coupon, 1/1/2022		200		199
Series 2020A, GO, Zero Coupon, 1/1/2023		200		198
Series 2020A, GO, Zero Coupon, 1/1/2024		385		376
Chicago Park District, Limited Tax
Series 2011B, GO, 4.00%, 1/1/2021		100		102
Series 2013B, GO, 5.00%, 1/1/2021		100		102
Chicago Park District, Unlimited Tax Series 2011C, GO, 5.00%, 1/1/2022		175		185
Chicago Park District, Unlimited Tax, Special Recreation Activity Series 2018E, GO, 5.00%, 11/15/2021		300		316
City of Aurora
Series 2019A, GO, 4.00%, 12/30/2021		470		498
Series 2019A, GO, 4.00%, 12/30/2022		1,525		1,661
Series 2019A, GO, 4.00%, 12/30/2023		1,595		1,787
Series 2019A, GO, 4.00%, 12/30/2024		1,655		1,898
City of Danville
GO, 2.00%, 12/1/2020		170		171
GO, 2.00%, 12/1/2021		255		260
GO, 3.00%, 12/1/2022		140		147
GO, 4.00%, 12/1/2023		145		159
City of Elgin
Series 2020A, GO, 2.00%, 12/15/2021		230		235
Series 2020A, GO, 3.00%, 12/15/2022		1,480		1,572
Series 2020A, GO, 3.00%, 12/15/2023		1,025		1,110
City of Kankakee Series 2011A, GO, AGM, 4.30%, 1/1/2021		1,040		1,061
City of Rock Island
Series B, GO, AGM, 3.00%, 12/1/2020		200		202
Series A, GO, AGM, 3.00%, 12/1/2021		130		134
Series B, GO, AGM, 3.00%, 12/1/2021		200		207
City of Rockford
Series 2019A, GO, AGM, 4.00%, 12/15/2020		100		102
Series 2019A, GO, AGM, 4.00%, 12/15/2021		130		136
Series 2019A, GO, AGM, 4.00%, 12/15/2022		135		146
Series 2019A, GO, AGM, 4.00%, 12/15/2023		140		155
City of Waukegan
Series A, GO, AGM, 3.00%, 12/30/2020		590		599
Series A, GO, AGM, 4.00%, 12/30/2023		525		583
Clay Wayne and Marion Counties Community Unit School District No. 35
Series 2019, GO, AGM, 5.00%, 12/1/2020		145		148
Series 2019, GO, AGM, 5.00%, 12/1/2021		205		218
Series 2019, GO, AGM, 5.00%, 12/1/2022		165		182
Series 2019, GO, AGM, 5.00%, 12/1/2023		175		200
Cook County
Series 2018, GO, 5.00%, 11/15/2020		900		910
Series 2018, GO, 5.00%, 11/15/2021		700		721
Series A, GO, 5.00%, 11/15/2021		355		366
Series C, GO, 5.00%, 11/15/2022		180		188
Cook County Community College District No. 508 GO, 5.25%, 12/1/2029		250		285
Cook County Community Consolidated School District No. 34 Glenview
GO, 4.00%, 12/1/2020		100		102
GO, 4.00%, 12/1/2021		175		184
GO, 4.00%, 12/1/2022		150		163
GO, 4.00%, 12/1/2023		150		168
Cook County Community Consolidated School District No. 65 Evanston GO, 5.00%, 12/1/2020		270		276
Cook County Community School District No. 97 Oak Park
GO, 4.00%, 1/1/2021		550		562
GO, 4.00%, 1/1/2022		400		422
GO, 4.00%, 1/1/2023		300		328
GO, 4.00%, 1/1/2024		275		309

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (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		3,597
Cook County High School District No. 207 Maine Township
Series 2019A, GO, 4.00%, 12/1/2021		8,330		8,773
Series 2019B, GO, 3.50%, 12/1/2022		325		349
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		101
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		254
Series 2019C, GO, 4.00%, 12/1/2022		605		654
Series 2019A, GO, 5.00%, 12/1/2023		345		394
Series 2019C, GO, 5.00%, 12/1/2023		660		754
Cook County School District No. 102 La Grange, Limited Tax
GO, AGM, 4.00%, 12/15/2020		400		407
GO, AGM, 4.00%, 12/15/2021		840		883
GO, AGM, 4.00%, 12/15/2022		825		898
GO, AGM, 4.00%, 12/15/2023		825		924
GO, AGM, 4.00%, 12/15/2024		930		1,067
GO, AGM, 4.00%, 12/15/2025		985		1,151
Cook County School District No. 109 Indian Springs, Limited Tax
Series 2020A, GO, 4.00%, 12/1/2023		125		139
Series 2020A, GO, 4.00%, 12/1/2024		400		455
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		122
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		798
Cook County School District No. 150, South Holland
GO, 4.00%, 4/1/2021		175		180
GO, 4.00%, 4/1/2022		190		202
Cook County School District No. 160, Country Club Hills
Series 2020A, GO, 4.00%, 12/1/2021		250		262
Series 2020A, GO, 4.00%, 12/1/2022		510		550
Series 2020A, GO, 4.00%, 12/1/2023		285		316
Series 2020A, GO, 4.00%, 12/1/2024		255		289
Cook County School District No. 160, Country Club Hills, Limited Tax
Series 2020B, GO, 4.00%, 12/1/2022		180		194
Series 2020B, GO, 4.00%, 12/1/2023		100		111
Series 2020B, GO, 4.00%, 12/1/2024		100		113
Cook County School District No. 63 East Maine
GO, 5.00%, 12/1/2020		2,170		2,221
GO, 5.00%, 12/1/2021		1,845		1,970
GO, 5.00%, 12/1/2022		1,935		2,113
Cook County School District No. 69, Skokie, Limited Tax
GO, 4.00%, 12/1/2024		315		363
GO, 4.00%, 12/1/2025		460		539
Cook County School District No. 99 Cicero
Series 2019B, GO, 5.00%, 12/1/2022		350		387
Series 2019B, GO, 5.00%, 12/1/2023		575		658
Cook County, Community Consolidated School District No. 146 Tinley Park
GO, 4.00%, 12/1/2020		200		204
GO, 4.00%, 12/1/2021		200		210
Cook County, Proviso Township High School District No. 209 GO, 5.00%, 12/1/2021		2,825		3,009
County of Will
Series 2019, GO, 5.00%, 11/15/2020		810		827
Series 2019, GO, 5.00%, 11/15/2021		270		289
Series 2019, GO, 5.00%, 11/15/2022		475		529

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019, GO, 5.00%, 11/15/2023		525		607
DuPage County Community High School District No. 94
GO, 4.00%, 1/1/2021		200		204
GO, 4.00%, 1/1/2033		10		11
DuPage County High School District No. 87 Glenbard GO, 3.00%, 10/1/2022		1,500		1,588
Flagg-Rochelle Community Park District
Series A, GO, AGM, 4.00%, 1/1/2021		100		102
Series A, GO, AGM, 4.00%, 1/1/2022		210		222
Series A, GO, AGM, 4.00%, 1/1/2023		220		238
Series A, GO, AGM, 4.00%, 1/1/2024		225		249
Grundy County School District No. 54 Series 2011A, GO, AGM, 7.25%, 12/1/2021		710		779
Hoffman Estates Park District
Series 2019A, GO, 4.00%, 12/1/2020		1,300		1,323
Series 2019A, GO, 4.00%, 12/1/2021		135		142
Series 2019B, GO, 4.00%, 12/1/2023		245		274
Jackson County Community Unit School District No. 186 GO, AGM, 4.00%, 12/1/2020		265		269
Joliet Park District, Limited Tax Park GO, 4.00%, 2/1/2021		830		850
Kane County School District No. 131 Aurora East Side
Series 2020A, GO, AGM, 2.00%, 12/1/2020		185		187
Series 2020B, GO, AGM, 2.00%, 12/1/2020		220		222
Series 2020A, GO, AGM, 3.00%, 12/1/2021		175		182
Series 2020B, GO, AGM, 3.00%, 12/1/2021		255		265
Series 2020A, GO, AGM, 4.00%, 12/1/2022		120		131
Series 2020B, GO, AGM, 4.00%, 12/1/2022		220		240
Series 2020A, GO, AGM, 5.00%, 12/1/2023		145		168
Series 2020B, GO, AGM, 5.00%, 12/1/2023		235		272
Series 2020A, GO, AGM, 5.00%, 12/1/2024		240		285
Series 2020A, GO, AGM, 5.00%, 12/1/2025		55		67
Series 2020B, GO, AGM, 5.00%, 12/1/2025		115		141
Kendall Kane and Will Counties Community Unit School District No. 308
Series B, GO, 4.00%, 10/1/2020		225		227
Series B, GO, 4.00%, 10/1/2021		255		262
Series B, GO, 5.00%, 10/1/2022		1,375		1,508
La Grange Park District Series 2012B, GO, 5.00%, 12/1/2021		415		443
Lee & Ogle Counties School District No. 170 Dixon
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		166
Series 2019B, GO, AGM, 3.00%, 1/30/2022		245		254
Series 2019A, GO, AGM, 3.00%, 1/30/2023		170		179
Series 2019B, GO, AGM, 3.00%, 1/30/2023		255		269
Lincoln Land Community College District No. 526 GO, 5.00%, 12/15/2021		125		134
Madison-Macoupin Etc Counties Community College District No. 536, Lewis and Clark Community
GO, AGM, 4.00%, 5/1/2022		750		800
GO, AGM, 4.00%, 5/1/2023		700		767
Sangamon County Community Unit School District No. 5 Ball-Chatham
Series B, GO, 5.00%, 1/1/2022		1,650		1,768
GO, 4.00%, 2/1/2023		2,015		2,190
Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains
Series 2019C, GO, 4.00%, 1/1/2022		165		174
Series 2019C, GO, 4.00%, 1/1/2023		310		336
Series 2019C, GO, 4.00%, 1/1/2024		370		413
State of Illinois
Series D, GO, 5.00%, 11/1/2020		5,000		5,030
GO, 5.00%, 2/1/2024		3,370		3,424
GO, 5.50%, 5/1/2025		2,500		2,592
GO, 5.50%, 5/1/2026		5,000		5,210

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Village of Antioch GO, 3.00%, 12/1/2020		290		294
Village of Bartlett
GO, 5.00%, 12/1/2021		980		1,049
GO, 5.00%, 12/1/2022		1,065		1,184
GO, 5.00%, 12/1/2023		1,130		1,302
Village of Bolingbrook Series A, GO, AGM, 4.00%, 1/1/2021		185		189
Village of Flossmoor
GO, 3.00%, 12/1/2020		585		592
GO, 3.00%, 12/1/2021		605		628
Village of Franklin Park GO, 4.00%, 1/1/2021		500		510
Village of Gilberts Series 2011, GO, 4.00%, 12/1/2021		440		454
Village of Hoffman Estates
Series A, GO, 3.00%, 12/1/2020		110		112
GO, 5.00%, 12/1/2020		270		276
GO, 5.00%, 12/1/2021		210		225
Village of Midlothian
Series 2019A, GO, 4.00%, 1/1/2023		190		206
Series 2019A, GO, 4.00%, 1/1/2024		120		133
Village of Villa Park
Series B, GO, 4.00%, 12/15/2020		125		127
Series B, GO, 4.00%, 12/15/2021		190		200
Series B, GO, 4.00%, 12/15/2022		200		217
Series B, GO, 4.00%, 12/15/2023		205		229
Village of Villa Park, Illinois Alternate Source
Series 2018C, GO, 3.00%, 12/15/2020		415		421
Series 2018C, GO, 4.00%, 12/15/2021		505		532
Village of Villa Park, Sales Tax Series A, GO, 4.00%, 12/15/2023		125		139
Village of Woodridge Series 2017, GO, 3.00%, 2/1/2021		250		254
Washington County Community Unit School District No. 10 West Washington
GO, 4.00%, 1/15/2021		740		756
GO, 4.00%, 1/15/2022		575		606
GO, 4.00%, 1/15/2023		685		742
Whiteside and Lee Counties, Sterling Community Unit School District No. 5 GO, AGM, 4.00%, 12/1/2020		320		325
Whiteside County Community Unit School District No. 6 Morrison
Series A, GO, AGM, 4.00%, 12/1/2020		205		209
Series A, GO, AGM, 4.00%, 12/1/2021		745		783
Will County Community High School District No. 210 Lincoln-Way
GO, AGM, 4.00%, 1/1/2021		100		101
GO, AGM, 4.00%, 1/1/2022		1,000		1,035
Will County Township High School District No. 204 Joliet
GO, 4.00%, 1/1/2021		75		77
GO, 4.00%, 1/1/2023		125		133
Will, Grundy, Livingston, Cook, Kendal, Lasalle and Kankakee Counties, Joliet Junior College, Community College District No. 525
GO, 5.00%, 1/1/2022		5,275		5,650
GO, 5.00%, 1/1/2023		5,495		6,133
GO, 5.00%, 1/1/2024		2,600		3,009
Winnebago and Stephenson Counties School District No. 323, School Building GO, 5.00%, 11/1/2020		100		102
				127,617
Hospital — 0.2%
Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (c)		250		252
Illinois Finance Authority, Little Company of Mary Hospital and Health Care Centers Series 2008B, Rev., VRDO, LOC: Barclays Bank plc, 0.14%, 6/9/2020 (c)		20		20
Illinois Finance Authority, Northshore University Healthsystem
Series 2020A, Rev., 5.00%, 8/15/2020		1,500		1,513
Series 2020A, Rev., 5.00%, 8/15/2021		1,000		1,049
Series 2020A, Rev., 5.00%, 8/15/2022		750		816
Series 2020A, Rev., 5.00%, 8/15/2023		500		562
Series 2020A, Rev., 5.00%, 8/15/2024		1,000		1,155
Series 2020A, Rev., 5.00%, 8/15/2025		1,250		1,480

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
University of Illinois, Health Services System Rev., VRDO, LOC: Wells Fargo Bank NA, 0.13%, 6/9/2020 (c)		2,850		2,850
				9,697
Housing — 0.1%
Illinois Housing Development Authority Series 2019A, Rev., FHA, 1.60%, 1/1/2023 (c)		5,600		5,667
Other Revenue — 0.4%
City of Rochelle Series A, Rev., AGM, 3.00%, 6/30/2020		275		276
Illinois Finance Authority, Carle Foundation Series B, Rev., VRDO, LOC: Northern Trust Co., 0.11%, 6/9/2020 (c)		6,080		6,080
Metropolitan Pier and Exposition Authority, Illinois Dedicated State Tax, Capital Appreciation Series 1992A, Rev., NATL-RE, Zero Coupon, 6/15/2020		130		130
Peoria Public Building Commission
Series A, Rev., AGM, 3.00%, 12/1/2022		75		79
Series A, Rev., AGM, 4.00%, 12/1/2024		655		745
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		108
State of Illinois, Sales Tax, Junior Obligation
Rev., 5.00%, 6/15/2021		110		111
Series 2018B, Rev., 5.00%, 6/15/2021		5,000		5,057
Rev., 5.00%, 6/15/2023		990		1,012
				13,787
Transportation — 0.0% (b)
Chicago Midway International Airport, Second Lien
Series 2014A, Rev., AMT, 5.00%, 1/1/2021		1,000		1,017
Series 2014B, Rev., 5.00%, 1/1/2023		150		163
Chicago O’Hare International Airport, General Airport, Senior Lien Series 2016G, Rev., AMT, 5.00%, 1/1/2021		200		204
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula Funds Rev., 5.00%, 6/1/2021		270		280
				1,664
Total Illinois				169,626
Indiana — 2.6%
Education — 0.3%
Fort Wayne Community School Building Corp., First Mortgage
Rev., 4.00%, 7/15/2020		165		166
Rev., 4.00%, 1/15/2021		100		102
Rev., 4.00%, 7/15/2021		250		260
Rev., 4.00%, 1/15/2022		250		264
Rev., 4.00%, 7/15/2022		125		135
Hammond Multi-School Building Corp., First Mortgage
Rev., 4.00%, 7/15/2020		615		617
Rev., 4.00%, 7/15/2021		670		695
Indiana Finance Authority, Butler University Project
Rev., 3.00%, 2/1/2021		140		141
Rev., 3.00%, 2/1/2022		210		215
Rev., 3.00%, 2/1/2023		225		231
Indiana Finance Authority, Marian University Project
Series A, Rev., 5.00%, 9/15/2020		50		50
Series A, Rev., 5.00%, 9/15/2021		60		62
Series A, Rev., 5.00%, 9/15/2022		50		53
Series A, Rev., 5.00%, 9/15/2023		75		82
Series A, Rev., 5.00%, 9/15/2024		155		173
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		261
Series 2019, Rev., 3.00%, 7/15/2022		150		158
Purdue University, Student Facilities System Series 2007C, Rev., VRDO, 0.11%, 6/9/2020 (c)		6,575		6,575
South Madison Elementary School Building Corp., Indiana Ad Valorem Property Tax
Rev., 4.00%, 7/15/2020		70		70
Rev., 4.00%, 1/15/2021		100		103
Rev., 4.00%, 7/15/2021		80		83
Southmont School Building Corp., Ad Valorem Property Tax Rev., 4.00%, 7/15/2020		190		191

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Tippecanoe County School Building Corp.
Rev., 4.00%, 7/15/2020		240		241
Rev., 4.00%, 1/15/2021		300		307
Rev., 4.00%, 7/15/2021		200		208
Rev., 4.00%, 1/15/2022		365		386
Rev., 4.00%, 7/15/2022		275		296
Rev., 4.00%, 1/15/2023		300		329
Rev., 4.00%, 7/15/2023		380		422
				13,244
General Obligation — 0.2%
Fort Wayne Community Schools
GO, 2.00%, 7/15/2020		450		451
GO, 4.00%, 1/15/2021		455		465
GO, 4.00%, 7/15/2021		630		655
GO, 4.00%, 1/15/2022		755		798
Franklin Township Community School Corp.
GO, 4.00%, 7/15/2020		1,415		1,421
GO, 4.00%, 1/15/2021		1,465		1,497
Metropolitan School District of Southwest Allen County
Series 2019B, GO, 4.00%, 7/15/2020		175		176
Series 2019B, GO, 4.00%, 1/15/2021		110		112
Series 2019B, GO, 4.00%, 7/15/2021		100		104
Series 2019B, GO, 4.00%, 1/15/2022		100		106
Series 2019B, GO, 4.00%, 7/15/2022		590		626
Series 2019B, GO, 4.00%, 1/15/2023		520		559
Series 2019B, GO, 4.00%, 7/15/2023		485		528
Series 2019B, GO, 4.00%, 1/15/2024		575		633
Metropolitan School District Washington Township
GO, 4.00%, 7/15/2021		250		260
GO, 4.00%, 1/15/2022		590		625
				9,016
Hospital — 1.1%
Indiana Finance Authority, Goshen Health Series B, Rev., 2.10%, 11/1/2026 (c)		2,700		2,823
Indiana Finance Authority, Health Obligation Series L, Rev., (SIFMA Municipal Swap Index Yield + 0.28%, 12.00% Cap), 0.42%, 6/9/2020 (d)		10,000		9,931
Indiana Finance Authority, University Health Obligated Group Series E, Rev., VRDO, LOC: Bank of America NA, 0.13%, 6/9/2020 (c)		1,055		1,055
Indiana Health Facility Financing Authority, Ascension Health Credit Group Series 2001A-2, Rev., 2.00%, 2/1/2023 (c)		24,875		25,743
				39,552
Other Revenue — 0.7%
Hammond Local Public Improvement Bond Bank
Series 2020A, Rev., 2.25%, 6/30/2020		2,000		2,002
Series 2020A, Rev., 2.38%, 12/31/2020		2,000		2,015
Indiana State Finance Authority, Lease Appropriation, Stadium Project
Series 2007A-2, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.06%, 6/1/2020 (c)		15,555		15,555
Series A, Rev., VRDO, 0.14%, 6/9/2020 (c)		6,820		6,820
				26,392
Prerefunded — 0.0% (b)
Indiana Health Facility Financing Authority, Ascension Health Credit Group Series 2001A-2, Rev., 2.00%, 2/1/2023 (c) (e)		125		130
Utility — 0.3%
City of Rockport, AEP Generating Company Project
Series A, Rev., 1.35%, 9/1/2022 (c)		2,000		2,031
Series B, Rev., 1.35%, 9/1/2022 (c)		2,250		2,284
City of Rockport, Indiana Michigan Power Company Project Series 2009B, Rev., 3.05%, 6/1/2025		6,500		7,098
				11,413
Water & Sewer — 0.0% (b)
City of Martinsville, Waterworks Rev., AGM, 2.00%, 7/1/2020		310		310
Town of Schererville, Sewage Works
Rev., 4.00%, 3/1/2021		50		51
Rev., 4.00%, 3/1/2022		75		80
Rev., 4.00%, 3/1/2023		75		82
Rev., 4.00%, 3/1/2024		110		125
				648
Total Indiana				100,395

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Iowa — 0.6%
Certificate of Participation/Lease — 0.0% (b)
City of Altoona, Evidencing an Ownership Interest in Base Lease Payments Pursuant to a Lease Purchase Agreement
Series 2020A, COP, 4.00%, 6/1/2022		225		241
Series 2020A, COP, 4.00%, 6/1/2023		275		304
City of Coralville Series 2016E, COP, 4.00%, 6/1/2023		325		328
				873
Education — 0.0% (b)
North Polk Community School District, Iowa School Infrastructure Sales Series 2020B, Rev., 4.00%, 6/1/2022		450		482
General Obligation — 0.0% (b)
City of Iowa Falls
GO, 3.00%, 6/1/2020		120		120
GO, 3.00%, 6/1/2023		230		246
City of Sac City
GO, 5.00%, 6/1/2020		150		150
GO, 5.00%, 6/1/2021		160		167
County of Plymouth
GO, AGM, 3.00%, 6/1/2020		280		280
GO, AGM, 3.00%, 6/1/2021		565		581
GO, AGM, 3.00%, 6/1/2022		290		304
Waukee Community School District GO, 5.00%, 6/1/2020		45		45
				1,893
Hospital — 0.6%
Iowa Finance Authority, Health Systems Rev., (SIFMA Municipal Swap Index Yield + 0.58%, 18.00% Cap), 0.71%, 6/9/2020 (d) (f)		19,650		19,315
Other Revenue — 0.0% (b)
State of Iowa, Ijobs Program Series A, Rev., 5.00%, 6/1/2021		400		419
Total Iowa				22,982
Kansas — 0.5%
Certificate of Participation/Lease — 0.1%
Johnson County Park and Recreation District
Series 2019B, COP, 3.00%, 9/1/2020		340		342
Series 2019A, COP, 5.00%, 9/1/2020		200		202
Series 2019B, COP, 3.00%, 9/1/2021		255		263
Series 2019A, COP, 5.00%, 9/1/2021		240		254
Series 2019B, COP, 3.00%, 9/1/2022		200		206
Series 2019A, COP, 5.00%, 9/1/2022		250		268
Series 2019B, COP, 3.00%, 9/1/2023		200		208
Series 2019A, COP, 5.00%, 9/1/2023		125		138
Kansas City Kansas Community College
Series 2020A, COP, 4.00%, 4/1/2021		450		463
Series 2020A, COP, 4.00%, 4/1/2022		600		638
Series 2020A, COP, 4.00%, 4/1/2023		800		877
Series 2020A, COP, 4.00%, 4/1/2024		500		564
				4,423
General Obligation — 0.4%
Butler County Unified School District No. 385, Temporary Notes GO, 3.00%, 12/1/2020		815		826
City of Manhattan, Temporary Notes GO, 1.50%, 6/15/2022		5,915		5,918
County of Reno, Temporary Notes GO, 3.00%, 12/1/2021		4,605		4,664
Sedgwick County Unified School District No. 267 Renwick
Series 2019A, GO, 3.00%, 11/1/2022		100		106
Series 2019A, GO, 3.00%, 11/1/2023		100		108
Wyandotte County Unified School District No. 202 Turner
Series 2019A, GO, AGM, 2.00%, 9/1/2021		200		204
Series 2019A, GO, AGM, 3.00%, 9/1/2022		125		132
Series 2019A, GO, AGM, 3.00%, 9/1/2023		400		431
Series 2019A, GO, AGM, 3.00%, 9/1/2024		400		438
				12,827
Other Revenue — 0.0% (b)
Overland Park Development Corp., Overland Park Convention Center Rev., 4.00%, 3/1/2021		1,400		1,411
Total Kansas				18,661
Kentucky — 1.0%
General Obligation — 0.0% (b)
Lexington-Fayette Urban County Government, Various Purpose Series 2014A, GO, 5.00%, 9/1/2020		20		20

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Hospital — 0.1%
City of Ashland, Ashland Hospital Corp. DBA King’s Daughters Medical Center
Rev., 5.00%, 2/1/2021		385		393
Rev., 5.00%, 2/1/2022		500		527
Rev., 5.00%, 2/1/2023		600		650
Rev., 5.00%, 2/1/2024		575		638
				2,208
Housing — 0.3%
Kentucky Housing Corp., BTT Development III Portfolio Rev., 1.40%, 6/1/2022 (c)		3,315		3,368
Kentucky Housing Corp., Henry Greene Apartments Project Rev., 2.00%, 9/1/2020 (c)		7,200		7,227
				10,595
Industrial Development Revenue/Pollution Control Revenue — 0.3%
Louisville/Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series 2003A, Rev., 1.85%, 4/1/2021 (c)		10,000		10,090
Other Revenue — 0.0% (b)
Kentucky State Property and Buildings Commission, Project No. 110 Rev., 5.00%, 8/1/2024		85		97
Kentucky State Property and Buildings Commission, Project No. 99 Series A, Rev., 5.00%, 11/1/2021		1,540		1,565
				1,662
Prerefunded — 0.0% (b)
Franklin County Public Properties Corp., Justice Center Project Series A, Rev., 4.50%, 4/1/2031 (e)		40		41
Transportation — 0.0% (b)
Louisville Regional Airport Authority, Airport System Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,081
Utility — 0.3%
Kentucky Public Energy Authority, Gas Supply
Series 2018A, Rev., 4.00%, 4/1/2021		775		792
Series A, Rev., 4.00%, 4/1/2022		1,210		1,266
Louisville/Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Company Project Series B, Rev., AMT, 2.55%, 5/3/2021 (c)		2,750		2,794
Paducah Electric Plant Board
Rev., 5.00%, 10/1/2020		2,250		2,284
Rev., 5.00%, 10/1/2021		2,300		2,437
Rev., 5.00%, 10/1/2022		2,000		2,203
Rev., 5.00%, 10/1/2023		2,000		2,283
				14,059
Total Kentucky				39,756
Louisiana — 1.2%
General Obligation — 0.1%
Calcasieu Parish School District No. 23
GO, 5.00%, 9/1/2023		180		206
GO, 5.00%, 9/1/2024		250		296
Calcasieu Parish School District No. 34 GO, 3.00%, 1/15/2022		520		542
City of Shreveport, Water and Sewer GO, 5.00%, 9/1/2021		145		153
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
Zachary Community School District No. 1
GO, 3.00%, 3/1/2021		200		204
GO, 3.00%, 3/1/2022		685		717
GO, 3.00%, 3/1/2023		715		762
				3,374
Hospital — 1.0%
Louisiana Public Facilities Authority, Christus Health Series 2018D, Rev., 5.00%, 7/1/2020		700		702
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%, 12.00% Cap), 0.79%, 6/9/2020 (d)		40,000		39,396
				40,098
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Parish of St. Charles, Pollution Control, Shell Oil Co., Norco Project Series B, Rev., VRDO, 0.08%, 6/1/2020 (c)		150		150
Other Revenue — 0.1%
City of Youngsville LA
Rev., 3.00%, 12/1/2020		250		253
Rev., 3.00%, 12/1/2021		255		266

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
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		880
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2021		1,500		1,593
				2,992
Water & Sewer — 0.0% (b)
City of Shreveport, Water and Sewer, Junior Lien
Series 2019B, Rev., AGM, 4.00%, 12/1/2023		310		346
Series 2019B, Rev., AGM, 5.00%, 12/1/2024		225		268
				614
Total Louisiana				47,228
Maryland — 1.5%
General Obligation — 0.1%
State of Maryland, State and Local Facilities Loan of 2017 Series 2017B, GO, 5.00%, 8/1/2025		2,825		3,486
Hospital — 1.0%
County of Montgomery, CHE Trinity Health Credit Group Series MD, Rev., VRDO, 0.26%, 9/1/2020 (c)		38,000		38,000
Other Revenue — 0.0% (b)
Maryland Stadium Authority, Construction and Revitalization Program Series 2018A, Rev., 5.00%, 5/1/2021		1,215		1,263
Prerefunded — 0.4%
Maryland Health & Higher Educational Facilities Authority, The Johns Hopkins Health System Issue Series 2013C, Rev., 5.00%, 5/15/2043 (e)		12,255		13,951
Total Maryland				56,700
Massachusetts — 4.4%
Education — 0.3%
Massachusetts Development Finance Agency, Suffolk University
Rev., 4.00%, 7/1/2020		250		250
Rev., 5.00%, 7/1/2021		500		515
Rev., 5.00%, 7/1/2022		390		411
Rev., 5.00%, 7/1/2024		350		381
Massachusetts Development Finance Agency, Western New England University
Rev., 5.00%, 9/1/2020		300		302
Rev., 5.00%, 9/1/2021		265		276
University of Massachusetts Building Authority, Commonwealth Guaranteed Series 2008A, Rev., VRDO, LIQ: Barclays Bank plc, 0.12%, 6/9/2020 (c)		9,760		9,760
				11,895
General Obligation — 1.8%
City of Fall River GO, BAN, 1.50%, 2/5/2021		14,094		14,205
City of Greenfield GO, BAN, 2.00%, 10/1/2020		4,853		4,880
City of Lowell GO, BAN, 2.00%, 9/25/2020		4,389		4,412
Commonwealth of Massachusetts Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 1.01%, 8/1/2020 (d)		30,000		29,395
Commonwealth of Massachusetts, Consolidated Loan of 2014 Subseries D-2, GO, 1.70%, 8/1/2022 (c)		5,500		5,649
Southeastern Massachusetts Regional 911 District GO, BAN, 2.00%, 11/4/2020		7,000		7,047
Town of Bridgewater GO, BAN, 2.25%, 6/26/2020		3,500		3,504
				69,092
Hospital — 0.3%
Massachusetts Development Finance Agency, Partners Healthcare System
Series 2017S-5, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 0.56%, 6/9/2020 (d)		10,000		9,913
Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%, 10.00% Cap), 0.64%, 6/9/2020 (d)		1,500		1,484
				11,397
Housing — 0.0% (b)
Massachusetts Housing Finance Agency, Construction Loan Series 2017A, Rev., 1.85%, 6/1/2020		1,630		1,630
Prerefunded — 0.0% (b)
Commonwealth of Massachusetts, Consolidated Loan of 2011 Series 2011A, GO, 5.00%, 4/1/2028 (e)		20		21
Transportation — 1.3%
Massachusetts Port Authority

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019-A, Rev., AMT, 5.00%, 7/1/2020		2,295		2,303
Series 2019-A, Rev., AMT, 5.00%, 7/1/2021		3,000		3,145
Series 2019-A, Rev., AMT, 5.00%, 7/1/2022		2,500		2,701
Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured Series A, Rev., 5.00%, 1/1/2023 (c)		10,000		11,087
Merrimack Valley Regional Transit Authority Rev., RAN, 2.25%, 6/26/2020		8,400		8,410
Metrowest Regional Transit Authority Rev., RAN, 2.00%, 9/18/2020		9,657		9,706
Pioneer Valley Transit Authority Rev., RAN, 2.00%, 7/16/2020		13,000		13,025
				50,377
Water & Sewer — 0.7%
Massachusetts Clean Water Trust (The), Revolving Funds Series 15A, Rev., 5.00%, 8/1/2020		200		202
Massachusetts Water Resources Authority Series A-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.14%, 6/9/2020 (c)		28,325		28,325
				28,527
Total Massachusetts				172,939
Michigan — 2.5%
General Obligation — 0.5%
City of Garden, Capital Improvement GO, 4.00%, 10/1/2020		795		805
City of Gladstone, Limited Tax
GO, AGM, 3.00%, 3/1/2021		250		255
GO, AGM, 3.00%, 3/1/2022		250		261
GO, AGM, 3.00%, 3/1/2023		260		278
GO, AGM, 3.00%, 3/1/2024		265		289
GO, AGM, 3.00%, 3/1/2025		275		304
City of Marquette, Capital Improvement GO, 4.00%, 5/1/2021		150		155
City of Marquette, Limited Tax GO, 3.00%, 5/1/2021		125		128
Frankenmuth School District, School Building and Site GO, Q-SBLF, 4.00%, 5/1/2023		200		221
Grand Rapids Public Schools
Series 2019, GO, AGM, 5.00%, 11/1/2020		2,075		2,114
Series 2019, GO, AGM, 5.00%, 11/1/2021		2,225		2,365
Grosse Pointe Public School System GO, 4.00%, 5/1/2021		240		248
Hopkins Public Schools
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2021		180		186
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2022		160		171
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2023		365		402
Jackson Public Schools, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2023		605		670
GO, Q-SBLF, 4.00%, 5/1/2024		690		786
Kalamazoo Public Schools, School Building and Site GO, 4.00%, 5/1/2021		775		801
Kelloggsville Public Schools, School Building and Site
GO, AGM, 4.00%, 5/1/2021		360		372
GO, AGM, 4.00%, 5/1/2022		380		405
Leland Public School District
GO, AGM, 4.00%, 5/1/2022		510		544
GO, AGM, 4.00%, 5/1/2023		785		860
Waterford School District, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2021		265		273
GO, Q-SBLF, 4.00%, 5/1/2022		650		692
GO, Q-SBLF, 4.00%, 5/1/2023		1,340		1,479
GO, Q-SBLF, 4.00%, 5/1/2024		1,360		1,543
Wayne-Westland Community Schools, Building and Site
Series 2019, GO, Q-SBLF, 4.00%, 11/1/2020		875		888
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		171
Series 2019, GO, Q-SBLF, 5.00%, 11/1/2022		290		322
				19,020
Hospital — 1.7%
Kent Hospital Finance Authority, Spectrum Health System Series 2008B-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.13%, 6/9/2020 (c)		34,040		34,040
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 11/15/2022 (c)		4,165		4,430

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Michigan Finance Authority, CHE Trinity Health Credit Group Series MI-1, Rev., VRDO, 0.26%, 9/1/2020 (c)		25,050		25,050
				63,520
Housing — 0.2%
Michigan State Housing Development Authority, Single Family Mortgage Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 0.26%, 6/9/2020 (c)		9,230		9,230
Other Revenue — 0.1%
City of Charlevoix, Limited Tax
Rev., 4.00%, 10/1/2020		165		167
Rev., 4.00%, 10/1/2021		215		226
Rev., 4.00%, 10/1/2022		175		189
Rev., 4.00%, 10/1/2023		110		122
Detroit Downtown Development Authority, Tax Increment
Series B, Rev., AGM, 5.00%, 7/1/2020		1,200		1,204
Series 2018A, Rev., AGM, 5.00%, 7/1/2021		500		524
Michigan Strategic Fund, Holland Home Obligated Group
Rev., 4.00%, 11/15/2020		200		200
Rev., 4.00%, 11/15/2021		180		180
Rev., 4.00%, 11/15/2022		180		180
Rev., 4.00%, 11/15/2023		190		189
				3,181
Transportation — 0.0% (b)
Gerald R Ford International Airport Authority, Limited Tax Rev., GTD, 5.00%, 1/1/2021		815		836
Wayne County Airport Authority, Junior Lien Series B, Rev., AMT, 5.00%, 12/1/2020		550		559
				1,395
Water & Sewer — 0.0% (b)
South Haven Township and Casco Township Water and Sewage Treatment Authority
Rev., 4.00%, 5/1/2021		280		289
Rev., 4.00%, 5/1/2022		285		304
Rev., 4.00%, 5/1/2023		480		529
Rev., 4.00%, 5/1/2024		720		815
				1,937
Total Michigan				98,283
Minnesota — 0.6%
Certificate of Participation/Lease — 0.0% (b)
Duluth Independent School District No. 709
Series 2019B, COP, 5.00%, 2/1/2021		145		149
Series 2019B, COP, 5.00%, 2/1/2022		160		171
Series 2019C, COP, 5.00%, 2/1/2022		135		144
Series 2019B, COP, 5.00%, 2/1/2023		185		206
St. Paul Independent School District No. 625 Series B, COP, 5.00%, 2/1/2021		930		959
				1,629
Education — 0.0% (b)
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.
Rev., 3.00%, 12/1/2020		75		75
Rev., 3.00%, 12/1/2021		75		76
Rev., 3.00%, 12/1/2022		100		102
Rev., 3.00%, 12/1/2023		100		101
Minnesota Higher Education Facilities Authority, Trustees of the Hamline University Series 2017B, Rev., 4.00%, 10/1/2020		780		785
				1,139
General Obligation — 0.1%
City of Glencoe
Series 2018-A, GO, 3.00%, 8/1/2020		75		75
Series 2018-A, GO, 3.00%, 8/1/2021		80		83
State of Minnesota, Trunk Highway Series B, GO, 5.00%, 8/1/2021		1,765		1,865
				2,023
Hospital — 0.4%
Housing and Redevelopment Authority of The City of St. Paul Minnesota, Health Care System Series 2009C, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.12%, 6/9/2020 (c)		10,280		10,280
Housing — 0.0% (b)
City of Wayzata, Folkestone Senior Living Community
Rev., 3.00%, 8/1/2022		200		195
Rev., 3.00%, 8/1/2023		100		97
Rev., 3.00%, 8/1/2024		100		96
Duluth Housing and Redevelopment Authority, Public Schools Academy Project
Series 2018-A, Rev., 3.38%, 11/1/2021		330		332

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2018-A, Rev., 3.63%, 11/1/2022		345		350
Series 2018-A, Rev., 3.88%, 11/1/2023		325		333
Housing and Redevelopment Authority of The City of St. Paul Minnesota, Parking Enterprise Series A, Rev., 3.00%, 8/1/2020		515		517
				1,920
Prerefunded — 0.1%
Housing and Redevelopment Authority of The City of St. Paul Minnesota, Hospital Facilities, Healtheast Care System Series 2015A, Rev., 5.00%, 11/15/2026 (e)		4,825		4,925
Total Minnesota				21,916
Mississippi — 0.3%
General Obligation — 0.0% (b)
City of Tupelo
Series 2019, GO, 4.00%, 12/1/2020		360		366
Series 2019, GO, 4.00%, 12/1/2021		125		132
Series 2019, GO, 4.00%, 12/1/2022		245		267
Series 2019, GO, 4.00%, 12/1/2023		315		353
				1,118
Hospital — 0.3%
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Care
Series B2, Rev., VRDO, 0.50%, 6/1/2020 (c)		4,335		4,335
Series 2020A-2, Rev., 1.98%, 9/1/2020 (c)		4,500		4,500
Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project
Series B, Rev., 5.00%, 1/1/2021		270		277
Series B, Rev., 5.00%, 1/1/2022		320		342
Series B, Rev., 5.00%, 1/1/2023		370		406
Series B, Rev., 5.00%, 1/1/2024		370		418
				10,278
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%, 3/1/2021		130		133
Rev., 3.00%, 3/1/2022		175		182
State of Mississippi Series E, Rev., 5.00%, 10/15/2020		100		101
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2021		700		730
				1,250
Prerefunded — 0.0% (b)
State of Mississippi, Capital Improvements Project Series 2011A, GO, 5.00%, 10/1/2036 (e)		25		27
Total Mississippi				12,673
Missouri — 0.8%
Certificate of Participation/Lease — 0.1%
Belton School District No. 124 Series 2019, COP, AGM, 4.00%, 1/15/2022		100		106
Blue Eye R-V School District COP, 4.00%, 4/1/2021		75		77
City of St. Peters
COP, 4.00%, 5/1/2021		530		547
COP, 4.00%, 5/1/2022		605		646
COP, 4.00%, 5/1/2023		625		690
COP, 4.00%, 5/1/2024		650		736
COP, 4.00%, 5/1/2025		425		494
County of Stone COP, 3.00%, 12/1/2020		145		147
St. Louis County Special School District
COP, 4.00%, 4/1/2021		355		366
COP, 4.00%, 4/1/2022		395		421
COP, 4.00%, 4/1/2023		410		450
COP, 4.00%, 4/1/2024		605		682
Village of Country Club COP, AGM, 3.00%, 4/1/2021		165		169
				5,531
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		3,164
Missouri Western State University, Auxiliary System Rev., 2.80%, 10/1/2022		50		50
				3,214

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
General Obligation — 0.0% (b)
Greene County Reorganized School District No. R-8
Series 2019B, GO, 3.00%, 3/1/2022		500		524
Series 2019B, GO, 3.00%, 3/1/2023		595		636
Nixa Public Schools, Missouri Direct Deposit Program
Series 2019B, GO, 4.00%, 3/1/2021		100		103
Series 2019B, GO, 4.00%, 3/1/2022		175		186
Series 2019B, GO, 5.00%, 3/1/2023		200		225
				1,674
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Hannibal IDA, Healthcare Facilities Rev., 5.00%, 10/1/2020		300		304
Other Revenue — 0.6%
City of Kansas City, Roe Bartle Convention Center Series F, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.14%, 6/9/2020 (c)		4,490		4,490
County of Greene, Special Obligation
Rev., 4.00%, 12/1/2021		205		217
Rev., 4.00%, 12/1/2022		260		283
Rev., 4.00%, 12/1/2023		520		582
Rev., 4.00%, 12/1/2024		540		620
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		4,000		4,329
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176, Rev., VRDO, LIQ: Royal Bank of Canada, 0.34%, 6/9/2020 (c) (f)		8,200		8,200
				18,721
Transportation — 0.0% (b)
St. Louis Lambert International Airport Series B, Rev., AMT, AGM, 5.00%, 7/1/2021		1,305		1,359
Total Missouri				30,803
Montana — 0.1%
Education — 0.1%
Montana State Board of Regents, Montana State University Series F, Rev., (SIFMA Municipal Swap Index Yield + 0.45%, 9.00% Cap), 0.59%, 6/9/2020 (d)		3,225		3,180
Nebraska — 0.1%
General Obligation — 0.1%
County of Saunders
GO, 1.00%, 11/1/2021		100		101
GO, 2.00%, 11/1/2022		300		312
GO, 3.00%, 11/1/2023		325		353
GO, 3.00%, 11/1/2024		415		459
Papio-Missouri River Natural Resource District GO, 4.00%, 12/15/2020		405		413
				1,638
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		254
Special Tax — 0.0% (b)
City of Omaha
Series A, Rev., 2.20%, 1/15/2021		125		127
Series A, Rev., 5.00%, 1/15/2022		125		134
				261
Total Nebraska				2,153
Nevada — 0.8%
General Obligation — 0.1%
Clark County School District
Series 2014A, GO, 5.00%, 6/15/2020		50		50
Series C, GO, 5.00%, 6/15/2023		2,000		2,247
				2,297
Hospital — 0.0% (b)
City of Carson, Carson Tahoe Regional Healthcare Project
Rev., 5.00%, 9/1/2020		250		252
Rev., 5.00%, 9/1/2027		610		706
				958
Industrial Development Revenue/Pollution Control Revenue — 0.1%
County of Humboldt, Sierra Pacific Power Company Project Series 2016B, Rev., 1.85%, 4/15/2022 (c)		4,550		4,617
Other Revenue — 0.0% (b)
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (f)		795		774
Transportation — 0.5%
Clark County, Department of Aviation, Nevada Airport System, Junior Subordinate Lien Series A, Rev., 5.00%, 7/1/2021		18,500		19,303
Water & Sewer — 0.1%
County of Washoe, Sierra Pacific Power Company Project Series 2016G, Rev., 1.85%, 4/15/2022 (c)		5,000		5,074
Total Nevada				33,023

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
New Jersey — 5.9%
Education — 0.2%
New Jersey Economic Development Authority, School Facilities Construction
Series 2014PP, Rev., 5.00%, 6/15/2020		175		175
Series 2014PP, Rev., 5.00%, 6/15/2020 (e)		25		25
Series 2017DDD, Rev., 5.00%, 6/15/2020		500		500
Series XX, Rev., 5.00%, 6/15/2021		5,000		5,081
New Jersey Educational Facilities Authority, The William Paterson University
Series 2012D, Rev., 5.00%, 7/1/2020		100		100
Series C, Rev., 5.00%, 7/1/2021		150		156
				6,037
General Obligation — 5.0%
Borough of Carlstadt GO, BAN, 2.00%, 6/26/2020		5,000		5,005
Borough of Carteret
Series 2019, GO, BAN, 2.25%, 6/5/2020		5,999		6,000
GO, BAN, 1.75%, 1/29/2021		7,147		7,214
Borough of East Rutherford GO, AGM, 5.00%, 12/1/2020		290		297
Borough of Franklin GO, BAN, 2.00%, 7/31/2020		2,193		2,199
Borough of Haledon GO, BAN, 2.00%, 10/30/2020		3,650		3,675
Borough of Middlesex Series A, GO, BAN, 2.25%, 6/25/2020		5,282		5,288
Borough of Sussex GO, BAN, 2.00%, 10/23/2020		2,027		2,039
City of Bridgeton GO, BAN, 2.00%, 8/21/2020		9,397		9,429
City of Linwood, Bemporary Nobas GO, BAN, 2.00%, 7/21/2020		4,935		4,946
City of Newark GO, 2.00%, 10/7/2020		49,420		49,676
City of Newark, School Promissory Notes GO, 2.50%, 7/29/2020		30,582		30,682
East Brunswick Township Board of Education, School Energy Savings
GO, 5.00%, 8/1/2020		65		66
GO, 5.00%, 8/1/2021		55		58
GO, 5.00%, 8/1/2022		110		120
Penns Grove-Carneys Point Regional School District GO, GAN, 2.50%, 7/10/2020		7,158		7,174
Township of Franklin GO, BAN, 2.00%, 7/17/2020		3,158		3,164
Township of Galloway GO, BAN, 2.00%, 8/13/2020		6,920		6,942
Township of Haddon Series 2019A, GO, BAN, 2.00%, 10/29/2020		15,758		15,868
Township of Logan GO, BAN, 1.75%, 10/21/2020		2,360		2,373
Township of Lyndhurst GO, BAN, 1.50%, 2/5/2021		4,065		4,097
Township of Pemberton Series 2019, GO, BAN, 2.25%, 6/9/2020		6,230		6,232
Township of Springfield GO, BAN, 2.00%, 7/30/2020		11,000		11,028
Township of Waterford Series 2019A, GO, BAN, 2.00%, 12/1/2020		2,718		2,741
Township of West Orange GO, BAN, 2.00%, 7/24/2020		6,692		6,702
Township of Westampton Series B, GO, BAN, 2.00%, 6/4/2020		2,205		2,205
				195,220
Hospital — 0.0% (b)
New Jersey Health Care Facilities Financing Authority, Holy Name Medical Center Series 2010, Rev., 4.50%, 7/1/2020		375		376
Housing — 0.3%
New Jersey Housing and Mortgage Finance Agency, Multi-Family Conduit, Garden Spires Project Series 2018A, Rev., 2.02%, 8/1/2020 (c)		8,000		8,017
New Jersey Housing and Mortgage Finance Agency, Multi-Family Conduit, Georgia King Village Project Series 2018-E, Rev., 2.45%, 10/1/2020 (c)		4,500		4,528
New Jersey Housing and Mortgage Finance Agency, Oceanport Gardens Series C, Rev., VRDO, 1.58%, 6/1/2022 (c)		1,000		1,000
				13,545
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Passaic County Utilities Authority, Solid Waste Disposal Series 2018, Rev., GTD, 4.38%, 3/1/2021		255		263
Other Revenue — 0.1%
Garden State Preservation Trust
Series A, Rev., 5.00%, 11/1/2020		25		25

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2005C, Rev., AGM, 5.25%, 11/1/2020		1,725		1,760
The Cumberland County Improvement Authority, Vineland Public Safety Building Project Series 2017, Rev., 5.00%, 12/15/2021		340		365
Tobacco Settlement Financing Corp. Series A, Rev., 5.00%, 6/1/2020		3,000		3,000
				5,150
Transportation — 0.3%
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2021		6,000		6,143
New Jersey Turnpike Authority Series C-1, Rev., (ICE LIBOR USD 1 Month + 0.34%, 8.00% Cap), 0.46%, 7/1/2020 (d)		4,000		3,980
				10,123
Total New Jersey				230,714
New Mexico — 0.2%
General Obligation — 0.0% (b)
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		331
GO, 5.00%, 8/1/2021		535		564
GO, 5.00%, 8/1/2022		560		617
University of New Mexico, Gallup Branch Community College District Series 2012, GO, 2.00%, 10/15/2022		1,500		1,502
				3,039
Other Revenue — 0.0% (b)
City of Santa Fe, El Castillo Retirement Residences Project Series 2019B-2, Rev., 2.25%, 5/15/2024		600		547
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		1,427
Series C, Rev., 2.38%, 7/1/2024		1,525		1,403
				2,830
Water & Sewer — 0.1%
City of Rio Rancho, Water and Wastewater System
Rev., 5.00%, 5/15/2021		720		753
Rev., 5.00%, 5/15/2022		1,250		1,366
				2,119
Total New Mexico				8,535
New York — 20.4%
Education — 0.5%
Hempstead Town Local Development Corp., Adelphi University Project
Series 2019, Rev., 4.00%, 2/1/2021		75		76
Series 2019, Rev., 4.00%, 2/1/2022		50		52
Series 2019, Rev., 4.00%, 2/1/2023		100		105
Series 2019, Rev., 4.00%, 2/1/2024		200		212
New York State Dormitory Authority, City University System Series D, Rev., VRDO, LOC: TD Bank NA, 0.12%, 6/9/2020 (c)		10,005		10,005
New York State Dormitory Authority, Dormitory Facilities Series 2015A, Rev., 5.00%, 7/1/2020		10		10
New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023		920		1,026
New York State Dormitory Authority, School Districts Bond Financing Program Series 2019A, Rev., 5.00%, 10/1/2022		7,490		8,245
				19,731
General Obligation — 12.5%
Batavia City School District GO, BAN, 2.00%, 6/16/2020		8,069		8,072
Beacon City School District GO, BAN, 2.50%, 6/19/2020		8,944		8,951
Brasher Falls Central School District GO, BAN, 2.00%, 7/15/2020		3,900		3,905
City of Ithaca Series B, GO, BAN, 2.00%, 7/24/2020		2,310		2,313
City of Jamestown, Public Improvement
GO, 5.00%, 6/1/2020		450		450
GO, 5.00%, 6/1/2021		475		496
GO, 5.00%, 6/1/2022		500		546
GO, 5.00%, 6/1/2023		525		595
GO, 5.00%, 6/1/2024		545		640

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
City of Long Beach Series 2020A, GO, BAN, 1.50%, 9/4/2020		21,645		21,711
City of New York Subseries G-4, GO, VRDO, LIQ: Barclays Bank plc, 0.14%, 6/9/2020 (c)		20,000		20,000
City of New York, Fiscal Year 2008 Subseries B-3, GO, VRDO, LOC: TD Bank NA, 0.13%, 6/9/2020 (c)		10,520		10,520
City of New York, Fiscal Year 2020 Series 2020-1, GO, 5.00%, 8/1/2026		1,300		1,606
City of Rochester Series I, GO, BAN, 2.50%, 3/4/2021		26,095		26,208
City of Troy Series B, GO, BAN, 2.00%, 7/31/2020		8,272		8,286
Clifton-Fine Central School District GO, BAN, 1.75%, 7/15/2020		3,980		3,984
County of Cattaraugus, Public Improvement GO, 2.00%, 5/15/2021		100		102
County of Clinton Series B, GO, BAN, 2.00%, 7/30/2020		7,389		7,402
County of Suffolk Series I, GO, TAN, 2.50%, 7/23/2020		11,000		11,007
County of Suffolk, Longwood Central School District GO, 5.00%, 6/15/2021		300		315
Fallsburg Central School District GO, BAN, 2.00%, 6/26/2020		9,000		9,006
Fort Ann Central School District GO, BAN, 2.25%, 6/26/2020		3,355		3,358
General Brown Central School District GO, BAN, 2.25%, 6/26/2020		5,500		5,505
Geneva City School District GO, RAN, 2.25%, 6/24/2020		6,000		6,005
Germantown Central School District GO, BAN, 2.25%, 6/26/2020		8,890		8,898
Gorham-Middlesex Central School District GO, BAN, 2.25%, 6/25/2020		9,500		9,508
Gouverneur Central School District GO, BAN, 2.00%, 6/26/2020		6,500		6,505
Grand Island Central School District GO, BAN, 2.00%, 8/13/2020		5,300		5,311
Hartford Central School District GO, BAN, 2.00%, 6/18/2020		3,760		3,762
Hempstead Union Free School District
GO, TAN, 2.50%, 6/25/2020		6,750		6,756
Series 2019C, GO, BAN, 2.00%, 7/15/2020		6,000		6,006
Hinsdale Central School District GO, BAN, 2.25%, 6/26/2020		4,570		4,574
Johnson City Central School District GO, BAN, 2.00%, 8/7/2020		2,292		2,297
Lansing Central School District GO, BAN, 2.00%, 6/30/2020		3,150		3,153
Lewiston-Porter Central School District Series A, GO, BAN, 2.50%, 6/17/2020		3,750		3,753
Lynbrook Union Free School District GO, BAN, 2.00%, 6/26/2020		7,000		7,005
Menands Union Free School District GO, BAN, 2.25%, 6/26/2020		7,200		7,206
Morrisville-Eaton Central School District GO, BAN, 2.00%, 6/26/2020		5,372		5,376
Mount Vernon City School District
GO, 5.00%, 12/1/2020		815		835
GO, 5.00%, 12/1/2021		885		949
GO, 5.00%, 12/1/2022		1,965		2,192
Peru Central School District GO, BAN, 2.00%, 6/26/2020		5,500		5,506
Poland Central School District GO, BAN, 2.25%, 6/26/2020		11,741		11,755
Rocky Point Union Free School District GO, TAN, 2.00%, 6/25/2020		4,500		4,503
Rome City School District GO, RAN, 2.00%, 2/3/2021		8,000		8,063
Romulus Central School District GO, BAN, 2.00%, 6/26/2020		7,700		7,705
Salamanca City School District GO, BAN, 1.75%, 6/26/2020		8,600		8,605
Sharon Springs Central School District GO, BAN, 2.00%, 6/26/2020		3,540		3,543
Shenendehowa Central School District GO, BAN, 1.95%, 6/26/2020		6,000		6,004
Sherburne Earlville Central School District GO, BAN, 2.00%, 6/26/2020		10,095		10,106
Southwestern Central School District Series B, GO, BAN, 2.00%, 7/22/2020		8,464		8,476
St. Regis Falls Central School District GO, BAN, 2.00%, 7/8/2020		4,751		4,756
Stillwater Central School District GO, BAN, 2.00%, 6/26/2020		6,100		6,104
Tioga Central School District GO, BAN, 2.00%, 8/14/2020		5,150		5,161
Town of LaGrange Series B, GO, BAN, 2.50%, 6/12/2020		3,780		3,782
Town of Oyster Bay Series 2020A, GO, BAN, 2.00%, 3/12/2021		80,695		81,731

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Town of Oyster Bay, Water District Notes Series B, GO, 2.00%, 3/12/2021		49,190		49,813
Town of Victor GO, BAN, 2.00%, 7/30/2020		5,000		5,008
Wayne Central School District GO, BAN, 2.00%, 7/30/2020		3,500		3,506
Wellsville Central School District, New Issue GO, BAN, 2.00%, 6/26/2020		3,600		3,603
Wheatland Chili Central School District GO, BAN, 2.25%, 6/24/2020		4,940		4,944
				487,743
Hospital — 0.0% (b)
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series A, Rev., 3.00%, 11/1/2020		575		578
New York State Dormitory Authority, Mount Sinai Hospital Series 2010A, Rev., 5.00%, 7/1/2020 (e)		45		45
				623
Housing — 1.0%
New York State Housing Finance Agency, 8 East 102nd Street Housing Series 2010A, Rev., VRDO, LOC: TD Bank NA, 0.13%, 6/9/2020 (c)		40,445		40,445
Other Revenue — 1.6%
Battery Park City Authority, Junior
Series D-2, Rev., VRDO, LIQ: TD Bank NA, 0.12%, 6/9/2020 (c)		10,000		10,000
Series D-1, Rev., VRDO, LIQ: TD Bank NA, 0.13%, 6/9/2020 (c)		15,000		15,000
Nassau County Interim Finance Authority, Sales Tax Secured Series B, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.12%, 6/9/2020 (c)		11,015		11,015
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 Subseries 2011A-4, Rev., VRDO, LIQ: Barclays Bank plc, 0.06%, 6/1/2020 (c)		13,300		13,300
New York City Transitional Finance Authority, Future Tax-Exempt Series 1999A-1, Rev., VRDO, LIQ: TD Bank NA, 0.14%, 6/9/2020 (c)		10,000		10,000
New York City Transitional Finance Authority, New York City Recovery Series 3, Subseries 3-G, Rev., VRDO, LIQ: Bank of New York Mellon, 0.13%, 6/9/2020 (c)		2,495		2,495
New York State Dormitory Authority, Sales Tax Series 2018C, Rev., 5.00%, 3/15/2025		400		480
				62,290
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		207
Transportation — 1.5%
Metropolitan Transportation Authority Series 2019A, Rev., BAN, 5.00%, 3/1/2022		20,000		20,824
New York State Thruway Authority Series L, Rev., 5.00%, 1/1/2021		50		51
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		14,828
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport
Series 2019A, Rev., AMT, 5.00%, 4/1/2021		1,540		1,594
Series 2019A, Rev., AMT, 5.00%, 4/1/2022		845		910
Port Authority of New York and New Jersey, Consolidated Bonds Series 207, Rev., AMT, 5.00%, 9/15/2023		10,000		11,250
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series D, Rev., (SOFR + 0.50%, 9.00% Cap), 0.54%, 6/1/2020 (d)		10,000		9,985
				59,442
Water & Sewer — 3.3%
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2011 Series DD-1, Rev., VRDO, LIQ: TD Bank NA, 0.06%, 6/1/2020 (c)		11,200		11,200
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, 0.14%, 6/9/2020 (c)		12,560		12,560

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series AA, Subseries AA-5, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.07%, 6/1/2020 (c)		23,600		23,600
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015
Subseries BB-4, Rev., VRDO, LIQ: Barclays Bank plc, 0.06%, 6/1/2020 (c)		18,865		18,865
Series BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.14%, 6/9/2020 (c)		5,680		5,680
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2010 Series 2010CC, Rev., VRDO, LIQ: Barclays Bank plc, 0.14%, 6/9/2020 (c)		55,090		55,090
				126,995
Total New York				797,476
North Carolina — 2.8%
Certificate of Participation/Lease — 1.4%
City of Charlotte, 2003 Governmental Facilities Projects Series 2013G, COP, VRDO, LIQ: Wells Fargo Bank NA, 0.11%, 6/9/2020 (c)		51,905		51,905
Education — 0.1%
North Carolina Capital Facilities Finance Agency, Meredith College Rev., 5.00%, 6/1/2020		275		275
University of North Carolina at Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%, 12.00% Cap), 0.52%, 7/1/2020 (d)		3,750		3,711
Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina Rev., AGM, 4.00%, 10/1/2020		120		121
				4,107
Hospital — 0.7%
North Carolina Medical Care Commission, Moses Cone Health System Series 2001A, Rev., VRDO, LIQ: BMO Harris Bank NA, 0.14%, 6/9/2020 (c)		26,170		26,170
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project
Series 2019A, Rev., 2.00%, 10/1/2024 (c)		825		828
Series 2019B, Rev., 2.00%, 10/1/2024 (c)		825		827
				1,655
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		422
Water & Sewer — 0.6%
Buncombe County Metropolitan Sewerage District Series A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.11%, 6/9/2020 (c)		23,165		23,165
Total North Carolina				107,445
North Dakota — 0.1%
Prerefunded — 0.1%
County of Burleigh, St. Alexius Medical Center Project
Series 2014A, Rev., 5.00%, 7/1/2023 (e)		165		173
Series 2014A, Rev., 5.00%, 7/1/2024 (e)		1,200		1,257
Series 2014A, Rev., 5.00%, 7/1/2025 (e)		1,070		1,121
Series 2014A, Rev., 5.00%, 7/1/2026 (e)		1,460		1,530
				4,081
Total North Dakota				4,081
Ohio — 2.1%
Certificate of Participation/Lease — 0.0% (b)
Euclid City School District
COP, 4.00%, 12/1/2023		70		78
COP, 4.00%, 12/1/2024		70		79

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Goshen Local School District, School Facilities Project COP, 1.50%, 12/15/2020		280		282
				439
General Obligation — 1.2%
Avon Local School District GO, BAN, 2.00%, 9/30/2020		3,015		3,032
City of Brecksville, Various Purpose Improvement, Limited Tax GO, BAN, 2.00%, 2/25/2021		4,875		4,935
City of Elyria
Series 2019-2, GO, 4.00%, 12/1/2021		1,010		1,064
Series 2019-2, GO, 4.00%, 12/1/2022		935		1,019
City of Gahanna GO, BAN, 3.00%, 8/6/2020		1,400		1,407
City of Lorain, Streetscape Improvements GO, BAN, 3.00%, 6/18/2020		540		541
City of Moraine GO, BAN, 2.50%, 6/25/2020		2,725		2,729
City of Napoleon GO, BAN, 2.00%, 2/25/2021		5,852		5,923
City of Olmsted Falls, Various Purpose Series 2019, GO, BAN, 3.00%, 6/11/2020		1,365		1,366
City of Rocky River GO, BAN, 2.00%, 9/24/2020		3,375		3,393
City of Toledo GO, AGM, 4.00%, 12/1/2020		100		102
City of Toledo, Capital Improvement
GO, AGM, 5.00%, 12/1/2020		615		629
GO, AGM, 5.00%, 12/1/2021		1,275		1,361
GO, AGM, 5.00%, 12/1/2022		1,305		1,454
City of Twinsburg, Gleneagles Clubhouse Improvements, Limited Tax GO, BAN, 2.00%, 2/25/2021		2,300		2,319
City of Willoughby GO, BAN, 2.25%, 6/19/2020		6,400		6,405
County of Lorain
Series B, GO, BAN, 1.30%, 2/6/2021		500		501
Series A, GO, BAN, 3.00%, 2/6/2021		5,010		5,086
County of Mahoning, Various Purpose Notes GO, 3.00%, 9/16/2020		3,100		3,124
County of Union GO, BAN, 2.00%, 9/9/2020		1,500		1,507
Zanesville City School District GO, 4.00%, 12/1/2021		595		627
				48,524
Hospital — 0.5%
Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		125		133
City of Centerville, Graceworks Lutheran Services
Rev., 5.00%, 11/1/2020		275		276
Rev., 5.00%, 11/1/2021		285		287
County of Allen, Hospital Facilities, Mercy Health Series B, Rev., 5.00%, 5/5/2022 (c)		2,000		2,161
County of Ross, Adena Health System
Rev., 5.00%, 12/1/2020		1,000		1,024
Rev., 5.00%, 12/1/2021		335		358
Rev., 5.00%, 12/1/2022		355		388
Rev., 5.00%, 12/1/2023		490		552
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series 2016A, Rev., 5.00%, 7/1/2021		50		51
Franklin County, Hospital Facilities, OhioHealth Corp. Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%, 12.00% Cap), 0.57%, 6/9/2020 (d)		5,000		4,970
State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 0.54%, 6/1/2020 (c)		8,250		8,250
				18,450
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 — 0.1%
City of Cleveland, Subordinate Lien, Public Facilities Improvements Series 2018A, Rev., 5.00%, 10/1/2022		265		294
City of Whitehall Rev., 2.25%, 12/9/2020		3,810		3,847
County of Mahoning, Various Purpose Sales Tax Supported Improvement Notes Rev., 3.00%, 9/16/2020		750		756
Village of Obetz
Rev., 5.00%, 12/1/2020		185		189
Rev., 5.00%, 12/1/2021		125		134
				5,220
Utility — 0.3%
American Municipal Power, Inc., Prairie State Energy Campus Project Series 2019A, Rev., 2.30%, 2/15/2022 (c)		10,000		10,035
Total Ohio				82,704

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Oklahoma — 0.6%
Education — 0.4%
Bryan County School Finance Authority, Durant Public Schools Project
Rev., 1.15%, 12/1/2020		270		270
Rev., 4.00%, 12/1/2021		140		147
Rev., 4.00%, 12/1/2022		190		207
Rev., 4.00%, 12/1/2023		155		174
Rev., 4.00%, 12/1/2024		165		190
Canadian County Educational Facilities Authority, Yukon Public Schools Project Series 2019, Rev., 5.00%, 12/1/2020		2,050		2,093
Cleveland County Educational Facilities Authority, Lexington Public Schools Project
Series 2019, Rev., 4.00%, 9/1/2020		110		111
Series 2019, Rev., 4.00%, 9/1/2021		150		156
Series 2019, Rev., 4.00%, 9/1/2022		125		134
Series 2019, Rev., 4.00%, 9/1/2023		270		297
Cleveland County Educational Facilities Authority, Norman Public Schools Project Series 2019, Rev., 5.00%, 6/1/2020		1,200		1,200
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		501
Ellis County Educational Facilities Authority, Fargo-Gage Public Schools Project
Rev., 3.00%, 3/1/2022		725		755
Rev., 3.00%, 3/1/2023		730		777
Garvin County Educational Facilities Authority, Pernell Public School Project
Rev., 4.00%, 9/1/2021		125		130
Rev., 4.00%, 9/1/2022		135		145
Rev., 4.00%, 9/1/2023		110		122
Rev., 4.00%, 9/1/2024		160		182
Grady County School Finance Authority, Tuttle Public Schools Project
Rev., 4.00%, 9/1/2021		250		261
Rev., 4.00%, 9/1/2022		200		216
Rev., 4.00%, 9/1/2023		300		332
Rev., 4.00%, 9/1/2024		245		277
Kingfisher County Educational Facilities Authority, Lomega Public Schools Project
Rev., 3.00%, 3/1/2022		165		172
Rev., 3.00%, 3/1/2023		385		409
Rev., 3.00%, 3/1/2024		270		292
Muskogee Industrial Trust, Educational Facilities, Muskogee Public Schools Project Rev., 5.00%, 9/1/2023		900		1,020
Tulsa County Industrial Authority, Sand Springs Public Schools Project
Rev., 2.00%, 9/1/2020		70		70
Rev., 5.00%, 9/1/2021		325		343
Rev., 2.00%, 9/1/2022		125		129
Rev., 4.00%, 9/1/2023		175		195
Rev., 4.00%, 9/1/2024		435		493
Wagoner County School Development Authority, Wagoner Public Schools Project
Rev., 4.00%, 9/1/2021		225		234
Rev., 4.00%, 9/1/2023		525		581
				13,097
General Obligation — 0.0% (b)
City of Moore GO, 1.25%, 4/1/2022		1,550		1,576
Housing — 0.1%
Oklahoma Housing Finance Agency, Sooner Haven Apartments Rev., 2.37%, 10/1/2020 (c)		2,375		2,389
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Elk City Industrial Authority Rev., 2.00%, 5/1/2023		140		146
Prerefunded — 0.0% (b)
Oklahoma Turnpike Authority, Turnpike System, Second Senior Series B, Rev., 5.00%, 1/1/2029 (e)		20		21
Transportation — 0.1%
Oklahoma Development Finance Authority (The), Gilcrease Expressway West Project Rev., AMT, 1.63%, 7/6/2023		4,885		4,676
Total Oklahoma				21,905
Oregon — 0.2%
General Obligation — 0.1%
County of Washington Series 2016, GO, 5.00%, 6/1/2021		1,875		1,966
Salem-Keizer School District No. 24J
GO, 4.00%, 6/15/2020		225		225
GO, 4.00%, 6/15/2021		175		182
GO, 5.00%, 6/15/2021		500		525
				2,898

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Housing — 0.1%
State of Oregon Housing and Community Services Department, SHA RAD Group II Apartment Projects Rev., 1.45%, 6/1/2022 (c)		3,350		3,402
Total Oregon				6,300
Pennsylvania — 6.6%
Education — 1.6%
Montgomery County Higher Education and Health Authority, Arcadia University
Rev., 5.00%, 4/1/2022		300		312
Rev., 5.00%, 4/1/2023		300		314
Rev., 5.00%, 4/1/2024		300		317
Rev., 5.00%, 4/1/2025		250		267
Rev., 5.00%, 4/1/2026		165		177
Pennsylvania Higher Educational Facilities Authority, Associates Independent Colleges Rev., 2.72%, 5/1/2021 (c)		2,500		2,515
State Public School Building Authority, Community College of Philadelphia Project
Series 2019A, Rev., AGM, 5.00%, 6/15/2021		295		306
Series 2019A, Rev., AGM, 5.00%, 6/15/2022		310		331
University of Pittsburgh-of the Commonwealth System of Higher Education
Rev., (SIFMA Municipal Swap Index Yield + 0.24%, 9.00% Cap), 0.38%, 6/9/2020 (d)		11,510		11,413
Rev., (SIFMA Municipal Swap Index Yield + 0.36%, 9.00% Cap), 0.50%, 6/9/2020 (d)		47,000		46,508
				62,460
General Obligation — 2.5%
Apollo-Ridge School District
Series 2019A, GO, 2.00%, 9/1/2022		375		389
Series 2019A, GO, 4.00%, 9/1/2023		385		427
Series 2019A, GO, 4.00%, 9/1/2024		450		510
Armstrong School District
Series A, GO, 3.00%, 3/15/2021		230		234
Series B, GO, 3.00%, 3/15/2021		105		107
Series A, GO, 3.00%, 3/15/2022		235		244
Series B, GO, 3.00%, 3/15/2022		300		312
Series A, GO, 3.00%, 3/15/2023		240		256
Series B, GO, 3.00%, 3/15/2023		400		427
Bethlehem Area School District GO, 5.00%, 10/15/2021		13,155		13,994
Big Beaver Falls Area School District
GO, 4.00%, 3/15/2022		1,155		1,221
GO, 5.00%, 3/15/2023		1,200		1,345
Burgettstown Area School District
Series A, GO, 3.00%, 3/15/2022		100		104
Series A, GO, 4.00%, 3/15/2023		200		217
Butler Area School District GO, AGM, 4.00%, 10/1/2020		865		875
Carmichaels Area School District
GO, 4.00%, 9/1/2022		190		204
GO, 4.00%, 9/1/2023		150		165
City of Altoona, Guaranteed Sewer
GO, AGM, 5.00%, 12/1/2020		315		321
GO, AGM, 5.00%, 12/1/2021		265		281
GO, AGM, 5.00%, 12/1/2022		200		222
GO, AGM, 5.00%, 12/1/2023		300		345
City of Philadelphia
Series 2009B, GO, VRDO, LOC: Barclays Bank plc, 0.13%, 6/9/2020(c)		15,940		15,940
Series 2019A, GO, 5.00%, 8/1/2020		1,725		1,737
Series 2012A, GO, 5.00%, 9/15/2021		45		47
Series 2019A, GO, 5.00%, 8/1/2022		4,755		5,190
Conewago Valley School District Series 2013A, GO, 2.00%, 9/1/2022		570		571
Connellsville Area School District
Series A, GO, AGM, 2.00%, 5/15/2021		70		71
Series A, GO, AGM, 2.00%, 5/15/2022		70		72
Series A, GO, AGM, 2.00%, 5/15/2023		70		73
Cornell School District
GO, AGM, 2.00%, 9/1/2020		200		201
GO, AGM, 2.00%, 9/1/2021		200		203
GO, AGM, 4.00%, 9/1/2022		200		214
County of Armstrong, Commonwealth of Pennsylvania
GO, AGM, 3.00%, 6/1/2020		345		345
GO, AGM, 3.00%, 6/1/2021		370		379
Series A, GO, 4.00%, 6/1/2021		230		238
GO, AGM, 4.00%, 6/1/2022		380		407
Series A, GO, 4.00%, 6/1/2022		430		460

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
GO, AGM, 4.00%, 6/1/2023		225		248
Series A, GO, 5.00%, 6/1/2023		225		255
GO, AGM, 4.00%, 6/1/2024		230		260
GO, AGM, 4.00%, 6/1/2025		240		278
County of Lackawanna
Series 2020A, GO, 1.00%, 9/15/2020		300		300
Series 2020A, GO, 3.00%, 3/15/2021		200		204
Series 2020A, GO, 4.00%, 3/15/2022		200		212
Series 2020A, GO, 4.00%, 3/15/2023		200		219
Series 2020A, GO, 4.00%, 3/15/2024		300		338
Series 2020A, GO, 4.00%, 3/15/2025		300		346
County of Somerset
GO, 2.00%, 10/1/2020		225		226
GO, 2.00%, 10/1/2021		285		290
GO, 2.00%, 10/1/2022		340		351
GO, 2.00%, 10/1/2023		335		350
GO, 2.00%, 10/1/2024		300		315
Dallas School District
Series 2019, GO, AGM, 4.00%, 10/15/2020		290		294
Series 2019, GO, AGM, 4.00%, 10/15/2021		275		287
Series 2019, GO, AGM, 4.00%, 10/15/2022		300		321
Series 2019, GO, AGM, 5.00%, 10/15/2023		175		198
Series 2019, GO, AGM, 5.00%, 10/15/2024		325		379
Iroquois School District
GO, 3.00%, 10/1/2020		185		187
GO, 4.00%, 10/1/2021		300		314
GO, 4.00%, 10/1/2022		390		422
GO, 4.00%, 10/1/2023		200		223
Juniata County School District GO, AGM, 5.00%, 11/15/2021		185		197
Mars Area School District
Series 2019B, GO, AGM, 5.00%, 9/1/2020		145		146
Series 2019B, GO, AGM, 5.00%, 9/1/2021		120		127
Series 2019B, GO, AGM, 5.00%, 9/1/2023		115		131
Montour School District
GO, 3.00%, 10/1/2023		200		216
Muncy School District GO, 4.00%, 5/15/2023		345		379
Municipality of Monroeville GO, 3.00%, 6/1/2020		1,075		1,075
Municipality of Norristown Series 2020A, GO, 4.00%, 5/1/2023 (g)		6,000		6,349
Municipality of Penn Hills
Series A, GO, 3.00%, 12/1/2020		275		279
Series A, GO, 3.00%, 12/1/2021		340		353
Series A, GO, 3.00%, 12/1/2022		345		366
Series A, GO, 3.00%, 12/1/2023		305		330
Neshannock Township School District
Series 2019AA, GO, 4.00%, 9/1/2021		100		104
Series 2019AA, GO, 4.00%, 9/1/2022		150		162
Series 2019AA, GO, 4.00%, 9/1/2023		200		222
Northeast Bradford School District
GO, AGM, 2.00%, 6/1/2020		125		125
GO, AGM, 2.00%, 6/1/2021		150		152
GO, AGM, 2.00%, 6/1/2022		320		330
GO, AGM, 3.00%, 6/1/2023		330		353
Northwestern Lehigh School District
Series 2019, GO, 5.00%, 2/15/2021		155		160
Series 2019, GO, 5.00%, 2/15/2023		680		763
Penn Hills School District
GO, 3.00%, 10/1/2022		1,725		1,823
GO, 4.00%, 10/1/2023		1,790		1,989
GO, 4.00%, 10/1/2024		1,855		2,112
GO, 5.00%, 10/1/2025		4,615		5,605
Pittsburgh School District
Series 2019, GO, 5.00%, 9/1/2022		1,690		1,869
Series 2019, GO, 5.00%, 9/1/2023		1,810		2,079
Punxsutawney Area School District
Series 2020A, GO, AGM, 4.00%, 10/15/2020		215		218
Series 2020A, GO, AGM, 4.00%, 10/15/2021		315		331
Series 2020A, GO, AGM, 5.00%, 10/15/2022		290		322
Series 2020A, GO, AGM, 5.00%, 10/15/2023		250		288
Series 2020A, GO, AGM, 5.00%, 10/15/2024		150		178
School District of Philadelphia (The)
Series 2019A, GO, 5.00%, 9/1/2020		600		606
Series 2019A, GO, 5.00%, 9/1/2021		800		842
Series 2019A, GO, 5.00%, 9/1/2022		1,050		1,147
Series 2019A, GO, 5.00%, 9/1/2023		1,050		1,187

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
School District of the City of Erie (The)
Series 2019B, GO, AGM, 5.00%, 4/1/2021		400		414
Series 2019B, GO, AGM, 5.00%, 4/1/2022		325		352
Series 2019B, GO, AGM, 5.00%, 4/1/2023		315		353
Selinsgrove Area School District
Series A, GO, 2.00%, 9/1/2020		100		100
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		136
Series A, GO, 2.00%, 9/1/2022		400		415
Series A, GO, 2.00%, 3/1/2023		5		5
Series B, GO, 3.00%, 3/1/2023		95		101
Series A, GO, 2.00%, 9/1/2023		585		615
Steel Valley School District
Series 2019B, GO, 3.00%, 11/1/2021		230		238
Series 2019B, GO, 4.00%, 11/1/2022		240		259
Series 2019B, GO, 4.00%, 11/1/2023		250		275
Steelton-Highspire School District
GO, 4.00%, 11/15/2022		60		65
GO, 4.00%, 11/15/2023		85		93
Township of Butler
GO, 1.10%, 10/1/2020		1,100		1,101
GO, 4.00%, 10/1/2021		475		496
GO, 5.00%, 10/1/2022		250		276
GO, 5.00%, 10/1/2023		260		298
GO, 5.00%, 10/1/2024		275		326
Township of East Pennsboro, Cumberland County
Series 2019, GO, 3.00%, 9/1/2020		150		151
Series 2019, GO, 3.00%, 9/1/2021		190		196
Series 2019, GO, 3.00%, 9/1/2022		175		185
Township of Rostraver
GO, AGM, 3.00%, 9/1/2020		140		140
GO, AGM, 4.00%, 9/1/2021		100		105
Waynesboro Area School District, Franklin County
Series 2019, GO, 5.00%, 10/1/2020		485		492
Series 2019, GO, 5.00%, 10/1/2021		580		613
Series 2019, GO, 5.00%, 10/1/2022		305		337
Series 2019, GO, 5.00%, 10/1/2023		320		368
Wilkes-Barre Area School District Series 2019, GO, 5.00%, 4/15/2023		115		129
Wyalusing Area School District, Bradford and Wyoming Counties
Series 2019, GO, AGM, 4.00%, 4/1/2021		375		386
Series 2019, GO, AGM, 4.00%, 4/1/2022		315		335
Series 2019, GO, AGM, 4.00%, 4/1/2023		400		439
				98,123
Hospital — 0.6%
Berks County Municipal Authority (The), Tower Health Project
Series 2020A, Rev., 5.00%, 2/1/2021		400		407
Series 2020A, Rev., 5.00%, 2/1/2022		500		520
Series 2020A, Rev., 5.00%, 2/1/2023		1,300		1,377
Series 2020A, Rev., 5.00%, 2/1/2024		425		458
Series 2020A, Rev., 5.00%, 2/1/2025		600		656
Series 2020A, Rev., 5.00%, 2/1/2026		1,015		1,121
Chester County Health and Education Facilities Authority, Main Line Health System
Series 2020A, Rev., 3.00%, 9/1/2023		230		246
Series 2020A, Rev., 3.00%, 9/1/2024		215		234
Series 2020A, Rev., 5.00%, 9/1/2025		250		300
General Authority of Southcentral, Wellspan Health Obligation Series C, Rev., VRDO, LIQ: Bank of America NA, 0.17%, 6/9/2020 (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		947

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Northampton County General Purpose Authority, Saint Luke’s Hospital Project Series 2010A, Rev., 5.00%, 8/15/2020		25		25
				22,291
Housing — 0.2%
Indiana County Industrial Development Authority, Residential Revival Indiana Student Housing Project Series 2017C, Rev., BAN, 1.45%, 9/1/2020		6,450		6,433
Industrial Development Revenue/Pollution Control Revenue — 0.3%
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project Rev., 4.00%, 12/1/2020		520		518
Lackawanna County Industrial Development Authority, University of Scranton
Rev., 4.00%, 11/1/2020		100		100
Rev., 5.00%, 11/1/2021		1,000		1,030
Montgomery County Industrial Development Authority, Meadowood Senior Living Project
Series A, Rev., 3.00%, 12/1/2020		250		249
Series A, Rev., 3.00%, 12/1/2021		250		246
Philadelphia Authority for Industrial Development, Multi Modal Lease Series B-2, Rev., VRDO, LOC: TD Bank NA, 0.12%, 6/9/2020 (c)		8,395		8,395
				10,538
Other Revenue — 0.3%
Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (f)		200		207
City of Lebanon Authority
Rev., 4.00%, 12/15/2020		405		413
Rev., 4.00%, 12/15/2021		240		253
Rev., 4.00%, 12/15/2022		275		300
Rev., 4.00%, 12/15/2023		360		404
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Series 2018, Rev., 5.00%, 6/1/2020		555		555
Series 2018, Rev., 5.00%, 6/1/2021		535		556
Emmaus General Authority Rev., VRDO, AGM, LIQ: Wells Fargo Bank NA, 0.12%, 6/9/2020 (c)		4,990		4,990
Spring-Benner-Walker Joint Authority Rev., 4.00%, 9/1/2024		440		497
Urban Redevelopment Authority of Pittsburgh, Crawford Square Apartments Project Rev., VRDO, 0.60%, 12/1/2020 (c)		1,850		1,850
				10,025
Prerefunded — 0.0% (b)
City of Philadelphia, Water and Wastewater Rev., 5.00%, 11/1/2027 (e)		1,465		1,633
Pennsylvania Turnpike Commission, Convertible Capital Appreciation Series B2, Rev., 5.35%, 12/1/2024 (e)		30		31
				1,664
Transportation — 0.5%
Pennsylvania Turnpike Commission
Series B, Subseries B-2, Rev., 5.00%, 6/1/2020 (e)		50		50
Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%, 9.00% Cap), 0.74%, 6/9/2020 (d)		18,000		17,627
Series A, Rev., 5.00%, 12/1/2022		1,000		1,094
Series A, Rev., 5.00%, 12/1/2023		1,000		1,129
Pennsylvania Turnpike Commission, Senior Lien Series A, Rev., 5.00%, 12/1/2020		110		112
				20,012
Utility — 0.5%
Philadelphia Gas Works Co., 1998 General Ordinance Series A-2, Rev., VRDO, LOC: TD Bank NA, 0.12%, 6/9/2020 (c)		20,300		20,300
Water & Sewer — 0.1%
Ambridge Borough Water Authority
Rev., 3.00%, 11/15/2020		195		197
Rev., 4.00%, 11/15/2021		160		168
Rev., 4.00%, 11/15/2022		175		190
Rev., 4.00%, 11/15/2023		175		195
Charleroi Borough Authority, Water System
Rev., AGM, 3.00%, 12/1/2020		305		308
Rev., AGM, 4.00%, 12/1/2021		225		237
Rev., AGM, 4.00%, 12/1/2022		165		179
Rev., AGM, 4.00%, 12/1/2023		225		252
Lycoming County Water and Sewer Authority, Guaranteed Sewer
Rev., AGM, 2.00%, 11/15/2020		225		227

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Rev., AGM, 4.00%, 11/15/2021		245		257
Rev., AGM, 4.00%, 11/15/2022		200		217
Rev., AGM, 4.00%, 11/15/2023		150		167
Middletown Township Sewer Authority
Rev., 3.00%, 10/1/2020		270		272
Rev., 4.00%, 10/1/2021		330		346
Rev., 4.00%, 10/1/2022		265		286
Rev., 4.00%, 10/1/2023		210		234
Pittsburgh Water and Sewer Authority, First Lien Series A, Rev., 5.00%, 9/1/2022		250		276
Upper Allegheny Joint Sanitary Authority
Series 2019A, Rev., AGM, 3.00%, 9/1/2020		125		126
Series 2019A, Rev., AGM, 3.00%, 9/1/2021		285		293
Series 2019A, Rev., AGM, 4.00%, 9/1/2022		200		216
Series 2019A, Rev., AGM, 4.00%, 9/1/2023		215		239
				4,882
Total Pennsylvania				256,728
Rhode Island — 0.2%
Education — 0.2%
Rhode Island Health and Educational Building Corp., Higher Education Facilities, Brown University Series 2005A, Rev., VRDO, LIQ: HSBC Bank NA, 0.14%, 6/9/2020 (c)		3,560		3,560
Rhode Island Health and Educational Building Corp., Public School Program, Providence Public Building Authority Series 2013A, Rev., 5.00%, 5/15/2022		15		17
				3,577
General Obligation — 0.0% (b)
City of Pawtucket
Series 2019C, GO, AGM, 3.00%, 7/15/2020		185		186
Series 2019D, GO, AGM, 3.00%, 7/15/2020		185		186
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		222
Series 2019C, GO, AGM, 4.00%, 7/15/2022		210		226
Series 2019D, GO, AGM, 3.00%, 7/15/2023		70		75
Series 2019C, GO, AGM, 4.00%, 7/15/2023		380		420
				1,637
Other Revenue — 0.0% (b)
Providence Public Building Authority, Capital Improvement Series A, Rev., 5.00%, 9/15/2020		200		202
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		587
Rhode Island Turnpike and Bridge Authority
Series 2019A, Rev., 5.00%, 10/1/2021		300		316
Series 2019A, Rev., 5.00%, 10/1/2023		125		141
				1,044
Total Rhode Island				6,460
South Carolina — 0.5%
Education — 0.0% (b)
Educational Facilities Authority, Wofford College Series B, Rev., 2.37%, 4/1/2022 (c)		500		517
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project Series A, Rev., 2.38%, 12/1/2024 (f)		600		594
				1,111
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		503
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project Series 2020A, Rev., 4.00%, 11/15/2023		130		127
				630
Transportation — 0.3%
South Carolina Transportation Infrastructure Bank Series 2003B, Rev., (ICE LIBOR USD 1 Month + 0.45%, 10.00% Cap), 0.57%, 7/1/2020 (d)		9,950		9,732

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Water & Sewer — 0.2%
Chester Sewer District, Wastewater System Improvement
Rev., 3.00%, 6/1/2020		75		75
Rev., 3.00%, 6/1/2021		110		113
Rev., 4.00%, 6/1/2023		75		82
Laurens County Water and Sewer Commission, Waterworks Distribution System Rev., BAN, 1.38%, 2/1/2022		7,000		7,067
				7,337
Total South Carolina				18,810
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		404
Other Revenue — 0.0% (b)
South Dakota State Building Authority Series A, Rev., 3.00%, 6/1/2020		200		200
Total South Dakota				604
Tennessee — 1.5%
Education — 0.3%
Knox County Health Educational and Housing Facility Board, Meadowbrook Apartments Project Rev., 1.50%, 7/1/2021 (c)		650		656
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Hermitage Flats Apartments Project Rev., 1.50%, 7/1/2020		3,750		3,753
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Oakwood Flats Apartments Project Rev., 2.10%, 10/1/2020 (c)		6,500		6,534
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2019, Rev., 3.00%, 10/1/2024		525		523
				11,466
General Obligation — 0.0% (b)
City of Memphis, General Improvement GO, 5.00%, 6/1/2020		25		25
Hospital — 0.3%
Rutherford County Health and Educational Facilities Board Rev., 2.50%, 11/1/2020 (c)		3,500		3,527
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019B-1, Rev., 4.00%, 12/1/2026		10,000		9,195
				12,722
Housing — 0.5%
Highlands Residential Services, Walnut Village Project Series 2019, Rev., GNMA COLL, 1.80%, 4/1/2021 (c)		1,000		1,009
Knox County Health Educational and Housing Facility Board, Clear Springs Apartments Project Series 2019, Rev., 1.80%, 5/1/2021 (c)		800		809
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Dandridge Towers Project Rev., 1.87%, 7/1/2020 (c)		2,400		2,402
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Trevecca Towers I/East Project Rev., 2.00%, 1/1/2021 (c)		10,000		10,082
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Trevecca Towers II Project Rev., 2.00%, 1/1/2021 (c)		5,000		5,045
				19,347
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Lewisburg Industrial Development Board, Lewisburg Summit Apartments Rev., 1.55%, 3/1/2022 (c)		1,900		1,947
Utility — 0.3%
Tennergy Corp., Gas Supply Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 10/1/2024 (c)		10,000		11,469
Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2021		730		746
				12,215
Total Tennessee				57,722

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Texas — 5.8%
Education — 0.9%
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project
Series 2018C, Rev., 5.00%, 8/1/2024		200		237
Series 2018C, Rev., 5.00%, 8/1/2025		200		244
Austin Community College District, Combined Fee
Rev., 5.00%, 2/1/2021		160		165
Rev., 5.00%, 2/1/2022		165		178
Rev., 5.00%, 2/1/2023		170		191
McLennan County Junior College District
Rev., AGM, 3.00%, 4/15/2021		350		357
Rev., AGM, 3.00%, 4/15/2022		100		105
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project
Series 2020A, Rev., 2.10%, 1/1/2023		90		85
Series 2020A, Rev., 2.20%, 1/1/2024		180		166
Series 2020A, Rev., 2.25%, 1/1/2025		315		283
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project
Rev., 5.00%, 10/1/2020		675		674
Rev., 5.00%, 10/1/2021		1,425		1,418
Rev., 5.00%, 10/1/2022		1,495		1,480
Permanent University Fund, University of Texas System Series 2008A, Rev., VRDO, 0.12%, 6/9/2020 (c)		23,300		23,300
University of Texas (The), Board of Regents, Financing System
Series A, Rev., 5.00%, 8/15/2020		25		25
Series 2016D, Rev., 5.00%, 8/15/2021		25		27
University of Texas System (The), Financing System Series 2020C, Rev., 5.00%, 8/15/2028 (g)		5,000		6,649
				35,584
General Obligation — 2.5%
Avery Ranch Road District No. 1
Series 2019, GO, 3.00%, 8/15/2022		615		651
Series 2019, GO, 3.00%, 8/15/2023		810		874
Big Oaks Municipal Utility District, Waterworks & Sewer System, Combination Unlimited Tax
GO, AGM, 3.00%, 3/1/2021		335		341
GO, AGM, 3.00%, 3/1/2022		345		361
GO, AGM, 3.00%, 3/1/2023		905		962
Bridgestone Municipal Utility District
Series A, GO, AGM, 2.00%, 5/1/2021		1,480		1,496
Series A, GO, AGM, 2.00%, 5/1/2022		110		113
Series A, GO, AGM, 3.00%, 5/1/2023		85		91
Brushy Creek Municipal Utility District
GO, 3.00%, 6/1/2021		200		205
GO, 3.00%, 6/1/2022		235		245
GO, 3.00%, 6/1/2023		250		266
City of El Paso
Series 2020A, GO, 5.00%, 8/15/2020		885		893
Series 2020A, GO, 5.00%, 8/15/2021		600		635
GO, 5.00%, 8/15/2022		400		441
GO, 5.00%, 8/15/2023		515		590
GO, 5.00%, 8/15/2024		700		829
Series 2020A, GO, 5.00%, 8/15/2024		275		326
City of Galveston
GO, 3.00%, 5/1/2021		130		133
GO, 4.00%, 5/1/2022		590		631
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
GO, 4.00%, 5/1/2021		130		134
GO, 4.00%, 5/1/2022		120		128
GO, 4.00%, 5/1/2023		125		138
City of Laredo, A Home Rule City Located in Webb County GO, 5.00%, 2/15/2021		725		749
City of Port Arthur
GO, AGM, 3.00%, 2/15/2021		350		357
Series 2020A, GO, AGM, 3.00%, 2/15/2021		970		988
GO, AGM, 3.00%, 2/15/2022		765		800
Series 2020A, GO, AGM, 4.00%, 2/15/2022		350		372
Series 2020A, GO, AGM, 4.00%, 2/15/2023		365		399
GO, AGM, 5.00%, 2/15/2023		910		1,019
Series 2020A, GO, AGM, 5.00%, 2/15/2024		380		441
Series 2020A, GO, AGM, 5.00%, 2/15/2025		400		478
City of Sulphur Springs
Series 2019, GO, AGM, 3.00%, 9/1/2020		100		101

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019, GO, AGM, 3.00%, 9/1/2021		100		103
Series 2019, GO, AGM, 3.00%, 9/1/2022		520		549
City of Universal City
GO, 4.00%, 8/15/2020		215		217
GO, 4.00%, 8/15/2021		140		146
GO, 4.00%, 8/15/2022		145		156
GO, 2.00%, 8/15/2023		230		241
Clear Brook City Municipal Utility District Series 2019, GO, AGM, 2.10%, 2/1/2023		450		466
Clear Creek Independent School District, School Building Series B, GO, PSF-GTD, 1.45%, 8/14/2020 (c)		2,200		2,203
Counties of Travis, Williamson and Hays, City of Austin, Public Improvement GO, 5.00%, 9/1/2021		30		32
County of Denton GO, 5.00%, 7/15/2020		50		50
County of Kaufman, Limited Tax
Series 2020A, GO, 5.00%, 2/15/2022		250		269
Series 2020A, GO, 5.00%, 2/15/2023		110		124
Series 2020A, GO, 5.00%, 2/15/2024		125		146
Series 2020A, GO, 5.00%, 2/15/2025		130		157
County of Kaufman, Unlimited Tax Road
GO, 5.00%, 2/15/2023		155		174
GO, 5.00%, 2/15/2024		210		245
GO, 5.00%, 2/15/2025		255		308
County of La Salle GO, AGM, 5.00%, 3/1/2021		345		357
County of La Salle, Unlimited Tax GO, AGM, 5.00%, 3/1/2021		2,135		2,212
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		295
GO, 2.00%, 9/1/2022		190		196
GO, 3.00%, 9/1/2023		270		290
Florence Independent School District
GO, PSF-GTD, 3.00%, 8/15/2026		230		241
GO, PSF-GTD, 3.00%, 8/15/2027		115		120
Fort Bend County Levee Improvement District No. 11 GO, AGM, 3.00%, 9/1/2023		400		429
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		485
Series 2019, GO, 3.00%, 9/1/2023		450		483
Fort Bend County Municipal Utility District No. 151 GO, 3.00%, 9/1/2021		190		196
Greenhawe Water Control and Improvement District No. 2
GO, AGM, 3.00%, 9/1/2022		190		200
GO, AGM, 3.00%, 9/1/2023		200		215
Harris County Fresh Water Supply District No. 61
Series 2019, GO, AGM, 4.00%, 9/1/2023		445		493
Series 2019, GO, AGM, 3.00%, 9/1/2024		695		758
Harris County Municipal Utility District No. 096
Series 2019, GO, 2.00%, 9/1/2021		185		188
Series 2019, GO, 2.00%, 9/1/2023		195		203
Harris County Municipal Utility District No. 152
GO, AGM, 3.00%, 8/1/2022		280		294
GO, AGM, 3.00%, 8/1/2023		400		427
Harris County Municipal Utility District No. 157 GO, AGM, 3.00%, 3/1/2023		425		453
Harris County Municipal Utility District No. 276
GO, 3.00%, 9/1/2022		365		385
GO, 3.00%, 9/1/2023		745		799
Harris County Municipal Utility District No. 281
Series 2019, GO, 2.00%, 9/1/2020		135		135
Series 2019, GO, 2.00%, 9/1/2021		130		132
Series 2019, GO, 2.00%, 9/1/2022		300		310
Series 2019, GO, 2.00%, 9/1/2023		305		319
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		153
Series 2019, GO, 3.00%, 9/1/2023		115		123

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Harris County Municipal Utility District No. 391
GO, 3.00%, 9/1/2020		95		96
GO, 3.00%, 9/1/2021		375		385
GO, 3.00%, 9/1/2023		400		426
Harris County Municipal Utility District No. 419
GO, 3.00%, 9/1/2020		75		75
GO, 3.00%, 9/1/2021		70		72
GO, 3.00%, 9/1/2022		175		184
GO, 3.00%, 9/1/2023		455		488
Harris County Municipal Utility District No. 55
GO, 2.00%, 2/1/2021		470		474
GO, 3.00%, 2/1/2022		260		270
GO, 3.00%, 2/1/2023		785		834
Harris County Water Control and Improvement District No. 119
GO, AGM, 2.00%, 10/1/2021		835		849
GO, AGM, 3.00%, 10/1/2022		365		386
GO, AGM, 3.00%, 10/1/2023		375		404
Hunters Glen Municipal Utility District, Waterworks and Sewer System
Series 2019A, GO, AGM, 2.00%, 4/1/2021		110		111
Series 2019A, GO, AGM, 2.00%, 4/1/2022		330		337
Series 2019A, GO, AGM, 2.00%, 4/1/2023		595		618
La Joya Independent School District
GO, AGM, 4.00%, 2/15/2021		380		390
GO, AGM, 4.00%, 2/15/2022		390		414
GO, AGM, 4.00%, 2/15/2023		420		457
Lytle Independent School District GO, PSF-GTD, 4.00%, 2/15/2028		255		310
Midlothian Independent School District, Unlimited Tax Series 2017B, GO, PSF-GTD, 2.50%, 8/1/2020 (c)		4,315		4,327
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		192
GO, 2.00%, 10/1/2023		185		194
New Caney Independent School District, School Building GO, PSF-GTD, 3.00%, 8/15/2021 (c)		1,500		1,542
Northside Independent School District, School Building
GO, PSF-GTD, 2.00%, 6/1/2021 (c)		3,035		3,074
GO, VRDO, PSF-GTD, 1.45%, 6/1/2047 (c)		3,680		3,680
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		102
GO, AGM, 2.00%, 10/1/2022		100		103
GO, AGM, 2.00%, 10/1/2023		105		109
Pecan Grove Municipal Utility District, Unlimited Tax
Series 2019, GO, 4.00%, 9/1/2021		560		583
GO, AGM, 3.00%, 9/1/2022		195		206
Series 2019, GO, 4.00%, 9/1/2022		710		767
GO, AGM, 3.00%, 9/1/2023		345		373
Series 2019, GO, 4.00%, 9/1/2023		740		824
GO, AGM, 3.00%, 9/1/2024		600		659
Robstown Independent School District
GO, PSF-GTD, 2.00%, 2/15/2021		325		329
GO, PSF-GTD, 2.00%, 2/15/2022		325		334
GO, PSF-GTD, 3.00%, 2/15/2023		650		695
GO, PSF-GTD, 3.00%, 2/15/2024		360		393
Sienna Plantation Municipal Utility District No. 3
GO, 2.00%, 3/1/2021		200		202
GO, 2.00%, 3/1/2022		225		230
GO, 2.00%, 3/1/2023		185		192
State of Texas, Veterans
GO, VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.17%, 6/9/2020 (c)		18,550		18,550
Series A, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 6/9/2020 (c)		12,050		12,050
Town of Horizon City
Series 2019, GO, AGM, 3.00%, 8/15/2020		155		156
Series 2019, GO, AGM, 3.00%, 8/15/2021		300		308
Series 2019, GO, AGM, 3.00%, 8/15/2022		170		180
Series 2019, GO, AGM, 4.00%, 8/15/2023		230		255
Travis County Municipal Utility District No. 4
Series 2019A, GO, AGM, 2.00%, 9/1/2022		410		423
Series 2019A, GO, AGM, 3.00%, 9/1/2023		650		698

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Williamson County Municipal Utility District No. 11
GO, AGM, 4.00%, 8/1/2020		255		256
GO, AGM, 4.00%, 8/1/2021		140		145
GO, AGM, 4.00%, 8/1/2022		110		118
				93,399
Hospital — 0.8%
Harris County Cultural Education Facilities Finance Corp., Children’s Hospital Series A, Rev., 5.00%, 10/1/2020		3,255		3,306
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System
Series 2019C, Rev., (SIFMA Municipal Swap Index Yield + 0.42%, 18.00% Cap), 0.56%, 6/9/2020 (d)		10,000		9,819
Series 2019C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.57%, 18.00% Cap), 0.71%, 6/9/2020 (d)		9,000		8,781
Series 2019A, Rev., 5.00%, 12/1/2021		1,750		1,858
Series 2019A, Rev., 5.00%, 12/1/2022		1,700		1,864
Series 2019A, Rev., 5.00%, 12/1/2023		2,230		2,523
Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series A, Rev., 5.00%, 7/1/2020		3,460		3,473
				31,624
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Matagorda County Navigation District No. 1, Pollution Control Rev., AMT, 1.75%, 9/1/2020 (c)		4,000		4,011
Other Revenue — 0.0% (b)
City of Irving, Hotel Occupancy		125		125
Rev., 5.00%, 8/15/2020
Rev., 5.00%, 8/15/2021		25		25
Rev., 5.00%, 8/15/2022		50		52
Rev., 5.00%, 8/15/2023		50		52
				254
Prerefunded — 0.0% (b)
Austin Independent School District, Unlimited Tax Series 2013A, GO, PSF-GTD, 5.00%, 8/1/2032 (e)		30		32
Midlothian Independent School District, Unlimited Tax Series 2017B, GO, PSF-GTD, 2.50%, 8/1/2020 (c) (e)		685		687
				719
Transportation — 0.6%
Central Texas Regional Mobility Authority, Subordinated Lien Rev., BAN, 4.00%, 1/1/2022		2,455		2,496
City of Austin, Airport System Series 2019, Rev., AMT, 5.00%, 11/15/2022		4,250		4,606
Harris County Toll Road Authority (The), Senior Lien
Series 2018A, Rev., 5.00%, 8/15/2020		1,500		1,515
Series A, Rev., 5.00%, 8/15/2021		1,500		1,586
Love Field Airport Modernization Corp. Rev., AMT, 5.00%, 11/1/2021		125		131
North Texas Tollway Authority
Series B, Rev., 4.00%, 1/1/2022		800		846
Series B, Rev., 5.00%, 1/1/2023		5,000		5,522
Series B, Rev., 5.00%, 1/1/2024		5,500		6,258
Port Beaumont Navigation District Rev., 4.00%, 9/1/2020		155		156
				23,116
Utility — 0.3%
City of Houston, Combined Utility System, First Lien Series 2012A, Rev., VRDO, LIQ: TD Bank NA, 0.12%, 6/9/2020 (c)		12,500		12,500
County of Bexar, Tax Exempt Project
Rev., 5.00%, 8/15/2020		235		237
Rev., 5.00%, 8/15/2022		275		297
Rev., 5.00%, 8/15/2023		275		307
				13,341
Water & Sewer — 0.6%
Canyon Regional Water Authority, Wells Ranch I Project Rev., 4.00%, 8/1/2020		20		20
City of Houston, Combined Utility System, First Lien Series B-2, Rev., VRDO, LOC: Citibank NA, 0.12%, 6/9/2020 (c)		22,500		22,500
City of Laredo, Waterworks and Sewer System Rev., 5.00%, 3/1/2021		125		129
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/2020		675		681
				23,330
Total Texas				225,378

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Utah — 0.2%
Education — 0.0% (b)
Utah Charter School Finance Authority
Series A, Rev., 5.00%, 4/15/2021		40		41
Series A, Rev., 5.00%, 4/15/2022		35		38
Series A, Rev., 5.00%, 4/15/2023		85		95
Utah Charter School Finance Authority, Utah Charter Academies Project
Rev., 3.00%, 10/15/2020		220		222
Rev., 4.00%, 10/15/2021		305		319
				715
Other Revenue — 0.0% (b)
City of Murray, Sales Tax
Series 2018, Rev., 3.00%, 11/15/2020		235		238
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		93
				489
Prerefunded — 0.2%
Utah State Board of Regents, University of Utah (The) Series 2011B, Rev., 5.00%, 8/1/2030 (e)		5,110		5,151
Utility — 0.0% (b)
City of Lehi, Electric Utility
Series 2018, Rev., 5.00%, 6/1/2020		85		85
Series 2018, Rev., 5.00%, 6/1/2021		75		78
				163
Total Utah				6,518
Vermont — 0.3%
Hospital — 0.3%
Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Series A, Rev., VRDO, LOC: TD Bank NA, 0.14%, 6/9/2020 (c)		10,000		10,000
Virginia — 1.6%
Education — 0.2%
Virginia College Building Authority, Public Higher Education Financing Program Series 2014B, Rev., 5.00%, 9/1/2020		7,685		7,777
General Obligation — 0.0% (b)
City of Charlottesville, Public Improvement Series 2012B, GO, 4.00%, 7/15/2020		200		201
Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2021		1,480		1,552
				1,753
Hospital — 0.1%
Chesapeake Hospital Authority, Regional Medical Center
Rev., 5.00%, 7/1/2023		925		1,018
Rev., 5.00%, 7/1/2024		885		998
				2,016
Industrial Development Revenue/Pollution Control Revenue — 0.5%
Chesapeake Economic Development Authority, Virginia Electric and Power Co. Project Series 2008A, Rev., 1.90%, 6/1/2023 (c)		4,250		4,401
Rockingham County Economic Development Authority, Sunnyside Presbyterian Home
Series 2020A, Rev., 4.00%, 12/1/2020		280		281
Series 2020A, Rev., 4.00%, 12/1/2021		270		271
Series 2020A, Rev., 4.00%, 12/1/2022		295		296
Series 2020A, Rev., 4.00%, 12/1/2023		100		101
Wise County Industrial Development Authority, Solid Waste and Sewage Disposal Series 2009-A, Rev., 2.15%, 9/1/2020 (c)		7,500		7,505
York County Economic Development Authority, Electric and Power Company Project Series 2009A, Rev., 1.90%, 6/1/2023 (c)		8,000		8,265
				21,120
Other Revenue — 0.6%
Virginia Public Building Authority, Public Facilities
Series 2014C, Rev., 5.00%, 8/1/2020		18,830		18,981
Series A, Rev., 5.00%, 8/1/2020		5,220		5,262
				24,243
Transportation — 0.2%
Peninsula Ports Authority, Dominion Term Association Project
Rev., 1.70%, 10/1/2022 (c)		1,550		1,560

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Virginia Commonwealth Transportation Board, Capital Projects Rev., 5.00%, 5/15/2021		5,000		5,231
Virginia Commonwealth Transportation Board, Federal Transportation Series B-G, Rev., GAN, 5.00%, 3/15/2021		25		26
				6,817
Total Virginia				63,726
Washington — 1.9%
General Obligation — 0.4%
King County School District No. 407 Riverview, Unlimited Tax GO, 4.00%, 12/1/2023		500		562
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%, 12/1/2020		155		156
Snohomish County School District No. 15 Edmonds GO, 5.00%, 12/1/2021		330		354
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		174
State of Washington, Motor Vehicle Fuel Tax Senior 520 Corridor Program Series 2012C, GO, 5.00%, 6/1/2041		12,455		12,958
				14,309
Hospital — 0.6%
Washington Health Care Facilities Authority, Catholic Health Initiatives
Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.00%, 12.00% Cap), 1.14%, 6/9/2020 (d)		5,000		4,973
Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.40%, 12.00% Cap), 1.54%, 6/9/2020 (d)		10,000		9,752
Washington Health Care Facilities Authority, Commonspirit Health Series B-1, Rev., 5.00%, 8/1/2024 (c)		11,000		12,098
Washington Health Care Facilities Authority, Overlake Hospital Medical Center Series 2017B, Rev., 5.00%, 7/1/2022		1,210		1,305
WBRP 3.2, Washington Biomedical Research Properties Series 2015A, Rev., 5.00%, 1/1/2021		25		26
				28,154
Housing — 0.7%
King County Housing Authority, Highland Village Project
Rev., 4.00%, 1/1/2022		120		126
Rev., 4.00%, 1/1/2023		100		108
Rev., 5.00%, 1/1/2024		120		139
Washington State Housing Finance Commission, Multi-Family Housing, Cathedral Plaza Apartments Rev., 2.37%, 7/1/2020 (c)		13,500		13,518
Washington State Housing Finance Commission, Multi-Family Housing, The O’Malley Apartments Rev., 2.37%, 7/1/2020 (c)		8,500		8,512
Washington State Housing Finance Commission, Transforming Age Projects Series 2019B, Rev., 2.38%, 1/1/2026 (f)		3,500		3,073
				25,476
Utility — 0.0% (b)
City of Seattle, Municipal Light and Power Improvement Rev., 5.00%, 9/1/2021		20		21
Douglas County Public Utility District No. 1, Wells Hydroelectric Bonds Series B, Rev., 4.00%, 9/1/2021		25		26
				47
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		25
County of King, Junior Lien, Sewer Rev., 2.45%, 12/1/2020 (c)		6,615		6,625
				6,671
Total Washington				74,657
West Virginia — 0.1%
General Obligation — 0.0% (b)
Berkeley County Board of Education, Public School
GO, 3.00%, 5/1/2021		395		404
GO, 4.00%, 5/1/2022		600		640
GO, 5.00%, 5/1/2025		360		434
				1,478

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Utility — 0.1%
West Virginia Economic Development Authority, Appalachian Power Co. — AMOS Project Series 2009A, Rev., 2.63%, 6/1/2022 (c)		3,805		3,858
Total West Virginia				5,336
Wisconsin — 1.6%
Education — 0.7%
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., (SIFMA Municipal Swap Index Yield + 0.35%, 12.00% Cap), 0.49%, 6/9/2020 (d)		21,865		21,726
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.
Series 2017A, Rev., 5.00%, 9/1/2020		155		156
Series 2017A, Rev., 5.00%, 9/1/2021		160		167
Wisconsin Health and Educational Facilities Authority, Hmong American Peace Academy
Rev., 4.00%, 3/15/2022		110		116
Rev., 4.00%, 3/15/2023		120		126
Rev., 4.00%, 3/15/2024		120		127
Rev., 4.00%, 3/15/2025		125		133
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019B-3, Rev., 2.25%, 11/1/2026		4,000		3,643
				26,252
General Obligation — 0.4%
Big Foot Union High School District
Series 2019, GO, 4.00%, 3/1/2021		130		133
Series 2019, GO, 4.00%, 3/1/2022		100		106
Series 2019, GO, 4.00%, 3/1/2023		115		126
City of Fort Atkinson
GO, 3.00%, 2/1/2021		115		117
GO, 3.00%, 2/1/2022		120		125
GO, 4.00%, 2/1/2023		230		251
City of Kenosha GO, 3.00%, 2/1/2021		1,000		1,017
City of Middletown GO, 3.00%, 3/1/2021		355		362
City of Oak Creek
GO, 3.00%, 4/1/2021		335		342
GO, 3.00%, 4/1/2022		135		141
GO, 3.00%, 4/1/2023		180		193
City of Racine
Series 2019B, GO, 4.00%, 6/1/2021		120		124
Series 2019B, GO, 4.00%, 12/1/2021		165		174
Series 2019B, GO, 4.00%, 12/1/2022		145		158
Series 2019B, GO, 5.00%, 12/1/2023		125		143
City of Shawano, Promissory Notes
Series 2019, GO, 3.00%, 4/1/2021		250		255
Series 2019, GO, 3.00%, 4/1/2022		140		147
Series 2019, GO, 3.00%, 4/1/2023		150		160
City of Watertown, Promissory Notes
GO, 3.00%, 6/1/2023		125		134
GO, 3.00%, 6/1/2024		425		465
City of Waukesha
Series 2019C, GO, 3.00%, 10/1/2020		575		580
Series 2019C, GO, 3.00%, 10/1/2021		450		465
Series 2019C, GO, 3.00%, 10/1/2022		425		450
Series 2019C, GO, 3.00%, 10/1/2023		350		378
County of Douglas
GO, 5.00%, 2/1/2021		350		361
GO, 5.00%, 2/1/2022		520		560
County of Manitowoc
GO, AGM, 3.00%, 11/1/2022		50		53
GO, AGM, 3.00%, 11/1/2023		150		162
County of Manitowoc, Promissory Notes
GO, AGM, 3.00%, 4/1/2021		350		357
GO, AGM, 3.00%, 4/1/2022		875		911
GO, AGM, 3.00%, 4/1/2023		895		956
GO, AGM, 4.00%, 4/1/2024		680		767
County of Rusk, Promissory Notes
GO, 3.00%, 3/1/2021		200		204
GO, 3.00%, 3/1/2022		130		135
GO, 3.00%, 3/1/2023		260		277
GO, 3.00%, 3/1/2024		270		294
Eleva-Strum School District GO, 3.00%, 4/1/2021		450		459
Gale-Ettrick-Trempealeau School District
GO, 2.00%, 4/1/2021		50		51
GO, 2.00%, 4/1/2022		105		108
GO, 2.00%, 4/1/2023		130		134
Gibraltar Area School District
GO, 4.00%, 3/1/2021		700		719
GO, 4.00%, 3/1/2022		315		335

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Lakeshore Technical College District
Series 2019A, GO, 3.00%, 3/1/2022		75		78
Series 2019A, GO, 3.00%, 3/1/2023		110		117
Series 2019A, GO, 3.00%, 3/1/2024		405		438
Pewaukee School District Series 2019A, GO, 5.00%, 3/1/2024		375		438
Poynette School District
GO, 3.00%, 4/1/2021		100		102
GO, 3.00%, 4/1/2022		340		357
GO, 3.00%, 4/1/2023		265		283
Randall Consolidated School Joint No. 1 GO, 4.00%, 3/1/2021		175		180
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%, 3/1/2021		285		290
Series 2019A, GO, 3.00%, 3/1/2022		265		276
Series 2019A, GO, 5.00%, 3/1/2023		380		427
Wittenberg Birnamwood School District
GO, AGM, 4.00%, 3/1/2021		130		133
GO, AGM, 4.00%, 3/1/2022		260		276
GO, AGM, 4.00%, 3/1/2023		280		308
				17,369
Other Revenue — 0.3%
City of Kaukauna, Storm Water System Series 2019D, Rev., BAN, 2.63%, 9/1/2024		660		685
Village of DeForest Series C, Rev., RAN, 3.00%, 5/1/2023		4,865		4,983
Village of Howard Rev., RAN, 2.00%, 12/1/2021		6,965		7,022
				12,690
Transportation — 0.1%
Wisconsin Department of Transportation
Series 1, Rev., 5.00%, 7/1/2020		2,135		2,144
Series 1, Rev., 5.00%, 7/1/2021		25		26
				2,170
Utility — 0.1%
WPPI Energy, Power Supply System Series A, Rev., 5.00%, 7/1/2020		3,275		3,287
Water & Sewer — 0.0% (b)
City of Kaukauna, Sanitary Sewer System Series 2019C, Rev., BAN, 2.63%, 9/1/2024		510		530
Total Wisconsin				62,298
TOTAL MUNICIPAL BONDS (Cost $3,365,204)				3,373,333
U.S. TREASURY OBLIGATIONS - 2.6%
U.S. Treasury Notes 1.13%, 2/28/2022 (Cost $100,818)		100,000		101,660
Investments	Shares (000)		Value ($000)
SHORT-TERM INVESTMENTS — 11.3%
INVESTMENT COMPANIES — 11.3%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.16% (h) (i) (Cost $440,159)		439,927		440,279
Total Investments — 100.6% (Cost $3,906,181)				3,915,272
Liabilities in Excess of Other Assets — (0.6)%				(22,332	)
Net Assets — 100.0%				3,892,940

Percentages indicated are based on net assets.

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Abbreviations
AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
COLL	Collateral
COP	Certificate of Participation
FHA	Federal Housing Administration
GAN	Grant Anticipation Note
GNMA	Government National Mortgage Association
GO	General Obligation
GRAN	Grant Revenue Anticipation Note
GTD	Guaranteed
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
USD	United States Dollar
VRDO	Variable Rate Demand Obligation

(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 May 31, 2020.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2020.
(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 May 31, 2020.

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Municipal Bonds	$	—	$	3,373,333	$	—	$	3,373,333
U.S. Treasury Obligations		—		101,660		—		101,660
Short-Term Investments
Investment Companies		440,279		—		—		440,279
Total Investments in Securities	$	440,279	$	3,474,993	$	—	$	3,915,272

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.

For the period ended May 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2020		Shares at May 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.16%(a)(b)	$	50,592	$	2,163,676	$	1,774,028	$	(81	)	$	120	$	440,279		439,927	$	421	$	—

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

(b) The rate shown is the current yield as of May 31, 2020.