NPORT-EX 2 JPMUSMF.htm EDGAR HTML
JPMorgan Ultra-Short Municipal Fund
Schedule of Portfolio Investments as of November 30, 2024
(Unaudited) 
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2024.
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — 92.0% (a)
Alabama — 2.2%
Alabama Community College System, Gadsen State Community College Series 2018, Rev., 5.00%, 6/1/2025
95
96
Alabama Federal Aid Highway Finance Authority Series 2016 A, Rev., 5.00%, 9/1/2026 (b)
695
720
Alabama Special Care Facilities Financing Authority-Birmingham, Childrens Hospital Health Care Facility, Rev., 5.00%,
6/1/2025
300
303
Birmingham Airport Authority, Rev., 5.00%, 7/1/2026
225
232
Black Belt Energy Gas District, Gas Supply Series 2022D-2, Rev., LIQ : Royal Bank of Canada, (SOFR + 1.40%), 4.51%,
12/5/2024 (c)
25,450
25,781
City of Huntsville, Warrants Series 2016D, GO, 5.00%, 5/1/2025
50
50
County of Jefferson sewer Series 2024, Rev., 5.00%, 10/1/2027
1,250
1,319
Industrial Development Board of The City of Mobile, Alabama Power Control, Barry Plant Project Series 2007A, Rev., 1.00%,
6/26/2025 (d)
4,750
4,676
Selma Industrial Development Board, International Paper Co. Projects Series 2020A, Rev., 1.38%, 6/16/2025 (d)
2,670
2,632
Southeast Energy Authority A Cooperative District, Project No. 4 Series 2022B-2, Rev., (SOFR + 1.79%), 4.87%,
12/5/2024 (c)
10,000
10,220
State of Alabama Series 2016C, GO, 5.00%, 8/1/2026
25
26
University of West Alabama, General Fee, Rev., AGM, 4.00%, 1/1/2025
150
150
Water Works Board of the City of Birmingham (The) Series 2016 B, Rev., 5.00%, 1/1/2025 (b)
40
40
Total Alabama
46,245
Alaska — 0.2%
Alaska Housing Finance Corp., State Capital Project
Series 2014 D-2, Rev., 5.00%, 12/1/2024 (b)
60
60
Series 2015A, Rev., 5.00%, 6/1/2025 (b)
400
404
Alaska Municipal Bond Bank Authority Series 3, Rev., 5.00%, 12/1/2026
25
26
Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Rev., 5.25%, 9/1/2027
1,400
1,421
Borough of North Slope, General Purpose Series 2021 C, GO, 4.00%, 6/30/2025
95
95
City of Anchorage, Electric Utilities, Senior Lien Series 2014A, Rev., 5.00%, 12/1/2024 (b)
25
25
State of Alaska Series 2024 B, GO, 5.00%, 8/1/2028
1,000
1,079
State of Alaska International Airports System Series 2016 A, Rev., 5.00%, 10/1/2027
2,000
2,029
Total Alaska
5,139
Arizona — 2.3%
Arizona Board of Regents, State University
Series 2021A, COP, 5.00%, 6/1/2025
30
30
Series 2015A, Rev., 5.00%, 7/1/2025
25
25
Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2024
365
365
Arizona Industrial Development Authority, Phoenix Children's Hospital Series 2020A, Rev., 5.00%, 2/1/2026
155
159
Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund Series 2016, Rev., 5.00%, 7/1/2025
40
41
Arizona Water Infrastructure Finance Authority Series 2024, Rev., 5.00%, 10/1/2027
4,000
4,264
City of Chandler Series 2014, GO, 4.00%, 7/1/2025
45
45
City of Mesa Utility System Series 2017, Rev., 4.00%, 7/1/2025
130
131
City of Phoenix Civic Improvement Corp., Junior Lien, Airport System Series 2017D, Rev., 5.00%, 7/1/2029
35
37
City of Phoenix Civic Improvement Corp., Junior Lien, Water System
Series 2016, Rev., 5.00%, 7/1/2025
75
76
Series 2014B, Rev., 5.00%, 7/1/2027
170
170
City of Tucson Series 2018A, GO, 5.00%, 7/1/2026
325
336
City of Tucson Water System, Rev., 5.00%, 7/1/2025
50
51
County of Pima Sewer System
Rev., 5.00%, 7/1/2025
100
101
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Arizona — continued
Series 2020B, COP, 5.00%, 7/1/2027
40
42
Gilbert Water Resource Municipal Property Corp. Series 2022, Rev., 5.00%, 7/15/2025
25
25
Maricopa County Industrial Development Authority, Banner Health
Series 2016 A, Rev., 5.00%, 1/1/2026
150
153
Series 2019 D, Rev., 5.00%, 5/15/2026 (d)
1,000
1,025
Series 2023A-1, Rev., 5.00%, 5/15/2026 (d)
7,530
7,707
Series 2023 A-2, Rev., 5.00%, 5/15/2028 (d)
250
266
Maricopa County Union High School District No. 210-Phoenix, Project 2023 Series 2024A, GO, 5.00%, 7/1/2027
1,200
1,270
Salt River Project Agricultural Improvement and Power District, Arizona Electric System
Series 2019 A, Rev., 5.00%, 1/1/2027
385
404
Series 2015A, Rev., 5.00%, 12/1/2045
21,000
21,175
State of Arizona Lottery Series 2019, Rev., 5.00%, 7/1/2025 (b)
10,205
10,314
Total Arizona
48,212
Arkansas — 0.0% ^
Pulaski County Public Facilities Board, Baptist Health Series 2014, Rev., 5.00%, 12/1/2024 (b)
485
485
State of Arkansas, Federal Highway, GO, 5.00%, 10/1/2025
40
40
University of Arkansas, Various Facility UAMS Campus Series 2019 A, Rev., 5.00%, 3/1/2027
25
26
University of Central Arkansas, Student Fee
Series 2020A, Rev., 5.00%, 11/1/2026
220
227
Series 2020A, Rev., 5.00%, 11/1/2027
200
211
Total Arkansas
989
California — 0.6%
Antelope Valley Community College District Series 2015, GO, 5.00%, 2/15/2025 (b)
115
116
California Community Choice Financing Authority, Green Bond Series 2022A-2, Rev., (SOFR + 1.70%), 4.78%, 12/5/2024 (c)
5,000
5,025
California Health Facilities Financing Authority, St. Joseph Health System Series 2013 A, Rev., 5.00%, 7/1/2025
125
125
California Municipal Finance Authority Series 2021A, Rev., AMT, 3.80%, 4/1/2025 (d)
2,750
2,749
California Municipal Finance Authority, Waste Management, Inc. Project Series 2024A, Rev., AMT, 4.13%, 3/3/2025 (d)
1,000
1,001
City of Los Angeles, Wastewater System Series 2013-A, Rev., 5.00%, 6/1/2025
75
75
City of Vernon Electric System
Series 2021 A, Rev., 5.00%, 10/1/2027
25
26
Series 2021 A, Rev., 5.00%, 4/1/2028
75
80
Golden State Tobacco Securitization Corp. Series 2017 A-1, Rev., 5.00%, 6/1/2026 (b)
90
93
Palomar Community College District Series 2015, GO, 5.00%, 5/1/2025 (b)
35
35
Sacramento Municipal Utility District, Electric Series 2019B, Rev., 5.00%, 10/15/2025 (d)
140
141
State of California, Various Purpose
GO, 5.00%, 12/4/2024
30
30
GO, 5.00%, 12/1/2027
2,205
2,359
University of California Series 2015I, Rev., 5.00%, 5/15/2029
40
40
Total California
11,895
Colorado — 2.1%
Adams and Arapahoe Joint School District 28J Aurora Series 2022, GO, 5.00%, 12/1/2024
75
75
Board of Governors of Colorado State University System Series E-1, Rev., 5.00%, 3/1/2025 (b)
100
100
Boulder Larimer and Weld Countes St. Vrain Valley School District Re-1J
Series 2014A, GO, 5.00%, 12/16/2024
35
35
Series 2016 C, GO, 5.00%, 12/15/2025 (b)
20
20
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Colorado — continued
City and County of Denver
Series 2024A, GO, 5.00%, 8/1/2026
700
726
Series 2024B, GO, 5.00%, 8/1/2026
600
622
City and County of Denver, Airport System
Series 2022C, Rev., 5.00%, 11/15/2025
40
41
Series 2023B, Rev., AMT, 5.00%, 11/15/2027
1,500
1,568
Series 2023B, Rev., AMT, 5.00%, 11/15/2028
5,000
5,287
City of Westminster, COP, 4.00%, 12/1/2024
110
110
Colorado Bridge Enterprise Series 2019A, Rev., 4.00%, 12/1/2025
65
66
Colorado Educational and Cultural Facilities Authority, University Denver Project, Rev., NATL-RE, 5.25%, 3/1/2025
515
517
Colorado Health Facilities Authority, Adventhealth Obligated Group Series 2019B, Rev., 5.00%, 11/19/2026 (d)
810
840
Colorado Health Facilities Authority, Adventist Health System
Series 2018B, Rev., 5.00%, 11/20/2025 (d)
2,965
3,018
Series 2016C, Rev., 5.00%, 11/15/2026 (d)
2,910
3,016
Colorado Health Facilities Authority, CommonSpirit Health
Series 2019 B-1, Rev., 5.00%, 8/1/2025 (d)
2,600
2,606
Series 2019 A-2, Rev., 5.00%, 8/1/2028
25
27
Colorado Health Facilities Authority, Intermountain Healthcare
Series 2024D, Rev., VRDO, 0.70%, 12/2/2024 (d)
22,000
22,000
Series 2022C, Rev., 5.00%, 8/15/2028 (d)
300
320
Colorado Health Facilities Authority, School Health System Series 2019A, Rev., 5.00%, 1/1/2025
35
35
Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project
Series 2015A, Rev., 5.00%, 6/1/2025 (b)
225
227
Series 2017, Rev., 5.00%, 6/1/2027 (b)
70
74
Denver Urban Renewal Authority Series 2010B-1, Rev., 5.00%, 12/1/2025
70
71
El Paso County School District No. 49 Falcon Series 2017B, COP, 5.00%, 12/15/2024
35
35
Regional Transportation District Series 2015 A, COP, 5.00%, 6/1/2026
180
182
Regional Transportation District Sales Tax Series 2023A, Rev., 5.00%, 11/1/2026
20
21
Regional Transportation District, Denver Transit Partners
Series 2020A, Rev., 5.00%, 1/15/2025
185
185
Series 2020A, Rev., 3.00%, 1/15/2026
110
109
Series 2020A, Rev., 5.00%, 7/15/2026
225
231
State of Colorado
Series 2017K, COP, 5.00%, 3/15/2025
35
35
Series 2018L, COP, 5.00%, 3/15/2025
1,160
1,166
Series 2017K, COP, 5.00%, 3/15/2026
30
31
Series 2018 L, COP, 5.00%, 3/15/2026
50
51
Series 2020 A, COP, 5.00%, 9/1/2027
25
27
Series 2018 L, COP, 4.00%, 3/15/2029
20
21
University of Colorado
Series A, Rev., 5.00%, 6/1/2025 (b)
65
66
Series 2017A-2, Rev., 5.00%, 6/1/2027
50
53
University of Colorado, Enterprise System Series 2017A-2, Rev., 5.00%, 6/1/2025
30
30
Total Colorado
43,644
Connecticut — 0.3%
Connecticut State Health and Educational Facilities Authority, Stamford Hospital Series L-1, Rev., 4.00%, 7/1/2026
350
352
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Connecticut — continued
State of Connecticut
Series F, GO, 5.00%, 1/17/2025
20
20
Series G, GO, 5.00%, 1/17/2025
30
30
Series 2017 B, GO, 5.00%, 4/15/2025
150
151
Series F, GO, 5.00%, 11/15/2025
75
77
Series 2018 F, GO, 5.00%, 9/15/2028
735
796
State of Connecticut Clean Water Fund, State Revolving Fund
Series 2019 A, Rev., 5.00%, 2/1/2025
85
85
Series 2015A, Rev., 5.00%, 3/1/2025
35
35
Series 2015A, Rev., 5.00%, 3/1/2026
40
40
State of Connecticut Special Tax
Series 2021D, Rev., 5.00%, 11/1/2026
100
104
Series B, Rev., 5.00%, 9/1/2028
140
145
Town of Wolcott, GO, BAN, 4.25%, 2/11/2025
4,500
4,508
University of Connecticut Series 2020A, Rev., 5.00%, 2/15/2025
40
40
Total Connecticut
6,383
Delaware — 0.3%
Delaware State Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%,
7/1/2025 (d)
6,000
5,890
University of Delaware Series 2015, Rev., 5.00%, 5/1/2025 (b)
735
741
Total Delaware
6,631
District of Columbia — 0.7%
District of Columbia
Series 2021 D, GO, 4.00%, 2/1/2025
300
301
Series 2021 E, GO, 5.00%, 2/1/2025
50
50
Series 2017D, GO, 5.00%, 6/1/2025
90
91
Series 2024C, GO, 5.00%, 12/1/2027
5,000
5,350
Series 2024C, GO, 5.00%, 12/1/2028
2,000
2,182
Series 2017D, GO, 5.00%, 6/1/2029
2,000
2,105
District of Columbia Housing Finance Agency, Multi Family Housing Edgewood Apartments Project Series 2023, Rev., FHA,
5.00%, 6/1/2026 (d)
4,100
4,166
District of Columbia Income Tax
Series 2019A, Rev., 5.00%, 3/1/2025
70
70
Series 2020 C, Rev., 5.00%, 5/1/2025
120
121
District of Columbia, Children's Hospital Obligated Group
Series 2015, Rev., 5.00%, 7/15/2025
55
56
Series 2015, Rev., 5.00%, 7/15/2026
100
102
Series 2015, Rev., 5.00%, 7/15/2027
50
51
Series 2015, Rev., 5.00%, 7/15/2028
170
173
Series 2015, Rev., 5.00%, 7/15/2029
20
20
District of Columbia, Gallaudet University Project Series 2021A, Rev., 5.00%, 4/1/2026
100
103
District of Columbia, National Public Radio, Inc. Issue Series 2016, Rev., 5.00%, 4/1/2026 (b)
25
26
Washington Metropolitan Area Transit Authority
Series A-1, Rev., 5.00%, 7/1/2025
160
162
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
District of Columbia — continued
Series 2017B, Rev., 5.00%, 7/1/2027
170
179
Series A-1, Rev., 5.00%, 7/1/2028
375
394
Total District of Columbia
15,702
Florida — 3.5%
Alachua County School Board Series 2020, COP, AGM, 5.00%, 7/1/2027
65
69
Central Florida Expressway Authority, Senior Lien
Series 2016B, Rev., 5.00%, 7/1/2025
25
25
Series 2021, Rev., AGM, 5.00%, 7/1/2025
500
506
Series 2019B, Rev., 5.00%, 7/1/2026
40
41
Series 2016 B, Rev., 5.00%, 7/1/2028
685
708
City of Fort Myers Utility System Series 2020 A, Rev., AGM, 5.00%, 10/1/2025
70
71
City of Gainesville, Utilities System
Series 2017 A, Rev., 5.00%, 10/1/2028
765
810
Series B, Rev., 5.00%, 10/1/2029
225
225
City of Jacksonville Series 2015, Rev., 5.00%, 10/1/2027
325
330
City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group, Rev., 5.00%, 8/15/2028
65
68
County of Broward, Airport System
Series 2013C, Rev., 5.25%, 10/1/2026
50
50
Series A, Rev., AMT, 5.00%, 10/1/2029
1,000
1,011
County of Lee, Transportation Facilities Series 2014, Rev., AGM, 5.00%, 1/6/2025
100
100
County of Miami-Dade
Series 2016 B, Rev., 5.00%, 4/1/2025
115
116
Series 2020, GO, 5.00%, 7/1/2027
20
21
Series 2016, Rev., 5.00%, 10/1/2029
125
130
County of Miami-Dade, Aviation System
Series B, Rev., 5.00%, 10/1/2026
35
36
Series A, Rev., 5.00%, 10/1/2027
150
155
Series A, Rev., 5.00%, 10/1/2028
265
274
Series A, Rev., 5.00%, 10/1/2029
155
160
County of Miami-Dade, Building Better Communities Program Series 2016 A, GO, 5.00%, 7/1/2027
20
21
County of Miami-Dade, Transit System
Series 2015, Rev., 5.00%, 7/1/2025
1,000
1,009
Rev., 5.00%, 7/1/2026
955
964
County of Miami-Dade, Water and Sewer System Series 2021, Rev., 5.00%, 10/1/2027
50
53
County of St. Lucie, Power and Light Co., Project, Rev., VRDO, 2.20%, 12/2/2024 (d)
10,000
10,000
Duval County Public Schools Series 2022A, COP, AGM, 5.00%, 7/1/2027
25
26
Escambia County School Board Series 2020A, COP, 5.00%, 2/1/2026
195
200
Florida Department of Environmental Protection
Series 2015A, Rev., 5.00%, 7/1/2025
160
162
Series 2017 A, Rev., 5.00%, 7/1/2027
75
79
Series 2019 B, Rev., 5.00%, 7/1/2027
45
48
Florida Department of Management Services
Series 2017A, Rev., 5.00%, 9/1/2026
80
83
Series 2018A, COP, 5.00%, 11/1/2026
565
588
Series 2018 A, COP, 5.00%, 11/1/2027
1,805
1,916
Florida Housing Finance Corp., Culmer Apartments Series 2023C, Rev., 5.00%, 12/1/2025 (d)
3,725
3,785
Florida Housing Finance Corp., Hampton Point Apartments Series 2023E, Rev., 5.00%, 5/1/2025 (d)
2,510
2,525
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Florida — continued
Florida Municipal Power Agency, All-Requirements Power Supply Project
Series 2017A, Rev., 5.00%, 10/1/2025
1,075
1,091
Series 2016A, Rev., 5.00%, 10/1/2026
55
57
Series 2017 A, Rev., 5.00%, 10/1/2026
20
21
Series 2016A, Rev., 5.00%, 10/1/2027
70
72
Series 2017 A, Rev., 5.00%, 10/1/2027
345
364
Series 2019 A, Rev., 5.00%, 10/1/2027
180
190
Series 2018A, Rev., 4.00%, 10/1/2028
240
246
Series 2016A, Rev., 5.00%, 10/1/2028
665
687
Series 2016A, Rev., 5.00%, 10/1/2029
2,100
2,168
JEA Electric System
Series 2017B, Rev., 5.00%, 10/1/2027
75
79
Series 2017B, Rev., 5.00%, 10/1/2029
25
26
Lee County School Board (The)
Series 2020A, COP, 5.00%, 8/1/2026
30
31
Series 2014A, COP, 5.00%, 8/1/2028
145
145
Manatee County School District
GO, TAN, 4.50%, 2/27/2025
16,000
16,049
Series 2017, Rev., AGM, 5.00%, 10/1/2029
20
21
Miami Beach Redevelopment Agency Series A, Rev., 5.00%, 2/1/2028
300
301
Miami-Dade County Expressway Authority, Toll System
Series 2014 A, Rev., 5.00%, 7/1/2027
190
190
Series 2016A, Rev., 5.00%, 7/1/2028
100
103
Miami-Dade County Housing Finance Authority, Quail Roost Transit Village Series 2023, Rev., 5.00%, 9/1/2025 (d)
2,250
2,276
Miami-Dade County Housing Finance Authority, Santa Clara II Apartments Series 2023, Rev., 5.00%, 10/1/2025 (d)
4,655
4,716
Orange County Convention Center Series 2017, Rev., 5.00%, 10/1/2026
185
192
Orange County Health Facilities Authority, Orlando Health Obligated Group Series 2019B, Rev., 5.00%, 10/1/2026
50
52
Orange County School Board
Series 2015D, COP, 5.00%, 8/1/2025 (b)
130
132
Series 2016C, COP, 5.00%, 8/1/2026 (b)
4,200
4,350
Series 2017B, COP, 5.00%, 8/1/2027
2,130
2,250
Series 2017 C, COP, 5.00%, 8/1/2028
85
91
Palm Beach County Housing Finance Authority Series 2023, Rev., 5.00%, 4/1/2025 (d)
300
302
Palm Beach County School District
Series 2017A, COP, 5.00%, 8/1/2025
270
274
Series 2018A, COP, 5.00%, 8/1/2026
55
57
Series 2022B, COP, 5.00%, 8/1/2026
60
62
Series 2017A, COP, 5.00%, 8/1/2027
110
116
Series 2018B, COP, 5.00%, 8/1/2027
375
397
Palm Beach County Solid Waste Authority Series 2015, Rev., 5.00%, 10/1/2025
250
252
Pasco County School Board
Series 2022A, COP, 5.00%, 8/1/2025
835
845
Series 2022A, COP, 5.00%, 8/1/2027
80
84
Polk County School District
Series 2019B, COP, 5.00%, 1/1/2025
1,000
1,001
Series 2019B, COP, 5.00%, 1/1/2026
85
87
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Florida — continued
School Board of Miami-Dade County (The), Florida Certificates of Participation
Series 2015D, COP, 5.00%, 2/1/2025
160
160
Series 2015A, COP, 5.00%, 5/1/2025
365
368
Series 2015C, COP, 5.00%, 5/1/2025
2,430
2,449
Series 2014D, COP, 5.00%, 11/1/2025
235
235
Series 2015D, COP, 5.00%, 2/1/2026
195
200
Series 2015A, COP, 5.00%, 5/1/2026
215
217
Series 2014D, COP, 5.00%, 11/1/2026
110
110
Series 2015D, COP, 5.00%, 2/1/2027
1,325
1,352
Series 2015A, COP, AGM, 5.00%, 5/1/2027
440
443
Series 2015B, COP, 5.00%, 5/1/2027
365
368
Series 2015A, COP, 5.00%, 5/1/2028
25
25
Series 2015D, COP, 5.00%, 5/1/2028
45
45
Series 2012A, COP, 4.00%, 8/1/2028
150
150
Series 2014D, COP, 5.00%, 11/1/2028
95
95
School District of Broward County, Florida Certificates of Participation
Series 2015A, COP, 5.00%, 7/1/2025
410
415
Series A, COP, 5.00%, 7/1/2028
75
77
South Broward Hospital District, Memorial Healthcare System, Rev., 4.00%, 5/1/2026
110
112
State of Florida Board of Education, Public Education Capital Outlay
Series 2019 D, GO, 5.00%, 6/1/2025
80
81
Series 2023A, GO, 5.00%, 6/1/2026
50
52
State of Florida Department of Education Series 2018A, Rev., 5.00%, 7/1/2027
50
52
State of Florida Department of Transportation
Series 2021A, Rev., 5.00%, 7/1/2025
25
25
Series 2019A, Rev., 5.00%, 7/1/2027
20
21
Series 2019A, Rev., 5.00%, 7/1/2028
60
65
State of Florida Department of Transportation Turnpike System Series 2016 B, Rev., 5.00%, 7/1/2025
80
81
State of Florida Lottery
Series 2017 A, Rev., 5.00%, 7/1/2025
170
172
Series 2017 A, Rev., 5.00%, 7/1/2027
20
21
State of Florida, Public Education Capital Outlay
Series 2022 B, GO, 5.00%, 6/1/2025
50
51
Series 2020 A, GO, 5.00%, 6/1/2027
105
111
Tampa Sports Authority Series 2015, Rev., 5.00%, 1/1/2026
80
80
Total Florida
73,375
Georgia — 1.0%
Athens-Clarke County Unified Government Water and Sewerage Series 2015, Rev., 5.00%, 1/1/2026
25
25
Atlanta Development Authority, Georgia State University Research Foundation Science Park LLC Project Series 2016, Rev.,
4.00%, 7/1/2026 (b)
1,555
1,579
Bartow County Development Authority, Georgia Power Co. Plant Series 2013-1, Rev., 2.88%, 8/19/2025 (d)
13,500
13,449
City of Atlanta Water and Wastewater
Series 2015, Rev., 5.00%, 5/1/2025 (b)
35
35
Series 2004, Rev., AGM, 5.75%, 11/1/2027
1,000
1,087
Clarke County Hospital Authority, Pidemont Healthcare Series 2016 A, Rev., 5.00%, 7/1/2029
25
26
County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026
30
31
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Georgia — continued
Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project Series 2012-2, Rev., 3.30%,
8/21/2029 (d)
2,250
2,258
Gwinnett County School District Series 2010, GO, 5.00%, 2/1/2026
125
126
Henry County Hospital Authority, Piedmont Henry Hospital Project Series 2014A, Rev., 5.00%, 7/1/2027
1,390
1,394
Main Street Natural Gas, Inc., Gas Supply Series 2021C, Rev., 4.00%, 12/1/2024
750
750
Paulding County School District Series 2014, GO, 5.00%, 2/1/2025 (b)
100
100
State of Georgia Series 2014A, GO, 4.00%, 2/1/2026
100
100
Total Georgia
20,960
Hawaii — 0.0% ^
City and County Honolulu
Series A, Rev., 4.00%, 7/1/2026
20
21
Series D, GO, 5.00%, 9/1/2026
70
73
City and County Honolulu Wastewater System, First Resolution Series B, Rev., 5.00%, 7/1/2025 (b)
25
25
County of Hawaii Series A, GO, 5.00%, 9/1/2027
50
51
State of Hawaii
Series FK, GO, 5.00%, 5/1/2027
75
79
Series FH, GO, 5.00%, 10/1/2028
70
73
Total Hawaii
322
Idaho — 0.1%
Idaho State Building Authority, Sales Tax Series 2024 A, Rev., 5.00%, 6/1/2025
3,000
3,030
Illinois — 5.2%
Carol Stream Park District Series 2020C, GO, 4.00%, 11/1/2026
1,020
1,041
Chicago Board of Education, Unlimited Tax Series 2018A, GO, AGM, 5.00%, 12/1/2024
200
200
Chicago O'Hare International Airport, Customer Facility Charge Senior Lien Series B, Rev., 5.00%, 1/1/2025
225
225
Chicago O'Hare International Airport, General Airport, Senior Lien
Series 2020B, Rev., 5.00%, 1/1/2025
100
100
Series B, Rev., 5.00%, 1/1/2025
2,915
2,918
Series C, Rev., 5.00%, 1/1/2025
40
40
Series E, Rev., 5.00%, 1/1/2025
170
170
Series A, Rev., 5.00%, 1/1/2027
20
21
Series C, Rev., 5.00%, 1/1/2027
20
20
Series C, Rev., 5.00%, 1/1/2028
575
586
Series C, Rev., 5.00%, 1/1/2028
40
42
Series C, Rev., 5.00%, 1/1/2029
445
453
Chicago O'Hare International Airport, Passenger Facility Charge Series 2012B, Rev., AMT, 4.00%, 12/2/2024
600
600
City of Chicago Wastewater Transmission, Second Lien Series 2008C, Rev., 5.00%, 1/1/2025 (b)
150
150
City of Chicago, Sales Tax Series 2002, Rev., 5.00%, 1/1/2025 (b)
135
135
City of Decatur, GO, 4.00%, 3/1/2025
25
25
City of Springfield Electric, Senior Lien Series 2015, Rev., 5.00%, 3/1/2025
385
387
City of Springfield Electric, Senior Line Series 2015, Rev., 5.00%, 3/1/2025
45
45
City of Springfield, Electric System, Senior Lien Series 2015, Rev., 5.00%, 3/1/2025
435
437
Cook County School District No. 102, La Grange, Limited Tax, GO, AGM, 4.00%, 12/15/2024
930
930
Cook County School District No. 160, Country Club Hills Series 2020A, GO, 4.00%, 12/1/2024
255
255
Cook County School District No. 89, Maywood, Maywood-Melrose Park-Broadview, Limited Tax Series 2020, GO, AGM, 4.00%,
12/15/2024
580
580
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Illinois — continued
County of Cook
Series 2022 A, GO, 5.00%, 11/15/2025
1,955
1,989
Series 2021B, GO, 4.00%, 11/15/2026
175
178
Series 2021 A, GO, 5.00%, 11/15/2026
70
73
Series 2016 A, GO, 5.00%, 11/15/2028
45
47
County of Cook, Sales Tax Series 2022 A, Rev., 5.00%, 11/15/2025
45
46
Du Page County High School District No. 88 Series 2016, GO, 5.00%, 1/15/2025
65
65
DuPage County Community High School District No. 94 West Chicago, GO, 4.00%, 1/1/2033
10
10
Illinois Development Finance Authority, Solid waste Management, Inc. Project, Rev., AMT, 4.25%, 11/3/2025 (d)
6,000
6,008
Illinois Development Finance Authority, United Community and Housing Development Corp. Series 1991 B, Rev., Zero Coupon,
7/15/2025 (b)
4,720
4,624
Illinois Educational Facilities Authority, University of Chicago Medical Center Series 2009D-1, Rev., VRDO, LOC : TD Bank NA,
0.55%, 12/2/2024 (d)
10,000
10,000
Illinois Finance Authority, Advocate Healthcare Series 2015 B, Rev., 5.00%, 5/1/2025
45
45
Illinois Finance Authority, Clean Water Initiative Revolving
Series 2019, Rev., 5.00%, 7/1/2025
45
46
Series 2019, Rev., 5.00%, 1/1/2027
240
251
Series 2019, Rev., 5.00%, 7/1/2027
250
265
Series 2020, Rev., 5.00%, 7/1/2027
20
21
Illinois Finance Authority, Northwestern Memorial Healthcare Series 2017A, Rev., 5.00%, 7/15/2027
80
85
Illinois Finance Authority, Northwestern University
Series 2015, Rev., 5.00%, 12/1/2025
25
26
Series 2017A, Rev., 5.00%, 7/15/2026
270
279
Illinois Finance Authority, Plymouth Place, Inc.
Series 2015, Rev., 5.00%, 5/15/2025 (b)
2,750
2,772
Series 2015, Rev., 5.25%, 5/15/2025 (b)
1,530
1,544
Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2021B, Rev., (SIFMA Municipal Swap Index Yield +
0.70%), 3.56%, 12/5/2024 (c)
1,125
1,112
Illinois Finance Authority, Presence Health Network
Series 2016 C, Rev., 5.00%, 2/15/2025
395
396
Series 2016 C, Rev., 5.00%, 2/15/2027
45
47
Illinois Finance Authority, Rush University Medical Center Obligated Group
Series 2015A, Rev., 5.00%, 11/15/2025
440
443
Series 2015A, Rev., 5.00%, 11/15/2027
20
20
Illinois Finance Authority, State Clean Water Initiative
Series 2016, Rev., 5.00%, 1/1/2026
20
21
Series 2017, Rev., 5.00%, 1/1/2026
95
97
Series 2017, Rev., 5.00%, 7/1/2027
20
21
Illinois Finance Authority, Swedish Covenant Hospital
Series 2016 A, Rev., 5.00%, 8/15/2026 (b)
35
36
Series 2016A, Rev., 5.00%, 8/15/2026 (b)
1,110
1,145
Illinois Finance Authority, The Carle Foundation Series 2021A, Rev., 5.00%, 8/15/2028
100
107
Illinois Finance Authority, Uchicago Medicine Series 2022B-2, Rev., 5.00%, 8/15/2027 (d)
1,500
1,565
Illinois Finance Authority, University of Chicago Series 2015A, Rev., 5.00%, 10/1/2025 (b)
23,000
23,354
Illinois Housing Development Authority, Rev., FHA, 4.00%, 6/1/2025 (d)
1,350
1,353
Illinois Municipal Electric Agency, Power Supply System
Series 2015A, Rev., 5.00%, 2/1/2025
140
140
Series 2015A, Rev., 5.00%, 2/1/2026
100
101
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Illinois — continued
Illinois State Toll Highway Authority
Series 2019 C, Rev., 5.00%, 1/1/2026
45
46
Series 2019B, Rev., 5.00%, 1/1/2027
170
178
Series 2019C, Rev., 5.00%, 1/1/2027
75
78
Kane McHenry Cook and De Kalb Counties Unit School District No. 300 Series 2015, GO, 5.00%, 1/1/2027
20
20
McHenry County Conservation District Series 2014, GO, 5.00%, 2/1/2025
60
60
Northern Illinois Municipal Power Agency
Series 2016 A, Rev., 5.00%, 12/1/2026
175
182
Series 2016 A, Rev., 5.00%, 12/1/2029
1,185
1,233
Railsplitter Tobacco Settlement Authority, Rev., 5.00%, 6/1/2025 (b)
830
837
Regional Transportation Authority Series 2017 A, Rev., 5.00%, 7/1/2028
260
274
State of Illinois
Series 2021A, GO, 5.00%, 12/1/2024
20
20
Series 2014, GO, AGM - CR, 5.00%, 1/14/2025
940
942
Series 2022B, GO, 5.00%, 3/1/2025
495
497
GO, 5.50%, 5/1/2025
2,695
2,720
Series 2023D, GO, 5.00%, 7/1/2025
2,995
3,025
Series 2019B, GO, 5.00%, 9/1/2025
3,860
3,912
Series 2020D, GO, 5.00%, 10/1/2025
20
20
Series 2017D, GO, 5.00%, 11/1/2025
250
254
Series 2017A, GO, 5.00%, 12/1/2025
250
255
GO, 5.00%, 2/1/2026
570
582
GO, 5.50%, 5/1/2026
5,000
5,165
Series 2023D, GO, 5.00%, 7/1/2026
8,000
8,230
Series 2017D, GO, 5.00%, 11/1/2026
940
973
Series 2016, GO, 5.00%, 2/1/2027
150
156
Series 2021 B, GO, 5.00%, 3/1/2027
125
130
Series 2022A, GO, 5.00%, 3/1/2027
20
21
Series 2023D, GO, 5.00%, 7/1/2027
90
94
Series 2018 A, GO, 5.00%, 10/1/2027
160
168
Series 2017D, GO, 5.00%, 11/1/2027
1,160
1,222
Series 2022B, GO, 5.00%, 3/1/2028
50
53
Series 2016, GO, 5.00%, 6/1/2028
1,095
1,122
Series 2017D, GO, 5.00%, 11/1/2028
2,965
3,103
Series 2017 A, GO, 5.00%, 12/1/2028
90
94
Series 2016, GO, 5.00%, 2/1/2029
35
36
Series 2018A, GO, 5.00%, 5/1/2029
225
238
Series 2017C, GO, 5.00%, 11/1/2029
30
31
State of Illinois, Sales Tax
Series 2018A, Rev., 5.00%, 6/15/2025
2,600
2,624
Series 2013, Rev., 5.00%, 6/15/2026
1,250
1,252
Series 2021 A, Rev., 4.00%, 6/15/2027
40
41
Series 2016, Rev., 5.00%, 6/15/2029
25
26
University of Illinois Series 2023 A, Rev., 5.00%, 4/1/2027
50
53
University of Illinois, Auxiliary Facilities System
Series 2023 A, Rev., 5.00%, 4/1/2025
150
151
Series 2023 A, Rev., 5.00%, 4/1/2026
1,550
1,590
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Illinois — continued
Village of Oswego Series 2016, GO, 5.00%, 12/15/2025 (b)
1,315
1,341
Will Grundy Etc Counties Community College District No. 525, Joliet Junior College, GO, 5.00%, 1/1/2026
30
31
Total Illinois
110,772
Indiana — 2.8%
Brownsburg 1999 School Building Corp. Series 2024B, Rev., BAN, 5.00%, 12/17/2024
1,200
1,201
City of Indianapolis, Department of Public Utilities Water System Series 2018A, Rev., 5.00%, 10/1/2026
20
21
City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025
6,500
6,476
City of Whiting, BP Products North America, Inc. Project Series 2019A, Rev., AMT, 5.00%, 6/5/2026 (d)
1,900
1,934
Danville Multi-School Building Corp., Rev., BAN, 4.50%, 12/15/2024
4,200
4,202
Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage
Series 2020B, Rev., 4.00%, 1/15/2026
220
222
Series 2020B, Rev., 4.00%, 7/15/2026
235
238
Indiana Finance Authority Series 2017 A, Rev., 5.00%, 6/1/2025 (b)
115
116
Indiana Finance Authority, Community Foundation Of Northern Indiana Obligated Group, Rev., 5.00%, 9/1/2028
2,065
2,131
Indiana Finance Authority, CWA Authority Project Series 2021-2, Rev., 5.00%, 10/1/2027
55
58
Indiana Finance Authority, Goshen Health Series 2019B, Rev., 2.10%, 11/1/2026 (d)
2,700
2,610
Indiana Finance Authority, Indiana University Health Obligated Group
Series 2014 A, Rev., 5.00%, 12/1/2024
125
125
Series 2016A, Rev., 5.00%, 12/1/2024
1,125
1,125
Series 2016A, Rev., 5.00%, 12/1/2025
165
168
Indiana Finance Authority, Indianapolis Power and Light Co. Project Series 2021B, Rev., 0.65%, 8/1/2025
4,500
4,399
Indiana Finance Authority, Parkview Health System, Inc. Series 2017 A, Rev., 5.00%, 11/1/2025
250
254
Indiana Finance Authority, Stadium Project
Series 2022 A, Rev., 5.00%, 2/1/2025
60
60
Series 2022 A, Rev., 5.00%, 2/1/2026
40
41
Indiana Finance Authority, State Revolving Program
Series 2015A, Rev., 5.00%, 2/1/2025 (b)
320
321
Series 2015A, Rev., 5.00%, 2/1/2025
50
50
Series 2018 A, Rev., 5.00%, 2/1/2025
45
45
Series 2021 B, Rev., 5.00%, 2/1/2025
550
552
Indiana Housing and Community Development Authority Series 2017B-3, Rev., VRDO, LIQ : TD Bank NA, 0.65%,
12/2/2024 (d)
20,000
20,000
Indiana Municipal Power Agency, Power Supply System
Series 2016 C, Rev., 5.00%, 1/1/2025
375
376
Series 2014A, Rev., 5.00%, 1/1/2026
75
75
Series 2016 C, Rev., 5.00%, 1/1/2026
55
56
Series 2014A, Rev., 5.00%, 1/1/2027
160
160
Series 2014A, Rev., 5.00%, 1/1/2028
50
50
Series 2016 C, Rev., 5.00%, 1/1/2029
150
155
Indianapolis Local Public Improvement Bond Bank, Courthouse And Jail Project Series 2019A, Rev., 5.00%, 2/1/2025
100
100
IPS Multi-School Building Corp., Ad Valorem Property Tax First Mortgage
Series 2024, Rev., 5.00%, 1/15/2025
700
701
Series 2024, Rev., 5.00%, 7/15/2025
1,050
1,061
Purdue University Series EE, Rev., 5.00%, 7/1/2027
35
37
Tippecanoe School Corp.
Series 2024 A, GO, 5.00%, 7/15/2025 (e)
2,150
2,172
Series 2024 B, GO, 5.00%, 7/15/2025 (e)
2,225
2,248
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Indiana — continued
Series 2024 A, GO, 5.00%, 1/15/2026 (e)
2,830
2,888
Series 2024 B, GO, 5.00%, 1/15/2026 (e)
2,830
2,888
Total Indiana
59,316
Iowa — 2.3%
City of Shenandoah, Iowa Sewer Capital Loan Project, Rev., 4.00%, 6/30/2026
12,400
12,505
County of Polk Series 2019, GO, 4.00%, 6/1/2025
65
65
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project, Rev., VRDO, 2.20%, 12/10/2024 (d)
15,200
15,200
Iowa Finance Authority, State Revolving Series 2016, Rev., 5.00%, 8/1/2026
95
99
University of Iowa (The), Parking System Series 2023, Rev., BAN, 3.50%, 7/1/2026
21,595
21,602
Total Iowa
49,471
Kansas — 0.4%
City of Derby Series 2024-1, GO, 4.00%, 12/1/2026
2,000
2,017
Kansas Development Finance Authority, AdventHealth Series 2021 B, Rev., 5.00%, 11/15/2028 (d)
3,800
4,077
Kansas Development Finance Authority, State of Kansas Project Series 2020R, Rev., 5.00%, 11/1/2025
20
20
Riley County Unified School District No. 383, Manhattan-Ogden Series 2018A, GO, 5.00%, 9/1/2027 (b)
30
32
Wyandotte County-Kansas City Unified Government Utility System
Series 2014A, Rev., 5.00%, 9/1/2028
1,000
1,001
Series 2014A, Rev., 5.00%, 9/1/2029
1,000
1,001
Total Kansas
8,148
Kentucky — 0.8%
County of Knott, Solid Waste Water Project Series 2024, Rev., AMT, 4.00%, 4/1/2025 (d) (f)
8,500
8,503
County of Trimble Series 2023 A, Rev., AMT, 4.70%, 6/1/2027 (d)
1,000
1,022
Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group Series 2019A-1, Rev., 5.00%,
8/1/2025
35
35
Kentucky State Property and Building Commission, Project No. 108 Series B, Rev., 5.00%, 8/1/2025
85
86
Kentucky State Property and Building Commission, Project No. 112
Series B, Rev., 5.00%, 11/1/2026
105
109
Series B, Rev., 5.00%, 11/1/2027
85
88
Series B, Rev., 5.00%, 11/1/2028
305
317
Kentucky State Property and Building Commission, Project No. 115, Rev., 5.00%, 4/1/2028
25
26
Kentucky State Property and Building Commission, Project No. 122 Series A, Rev., 5.00%, 11/1/2027
185
197
Kentucky State Property and Building Commission, Project No. 130 Series 2024 B, Rev., 5.00%, 11/1/2029
55
61
Kentucky State Property and Building Commission, Project No. 131 Series A, Rev., 5.00%, 10/1/2028
1,000
1,081
Kentucky Turnpike Authority, Revitalization Projects
Series B, Rev., 5.00%, 7/1/2025
100
101
Series B, Rev., 5.00%, 7/1/2027
125
132
Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series 2001A, Rev., 0.90%,
9/1/2026
5,000
4,752
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2016A, Rev., 5.00%, 10/1/2027
75
77
Louisville Water Co. Series 2019, Rev., 5.00%, 11/15/2025
100
102
University of Kentucky, General Receipts
Series 2015 B, Rev., 5.00%, 10/1/2026
35
35
Series 2015 B, Rev., 5.00%, 10/1/2027
70
70
Total Kentucky
16,794
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Louisiana — 1.9%
City of New Orleans, Water System Series 2015, Rev., 5.00%, 12/1/2025 (b)
25
26
City of Shreveport, Water and Sewer, Junior Lien Series 2018C, Rev., 5.00%, 12/1/2026
75
78
East Baton Rouge Sewerage Commission
Series 2014B, Rev., 4.00%, 2/1/2025 (b)
100
100
Series 2014B, Rev., 5.00%, 2/1/2025 (b)
330
331
Series 2019 B, Rev., 5.00%, 2/1/2025
40
40
Lake Charles Harbor and Terminal District, Big Lake Full LLC Projects, Rev., AMT, VRDO, 1.00%, 12/2/2024 (d)
5,000
5,000
Louisiana Public Facilities Authority, Elementus Minerals, LLC Project Series 2023, Rev., 5.00%, 11/1/2025 (d) (f)
8,600
8,672
Louisiana Public Facilities Authority, Tulane University of Louisiana Project
Series 2020A, Rev., 5.00%, 4/1/2025 (b)
60
60
Series 2020A, Rev., 5.00%, 4/1/2026 (b)
20
20
Series 2020A, Rev., 5.00%, 4/1/2026
80
82
State of Louisiana
Series D-1, GO, 5.00%, 12/2/2024
35
35
Series 2023 A, GO, 5.00%, 4/1/2027
680
716
Series 2024 E, GO, 5.00%, 9/1/2028
1,600
1,732
Series 2024 E, GO, 5.00%, 9/1/2029
1,000
1,102
State of Louisiana Gasoline and Fuels Tax Series A, Rev., 4.50%, 5/1/2025 (b)
22,770
22,897
State of Louisiana Gasoline and Fuels Tax, First Lien Series A, Rev., 5.00%, 5/1/2025 (b)
85
86
Total Louisiana
40,977
Maine — 0.0% ^
Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2026
250
257
Maine Turnpike Authority Series 2015, Rev., 5.00%, 7/1/2026
50
50
State of Maine Series 2017 B, GO, 5.00%, 6/1/2025
75
76
Total Maine
383
Maryland — 0.2%
County of Anne Arundel Series 2015, GO, 5.00%, 4/1/2025
75
76
County of Baltimore Series 2017, GO, 5.00%, 3/1/2027
25
26
County of Baltimore, Equipment Acquisition Program, COP, 5.00%, 3/1/2025
75
76
County of Howard
Series 2017 D, GO, 5.00%, 2/15/2025
50
50
Series 2017 A, GO, 5.00%, 2/15/2027
45
47
County of Montgomery Series 2018 A, GO, 5.00%, 11/1/2026
75
78
County of Prince George's, Maryland Chesapeake Lighthouse Charter School Project Series A, Rev., 7.00%, 12/1/2024 (b)
1,000
1,020
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2020B-1, Rev., 5.00%,
7/1/2025 (d)
500
501
Maryland Stadium Authority, Baltimore City Public School Program Series 2016, Rev., 5.00%, 5/1/2025
30
30
Maryland Stadium Authority, Construction and Revitalization Program Series 2018 A, Rev., 5.00%, 5/1/2025
75
76
State of Maryland
Series 2020A, GO, 5.00%, 3/15/2025
60
61
Series B, GO, 4.00%, 6/1/2025
230
230
Series 2021A, GO, 5.00%, 8/1/2026
135
140
Series 2016, GO, 4.00%, 6/1/2027
130
130
State of Maryland Department of Transportation Series 2017, Rev., 5.00%, 5/1/2026
250
252
State of Maryland Department of Transportation, Second Issue
Rev., 5.00%, 6/1/2025
250
250
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Maryland — continued
Series 2018, Rev., 5.00%, 10/1/2027
50
52
University System of Maryland
Series 2017 A, Rev., 5.00%, 4/1/2025
20
20
Series 2022 B, Rev., 5.00%, 4/1/2025
20
20
Series 2017 A, Rev., 5.00%, 4/1/2026
40
41
Series 2019 B, Rev., 5.00%, 4/1/2026
35
36
Series 2019 C, Rev., 5.00%, 4/1/2027
100
105
Total Maryland
3,317
Massachusetts — 3.8%
Acton and Boxborough Regional School District, GO, BAN, 4.50%, 7/10/2025
1,900
1,915
Brockton Area Transit Authority, Rev., RAN, 4.50%, 7/25/2025
2,200
2,215
Central Berkshire Regional School District, GO, BAN, 4.25%, 9/26/2025
7,208
7,287
Commonwealth of Massachusetts
Series 2017D, GO, 5.00%, 7/1/2025
655
664
Series C, GO, AGM, 5.25%, 11/1/2026
50
52
Series 2021A, GO, 5.00%, 9/1/2029
2,000
2,217
Commonwealth of Massachusetts, Consolidated Loan of 2023
Series 2023A, GO, 5.00%, 5/1/2025
30
30
Series 2023 B, GO, 5.00%, 10/1/2026
40
42
Massachusetts Bay Transportation Authority, Sales Tax Series 2021, Rev., BAN, 4.00%, 5/1/2025
11,615
11,649
Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group Series 2024 U-2, Rev., VRDO, LOC : TD
Bank NA, 0.60%, 12/2/2024 (d)
15,000
15,000
Massachusetts Development Finance Agency, Harvard University Series 2016 A, Rev., 5.00%, 7/15/2026
75
78
Massachusetts Development Finance Agency, Partners Healthcare System Issue
Series 2017S-2, Rev., 5.00%, 1/30/2025 (d)
505
506
Series O-2, Rev., 5.00%, 7/1/2025 (b)
30
30
Series O-2, Rev., 5.00%, 7/1/2026
50
51
Massachusetts School Building Authority, Dedicated Sales Tax
Series 2015C, Rev., 5.00%, 8/15/2025 (b)
35
36
Series 2016B, Rev., 5.00%, 11/15/2026 (b)
80
83
Massachusetts State College Building Authority Series 2016A, Rev., 5.00%, 5/1/2025 (b)
80
80
Merrimack Valley Regional Transit Authority, Rev., RAN, 4.50%, 6/20/2025
4,900
4,931
Southeastern Regional Transit Authority, Rev., RAN, 4.25%, 8/15/2025
2,600
2,618
Spencer East Brookfield Regional School District, GO, BAN, 4.50%, 5/22/2025
3,400
3,423
Town of Middleborough, GO, BAN, 4.25%, 9/26/2025
7,554
7,634
Town of Nantucket Series A, GO, BAN, 4.50%, 7/25/2025
7,300
7,376
Town of Northbridge, GO, BAN, 4.50%, 6/20/2025
5,800
5,851
Town of Wilbraham, GO, BAN, 4.25%, 3/12/2025
2,500
2,508
University of Massachusetts Building Authority Series 2019-1, Rev., 5.00%, 5/1/2025
35
35
Worcester Regional Transit Authority, Rev., RAN, GTD, 4.50%, 6/20/2025
4,400
4,429
Total Massachusetts
80,740
Michigan — 3.4%
City of Gladstone, Capital Improvement, Limited Tax, GO, AGM, 3.00%, 3/1/2025
275
275
Fulton School District, Unlimited Tax
GO, AGM, 4.00%, 5/1/2025
215
216
GO, AGM, 4.00%, 5/1/2026
220
223
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Michigan — continued
GO, AGM, 4.00%, 5/1/2027
210
215
Grand Valley State University Series 2014B, Rev., 5.00%, 12/2/2024
1,840
1,840
Great Lakes Water Authority, Water Supply System, Second Lien
Series 2018 A, Rev., 5.00%, 7/1/2027
25
26
Series 2018 A, Rev., 5.00%, 7/1/2028
100
108
L'Anse Creuse Public Schools Series 2015, GO, Q-SBLF, 5.00%, 5/1/2025 (b)
50
50
Mattawan Consolidated School District Series 2015 I, GO, Q-SBLF, 5.00%, 5/1/2025 (b)
25
25
Michigan Finance Authority, Henry Ford Health System
Series 2016, Rev., 5.00%, 11/15/2026
1,280
1,322
Rev., 5.00%, 11/15/2027
760
787
Michigan Finance Authority, Hospital Trinity Health Credit Group
Series 2017A-MI, Rev., 5.00%, 12/1/2027
140
149
Series 2015MI, Rev., 5.50%, 12/1/2027
1,000
1,012
Michigan Finance Authority, Trinity Health Credit Group
Series 2017A-MI, Rev., 5.00%, 12/1/2024
275
275
Series 2019MI-2, Rev., 5.00%, 2/1/2025 (d)
4,470
4,482
Series 2017A-MI, Rev., 5.00%, 12/1/2026
30
31
Series 2017 A-MI, Rev., 5.00%, 12/1/2028
45
48
Michigan State Building Authority Series 2016 I, Rev., 5.00%, 4/15/2025
175
176
Michigan State Building Authority, Facilities Program
Series 2023-I, Rev., VRDO, 2.96%, 12/10/2024 (d)
10,000
10,000
Series 2015 I, Rev., 5.00%, 4/15/2025
25
25
Series 2019 I, Rev., 5.00%, 4/15/2025
315
317
Series 2016 I, Rev., 5.00%, 4/15/2026
45
46
Michigan State Hospital Finance Authority, Trinity Health Credit Group
Series 2008C, Rev., 5.00%, 12/1/2024
110
110
Series 2008C, Rev., 5.00%, 12/1/2025
100
102
Michigan State Housing Development Authority, Rental Housing
Series 2024A, Rev., 3.63%, 10/1/2029
7,750
7,747
Series 2024A, Rev., 3.70%, 4/1/2030
9,000
9,047
Michigan State University
Series 2019 B, Rev., 5.00%, 2/15/2025
575
577
Series 2023A, Rev., 5.00%, 2/15/2025
50
50
Series 2020 A, Rev., 5.00%, 8/15/2027
80
85
Michigan Strategic Fund, Consumers Co. Project Series 2019, Rev., AMT, 3.35%, 10/1/2027 (d)
1,300
1,300
Novi Community School District Series 2022 II, GO, 4.00%, 5/1/2025
25
25
RIB Floater Trust Various States Series 2022-046, Rev., VRDO, LOC : Barclays Bank plc, 1.46%, 12/2/2024 (d) (f)
31,410
31,410
Roseville Community Schools, Unlimited Tax Series 2015, GO, Q-SBLF, 5.00%, 5/1/2025 (b)
80
81
South Lyon Community Schools Series 2023-2, GO, 4.00%, 5/1/2025
120
120
State of Michigan, Environmental Program
Series 2014A, GO, 5.00%, 12/1/2024
40
40
Series 2017 A, GO, 5.00%, 5/1/2025
25
25
Wayne State University Series 2015A, Rev., 5.00%, 12/3/2024
625
625
Total Michigan
72,992
Minnesota — 0.2%
City of St. Cloud, Centracare Health System Series 2016A, Rev., 5.00%, 5/1/2026
115
118
County of Olmsted Series 2015A, GO, 4.00%, 2/1/2025
1,145
1,146
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Minnesota — continued
Duluth Independent School District No. 709 Series 2019B, COP, 5.00%, 2/1/2028
300
318
Minneapolis-St. Paul Metropolitan Airports Commission
Series 2023A, Rev., 5.00%, 1/1/2027
50
52
Series A, Rev., 5.00%, 1/1/2027
80
84
Series A, Rev., 5.00%, 1/1/2029
35
37
Minnesota Higher Education Facilities Authority, Carleton College Series 2017, Rev., 5.00%, 3/1/2026
30
31
State of Minnesota
Series 2022A, Rev., 5.00%, 3/1/2027
1,250
1,314
Series 2019 B, GO, 5.00%, 8/1/2027
35
37
Western Minnesota Municipal Power Agency, Red Rock Hydrelectric Project Series 2018 A, Rev., 5.00%, 1/1/2026
40
41
Total Minnesota
3,178
Mississippi — 1.3%
County of Warren, Gulf Opportunity Zone, International Paper Co. Project
Series 2020A, Rev., 1.38%, 6/16/2025 (d)
1,750
1,725
Series 2020C, Rev., 1.38%, 6/16/2025 (d)
1,500
1,479
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project Series 2010 H,
Rev., VRDO, 0.95%, 12/2/2024 (d)
15,000
15,000
Mississippi Development Bank, Desoto County Mississippi Highway Project Series 2024 A, Rev., 5.00%, 1/1/2029
1,500
1,627
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Care Corp. Series 2020 A-1, Rev., 5.00%,
9/1/2025 (d)
7,000
7,027
State of Mississippi
Series 2015 F, GO, 4.00%, 11/1/2025 (b)
795
804
Series 2016 B, GO, 5.00%, 12/1/2026 (b)
500
522
Total Mississippi
28,184
Missouri — 2.1%
City of Kansas City
Series 2022A, GO, 5.00%, 2/1/2025
190
191
Series 2018 A, GO, 5.00%, 2/1/2027
20
21
Series 2017C, Rev., 5.00%, 9/1/2027
40
42
Series 2017 C, Rev., 5.00%, 9/1/2028
175
184
City of Kansas City, Downtown Arena Project Series E, Rev., 5.00%, 4/1/2028
25
25
City of St. Louis Airport Series 2005, Rev., NATL - RE, 5.50%, 7/1/2027
235
251
City of St. Louis Airport, Lambert St. Louis International Airport Series 2005, Rev., NATL - RE, 5.50%, 7/1/2028
20
22
City of St. Peters, COP, 4.00%, 5/1/2025
425
426
County of Jackson, Harry S. Truman Sports Complex Project Series 2014, Rev., 5.00%, 12/1/2026
20
20
Curators of the University of Missouri (The)
Series 2024, Rev., 5.00%, 11/1/2028
1,000
1,087
Series 2024, Rev., 5.00%, 11/1/2029
2,500
2,766
Health and Educational Facilities Authority of the State of Missouri Series 2021 C, Rev., 5.00%, 5/1/2028 (d)
1,000
1,062
Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series 2021 A, Rev., 4.00%, 7/1/2025
50
50
Health and Educational Facilities Authority of the State of Missouri, Children's Mercy Hospital Obligated Group, Rev., 5.00%,
5/15/2025
1,135
1,143
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, 6/1/2028
20
21
Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group Series 2018F, Rev.,
VRDO, 0.70%, 12/2/2024 (d)
29,400
29,400
Health and Educational Facilities Authority of the State of Missouri, St. Louis University, Rev., 5.00%, 11/15/2028
70
72
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Missouri — continued
Health and Educational Facilities Authority of the State of Missouri, St. Luke's Healthh System, Inc. Series 2016, Rev., 5.00%,
11/15/2025
30
31
Liberty Public School District No. 53 Series 2023, GO, 5.00%, 3/1/2025
120
121
Missouri Joint Municipal Electric Utility Commission, Plum Point Project
Series 2014A, Rev., 5.00%, 1/1/2025
195
195
Series 2014A, Rev., 5.00%, 1/1/2025 (b)
75
75
Missouri Joint Municipal Electric Utility Commission, Prairie State Project Series 2015A, Rev., 5.00%, 12/1/2029
50
50
Missouri Public Utilities Commission, Rev., 4.00%, 5/1/2026
7,250
7,295
Total Missouri
44,550
Nebraska — 0.6%
City of Omaha Series 2004, GO, 5.25%, 4/1/2025
50
50
County of Washington, Wastewater and Solid Waste Disposal Facilities, Cargill Incorporated Projects, Rev., AMT, 0.90%,
9/1/2025 (d)
6,800
6,672
Douglas County Hospital Authority No. 2, Rev., 5.00%, 5/15/2025
2,585
2,603
Douglas County Hospital Authority No. 2, Health Facilities, Rev., 5.00%, 5/15/2025
50
51
Nebraska Public Power District
Series A-1, Rev., 5.00%, 1/1/2025
150
150
Series A-1, Rev., 5.00%, 1/1/2026
50
50
Series B, Rev., 5.00%, 1/1/2026
25
26
Series 2016A, Rev., 5.00%, 1/1/2027
60
61
Series A-1, Rev., 5.00%, 1/1/2027
35
35
Series C, Rev., 5.00%, 1/1/2028
125
128
Series A-1, Rev., 5.00%, 1/1/2029
65
65
Omaha Public Power District Nebraska City Station Unit 2 Series 2015A, Rev., 5.00%, 2/1/2025
500
501
Omaha School District Series 2016, GO, 5.00%, 12/15/2028
1,900
1,982
Public Power Generation Agency, Whelan Energy Center Unit 2 Series 2015A, Rev., 5.00%, 1/1/2025
95
95
Total Nebraska
12,469
Nevada — 0.3%
Carson City Nevada Hospital, Carson Tahoe Regional Healthcare Project, Rev., 5.00%, 9/1/2027
685
712
Clark County School District, Limited Tax
Series 2015C, GO, 5.00%, 6/15/2025
220
222
Series 2016A, GO, 5.00%, 6/15/2025
280
283
Series 2017 A, GO, 5.00%, 6/15/2025
295
298
Series 2018A, GO, 5.00%, 6/15/2025
50
51
Series 2021C, GO, 5.00%, 6/15/2026
75
77
Series 2016B, GO, 5.00%, 6/15/2027
80
84
Series 2017A, GO, 5.00%, 6/15/2027
190
201
Series 2018A, GO, 5.00%, 6/15/2027
150
158
Series 2015 D, GO, 5.00%, 6/15/2028
140
143
Series 2017A, GO, 5.00%, 6/15/2028
115
121
Series 2018A, GO, 5.00%, 6/15/2029
60
64
Clark County Water Reclamation District, Limited Tax Series 2023, GO, 5.00%, 7/1/2025
30
30
County of Clark
Series 2018, GO, 5.00%, 12/1/2026
1,000
1,045
Series 2018 B, GO, 5.00%, 12/1/2026
50
52
Series 2017, Rev., 5.00%, 7/1/2027
20
21
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Nevada — continued
County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien Series 2019D, Rev., 5.00%, 7/1/2025
75
76
County of Clark, Highway Improvement Series 2017, Rev., 5.00%, 7/1/2025
25
25
County of Clark, Indexed Fuel Tax and Subordinate Motor Vehicle Fuel Tax Series 2019, Rev., 5.00%, 7/1/2025
100
101
County of Clark, Limited Tax Series 2017, GO, 5.00%, 6/1/2025
30
30
County of Clark, Limited Tax Las Vegas Convention and Visitors Authority Series 2017 C, GO, 5.00%, 7/1/2025
20
20
County of Clark, Motor Vehicle Fuel Tax Series 2020 C, Rev., 5.00%, 7/1/2027
25
26
Las Vegas Valley Water District Series 2017 A, GO, 5.00%, 2/1/2025
40
40
Las Vegas Valley Water District, Limited Tax Series 2015, GO, 5.00%, 12/1/2024
1,000
1,000
State of Nevada, Capital Improvement Series 2023A, GO, 5.00%, 5/1/2025
85
86
State of Nevada, Capital Improvement and Cultural Affairs
Series 2015D, GO, 5.00%, 4/1/2026
75
76
Series 2019 A, GO, 5.00%, 5/1/2027
85
90
State of Nevada, Water Pollution Control Series 2019 E, GO, 5.00%, 8/1/2027
30
32
Truckee Meadows Water Authority Series 2017, Rev., 5.00%, 7/1/2025
100
101
Total Nevada
5,265
New Hampshire — 0.1%
New Hampshire Health and Education Facilities Authority Act Series 2015B, Rev., 3.30%, 8/3/2027 (d)
2,500
2,514
New Hampshire Municipal Bond Bank Series 2022 C, Rev., 5.00%, 8/15/2027
30
32
State of New Hampshire Series 2014A, GO, 5.00%, 3/1/2026
20
20
Total New Hampshire
2,566
New Jersey — 9.6%
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project Series 2021A, Rev., AGM, 5.00%,
7/1/2026
100
103
Bergen County Improvement Authority (The), Guaranteed Government Pooled Project
Rev., GTD, 4.50%, 5/28/2025
8,100
8,163
Rev., GTD, 4.00%, 10/16/2025
20,000
20,179
Borough of Carlstadt, GO, BAN, 4.50%, 5/2/2025
7,700
7,742
Borough of East Rutherford, GO, BAN, 4.25%, 4/4/2025
8,450
8,483
Borough of Emerson, GO, BAN, 4.50%, 7/25/2025
2,100
2,114
Borough of Middlesex Series 2024 A, GO, BAN, 5.00%, 5/8/2025
3,100
3,123
Borough of Mountain Lakes, GO, BAN, 4.25%, 10/10/2025
2,200
2,222
Borough of North Haledon, GO, BAN, 4.50%, 6/24/2025
2,944
2,965
Borough of North Plainfield, GO, BAN, 4.25%, 11/25/2025
5,000
5,049
Borough of Point Pleasant Beach, General Capital Notes Water and Sewer Utility, GO, BAN, 4.00%, 11/7/2025
4,600
4,640
Borough of Ramsey, GO, BAN, 4.50%, 2/28/2025
4,450
4,457
Borough of Seaside Park, GO, BAN, 4.25%, 4/11/2025
1,900
1,907
Borough of South Plainfield Series 2024A, GO, BAN, 4.25%, 4/10/2025
2,400
2,409
Borough of Upper Saddle River, GO, BAN, 4.25%, 3/21/2025
2,500
2,505
Borough of Woodland Park, GO, BAN, 4.50%, 5/1/2025
4,900
4,928
Burlington County Bridge Commission, Government Leasing Program
Series 2024A, Rev., 4.25%, 4/8/2025
3,300
3,314
Series 2024 C, Rev., 4.50%, 8/5/2025
5,000
5,047
Series 2024 D, Rev., RAN, 4.25%, 12/11/2025 (e)
4,300
4,344
Essex County Improvement Authority, Family Court Building Project, Rev., GTD, 5.00%, 6/18/2025
8,135
8,226
Gloucester County Improvement Authority (The), Rowan University Project, Rev., 4.00%, 2/27/2025
1,450
1,451
New Jersey Building Authority Series 2016A, Rev., 5.00%, 6/15/2026 (b)
900
927
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
New Jersey — continued
New Jersey Economic Development Authority Series A, Rev., 4.00%, 11/1/2027
25
26
New Jersey Economic Development Authority, School Facilities Construction
Series WW, Rev., 5.25%, 6/15/2025 (b)
20
20
Series 2024SSS, Rev., 5.00%, 6/15/2026
2,450
2,524
Series 2019 GGG, Rev., 5.25%, 9/1/2026 (f)
2,500
2,596
Series 2024SSS, Rev., 5.00%, 6/15/2027
1,400
1,471
New Jersey Health Care Facilities Financing Authority, Virtua Health Obligated Group, Rev., 5.00%, 7/1/2025
80
80
New Jersey Transportation Trust Fund Authority, Capital Appreciation Series 2010A, Rev., Zero Coupon, 12/15/2028
2,485
2,175
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series 2016A-1, Rev., 5.00%, 6/15/2028
410
422
New Jersey Transportation Trust Fund Authority, Transportation Program
Series 2014AA, Rev., 5.00%, 1/15/2025
420
421
Series 2023AA, Rev., 5.00%, 6/15/2025
45
45
Series 2023AA, Rev., 5.00%, 6/15/2026
1,850
1,906
New Jersey Turnpike Authority
Series 2005 D-2, Rev., AGM, 5.25%, 1/1/2026
19,000
19,264
Series 2014A, Rev., 5.00%, 1/1/2027
220
220
Series 2017 A, Rev., 5.00%, 1/1/2029
100
105
Passaic County Improvement Authority (The), City of Paterson Project, Rev., GTD, 5.00%, 8/15/2026
350
363
State of New Jersey, COVID-19 Emergency Bonds
Series 2020A, GO, 5.00%, 6/1/2026
2,000
2,064
Series 2020 A, GO, 5.00%, 6/1/2027
110
116
State of New Jersey, Various Purpose, GO, 5.00%, 6/1/2025 (b)
25
25
Tobacco Settlement Financing Corp.
Series 2018 A, Rev., 5.00%, 6/1/2025
1,955
1,968
Series 2018A, Rev., 5.00%, 6/1/2026
110
113
Series 2018A, Rev., 5.00%, 6/1/2028
1,000
1,057
Series 2018A, Rev., 5.00%, 6/1/2029
180
190
Town of Dover, General Improvement Water Utility Series 2024, GO, BAN, 4.50%, 1/23/2025
4,300
4,305
Town of Guttenberg, GO, BAN, 4.25%, 10/16/2025
5,920
5,978
Township of Brick, GO, BAN, 4.25%, 3/19/2025
4,000
4,012
Township of East Windsor, GO, BAN, 4.25%, 9/19/2025
7,219
7,282
Township of Edison, Water Utility Series 2024 B, GO, BAN, 4.00%, 11/6/2025
8,860
8,946
Township of Medford Series 2024 A, GO, BAN, 4.25%, 9/25/2025
10,290
10,382
Township of Middle, General Improvement Sewer Utility, GO, BAN, 4.25%, 9/3/2025
5,225
5,264
Township of North Bergen, GO, BAN, 4.25%, 4/22/2025
110
110
Township of Ocean, GO, BAN, 4.50%, 5/28/2025
2,837
2,855
Township of Piscataway, GO, 5.00%, 12/1/2024
40
40
Township of Readington, GO, BAN, 4.25%, 9/30/2025
2,100
2,120
Township of Scotch Plains, GO, BAN, 4.50%, 1/17/2025
4,100
4,104
Township of Woodbridge
GO, BAN, 4.00%, 3/14/2025
350
351
GO, BAN, 4.00%, 10/10/2025
7,200
7,264
Union County Improvement Authority, Juvenile Detention Center Facility Project Series 2015A, Rev., 5.50%, 5/1/2025
20
20
Total New Jersey
204,502
New Mexico — 0.1%
Albuquerque Bernalillo County Water Utility Authority, Senior Lien Joint Water and Sewer System Series 2015, Rev., 5.00%,
7/1/2026
50
51
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
New Mexico — continued
City of Albuquerque Series 2021 B, GO, 5.00%, 7/1/2025
40
41
New Mexico Finance Authority, State Transportation, Subordinate Lien Series 2018A, Rev., 5.00%, 6/15/2027
50
53
New Mexico Hospital Equipment Loan Council, Presbyterian Health Care Services Series 2015A, Rev., 5.00%, 8/1/2025 (b)
190
192
State of New Mexico Series 2021, GO, 5.00%, 3/1/2025
65
65
State of New Mexico Severance Tax Permanent Fund
Series A, Rev., 5.00%, 7/1/2025
690
698
Series 2018A, Rev., 5.00%, 7/1/2027
25
26
Total New Mexico
1,126
New York — 19.7%
Avon Central School District, GO, BAN, 4.50%, 6/27/2025
2,900
2,918
Candor Central School District, GO, BAN, 4.50%, 7/25/2025
2,000
2,015
Charlotte Valley Central School District, GO, BAN, 4.50%, 6/27/2025
3,000
3,020
City of Auburn, GO, BAN, 4.25%, 8/14/2025
17,700
17,831
City of Hudson, GO, BAN, 4.50%, 6/20/2025
3,000
3,019
City of Jamestown Series 2024A, GO, BAN, 5.00%, 5/16/2025
1,820
1,832
City of Long Beach Series 2024 B, GO, BAN, 4.25%, 9/26/2025
9,175
9,234
City of New York, Fiscal Year 2008 Series 2018 J-11, GO, 5.00%, 8/1/2026
35
36
City of New York, Fiscal Year 2015
Series 2015C, GO, 5.00%, 8/1/2026
60
60
Series 2015D, GO, 5.00%, 8/1/2026
150
150
Series 2015C, GO, 5.00%, 8/1/2028
45
45
City of New York, Fiscal Year 2019
Series A, GO, 5.00%, 8/1/2026
75
78
Series 2019 E, GO, 5.00%, 8/1/2027
135
143
City of New York, Fiscal Year 2023
Series 2023, Subseries F-1, GO, 5.00%, 8/1/2026
200
208
Series 2024, Subseries A-1, GO, 5.00%, 9/1/2026
160
166
City of New York, Fiscal Year 2024 Series 2024E, GO, 5.00%, 8/1/2029
800
881
City of New York, Fiscal Year 2025 Series 2025A, GO, 5.00%, 8/1/2028
1,000
1,082
City of Newburgh Series 2024A, GO, BAN, 4.25%, 8/8/2025
3,600
3,607
City of Oneida, GO, BAN, 4.50%, 3/28/2025
8,053
8,092
City of Troy, GO, BAN, 4.50%, 7/25/2025
13,500
13,603
Clifton-Fine Central School District, GO, BAN, 4.25%, 7/31/2025
4,600
4,630
Cohoes City School District, GO, BAN, 4.50%, 6/26/2025
4,900
4,933
County of Westchester Series 2018 A, GO, 5.00%, 12/1/2024
200
200
Cuba-Rushford Central School District, GO, BAN, 4.50%, 6/27/2025
2,000
2,014
East Aurora Union Free School District, GO, BAN, 4.50%, 6/18/2025
4,100
4,129
Eastport-South Manor Central School District, GO, BAN, 4.50%, 5/22/2025
21,000
21,146
Eldred Central School District, GO, BAN, 4.50%, 6/18/2025
4,500
4,532
Ellenville Central School District, GO, BAN, 4.50%, 6/20/2025
5,400
5,443
Erie County Industrial Development Agency (The), School District Buffalo Project Series 2016A, Rev., 5.00%, 5/1/2025
150
151
Evans-Brant Central School District Series 2014 B, GO, BAN, 4.50%, 6/17/2025
14,600
14,719
Highland Central School District, GO, BAN, 4.50%, 6/27/2025
6,600
6,645
Hornell City School District, GO, BAN, 4.50%, 6/27/2025
2,400
2,416
Hudson Yards Infrastructure Corp., Second Indenture Series 2022 A, Rev., 5.00%, 2/15/2026
45
46
Jasper-Troupsberg Central School District, GO, BAN, 4.50%, 6/27/2025
2,000
2,011
Lancaster Central School District, GO, BAN, 4.50%, 6/6/2025
4,100
4,132
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
New York — continued
Lansingburgh Central School District at Troy, GO, BAN, 4.50%, 7/11/2025
5,700
5,748
Liverpool Central School District Series 2024 B, GO, BAN, 4.25%, 9/19/2025
6,412
6,469
Long Island Power Authority, Electric System
Rev., 1.00%, 9/1/2025
25,000
24,440
Series 2019 A, Rev., 5.00%, 9/1/2025
30
30
Series 2023 F, Rev., 5.00%, 9/1/2027
20
21
Lyons Central School District, GO, BAN, 4.50%, 6/27/2025
6,100
6,142
Madison Central School District, GO, BAN, 4.50%, 6/20/2025
2,100
2,115
Malone Central School District, GO, BAN, 4.50%, 6/26/2025
6,000
6,041
Medina Central School District, GO, BAN, 4.50%, 7/16/2025
7,300
7,360
Metropolitan Transportation Authority
Series 2002G-1F, Rev., (SOFR + 0.43%), 3.54%, 12/2/2024 (c)
590
589
Series 2016B, Rev., 4.00%, 11/15/2025
40
40
Mount Markham Central School District, Unlimited Tax, GO, BAN, 4.50%, 6/25/2025
4,750
4,782
Nassau County Sewer and Storm Water Finance Authority Series A, Rev., 5.00%, 10/1/2025
500
500
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023
Series 2023, Subseries B-1, Rev., VRDO, LIQ : Mizuho Bank Ltd., 0.75%, 12/2/2024 (d)
10,000
10,000
New York City Transitional Finance Authority Building Aid
Series 2015 Series S-1, Rev., 5.00%, 7/15/2026
160
160
Series 2016 S-1, Rev., 5.00%, 7/15/2026
25
26
Series 2019 S-2A, Rev., 5.00%, 7/15/2027
25
26
New York City Transitional Finance Authority Future Tax Secured
Series 2023A, Subseries A-1, Rev., 5.00%, 8/1/2026
95
99
Series C, Rev., 5.00%, 11/1/2026
80
82
Series B1, Rev., 5.00%, 11/1/2028
5,030
5,122
Series 2017 A-1, Rev., 5.00%, 5/1/2029
25
26
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 Series S-1, Rev., 5.00%, 7/15/2028
105
111
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Series D-3, Rev., VRDO, LIQ : Mizuho Bank
Ltd., 0.85%, 12/2/2024 (d)
15,000
15,000
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series B-5, Rev., VRDO, LIQ : US Bank NA,
0.75%, 12/2/2024 (d)
30,000
30,000
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025
Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2027
3,600
3,803
Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2028
3,265
3,526
Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2029
2,000
2,197
New York City Water and Sewer System, Second General Resolution Series BB 1B, Rev., VRDO, LIQ : State Street Bank & Trust
Co., 0.70%, 12/2/2024 (d)
15,000
15,000
New York State Dormitory Authority
Series 2024A, Rev., AGM, 5.00%, 10/1/2025
1,800
1,832
Series 2018 1, Rev., 5.00%, 1/15/2026
20
21
Series 2024A, Rev., AGM, 5.00%, 10/1/2026
1,000
1,041
New York State Dormitory Authority, Court Facilities Lease Series 2005 A, Rev., AMBAC, 5.50%, 5/15/2025
340
344
New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai Series 2015A, Rev., 5.00%, 7/1/2025
30
30
New York State Dormitory Authority, New York University
Series 2017 A, Rev., 5.00%, 7/1/2028
25
26
Series 2017 A, Rev., 5.00%, 7/1/2029
70
74
New York State Dormitory Authority, Sales Tax
Series 2017 A, Rev., 5.00%, 3/15/2025 (b)
45
45
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
New York — continued
Series 2018A, Rev., 5.00%, 3/15/2025 (b)
70
70
Series 2024A, Rev., AGM, 5.00%, 10/1/2027
1,100
1,174
New York State Dormitory Authority, State Personal Income Tax
Series 2019 D, Rev., 4.00%, 2/15/2025 (b)
40
40
Series 2015B, Rev., 5.00%, 2/15/2025 (b)
50
50
Series 2016 A, Rev., 5.00%, 2/15/2025 (b)
70
70
Series 2005 B, Rev., AMBAC, 5.50%, 3/15/2025
125
126
Series 2016 D, Rev., 5.00%, 2/15/2026 (b)
50
52
Series 2017 B GRP 1, Rev., 5.00%, 2/15/2026 (b)
65
67
Series 2021 A, Rev., 5.00%, 3/15/2027 (b)
180
190
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2017 A, Rev., 5.00%, 2/15/2025 (b)
490
492
New York State Dormitory Authority, State Sales Tax
Series 2018C, Rev., 5.00%, 3/15/2025 (b)
400
402
Series 2016 A, Rev., 5.00%, 9/15/2026 (b)
85
89
Series 2016 A, Rev., 5.00%, 3/15/2028
35
36
New York State Housing Finance Agency, State Personal Income Tax Series 2024 A-2, Rev., 3.35%, 6/15/2025 (d)
2,000
2,003
New York State Thruway Authority
Series K, Rev., 5.00%, 1/1/2025
315
315
Series L, Rev., 5.00%, 1/1/2025
65
65
North Collins Central School District Series 2024 A, GO, BAN, 4.50%, 6/26/2025
2,200
2,217
North Rose-Wolcott Central School District, GO, BAN, 4.50%, 7/25/2025
3,000
3,023
Otego-Unadilla Central School District, GO, BAN, 4.50%, 7/17/2025
7,100
7,153
Port Authority of New York and New Jersey, Consolidated
Series 183, Rev., 5.00%, 12/15/2025
160
160
Series 246, Rev., AMT, 5.00%, 9/1/2026
8,250
8,483
Series 189, Rev., 5.00%, 5/1/2028
40
40
Series 189, Rev., 5.00%, 11/1/2028
75
76
Ridge Road Fire District, GO, BAN, 4.25%, 10/22/2025
7,000
7,075
Romulus Central School District, GO, BAN, 4.50%, 7/24/2025
2,600
2,619
Sidney Central School District, GO, BAN, 4.50%, 7/24/2025
2,600
2,620
Sullivan West Central School District, GO, BAN, 4.25%, 6/26/2025
3,400
3,419
Town of Cornwall Series 2024B, GO, BAN, 4.50%, 5/1/2025
2,500
2,509
Town of Cortlandt, GO, BAN, 4.25%, 10/3/2025
2,400
2,422
Town of Dryden Series 2024, GO, BAN, 4.50%, 1/23/2025
2,440
2,443
Town of Grand Island, GO, BAN, 4.25%, 10/3/2025
12,000
12,132
Town of Milton, GO, BAN, 4.50%, 7/25/2025
3,900
3,928
Town of Putnam Valley Series 2024B, GO, BAN, 4.25%, 9/5/2025
7,500
7,559
Town of Wawarsing
GO, RAN, 4.25%, 3/13/2025
2,400
2,404
GO, BAN, 4.50%, 7/24/2025
3,400
3,423
Triborough Bridge and Tunnel Authority
Series A, Rev., 5.00%, 11/15/2026
75
78
Series 2024B, Rev., BAN, 5.00%, 3/15/2027
2,000
2,105
Series A, Rev., 5.00%, 11/15/2027
50
53
Village of Farmingdale
Series l, GO, BAN, 4.25%, 1/30/2025
3,475
3,480
Series 2024 B, GO, BAN, 4.25%, 9/25/2025
5,700
5,755
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
New York — continued
Village of Highland Falls, GO, BAN, 4.25%, 9/26/2025
4,045
4,084
Village of Johnson City Series 2024 C, GO, BAN, 4.25%, 9/26/2025
12,425
12,499
Wayne Central School District, GO, BAN, 4.50%, 6/27/2025
1,900
1,912
Yorkshire-Pioneer Central School District, GO, BAN, 4.50%, 7/9/2025
12,000
12,102
Total New York
419,049
North Carolina — 0.9%
Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Care System Series 2021C, Rev., 5.00%, 12/1/2028 (d)
1,000
1,076
Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Variable Rate, Health Care Series 2021B, Rev., 3.25%,
6/15/2027 (d)
480
481
City of Charlotte
Series 2015C, COP, 5.00%, 12/1/2024 (b)
105
105
Series 2019 A, GO, 5.00%, 6/1/2025
25
25
City of Charlotte Airport Series 2021A, Rev., 5.00%, 7/1/2025
50
51
Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project Series 2020A,
Rev., 1.38%, 6/16/2025 (d)
1,780
1,755
County of Buncombe Series 2015, Rev., 5.00%, 6/1/2026
3,000
3,030
County of Guilford Series 2016 A, GO, 5.00%, 2/1/2025
20
20
County of Harnett Series 2020, Rev., 5.00%, 12/1/2026
200
209
County of Mecklenburg
Series 2017 A, GO, 5.00%, 4/1/2025
350
352
Series 2013A, GO, 5.00%, 12/1/2025
1,000
1,022
County of Union Enterprise System Series 2021, Rev., 5.00%, 6/1/2026
35
36
North Carolina Eastern Municipal Power Agency
Series 1993 B, Rev., NATL - RE, 6.00%, 1/1/2025 (b)
20
20
Series 1993 B, Rev., 6.00%, 1/1/2026 (b)
165
170
North Carolina Housing Finance Agency, Homeownership Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, 1/15/2026 (d)
4,000
3,983
North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (d)
1,000
1,019
North Carolina Medical Care Commission, Vidant Health Series 2015, Rev., 5.00%, 6/1/2025 (b)
3,490
3,522
North Carolina Municipal Power Agency No. 1
Series A, Rev., 5.00%, 1/1/2026
65
66
Series 2016 A, Rev., 5.00%, 1/1/2028
265
273
Series 2016 A, Rev., 5.00%, 1/1/2029
250
257
Orange County Public Facilities Co., Rev., 5.00%, 10/1/2026
50
52
Raleigh Durham Airport Authority
Series 2020B, Rev., 5.00%, 5/1/2025
135
136
Series 2020B, Rev., 5.00%, 5/1/2026
35
36
State of North Carolina
Series 2015, Rev., 5.00%, 3/1/2025
25
25
Series 2016 B, GO, 5.00%, 6/1/2025
360
364
Series 2018 A, GO, 5.00%, 6/1/2026
20
21
Series 2014C, Rev., 5.00%, 5/1/2027
440
441
Series 2015, Rev., 5.00%, 3/1/2029
35
35
State of North Carolina, Limited Obligation
Series 2017 B, Rev., 5.00%, 5/1/2025
50
50
Series 2017 B, Rev., 5.00%, 5/1/2029
525
551
Total North Carolina
19,183
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Ohio — 3.0%
American Municipal Power, Inc., AMP Fremont Energy Center Project Series 2017A, Rev., 5.00%, 2/15/2028
100
107
American Municipal Power, Inc., City of Wapakoneta Project, Rev., BAN, 4.50%, 6/19/2025
1,000
1,006
American Municipal Power, Inc., Combined Hydroelectric Projects
Series 2020A, Rev., 5.00%, 2/15/2025
185
186
Series 2020A, Rev., 5.00%, 2/15/2027
310
324
Cincinnati City School District Series 2014, COP, 5.00%, 12/15/2024 (b)
120
120
City of Akron, Income Tax Series 2019, Rev., 4.00%, 12/1/2024
275
275
City of Columbus, Various Purpose Series 2016-1, GO, 5.00%, 7/1/2025
330
334
City of Hamilton Series 2023, GO, BAN, 4.50%, 12/19/2024
2,000
2,001
City of Huber Heights, GO, BAN, 4.50%, 7/10/2025
1,800
1,813
City of New Albany, GO, BAN, 4.00%, 9/10/2025
10,000
10,059
City of Strongsville, Street Improvement, GO, BAN, 4.75%, 6/5/2025
1,000
1,007
Cleveland Department of Public Utilities Division of Water, Second Lien Series 2017B, Rev., 5.00%, 1/1/2026
60
61
Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project, Rev., 5.00%, 7/1/2026
125
129
County of Allen Hospital Facilities Series 2017 A, Rev., 5.00%, 8/1/2027
300
316
County of Cuyahoga
Series 2020 D, Rev., 5.00%, 12/1/2025
125
127
Series 2020 D, Rev., 5.00%, 12/1/2026
40
42
County of Cuyahoga, Convention Hotel Project
Series 2014, COP, 5.00%, 2/7/2025
315
316
COP, 5.00%, 12/1/2025
5,500
5,595
COP, 5.00%, 12/1/2026
4,220
4,384
County of Hamilton Sales Tax Series 2016 A, Rev., 5.00%, 12/1/2029
110
115
County of Hamilton Sewer System Series 2020 A, Rev., 5.00%, 12/1/2026
20
21
County of Hamilton Sewer System, Metropolitan Sewer district of Greater Cincinnati Series 2014A, Rev., 5.00%, 12/1/2024
1,750
1,750
County of Hamilton, Trihealth, Inc. Group Project Series 2020 A, Rev., 5.00%, 8/15/2027
80
84
County of Lake, GO, 4.00%, 9/24/2025
3,000
3,019
County of Lorain Series 2024B, GO, BAN, 4.38%, 5/1/2025
1,680
1,686
County of Mahoning, Limited Tax Various Tax, GO, 4.00%, 10/14/2025
3,840
3,863
County of Montgomery, Dayton Children's Hospital Series 2021, Rev., 5.00%, 8/1/2026
425
438
Dublin City School District, GO, BAN, 5.00%, 12/18/2024
1,525
1,525
Kings Local School District, Unlimited Tax, GO, BAN, 4.50%, 7/16/2025
1,400
1,412
New Albany Plain Local School District Series 2021 A, GO, 4.00%, 12/1/2024
65
65
Ohio Air Quality Development Authority, American Electric Power Co. Project Series 2014D, Rev., 3.20%, 5/1/2026
2,000
1,986
Ohio Higher Educational Facility Commission Series 2018, Rev., 5.00%, 12/1/2026
25
26
Ohio Higher Educational Facility Commission, Case Western Reserve University Project
Series 2015A, Rev., 5.00%, 12/1/2024
50
50
Series 2018, Rev., 5.00%, 12/1/2029
40
42
Ohio State University (The)
Series 2010-D, Rev., 5.00%, 12/1/2025
25
26
Series 2021 A, Rev., 5.00%, 12/1/2026
200
209
Ohio Turnpike and Infrastructure Commission, Junior Lien Series 2022A, Rev., 5.00%, 2/15/2025
25
25
Ohio Water Development Authority Water Pollution Control Loan Fund Series 2020 B, Rev., 5.00%, 12/1/2025
125
128
Ohio Water Development Authority, Drinking Water Assistance Series 2019, Rev., 5.00%, 6/1/2025
90
91
State of Ohio
Series 2016A, Rev., 5.00%, 2/1/2025
155
155
Series A, Rev., 5.00%, 4/1/2025
45
45
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Ohio — continued
Series 2015C, GO, 5.00%, 5/1/2025 (b)
70
70
Series 2017 A, GO, 5.00%, 5/1/2025
25
25
Series 2017 V, GO, 5.00%, 10/1/2026
100
104
State of Ohio, Capital Facilities Lease Appropriation, Park and Recreation Improvement Fund Project Series 2016 C, Rev.,
5.00%, 12/1/2026
45
47
State of Ohio, Cleveland Clinic Health System Series 2019F, Rev., VRDO, LIQ : US Bank NA, 0.75%, 12/2/2024 (d)
15,000
15,000
State of Ohio, Common School
Series 2015A, GO, 5.00%, 9/15/2026
115
120
Series 2017B, GO, 5.00%, 9/15/2026
50
52
State of Ohio, Major New State Infrastructure Project Series 2024-1, Rev., 5.00%, 12/15/2027
1,235
1,320
State of Ohio, State Infrastructure Improvement Series 2016-1, Rev., 5.00%, 12/15/2028
1,000
1,032
State of Ohio, State Infrastructure Project Series 2016-1, Rev., 5.00%, 12/15/2025
100
102
State of Ohio, Voting System Acquisition Project, COP, 5.00%, 9/1/2026
20
21
University of Cincinnati
Series 2016A, Rev., 5.00%, 6/1/2026
25
26
Series 2019 A, Rev., 5.00%, 6/1/2027
85
90
Total Ohio
62,972
Oklahoma — 0.2%
Canadian County Independent School District No. 69 Mustang Series 2024 A, GO, 4.00%, 6/1/2027
1,555
1,593
City of Tulsa Series 2020, GO, 5.00%, 3/1/2025
25
25
Cleveland County Educational Facilities Authority, Norman Public Schools Project
Rev., 5.00%, 6/1/2025
140
141
Series 2023A, Rev., 5.00%, 6/1/2028
1,300
1,383
Grand River Dam Authority
Series 2014A, Rev., 5.00%, 6/1/2025
215
216
Series 2016 A, Rev., 5.00%, 6/1/2025
235
237
Series 2014A, Rev., 5.00%, 6/1/2026
405
407
Series 2016A, Rev., 5.00%, 6/1/2026
65
67
Series 2016 A, Rev., 5.00%, 6/1/2027
60
63
Series 2016 A, Rev., 5.00%, 6/1/2029
30
31
Oklahoma County Independent School District No. 1 Putnam City Series 2023, GO, 4.00%, 4/1/2025
25
25
Oklahoma Municipal Power Authority, Power Supply System
Series A, Rev., 5.00%, 1/1/2025 (b)
85
85
Series B, Rev., 5.00%, 1/1/2025
75
75
Series 2021A, Rev., AGM, 5.00%, 1/1/2027
65
68
Oklahoma Water Resources Board, Clean Water Program Series 2023, Rev., 5.00%, 4/1/2025
195
196
Pittsburg County Educational Facilities Authority, McAlester Public Schools Project, Rev., 4.00%, 12/1/2026
250
254
Tulsa Public Facilities Authority, Rev., 5.00%, 6/1/2025
200
202
Total Oklahoma
5,068
Oregon — 0.1%
City of Portland Sewer System Series 2018 A, Rev., 5.00%, 5/1/2025
40
40
Clackamas and Washington Counties School District No. 3 Series 2015, GO, 5.00%, 6/15/2025 (b)
35
35
County of Washington Series 2016B, GO, 5.00%, 3/1/2025
20
20
Hospital Facilities Authority of Multnomah County Oregon, Adventist Health System, Rev., 5.00%, 3/1/2025 (d)
1,135
1,136
Marion County School District No. 103 Woodburn Series 2015, GO, 5.00%, 6/15/2025 (b)
615
622
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Oregon — continued
Oregon State Lottery
Series 2015 D, Rev., 5.00%, 4/1/2026
35
35
Series 2015C, Rev., 5.00%, 4/1/2026
30
30
Salem-Keizer School District No. 24J Series 2018, GO, 5.00%, 6/15/2025
50
51
State of Oregon Department of Transportation Series A, Rev., 5.00%, 11/15/2026
200
209
State of Oregon, Article XI-M Seismic Project & Article XI-Q State Project Series F, GO, 5.00%, 5/1/2028
30
31
Tri-County Metropolitan Transportation District of Oregon Series 2018 A, Rev., 5.00%, 10/1/2029
100
106
Total Oregon
2,315
Pennsylvania — 4.7%
Allegheny County Higher Education Building Authority, University Refunding Duquesne University Series 2016, Rev., 5.00%,
3/1/2027
90
92
Allegheny County Hospital Development Authority, UPMC Health Center Series 1997B, Rev., NATL - RE, 6.00%, 7/1/2027
75
81
Allegheny County Sanitary Authority, Sewer
Series 2020A, Rev., 4.00%, 6/1/2025
150
151
Series 2020B, Rev., 4.00%, 6/1/2025
210
211
Series 2020A, Rev., 5.00%, 6/1/2026
525
541
Chartiers Valley School District Series B, GO, 5.00%, 4/15/2025 (b)
60
60
City of Philadelphia
Series 2019B, GO, 5.00%, 2/1/2025
150
150
Series 2019 A, GO, 5.00%, 8/1/2025
95
96
Series 2021 A, GO, 5.00%, 5/1/2026
50
51
Series 2019B, GO, 5.00%, 2/1/2028
40
43
City of Philadelphia Water and Wastewater
Series 2017, GO, AGM, 5.00%, 8/1/2027
55
58
Series 1997A, Rev., AMBAC, 5.13%, 8/1/2027 (b)
40
42
City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2026
300
311
Commonwealth Financing Authority
Series B-1, Rev., AGM, 5.00%, 6/1/2025
50
50
Series 2019B, Rev., 5.00%, 6/1/2027
365
384
Series 2020A, Rev., 5.00%, 6/1/2027
20
21
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Rev., 5.00%, 6/1/2025
310
313
Rev., 5.00%, 6/1/2027
485
508
Rev., 5.00%, 6/1/2028
1,745
1,860
Commonwealth of Pennsylvania Series 2018A, COP, 5.00%, 7/1/2027
405
427
County of Allegheny Series C-75, GO, 5.00%, 11/1/2025
280
285
County of Armstrong, GO, AGM, 4.00%, 6/1/2025
240
241
County of Bucks Series 2017, GO, 5.00%, 6/1/2025
25
25
County of Chester Series 2014, GO, 5.00%, 1/15/2025
55
55
County of Indiana
GO, 3.00%, 12/15/2024
430
430
GO, 3.00%, 12/15/2025
250
250
GO, 3.00%, 12/15/2026
435
435
Delaware Valley Regional Finance Authority, Local Government
Series 1997B, Rev., AMBAC, 5.70%, 7/1/2027
15
16
Series 1998A, Rev., AMBAC, 5.50%, 8/1/2028
1,595
1,729
Erie City Water Authority Series 2014, Rev., AGM, 5.00%, 12/1/2024 (b)
30
30
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Pennsylvania — continued
Geisinger Authority, Health System
Series 2020B, Rev., 5.00%, 2/15/2027 (d)
7,700
7,964
Series 2017 A-2, Rev., 5.00%, 2/15/2029
600
624
Series 2020 C, Rev., 5.00%, 4/1/2030 (d)
1,000
1,083
General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group Series 2019E, Rev., VRDO, LIQ : US Bank NA,
0.80%, 12/2/2024 (d)
23,600
23,600
Lancaster County Hospital Authority, University of Pennsylvania Health System Series 2016A, Rev., 5.00%, 8/15/2026
20
21
Marple Newtown School District Series 2016, GO, 5.00%, 6/1/2025
75
76
Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network
Series 2015A, Rev., 4.00%, 1/15/2025 (b)
40
40
Series 2015A, Rev., 5.25%, 1/15/2025 (b)
310
311
Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center
Series 2014A, Rev., 5.00%, 2/1/2025
20
20
Series 2017A, Rev., 5.00%, 11/15/2026
65
68
Series 2016, Rev., 5.00%, 3/15/2027
55
57
Pennsylvania Economic Development Financing Authority, UPMC
Series 2016, Rev., 5.00%, 3/15/2025
105
106
Series 2014A, Rev., 5.00%, 2/1/2028
20
20
Pennsylvania Higher Educational Facilities Authority
Series AT-1, Rev., 5.00%, 6/15/2025 (b)
20
20
Series AT-1, Rev., 5.00%, 6/15/2025
100
101
Series 2017 AU-2, Rev., 5.00%, 6/15/2027 (b)
15
16
Pennsylvania Higher Educational Facilities Authority, State System Higher Education
Series AQ, Rev., 5.00%, 6/15/2025 (b)
5
5
Series AQ, Rev., 5.00%, 6/15/2025
15
15
Series 2017 AU-2, Rev., 5.00%, 6/15/2027
35
37
Pennsylvania State University (The)
Series 2020 E, Rev., 5.00%, 3/1/2025
30
30
Series B, Rev., 5.00%, 9/1/2028
40
41
Pennsylvania Turnpike Commission
Series 2014, Rev., 5.00%, 12/1/2024
2,600
2,600
Series 2014A, Rev., 5.00%, 12/1/2024
735
735
Series 2014C, Rev., 5.00%, 12/1/2024
2,775
2,775
Series A-2, Rev., 5.00%, 12/1/2024
620
620
Series 2014A, Rev., 5.00%, 12/3/2024
300
300
Series 2014C, Rev., 5.00%, 12/3/2024
2,155
2,155
Rev., VRDO, LOC : TD Bank NA, 2.86%, 12/10/2024 (d)
35,000
35,000
Series 2019, Rev., 5.00%, 12/1/2025
155
158
Series A-1, Rev., 5.00%, 12/1/2025
155
157
Series 2016, Rev., 5.00%, 6/1/2026
75
76
Series 2020B, Rev., 5.00%, 12/1/2026
400
417
Series 2021 C, Rev., 5.00%, 12/1/2026
100
104
Series 2019A, Rev., 4.00%, 12/1/2027
25
26
Series 2016A-1, Rev., 5.00%, 12/1/2027
100
103
Series 2016A-3, Rev., 5.00%, 12/1/2027
1,355
1,410
Series 2016 B, Rev., 5.00%, 6/1/2029
75
77
Series 2017, Rev., 5.00%, 12/1/2029
50
53
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Pennsylvania — continued
Pennsylvania Turnpike Commission Oil Franchise Tax
Series A, Rev., 5.00%, 12/1/2025
25
26
Series B, Rev., 5.00%, 12/1/2028
485
504
Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate Series 2017-1, Rev., 5.00%, 6/1/2025
20
20
Philadelphia Authority for Industrial Development
Series 2019, Rev., 5.00%, 10/1/2025
1,610
1,633
Series 2019, Rev., 5.00%, 10/1/2028
200
216
Series 2019, Rev., 5.00%, 10/1/2029
75
82
Philadelphia Gas Works Co., 1998 General Ordinance
Series 14TH, Rev., 5.00%, 10/1/2025
25
25
Series 14TH, Rev., 5.00%, 10/1/2026
30
31
Series 14TH, Rev., 5.00%, 10/1/2028
250
258
Series 14TH, Rev., 5.00%, 10/1/2029
25
26
School District of Philadelphia (The)
Series 2019 B, GO, 5.00%, 9/1/2026
1,000
1,032
Series 2019 A, GO, 5.00%, 9/1/2028
70
75
Series F, GO, 5.00%, 9/1/2028
5,000
5,146
Southeastern Pennsylvania Transportation Authority
Rev., 5.00%, 3/1/2025
175
176
Series 2017, Rev., 5.00%, 6/1/2027
80
84
Series 2017, Rev., 5.00%, 6/1/2029
20
21
Township of East Coventry
GO, 3.00%, 12/1/2025
345
344
GO, 3.00%, 12/1/2026
275
275
Unionville-Chadds Ford School District Series 2016, GO, 5.00%, 6/1/2025
75
76
Wyalusing Area School District, GO, 3.00%, 4/1/2026
300
298
Total Pennsylvania
100,315
Rhode Island — 0.1%
City of Pawtucket Series 2024-2, GO, BAN, 4.50%, 10/24/2025
2,100
2,117
Rhode Island Commerce Corp., Department of Transportation
Series 2016 B, Rev., 5.00%, 6/15/2025
285
288
Series 2016B, Rev., 5.00%, 6/15/2027
90
93
Series 2020 A, Rev., 5.00%, 5/15/2028
280
300
Series 2016 B, Rev., 5.00%, 6/15/2029
70
72
Total Rhode Island
2,870
South Carolina — 0.6%
Berkeley County School District Series 2013, Rev., 5.00%, 12/1/2024
95
95
Charleston Educational Excellence Finance Corp., Installment Purchase, Charleston County School District, South Carolina
Project Series 2014, Rev., 5.00%, 12/12/2024
20
20
County Square Redevelopment Corp., South Carolina Project Series 2024, Rev., BAN, 5.00%, 2/9/2025
5,800
5,818
Horry County School District
Series 2015A, GO, SCSDE, 5.00%, 3/1/2026
185
186
Series 2015A, GO, SCSDE, 5.00%, 3/1/2027
25
25
Piedmont Municipal Power Agency Series 2015A, Rev., 5.00%, 1/1/2026
1,300
1,301
SCAGO Educational Facilities Corp. for Pickens School District
Series 2015, Rev., 5.00%, 12/1/2024
125
125
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
South Carolina — continued
Series 2015, Rev., 5.00%, 12/1/2025
275
277
Rev., 5.00%, 12/1/2027
80
81
SCAGO Educational Facilities Corp. for Pickens School District, Installment Purchase Project Series 2015, Rev., 5.00%,
12/1/2026
3,420
3,450
South Carolina Public Service Authority Series 2014C, Rev., 5.00%, 12/1/2024
445
445
Total South Carolina
11,823
South Dakota — 0.0% ^
City of Sioux Falls Sales Tax Series 2017 A, Rev., 5.00%, 11/15/2026
50
52
Tennessee — 0.6%
City of Chattanooga Electric Series A, Rev., 4.00%, 9/1/2029
1,750
1,759
County of Hamilton Series 2018 A, GO, 5.00%, 4/1/2025
25
25
County of Montgomery Series 2017, GO, 5.00%, 4/1/2025
750
755
Health Educational and Housing Facility Board of the City of Memphis (The), Arbors Hickory Ridge Project Series 2012, Rev.,
6.25%, 1/1/2029 (b)
3,703
4,139
Memphis-Shelby County Industrial Development Board Series 2017B, Rev., 5.00%, 11/1/2025
90
92
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Shelby House Apartments
Project Series 2021B, Rev., VRDO, 1.25%, 12/2/2024 (d)
5,655
5,655
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University
Medical Center Series 2023 A, Rev., 5.00%, 7/1/2028
25
27
Metropolitan Government of Nashville and Davidson County Series 2016, GO, 5.00%, 1/1/2027
300
310
State of Tennessee Series 2018 A, GO, 5.00%, 2/1/2025
25
25
Tennessee Energy Acquisition Corp., Commodity Project Series 2021A, Rev., 5.00%, 11/1/2026
350
359
Tennessee State School Bond Authority, Higher Educational Facilities Second Program
Series 2015B, Rev., 5.00%, 11/1/2025 (b)
100
102
Series A, Rev., 5.00%, 11/1/2026
65
68
Total Tennessee
13,316
Texas — 4.7%
Alamo Community College District, Limited Tax Series 2017, GO, 5.00%, 8/15/2027
25
27
Alamo Community College District, Maintainance Tax
GO, 5.00%, 2/15/2025
40
40
GO, 5.00%, 2/15/2027
30
31
Allen Independent School District, Unlimited Tax Series 2016, GO, PSF-GTD, 5.00%, 2/15/2025
90
90
Arlington Housing Finance Corp., Multi Family Housing 6900 Matlock Road Series 2023, Rev., 4.50%, 4/1/2027 (d)
1,220
1,238
Arlington Independent School District, Unimited Tax Series 2015, GO, PSF-GTD, 5.00%, 2/15/2027
25
25
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project Series 2018C, Rev.,
5.00%, 8/1/2025
225
228
Austin Independent School District, Unlimited Tax
Series A, GO, PSF-GTD, 4.00%, 8/1/2025 (b)
1,000
1,006
Series 2019, GO, PSF-GTD, 5.00%, 8/1/2029
35
38
Birdville Independent School District, Unlimited Tax
Series 2015B, GO, PSF-GTD, 5.00%, 2/15/2025
85
85
Series 2020, GO, PSF-GTD, 5.00%, 2/15/2025
1,710
1,716
Series 2021, GO, PSF-GTD, 5.00%, 2/15/2026
440
451
Board of Regents of the University of Texas System
Series 2016 D, Rev., 5.00%, 8/15/2026
300
311
Series 2016 J, Rev., 5.00%, 8/15/2026
25
26
Series 2016B, Rev., 5.00%, 8/15/2026
45
47
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Texas — continued
Series 2021 A, Rev., 5.00%, 8/15/2027
95
101
Canutillo Independent School District, Unlimited Tax Series 2015, GO, PSF-GTD, 4.00%, 8/15/2025 (b)
940
945
Celina Independent School District, Unlimited Tax Series 2016, GO, PSF-GTD, 5.00%, 8/15/2029
1,300
1,326
Central Texas Regional Mobility Authority, Senior Lien Series A, Rev., 5.00%, 7/1/2025 (b)
115
116
Central Texas Regional Mobility Authority, Subordinate Lien
Series 2020F, Rev., BAN, 5.00%, 1/1/2025
1,000
1,002
Series 2021C, Rev., BAN, 5.00%, 1/1/2027
35
36
City of Austin Water and Wastewater System
Series 2015A, Rev., 5.00%, 5/15/2025 (b)
25
25
Series 2022, Rev., 5.00%, 11/15/2026
300
313
Series 2024, Rev., 5.00%, 11/15/2028
1,000
1,087
City of Austin, Airport System Series 2017 A, Rev., 5.00%, 11/15/2028
50
52
City of Austin, Water and Wastewater System Series 2017, Rev., 5.00%, 11/15/2028
280
296
City of Corpus Christi Series 2015, GO, 5.00%, 3/1/2025
100
100
City of Dallas
Series 2015, GO, 5.00%, 2/15/2025
155
156
Series 2019A, GO, 5.00%, 2/15/2025
85
85
Series 2017, GO, 5.00%, 2/15/2026
320
328
City of Denton Series 2019, GO, 5.00%, 2/15/2025
115
115
City of Denton, Utility System
Series 2017, Rev., 5.00%, 12/1/2027
225
233
Series 2017, Rev., 5.00%, 12/1/2028
125
129
City of El Paso Municipal Drainage Utility System Series 2017, Rev., 5.00%, 3/1/2025
500
502
City of Fort Worth
Series 2016, GO, 5.00%, 3/1/2025
165
166
Series 2015A, GO, 5.00%, 3/1/2026
45
45
Series 2016, GO, 5.00%, 3/1/2026
65
67
City of Fort Worth Water and Sewer System
Series 2015A, Rev., 5.00%, 2/15/2025
150
151
Series 2015A, Rev., 5.00%, 2/15/2026
25
25
Series 2020A, Rev., 5.00%, 2/15/2026
130
134
Series 2020A, Rev., 5.00%, 2/15/2027
165
173
City of Frisco
Series 2015A, GO, 5.00%, 2/15/2025
50
50
Series 2015A, GO, 5.00%, 2/15/2027
90
90
City of Garland Series 2018, GO, 5.00%, 2/15/2027
75
79
City of Georgetown, Utilities System Series 2022, Rev., AGM, 5.00%, 8/15/2027
70
74
City of Houston
Series 2019 A, GO, 5.00%, 3/1/2025
80
80
Series 2017 A, GO, 5.00%, 3/1/2026
30
31
Series 2017 A, GO, 5.00%, 3/1/2028
265
277
City of Houston Airport System, Subordinate Lien Series 2018D, Rev., 5.00%, 7/1/2027
65
69
City of Houston Combined Utility System, First Lien
Series 2015D, Rev., 5.00%, 11/15/2025
300
306
Series 2016 B, Rev., 5.00%, 11/15/2025
550
561
Series 2018 D, Rev., 5.00%, 11/15/2025
20
20
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Texas — continued
City of Houston, Airport System, Subordinate Lien
Series 2018D, Rev., 5.00%, 7/1/2025
75
76
Series 2020B, Rev., 5.00%, 7/1/2027
25
26
Series 2023B, Rev., AGM, 5.00%, 7/1/2028
30
32
City of Houston, Combined Utility System, First Lien
Series 2014D, Rev., 5.00%, 11/15/2026
20
20
Series 2024 A, Rev., 5.00%, 11/15/2026
1,000
1,044
Series 2014D, Rev., 5.00%, 11/15/2027
20
20
Series 2015D, Rev., 5.00%, 11/15/2027
1,015
1,031
City of Houston, Public Improvement
Series 2017A, GO, 5.00%, 3/1/2025
135
136
Series 2019A, GO, 5.00%, 3/1/2027
105
110
City of Lubbock Series 2016, GO, 5.00%, 2/15/2025
50
50
City of Lubbock, Electric Light and Power System
Series 2018, Rev., 5.00%, 4/15/2026
250
257
Series 2018, Rev., 5.00%, 4/15/2027
480
503
City of Port Arthur, Combination Tax, Certificates of Obligation Series 2020A, GO, AGM, 5.00%, 2/15/2025
400
402
City of San Antonio
Series 2015, GO, 5.00%, 2/1/2025 (b)
65
65
GO, 5.00%, 2/1/2027
2,000
2,096
Series 2015, GO, 5.00%, 2/1/2027
35
35
City of San Antonio Electric and Gas Systems
Series 2015, Rev., 5.00%, 2/1/2025
25
25
Series 2016, Rev., 5.00%, 2/1/2025
20
20
Series 2016, Rev., 5.00%, 2/1/2025 (b)
30
30
Series 2022, Rev., 5.00%, 2/1/2025
230
231
Series 2016, Rev., 5.00%, 2/1/2026
30
31
Series 2017, Rev., 5.00%, 2/1/2026
55
56
Series 2018 A, Rev., 5.00%, 2/1/2026
565
579
Series 2016, Rev., 5.00%, 2/1/2027
1,925
1,992
Series 2024D, Rev., 5.00%, 2/1/2030
1,000
1,105
City of San Antonio, Combination Tax
GO, 5.00%, 2/1/2025
1,750
1,756
GO, 5.00%, 2/1/2029
1,125
1,224
City of San Antonio, Electric and Gas Systems
Series 2012, Rev., 5.25%, 2/1/2025
1,085
1,089
Series 2018, Rev., 5.00%, 2/1/2027
360
377
City of San Antonio, General Improvement, GO, 5.00%, 8/1/2027
80
85
City of San Marcos Series 2014A, GO, 5.00%, 8/15/2025
75
75
Clint Independent School District Series 2015, GO, PSF-GTD, 5.00%, 8/15/2025 (b)
75
76
Comal Independent School District, Unlimited Tax
Series 2015A, GO, PSF-GTD, 5.00%, 12/15/2024
50
50
Series 2017, GO, PSF-GTD, 5.00%, 2/1/2028
35
36
Conroe Independent School District, Unlimited Tax
Series 2014A, GO, PSF-GTD, 4.00%, 12/23/2024
80
80
Series 2019, GO, PSF-GTD, 5.00%, 2/15/2026
30
31
County of Bastrop, Combination Tax, GO, 5.00%, 8/1/2029
985
1,078
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Texas — continued
County of Fort Bend, Unlimited Tax
Series A, GO, 5.00%, 3/1/2027
90
92
Series A, GO, 5.00%, 3/1/2028
95
97
County of Harris Toll Road Series 2023A, Rev., 5.00%, 8/15/2029
865
951
County of Harris Toll Road, First Lien Series 2022A, Rev., 5.00%, 8/15/2026
20
21
County of Harris, First Lien Series 2022A, Rev., 5.00%, 8/15/2027
20
21
County of Harris, Senior Lien Series 2016 A, Rev., 5.00%, 8/15/2026
30
31
County of Harris, Toll Road, Senior Lien Series 2016 A, Rev., 5.00%, 8/15/2029
1,145
1,184
County of Hays Series 2017, GO, 5.00%, 2/15/2028
25
26
County of Hays, Unlimited Tax Series 2015, GO, 5.00%, 2/15/2025 (b)
150
151
County of Kaufman, Limited Tax Series 2020A, GO, 5.00%, 2/15/2025
130
130
County of Kaufman, Unlimited Tax, GO, 5.00%, 2/15/2025
255
256
County of Williamson Series 2020, GO, 5.00%, 2/15/2025
35
35
County of Williamson, Limited Tax Series 2015, GO, 5.00%, 2/15/2028
50
50
Cypress-Fairbanks Independent School District, Unlimited Tax Series 2018, GO, PSF-GTD, 5.00%, 2/15/2025
175
176
Dallas Area Rapid Transit, Sales Tax, Senior Lien Series 2016A, Rev., 5.00%, 12/1/2025 (b)
200
205
Dallas County Utility and Reclamation District, Unlimited Tax
Series 2016, GO, 5.00%, 2/15/2025
425
426
Series 2016, GO, 5.00%, 2/15/2028
300
318
Dallas Fort Worth International Airport
Series 2023B, Rev., 5.00%, 11/1/2025
4,000
4,074
Series 2021B, Rev., 5.00%, 11/1/2026
35
36
Series 2020 A, Rev., 5.00%, 11/1/2027
20
21
Series 2020 B, Rev., 5.00%, 11/1/2027
25
27
Series 2023B, Rev., 5.00%, 11/1/2027
1,000
1,062
Series 2023B, Rev., 5.00%, 11/1/2028
1,250
1,353
Dallas Independent School District, Unlimited Tax
Series 2015, GO, PSF-GTD, 4.00%, 2/15/2025 (b)
200
200
Series 2015, GO, PSF-GTD, 5.00%, 2/15/2026
25
25
Series 2016 A, GO, PSF-GTD, 5.00%, 2/15/2026
140
141
Series 2020, GO, PSF-GTD, 5.00%, 2/15/2026
30
31
Denton County Housing Finance Corp., Multi Family Pathway on Woodrow LP Series 2022, Rev., 5.00%, 2/1/2025 (d)
300
301
Denton Independent School District, Unlimited Tax Series 2015, GO, PSF-GTD, 4.00%, 2/15/2025 (b)
220
220
Duncanville Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2025 (b)
255
256
El Paso Independent School District Series 2015A, GO, PSF-GTD, 5.00%, 8/15/2025 (b)
185
187
Florence Independent School District, Unlimited Tax
GO, PSF-GTD, 3.00%, 8/15/2026
230
229
GO, PSF-GTD, 3.00%, 8/15/2027
115
115
Fort Worth Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2025
110
110
Frisco Independent School District, Unlimited Tax Series 2017, GO, PSF-GTD, 4.00%, 8/15/2028
3,495
3,576
Goose Creek Consolidated Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2025 (b)
205
206
Grady Independent School District, Unlimited Tax Series 2018B, GO, PSF-GTD, 5.00%, 2/15/2026 (b)
45
46
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System
Series 2014A, Rev., 5.00%, 12/2/2024
140
140
Series 2020C-3, Rev., 5.00%, 12/1/2026 (d)
1,345
1,393
Series 2019 A, Rev., 5.00%, 12/1/2027
20
21
Housing Options, Inc., Multi Family Housing Estelle Village Apartments Project Series 2022, Rev., 3.90%, 2/1/2025 (d)
1,000
1,000
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Texas — continued
Humble Independent School District
Series B, GO, PSF-GTD, 5.00%, 2/15/2025
40
40
Series 2016 C, GO, 5.00%, 2/15/2026
55
56
Irving Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2028
25
25
Irving Independent School District, Unlimited Tax Series 2015 A, GO, PSF-GTD, 5.00%, 2/15/2025
75
75
Judson Independent School District Series 2016, GO, PSF-GTD, 5.00%, 2/1/2025
65
65
Katy Independent School District
Series D, GO, PSF-GTD, 5.00%, 2/15/2026
240
246
Series A, GO, PSF-GTD, 5.00%, 2/15/2027
50
50
Keller Independent School District, Unlimited Tax
Series 2015A, GO, PSF-GTD, 4.00%, 2/15/2025 (b)
160
160
Series 2015, GO, PSF-GTD, 5.00%, 2/15/2025 (b)
100
100
Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2025 (b)
325
326
Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2026
25
25
Series 2015, GO, PSF-GTD, 5.00%, 8/15/2026
1,000
1,004
Killeen Independent School District Series 2018, GO, PSF-GTD, 5.00%, 2/15/2025
130
130
La Porte Independent School District, Unlimited Tax Series 2015, GO, 5.00%, 2/15/2025
50
50
Lamar Consolidated Independent School District, Unlimited Tax Series 2018, GO, PSF-GTD, 5.00%, 2/15/2026
60
62
Lewisville Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2026
825
856
Lone Star College System, Limited Tax
Series 2021 A, GO, 5.00%, 2/15/2025
50
50
Series B, GO, 5.00%, 2/15/2025
200
201
Lower Colorado River Authority, LCRA Transmission services Corp. Project Series 2023, Rev., AGM, 5.00%, 5/15/2028
20
22
Lower Colorado River Authority, LCRA Transmission Services Corp. Project
Rev., 5.00%, 5/15/2025
245
247
Series 2023A, Rev., AGM, 5.00%, 5/15/2026
890
918
Series 2019, Rev., 5.00%, 5/15/2027
245
258
Series 2021, Rev., 5.00%, 5/15/2027
75
79
Series 2022, Rev., 5.00%, 5/15/2027
85
90
Series 2023, Rev., AGM, 5.00%, 5/15/2027
20
21
Series 2023A, Rev., AGM, 5.00%, 5/15/2027
60
63
Series 2019, Rev., 5.00%, 5/15/2028
80
86
Series 2022, Rev., 5.00%, 5/15/2028
225
241
Lytle Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 2/15/2028
255
264
Mansfield Independent School District, Unlimited Tax Series 2015, GO, PSF-GTD, 4.00%, 2/15/2025 (b)
240
240
Metropolitan Transit Authority of Harris County Sales and Use Tax, Rev., 5.00%, 11/1/2029
1,000
1,079
Mission Economic Development Corp., Republic Services, Inc., Project, Rev., AMT, 4.25%, 2/3/2025 (d)
3,500
3,502
Montgomery Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2025 (b)
250
251
Navasota Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2025 (b)
785
788
New Hope Cultural Education Facilities Finance Corp., Children's Health System of Texas Project Series 2017A, Rev., 5.00%,
8/15/2029
1,750
1,836
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project Series 2020A, Rev., 2.25%, 1/1/2025
315
314
North Harris County Regional Water Authority, Senior Lien
Rev., 4.00%, 12/15/2024
130
130
Series 2016, Rev., 5.00%, 12/15/2027
75
78
Series 2016, Rev., 5.00%, 12/15/2028
505
524
Series 2016, Rev., 5.00%, 12/15/2029
190
197
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Texas — continued
North Texas Tollway Authority
Series 2015 B, Rev., 5.00%, 1/1/2025
75
75
Series 2016 A, Rev., 5.00%, 1/1/2028
30
31
North Texas Tollway Authority, First Tier
Series 2015 B, Rev., 5.00%, 1/1/2025
25
25
Series 2016A, Rev., 5.00%, 1/1/2025
185
185
Series A, Rev., 5.00%, 1/1/2025
530
531
Series A, Rev., 5.00%, 1/1/2028
200
204
North Texas Tollway Authority, Second Tier
Series 2015A, Rev., 5.00%, 1/1/2025
50
50
Series 2021B, Rev., 5.00%, 1/1/2025
250
250
Series 2020 C, Rev., 5.00%, 1/1/2026
75
77
Series B, Rev., 5.00%, 1/1/2027
295
300
Series B, Rev., 5.00%, 1/1/2029
20
20
Northwest Independent School District, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2025 (b)
55
55
Pecos Barstow Toyah Independent School District, Unlimited Tax Series 2021, GO, PSF-GTD, 4.00%, 2/15/2025 (b)
50
50
Permanent University Fund - Texas A&M University System
Series 2015A, Rev., 5.50%, 7/1/2026
95
96
Series 2017 A, Rev., 5.00%, 7/1/2027
80
85
Pharr San Juan Alamo Independent School District, Unlimited Tax Series 2016, GO, PSF-GTD, 5.00%, 2/1/2025 (b)
930
933
Plano Independent School District Series 2016 A, GO, PSF-GTD, 5.00%, 2/15/2026
25
26
Port Arthur Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2025 (b)
30
30
San Antonio Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2026
110
110
San Antonio Water System, Junior Lien
Series 2016 A, Rev., 5.00%, 5/15/2025
120
121
Series 2021 A, Rev., 5.00%, 5/15/2025
20
20
Southwest Higher Education Authority, Inc., Southern Methodist University Project Series 2016 A, Rev., 5.00%, 10/1/2026
325
338
Spring Independent School District, Unlimited Tax Series 2024 B, GO, 5.00%, 8/15/2029
500
546
State of Texas, Transportation Commission Mobility Fund
Series A, GO, 5.00%, 12/27/2024
190
190
Series 2016 A, GO, 5.00%, 4/1/2025
25
25
Series 2024, GO, 5.00%, 10/1/2027
2,535
2,699
Series 2015-A, GO, 5.00%, 10/1/2028
1,000
1,015
Series 2024, GO, 5.00%, 10/1/2028
4,000
4,346
State of Texas, Veterans Series 2011A, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.25%, 12/10/2024 (d)
9,535
9,535
State of Texas, Veterans Housing Assistance Program Series 2008B, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.25%,
12/10/2024 (d)
4,575
4,575
State of Texas, Water Financial Assistance Series 2021 B, GO, 4.00%, 8/1/2029
410
412
State of Washington, Transportation Commission Series 2014, GO, 5.00%, 12/27/2024
535
536
Tarrant County College District Series 2020, GO, 5.00%, 8/15/2026
105
109
Tarrant Regional Water District Water Supply System Series 2015, Rev., 5.00%, 3/1/2028
25
25
Tarrant Regional, Water Control and Improvement District, Water System, Rev., 5.00%, 3/1/2025
50
50
Texas Department of Transportation State Highway Fund, First Tier
Series 2024, Rev., 5.00%, 4/1/2025
90
91
Series 2008, Rev., 5.25%, 4/1/2025
35
35
Series 2015, Rev., 5.00%, 10/1/2026
55
57
Texas Home Collaborative, 1518 Apartments Series 2023, Rev., 5.00%, 10/1/2026 (d)
3,325
3,409
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Texas — continued
Texas Public Finance Authority Series 2019, Rev., 5.00%, 2/1/2026
30
31
Texas State Technical College Series 2022 A, Rev., AGM, 5.00%, 8/1/2028
385
414
Texas State University System Series 2017 A, Rev., 5.00%, 3/15/2026
100
103
Texas Tech University System Series 2017 A, Rev., 5.00%, 2/15/2026
110
113
Texas Water Development Board, State Revolving Fund Series 2020, Rev., 5.00%, 8/1/2026
90
93
Texas Water Development Board, State Water Implementation Fund
Series 2017 A, Rev., 5.00%, 4/15/2025
50
50
Series 2018 B, Rev., 5.00%, 4/15/2025
20
20
Series 2019 A, Rev., 5.00%, 4/15/2025
310
312
Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax
GO, 4.00%, 5/1/2025
300
301
GO, 4.00%, 5/1/2026
280
283
Trinity River Authority Central Regional Wastewater System
Series 2016, Rev., 5.00%, 8/1/2026
35
36
Series 2019, Rev., 5.00%, 8/1/2026
100
104
Trinity River Authority, Central Regional Wastewater System Series 2017, Rev., 5.00%, 8/1/2029
25
26
Trinity River Authority, Water Project, Rev., 5.00%, 2/1/2026
285
292
University of Houston
Series 2017 C, Rev., 5.00%, 2/15/2025
50
50
Series 2017A, Rev., 5.00%, 2/15/2025
50
50
Series 2016 A, Rev., 4.00%, 2/15/2026
20
20
Series 2020 A, Rev., 5.00%, 2/15/2026
100
103
Series 2016A, Rev., 4.00%, 2/15/2027
25
25
Series 2017 C, Rev., 5.00%, 2/15/2028
40
41
University of North Texas System
Series 2018 A, Rev., 5.00%, 4/15/2025
350
352
Series 2017 A, Rev., 5.00%, 4/15/2028
125
132
Upper Trinity Regional Water District, Water Supply System Series 2020, Rev., 5.00%, 8/1/2025
1,000
1,012
Total Texas
99,552
Utah — 0.1%
Alpine School District, Utah School Bond Guaranty Program Series 2017, GO, 5.00%, 3/15/2026
25
26
Provo City School District Municipal Building Authority Series 2022, Rev., 5.00%, 3/15/2027
195
204
University of Utah (The) Series 2017 A, Rev., 5.00%, 8/1/2026
75
78
Utah Infrastructure Agency, Tax-Exempt Telecommunications, Rev., 3.00%, 10/15/2025
125
124
Utah Transit Authority Series 2015 A, Rev., 5.00%, 6/15/2025 (b)
2,000
2,022
Utah Transit Authority, Sales Tax Series 2015 A, Rev., 5.00%, 6/15/2025
400
404
Total Utah
2,858
Virginia — 5.2%
City of Harrisonburg Series 2021 A, GO, 5.00%, 7/15/2025
175
177
City of Portsmouth Series 2017A, GO, 5.00%, 7/15/2026
70
73
City of Richmond Series 2017 D, GO, 5.00%, 3/1/2027
30
32
Embrey Mill Community Development Authority, 5.60%, 3/1/2025 (b)
1,110
1,116
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project Series 2018C, Rev., VRDO,
2.88%, 12/10/2024 (d)
26,100
26,100
Hampton Roads Sanitation District
Series 2024 A, Rev., 5.00%, 11/1/2025
1,500
1,529
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Virginia — continued
Series 2016 A, Rev., 5.00%, 8/1/2026 (b)
50
52
Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien Series 2021A, Rev., BAN, 5.00%,
7/1/2026 (b)
3,515
3,623
Lynchburg Economic Development Authority, Centra Health Obligated Group Series 2017 B, Rev., VRDO, LOC : Truist Bank,
0.75%, 12/2/2024 (d)
20,000
20,000
Roanoke Economic Development Authority, Carilion Health System Obligated Group Series 2005A, Rev., VRDO, LIQ : PNC Bank
NA, 2.92%, 12/10/2024 (d)
30,000
30,000
Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs
Series 2015 D, Rev., 5.00%, 2/1/2025
70
70
Series 2015A, Rev., 5.00%, 2/1/2025 (b)
750
752
Series 2015A, Rev., 5.00%, 2/1/2025
25
25
Series 2017 E, Rev., 5.00%, 2/1/2025
165
166
Series 2018 A, Rev., 5.00%, 2/1/2025
50
50
Series 2019A, Rev., 5.00%, 2/1/2025
20
20
Series 2020 A, Rev., 5.00%, 2/1/2025
55
55
Series A, Rev., 5.00%, 2/1/2025
20
20
Series 2014B, Rev., 4.00%, 9/1/2025
20
20
Series 2020 A, Rev., 5.00%, 2/1/2026
260
267
Series A, Rev., 5.00%, 2/1/2026
125
128
Series 2020 A, Rev., 5.00%, 2/1/2027
30
31
Series 2017 A, Rev., 5.00%, 9/1/2027
50
53
Virginia Commonwealth Transportation Board, Capital Projects
Series 2016, Rev., 5.00%, 5/15/2025
20
20
Series 2024, Rev., 5.00%, 5/15/2025
20
20
Virginia Commonwealth Transportation Board, Federal Transportation
Rev., GAN, 5.00%, 9/15/2026
20
21
Rev., GAN, 5.00%, 9/15/2028
750
797
Virginia Public Building Authority
Series 2017A, Rev., 4.00%, 8/1/2027
830
859
Series 2020 B, Rev., 5.00%, 8/1/2027
25
27
Virginia Public School Authority Series XI, Rev., 5.00%, 4/15/2025
50
50
Virginia Small Business Financing Authority, Environmental Facilities Pure Salmon Virginia LLC Project, Rev., AMT, 4.00%,
11/20/2025 (d)
3,350
3,353
Wise County Industrial Development Authority, Electric and Power Co. Project Series 2009A, Rev., 0.75%, 9/2/2025 (d)
22,765
22,025
Total Virginia
111,531
Washington — 2.1%
Auburn School District No. 408 of King and Pierce Counties, Unlimited Tax Series 2020, GO, 5.00%, 12/1/2025
25
26
Bellevue Convention Center Authority Series 1994, Rev., NATL - RE, Zero Coupon, 2/1/2025 (b)
8,850
8,800
Central Puget Sound Regional Transit Authority Series 2021 S 1, Rev., 5.00%, 11/1/2025
945
964
City of Seattle Municipal Light and Power
Series 2016B, Rev., 5.00%, 4/1/2025
45
45
Series 2018 A, Rev., 5.00%, 1/1/2026
185
189
Series 2019 B, Rev., 5.00%, 2/1/2026
70
72
Clark County Public Utility District No. 1 Electric
Series 2024, Rev., 5.00%, 1/1/2027
1,600
1,673
Series 2024, Rev., 5.00%, 1/1/2030
875
966
County of King Sewer Series 2016 B, Rev., 5.00%, 7/1/2025
40
41
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Washington — continued
Energy Northwest, Project 1
Series 2024 B, Rev., 5.00%, 7/1/2026
2,420
2,505
Series 2017-A, Rev., 5.00%, 7/1/2027
250
264
Series 2020 A, Rev., 5.00%, 7/1/2027
60
63
Series 2024 B, Rev., 5.00%, 7/1/2027
1,000
1,057
Franklin County School District No. 1 Pasco, Unlimited Tax Series 2015, GO, 5.00%, 12/1/2025
3,600
3,604
FYI Properties, State of Washington District Project Series 2019, Rev., 5.00%, 6/1/2027
45
47
Pierce County School District No. 10 Tacoma Series 2015, GO, 5.00%, 12/1/2025 (b)
1,000
1,020
Pierce County School District No. 10 Tacoma, Unlimited Tax Series 2015, GO, 5.00%, 12/1/2025 (b)
1,125
1,148
Pierce County School District No. 3 Puyallup, Unlimited Tax Series 2022 B, GO, 5.00%, 12/1/2025
35
36
Pierce County School District No. 320 Sumner Series 2016, GO, 5.00%, 12/1/2025
40
41
Port of Seattle, Intermediate Lien
Series 2016, Rev., 5.00%, 2/1/2025
55
55
Series 2016, Rev., 5.00%, 2/1/2026
55
56
Series 2022A, Rev., 5.00%, 8/1/2026
60
62
Series 2016, Rev., 5.00%, 2/1/2027
465
475
Series A, Rev., 5.00%, 5/1/2027
45
47
Series 2022A, Rev., 5.00%, 8/1/2027
250
265
Rev., 5.00%, 2/1/2028
140
143
Series 2022A, Rev., 5.00%, 8/1/2028
145
156
Series 2016, Rev., 5.00%, 2/1/2029
155
158
State of Washington Motor Vehicle Fuel Tax
Series R-2015B, GO, 5.00%, 12/14/2024
140
140
Series R-2021A, GO, 5.00%, 6/1/2027
125
132
State of Washington, Various Purpose
Series 2015B, GO, 5.00%, 2/1/2025
800
803
Series 2016C, GO, 5.00%, 2/1/2025
20
20
Series 2019 C, GO, 5.00%, 2/1/2025
50
50
Series R-2018C, GO, 5.00%, 8/1/2026
50
52
Series 2020C, GO, 5.00%, 2/1/2027
30
32
Series 2021 C, GO, 5.00%, 2/1/2027
30
31
Series 2024 C, GO, 5.00%, 2/1/2027
1,320
1,385
Series 2018 A, GO, 5.00%, 8/1/2027
40
42
Series 2020A, GO, 5.00%, 8/1/2027
85
90
Series R-2017A, GO, 5.00%, 8/1/2027
40
41
Series R-2018 D, GO, 5.00%, 8/1/2027
135
143
Series 2016 B, GO, 5.00%, 7/1/2029
4,375
4,469
University of Washington Series 2020C, Rev., 5.00%, 4/1/2025 (b)
20
20
Washington Health Care Facilities Authority, Catholic Health Initiatives Series B-2, Rev., (SIFMA Municipal Swap Index Yield +
1.40%), 4.26%, 12/5/2024 (c)
10,600
10,606
Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center Series 2015, Rev., 5.00%, 7/1/2025 (b)
25
25
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance, Rev., 5.00%, 3/1/2026
185
186
Washington State Housing Finance Commission, Herons Key Senior Living Series A, Rev., 7.00%, 7/1/2025 (b) (f)
1,800
1,834
Total Washington
44,079
West Virginia — 0.3%
Berkeley County Board of Education, GO, 5.00%, 5/1/2025
360
363
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
West Virginia — continued
West Virginia Commissioner of Highways
Series 2017A, Rev., 5.00%, 9/1/2025
20
20
Series 2017A, Rev., 5.00%, 9/1/2027
120
127
Series 2017A, Rev., 5.00%, 9/1/2028
375
396
Series 2017A, Rev., 5.00%, 9/1/2029
30
32
West Virginia Economic Development Authority, Correctional Juvenile and Public Safety Facilities Series 2012A, Rev., 5.00%,
6/1/2025
625
626
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project Series
2011A, Rev., AMT, 1.00%, 9/1/2025 (d)
5,650
5,493
Total West Virginia
7,057
Wisconsin — 1.3%
City of Milwaukee, Promissory Notes Series N2, GO, 4.00%, 3/15/2025
100
100
City of Stevens Point Series 2024 A, GO, 5.00%, 2/1/2025 (e)
1,800
1,805
County of Dane Series 2023A, GO, 5.00%, 6/1/2027
405
428
Public Finance Authority, KU Campus Development Corp., Center District Development Project Series 2016, Rev., 5.00%,
3/1/2026
120
123
State of Wisconsin
Series 2016A, GO, 5.00%, 5/1/2025 (b)
2,180
2,197
Series 2017 A, GO, 5.00%, 5/1/2025
25
25
Series 2017 B, GO, 5.00%, 5/1/2025 (b)
85
86
Series 2016-2, GO, 5.00%, 11/1/2026
30
31
Wisconsin Department of Transportation Series 2017-1, Rev., 5.00%, 7/1/2025
350
354
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018B-4, Rev., 5.00%,
1/29/2025 (d)
1,695
1,699
Wisconsin Health and Educational Facilities Authority, Ascension Health Credit Group Series 2016 A, Rev., 5.00%,
11/15/2027
515
530
Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group Series 2016A, Rev., 5.00%, 11/15/2026
350
361
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Obligated Group Series 2021B, Rev., VRDO, LIQ :
US Bank NA, 0.80%, 12/2/2024 (d)
20,000
20,000
Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Obligated Group Series 2014A, Rev.,
5.00%, 11/15/2025
220
220
Wisconsin Health and Educational Facilities Authority, Unity Point Health Series 2014A, Rev., 5.00%, 12/1/2025
145
145
Total Wisconsin
28,104
Total Municipal Bonds
(Cost $1,957,153)
1,957,421
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS 
SHARES
(000)
VALUE
($000)
Short-Term Investments — 7.2%
Investment Companies — 7.2%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.85% (g) (h)
(Cost $152,690)
152,682
152,697
Total Investments — 99.2%
(Cost $2,109,843)
2,110,118
Other Assets in Excess of Liabilities — 0.8%
16,857
NET ASSETS — 100.0%
2,126,975
 
Percentages indicated are based on net assets.
 
Abbreviations
 
AGM
Insured by Assured Guaranty Municipal Corp.
AMBAC
Insured by American Municipal Bond Assurance Corp.
AMT
Alternative Minimum Tax
BAN
Bond Anticipation Note
COP
Certificate of Participation
CR
Custodial Receipts
FHA
Federal Housing Administration
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GAN
Grant Anticipation Notes
GNMA
Government National Mortgage Association
GO
General Obligation
GTD
Guaranteed
LIQ
Liquidity Agreement
LOC
Letter of Credit
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
SCSDE
South Carolina School District Enhancement
SIFMA
The Securities Industry and Financial Markets Association
SOFR
Secured Overnight Financing Rate
TAN
Tax Anticipation Note
VRDO
Variable Rate Demand Obligation
 
^
Amount rounds to less than 0.1% of net assets.
(a)
The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
 
(b)
Security is prerefunded or escrowed to maturity.
 
(c)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2024.
 
(d)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2024.
 
(e)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(f)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(g)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
 
(h)
The rate shown is the current yield as of November 30, 2024.
 
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values 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: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Municipal Bonds
$—
$1,957,421
$—
$1,957,421
Short-Term Investments
Investment Companies
152,697
—
—
152,697
Total Investments in Securities
$152,697
$1,957,421
$—
$2,110,118
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended November 30, 2024
Security Description
Value at
February 29,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
November 30,
2024
Shares at
November 30,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan Institutional Tax Free Money
Market Fund Class IM Shares, 2.85%
 (a) (b)
$50,713
$1,643,944
$1,541,966
$4
$2
$152,697
152,682
$4,229
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of November 30, 2024.