JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 96.9% (a)
Alabama — 1.7%
Industrial Development Revenue/Pollution Control Revenue — 0.2%
Selma Industrial Development Board, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (b)		3,625		3,635
Other Revenue — 0.0% (c)
Montgomery County Public Building Authority, Warrants, Facilities Project Rev., 5.00%, 3/1/2023		500		559
Utility — 1.5%
Black Belt Energy Gas District, Gas Prepay Series 2018B-2, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.62%), 0.76%, 6/9/2020 (d)		7,500		7,500
Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (b)		8,320		8,555
Southeast Alabama Gas Supply District (The), Project No. 1
Series A, Rev., 5.00%, 4/1/2021		2,865		2,946
Series A, Rev., 5.00%, 4/1/2022		3,220		3,417
				22,418
Total Alabama				26,612
Alaska — 0.1%
General Obligation — 0.1%
State of Alaska Series A, GO, 5.00%, 8/1/2029		1,300		1,558
Utility — 0.0% (c)
City of Anchorage, Electric Utilities, Senior Lien Series 2014A, Rev., 5.00%, 12/1/2023		500		576
Total Alaska				2,134
Arizona — 1.9%
General Obligation — 0.5%
City of Scottsdale GO, 5.00%, 7/1/2022		2,550		2,805
Maricopa County Elementary School District No. 6 Washington, School Improvement, Project of 2016 Series 2019B, GO, 5.00%, 7/1/2029		3,950		5,188
				7,993
Hospital — 0.3%
Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2025		3,540		4,031
Industrial Development Revenue/Pollution Control Revenue — 1.1%
Maricopa County Industrial Development Authority, Banner Health
Series B, Rev., 5.00%, 10/18/2022 (b)		7,370		8,042
Series C, Rev., 5.00%, 10/18/2024 (b)		9,000		10,416
				18,458
Other Revenue — 0.0% (c)
Town of Marana, Excise Tax
Series B, Rev., 4.00%, 7/1/2020		75		75
Series 2017B, Rev., 5.00%, 7/1/2021		100		105
				180
Total Arizona				30,662
Arkansas — 0.8%
Education — 0.3%
University of Arkansas, UAMS Campus
Rev., 5.00%, 3/1/2025		500		601
Rev., 5.00%, 3/1/2026		1,000		1,187
University of Central Arkansas, Student Housing System
Series 2017A, Rev., 5.00%, 11/1/2021		1,600		1,703
Series 2019C, Rev., AGM, 4.00%, 11/1/2025		110		122
Series 2019C, Rev., AGM, 4.00%, 11/1/2026		240		268
Series 2019C, Rev., AGM, 4.00%, 11/1/2027		180		200
				4,081
Other Revenue — 0.5%
Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2026		325		409
City of Little Rock, Hotel and Restaurant Rev., 5.00%, 7/1/2020		580		582
City of Rogers Series B, Rev., 5.00%, 11/1/2027		3,855		4,827
County of Sharp
Rev., 5.00%, 3/1/2024		595		685
Rev., 5.00%, 3/1/2025		600		710
Rev., 5.00%, 3/1/2026		685		830
				8,043
Total Arkansas				12,124

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
California — 16.4%
Certificate of Participation/Lease — 0.1%
City of Chula Vista, Police Facility Project
COP, 5.00%, 10/1/2021		360		382
COP, 5.00%, 10/1/2022		465		517
COP, 5.00%, 10/1/2023		1,000		1,157
Goleta Water District Series A, COP, AGM, 5.00%, 12/1/2020		140		143
				2,199
Education — 1.0%
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2024		1,675		1,880
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2025		275		308
Rev., 5.00%, 10/1/2026		150		170
Rev., 5.00%, 10/1/2027		150		172
Regents of the University of California Series AK, Rev., 5.00%, 5/15/2023 (b)		11,505		13,060
				15,590
General Obligation — 7.0%
Allan Hancock Joint Community College District GO, 5.00%, 8/1/2022		1,050		1,154
City and County of San Francisco Series 2014A, GO, 5.00%, 6/15/2025		5,310		5,833
County of Sacramento, San Juan Unified School District, Election of 2002 GO, 5.00%, 8/1/2020		775		781
County of Santa Clara, Moreland School District GO, 5.00%, 8/1/2021		1,000		1,056
Grossmont Healthcare District Series D, GO, 5.00%, 7/15/2026		1,225		1,481
Grossmont Healthcare District, Election of 2006 Series 2015C, GO, 5.00%, 7/15/2026		1,000		1,209
Los Angeles Community College District Series C, GO, 5.00%, 6/1/2026		5,000		6,318
Novato Unified School District
Series A, GO, 4.00%, 2/1/2022		535		569
Series A, GO, 5.00%, 2/1/2023		685		769
Series A, GO, 5.00%, 8/1/2025		1,500		1,778
Series A, GO, 5.00%, 8/1/2026		1,800		2,130
Oak Grove School District GO, 5.00%, 8/1/2023		1,200		1,371
Placentia-Yorba Linda Unified School District GO, 5.00%, 8/1/2025		1,770		2,171
San Francisco Bay Area Rapid Transit District, Election of 2004
Series D, GO, 3.00%, 8/1/2022		2,735		2,898
Series 2015D, GO, 5.00%, 8/1/2028		1,685		2,065
San Francisco Unified School District, Proposition A, Election of 2011 Series B, GO, 5.00%, 6/15/2024		5,190		5,670
Santa Barbara Unified School District
Series A, GO, 4.00%, 8/1/2022		30		32
Series B, GO, 5.00%, 8/1/2026		50		63
State of California, Various Purpose
Series B, GO, 5.00%, 9/1/2023		2,810		3,228
GO, 5.00%, 11/1/2023		3,560		4,115
GO, 5.00%, 3/1/2026		13,210		15,955
GO, 5.00%, 9/1/2026		4,900		6,200
GO, 4.00%, 8/1/2028		4,000		4,758
GO, 4.00%, 8/1/2029		4,180		4,937
GO, 5.00%, 8/1/2029		7,830		9,764
GO, 4.00%, 8/1/2030		10,000		11,702
Whittier Union High School District GO, 5.00%, 8/1/2023		10,495		11,973
				109,980
Hospital — 1.9%
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (b)		9,850		10,239
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2025		1,850		2,247
California Health Facilities Financing Authority, Providence Health and Services
Series 2014A, Rev., 5.00%, 10/1/2021		750		794
Series 2014A, Rev., 5.00%, 10/1/2022		1,500		1,653

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
California Health Facilities Financing Authority, St. Joseph Health System Series 2013D, Rev., 5.00%, 10/15/2020 (b)		12,870		13,090
California Municipal Finance Authority, NorthBay Healthcare Group
Series 2017A, Rev., 5.00%, 11/1/2023		500		547
Series 2017A, Rev., 5.00%, 11/1/2024		800		893
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 5.00%, 8/1/2028		250		311
				29,774
Other Revenue — 1.3%
Alameda County Transport Authority, Sales Tax Rev., 4.00%, 3/1/2022		5,000		5,332
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust Series 2013A-2, Rev., (ICE LIBOR USD 1 Month + 0.33%), 0.45%, 7/1/2020 (d)		3,250		3,218
California Municipal Finance Authority, Biola University Rev., 5.00%, 10/1/2021		370		384
Contra Costa County Transportation Authority, Sales Tax
Series A, Rev., 5.00%, 3/1/2023		2,420		2,721
Series A, Rev., 5.00%, 3/1/2024		2,000		2,332
Golden State Tobacco Securitization Corp., Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2021		1,000		1,044
San Diego County Regional Transportation Commission, Sales Tax
Series A, Rev., 5.00%, 4/1/2021		250		260
Series A, Rev., 5.00%, 4/1/2022		100		109
San Diego Public Facilities Financing Authority, Tax-Exempt Series 2020A, Rev., 5.00%, 8/1/2027		250		324
San Francisco State Building Authority, Elihu M. Harris State Office Building Series A, Rev., 5.00%, 12/1/2022		1,700		1,903
Sonoma County Transportation Authority, Sales Tax Rev., 5.00%, 12/1/2024		1,000		1,207
Stockton Public Financing Authority
Rev., 5.00%, 3/1/2027		630		747
Rev., 5.00%, 3/1/2029		465		564
				20,145
Prerefunded — 0.3%
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System Series 2016A, Rev., 5.00%, 10/1/2032 (e)		1,275		1,353
California State Public Works Board, California State University, Davidson Library at Santa Barbara Series 2013C, Rev., 5.00%, 3/1/2038 (e)		2,820		3,185
				4,538
Transportation — 2.5%
Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area Series S-7, Rev., 4.00%, 4/1/2029		20,000		23,536
City of Los Angeles, Department of Airports
Series A, Rev., AMT, 5.00%, 5/15/2021		1,590		1,650
Series C, Rev., 5.00%, 5/15/2022		750		814
Series D, Rev., AMT, 5.00%, 5/15/2022		3,380		3,638
Series B, Rev., 4.00%, 5/15/2024		365		410
Series C, Rev., 5.00%, 5/15/2024		700		814
Series D, Rev., AMT, 5.00%, 5/15/2027		2,700		3,141
Series D, Rev., AMT, 5.00%, 5/15/2028		1,950		2,262
Series D, Rev., AMT, 5.00%, 5/15/2029		2,550		2,946
				39,211
Utility — 1.0%
Los Angeles Department of Water and Power, Power System Series A, Rev., 5.00%, 7/1/2025		100		123
Sacramento Municipal Utility District, Electric
Series E, Rev., 5.00%, 8/15/2022		2,740		3,023
Series E, Rev., 5.00%, 8/15/2027		105		136
San Francisco City and County Public Utilities Commission Water, Green Bonds Series 2018C, Rev., 2.13%, 10/1/2023 (b)		10,000		10,357

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Southern California Public Power Authority, Canyon Power Project Series 2016A, Rev., 5.00%, 7/1/2026		1,000		1,050
Walnut Energy Center Authority Series A, Rev., 5.00%, 1/1/2023		400		449
				15,138
Water & Sewer — 1.3%
California State Department of Water Resources, Central Valley Project, Water System Series AU, Rev., (SIFMA Municipal Swap Index Yield + 0.22%), 0.36%, 6/9/2020 (d)		10,000		10,000
City of Los Angeles, Wastewater System Series 2015-A, Rev., 5.00%, 6/1/2022		2,750		3,011
East Bay Municipal Utility District, Wastewater System Series A, Rev., 5.00%, 6/1/2020		3,000		3,000
Eastern Municipal Water District, Water and Wastewater
Series C, Rev., 5.00%, 7/1/2021		2,530		2,662
Series C, Rev., 5.00%, 7/1/2022		1,700		1,870
				20,543
Total California				257,118
Colorado — 2.1%
Certificate of Participation/Lease — 0.3%
City of Aurora
COP, 3.00%, 12/1/2020		125		127
COP, 4.00%, 12/1/2022		375		409
City of Longmont
Series A, COP, 5.00%, 12/1/2021		100		107
Series A, COP, 5.00%, 12/1/2022		100		111
Series A, COP, 5.00%, 12/1/2024		100		116
Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement
COP, 3.00%, 6/15/2020		250		250
COP, 3.00%, 6/15/2021		1,000		1,028
County of Boulder, Flood Reconstruction Projects
COP, 5.00%, 12/1/2022		720		736
COP, 5.00%, 12/1/2023		500		512
COP, 5.00%, 12/1/2025		500		512
County of Eagle COP, 5.00%, 12/1/2022		200		223
				4,131
Education — 0.3%
University of Colorado, Enterprise System Series A-2, Rev., 5.00%, 6/1/2022		1,080		1,181
University of Colorado, University Enterprise Series A, Rev., 5.00%, 6/1/2022		3,150		3,446
				4,627
General Obligation — 0.1%
Counties of Gunnison, Watershed School District No. 1
Series 2014A, GO, 4.00%, 12/1/2022		300		328
Series 2014A, GO, 5.00%, 12/1/2026		500		600
				928
Hospital — 0.8%
Colorado Health Facilities Authority, Commonspirit Health Series B-2, Rev., 5.00%, 8/1/2026 (b)		10,000		11,487
Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project Rev., 5.00%, 9/1/2022		150		163
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (b)		1,090		1,142
				12,792
Other Revenue — 0.0% (c)
Denver Convention Center Hotel Authority Rev., 4.00%, 12/1/2020		500		502
Prerefunded — 0.2%
Regional Transportation District
Series A, COP, 5.00%, 6/1/2023 (e)		2,000		2,000
Series A, COP, 5.00%, 6/1/2025 (e)		1,700		1,700
				3,700
Transportation — 0.4%
Colorado Bridge Enterprise Series 2019A, Rev., 4.00%, 12/1/2027		5,000		6,022
Total Colorado				32,702
Connecticut — 1.4%
Hospital — 0.6%
Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Issue Series 2020B-2, Rev., 5.00%, 1/1/2027 (b)		7,750		9,637

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Housing — 0.0% (c)
Connecticut Housing Finance Authority Series E, Subseries E-3, Rev., 1.63%, 11/15/2022 (b)		750		753
Special Tax — 0.8%
State of Connecticut, Special Tax Transportation Infrastructure Purposes Series C, Rev., 5.00%, 10/1/2026		10,000		12,183
Total Connecticut				22,573
District of Columbia — 0.2%
Hospital — 0.0% (c)
District of Columbia Children’s Hospital Rev., 5.00%, 7/15/2021		500		522
Transportation — 0.2%
Metropolitan Washington Airports Authority, Airport System Series 2013C, Rev., 5.00%, 10/1/2021		1,475		1,558
Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2029		1,120		1,386
				2,944
Total District of Columbia				3,466
Florida — 1.0%
Certificate of Participation/Lease — 0.1%
School Board of Duval County Series B, COP, 5.00%, 7/1/2021		750		786
Seminole County School Board Series A, COP, 5.00%, 7/1/2020		210		211
				997
Education — 0.8%
Board of Governors of the University of Florida, Student Activity Rev., 5.00%, 7/1/2020		1,660		1,666
Florida Higher Educational Facilities Financial Authority, Institute of Technology
Rev., 5.00%, 10/1/2022		115		121
Rev., 5.00%, 10/1/2023		125		134
State of Florida, State Board of Education, Lottery Series B, Rev., 5.00%, 7/1/2027		8,540		10,783
				12,704
Transportation — 0.1%
Miami-Dade County Expressway Authority, Toll System
Series A, Rev., 5.00%, 7/1/2020		1,550		1,555
Series 2014A, Rev., 5.00%, 7/1/2022		625		676
				2,231
Water & Sewer — 0.0% (c)
JEA Water and Sewer System Series A, Rev., 5.00%, 10/1/2025		250		307
Total Florida				16,239
Georgia — 2.9%
Education — 1.3%
Development Authority for Fulton County, Tech Athletic Association, Inc.
Rev., 5.00%, 10/1/2022 (e)		4,855		5,385
Rev., 5.00%, 10/1/2022		145		159
Private Colleges and Universities Authority, Emory University Series 2020B, Rev., 5.00%, 9/1/2030		10,755		14,671
				20,215
General Obligation — 1.3%
Cook County School District, Sales Tax GO, 5.00%, 10/1/2021		1,495		1,589
State of Georgia
Series I, GO, 5.00%, 7/1/2021		8,165		8,594
Series 2016E, GO, 5.00%, 12/1/2025		6,750		8,409
Series F, GO, 5.00%, 7/1/2028		2,000		2,555
				21,147
Other Revenue — 0.3%
Atlanta Development Authority, New Downtown Atlanta Stadium Project, Senior Lien
Series 2015A-1, Rev., 5.00%, 7/1/2027		1,000		1,089
Series 2015A-1, Rev., 5.00%, 7/1/2028		1,000		1,087
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project
Series 2017, Rev., 5.00%, 7/1/2023		325		365
Series 2017, Rev., 5.00%, 7/1/2025		250		298
Series 2017, Rev., 5.00%, 7/1/2026		275		335
Series 2017, Rev., 5.00%, 7/1/2028		375		465
Series 2017, Rev., 4.00%, 7/1/2032		1,000		1,144
				4,783
Total Georgia				46,145

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Hawaii — 0.5%
General Obligation — 0.5%
State of Hawaii Series EF, GO, 5.00%, 11/1/2021		7,640		8,162
Illinois — 9.4%
Education — 1.2%
Illinois Finance Authority, DePaul University
Rev., 5.00%, 10/1/2023		200		219
Rev., 5.00%, 10/1/2025		300		341
Rev., 5.00%, 10/1/2028		250		286
Illinois Finance Authority, Downers Grove Community High School District Number 99 Project
Series 2020A, Rev., 4.00%, 12/15/2032		1,300		1,589
Series 2020A, Rev., 4.00%, 12/15/2033		3,740		4,507
Series 2020A, Rev., 4.00%, 12/15/2034		1,700		2,037
Series 2020A, Rev., 4.00%, 12/15/2035		1,340		1,592
Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project
Series 2019, Rev., 4.00%, 1/15/2030		1,960		2,410
Series 2019, Rev., 4.00%, 1/15/2032		2,120		2,575
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024		2,500		2,731
				18,287
General Obligation — 5.0%
Champaign County Community Unit School District No. 4 Champaign
GO, 4.00%, 6/1/2028		1,255		1,542
GO, 4.00%, 6/1/2029		1,000		1,243
GO, 4.00%, 6/1/2030		1,285		1,552
GO, 4.00%, 6/1/2031		1,250		1,500
GO, 4.00%, 6/1/2032		1,000		1,188
Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation
Series 2020A, GO, Zero Coupon, 1/1/2025		960		926
Series 2020A, GO, Zero Coupon, 1/1/2027		385		357
Series 2020A, GO, Zero Coupon, 1/1/2028		570		519
City of Chicago
Series 2015C, GO, 5.00%, 1/1/2022 (e)		3,335		3,583
Series 2015C, GO, 5.00%, 1/1/2022		1,665		1,696
City of Waukegan
Series B, GO, AGM, 5.00%, 12/30/2025		1,075		1,301
Series B, GO, AGM, 5.00%, 12/30/2026		1,125		1,393
Series B, GO, AGM, 5.00%, 12/30/2027		1,185		1,485
Cook County Community Consolidated School District No. 65 Evanston GO, 4.00%, 12/1/2030		1,225		1,472
Cook County Community School District No. 97 Oak Park
GO, 4.00%, 1/1/2028		500		611
GO, 4.00%, 1/1/2029		375		455
GO, 4.00%, 1/1/2030		285		344
Cook County High School District No. 207 Maine Township
Series 2019A, GO, 5.00%, 12/1/2027		1,915		2,466
Series 2019A, GO, 5.00%, 12/1/2028		1,930		2,533
Series 2019A, GO, 4.00%, 12/1/2029		1,945		2,381
Cook County School District No. 69, Skokie, Limited Tax
GO, 4.00%, 12/1/2026		470		561
GO, 4.00%, 12/1/2027		490		595
GO, 4.00%, 12/1/2028		545		671
GO, 4.00%, 12/1/2029		515		630
GO, 4.00%, 12/1/2030		200		243
GO, 4.00%, 12/1/2031		820		985
GO, 4.00%, 12/1/2033		1,530		1,810
Cook County School District No. 99 Cicero
Series 2019B, GO, 5.00%, 12/1/2024		505		594
Series 2019B, GO, 5.00%, 12/1/2025		515		620
Cook County, Proviso Township High School District No. 209
GO, 5.00%, 12/1/2022		2,975		3,292
GO, 5.00%, 12/1/2023		2,350		2,687
County of Cook, Township High School District No. 205 Series 2016A, GO, 5.00%, 12/1/2023		5		6
County of DuPage, Courthouse Project GO, 5.00%, 1/1/2024		335		388
DeKalb County Community Unit School District No. 428
GO, 4.00%, 1/1/2028		1,265		1,545
GO, 4.00%, 1/1/2029		650		789
GO, 4.00%, 1/1/2030		600		724
GO, 4.00%, 1/1/2031		1,000		1,197
GO, 4.00%, 1/1/2032		500		592

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
DuPage County School District No. 2 Bensenville, Alternate Source
GO, 4.00%, 5/1/2032		615		735
GO, 4.00%, 5/1/2033		1,280		1,517
Effingham Community Unit School District No. 40 Series 2019A, GO, 4.00%, 12/1/2028		565		677
Glenview Park District
GO, 5.00%, 12/1/2026		300		376
GO, 5.00%, 12/1/2029		350		445
Grundy and Kendall Counties Consolidated Grade School District No. 60-C
GO, 4.00%, 2/1/2030		1,145		1,362
GO, 4.00%, 2/1/2031		1,190		1,405
GO, 4.00%, 2/1/2032		620		725
Kane and DeKalb Counties Community Unit School District No. 301 GO, 5.00%, 1/1/2027		355		444
Kane County School District No. 131 Aurora East Side
Series 2020A, GO, AGM, 5.00%, 12/1/2026		115		144
Series 2020B, GO, AGM, 5.00%, 12/1/2026		210		262
Series 2020A, GO, AGM, 4.00%, 12/1/2027		105		127
Series 2020A, GO, AGM, 4.00%, 12/1/2028		65		80
Series 2020B, GO, AGM, 4.00%, 12/1/2028		135		164
Series 2020A, GO, AGM, 4.00%, 12/1/2029		65		79
Series 2020B, GO, AGM, 4.00%, 12/1/2029		40		49
Series 2020A, GO, AGM, 4.00%, 12/1/2030		80		97
Series 2020A, GO, AGM, 4.00%, 12/1/2031		100		120
Series 2020A, GO, AGM, 4.00%, 12/1/2032		110		131
Series 2020A, GO, AGM, 4.00%, 12/1/2033		125		148
Lincoln Land Community College District No. 526
GO, 5.00%, 12/15/2021		305		327
GO, 4.00%, 12/15/2022		440		464
Madison-Macoupin Etc Counties Community College District No. 536, Lewis and Clark Community
GO, AGM, 4.00%, 5/1/2025		400		457
GO, AGM, 4.00%, 5/1/2026		200		232
GO, AGM, 4.00%, 5/1/2028		350		417
GO, AGM, 4.00%, 5/1/2029		1,000		1,164
McHenry County, Woodstock Community Unit School District No. 200 GO, 5.00%, 1/15/2021		300		308
Peoria County Community Unit School District No. 309 Brimfield
GO, AGM, 4.00%, 4/1/2026		750		865
GO, AGM, 4.00%, 4/1/2027		780		914
GO, AGM, 4.00%, 4/1/2028		410		489
GO, AGM, 4.00%, 4/1/2029		240		290
GO, AGM, 4.00%, 4/1/2030		375		450
GO, AGM, 4.00%, 4/1/2031		410		489
State of Illinois
Series D, GO, 5.00%, 11/1/2020		10,000		10,060
Series D, GO, 5.00%, 11/1/2023		5,000		5,102
Will County Forest Preserve District, Limited Tax GO, 5.00%, 12/15/2027		805		1,045
Will County Township High School District No. 204 Joliet
GO, 4.00%, 1/1/2028		500		580
GO, 4.00%, 1/1/2029		250		289
GO, 4.00%, 1/1/2030		1,420		1,630
				81,135
Hospital — 0.4%
Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (b)		3,750		3,778
Illinois Finance Authority, Silver Cross Hospital and Medical Centers
Series C, Rev., 5.00%, 8/15/2021		150		157
Series 2015C, Rev., 5.00%, 8/15/2022		500		541
Southwestern Illinois Development Authority, Hospital Sisters Services, Inc. Obligated Group Series A, Rev., 5.00%, 2/15/2027		2,000		2,440
				6,916
Other Revenue — 2.0%
Peoria Public Building Commission
Series A, Rev., AGM, 4.00%, 12/1/2025		700		811
Series A, Rev., AGM, 4.00%, 12/1/2026		1,000		1,173
Series A, Rev., AGM, 4.00%, 12/1/2027		1,270		1,515
Series A, Rev., AGM, 5.00%, 12/1/2028		1,200		1,532
Series A, Rev., AGM, 5.00%, 12/1/2029		2,400		3,049

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Sales Tax Securitization Corp.
Series C, Rev., 5.00%, 1/1/2024		3,000		3,288
Series C, Rev., 5.00%, 1/1/2025		4,250		4,746
State of Illinois, Sales Tax, Junior Obligation
Series 2018A, Rev., 5.00%, 6/15/2021		4,600		4,738
Series A, Rev., 5.00%, 6/15/2022		4,600		4,936
Series A, Rev., 5.00%, 6/15/2023		4,600		5,054
				30,842
Prerefunded — 0.3%
Metropolitan Pier and Exposition Authority, Mccormick Place Expansion Project Series 2010-A, Rev., 5.50%, 6/15/2050 (e)		4,300		4,308
Water & Sewer — 0.5%
City of Waukegan, First Lien, Water and Sewer System
Series C, Rev., AGM, 5.00%, 12/30/2023		535		616
Series C, Rev., AGM, 5.00%, 12/30/2026		680		844
Series C, Rev., AGM, 5.00%, 12/30/2027		710		889
Illinois Finance Authority, State Clean Water Revolving Funds Series 1998B, Rev., 5.00%, 1/1/2029		4,000		4,946
				7,295
Total Illinois				148,783
Indiana — 1.1%
Education — 0.2%
New Albany Floyd County School Building Corp.
Rev., 5.00%, 7/15/2021		700		735
Rev., 5.00%, 7/15/2022		835		918
Purdue University, Student Fee
Series DD, Rev., 5.00%, 7/1/2025		870		1,070
Series DD, Rev., 5.00%, 7/1/2027		10		13
				2,736
Hospital — 0.5%
Indiana Finance Authority, Health Obligation
Series C, Rev., 5.00%, 12/1/2021		2,355		2,522
Series B, Rev., 2.25%, 7/1/2025 (b)		5,000		5,183
				7,705
Other Revenue — 0.1%
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 8/1/2023		1,000		1,147
Utility — 0.3%
City of Rockport, Indiana Michigan Power Company Project Series 2009B, Rev., 3.05%, 6/1/2025		5,000		5,460
Total Indiana				17,048
Iowa — 0.8%
Hospital — 0.8%
Iowa Finance Authority, Health Systems Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 0.71%, 6/9/2020 (d) (f)		13,100		12,877
Kansas — 1.2%
General Obligation — 0.3%
Butler County, Unified School District No. 375 GO, 4.00%, 9/1/2024		200		215
Seward County Unified School District No. 480 Liberal Series 2017-B, GO, 5.00%, 9/1/2025		1,750		2,149
Wyandotte County Unified School District No. 202 Turner
Series 2019A, GO, AGM, 5.00%, 9/1/2025		400		486
Series 2019A, GO, AGM, 5.00%, 9/1/2026		220		274
Series 2019A, GO, AGM, 5.00%, 9/1/2027		325		415
Series 2019A, GO, AGM, 5.00%, 9/1/2028		400		516
Series 2019A, GO, AGM, 5.00%, 9/1/2029		375		481
				4,536
Hospital — 0.0% (c)
University of Kansas Hospital Authority, Health System Series 2017A, Rev., 5.00%, 3/1/2024		275		321
Other Revenue — 0.3%
City of Wichita, Sales Tax, River District Stadium Star Bond Project
Rev., 5.00%, 9/1/2025		300		361
Rev., 5.00%, 9/1/2026		465		571
Overland Park Development Corp., Overland Park Convention Center
Rev., 4.00%, 3/1/2022		1,455		1,479
Rev., 5.00%, 3/1/2023		1,520		1,593
				4,004

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Utility — 0.4%
Kansas Development Finance Authority, State of Kansas Project Series F, Rev., 4.00%, 11/1/2029		6,820		8,167
Water & Sewer — 0.2%
City of Wichita, Water and Sewer Utility System Series 2014A, Rev., 5.00%, 10/1/2022		2,200		2,442
Total Kansas				19,470
Kentucky — 1.5%
Education — 0.1%
Northern Kentucky University Series A, Rev., 5.00%, 9/1/2024		1,310		1,490
Hospital — 1.1%
City of Ashland, Ashland Hospital Corp. DBA King’s Daughters Medical Center
Rev., 5.00%, 2/1/2025		625		709
Rev., 5.00%, 2/1/2026		1,085		1,251
Rev., 5.00%, 2/1/2027		1,310		1,534
Rev., 4.00%, 2/1/2033		580		608
Rev., 4.00%, 2/1/2034		500		521
Louisville/Jefferson County Metropolitan Government, Health System, Norton Healthcare, Inc. Series 2020D, Rev., 5.00%, 10/1/2029 (b)		10,500		12,633
				17,256
Prerefunded — 0.0% (c)
Carter County Kentucky School District Finance Corp. Rev., 4.50%, 2/1/2026 (e)		250		257
Utility — 0.3%
Kentucky Municipal Power Agency, Prairie State Project Series 2015A, Rev., NATL-RE, 5.00%, 9/1/2023		240		272
Kentucky Public Energy Authority, Gas Supply Series A, Rev., 4.00%, 4/1/2024 (b)		2,500		2,682
Louisville/Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Company Project Series B, Rev., AMT, 2.55%, 5/3/2021 (b)		2,250		2,286
				5,240
Total Kentucky				24,243
Louisiana — 1.4%
Hospital — 0.6%
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 0.79%, 6/9/2020 (d)		10,000		9,849
Other Revenue — 0.5%
Jefferson Sales Tax District Series 2019B, Rev., AGM, 4.00%, 12/1/2032		5,815		6,929
Louisiana Public Facilities Authority, Tulane University Project
Rev., 5.00%, 12/15/2022		230		251
Rev., 5.00%, 12/15/2025		250		292
				7,472
Water & Sewer — 0.3%
City of Shreveport, Water and Sewer, Junior Lien
Series C, Rev., 3.00%, 12/1/2021		175		182
Series C, Rev., 5.00%, 12/1/2022		270		300
Series 2018C, Rev., 5.00%, 12/1/2023		365		421
Series 2019B, Rev., AGM, 4.00%, 12/1/2025		400		468
Series 2018C, Rev., 5.00%, 12/1/2025		915		1,119
Series 2018C, Rev., 5.00%, 12/1/2026		500		628
Series 2019B, Rev., AGM, 5.00%, 12/1/2026		360		450
Series 2019B, Rev., AGM, 5.00%, 12/1/2027		600		768
Series 2019B, Rev., AGM, 5.00%, 12/1/2028		500		655
Series 2019B, Rev., AGM, 5.00%, 12/1/2029		300		391
				5,382
Total Louisiana				22,703
Maryland — 1.3%
General Obligation — 0.8%
State of Maryland, State and Local Facilities Loan of 2013 Series A, GO, 5.00%, 8/1/2020		12,795		12,897
Transportation — 0.5%
State of Maryland Department of Transportation Rev., 5.00%, 10/1/2025		6,100		7,541
Total Maryland				20,438

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Massachusetts — 3.0%
Education — 0.1%
Massachusetts Development Finance Agency, Suffolk University
Rev., 5.00%, 7/1/2025		525		579
Rev., 5.00%, 7/1/2026		435		483
Rev., 5.00%, 7/1/2027		420		471
Rev., 5.00%, 7/1/2028		525		593
				2,126
General Obligation — 1.4%
City of Boston Series 2014A, GO, 5.00%, 3/1/2023		7,360		8,325
Commonwealth of Massachusetts
Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 1.01%, 8/1/2020 (d)		3,000		2,940
Series D, GO, 4.00%, 9/1/2030		8,290		9,563
				20,828
Hospital — 0.7%
Massachusetts Development Finance Agency, Partners Healthcare System Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.64%, 6/9/2020 (d)		10,000		9,894
Prerefunded — 0.0% (c)
Massachusetts Development Finance Agency, Lahey Health System Series F, Rev., 5.00%, 8/15/2026 (e)		500		505
Transportation — 0.3%
Massachusetts Port Authority Series 2019-A, Rev., AMT, 5.00%, 7/1/2023		4,840		5,402
Water & Sewer — 0.5%
Massachusetts Clean Water Trust (The), Revolving Funds Rev., 5.00%, 8/1/2025		6,775		8,314
Total Massachusetts				47,069
Michigan — 2.2%
Education — 0.7%
University of Michigan Series 2019C, Rev., 4.00%, 4/1/2024 (b)		10,000		11,106
General Obligation — 0.7%
Avondale School District Series 2020A, GO, Q-SBLF, 5.00%, 5/1/2029		1,835		2,455
City of Royal Oak, Capital Improvement
GO, 5.00%, 4/1/2027		625		797
GO, 5.00%, 4/1/2028		245		319
Grosse Pointe Public School System GO, 4.00%, 5/1/2027		765		924
Jackson Public Schools, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2025		570		665
GO, Q-SBLF, 4.00%, 5/1/2026		885		1,052
GO, Q-SBLF, 4.00%, 5/1/2027		1,090		1,310
Kalamazoo Public Schools GO, 5.00%, 5/1/2022		1,000		1,088
Northville Public Schools, School Building and Site
Series II, GO, 5.00%, 5/1/2027		375		479
Series II, GO, 5.00%, 5/1/2028		600		787
Series II, GO, 5.00%, 5/1/2029		250		334
Troy School District, School Building and Site
GO, Q-SBLF, 5.00%, 5/1/2021		550		574
GO, Q-SBLF, 5.00%, 5/1/2022		500		545
				11,329
Hospital — 0.2%
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027		2,250		2,657
Industrial Development Revenue/Pollution Control Revenue — 0.2%
Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., 1.45%, 9/1/2021 (b)		2,600		2,616
Other Revenue — 0.0% (c)
Michigan Finance Authority, Local Government Loan Program Series B, Rev., 4.00%, 11/1/2020		455		462
Transportation — 0.2%
Gerald R Ford International Airport Authority, Limited Tax
Rev., GTD, 5.00%, 1/1/2023		1,560		1,723
Rev., GTD, 5.00%, 1/1/2024		1,400		1,595
				3,318
Water & Sewer — 0.2%
City of Grand Rapids, Sanitary Sewer System Improvement Rev., 5.00%, 1/1/2022		350		376
Michigan Finance Authority, Clean Water Revolving Fund Rev., 5.00%, 10/1/2021		2,250		2,395
				2,771
Total Michigan				34,259

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Minnesota — 0.5%
Certificate of Participation/Lease — 0.2%
Duluth Independent School District No. 709
Series 2019B, COP, 5.00%, 2/1/2024		210		241
Series 2019C, COP, 5.00%, 2/1/2024		295		339
Series 2019B, COP, 5.00%, 2/1/2025		185		219
Series 2019C, COP, 5.00%, 2/1/2025		310		367
Series 2019B, COP, 5.00%, 2/1/2026		195		237
Series 2019C, COP, 5.00%, 2/1/2026		320		389
Series 2019B, COP, 5.00%, 2/1/2027		185		230
Series 2019B, COP, 5.00%, 2/1/2028		175		223
Series 2019C, COP, 5.00%, 2/1/2028		350		446
				2,691
Education — 0.1%
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.
Rev., 4.00%, 12/1/2024		100		105
Rev., 4.00%, 12/1/2025		185		194
Rev., 4.00%, 12/1/2026		185		194
Rev., 4.00%, 12/1/2027		195		204
Rev., 4.00%, 12/1/2028		240		251
				948
Transportation — 0.1%
Minneapolis-St Paul Metropolitan Airports Commission, Subordinate Airport Series A, Rev., 5.00%, 1/1/2022		1,000		1,062
Utility — 0.1%
Western Minnesota Municipal Power Agency, Power Supply
Series A, Rev., 5.00%, 1/1/2023		1,500		1,680
Series 2014A, Rev., 5.00%, 1/1/2024		1,000		1,163
				2,843
Total Minnesota				7,544
Mississippi — 0.9%
Education — 0.2%
Medical Center Educational Building Corp., Capital Improvements and Refinancing Project Rev., 5.00%, 6/1/2031		3,105		3,910
General Obligation — 0.1%
County of Harrison
Series A, GO, 5.00%, 10/1/2027		800		1,029
Series A, GO, 5.00%, 10/1/2028		345		454
				1,483
Industrial Development Revenue/Pollution Control Revenue — 0.3%
Mississippi Business Finance Corp., Pollution Control Series 2002, Rev., 3.20%, 9/1/2028		4,000		4,176
Other Revenue — 0.2%
Mississippi Development Bank, Rankin County Project Rev., 5.00%, 3/1/2023		750		844
State of Mississippi Series 2019A, Rev., 5.00%, 10/15/2028		1,400		1,676
				2,520
Utility — 0.1%
Mississippi Development Bank, Rankin County, Mississippi General Obligation Bond Project
Rev., 5.00%, 8/1/2026		350		439
Rev., 5.00%, 8/1/2027		350		449
Rev., 5.00%, 8/1/2028		525		689
Rev., 5.00%, 8/1/2029		425		569
				2,146
Total Mississippi				14,235
Missouri — 1.0%
Certificate of Participation/Lease — 0.5%
City of Chesterfield COP, 5.00%, 12/1/2021		1,000		1,070
City of St. Peters
COP, 4.00%, 5/1/2026		705		834
COP, 4.00%, 5/1/2027		730		881
COP, 4.00%, 5/1/2028		760		934
COP, 4.00%, 5/1/2029		760		945
COP, 4.00%, 5/1/2030		545		687
COP, 4.00%, 5/1/2031		550		698
				6,049
Education — 0.1%
Health and Educational Facilities Authority of the State of Missouri
Rev., 4.00%, 10/1/2020		300		303
Rev., 4.00%, 10/1/2021		300		313
Health and Educational Facilities Authority of the State of Missouri, BJC Health System Rev., 5.00%, 1/1/2021		225		231
				847

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
General Obligation — 0.0% (c)
County of Clay, North Kansas City School District 74, Refunding and Improvement, Missouri Direct Deposit Program GO, 5.00%, 3/1/2022		350		379
Industrial Development Revenue/Pollution Control Revenue — 0.0% (c)
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series B, Rev., 5.00%, 7/1/2023		550		566
Other Revenue — 0.2%
County of Greene, Special Obligation
Rev., 4.00%, 12/1/2028		300		370
Rev., 4.00%, 12/1/2029		200		250
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		3,000		3,247
				3,867
Transportation — 0.2%
St. Louis Lambert International Airport
Rev., 5.00%, 7/1/2021		1,575		1,643
Rev., 5.00%, 7/1/2022		1,000		1,074
Rev., 5.00%, 7/1/2023		1,080		1,194
				3,911
Total Missouri				15,619
Montana — 0.2%
General Obligation — 0.2%
Gallatin County High School District No. 7 Bozeman, School Building Series 2017A, GO, 5.00%, 12/1/2023		515		599
Missoula County Elementary School District No. 1, School Building GO, 5.00%, 7/1/2024		520		617
State of Montana, Long-Range Building Program
GO, 5.00%, 8/1/2021		690		729
GO, 5.00%, 8/1/2022		1,000		1,102
Yellowstone County, School District No. 2 Billings, School Building GO, 5.00%, 6/15/2020		650		651
				3,698
Total Montana				3,698
Nebraska — 0.1%
Certificate of Participation/Lease — 0.1%
Southeast Community College
COP, 5.00%, 12/15/2021		200		214
COP, 5.00%, 12/15/2026		275		352
COP, 5.00%, 12/15/2027		495		648
COP, 5.00%, 12/15/2028		540		717
				1,931
Total Nebraska				1,931
New Hampshire — 0.6%
General Obligation — 0.2%
State of New Hampshire Series A, GO, 5.00%, 3/1/2026		2,880		3,489
Other Revenue — 0.4%
New Hampshire Municipal Bond Bank
Series 2020A, Rev., 5.00%, 2/15/2029		1,870		2,525
Series 2020A, Rev., 4.00%, 2/15/2031		1,240		1,543
Series 2020A, Rev., 4.00%, 2/15/2032		1,300		1,600
				5,668
Total New Hampshire				9,157
New Jersey — 3.5%
Education — 0.4%
New Jersey Economic Development Authority, School Facilities Construction
Series DDD, Rev., 5.00%, 6/15/2025		1,500		1,598
Series DDD, Rev., 5.00%, 6/15/2026		1,840		1,972
New Jersey Institute of Technology, Tax-Exempt
Series 2020A, Rev., 5.00%, 7/1/2027		175		214
Series 2020A, Rev., 5.00%, 7/1/2028		200		250
Series 2020A, Rev., 5.00%, 7/1/2029		270		343
Series 2020A, Rev., 5.00%, 7/1/2030		415		524
Series 2020A, Rev., 5.00%, 7/1/2032		725		903
				5,804
General Obligation — 0.9%
County of Passaic GO, 5.00%, 2/1/2021		90		93
State of New Jersey Series Q, GO, 5.00%, 8/15/2020		10,075		10,161
State of New Jersey, Various Purpose GO, 4.00%, 6/1/2026		3,870		4,142
Township of South Brunswick GO, 5.00%, 9/1/2022		425		469
				14,865
Housing — 0.2%
New Jersey Housing and Mortgage Finance Agency, Multi-Family Conduit, Georgia King Village Project Series 2018-E, Rev., 2.45%, 10/1/2020 (b)		3,000		3,018
Other Revenue — 0.1%
Bergen County Improvement Authority (The), Fort Lee Project Rev., GTD, 4.00%, 10/15/2030		475		589

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Monmouth County Improvement Authority (The), Pooled Loan Series 2019B, Rev., GTD, 4.00%, 12/1/2034		790		962
				1,551
Transportation — 1.9%
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series A, Rev., 5.00%, 6/15/2028		3,000		3,258
Series A, Rev., 5.00%, 6/15/2029		5,350		5,783
Series A, Rev., 5.00%, 6/15/2031		4,750		5,083
New Jersey Turnpike Authority Series C-6, Rev., (ICE LIBOR USD 1 Month + 0.75%), 0.87%, 7/1/2020 (d)		10,000		9,859
South Jersey Transportation Authority
Series 2019A, Rev., AGM, 5.00%, 11/1/2029		1,700		2,013
Series 2019A, Rev., AGM, 5.00%, 11/1/2030		1,500		1,754
Series 2019A, Rev., AGM, 5.00%, 11/1/2031		1,500		1,736
Series 2019A, Rev., AGM, 5.00%, 11/1/2032		1,000		1,149
				30,635
Total New Jersey				55,873
New Mexico — 0.2%
General Obligation — 0.1%
County of Sandoval
GO, 5.00%, 8/1/2024		1,100		1,307
GO, 5.00%, 8/1/2025		500		614
GO, 5.00%, 8/1/2026		650		818
				2,739
Other Revenue — 0.1%
New Mexico Finance Authority, Senior Lien Public Project Series 2103B, Rev., 5.00%, 6/1/2021		800		838
Total New Mexico				3,577
New York — 8.1%
Education — 0.7%
New York State Dormitory Authority Series 2019A, Rev., 5.00%, 7/1/2027		4,630		5,924
New York State Dormitory Authority, Montefiore Obligated Group Series 2018A, Rev., 5.00%, 8/1/2027		3,225		3,726
New York State Dormitory Authority, The New School Series 2015A, Rev., 5.00%, 7/1/2024		1,100		1,236
				10,886
General Obligation — 1.3%
Bedford Central School District GO, 5.00%, 11/15/2022		2,410		2,692
City of Jamestown, Public Improvement GO, 5.00%, 6/1/2025		540		654
City of New York, Fiscal Year 2020 Series 2020-1, GO, 4.00%, 8/1/2027		2,450		2,914
County of Orange, Public Improvement
Series B, GO, 5.00%, 3/1/2021		1,510		1,564
GO, 5.00%, 2/1/2023		1,000		1,124
County of Suffolk, Longwood Central School District GO, 5.00%, 6/15/2026		365		463
Hampton Bays Union Free School District GO, 5.00%, 9/15/2022		2,025		2,243
State of New York Series 2019A, GO, 5.00%, 3/1/2026		3,250		4,073
Town of East Hampton
GO, 5.00%, 5/15/2021		1,000		1,046
GO, 5.00%, 5/15/2023		1,000		1,145
White Plains City School District GO, 5.00%, 5/15/2024		1,550		1,843
				19,761
Hospital — 0.5%
Build Resource Corp., The New York Methodist Hospital Project Rev., 5.00%, 7/1/2021		550		573
Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project Series 2014B, Rev., 5.00%, 7/1/2023		800		890
New York State Dormitory Authority, Memorial Sloan, Kettering Cancer Center Series 1, Rev., 4.00%, 7/1/2031		4,255		5,147
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center Series 2017-1, Rev., 5.00%, 7/1/2026		1,000		1,234
				7,844
Other Revenue — 2.0%
Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center Series 2016A, Rev., 5.00%, 7/15/2020		500		501

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
City of Troy Capital Resources Corp., Rensselaer Polytechnic Institute Project Rev., 5.00%, 8/1/2020		500		503
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Series A, Subseries A-1, Rev., 5.00%, 11/1/2020		3,700		3,773
New York Convention Center Development Corp., Hotel Unit fee Secured Rev., 5.00%, 11/15/2026		5,000		5,656
New York State Dormitory Authority, State Sales Tax
Series A, Rev., 5.00%, 3/15/2021		2,000		2,075
Series 2017A, Rev., 5.00%, 3/15/2024		6,135		7,139
Sales Tax Asset Receivable Corp., Fiscal Year 2015
Series 2015A, Rev., 5.00%, 10/15/2022		4,800		5,357
Series 2015A, Rev., 5.00%, 10/15/2025		4,500		5,348
Schenectady County Capital Resource Corp., Union College Project Rev., 5.00%, 1/1/2025		400		471
				30,823
Prerefunded — 0.1%
City of New York, Fiscal Year 2012 Series 2012A-1, GO, 5.00%, 8/1/2023 (e)		2,190		2,313
Special Tax — 0.1%
New York State Dormitory Authority, Personal Income Tax Series 2011G, Rev., 5.00%, 8/15/2021		1,110		1,173
Transportation — 3.3%
Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System Rev., 5.00%, 1/1/2021		815		837
Metropolitan Transportation Authority
Series D-1, Rev., (ICE LIBOR USD 1 Month + 0.65%), 0.77%, 7/1/2020 (d)		4,790		4,662
Subseries A-1, Rev., 5.00%, 11/15/2020		1,435		1,445
Subseries C-1, Rev., 5.00%, 11/15/2024		3,000		3,162
Metropolitan Transportation Authority, Green Bonds Series B-2, Rev., 4.00%, 11/15/2032		4,000		4,375
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2023		9,200		9,313
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport
Series 2019A, Rev., AMT, 5.00%, 4/1/2028		265		327
Series 2019A, Rev., AMT, 5.00%, 4/1/2029		265		331
Port Authority of New York and New Jersey, Consolidated Bonds Series 207, Rev., AMT, 5.00%, 9/15/2023		4,325		4,865
Triborough Bridge and Tunnel Authority
Subseries 2005B-2, Rev., VRDO, LOC: Citibank NA, 0.07%, 6/1/2020 (b)		19,400		19,400
Series A, Rev., 5.00%, 11/15/2024		3,290		3,688
				52,405
Utility — 0.1%
Long Island Power Authority, Electric System
Series 2017, Rev., 5.00%, 9/1/2025		500		601
Series 2017, Rev., 5.00%, 9/1/2027		500		629
Series 2017, Rev., 5.00%, 9/1/2028		750		936
				2,166
Total New York				127,371
North Carolina — 2.0%
Education — 0.4%
University of North Carolina at Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.52%, 7/1/2020 (d)		5,750		5,691
Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina Rev., AGM, 5.00%, 10/1/2023		445		493
				6,184
General Obligation — 0.6%
State of North Carolina Series D, GO, 4.00%, 6/1/2020		9,670		9,670

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Hospital — 1.0%
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (b)		13,805		14,385
Other Revenue — 0.0% (c)
State of North Carolina Series 2017B, Rev., 5.00%, 5/1/2022		700		764
Total North Carolina				31,003
Ohio — 1.6%
Education — 0.1%
Ohio Higher Educational Facility Commission, Oberlin College Rev., 5.00%, 10/1/2020		1,000		1,015
General Obligation — 0.3%
City of Dublin, Various Purpose GO, 4.00%, 12/1/2028		200		232
Cuyahoga Ohio Community College District, Facilities Construction and Improvement Bonds GO, 5.00%, 12/1/2028		2,300		2,865
Lexington Local School District, School Facilities Construction and Improvement Series A, GO, 4.00%, 10/1/2031		1,050		1,280
				4,377
Hospital — 0.6%
Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		375		399
County of Lake, Hospital Facilities, Lake Hospital System, Inc.
Rev., 5.00%, 8/15/2023		1,445		1,615
Rev., 5.00%, 8/15/2024		1,655		1,903
Franklin County, Hospital Facilities, OhioHealth Corp. Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 0.57%, 6/9/2020 (d)		4,000		3,976
State of Ohio, University Hospitals Health System, Inc. Series B, Rev., VRDO, 0.54%, 6/1/2020 (b)		2,500		2,500
				10,393
Other Revenue — 0.2%
City of Cleveland, Subordinate Lien, Public Facilities Improvements
Series 2018A, Rev., 5.00%, 10/1/2025		150		183
Series 2018A, Rev., 5.00%, 10/1/2027		250		319
Series 2018A, Rev., 5.00%, 10/1/2028		250		320
Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project
Rev., 5.00%, 12/1/2025		250		252
Rev., 5.00%, 12/1/2026		625		628
Rev., 5.00%, 12/1/2029		800		784
				2,486
Utility — 0.3%
American Municipal Power, Inc., Prairie State Energy Campus Project Series 2019A, Rev., 2.30%, 2/15/2022 (b)		5,000		5,018
Water & Sewer — 0.1%
Hamilton County, Sewer System, Metropolitan Sewer District of Greater Cincinnati Series A, Rev., 5.00%, 12/1/2021		1,375		1,474
Total Ohio				24,763
Oklahoma — 1.7%
Education — 1.7%
Bryan County School Finance Authority, Durant Public Schools Project
Rev., 4.00%, 12/1/2028		385		480
Rev., 4.00%, 12/1/2029		415		526
Rev., 4.00%, 12/1/2030		435		547
Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project
Rev., 5.00%, 9/1/2025		365		422
Rev., 5.00%, 9/1/2026		820		964
Rev., 5.00%, 9/1/2027		1,250		1,496
Cleveland County Educational Facilities Authority, Norman Public Schools Project Series 2019, Rev., 5.00%, 6/1/2025		3,050		3,641
Custer County Economic Development Authority, Thomas Fay Public Schools
Rev., 4.00%, 12/1/2025		700		815
Rev., 4.00%, 12/1/2027		1,255		1,496
Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project
Rev., 5.00%, 9/1/2028		375		487
Rev., 5.00%, 9/1/2029		1,175		1,522
Grady County School Finance Authority, Tuttle Public Schools Project
Rev., 4.00%, 9/1/2029		300		357
Rev., 4.00%, 9/1/2030		430		504

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Muskogee Industrial Trust, Educational Facilities, Muskogee Public Schools Project
Rev., 5.00%, 9/1/2024		890		1,039
Rev., 5.00%, 9/1/2025		850		1,018
Rev., 5.00%, 9/1/2026		1,800		2,197
Rev., 5.00%, 9/1/2027		480		599
Rev., 4.00%, 9/1/2028		2,500		2,982
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Rev., 5.00%, 10/1/2022		500		553
Rev., 5.00%, 10/1/2023		355		408
Rev., 5.00%, 10/1/2025		1,000		1,225
Tulsa County Industrial Authority Educational Facilities Lease, Jenks Public Schools Project Rev., 5.00%, 9/1/2021		2,000		2,115
Wagoner County School Development Authority, Wagoner Public Schools Project
Rev., 4.00%, 9/1/2025		625		721
Rev., 4.00%, 9/1/2027		725		863
Rev., 4.00%, 9/1/2028		300		363
				27,340
Total Oklahoma				27,340
Oregon — 0.2%
Transportation — 0.2%
Port of Portland, International Airport
Series 23, Rev., 5.00%, 7/1/2023		1,000		1,119
Series 23, Rev., 5.00%, 7/1/2024		1,595		1,840
				2,959
Water & Sewer — 0.0% (c)
City of Portland, Sewer System, First Lien Series 2014A, Rev., 5.00%, 10/1/2023		40		46
Total Oregon				3,005
Pennsylvania — 6.3%
Education — 0.7%
Pennsylvania Higher Educational Facilities Authority, The Trustees of the University Series 2015C, Rev., 5.00%, 10/1/2022		5,055		5,606
State Public School Building Authority, Community College of Philadelphia Project
Rev., 5.00%, 6/15/2021		2,760		2,860
Rev., 5.00%, 6/15/2024		2,625		2,947
				11,413
General Obligation — 2.8%
Commonwealth of Pennsylvania Series 2011, GO, 4.00%, 11/15/2028		5,000		5,224
County of Chester GO, 4.00%, 7/15/2028		2,500		3,147
County of Northampton
Series A, GO, 4.00%, 10/1/2026		750		888
Series A, GO, 4.00%, 10/1/2027		1,565		1,846
Series A, GO, 4.00%, 10/1/2028		920		1,081
County of Westmoreland Series A, GO, 5.00%, 8/15/2028		3,000		3,877
Panther Valley School District
GO, 2.00%, 10/15/2026		750		775
GO, 2.00%, 10/15/2027		680		698
GO, 2.00%, 10/15/2028		300		307
GO, 2.00%, 10/15/2029		300		306
Penn Hills School District
GO, 5.00%, 10/1/2026		4,845		6,025
GO, 5.00%, 10/1/2027		3,585		4,568
GO, 5.00%, 10/1/2028		3,585		4,672
GO, 5.00%, 10/1/2029		3,815		5,060
Quaker Valley School District
GO, 5.00%, 10/1/2028		350		464
GO, 5.00%, 10/1/2029		425		576
GO, 5.00%, 10/1/2030		250		341
GO, 5.00%, 10/1/2031		325		439
GO, 5.00%, 10/1/2032		350		468
GO, 5.00%, 10/1/2033		325		431
GO, 5.00%, 10/1/2034		400		529
GO, 5.00%, 10/1/2035		350		460
Schuylkill Valley School District GO, 5.00%, 4/1/2022		350		380
Upper St. Clair Township School District
Series 2019B, GO, 4.00%, 10/1/2028		575		685
Series 2019B, GO, 4.00%, 10/1/2029		420		498
				43,745
Hospital — 0.4%
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2023		1,000		1,074
Rev., 5.00%, 11/1/2024		1,000		1,089
Chester County Health and Education Facilities Authority, Main Line Health System
Series 2020A, Rev., 5.00%, 9/1/2026		250		307
Series 2020A, Rev., 5.00%, 9/1/2027		200		252
Series 2020A, Rev., 5.00%, 9/1/2028		175		225
Series 2020A, Rev., 5.00%, 9/1/2029		175		229

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, 9/1/2024		1,000		1,119
Southcentral General Authority, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026		1,400		1,645
Southcentral General Authority, Wellspan Health Obligation Group Series 2014A, Rev., 5.00%, 6/1/2024		380		441
				6,381
Industrial Development Revenue/Pollution Control Revenue — 0.4%
Lehigh County Industrial Development Authority, Pollution Control
Series 2016B, Rev., 1.80%, 8/15/2022 (b)		4,000		4,005
Series 2016A, Rev., 1.80%, 9/1/2022 (b)		2,500		2,505
				6,510
Other Revenue — 0.0% (c)
Commonwealth Financing Authority, Tobacco Master Settlement Payment Series 2018, Rev., 5.00%, 6/1/2022		555		598
Transportation — 0.9%
Pennsylvania Turnpike Commission
Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 0.74%, 6/9/2020 (d)		13,000		12,730
Series A, Rev., 5.00%, 12/1/2021		655		698
				13,428
Water & Sewer — 1.1%
Allegheny County Sanitary Authority, Sewer
Rev., 5.00%, 12/1/2021		3,500		3,743
Rev., 5.00%, 12/1/2022		3,000		3,343
Rev., 5.00%, 12/1/2023		4,000		4,628
Charleroi Borough Authority, Water System
Rev., AGM, 4.00%, 12/1/2024		175		200
Rev., AGM, 4.00%, 12/1/2025		150		175
Rev., AGM, 4.00%, 12/1/2026		100		119
Rev., AGM, 4.00%, 12/1/2027		125		151
City of Philadelphia, Water and Wastewater
Series A, Rev., 5.00%, 7/1/2022		1,510		1,644
Series 2014A, Rev., 5.00%, 7/1/2024		2,595		3,029
Pittsburgh Water and Sewer Authority Series A, Rev., 5.00%, 9/1/2023		270		310
				17,342
Total Pennsylvania				99,417
Rhode Island — 0.0% (c)
Transportation — 0.0% (c)
Rhode Island Commerce Corp., Department of Transportation Series 2016-A, Rev., GRAN, 5.00%, 6/15/2022		25		27
South Dakota — 0.1%
Education — 0.1%
South Dakota Health and Educational Facilities Authority, Sanford Health
Series B, Rev., 4.00%, 11/1/2020		625		632
Series B, Rev., 4.00%, 11/1/2021		500		520
Series B, Rev., 5.00%, 11/1/2022		375		409
				1,561
Other Revenue — 0.0% (c)
South Dakota State Building Authority Series B, Rev., 5.00%, 6/1/2021		485		508
Total South Dakota				2,069
Tennessee — 0.8%
General Obligation — 0.6%
County of Rutherford Series A, GO, 5.00%, 4/1/2026		1,165		1,420
State of Tennessee Series A, GO, 4.00%, 8/1/2025		7,000		7,529
				8,949
Other Revenue — 0.0% (c)
Metropolitan Government of Nashville and Davidson, County Sports Authority, Public Improvement Rev., 5.00%, 7/1/2020		5		5
Utility — 0.2%
Tennessee Energy Acquisition Corp., Gas Project
Series A, Rev., 4.00%, 5/1/2022		1,460		1,526
Series A, Rev., 4.00%, 5/1/2023		1,400		1,494
				3,020
Total Tennessee				11,974
Texas — 10.6%
Education — 0.9%
Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2029		1,000		1,178
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project Series 2018C, Rev., 5.00%, 8/1/2026		250		314

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2018C, Rev., 5.00%, 8/1/2027		200		258
Series 2018C, Rev., 5.00%, 8/1/2029		325		415
Austin Community College District, Combined Fee Series 2014A, Rev., 5.00%, 2/1/2021		790		815
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%, 12/1/2026		1,910		2,199
Southwest Higher Education Authority, Inc., Southern Methodist University Project
Series 2017, Rev., 5.00%, 10/1/2021		425		452
Series 2017, Rev., 5.00%, 10/1/2022		400		440
Series 2017, Rev., 5.00%, 10/1/2023		400		456
University of Texas System (The), Financing System Series 2020C, Rev., 5.00%, 8/15/2031 (g)		5,000		7,083
				13,610
General Obligation — 3.2%
Abilene Independent School District, Unlimited Tax School Building GO, PSF-GTD, 4.00%, 2/15/2029		2,000		2,469
City of Abilene GO, 5.00%, 2/15/2021		475		491
City of Colony GO, 5.00%, 8/15/2020		610		615
City of Denton GO, 5.00%, 2/15/2023		1,045		1,177
City of El Paso, Refunding and Improvement
GO, 5.00%, 8/15/2021		530		561
GO, 5.00%, 8/15/2025		4,035		4,919
City of Galveston GO, 4.00%, 5/1/2024		635		719
City of Houston, Public Improvement
Series A, GO, 5.00%, 3/1/2021		3,000		3,107
Series A, GO, 5.00%, 3/1/2025		1,195		1,435
College of the Mainland GO, 4.00%, 8/15/2034		2,860		3,332
Counties of Harris and Fort Bend, Houston Community College System, Limited Tax GO, 5.00%, 2/15/2026		1,000		1,122
County of Kaufman
Series 2020A, GO, 5.00%, 2/15/2027		170		216
Series 2020A, GO, 5.00%, 2/15/2028		270		352
Series 2020A, GO, 5.00%, 2/15/2029		285		380
Series 2020A, GO, 5.00%, 2/15/2030		300		397
Series 2020A, GO, 5.00%, 2/15/2031		630		828
Series 2020A, GO, 5.00%, 2/15/2032		660		861
Series 2020A, GO, 4.00%, 2/15/2033		345		416
Series 2020A, GO, 4.00%, 2/15/2034		360		432
Series 2020A, GO, 4.00%, 2/15/2035		375		447
County of Kaufman, Unlimited Tax Road
GO, 5.00%, 2/15/2030		665		882
GO, 5.00%, 2/15/2031		205		269
GO, 5.00%, 2/15/2032		425		555
GO, 4.00%, 2/15/2033		300		361
GO, 4.00%, 2/15/2034		465		557
GO, 4.00%, 2/15/2035		300		358
Forney Independent School District, School Building GO, PSF-GTD, 5.00%, 8/15/2024		1,310		1,559
Galveston County, Unlimited Tax Road
Series 2017, GO, 4.00%, 2/1/2024		980		1,105
Series 2017, GO, 4.00%, 2/1/2025		800		926
Georgetown Independent School District Series C, GO, PSF-GTD, 4.00%, 8/15/2032		2,165		2,600
Harris County Fresh Water Supply District No. 61 Series 2019, GO, AGM, 3.00%, 9/1/2025		530		584
Hereford Independent School District, School Building
GO, PSF-GTD, 4.00%, 2/15/2028		1,420		1,700
GO, PSF-GTD, 4.00%, 2/15/2029		1,480		1,768
GO, PSF-GTD, 4.00%, 2/15/2030		1,000		1,182
GO, PSF-GTD, 4.00%, 2/15/2031		700		821

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Katy Independent School District, School Building GO, PSF-GTD, 4.00%, 2/15/2027		290		318
Klein Independent School District, Unlimited Tax Series B, GO, 5.00%, 8/1/2029		525		640
Lewisville Independent School District, School Building
GO, PSF-GTD, 5.00%, 8/15/2025		750		861
GO, PSF-GTD, 5.00%, 8/15/2026		750		859
GO, PSF-GTD, 5.00%, 8/15/2027		650		743
New Braunfels Independent School District, Unlimited Tax, School Building Bonds GO, PSF-GTD, 4.00%, 2/1/2034		1,000		1,177
Pasadena Independent School District Series A, GO, PSF-GTD, 5.00%, 2/15/2028		1,000		1,163
Richardson Independent School District Series 2019, GO, PSF-GTD, 5.00%, 2/15/2029		3,165		4,137
S & S Consolidated Independent School District GO, PSF-GTD, 4.00%, 2/15/2028		580		709
Southside Independent School District, School Building GO, PSF-GTD, 5.00%, 8/15/2022		250		276
				50,386
Hospital — 0.2%
Irving Hospital Authority, Baylor Scott and White Medical Center
Series 2017B, Rev., (SIFMA Municipal Swap Index Yield + 1.10%), 1.24%, 6/9/2020 (d)		1,750		1,706
Series 2017A, Rev., 5.00%, 10/15/2022		250		273
Series 2017A, Rev., 5.00%, 10/15/2028		250		299
Series 2017A, Rev., 5.00%, 10/15/2029		500		594
				2,872
Other Revenue — 4.4%
Austin Convention Enterprises, Inc., Convention Center Hotel First Tier
Series 2017A, Rev., 5.00%, 1/1/2021		500		499
Series 2017A, Rev., 5.00%, 1/1/2022		750		747
Austin Convention Enterprises, Inc., Convention Center Hotel Second Tier Series 2017B, Rev., 5.00%, 1/1/2021		800		799
Lower Colorado River Authority Series B, Rev., 5.00%, 5/15/2023		4,700		5,113
State of Texas Rev., TRAN, 4.00%, 8/27/2020		60,000		60,549
				67,707
Prerefunded — 0.0% (c)
Lower Colorado River Authority Series B, Rev., 5.00%, 5/15/2023 (e)		60		65
Transportation — 1.1%
Central Texas Regional Mobility Authority, Subordinated Lien Rev., BAN, 4.00%, 1/1/2022		1,545		1,571
City of Austin, Airport System
Series 2017B, Rev., AMT, 5.00%, 11/15/2026		1,095		1,299
Series 2017B, Rev., AMT, 5.00%, 11/15/2027		585		691
Series 2017B, Rev., AMT, 5.00%, 11/15/2028		630		741
Grand Parkway Transportation Corp. Rev., BAN, 5.00%, 2/1/2023		10,000		10,849
North Texas Tollway Authority System, First Tier Series A, Rev., 4.00%, 1/1/2033		2,500		2,818
				17,969
Utility — 0.7%
City of Cedar Park, Utility System Rev., 5.00%, 8/15/2022		560		617
City of San Antonio, Electric and Gas Systems Series B, Rev., 2.00%, 12/1/2021 (b)		6,480		6,580
Texas Municipal Gas Acquisition and Supply Corp. I Series D, Rev., 6.25%, 12/15/2026		1,705		1,959
West Travis County Public Utility Agency
Series 2017, Rev., 5.00%, 8/15/2022		545		600
Series 2017, Rev., 5.00%, 8/15/2023		325		371
Series 2017, Rev., 5.00%, 8/15/2027		350		448
				10,575

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Water & Sewer — 0.1%
City of Galveston, Waterworks and Sewer System Rev., 5.00%, 5/1/2021		265		276
City of Garland, Water & Sewer System Series 2018A, Rev., 5.00%, 3/1/2026		1,030		1,272
				1,548
Total Texas				164,732
Utah — 1.3%
General Obligation — 0.3%
State of Utah GO, 5.00%, 7/1/2021		4,925		5,183
Other Revenue — 0.9%
Utah Infrastructure Agency, Telecommunication Series A, Rev., 5.00%, 10/15/2025		10,380		11,052
West Valley City Municipal Building Authority
Rev., AGM, 4.00%, 2/1/2024		500		562
Rev., AGM, 5.00%, 2/1/2025		250		299
Rev., AGM, 5.00%, 2/1/2027		720		908
Rev., AGM, 5.00%, 2/1/2029		1,070		1,340
				14,161
Transportation — 0.1%
Salt Lake City Corp. Airport Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,072
Total Utah				20,416
Vermont — 0.1%
Education — 0.1%
University of Vermont and State Agricultural College
Rev., 5.00%, 10/1/2021		750		798
Rev., 5.00%, 10/1/2022		855		933
				1,731
Other Revenue — 0.0% (c)
Vermont Municipal Bond Bank Series 3, Rev., 5.00%, 12/1/2021		400		429
Total Vermont				2,160
Virginia — 3.0%
Education — 1.8%
Virginia College Building Authority, 21st Century College and Equipment Programs
Series 2017E, Rev., 5.00%, 2/1/2027		20,000		25,527
Series 2017C, Rev., 5.00%, 2/1/2028		1,000		1,272
				26,799
General Obligation — 0.7%
County of Fairfax, Public Improvement Series 2019A, GO, 4.00%, 10/1/2026		7,715		9,360
Loudoun County, Public Improvement Series A, GO, 5.00%, 12/1/2026		1,930		2,401
				11,761
Transportation — 0.1%
Virginia Resources Authority, Pooled Financing Program Series C, Rev., 5.00%, 11/1/2027		1,235		1,574
Water & Sewer — 0.4%
Fairfax County Water Authority, Water Series B, Rev., 5.25%, 4/1/2024		5,615		6,674
Total Virginia				46,808
Washington — 1.3%
Hospital — 1.3%
Washington Health Care Facilities Authority, Commonspirit Health Series B-3, Rev., 5.00%, 8/1/2026 (b)		17,000		19,529
Utility — 0.0% (c)
Snohomish County Public Utility District No. 1 Rev., 5.00%, 12/1/2025		500		620
Total Washington				20,149
West Virginia — 0.2%
Utility — 0.2%
West Virginia Economic Development Authority, Appalachian Power Co. - AMOS Project Series 2009A, Rev., 2.63%, 6/1/2022 (b)		2,905		2,945
Wisconsin — 1.7%
Education — 0.1%
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 5.00%, 12/15/2020		1,250		1,281
General Obligation — 1.6%
Pewaukee School District Series 2019B, GO, 5.00%, 9/1/2027		200		259
State of Wisconsin
Series A, GO, 5.00%, 5/1/2026		5,050		6,142
Series 1, GO, 5.00%, 11/1/2026		1,135		1,456
Sun Prairie Area School District GO, 4.00%, 3/1/2028		2,500		2,968
Wauwatosa School District, School Building and Improvement Series 2019A, GO, 5.00%, 3/1/2027		5,025		6,451

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019A, GO, 5.00%, 3/1/2029		6,025		7,697
				24,973
Hospital — 0.0% (c)
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2025		325		385
Total Wisconsin				26,639
TOTAL MUNICIPAL BONDS (Cost $1,477,470)				1,527,279
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0% (c)
FNMA, REMIC Series 2002-36, Class FS, 0.67%, 6/25/2032 (b) (Cost $124)		124		124
	Shares (000)
SHORT-TERM INVESTMENTS — 3.4%
INVESTMENT COMPANIES — 3.4%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.16% (h)(i) (Cost $52,820)		52,797		52,840
Total Investments — 100.3% (Cost $1,530,414)				1,580,243
Liabilities in Excess of Other Assets — (0.3)%				(4,725	)
Net Assets — 100.0%				1,575,518

Percentages indicated are based on net assets.

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
COP	Certificate of Participation
FNMA	Federal National Mortgage Association
GO	General Obligation
GRAN	Grant Revenue Anticipation Note
GTD	Guaranteed
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
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
RE	Reinsured
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
SIFMA	The Securities Industry and Financial Markets Association
TRAN	Tax & Revenue Anticipation Note
USD	United States Dollar
VRDO	Variable Rate Demand Obligation
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2020.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2020.
(e)	Security is prerefunded or escrowed to maturity.
(f)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(g)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of May 31, 2020.

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

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

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Collateralized Mortgage Obligations	$	—	$	124	$	—	$	124
Municipal Bonds		—		1,527,279		—		1,527,279
Short-Term Investments
Investment Companies		52,840		—		—		52,840
Total Investments in Securities	$	52,840	$	1,527,403	$	—	$	1,580,243

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

For the period ended May 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2020		Shares at May 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.16% (a) (b)	$	48,403	$	176,131	$	171,724	$	11	$	19	$	52,840		52,797	$	71	$	—

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

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