JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 96.5%(a)
Alabama — 0.4%
Lower Alabama Gas District (The), Gas Project Series 2016A, Rev., 5.00%, 9/1/2031		1,000		1,282
Alaska — 0.1%
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046		425		448
Arizona — 2.7%
Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project
Series 2021A, Rev., 3.00%, 12/15/2031(b)		260		273
Series 2021A, Rev., 4.00%, 12/15/2041(b)		250		275
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Series 2021A, Rev., 4.00%, 11/1/2030		1,000		1,204
Arizona Industrial Development Authority, Macombs Facility Project
Series 2021A, Rev., 5.00%, 7/1/2032		165		205
Series 2021A, Rev., 5.00%, 7/1/2033		155		192
Series 2021A, Rev., 4.00%, 7/1/2034		165		188
Series 2021A, Rev., 4.00%, 7/1/2035		185		210
Series 2021A, Rev., 4.00%, 7/1/2036		155		176
Series 2021A, Rev., 4.00%, 7/1/2041		500		562
Arizona Industrial Development Authority, Pebble Campus Project Series 2020A, Rev., 4.00%, 7/15/2030(b)		250		279
Arizona State University, Green Bonds Series 2015A, Rev., 5.00%, 7/1/2028		75		87
City of Tucson, Water System Rev., 5.00%, 7/1/2024		2,150		2,405
La Paz County Industrial Development Authority, Harmony Public School Project
Rev., 4.00%, 2/15/2041		420		475
Rev., 4.00%, 2/15/2046		335		377
Maricopa County Industrial Development Authority, Arizona Autism Charter School Project Series 2021A, Rev., 4.00%, 7/1/2041(b)		200		220
Maricopa County Industrial Development Authority, Arizona Autism Charter Schools Project Series 2021A, Rev., 4.00%, 7/1/2031(b)		250		282
Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev., 5.00%, 9/1/2032		200		249
University of Arizona (The), Stimulus Plan for Economic and Educational Development
Series 2020A, Rev., 5.00%, 8/1/2025		250		291
Series 2020A, Rev., 5.00%, 8/1/2027		750		923
Total Arizona				8,873
California — 4.4%
California Community Housing Agency, Fountains at Emerald Park Series 2021A-2, Rev., 4.00%, 8/1/2046(b)		300		303
California Community Housing Agency, Glendale Properties Series 2021A-2, Rev., 4.00%, 8/1/2047(b)		500		511
California Health Facilities Financing Authority, On Lok Senior Health Service
Rev., 3.00%, 8/1/2022		100		102
Rev., 3.00%, 8/1/2025		50		54
California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc.
Series 2021A, Rev., 4.00%, 12/1/2026(b)		100		109
Series 2021A, Rev., 5.00%, 12/1/2027(b)		50		58
Series 2021A, Rev., 5.00%, 12/1/2028(b)		60		71
Series 2021A, Rev., 5.00%, 12/1/2029(b)		100		120
Series 2021A, Rev., 5.00%, 12/1/2031(b)		65		78
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2026		410		487
California Public Finance Authority, Enso Village Project, Green Bond
Series 2021B-1, Rev., 3.13%, 5/15/2029(b)		300		304
Series 2021A, Rev., 5.00%, 11/15/2036(b)		300		353
California School Finance Authority, Kipp Socal Projects Series 2020A, Rev., 5.00%, 7/1/2027(b)		80		96

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2020A, Rev., 5.00%, 7/1/2028(b)		110			135
Series 2020A, Rev., 5.00%, 7/1/2029(b)		140			175
Series 2020A, Rev., 5.00%, 7/1/2030(b)		100			127
Series 2020A, Rev., 4.00%, 7/1/2040(b)		295			339
California Statewide Communities Development Authority, Emanate Health, Tax-Exempt Series 2020A, Rev., 3.00%, 4/1/2050		2,645			2,788
California Statewide Communities Development Authority, Front Porch Communities and Services Series 2021A, Rev., 4.00%, 4/1/2041		1,000			1,169
Contra Costa County Public Financing Authority, Capital Projects Series 2021A, Rev., 4.00%, 6/1/2038		4,185			5,113
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056(b)		500			517
Eastern Municipal Water District Financing Authority, Water and Wastewater System
Series 2020A, Rev., 5.00%, 7/1/2035		500			660
Series 2020A, Rev., 5.00%, 7/1/2036		500			660
State of California, Department of Veterans Affairs, Farm and Home Purchase Program Series B, Rev., 3.50%, 12/1/2045		330			348
Total California					14,677
Colorado — 3.4%
Aspen Fire Protection District
COP, 4.00%, 12/1/2034		200			235
COP, 4.00%, 12/1/2035		225			264
COP, 4.00%, 12/1/2036		350			408
Clear Creek Transit Metropolitan District No. 2, Limited Tax Series 2021A, GO, 4.00%, 12/1/2031		525			557
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project
Rev., 4.00%, 5/1/2027		35			39
Rev., 4.00%, 5/1/2029		35			40
Rev., 4.00%, 5/1/2030		30			34
Rev., 4.00%, 5/1/2031		30			34
Rev., 4.00%, 5/1/2041		90			100
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 4.00%, 12/1/2030(b)		595			631
Colorado Educational and Cultural Facilities Authority, University Corp. for Atmospheric Research Project Rev., 5.00%, 9/1/2022		470			486
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Rev., 5.00%, 2/1/2034(b)		300			340
Colorado Housing and Finance Authority, Single Family Mortgage
Series 2019F, Class I, Rev., GNMA COLL, 4.25%, 11/1/2049		255			282
Series 2020H, Class I, Rev., GNMA COLL, 3.00%, 5/1/2050		970			1,033
Series 2020B, Class I, Rev., 3.75%, 5/1/2050		1,880			2,044
Colorado School of Mines, Institutional Enterprise Series A, Rev., (ICE LIBOR USD 1 Month + 0.50%), 0.56%, 1/4/2022(c)		930			928
IDK PARTNERS III Trust, Mortgage Pass-Through Certificates Series 1999A, Rev., 5.10%, 8/1/2023‡		—	(d)		—	(d)
Pueblo City Schools GO, 5.00%, 12/15/2031		3,000			3,896
Total Colorado					11,351
Connecticut — 2.1%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Series D-1, Rev., 1.35%, 5/15/2022		175			176
Series D-1, Rev., 1.45%, 5/15/2023		1,020			1,034
Series D-1, Rev., 1.50%, 11/15/2023		1,220			1,242
Series 2020A-1, Rev., 3.50%, 11/15/2045		1,210			1,323
Series A-1, Rev., 4.00%, 11/15/2045		170			178
Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047		675			724
Subseries A-1, Rev., 4.00%, 11/15/2047		230			247
Connecticut State Health and Educational Facilities Authority, Yale New Haven Health Series B, Rev., 1.80%, 7/1/2024(e)		225			231

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series 2019B, Rev., AMT, 5.00%, 11/15/2027		250		303
University of Connecticut Series 2019A, Rev., 5.00%, 11/1/2035		1,250		1,561
Total Connecticut				7,019
Delaware — 0.9%
Delaware Health Facilities Authority, Beebe Medical Center Project Rev., 5.00%, 6/1/2034		2,200		2,690
Delaware State Economic Development Authority, Newark Charter School, Inc. Project Rev., 4.00%, 9/1/2028		225		260
Total Delaware				2,950
District of Columbia — 2.3%
District of Columbia, Gallaudet University Project
Rev., 5.00%, 4/1/2027		150		182
Rev., 5.00%, 4/1/2028		160		199
Series 2021A, Rev., 4.00%, 4/1/2033		165		199
Series 2021A, Rev., 4.00%, 4/1/2034		160		192
Series 2021A, Rev., 4.00%, 4/1/2035		200		239
Series 2021A, Rev., 4.00%, 4/1/2036		200		239
District of Columbia, Rocketship Obligated Group Series 2021A, Rev., 5.00%, 6/1/2031(b)		400		482
District of Columbia, Two Rivers Public Charter School, Inc.
Rev., 3.00%, 6/1/2030		1,000		1,056
Rev., 5.00%, 6/1/2040		1,000		1,195
Rev., 5.00%, 6/1/2050		500		589
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series A, Rev., 5.00%, 10/1/2045		1,500		1,737
Washington Metropolitan Area Transit Authority Series 2017B, Rev., 5.00%, 7/1/2025		1,000		1,158
Total District of Columbia				7,467
Florida — 8.1%
Broward County Water & Sewer Utility Series 2019A, Rev., 5.00%, 10/1/2038		3,000		3,843
City of Pompano Beach, John Knox Village Project
Rev., 3.50%, 9/1/2035		1,000		1,069
Rev., 4.00%, 9/1/2040		1,000		1,080
City of Port St. Lucie, Utility System Rev., NATL-RE, 5.25%, 9/1/2024		5,000		5,660
County of Broward, Fuel System, Fort Lauderdale Fuel Facilities LLC Project Series A, Rev., AMT, AGM, 5.00%, 4/1/2024		835		884
Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects
Rev., 4.00%, 7/1/2027		290		327
Rev., 4.00%, 7/1/2028		150		171
Rev., 4.00%, 7/1/2029		155		175
Rev., 4.00%, 7/1/2030		215		241
Florida Development Finance Corp., Mater Academy Project Series 2020A, Rev., 5.00%, 6/15/2040(b)		500		578
Florida Development Finance Corp., The Glenridge on Palmer Ranch Project Rev., 4.00%, 6/1/2026		110		120
Lee Memorial Health System Series 2019A-1, Rev., 5.00%, 4/1/2036		1,000		1,246
Miami Beach Redevelopment Agency, Historic Convention Village Series A, Rev., 5.00%, 2/1/2027		2,000		2,194
Palm Beach County Health Facilities Authority, BRRH Corp. Obligated Group Rev., 5.00%, 12/1/2021(f)		1,100		1,100
Polk County School District Series 2019B, COP, 5.00%, 1/1/2026		515		605
School Board of Miami-Dade County (The) Series 2015D, COP, 5.00%, 2/1/2027		3,000		3,521
Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning Series 2021A, Rev., 4.00%, 6/15/2041(b)		210		236
South Florida Water Management District COP, 5.00%, 10/1/2032		2,250		2,636
St. Johns County School Board Series 2019A, COP, 5.00%, 7/1/2031		570		725
Total Florida				26,411
Georgia — 1.6%
Albany-Dougherty Inner City Authority, State University Projects
Rev., 5.00%, 7/1/2027		335		406
Rev., 5.00%, 7/1/2028		350		433
Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project Series 2019B, Rev., 5.00%, 7/1/2029(e)		500		627

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project Series A, Rev., 5.00%, 2/15/2026		860		1,013
George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 2.38%, 1/1/2031		500		521
George L Smith II Congress Center Authority, Convention Center Hotel Second
Series 2021B, Rev., 3.63%, 1/1/2031(b)		415		451
Series 2021B, Rev., 5.00%, 1/1/2036(b)		500		597
Georgia Housing and Finance Authority, Single Family Mortgage
Series A, Rev., 4.00%, 12/1/2047		360		384
Series B, Rev., 4.00%, 12/1/2047		695		746
Total Georgia				5,178
Illinois — 4.5%
City of Aurora, Single Family Mortgage
Series B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/1/2039		61		62
Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/1/2039		74		74
Illinois Finance Authority, Plymouth Place, Inc.
Series 2021A, Rev., 5.00%, 5/15/2032		135		164
Series 2021A, Rev., 5.00%, 5/15/2033		145		176
Illinois Finance Authority, Social Bonds-Learn Chapter School Project
Rev., 4.00%, 11/1/2030		130		154
Rev., 4.00%, 11/1/2031		135		161
Rev., 4.00%, 11/1/2041		375		437
Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2033		365		431
Illinois Housing Development Authority Series C, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 10/1/2049		1,635		1,791
Illinois Housing Development Authority, Homeowner Mortgage Series C, Rev., 3.50%, 8/1/2046		530		562
Peoria City School District No. 150 Series 2020A, GO, AGM, 4.00%, 12/1/2027		505		583
Southern Illinois University
Series 2021A, Rev., 4.00%, 4/1/2027		775		891
Series 2021A, Rev., 4.00%, 4/1/2028		715		833
Series 2021A, Rev., 4.00%, 4/1/2029		400		471
Series 2021A, Rev., 4.00%, 4/1/2030		525		625
Series 2021A, Rev., 4.00%, 4/1/2031		500		601
Series 2021A, Rev., 5.00%, 4/1/2032		375		481
Series 2021A, Rev., 5.00%, 4/1/2033		300		384
Southwestern Illinois Development Authority, Flood Prevention District Council Project
Rev., 5.00%, 4/15/2026		250		293
Rev., 5.00%, 4/15/2027		365		441
Rev., 5.00%, 4/15/2028		390		483
Rev., 5.00%, 4/15/2029		290		366
Will County Forest Preservation District, Limited Tax
GO, 5.00%, 12/15/2035		1,170		1,508
GO, 5.00%, 12/15/2036		1,460		1,877
GO, 4.00%, 12/15/2037		1,000		1,166
Total Illinois				15,015
Indiana — 4.0%
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041(b)		500		497
City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 4.75%, 11/1/2030(b)		570		585
County of St. Joseph, Economic Development, St. Mary’s College Project Series A, Rev., 5.00%, 4/1/2026		1,880		2,183
Indiana Finance Authority, Educational Facilities, Valparaiso University Project
Rev., 4.00%, 10/1/2034		165		195
Rev., 4.00%, 10/1/2035		220		259
Indiana Finance Authority, First Lien Wastewater, CWA Authority Project Series 2012A, Rev., 5.00%, 10/1/2030		1,250		1,298
Indiana Finance Authority, Rose-Hulman Institute of Technology Project
Rev., 5.00%, 6/1/2031		100		127
Rev., 4.00%, 6/1/2033		110		130

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Indiana Finance Authority, State Revolving Fund Program Series 2021A, Rev., 5.00%, 2/1/2031		1,000		1,335
Indiana Health Facility Financing Authority, Ascension Health Credit Group Series A-1, Rev., 5.00%, 11/15/2034		1,670		1,934
Indiana Housing and Community Development Authority, Single Family Mortgage Series 2020A, Rev., 3.75%, 1/1/2049		955		1,039
Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021B, Rev., 4.00%, 4/1/2024		500		506
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2019F, Rev., 5.00%, 1/1/2037		2,500		3,156
Total Indiana				13,244
Iowa — 1.1%
Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project
Rev., 5.00%, 9/1/2028		195		217
Rev., 5.00%, 9/1/2030		110		122
Rev., 5.00%, 9/1/2031		105		116
Rev., 5.00%, 9/1/2036		445		485
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 1/1/2047		1,085		1,145
Iowa Student Loan Liquidity Corp., Student Loan
Series A, Rev., AMT, 5.00%, 12/1/2025		1,000		1,153
Series 2019B, Rev., AMT, 5.00%, 12/1/2029		300		373
Total Iowa				3,611
Kansas — 0.1%
City of Manhattan, Meadowlark Hills Series 2021A, Rev., 4.00%, 6/1/2036		300		331
Louisiana — 0.9%
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2028		670		840
Louisiana Public Facilities Authority, Lincoln Preparatory School Project
Series 2021A, Rev., 5.00%, 6/1/2031(b)		450		502
Series 2021A, Rev., 5.00%, 6/1/2041(b)		525		573
Louisiana Public Facilities Authority, Mentorship Steam Academy Project
Series 2021A, Rev., 5.00%, 6/1/2036(b)		385		420
Series 2021A, Rev., 5.00%, 6/1/2042(b)		440		474
Total Louisiana				2,809
Maine — 0.6%
City of Portland, General Airport Rev., 5.00%, 1/1/2031		370		467
Maine Health and Higher Educational Facilities Authority
Series 2020A, Rev., 4.00%, 7/1/2024(f)		140		153
Series 2020A, Rev., 4.00%, 7/1/2024		110		119
Series 2020A, Rev., 4.00%, 7/1/2028		650		765
Series 2020A, Rev., 4.00%, 7/1/2028(f)		210		252
Maine State Housing Authority, Mortgage Purchase
Series B, Rev., AMT, 4.00%, 11/15/2043		10		10
Series A, Rev., 4.00%, 11/15/2045		295		309
Total Maine				2,075
Maryland — 1.0%
County of Baltimore, McDonogh School Facility
Series 2019B, Rev., 3.00%, 9/1/2024		320		326
Series 2019B, Rev., 3.00%, 9/1/2025		475		485
County of Baltimore, Riderwood Village, Inc., Project
Rev., 4.00%, 1/1/2032		475		556
Rev., 4.00%, 1/1/2033		600		701
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project
Rev., 5.00%, 6/1/2029		150		187
Rev., 5.00%, 6/1/2031		175		226
Montgomery County Housing Opportunities Commission, Single Family Mortgage
Series 2017A, Rev., 4.00%, 7/1/2048		840		897
Total Maryland				3,378
Massachusetts — 5.7%
Massachusetts Bay Transportation Authority, Sales Tax
Series 2012B-1, Rev., 5.00%, 7/1/2032		1,600		2,099
Series 2012B-1, Rev., 5.00%, 7/1/2033		3,015		3,947

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Massachusetts Clean Water Trust (The), Poll Program Rev., 5.25%, 8/1/2024		3,000		3,391
Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue
Series 2021G, Rev., 5.00%, 7/1/2029		150		191
Series 2021G, Rev., 5.00%, 7/1/2030		150		194
Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series L, Rev., 5.25%, 7/1/2033		820		1,174
Massachusetts Housing Finance Agency, Single Family Housing
Series 169, Rev., 4.00%, 12/1/2044		65		67
Series 183, Rev., 3.50%, 12/1/2046		135		142
Series 214, Rev., GNMA/FNMA/FHLMC, 3.75%, 12/1/2049		1,145		1,246
Massachusetts Water Resources Authority
Series B, Rev., AGM, 5.25%, 8/1/2028		3,000		3,855
Series B, Rev., AGM, 5.25%, 8/1/2029		2,000		2,634
Total Massachusetts				18,940
Michigan — 0.8%
City of Detroit, Social Bonds, Unlimited Tax
Series 2021A, GO, 5.00%, 4/1/2030		475		586
Series 2021A, GO, 5.00%, 4/1/2031		215		270
Eastern Michigan University Series A, Rev., 5.00%, 3/1/2030		575		687
Michigan State Housing Development Authority, Single Family Mortgage Series B, Rev., AMT, 3.50%, 6/1/2047		530		562
Western Michigan University, Tax Exempt
Series 2021A, Rev., AGM, 5.00%, 11/15/2028		105		133
Series 2021A, Rev., AGM, 5.00%, 11/15/2029		100		129
Series 2021A, Rev., AGM, 5.00%, 11/15/2030		100		131
Total Michigan				2,498
Minnesota — 1.8%
City of Rochester, Health Care Facilities, Mayo Clinic Series B, Rev., 5.00%, 11/15/2029		965		1,256
City of Woodbury, Charter School Lease, Woodbury Leadership Academy Project
Series 2021A, Rev., 4.00%, 7/1/2031		175		196
Series 2021A, Rev., 4.00%, 7/1/2041		445		489
Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program Series A, Rev., GNMA/FNMA/FHLMC, 5.13%, 12/1/2021		2		2
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		155		155
Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation
Rev., 5.25%, 8/1/2024		1,015		1,019
Rev., 5.25%, 8/1/2025		1,070		1,075
Rev., 5.25%, 8/1/2026		825		828
Minnesota Housing Finance Agency, Residential Housing Finance Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047		420		448
Minnesota Office of Higher Education, Supplemental Student Loan Program Rev., AMT, 5.00%, 11/1/2027		300		362
Total Minnesota				5,830
Mississippi — 0.4%
Mississippi Home Corp., Single Family Mortgage Series 2019A, Rev., GNMA/FNMA/FHLMC, 4.00%, 12/1/2048		1,200		1,307
Missouri — 1.2%
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series A, Rev., 5.00%, 6/1/2031		1,000		1,249
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program
Series 2106B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041		800		839
Series 2020A, Rev., GNMA/FNMA/FHLMC, 3.50%, 11/1/2050		1,760		1,911
Total Missouri				3,999

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Nebraska — 0.6%
Madison County Hospital Authority No. 1, Faith Regional Health Services Project
Rev., 5.00%, 7/1/2030		1,020		1,155
Rev., 5.00%, 7/1/2031		720		813
Total Nebraska				1,968
Nevada — 0.4%
City of Carson, Carson Tahoe Regional Healthcare Project
Rev., 5.00%, 9/1/2026		555		657
Rev., 5.00%, 9/1/2029		620		747
Total Nevada				1,404
New Hampshire — 2.2%
City of Manchester, School Facilities
Rev., NATL-RE, 5.50%, 6/1/2024		3,545		3,986
Rev., NATL-RE, 5.50%, 6/1/2027		900		1,117
New Hampshire Business Finance Authority, Springpoint Senior Living Project
Rev., 4.00%, 1/1/2026		265		293
Rev., 4.00%, 1/1/2027		250		280
Rev., 4.00%, 1/1/2028		290		325
Rev., 4.00%, 1/1/2031		290		321
Rev., 4.00%, 1/1/2041		750		816
Total New Hampshire				7,138
New Jersey — 4.2%
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project
Series 2021A, Rev., AGM, 5.00%, 7/1/2029		100		128
Series 2021A, Rev., AGM, 5.00%, 7/1/2030		100		130
Series 2021A, Rev., AGM, 5.00%, 7/1/2031		100		133
Series 2021A, Rev., AGM, 5.00%, 7/1/2034		60		79
Series 2021A, Rev., AGM, 5.00%, 7/1/2035		75		99
Series 2021A, Rev., AGM, 4.00%, 7/1/2036		100		121
Series 2021A, Rev., AGM, 4.00%, 7/1/2037		75		90
Egg Harbor Township School District GO, AGM, 5.75%, 7/15/2024		1,215		1,383
Essex County Improvement Authority, CHF-Newark, LLC, NJIT Student Housing Project Series 2021A, Rev., 5.00%, 8/1/2033		170		223
Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., 2020 Project
Rev., 4.00%, 7/15/2023(b)		115		121
Rev., 4.00%, 7/15/2025(b)		370		405
Rev., 4.00%, 7/15/2027(b)		400		451
Rev., 4.00%, 7/15/2029(b)		430		494
Rev., 4.00%, 7/15/2030(b)		200		232
New Jersey Economic Development Authority, School Facilities Construction
Rev., 5.00%, 6/15/2030		270		346
Rev., 5.00%, 6/15/2033		300		385
New Jersey Educational Facilities Authority, Stevens Institute of Technology
Series 2020A, Rev., 5.00%, 7/1/2033		350		443
Series 2020A, Rev., 5.00%, 7/1/2034		280		354
New Jersey Health Care Facilities Financing Authority, University Hospital Issue
Series A, Rev., AGM, 5.00%, 7/1/2022		1,000		1,028
Series A, Rev., AGM, 5.00%, 7/1/2023		820		881
Series A, Rev., AGM, 5.00%, 7/1/2026		1,095		1,264
New Jersey Higher Education Student Assistance Authority, Senior Student Loan
Series 1A, Rev., AMT, 5.00%, 12/1/2024		1,750		1,983
Series A, Rev., 5.00%, 12/1/2024		1,100		1,243
New Jersey Housing and Mortgage Finance Agency, Riverside Senior Apartments Project Series 2019D, Rev., 1.35%, 6/1/2022(e)		1,000		1,005
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048		805		894
Total New Jersey				13,915
New Mexico — 0.3%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2019C, Class I, Rev., GNMA/FNMA/FHLMC, 4.00%, 1/1/2050		1,025		1,120
New York — 4.8%
Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc.
Rev., 3.50%, 7/1/2026		500		542
Rev., 4.00%, 7/1/2031		780		882
Build NYC Resource Corp., New World Preparatory Charter School Project
Series 2021A, Rev., 4.00%, 6/15/2031		150		166
Series 2021A, Rev., 4.00%, 6/15/2041		135		148

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Huntington Local Development Corp., Fountaingate Garden Project Series 2021C, Rev., 3.00%, 7/1/2025		860		886
Metropolitan Transportation Authority, Dedicated Tax Fund Series A, Rev., 5.00%, 11/15/2029		1,000		1,044
Monroe County Industrial Development Corp., Highland Hospital of Rochester Project Rev., 5.00%, 7/1/2029		1,000		1,259
New York City Industrial Development Agency, Queens Baseball Stadium Project Rev., AGM, 5.00%, 1/1/2031		500		659
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031		1,000		1,152
New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., 5.00%, 9/1/2027		1,325		1,611
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2025		1,750		1,976
Port Authority of New York and New Jersey, Consolidated Series 194, Rev., 5.00%, 10/15/2030		2,000		2,330
State of New York Mortgage Agency, Homeowner Mortgage
Series 197, Rev., 3.50%, 10/1/2044		675		713
Series 195, Rev., 4.00%, 10/1/2046		635		673
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project Rev., 4.63%, 11/1/2031(b)		1,250		1,284
Yonkers Economic Development Corp., Charter School of Educational Excellence Project Rev., 4.00%, 10/15/2030		355		410
Total New York				15,735
North Carolina — 1.4%
County of Randolph, Limited Obligation Series B, Rev., 5.00%, 10/1/2026		1,000		1,204
North Carolina Capital Facilities Finance Agency, High Point University Rev., 5.00%, 5/1/2031		500		648
North Carolina Housing Finance Agency, Homeownership Series 43, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2050		605		664
North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026(e)		500		589
North Carolina Medical Care Commission, Lutheran Services for The Aging Series 2021A, Rev., 4.00%, 3/1/2031		290		325
North Carolina Medical Care Commission, The Forest at Duke Project
Rev., 4.00%, 9/1/2033		180		211
Rev., 4.00%, 9/1/2041		415		477
University of North Carolina at Charlotte (The)
Series 2020A, Rev., 5.00%, 10/1/2025		85		99
Series 2020A, Rev., 5.00%, 10/1/2027		200		247
Total North Carolina				4,464
North Dakota — 0.8%
North Dakota Housing Finance Agency, Home Mortgage Finance Program
Series 2016D, Rev., 3.50%, 7/1/2046		280		296
Series D, Rev., 4.00%, 7/1/2046		750		786
Series 2017D, Rev., FHA, 4.00%, 1/1/2048		880		943
University of North Dakota, Housing Infrastructure Project Series 2021A, COP, AGM, 4.00%, 6/1/2051		500		577
Total North Dakota				2,602
Ohio — 4.8%
American Municipal Power, Inc., Solar Electricity Prepayment Project, Green Bonds Series 2019A, Rev., 5.00%, 2/15/2035		825		1,022
Butler County Port Authority, Community First Solutions
Rev., 4.00%, 5/15/2037		210		246
Rev., 4.00%, 5/15/2038		110		129
Rev., 4.00%, 5/15/2039		115		134
Rev., 4.00%, 5/15/2040		115		134
Rev., 4.00%, 5/15/2041		125		145
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University
Rev., 4.00%, 5/1/2026		240		246
Rev., 5.00%, 5/1/2030		250		275

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Lakota Local School District Series A, GO, NATL-RE, 5.25%, 12/1/2025		1,500		1,775
Northeast Ohio Medical University
Series 2021A, Rev., 5.00%, 12/1/2028		125		153
Series 2021A, Rev., 5.00%, 12/1/2030		65		82
Series 2021A, Rev., 4.00%, 12/1/2035		150		173
Ohio Higher Educational Facility Commission, Case Western University Project
Series 2019C, Rev., 1.63%, 12/1/2026(e)		500		515
Series 2019B, Rev., 5.00%, 12/1/2031		750		964
Ohio Housing Finance Agency, First-Time Homebuyer Program Series 2020A, Rev., GNMA/FNMA/FHLMC, 3.75%, 9/1/2050		940		1,035
Ohio Housing Finance Agency, Single Family Mortgage Series 2016D, Rev., GNMA/FNMA/FHLMC, 4.00%, 3/1/2047		485		517
Ohio State University (The), Multiyear Debt Issuance Program II Series 2021A, Rev., 5.00%, 12/1/2031		845		1,151
Ohio Water Development Authority, Water Pollution Control Loan Fund
Series 2019A, Rev., 5.00%, 6/1/2029		2,645		3,397
Series B, Rev., 5.00%, 12/1/2029		1,615		1,893
Port of Greater Cincinnati Development Authority, FC Cincinnati Public Improvements Project Rev., 3.75%, 12/1/2031(b)		245		250
University of Akron (The), General Receipts Series 2019A, Rev., 5.00%, 1/1/2030		310		399
Youngstown State University, General Receipts
Rev., AGM, 4.00%, 12/15/2029		550		671
Rev., AGM, 4.00%, 12/15/2030		490		606
Total Ohio				15,912
Oklahoma — 0.1%
Oklahoma Housing Finance Agency, Deer Park and Apple Run Apartments Rev., 1.60%, 1/1/2022(e)		200		200
Oregon — 0.3%
Yamhill County Hospital Authority, Friendsview, Tax Exempt
Series 2021B-3, Rev., 1.75%, 11/15/2026		170		170
Series 2021A, Rev., 5.00%, 11/15/2036		305		364
Series 2021A, Rev., 5.00%, 11/15/2046		500		583
Total Oregon				1,117
Other — 0.3%
Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2023(e)		905		907
Pennsylvania — 6.8%
Allegheny County Hospital Development Authority, Pittsburgh Medical Center Series 2019A, Rev., 5.00%, 7/15/2033		600		758
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 5.00%, 7/1/2032		500		636
Chester County Industrial Development Authority, Longwood Gardens Project
Rev., 4.00%, 12/1/2024		345		378
Rev., 4.00%, 12/1/2025		250		280
Rev., 4.00%, 12/1/2026		250		287
Rev., 5.00%, 12/1/2027		200		246
Rev., 5.00%, 12/1/2035		175		222
Rev., 5.00%, 12/1/2036		185		234
Rev., 5.00%, 12/1/2037		200		253
City of Erie, Higher Education Building Authority, Gannon University Project - AICUP Financing Program
Series 2021TT1, Rev., 4.00%, 5/1/2036		100		117
Series 2021TT1, Rev., 4.00%, 5/1/2041		100		115
Delaware County Authority, Neumann University
Rev., 4.00%, 10/1/2022		200		205
Rev., 5.00%, 10/1/2023		240		258
Geisinger Authority, Health System
Series 2020B, Rev., 5.00%, 2/15/2027(e)		3,350		3,997
Lancaster Industrial Development Authority, Landis Homes Retirement Community Project
Rev., 4.00%, 7/1/2031		430		473
Rev., 4.00%, 7/1/2037		170		186
Lehigh County Industrial Development Authority, Seven Generation Charter School
Series 2021A, Rev., 4.00%, 5/1/2031		340		376
Series 2021A, Rev., 4.00%, 5/1/2041		885		955

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project Rev., 4.00%, 7/1/2041		750		838
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System Rev., 4.00%, 8/15/2034		175		208
Pennsylvania Housing Finance Agency, Single Family Mortgage
Series 121, Rev., 3.50%, 10/1/2046		770		808
Series 122, Rev., AMT, 4.00%, 10/1/2046		255		271
Pennsylvania State University (The)
Series 2020E, Rev., 5.00%, 3/1/2029		710		912
Series 2020E, Rev., 5.00%, 3/1/2030		290		381
Series 2020E, Rev., 5.00%, 3/1/2031		710		925
Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project
Rev., 5.00%, 12/1/2023		2,020		2,196
Rev., AGM, 5.00%, 12/1/2026		1,550		1,856
Rev., AGM, 5.00%, 12/1/2027		680		822
Philadelphia Authority for Industrial Development, Electrical and Charter School Project Series 2021A, Rev., 4.00%, 6/1/2031		335		381
Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project Series 2021A, Rev., 4.00%, 6/1/2041		175		193
Philadelphia Authority for Industrial Development, Russell Byers Charter School Project Rev., 5.00%, 5/1/2030		1,200		1,375
West Cornwall Township Municipal Authority, Lebanon Valley Brethren Home Project
Series 2021A, Rev., 4.00%, 11/15/2029		135		159
Series 2021A, Rev., 4.00%, 11/15/2030		190		224
Series 2021A, Rev., 4.00%, 11/15/2031		195		229
Series 2021A, Rev., 4.00%, 11/15/2036		365		423
Series 2021A, Rev., 4.00%, 11/15/2041		370		425
Total Pennsylvania				22,602
South Carolina — 0.6%
South Carolina Jobs-Economic Development Authority, Kiawah Life Plan Village, Inc., Project Rev., 8.75%, 7/1/2025(b)		200		205
South Carolina State Housing Finance and Development Authority
Series A, Rev., 4.00%, 1/1/2047		195		206
Series B, Rev., FHA , GNMA/FNMA/FHLMC, 4.00%, 7/1/2047		500		533
Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2026		1,000		1,157
Total South Carolina				2,101
South Dakota — 0.8%
South Dakota Housing Development Authority, Homeownership Mortgage
Series 2015D, Rev., 4.00%, 11/1/2045		850		898
Series A, Rev., 4.00%, 5/1/2049		1,650		1,799
Total South Dakota				2,697
Tennessee — 1.3%
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills Series 2020A, Rev., 4.00%, 11/1/2038		1,305		1,400
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Trevecca Nazarene University Project
Series 2021B, Rev., 4.00%, 10/1/2030		105		119
Series 2021B, Rev., 4.00%, 10/1/2031		220		248
Series 2021B, Rev., 4.00%, 10/1/2041		400		442
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2049		1,000		1,081
Tennessee Housing Development Agency, Residential Finance Program
Series 2B, Rev., AMT, 4.00%, 7/1/2043		70		72
Rev., 3.50%, 1/1/2048		1,025		1,083
Total Tennessee				4,445
Texas — 4.9%
Arlington Higher Education Finance Corp.
Series 2021A, Rev., 5.00%, 8/15/2027		100		117
Series 2021A, Rev., 5.00%, 8/15/2028		40		46

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2021A, Rev., 4.00%, 8/15/2029		40		44
Series 2021A, Rev., 4.00%, 8/15/2030		40		44
Series 2021A, Rev., 4.00%, 8/15/2031		45		49
Arlington Higher Education Finance Corp., Kipp Texas, Inc.
Rev., PSF-GTD, 5.00%, 8/15/2023		150		162
Rev., PSF-GTD, 5.00%, 8/15/2024		140		157
Rev., PSF-GTD, 5.00%, 8/15/2025		200		232
Rev., PSF-GTD, 5.00%, 8/15/2026		220		263
Rev., PSF-GTD, 5.00%, 8/15/2027		250		307
Arlington Higher Education Finance Corp., Newman International Academy
Rev., 4.00%, 8/15/2031		200		214
Rev., 5.00%, 8/15/2041		300		330
Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien Series 2021A, Rev., 2.50%, 10/1/2031		275		271
Boerne School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/1/2029		1,000		1,281
Brazos Higher Education Authority, Inc., Tax-Exempt Student Loan Program
Series 2020-1A, Rev., AMT, 5.00%, 4/1/2025		350		391
Series 2020-1A, Rev., AMT, 5.00%, 4/1/2026		500		570
City of Austin, Water & Wastewater System Rev., 5.00%, 11/15/2027		665		828
Clear Creek Independent School District, Unlimited Tax Series B, GO, PSF-GTD, 1.35%, 8/15/2022(e)		500		503
Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc. Rev., PSF-GTD, 5.00%, 4/1/2029		130		166
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 2.50%, 10/1/2031		225		225
Dallas Area Rapid Transit, Sales Tax, Senior Lien Series A, Rev., 5.00%, 12/1/2025(f)		2,800		3,291
Houston Higher Education Finance Corp., Houston Baptist University Rev., 3.38%, 10/1/2037		250		250
Irving Hospital Authority, Baylor Scott and White Medical Center
Series 2017A, Rev., 5.00%, 10/15/2026		250		295
Series 2017A, Rev., 5.00%, 10/15/2027		500		586
Midtown Redevelopment Authority, Tax Increment Contract
Rev., 4.00%, 1/1/2031		365		428
Rev., 4.00%, 1/1/2032		500		580
New Hope Cultural Education Facilities Finance Corp., Westminster Project Rev., 4.00%, 11/1/2049		550		618
Newark Higher Education Finance Corp., The Hughen Center, Inc.
Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2030		180		232
Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2031		200		264
Northside Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 1.60%, 8/1/2024(e)		340		349
Pasadena Independent School District, School Building, Unlimited Tax Series B, GO, PSF-GTD, 1.50%, 8/15/2024(e)		750		769
San Antonio Education Facilities Corp., University of the Incarnate Word Project Series 2021A, Rev., 4.00%, 4/1/2046		500		567
State of Texas, Water Financial Assistance Series 2015D, GO, 5.00%, 5/15/2033		450		515
Texas State Affordable Housing Corp., Single Family Mortgage, Heroes Home Loan Program Series 2019A, Rev., GNMA COLL, 4.25%, 3/1/2049		580		635
Uptown Development Authority, Tax Increment Contract Rev., 4.00%, 9/1/2033		400		476
Total Texas				16,055
Utah — 2.9%
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2 Rev., 4.00%, 8/1/2030(b)		1,000		1,095
Military Installation Development Authority, Tax Allocation and Hotel Tax Series 2021A-1, Rev., 4.00%, 6/1/2036		250		255
Utah Associated Municipal Power System, Horse Butte Wind Project Series 2017B, Rev., 5.00%, 9/1/2033		1,700		2,053

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project Series 2021A, Rev., 3.25%, 6/15/2031(b)		535		556
Utah Housing Corp., Single Family Mortgage Series D-2, Class III, Rev., FHA, 4.00%, 1/1/2045		780		828
Utah State Board of Regents, Student Fee and Housing System Rev., NATL-RE, 5.25%, 4/1/2023		3,245		3,383
Utah Transit Authority, Sales Tax Series C, Rev., AGM, 5.25%, 6/15/2029		970		1,243
Total Utah				9,413
Vermont — 1.7%
Vermont Housing Finance Agency, Multiple Purpose Series B, Rev., AMT, 3.75%, 11/1/2045		520		541
Vermont Student Assistance Corp., Education Loan
Series A, Rev., AMT, 5.00%, 6/15/2023		1,000		1,065
Series 2016A, Rev., AMT, 5.00%, 6/15/2024		1,400		1,543
Series A, Rev., AMT, 5.00%, 6/15/2025		2,150		2,438
Total Vermont				5,587
Virginia — 0.4%
Henrico County Economic Development Authority, Westminster Canterbury Richmond
Rev., 3.00%, 10/1/2029		500		554
Rev., 3.00%, 10/1/2030		500		551
Virginia College Building Authority, Education Facilities, Regent University Project Rev., 5.00%, 6/1/2031		160		204
Total Virginia				1,309
Washington — 4.1%
FYI Properties, State of Washington District Project - Green Bonds Rev., 5.00%, 6/1/2039		5,000		5,975
King County Housing Authority, Highland Village Project
Rev., 5.00%, 1/1/2027		125		149
Rev., 5.00%, 1/1/2028		125		152
Rev., 5.00%, 1/1/2029		125		154
Rev., 4.00%, 1/1/2031		330		391
Rev., 4.00%, 1/1/2034		500		585
Washington Health Care Facilities Authority, Multi-care Health System Series B, Rev., 5.00%, 8/15/2035		1,850		2,255
Washington Higher Education Facilities Authority, Seattle Pacific University Project Series 2020A, Rev., 5.00%, 10/1/2035		710		893
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Rev., 5.00%, 1/1/2032(b)		1,100		1,197
Washington State Housing Finance Commission, Single Family Program
Series 2A-R, Rev., AMT, 3.50%, 12/1/2046		165		172
Series 2N, Rev., GNMA/FNMA/FHLMC, 3.50%, 6/1/2047		1,475		1,559
Total Washington				13,482
Wisconsin — 4.2%
Public Finance Authority, Carson Valley Medical Center Series 2021A, Rev., 4.00%, 12/1/2041		250		293
Public Finance Authority, College Achieve Central Charter School Project
Series 2021A, Rev., 5.00%, 6/15/2027(b)		260		297
Series 2021A, Rev., 5.00%, 6/15/2029(b)		285		326
Series 2021A, Rev., 5.00%, 6/15/2031(b)		315		357
Public Finance Authority, Coral Academy of Science Series 2021A, Rev., 4.00%, 7/1/2041		500		553
Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051(b)		200		184
Public Finance Authority, The Carmelite System, Inc., Obligated Group
Rev., 3.25%, 1/1/2025		580		624
Rev., 3.25%, 1/1/2026		1,545		1,677
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc.
Rev., 5.00%, 7/1/2024		250		279
Rev., 5.00%, 7/1/2025		250		289
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.
Series 2017A, Rev., 5.00%, 9/1/2022(f)		520		538
Series 2017A, Rev., 5.00%, 9/1/2023(f)		550		593

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2017A, Rev., 5.00%, 9/1/2024(f)		580		650
Series 2017A, Rev., 5.00%, 9/1/2025(f)		235		272
Series 2017A, Rev., 5.00%, 9/1/2026(f)		385		460
Series 2017A, Rev., 5.00%, 9/1/2027(f)		785		962
Wisconsin Health and Educational Facilities Authority, Gundersen Health System Series 2021A, Rev., 4.00%, 10/15/2034		725		885
Wisconsin Health and Educational Facilities Authority, Lawrence University of Wisconsin
Rev., 4.00%, 2/1/2022		280		281
Rev., 4.00%, 2/1/2023		280		290
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc.
Series C, Rev., 5.00%, 2/15/2027		400		484
Series C, Rev., 5.00%, 2/15/2028		575		694
Series C, Rev., 5.00%, 2/15/2029		375		451
Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service Rev., 5.00%, 4/1/2035		1,165		1,452
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Rev., 4.00%, 8/15/2041		825		956
Total Wisconsin				13,847
Wyoming — 0.5%
Wyoming Community Development Authority
Series 5, Rev., 4.00%, 12/1/2046		590		633
Series 2020-2, Rev., 3.00%, 6/1/2049		1,000		1,072
Total Wyoming				1,705
TOTAL MUNICIPAL BONDS (Cost $304,818)				318,418
	Shares (000)
SHORT-TERM INVESTMENTS — 3.0%
INVESTMENT COMPANIES — 3.0%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.05%(g)(h) (Cost $10,062)		10,059		10,063
Total Investments — 99.5% (Cost $314,880)				328,481
Other Assets Less Liabilities — 0.5%				1,770
Net Assets — 100.0%				330,251

Percentages indicated are based on net assets.

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Abbreviations
AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BRRH	Boca Raton Regional Hospital
CHESLA	Connecticut Higher Education Supplemental Loan Authority
COLL	Collateral
COP	Certificate of Participation
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RE	Reinsured
Rev.	Revenue
USD	United States Dollar
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2021.
(d)	Amount rounds to less than one thousand.
(e)	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, 2021.
(f)	Security is prerefunded or escrowed to maturity.
(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, 2021.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of November 30, 2021 (amounts in thousands, except number of contracts):

Description	Number of Contracts			Expiration Date	Trading Currency	Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
U.S. Treasury 10 Year Ultra Note		(12	)	03/2022	USD		(1,763	)		(27	)

Abbreviations
USD	United States Dollar

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (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.

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.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from 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.

Futures contracts are generally valued on the basis of available market quotations.

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.

JPMorgan Sustainable Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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
Alabama	$	—		$	1,282	$	—		$	1,282
Alaska		—			448		—			448
Arizona		—			8,873		—			8,873
California		—			14,677		—			14,677
Colorado		—			11,351		—	(a)		11,351
Connecticut		—			7,019		—			7,019
Delaware		—			2,950		—			2,950
District of Columbia		—			7,467		—			7,467
Florida		—			26,411		—			26,411
Georgia		—			5,178		—			5,178
Illinois		—			15,015		—			15,015
Indiana		—			13,244		—			13,244
Iowa		—			3,611		—			3,611
Kansas		—			331		—			331
Louisiana		—			2,809		—			2,809
Maine		—			2,075		—			2,075
Maryland		—			3,378		—			3,378
Massachusetts		—			18,940		—			18,940
Michigan		—			2,498		—			2,498
Minnesota		—			5,830		—			5,830
Mississippi		—			1,307		—			1,307
Missouri		—			3,999		—			3,999
Nebraska		—			1,968		—			1,968
Nevada		—			1,404		—			1,404
New Hampshire		—			7,138		—			7,138
New Jersey		—			13,915		—			13,915
New Mexico		—			1,120		—			1,120
New York		—			15,735		—			15,735
North Carolina		—			4,464		—			4,464
North Dakota		—			2,602		—			2,602
Ohio		—			15,912		—			15,912
Oklahoma		—			200		—			200
Oregon		—			1,117		—			1,117
Other		—			907		—			907
Pennsylvania		—			22,602		—			22,602
South Carolina		—			2,101		—			2,101
South Dakota		—			2,697		—			2,697
Tennessee		—			4,445		—			4,445
Texas		—			16,055		—			16,055
Utah		—			9,413		—			9,413
Vermont		—			5,587		—			5,587
Virginia		—			1,309		—			1,309
Washington		—			13,482		—			13,482
Wisconsin		—			13,847		—			13,847
Wyoming		—			1,705		—			1,705
Total Municipal Bonds		—			318,418		—	(a)		318,418
Short-Term Investments
Investment Companies		10,063			—		—			10,063
Total Investments in Securities	$	10,063		$	318,418	$	—	(a)	$	328,481
Depreciation in Other Financial Instruments
Futures Contracts	$	(27	)	$	—	$	—		$	(27	)

(a) Amount rounds to less than one thousand.

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 such Underlying Fund. Reinvestment amounts are included in the purchases at cost amount in the table below.

For the period ended November 30, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at November 30, 2021		Shares at November 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.05%(a) (b)	$	1,085	$	68,722	$	59,743	$	—	(c)	$	(1	)	$	10,063		10,059	$	1	$	—

(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, 2021.

(c) Amount rounds to less than one thousand.