NPORT-EX 2 HG_STMB.htm HTML

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)

 

Investments

    Principal
Amount ($000)		      Value ($000)  
               

MUNICIPAL BONDS — 90.4% (a)

 

Alabama — 2.4%

 

Birmingham Airport Authority

      

Rev., 5.00%, 7/1/2027

      250        306  

Rev., 5.00%, 7/1/2028

      350        438  

Rev., 5.00%, 7/1/2029

      375        479  

Rev., 5.00%, 7/1/2030

      250        326  

Rev., 5.00%, 7/1/2031

      175        227  

Rev., 5.00%, 7/1/2032

      150        194  

Rev., 5.00%, 7/1/2033

      325        420  

Rev., 5.00%, 7/1/2034

      375        484  

Black Belt Energy Gas District, Gas Prepay Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 0.67%, 12/9/2021 (b)

      7,500        7,562  

Black Belt Energy Gas District, Gas Prepay Project No. 4 Series 2019A-1, Rev., 4.00%, 12/1/2025 (c)

      10,160        11,337  

Black Belt Energy Gas District, Gas Project No. 6 Series 2021B, Rev., 4.00%, 12/1/2026 (c)

      10,000        11,414  

Montgomery County Public Building Authority, Facilities Project Rev., 5.00%, 3/1/2023

      500        529  

Selma Industrial Development Board, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (c)

      3,625        3,774  

Southeast Alabama Gas Supply District (The), Project No. 1 Series A, Rev., 5.00%, 4/1/2022

      3,220        3,270  
     

 

 

  

Total Alabama

         40,760  
     

 

 

  

Alaska — 1.4%

      

Alaska Municipal Bond Bank Authority

      

Series 1, Rev., 5.00%, 12/1/2027

      1,945        2,400  

Series 1, Rev., 5.00%, 12/1/2028

      1,230        1,554  

Series 1, Rev., 5.00%, 12/1/2029

      1,275        1,639  

Series 1, Rev., 5.00%, 12/1/2030

      875        1,148  

Borough of North Slope

      

Series 2021A, GO, 5.00%, 6/30/2022

      2,920        3,001  

Series 2021B, GO, 5.00%, 6/30/2022

      1,410        1,449  

Series 2021A, GO, 5.00%, 6/30/2023

      4,165        4,469  

Series 2021B, GO, 5.00%, 6/30/2023

      3,230        3,465  

Series 2021C, GO, 4.00%, 6/30/2025

      2,500        2,799  

City of Anchorage, Electric Utilities, Senior Lien Series 2014A, Rev., 5.00%, 12/1/2023 (d)

      500        547  

State of Alaska Series A, GO, 5.00%, 8/1/2029

      1,300        1,503  
     

 

 

  

Total Alaska

         23,974  
     

 

 

  

Arizona — 2.5%

      

Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2025

      3,540        4,015  

Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 5.00%, 2/1/2027

      125        152  

City of Scottsdale GO, 5.00%, 7/1/2022

      2,550        2,622  

Maricopa County Elementary School District No. 6 Washington, School Improvement, Project of 2016 Series 2019B, GO, 5.00%, 7/1/2029

      3,950        4,928  

Maricopa County Industrial Development Authority, Banner Health

      

Series B, Rev., 5.00%, 10/18/2022 (c)

      7,370        7,676  

Series C, Rev., 5.00%, 10/18/2024 (c)

      9,000        10,180  

Series 2019D, Rev., 5.00%, 5/15/2026 (c)

      3,000        3,564  

Maricopa County Pollution Control Corp., Palo Verde Project

      

Series 2010A, Rev., 0.88%, 10/1/2026 (c)

      4,500        4,480  

Series 2010B, Rev., 0.88%, 10/1/2026 (c)

      2,150        2,141  

Tempe Industrial Development Authority, Friendship Village of Tempe Project

      

Series 2021C-2, Rev., 1.13%, 12/1/2026

      1,470        1,465  

Series 2021C-1, Rev., 1.50%, 12/1/2027

      1,965        1,957  
     

 

 

  

Total Arizona

         43,180  
     

 

 

  

Arkansas — 0.7%

      

Arkansas Development Finance Authority Public Safety Charges, Division of Emergency Management Project

      

Rev., 4.00%, 6/1/2028

      1,000        1,184  

Rev., 4.00%, 6/1/2030

      1,195        1,403  

Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2026

      325        390  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

City of Rogers, Sales Tax Series B, Rev., 5.00%, 11/1/2027

      3,855        4,656  

County of Sharp, Sales and Use Tax

      

Rev., 5.00%, 3/1/2024

      595        649  

Rev., 5.00%, 3/1/2025

      600        677  

Rev., 5.00%, 3/1/2026

      685        795  

University of Arkansas, Various Facility UAMS Campus

      

Rev., 5.00%, 3/1/2025

      500        573  

Rev., 5.00%, 3/1/2026

      1,000        1,140  

University of Central Arkansas, Student Housing System

      

Series 2019C, Rev., AGM, 4.00%, 11/1/2025

      110        123  

Series 2019C, Rev., AGM, 4.00%, 11/1/2026

      240        271  

Series 2019C, Rev., AGM, 4.00%, 11/1/2027

      180        203  
     

 

 

  

Total Arkansas

         12,064  
     

 

 

  

California — 13.2%

      

Alameda County Transportation Commission, Sales Tax Rev., 4.00%, 3/1/2022

      5,000        5,048  

Allan Hancock Joint Community College District GO, 5.00%, 8/1/2022

      1,050        1,084  

Bay Area Toll Authority, Toll Bridge Series S-7, Rev., 4.00%, 4/1/2029

      20,000        23,271  

California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2024

      1,675        1,803  

California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c)

      8,065        8,386  

California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2025

      1,850        2,178  

California Health Facilities Financing Authority, Providence Health and Services Series 2014A, Rev., 5.00%, 10/1/2022

      1,500        1,560  

California Health Facilities Financing Authority, Stanford Health Clinic Series 2021A, Rev., 3.00%, 8/15/2025 (c)

      5,300        5,780  

California Infrastructure and Economic Development Bank, The Broad Sustainability Bonds Series 2021A, Rev., 5.00%, 6/1/2028

      5,750        7,287  

California Municipal Finance Authority, California Lutheran University

      

Rev., 5.00%, 10/1/2025

      275        318  

Rev., 5.00%, 10/1/2026

      150        179  

Rev., 5.00%, 10/1/2027

      150        183  

California Municipal Finance Authority, NorthBay Healthcare Group

      

Series 2017A, Rev., 5.00%, 11/1/2023

      500        539  

Series 2017A, Rev., 5.00%, 11/1/2024

      800        892  

California Public Finance Authority, Enso Village Project, Green Bond Series 2021B-3, Rev., 2.13%, 11/15/2027 (e)

      1,500        1,513  

California State Public Works Board, California State University, Davidson Library at Santa Barbara Series 2013C, Rev., 5.00%, 3/1/2023 (d)

      2,820        2,989  

California Statewide Communities Development Authority, Marin General Hospital Project, Green Bond Series 2018A, Rev., 5.00%, 8/1/2028

      250        306  

City and County of San Francisco Series 2014A, GO, 5.00%, 6/15/2025

      5,310        5,448  

City of Chula Vista, Police Facility Project

      

COP, 5.00%, 10/1/2022

      465        483  

COP, 5.00%, 10/1/2023

      1,000        1,087  

City of Los Angeles Department of Airports, International Airport Senior

      

Series D, Rev., AMT, 5.00%, 5/15/2022

      3,380        3,453  

Series B, Rev., 4.00%, 5/15/2024

      365        397  

Series D, Rev., AMT, 5.00%, 5/15/2027

      2,700        3,090  

Series D, Rev., AMT, 5.00%, 5/15/2028

      1,950        2,228  

Series D, Rev., AMT, 5.00%, 5/15/2029

      2,550        2,912  

City of Los Angeles Department of Airports, International Airport Subordinate

      

Series C, Rev., 5.00%, 5/15/2022

      750        766  

Series C, Rev., 5.00%, 5/15/2024

      700        780  

City of Los Angeles, Wastewater System Series 2015-A, Rev., 5.00%, 6/1/2022

      2,750        2,816  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Contra Costa County Transportation Authority, Sales Tax

      

Series A, Rev., 5.00%, 3/1/2023

      2,420        2,563  

Series A, Rev., 5.00%, 3/1/2024

      2,000        2,211  

Eastern Municipal Water District, Water and Wastewater System Series C, Rev., 5.00%, 7/1/2022

      1,700        1,748  

Grossmont Healthcare District

      

Series 2015C, GO, 5.00%, 7/15/2026

      1,000        1,156  

Series D, GO, 5.00%, 7/15/2026

      1,225        1,416  

Los Angeles Community College District Series C, GO, 5.00%, 6/1/2026

      5,000        5,994  

Los Angeles Department of Water & Power, Water System Series A, Rev., 5.00%, 7/1/2025

      100        116  

Novato Unified School District

      

Series A, GO, 4.00%, 2/1/2022

      535        538  

Series A, GO, 5.00%, 2/1/2023

      685        723  

Series A, GO, 5.00%, 8/1/2025

      1,500        1,685  

Series A, GO, 5.00%, 8/1/2026

      1,800        2,020  

Oak Grove School District GO, 5.00%, 8/1/2023

      1,200        1,294  

Oakland State Building Authority, Elihu M. Harris State Office Building Series A, Rev., 5.00%, 12/1/2022

      1,700        1,782  

Placentia-Yorba Linda Unified School District GO, 5.00%, 8/1/2025

      1,770        2,066  

Port of Oakland, Intermediate Lien Rev., AMT, 5.00%, 5/1/2024

      2,935        3,249  

Sacramento Municipal Utility District, Electric

      

Series E, Rev., 5.00%, 8/15/2022

      2,740        2,834  

Series E, Rev., 5.00%, 8/15/2027

      105        130  

San Diego County Regional Transportation Commission, Sales Tax Series A, Rev., 5.00%, 4/1/2022

      100        102  

San Diego Public Facilities Financing Authority Series 2020A, Rev., 5.00%, 8/1/2027

      250        310  

San Francisco Bay Area Rapid Transit District, Election of 2004

      

Series D, GO, 3.00%, 8/1/2022

      2,735        2,787  

Series 2015D, GO, 5.00%, 8/1/2028

      1,685        1,956  

San Francisco City and County Public Utilities Commission Wastewater Series 2018C, Rev., 2.13%, 10/1/2023 (c)

      10,000        10,243  

San Francisco Unified School District, Proposition A, Election of 2011 Series B, GO, 5.00%, 6/15/2024

      5,190        5,324  

Santa Barbara Unified School District

      

Series A, GO, 4.00%, 8/1/2022

      30        31  

Series B, GO, 5.00%, 8/1/2026

      50        60  

Sonoma County Transportation Authority, Limited Tax Rev., 5.00%, 12/1/2024

      1,000        1,138  

State of California, Various Purpose

      

Series B, GO, 5.00%, 9/1/2023

      2,810        3,041  

GO, 5.00%, 11/1/2023

      3,560        3,879  

GO, 5.00%, 3/1/2026

      13,210        15,141  

GO, 5.00%, 9/1/2026

      4,900        5,898  

GO, 4.00%, 8/1/2028

      4,000        4,604  

GO, 4.00%, 8/1/2029

      4,180        4,801  

GO, 5.00%, 8/1/2029

      7,830        9,388  

GO, 4.00%, 8/1/2030

      10,000        11,483  

Stockton Public Financing Authority

      

Rev., 5.00%, 3/1/2027

      630        742  

Rev., 5.00%, 3/1/2029

      465        566  

Tobacco Securitization Authority of Northern California Rev., 0.45%, 6/1/2030

      100        101  

University of California Series AK, Rev., 5.00%, 5/15/2023 (c)

      11,505        12,295  

Walnut Energy Center Authority Series A, Rev., 5.00%, 1/1/2023

      400        421  

Whittier Union High School District GO, 5.00%, 8/1/2023

      10,495        11,327  
     

 

 

  

Total California

         223,939  
     

 

 

  

Colorado — 1.6%

      

City of Aurora COP, 4.00%, 12/1/2022

      375        390  

City of Longmont

      

Series A, COP, 5.00%, 12/1/2021

      100        100  

Series A, COP, 5.00%, 12/1/2022

      100        105  

Series A, COP, 5.00%, 12/1/2024

      100        109  

Colorado Bridge Enterprise, Tax-Exempt Series 2019A, Rev., 4.00%, 12/1/2027

      5,000        5,847  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Colorado Health Facilities Authority, Commonspirit Health Series B-2, Rev., 5.00%, 8/1/2026 (c)

      10,000        11,777  

Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Rev., 5.00%, 9/1/2022

      150        155  

Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c)

      1,060        1,083  

Counties of Gunnison, Watershed School District No. 1

      

Series 2014A, GO, 4.00%, 12/1/2022

      300        311  

Series 2014A, GO, 5.00%, 12/1/2024 (d)

      500        569  

County of Eagle COP, 5.00%, 12/1/2022

      200        209  

Regional Transportation District, Denver Transit Partners

      

Rev., 5.00%, 1/15/2027

      500        596  

Rev., 5.00%, 7/15/2027

      500        604  

Rev., 5.00%, 1/15/2028

      250        305  

Rev., 5.00%, 7/15/2028

      175        216  

Rev., 5.00%, 1/15/2029

      300        374  

Rev., 5.00%, 7/15/2029

      135        170  

Rev., 5.00%, 1/15/2030

      165        210  

Rev., 5.00%, 7/15/2030

      115        147  

University of Colorado, Enterprise System

      

Series 2017A-2, Rev., 5.00%, 6/1/2022 (d)

      820        840  

Series 2017A-2, Rev., 5.00%, 6/1/2022

      260        266  

Series A, Rev., 5.00%, 6/1/2022 (d)

      2,590        2,652  

Series A, Rev., 5.00%, 6/1/2022

      560        573  
     

 

 

  

Total Colorado

         27,608  
     

 

 

  

Connecticut — 2.7%

      

City of New Haven

      

Series 2021A, GO, 5.00%, 8/1/2022

      575        593  

Series 2021A, GO, 5.00%, 8/1/2023

      400        430  

Series 2021A, GO, 5.00%, 8/1/2024

      400        447  

Series 2021A, GO, 5.00%, 8/1/2025

      425        491  

Connecticut Housing Finance Authority, Housing Mortgage Finance Program Series E, Subseries E-3, Rev., 1.63%, 11/15/2022 (c)

      360        360  

Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Series 2020B-2, Rev., 5.00%, 1/1/2027 (c)

      7,750        9,286  

State of Connecticut

      

GO, 5.00%, 7/15/2022

      4,750        4,893  

GO, 5.00%, 7/15/2023

      4,260        4,585  

GO, 5.00%, 7/15/2024

      7,060        7,903  

Series 2020C, GO, 4.00%, 6/1/2032

      1,000        1,217  

State of Connecticut, Special Tax Transportation Infrastructure Purposes

      

Series C, Rev., 5.00%, 10/1/2026

      10,000        12,029  

Series 2021D, Rev., 5.00%, 11/1/2029

      1,230        1,593  

Series 2021D, Rev., 5.00%, 11/1/2030

      1,825        2,414  
     

 

 

  

Total Connecticut

         46,241  
     

 

 

  

District of Columbia — 0.1%

      

Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2029

      1,120        1,369  
     

 

 

  

Florida — 2.0%

      

County of Miami-Dade, Aviation Series 2020A, Rev., 5.00%, 10/1/2032

      2,000        2,588  

Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology

      

Rev., 5.00%, 10/1/2022

      115        119  

Rev., 5.00%, 10/1/2023

      125        135  

JEA Water and Sewer System

      

Series A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.05%, 12/9/2021 (c)

      10,000        10,000  

Series A, Rev., 5.00%, 10/1/2025

      250        293  

Miami-Dade County Expressway Authority, Toll System Series 2014A, Rev., 5.00%, 7/1/2022

      625        642  

State of Florida, Department of Transportation, Right-of- Way Acquisition and Bridge Construction Series 2021A, GO, 5.00%, 7/1/2028

      3,675        4,648  

State of Florida, State Board of Education, Lottery Series B, Rev., 5.00%, 7/1/2027

      8,540        10,252  

Volusia County School Board

      

Series 2021A, COP, 5.00%, 8/1/2025

      1,685        1,956  

Series 2021A, COP, 5.00%, 8/1/2026

      1,425        1,706  

Series 2021A, COP, 5.00%, 8/1/2027

      1,965        2,419  
     

 

 

  

Total Florida

         34,758  
     

 

 

  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Georgia — 2.2%

      

Atlanta Development Authority (The), New Downtown Atlanta Stadium Project, Senior Lien

      

Series 2015A-1, Rev., 5.00%, 7/1/2027

      1,000        1,145  

Series 2015A-1, Rev., 5.00%, 7/1/2028

      1,000        1,143  

Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project

      

Rev., 5.00%, 7/1/2023

      325        348  

Rev., 5.00%, 7/1/2025

      250        288  

Rev., 5.00%, 7/1/2026

      275        327  

Rev., 5.00%, 7/1/2028

      375        454  

Rev., 4.00%, 7/1/2032

      1,000        1,139  

Development Authority for Fulton County, Tech Athletic

      

Rev., 5.00%, 10/1/2022 (d)

      4,855        5,046  

Rev., 5.00%, 10/1/2022

      145        151  

Main Street Natural Gas, Inc. Series 2021A, Rev., 4.00%, 9/1/2027 (c)

      3,250        3,756  

Private Colleges and Universities Authority, Emory University Series 2020B, Rev., 5.00%, 9/1/2030

      10,755        14,249  

State of Georgia

      

Series 2016E, GO, 5.00%, 12/1/2025

      6,750        7,959  

Series F, GO, 5.00%, 7/1/2028

      2,000        2,422  
     

 

 

  

Total Georgia

         38,427  
     

 

 

  

Guam — 0.2%

      

Territory of Guam (Guam)

      

Series F, Rev., 5.00%, 1/1/2028

      250        302  

Series F, Rev., 5.00%, 1/1/2029

      750        922  

Series F, Rev., 5.00%, 1/1/2030

      750        936  

Series F, Rev., 5.00%, 1/1/2031

      750        958  
     

 

 

  

Total Guam

         3,118  
     

 

 

  

Hawaii — 0.0%(f)

      

City and County of Honolulu Series A, GO, 5.00%, 10/1/2029

      675        785  
     

 

 

  

Illinois — 7.3%

      

Carol Stream Park District Series 2020C, GO, 4.00%, 11/1/2027

      200        233  

Carol Stream Park District, Limited Tax Series 2020A, GO, 4.00%, 11/1/2028

      145        172  

Champaign County Community Unit School District No. 4 Champaign

      

GO, 4.00%, 6/1/2028

      1,255        1,479  

GO, 4.00%, 6/1/2029

      1,000        1,195  

GO, 4.00%, 6/1/2030

      1,285        1,557  

Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation

      

Series 2020A, GO, Zero Coupon, 1/1/2025

      960        937  

Series 2020A, GO, Zero Coupon, 1/1/2027

      385        363  

Series 2020A, GO, Zero Coupon, 1/1/2028

      570        527  

Chicago O’Hare International Airport, General Airport, Senior Lien

      

Series 2020B, Rev., 5.00%, 1/1/2028

      1,000        1,236  

Series 2020A, Rev., 5.00%, 1/1/2029

      4,390        5,544  

Series 2020A, Rev., 5.00%, 1/1/2030

      4,605        5,931  

Series 2020E, Rev., 5.00%, 1/1/2031

      4,620        5,912  

Chicago Transit Authority Capital Grant Receipts Rev., 5.00%, 6/1/2029

      1,875        2,387  

City of Chicago

      

Series 2015C, GO, 5.00%, 1/1/2022(d)

      3,335        3,348  

Series 2015C, GO, 5.00%, 1/1/2022

      1,665        1,671  

City of Waukegan

      

Series B, GO, AGM, 5.00%, 12/30/2025

      1,075        1,254  

Series B, GO, AGM, 5.00%, 12/30/2026

      1,125        1,346  

Series B, GO, AGM, 5.00%, 12/30/2027

      1,185        1,438  

City of Waukegan, First Lien, Water & Sewer System

      

Series C, Rev., AGM, 5.00%, 12/30/2023

      535        583  

Series C, Rev., AGM, 5.00%, 12/30/2026

      680        814  

Series C, Rev., AGM, 5.00%, 12/30/2027

      710        862  

Cook County Community Consolidated School District No. 65, Evanston, Limited Tax GO, 4.00%, 12/1/2030

      1,225        1,471  

Cook County Community School District No. 97, Oak Park

      

GO, 4.00%, 1/1/2028

      500        586  

GO, 4.00%, 1/1/2029

      375        443  

GO, 4.00%, 1/1/2030

      285        335  

Cook County High School District No. 207 Maine Township

      

Series 2019A, GO, 5.00%, 12/1/2027

      1,915        2,363  

Series 2019A, GO, 5.00%, 12/1/2028

      1,930        2,425  

Series 2019A, GO, 4.00%, 12/1/2029

      1,945        2,352  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Cook County School District No. 69, Skokie, Limited Tax

      

GO, 4.00%, 12/1/2026

      470        540  

GO, 4.00%, 12/1/2027

      490        572  

GO, 4.00%, 12/1/2028

      545        645  

GO, 4.00%, 12/1/2029

      515        621  

GO, 4.00%, 12/1/2030

      200        239  

GO, 4.00%, 12/1/2031

      820        974  

Cook County School District No. 99 Cicero, Limited Tax

      

Series 2019B, GO, 5.00%, 12/1/2024

      505        568  

Series 2019B, GO, 5.00%, 12/1/2025

      515        596  

Cook County Township High School District No. 225, Glenbrook Series 2016A, GO, 5.00%, 12/1/2023

      5        5  

Cook County, Proviso Township High School District No. 209, Limited Tax

      

GO, 5.00%, 12/1/2022

      2,975        3,112  

GO, 5.00%, 12/1/2023

      2,350        2,556  

County of Cook Series 2021B, GO, 4.00%, 11/15/2027

      2,425        2,843  

County of Du Page, Courthouse Project GO, 5.00%, 1/1/2024

      335        366  

DeKalb County Community Unit School District No. 428 DeKalb

      

GO, 4.00%, 1/1/2028

      1,265        1,481  

GO, 4.00%, 1/1/2029

      650        769  

GO, 4.00%, 1/1/2030

      600        705  

GO, 4.00%, 1/1/2031

      1,000        1,167  

Effingham Community Unit School District No. 40 Series 2019A, GO, 4.00%, 12/1/2028

      565        670  

Glenview Park District

      

GO, 5.00%, 12/1/2026

      300        361  

GO, 5.00%, 12/1/2029

      350        425  

Grundy and Kendall Counties Consolidated Grade School District No. 60-C GO, 4.00%, 2/1/2030

      1,145        1,341  

Illinois Finance Authority, Clean Water Initiative Revolving Fund Series 1998B, Rev., 5.00%, 1/1/2029

      4,000        4,720  

Illinois Finance Authority, DePaul University

      

Rev., 5.00%, 10/1/2023

      200        217  

Rev., 5.00%, 10/1/2025

      300        348  

Rev., 5.00%, 10/1/2028

      250        297  

Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project

      

Rev., 4.00%, 1/15/2030

      1,960        2,305  

Rev., 4.00%, 1/15/2032

      2,120        2,483  

Illinois Finance Authority, Silver Cross Hospital and Medical Centers Series 2015C, Rev., 5.00%, 8/15/2022

      500        516  

Kane and DeKalb Counties Community Unit School District No. 301 GO, 5.00%, 1/1/2027

      355        425  

Kane County School District No. 131 Aurora East Side

      

Series 2020A, GO, AGM, 5.00%, 12/1/2026

      115        137  

Series 2020B, GO, AGM, 5.00%, 12/1/2026

      210        251  

Series 2020A, GO, AGM, 4.00%, 12/1/2027

      105        122  

Series 2020A, GO, AGM, 4.00%, 12/1/2028

      65        77  

Series 2020B, GO, AGM, 4.00%, 12/1/2028

      135        160  

Series 2020A, GO, AGM, 4.00%, 12/1/2029

      65        77  

Series 2020B, GO, AGM, 4.00%, 12/1/2029

      40        47  

Series 2020A, GO, AGM, 4.00%, 12/1/2030

      80        94  

Lincoln Land Community College District No. 526

      

GO, 4.00%, 12/15/2021 (d)

      440        441  

GO, 5.00%, 12/15/2021

      305        306  

Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community

      

GO, AGM, 4.00%, 5/1/2025

      400        443  

GO, AGM, 4.00%, 5/1/2026

      200        226  

GO, AGM, 4.00%, 5/1/2028

      350        404  

GO, AGM, 4.00%, 5/1/2029

      1,000        1,149  

Peoria County Community Unit School District No. 309 Brimfield

      

GO, AGM, 4.00%, 4/1/2026

      750        851  

GO, AGM, 4.00%, 4/1/2027

      780        902  

GO, AGM, 4.00%, 4/1/2028

      410        482  

GO, AGM, 4.00%, 4/1/2029

      240        287  

GO, AGM, 4.00%, 4/1/2030

      375        445  

Peoria Public Building Commission

      

Series A, Rev., AGM, 4.00%, 12/1/2025

      700        785  

Series A, Rev., AGM, 4.00%, 12/1/2026

      1,000        1,146  

Series A, Rev., AGM, 4.00%, 12/1/2027

      1,270        1,481  

Series A, Rev., AGM, 5.00%, 12/1/2028

      1,200        1,477  

Series A, Rev., AGM, 5.00%, 12/1/2029

      2,400        2,943  

Sales Tax Securitization Corp.

      

Series C, Rev., 5.00%, 1/1/2024

      3,000        3,280  

Series C, Rev., 5.00%, 1/1/2025

      4,250        4,811  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Southwestern Illinois Development Authority, Hospital Sisters Services, Inc., Obligated Group Series A, Rev., 5.00%, 2/15/2027

      2,000        2,420  

State of Illinois Series D, GO, 5.00%, 11/1/2023

      5,000        5,427  

State of Illinois Sales Tax

      

Series A, Rev., 5.00%, 6/15/2022

      4,600        4,718  

Series A, Rev., 5.00%, 6/15/2023

      4,600        4,931  

University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024

      2,500        2,656  

Will County Forest Preservation District, Limited Tax GO, 5.00%, 12/15/2027

      805        994  

Will County Township High School District No. 204 Joliet, Limited Tax GO, 4.00%, 1/1/2029

      250        296  
     

 

 

  

Total Illinois

         124,897  
     

 

 

  

Indiana — 1.8%

      

City of Evansville, Sewage Works Rev., 4.00%, 7/1/2027

      985        1,148  

City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025

      5,000        5,376  

Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 8/1/2023

      1,000        1,077  

Indiana Finance Authority, Indiana University Health Obligated Group

      

Series C, Rev., 5.00%, 12/1/2021

      2,355        2,355  

Series B, Rev., 2.25%, 7/1/2025 (c)

      5,000        5,275  

Indiana Finance Authority, Indianapolis Power and Light Co. Project

      

Rev., 0.75%, 4/1/2026 (c)

      3,000        2,985  

Rev., AMT, 0.95%, 4/1/2026 (c)

      4,525        4,495  

Series 2021A, Rev., 1.40%, 8/1/2026 (c)

      7,000        6,960  

New Albany-Floyd County School Building Corp., First Mortgage Rev., 5.00%, 7/15/2022

      835        859  

Purdue University, Student Fee

      

Series DD, Rev., 5.00%, 7/1/2025

      870        1,011  

Series DD, Rev., 5.00%, 7/1/2027

      10        12  
     

 

 

  

Total Indiana

         31,553  
     

 

 

  

Iowa — 0.7%

      

Iowa Finance Authority, Health System Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 0.63%, 12/9/2021 (b) (e)

      12,350        12,346  
     

 

 

  

Kansas — 1.1%

      

Butler County, Unified School District No. 375 Circle Series 2014-1, GO, 4.00%, 9/1/2022 (d)

      200        206  

City of Wichita, Sales Tax, River District Stadium Star Bond Project

      

Rev., 5.00%, 9/1/2025

      300        346  

Rev., 5.00%, 9/1/2026

      465        553  

City of Wichita, Water & Sewer Utility Series 2014A, Rev., 5.00%, 10/1/2022

      2,200        2,288  

Kansas Development Finance Authority, State of Kansas Project Series F, Rev., 4.00%, 11/1/2029

      6,820        8,006  

Overland Park Development Corp., Overland Park Convention Center Hotel

      

Rev., 4.00%, 3/1/2022

      1,455        1,459  

Rev., 5.00%, 3/1/2023

      1,520        1,558  

Seward County Unified School District No. 480 Liberal Series 2017-B, GO, 5.00%, 9/1/2025

      1,750        2,035  

University of Kansas Hospital Authority, Health System Series 2017A, Rev., 5.00%, 3/1/2024

      275        303  

Wyandotte County Unified School District No. 202 Turner

      

Series 2019A, GO, AGM, 5.00%, 9/1/2025

      400        462  

Series 2019A, GO, AGM, 5.00%, 9/1/2026

      220        261  

Series 2019A, GO, AGM, 5.00%, 9/1/2027

      325        396  

Series 2019A, GO, AGM, 5.00%, 9/1/2028

      400        494  

Series 2019A, GO, AGM, 5.00%, 9/1/2029

      375        462  
     

 

 

  

Total Kansas

         18,829  
     

 

 

  

Kentucky — 1.0%

      

Kentucky Municipal Power Agency, Prairie State Project Series 2015A, Rev., NATL-RE, 5.00%, 9/1/2023

      240        258  

Kentucky Public Energy Authority, Gas Supply Series A, Rev., 4.00%, 4/1/2024 (c)

      2,500        2,683  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2020D, Rev., 5.00%, 10/1/2029 (c)

      10,500        13,441  

Northern Kentucky University Series A, Rev., 5.00%, 9/1/2024

      1,310        1,440  
     

 

 

  

Total Kentucky

         17,822  
     

 

 

  

Louisiana — 1.4%

      

City of Shreveport, Water and Sewer, Junior Lien

      

Series C, Rev., 3.00%, 12/1/2021 (d)

      175        175  

Series C, Rev., 5.00%, 12/1/2022

      270        282  

Series 2018C, Rev., 5.00%, 12/1/2023

      365        398  

Series 2019B, Rev., AGM, 4.00%, 12/1/2025

      400        449  

Series 2018C, Rev., 5.00%, 12/1/2025

      915        1,069  

Series 2018C, Rev., 5.00%, 12/1/2026

      500        603  

Series 2019B, Rev., AGM, 5.00%, 12/1/2026

      360        434  

Series 2019B, Rev., AGM, 5.00%, 12/1/2027

      600        741  

Series 2019B, Rev., AGM, 5.00%, 12/1/2028

      500        631  

Series 2019B, Rev., AGM, 5.00%, 12/1/2029

      300        378  

Jefferson Sales Tax District Series 2019B, Rev., AGM, 4.00%, 12/1/2032

      5,815        6,944  

Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 0.70%, 12/9/2021 (b)

      10,000        10,018  

Louisiana Public Facilities Authority, Tulane University Project

      

Rev., 5.00%, 12/15/2022

      230        241  

Rev., 5.00%, 12/15/2025

      250        293  

Series 2020A, Rev., 5.00%, 4/1/2027

      150        183  

Series 2020A, Rev., 5.00%, 4/1/2028

      165        205  

Series 2020A, Rev., 5.00%, 4/1/2029

      220        280  

Series 2020A, Rev., 5.00%, 4/1/2030

      130        169  

Series 2020A, Rev., 5.00%, 4/1/2031

      150        193  
     

 

 

  

Total Louisiana

         23,686  
     

 

 

  

Maryland — 0.6%

      

County of Montgomery, Consolidated Public Improvement Series 2018A, GO, 5.00%, 11/1/2027

      2,800        3,490  

State of Maryland Department of Transportation Rev., 5.00%, 10/1/2025

      6,100        7,144  
     

 

 

  

Total Maryland

         10,634  
     

 

 

  

Massachusetts — 3.1%

      

City of Boston Series 2014A, GO, 5.00%, 3/1/2023

      7,360        7,802  

Commonwealth of Massachusetts Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 0.64%, 12/9/2021 (b)

      2,730        2,730  

Commonwealth of Massachusetts, Consolidated Loan of 2015 Series D, GO, 4.00%, 9/1/2030

      8,290        9,296  

Massachusetts Bay Transportation Authority, Sales Tax Series 2021A-1, Rev., 5.00%, 7/1/2028

      785        993  

Massachusetts Clean Water Trust (The), Revolving Funds Rev., 5.00%, 8/1/2025

      6,775        7,893  

Massachusetts Development Finance Agency, Northeastern University Issue

      

Series 2020A, Rev., 5.00%, 10/1/2027

      1,000        1,239  

Series 2020A, Rev., 5.00%, 10/1/2028

      1,000        1,267  

Series 2020A, Rev., 5.00%, 10/1/2030

      660        873  

Series 2020A, Rev., 5.00%, 10/1/2031

      585        769  

Series 2020A, Rev., 5.00%, 10/1/2032

      425        557  

Series 2020A, Rev., 5.00%, 10/1/2033

      450        589  

Series 2020A, Rev., 5.00%, 10/1/2034

      500        653  

Series 2020A, Rev., 5.00%, 10/1/2035

      1,000        1,306  

Massachusetts Development Finance Agency, Partners Healthcare System Issue Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.55%, 12/9/2021 (b)

      10,000        10,014  

Massachusetts Development Finance Agency, Suffolk University Issue

      

Rev., 5.00%, 7/1/2025

      525        601  

Rev., 5.00%, 7/1/2026

      435        512  

Rev., 5.00%, 7/1/2027

      420        507  

Rev., 5.00%, 7/1/2028

      525        644  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Massachusetts Port Authority Series 2019-A, Rev., AMT, 5.00%, 7/1/2023

      4,840        5,193  
     

 

 

  

Total Massachusetts

         53,438  
     

 

 

  

Michigan — 1.6%

      

Avondale School District, Unlimited Tax Series 2020A, GO, Q-SBLF, 5.00%, 5/1/2029

      1,835        2,367  

City of Grand Rapids, Sanitary Sewer System Rev., 5.00%, 1/1/2022

      350        351  

City of Royal Oak, Limited Tax, Capital Improvement

      

GO, 5.00%, 4/1/2027

      625        758  

GO, 5.00%, 4/1/2028

      245        304  

Gerald R Ford International Airport Authority, Limited Tax

      

Rev., GTD, 5.00%, 1/1/2023

      1,560        1,641  

Rev., GTD, 5.00%, 1/1/2024

      1,400        1,536  

Grosse Pointe Public School System GO, 4.00%, 5/1/2027

      765        893  

Jackson Public Schools, Unlimited Tax

      

GO, Q-SBLF, 4.00%, 5/1/2025

      570        636  

GO, Q-SBLF, 4.00%, 5/1/2026

      885        1,017  

GO, Q-SBLF, 4.00%, 5/1/2027

      1,090        1,268  

Kalamazoo Public Schools, Unlimited Tax GO, 5.00%, 5/1/2022

      1,000        1,020  

Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027

      2,250        2,586  

Northville Public Schools, School Building and Site

      

Series II, GO, 5.00%, 5/1/2027

      375        456  

Series II, GO, 5.00%, 5/1/2028

      600        749  

Series II, GO, 5.00%, 5/1/2029

      250        318  

Troy School District, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2022

      500        510  

University of Michigan Series 2019C, Rev., 4.00%, 4/1/2024 (c)

      10,650        11,397  
     

 

 

  

Total Michigan

         27,807  
     

 

 

  

Minnesota — 0.4%

      

Duluth Independent School District No. 709

      

Series 2019B, COP, 5.00%, 2/1/2024

      210        229  

Series 2019C, COP, 5.00%, 2/1/2024

      295        322  

Series 2019B, COP, 5.00%, 2/1/2025

      185        209  

Series 2019C, COP, 5.00%, 2/1/2025

      310        350  

Series 2019B, COP, 5.00%, 2/1/2026

      195        227  

Series 2019C, COP, 5.00%, 2/1/2026

      320        372  

Series 2019B, COP, 5.00%, 2/1/2027

      185        221  

Series 2019B, COP, 5.00%, 2/1/2028

      175        214  

Series 2019C, COP, 5.00%, 2/1/2028

      350        427  

Minneapolis-St. Paul Metropolitan Airports Commission Series A, Rev., 5.00%, 1/1/2022

      1,000        1,004  

Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.

      

Rev., 4.00%, 12/1/2024

      100        109  

Rev., 4.00%, 12/1/2025

      185        206  

Rev., 4.00%, 12/1/2026

      185        210  

Rev., 4.00%, 12/1/2027

      195        224  

Rev., 4.00%, 12/1/2028

      240        280  

Western Minnesota Municipal Power Agency, Power Supply

      

Series A, Rev., 5.00%, 1/1/2023

      1,500        1,576  

Series 2014A, Rev., 5.00%, 1/1/2024

      1,000        1,096  
     

 

 

  

Total Minnesota

         7,276  
     

 

 

  

Mississippi — 0.7%

      

County of Harrison, Tax-Exempt

      

Series A, GO, 5.00%, 10/1/2027

      800        988  

Series A, GO, 5.00%, 10/1/2028

      345        437  

Medical Center Educational Building Corp., Capital Improvements and Refinancing Project Rev., 5.00%, 6/1/2031

      3,105        3,927  

Mississippi Business Finance Corp., Pollution Control, Power Co. Project Rev., 3.20%, 9/1/2028

      4,000        4,207  

State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2028

      1,400        1,759  
     

 

 

  

Total Mississippi

         11,318  
     

 

 

  

Missouri — 0.5%

      

City of Chesterfield COP, 5.00%, 12/1/2021

      1,000        1,000  

City of St. Louis, St. Louis Lambert International Airport

      

Rev., 5.00%, 7/1/2022

      1,000        1,028  

Rev., 5.00%, 7/1/2023

      1,080        1,160  

City of St. Peters COP, 4.00%, 5/1/2026

      705        802  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

COP, 4.00%, 5/1/2027

      730        848  

COP, 4.00%, 5/1/2028

      760        897  

COP, 4.00%, 5/1/2029

      760        907  

COP, 4.00%, 5/1/2030

      545        660  

County of Greene, Special Obligation

      

Rev., 4.00%, 12/1/2028

      300        358  

Rev., 4.00%, 12/1/2029

      200        242  

North Kansas City School District 74, Improvement Bonds, Missouri Direct Deposit Program GO, 5.00%, 3/1/2022

      350        354  
     

 

 

  

Total Missouri

         8,256  
     

 

 

  

Montana — 0.1%

      

Gallatin County High School District No. 7 Bozeman Series 2017A, GO, 5.00%, 12/1/2023

      515        563  

Missoula County Elementary School District No. 1, School Building GO, 5.00%, 7/1/2024

      520        582  

State of Montana, Long-Range Building Program GO, 5.00%, 8/1/2022

      1,000        1,032  
     

 

 

  

Total Montana

         2,177  
     

 

 

  

Nebraska — 1.3%

      

County of Sarpy, Limited Tax GO, 5.00%, 6/1/2026

      2,320        2,771  

Omaha School District, Omaha Public Schools

      

GO, 5.00%, 12/15/2029

      6,665        8,718  

GO, 5.00%, 12/15/2030

      6,800        9,079  

Southeast Community College, Tax Supported

      

COP, 5.00%, 12/15/2021

      200        200  

COP, 5.00%, 12/15/2026

      275        334  

COP, 5.00%, 12/15/2027

      495        615  

COP, 5.00%, 12/15/2028

      540        681  
     

 

 

  

Total Nebraska

         22,398  
     

 

 

  

New Hampshire — 0.3%

      

New Hampshire Municipal Bond Bank Series 2020A, Rev., 5.00%, 2/15/2029

      1,870        2,403  

State of New Hampshire Series A, GO, 5.00%, 3/1/2026

      2,880        3,294  
     

 

 

  

Total New Hampshire

         5,697  
     

 

 

  

New Jersey — 4.4%

      

City of Newark

      

Series 2020A, GO, AGM, 5.00%, 10/1/2027

      1,000        1,213  

Series 2020A, GO, AGM, 5.00%, 10/1/2028

      750        929  

New Jersey Economic Development Authority, School Facilities Construction

      

Series DDD, Rev., 5.00%, 6/15/2025

      1,500        1,723  

Series DDD, Rev., 5.00%, 6/15/2026

      1,840        2,178  

Rev., 5.00%, 6/15/2027

      435        528  

Rev., 5.00%, 6/15/2028

      400        497  

Rev., 5.00%, 6/15/2029

      500        631  

Rev., 5.00%, 6/15/2030

      275        352  

Rev., 5.00%, 6/15/2031

      500        646  

New Jersey Institute of Technology, Tax-Exempt

      

Series 2020A, Rev., 5.00%, 7/1/2027

      175        213  

Series 2020A, Rev., 5.00%, 7/1/2028

      200        249  

Series 2020A, Rev., 5.00%, 7/1/2029

      270        344  

Series 2020A, Rev., 5.00%, 7/1/2030

      415        526  

Series 2020A, Rev., 5.00%, 7/1/2032

      725        914  

New Jersey Transportation Trust Fund Authority Series 2021A, Rev., 5.00%, 6/15/2027

      3,700        4,499  

New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement

      

Series A, Rev., 5.00%, 6/15/2028

      3,000        3,534  

Series A, Rev., 5.00%, 6/15/2029

      5,350        6,289  

Series A, Rev., 5.00%, 6/15/2031

      4,750        5,559  

New Jersey Turnpike Authority Series C-6, Rev., (ICE LIBOR USD 1 Month + 0.75%), 0.81%, 1/4/2022 (b)

      10,000        10,017  

Passaic Valley Sewerage Commission, Sewer System

      

Series J, Rev., AGM, 3.00%, 12/1/2027

      6,370        7,127  

Series J, Rev., AGM, 3.00%, 12/1/2028

      6,465        7,310  

Series J, Rev., AGM, 3.00%, 12/1/2030

      6,665        7,448  

State of New Jersey, COVID-19 Emergency Bonds GO, 5.00%, 6/1/2025

      7,330        8,444  

State of New Jersey, Various Purpose GO, 4.00%, 6/1/2026

      3,870        4,074  

Township of South Brunswick GO, 5.00%, 9/1/2022

      425        440  
     

 

 

  

Total New Jersey

         75,684  
     

 

 

  

New Mexico — 0.4%

      

City of Farmington, San Juan Project Series 2010A, Rev., 0.88%, 10/1/2026 (c)

      4,000        3,981  

County of Sandoval

      

GO, 5.00%, 8/1/2024

      1,100        1,232  

GO, 5.00%, 8/1/2025

      500        581  

GO, 5.00%, 8/1/2026

      650        778  
     

 

 

  

Total New Mexico

         6,572  
     

 

 

  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

New York — 7.8%

      

Bedford Central School District, Boces Project GO, 5.00%, 11/15/2022

      2,410        2,521  

City of Jamestown, Public Improvement GO, 5.00%, 6/1/2025

      540        619  

City of New York, Fiscal Year 2020 Series 2020-1, GO, 4.00%, 8/1/2027

      2,450        2,890  

County of Monroe

      

GO, 5.00%, 6/1/2028

      350        441  

GO, 5.00%, 6/1/2029

      400        517  

County of Orange, Public Improvement GO, 5.00%, 2/1/2023

      1,000        1,056  

Floral Park-Bellerose Union Free School District

      

GO, 5.00%, 12/1/2028

      640        819  

GO, 4.00%, 12/1/2029

      670        811  

Hampton Bays Union Free School District GO, 5.00%, 9/15/2022

      2,025        2,101  

Long Island Power Authority, Electric System

      

Rev., 5.00%, 9/1/2025

      500        584  

Rev., 5.00%, 9/1/2027

      500        618  

Rev., 5.00%, 9/1/2028

      750        928  

Longwood Central School District, Suffolk County GO, 5.00%, 6/15/2026

      365        439  

Metropolitan Transportation Authority Subseries C-1, Rev., 5.00%, 11/15/2024

      3,000        3,381  

Metropolitan Transportation Authority, Dedicated Tax Fund Subseries 2017B-2, Rev., 4.00%, 11/15/2032

      4,000        4,600  

Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project Series 2014B, Rev., 5.00%, 7/1/2023

      800        858  

New York City Industrial Development Agency, Queens Baseball Stadium Project Rev., AGM, 4.00%, 1/1/2032

      1,000        1,222  

New York City Industrial Development Agency, Yankee Stadium Project

      

Rev., AGM, 5.00%, 3/1/2028

      1,000        1,238  

Rev., AGM, 5.00%, 3/1/2029

      2,000        2,531  

Rev., AGM, 4.00%, 3/1/2031

      2,500        3,035  

Rev., AGM, 4.00%, 3/1/2032

      1,500        1,809  

New York Convention Center Development Corp., Hotel Unit Fee Secured Rev., 5.00%, 11/15/2026

      5,000        5,814  

New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center

      

Series 2017-1, Rev., 5.00%, 7/1/2026

      1,000        1,199  

Series 1, Rev., 4.00%, 7/1/2031

      4,255        5,151  

New York State Dormitory Authority, Montefiore Obligated Group Series 2018A, Rev., 5.00%, 8/1/2027

      3,225        3,913  

New York State Dormitory Authority, New York University Series 2019A, Rev., 5.00%, 7/1/2027

      4,630        5,703  

New York State Dormitory Authority, Non Stop Supported Debt, New School University

      

Series 2015A, Rev., 5.00%, 7/1/2024

      1,025        1,142  

Series 2015A, Rev., 5.00%, 7/1/2024 (d)

      75        84  

New York State Dormitory Authority, St. John’s University

      

Series 2021A, Rev., 4.00%, 7/1/2029

      475        568  

Series 2021A, Rev., 4.00%, 7/1/2030

      550        667  

Series 2021A, Rev., 4.00%, 7/1/2031

      1,300        1,595  

Series 2021A, Rev., 4.00%, 7/1/2032

      1,100        1,338  

Series 2021A, Rev., 4.00%, 7/1/2033

      1,000        1,210  

New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2021A, Rev., 5.00%, 3/15/2034

      5,965        7,857  

New York State Dormitory Authority, State Sales Tax Series 2017A, Rev., 5.00%, 3/15/2024

      6,135        6,791  

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        9,643  

New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt

      

Rev., 5.00%, 12/1/2027

      800        969  

Rev., 5.00%, 12/1/2028

      500        619  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Niagara Frontier Transportation Authority, Buffalo Niagara International Airport

      

Series 2019A, Rev., AMT, 5.00%, 4/1/2028

      265        326  

Series 2019A, Rev., AMT, 5.00%, 4/1/2029

      265        331  

Port Authority of New York and New Jersey, Consolidated Series 207, Rev., AMT, 5.00%, 9/15/2023

      4,325        4,678  

Sales Tax Asset Receivable Corp., Fiscal Year 2015

      

Series 2015A, Rev., 5.00%, 10/15/2022 (d)

      4,800        5,001  

Series 2015A, Rev., 5.00%, 10/15/2024 (d)

      4,500        5,098  

Schenectady County Capital Resource Corp., Union College Project Rev., 5.00%, 1/1/2025

      400        455  

State of New York Series 2019A, GO, 5.00%, 3/1/2026

      3,250        3,867  

Syracuse Industrial Development Agency, School District Project

      

Series 2020A, Rev., 5.00%, 5/1/2030

      555        693  

Series 2018A, Rev., 5.00%, 5/1/2033

      1,245        1,467  

Town of East Hampton GO, 5.00%, 5/15/2023

      1,000        1,069  

Town of Oyster Bay, Public Improvement

      

GO, 4.00%, 11/1/2026

      800        924  

GO, 4.00%, 11/1/2027

      675        793  

Triborough Bridge and Tunnel Authority Series A, Rev., 5.00%, 11/15/2024

      3,290        3,513  

Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels

      

Series 2021A, Rev., BAN, 5.00%, 11/1/2025

      5,000        5,865  

Series 2021A-2, Rev., 2.00%, 5/15/2028 (c)

      10,000        10,591  

White Plains City School District GO, 5.00%, 5/15/2024

      1,550        1,731  
     

 

 

  

Total New York

         133,683  
     

 

 

  

North Carolina — 1.3%

      

North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (c)

      13,805        14,651  

State of North Carolina, Build NC Programs, Limited Obligation Series 2017B, Rev., 5.00%, 5/1/2022

      700        714  

University of North Carolina at Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.46%, 1/4/2022 (b)

      5,750        5,758  

Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina Rev., AGM, 5.00%, 10/1/2023

      445        482  
     

 

 

  

Total North Carolina

         21,605  
     

 

 

  

Ohio — 0.8%

      

City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements

      

Series 2018A, Rev., 5.00%, 10/1/2025

      150        175  

Series 2018A, Rev., 5.00%, 10/1/2027

      250        309  

Series 2018A, Rev., 5.00%, 10/1/2028

      250        312  

City of Dublin, Various Purpose GO, 4.00%, 12/1/2028

      200        226  

County of Hamilton, Sewer System, The Metropolitan Sewer District of Greater Cincinnati

Series A, Rev., 5.00%, 12/1/2021

      1,375        1,375  

County of Lake, Hospital Facilities, Lake Hospital System, Inc.

      

Rev., 5.00%, 8/15/2023 (d)

      1,445        1,558  

Rev., 5.00%, 8/15/2024 (d)

      1,655        1,855  

Cuyahoga Community College District, Facilities Construction and Improvement GO, 5.00%, 12/1/2028

      2,300        2,737  

Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project

      

Rev., 5.00%, 12/1/2025

      250        282  

Rev., 5.00%, 12/1/2026

      625        721  

Rev., 5.00%, 12/1/2029

      800        963  

State of Ohio, University Hospitals Health System, Inc. Series B, Rev., VRDO, 0.11%, 12/9/2021 (c)

      2,500        2,500  
     

 

 

  

Total Ohio

         13,013  
     

 

 

  

Oklahoma — 2.3%

      

Bryan County School Finance Authority, Durant Public Schools Project

      

Rev., 4.00%, 12/1/2028

      385        459  

Rev., 4.00%, 12/1/2029

      415        502  

Rev., 4.00%, 12/1/2030

      435        525  

Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project

      

Rev., 5.00%, 9/1/2025

      365        421  

Rev., 5.00%, 9/1/2026

      820        973  

Rev., 5.00%, 9/1/2027

      1,250        1,517  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Cleveland County Educational Facilities Authority, Moore Public Schools Project Rev., 4.00%, 6/1/2027

      9,000        10,503  

Cleveland County Educational Facilities Authority, Norman Public Schools Project Rev., 5.00%, 6/1/2025

      3,050        3,518  

Custer County Economic Development Authority, Thomas Fay Public Schools

      

Rev., 4.00%, 12/1/2025

      700        777  

Rev., 4.00%, 12/1/2027

      1,255        1,432  

Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project

      

Rev., 5.00%, 9/1/2028

      375        470  

Rev., 5.00%, 9/1/2029

      1,175        1,466  

Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project Rev., 4.00%, 9/1/2029

      300        362  

Muskogee Industrial Trust, Muskogee Public Schools Project

      

Rev., 5.00%, 9/1/2024

      890        987  

Rev., 5.00%, 9/1/2025

      850        971  

Rev., 5.00%, 9/1/2026

      1,800        2,107  

Rev., 5.00%, 9/1/2027

      480        574  

Rev., 4.00%, 9/1/2028

      2,500        2,890  

Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project

      

Rev., 5.00%, 10/1/2022

      500        519  

Rev., 5.00%, 10/1/2023

      355        385  

Rev., 5.00%, 10/1/2025

      1,000        1,160  

Pittsburg County Educational Facilities Authority, McAlester Public Schools Project

      

Rev., 4.00%, 12/1/2027

      125        145  

Rev., 4.00%, 12/1/2028

      175        204  

University of Oklahoma (The), Tax Exempt

      

Series 2020B, Rev., 5.00%, 7/1/2026

      810        962  

Series 2020B, Rev., 5.00%, 7/1/2027

      430        524  

Series 2020B, Rev., 5.00%, 7/1/2028

      455        568  

Series 2020B, Rev., 5.00%, 7/1/2029

      480        612  

Series 2020B, Rev., 5.00%, 7/1/2032

      1,105        1,420  

Wagoner County School Development Authority, Wagoner Public Schools Project

      

Rev., 4.00%, 9/1/2025

      625        688  

Rev., 4.00%, 9/1/2027

      725        822  

Rev., 4.00%, 9/1/2028

      300        343  
     

 

 

  

Total Oklahoma

         38,806  
     

 

 

  

Oregon — 0.2%

      

City of Portland, Sewer System, First Lien Series 2014A, Rev., 5.00%, 10/1/2023

      40        43  

Port of Portland, International Airport

      

Series 23, Rev., 5.00%, 7/1/2023

      1,000        1,074  

Series 23, Rev., 5.00%, 7/1/2024

      1,595        1,782  

Yamhill County Hospital Authority, Friendsview, Tax Exempt Series 2021B-1, Rev., 2.50%, 11/15/2028

      500        502  
     

 

 

  

Total Oregon

         3,401  
     

 

 

  

Pennsylvania — 7.1%

      

Allegheny County Sanitary Authority, Sewer

      

Rev., 5.00%, 12/1/2021

      3,500        3,500  

Rev., 5.00%, 12/1/2022

      3,000        3,142  

Rev., 5.00%, 12/1/2023

      4,000        4,370  

Berks County Industrial Development Authority, Tower Health Project

      

Rev., 5.00%, 11/1/2023

      1,000        1,061  

Rev., 5.00%, 11/1/2024

      1,000        1,088  

Charleroi Borough Authority Water System

      

Rev., AGM, 4.00%, 12/1/2024

      175        192  

Rev., AGM, 4.00%, 12/1/2025

      150        169  

Rev., AGM, 4.00%, 12/1/2026

      100        115  

Rev., AGM, 4.00%, 12/1/2027

      125        145  

Chester County Health and Education Facilities Authority, Main Line Health System

      

Series 2020A, Rev., 5.00%, 9/1/2026

      250        300  

Series 2020A, Rev., 5.00%, 9/1/2027

      200        247  

Series 2020A, Rev., 5.00%, 9/1/2028

      175        220  

Series 2020A, Rev., 5.00%, 9/1/2029

      175        225  

City of Philadelphia, Water and Wastewater System

      

Series A, Rev., 5.00%, 7/1/2022

      1,510        1,552  

Series 2014A, Rev., 5.00%, 7/1/2024

      2,595        2,906  

City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2027

      350        430  

Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2022

      555        568  

County of Chester GO, 4.00%, 7/15/2028

      2,500        3,017  

County of Lackawanna

      

Series 2020B, GO, 4.00%, 9/1/2027

      1,480        1,721  

Series 2020B, GO, 4.00%, 9/1/2028

      1,495        1,766  

Series 2020B, GO, 4.00%, 9/1/2029

      1,525        1,802  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

County of Northampton

      

Series A, GO, 4.00%, 10/1/2026

      750        855  

Series A, GO, 4.00%, 10/1/2027

      1,565        1,786  

Series A, GO, 4.00%, 10/1/2028

      920        1,047  

County of Westmoreland Series A, GO, 5.00%, 8/15/2028

      3,000        3,739  

Lehigh County Industrial Development Authority, PPL Electric Utilities Corp. Project

      

Series 2016B, Rev., 1.80%, 8/15/2022 (c)

      4,000        4,037  

Series 2016A, Rev., 1.80%, 9/1/2022 (c)

      2,500        2,524  

Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, 9/1/2024

      1,000        1,118  

Panther Valley School District

      

GO, 2.00%, 10/15/2026

      750        768  

GO, 2.00%, 10/15/2027

      680        692  

GO, 2.00%, 10/15/2028

      300        304  

GO, 2.00%, 10/15/2029

      300        302  

Penn Hills School District

      

GO, 5.00%, 10/1/2026

      4,845        5,774  

GO, 5.00%, 10/1/2027

      3,585        4,383  

GO, 5.00%, 10/1/2028

      3,585        4,486  

GO, 5.00%, 10/1/2029

      3,815        4,872  

Pennsylvania Higher Educational Facilities Authority, Trustees of the University Series 2015C, Rev., 5.00%, 10/1/2022

      5,055        5,258  

Pennsylvania Turnpike Commission

      

Series A, Rev., 5.00%, 12/1/2021

      655        655  

Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 0.65%, 12/9/2021 (b)

      13,000        13,138  

Pittsburgh Water and Sewer Authority, First Lien Series A, Rev., 5.00%, 9/1/2023

      270        292  

Quaker Valley School District

      

GO, 5.00%, 10/1/2028

      350        444  

GO, 5.00%, 10/1/2029

      425        551  

GO, 5.00%, 10/1/2030

      250        327  

School District of Philadelphia (The)

      

Series 2021A, GO, 5.00%, 9/1/2022

      1,715        1,776  

Series 2021A, GO, 5.00%, 9/1/2023

      1,190        1,287  

Series 2021A, GO, 5.00%, 9/1/2024

      1,265        1,419  

Schuylkill Valley School District

      

GO, 5.00%, 4/1/2022

      255        259  

GO, 5.00%, 4/1/2022 (d)

      95        97  

Southcentral General Authority, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026

      1,400        1,620  

Southcentral General Authority, Wellspan Health Obligated Group Series 2014A, Rev., 5.00%, 6/1/2024

      380        424  

Southeastern Pennsylvania Transportation Authority

      

Rev., 5.00%, 6/1/2027

      635        777  

Rev., 5.00%, 6/1/2028

      2,265        2,833  

Rev., 5.00%, 6/1/2029

      3,115        3,980  

Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax

      

Rev., AGM, 5.00%, 2/1/2028

      2,590        3,221  

Rev., AGM, 5.00%, 2/1/2029

      2,750        3,503  

Rev., AGM, 5.00%, 2/1/2030

      2,925        3,754  

Rev., AGM, 5.00%, 2/1/2031

      4,750        6,068  

State Public School Building Authority, Community College of Philadelphia Project Rev., 5.00%, 6/15/2024

      2,625        2,906  

Upper St. Clair Township School District

      

Series 2019B, GO, 4.00%, 10/1/2028

      575        663  

Series 2019B, GO, 4.00%, 10/1/2029

      420        483  
     

 

 

  

Total Pennsylvania

         120,958  
     

 

 

  

Rhode Island — 0.3%

      

Rhode Island Commerce Corp., Department of Transportation Series 2016-A, Rev., 5.00%, 6/15/2022

      25        26  

Rhode Island Health and Educational Building Corp., Public School Financing Program

      

Series 2021F, Rev., 4.00%, 5/15/2027

      1,200        1,404  

Series 2021F, Rev., 4.00%, 5/15/2028

      1,650        1,959  

Series 2021F, Rev., 4.00%, 5/15/2029

      2,000        2,413  
     

 

 

  

Total Rhode Island

         5,802  
     

 

 

  

South Carolina — 0.5%

      

Piedmont Municipal Power Agency

      

Series 2021A, Rev., 3.00%, 1/1/2022

      4,405        4,415  

Series 2021A, Rev., 3.00%, 1/1/2023

      3,315        3,412  
     

 

 

  

Total South Carolina

         7,827  
     

 

 

  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

South Dakota — 0.0% (f)

      

South Dakota Health and Educational Facilities Authority, Sanford Health Obligated Group

Series B, Rev., 5.00%, 11/1/2022

      375        391  
     

 

 

  

Tennessee — 2.2%

      

County of Hamilton Series 2020B, GO, 5.00%, 3/1/2027

      2,685        3,287  

County of Rutherford Series A, GO, 5.00%, 4/1/2026

      1,165        1,339  

Metropolitan Government Nashville and Davidson County Industrial Development Board Rev., 0.45%, 10/1/2024 (c)

      10,000        9,983  

State of Tennessee

      

Series A, GO, 4.00%, 8/1/2022 (d)

      7,000        7,179  

Series 2021A, GO, 5.00%, 11/1/2033

      3,980        5,423  

Tennergy Corp., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2028 (c)

      6,500        7,569  

Tennessee Energy Acquisition Corp., Gas Project

      

Series A, Rev., 4.00%, 5/1/2022

      1,460        1,482  

Series A, Rev., 4.00%, 5/1/2023

      1,400        1,472  
     

 

 

  

Total Tennessee

         37,734  
     

 

 

  

Texas — 4.6%

      

Abilene Independent School District, Unlimited Tax School Building GO, PSF-GTD, 4.00%, 2/15/2029

      2,000        2,368  

Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2029

      1,000        1,146  

Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project

      

Series 2018C, Rev., 5.00%, 8/1/2026

      250        300  

Series 2018C, Rev., 5.00%, 8/1/2027

      200        247  

Series 2018C, Rev., 5.00%, 8/1/2029

      325        397  

Austin Convention Enterprises, Inc., Convention Center Hotel First Tier Series 2017A, Rev., 5.00%, 1/1/2022

      750        752  

City of Austin, Airport System

      

Series 2017B, Rev., AMT, 5.00%, 11/15/2026

      1,095        1,310  

Series 2017B, Rev., AMT, 5.00%, 11/15/2027

      585        699  

Series 2017B, Rev., AMT, 5.00%, 11/15/2028

      630        751  

City of Cedar Park, Utility System Rev., 5.00%, 8/15/2022

      560        579  

City of Denton GO, 5.00%, 2/15/2023

      1,045        1,105  

City of El Paso GO, 5.00%, 8/15/2025

      4,035        4,687  

City of Galveston, Certificates of Obligation GO, 4.00%, 5/1/2024

      635        689  

City of Garland, Water and Sewer System Series 2018A, Rev., 5.00%, 3/1/2026

      1,030        1,219  

City of Houston, Public Improvement Series A, GO, 5.00%, 3/1/2025

      1,195        1,369  

City of San Antonio, Electric and Gas Systems Series B, Rev., VRDO, 2.00%, 12/1/2021(c)

      5,475        5,475  

County of Galveston, Unlimited Tax

      

GO, 4.00%, 2/1/2024

      980        1,054  

GO, 4.00%, 2/1/2025

      800        886  

Cypress-Fairbanks Independent School District, Unlimited Tax Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2026

      3,855        4,555  

Forney Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2024

      1,310        1,471  

Grand Parkway Transportation Corp., System Toll Rev., BAN, 5.00%, 2/1/2023

      10,000        10,529  

Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%, 12/1/2026

      1,910        2,161  

Harris County Fresh Water Supply District No. 61 GO, AGM, 3.00%, 9/1/2025

      530        577  

Hereford Independent School District, School Building, Unlimited Tax

      

GO, PSF-GTD, 4.00%, 2/15/2028

      1,420        1,644  

GO, PSF-GTD, 4.00%, 2/15/2029

      1,480        1,705  

Houston Community College System, Limited Tax GO, 5.00%, 2/15/2023 (d)

      1,000        1,058  

Irving Hospital Authority, Baylor Scott and White Medical Center Series 2017B, Rev., (SIFMA Municipal Swap Index Yield + 1.10%), 1.15%, 12/9/2021 (b)

      1,580        1,587  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Series 2017A, Rev., 5.00%, 10/15/2022

      250        260  

Series 2017A, Rev., 5.00%, 10/15/2028

      250        291  

Series 2017A, Rev., 5.00%, 10/15/2029

      500        580  

Katy Independent School District, School Building GO, PSF-GTD, 4.00%, 2/15/2027

      290        303  

Klein Independent School District, Unlimited Tax Series B, GO, 5.00%, 8/1/2029

      525        609  

Lewisville Independent School District, Unlimited Tax

      

GO, PSF-GTD, 5.00%, 8/15/2025

      750        809  

GO, PSF-GTD, 5.00%, 8/15/2026

      750        809  

GO, PSF-GTD, 5.00%, 8/15/2027

      650        701  

Lower Colorado River Authority

      

Series B, Rev., 5.00%, 5/15/2022 (d)

      60        61  

Series B, Rev., 5.00%, 5/15/2023

      4,700        4,801  

North Texas Tollway Authority, First Tier Series A, Rev., 4.00%, 1/1/2033

      2,500        2,841  

Odessa Junior College District, Consolidated Fund

      

Rev., AGM, 4.00%, 7/1/2022

      740        756  

Rev., AGM, 4.00%, 7/1/2023

      950        1,004  

Rev., AGM, 4.00%, 7/1/2025

      440        493  

Rev., AGM, 4.00%, 7/1/2026

      300        343  

Rev., AGM, 4.00%, 7/1/2027

      430        502  

Pasadena Independent School District, School Building, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2028

      1,000        1,097  

Richardson Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2029

      3,165        3,946  

S&S Consolidated Independent School District GO, PSF-GTD, 4.00%, 2/15/2028

      580        681  

Southside Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2022

      250        259  

Southwest Higher Education Authority, Inc., Southern Methodist University Project

      

Rev., 5.00%, 10/1/2022

      400        416  

Rev., 5.00%, 10/1/2023

      400        433  

Texas Municipal Gas Acquisition and Supply Corp., I Gas Supply Senior Lien Series D, Rev., 6.25%, 12/15/2026

      1,320        1,523  

West Travis County Public Utility Agency

      

Rev., 5.00%, 8/15/2022

      545        562  

Rev., 5.00%, 8/15/2023

      325        350  

Rev., 5.00%, 8/15/2027

      350        427  

Wichita Falls Independent School District, Unlimited Tax

      

GO, PSF-GTD, 4.00%, 2/1/2028

      1,100        1,305  

GO, PSF-GTD, 4.00%, 2/1/2030

      800        979  

GO, PSF-GTD, 4.00%, 2/1/2031

      1,000        1,213  
     

 

 

  

Total Texas

         78,674  
     

 

 

  

Utah — 0.8%

      

City of Salt Lake, International Airport Series A, Rev., AMT, 5.00%, 7/1/2022

      1,000        1,027  

Utah Infrastructure Agency, Tax-Exempt Telecommunications Series A, Rev., 5.00%, 10/15/2025

      8,675        10,018  

West Valley City Municipal Building Authority

      

Rev., AGM, 4.00%, 2/1/2024

      500        537  

Rev., AGM, 5.00%, 2/1/2025

      250        284  

Rev., AGM, 5.00%, 2/1/2027

      720        868  

Rev., AGM, 5.00%, 2/1/2029

      1,070        1,284  
     

 

 

  

Total Utah

         14,018  
     

 

 

  

Vermont — 0.1%

      

University of Vermont and State Agricultural College Rev., 5.00%, 10/1/2022

      855        889  

Vermont Municipal Bond Bank Series 3, Rev., 5.00%, 12/1/2021

      400        400  
     

 

 

  

Total Vermont

         1,289  
     

 

 

  

Virginia — 3.5%

      

County of Fairfax, Public Improvement Series 2019A, GO, 4.00%, 10/1/2026

      7,715        8,954  

County of Loudoun, Public Improvement Series A, GO, 5.00%, 12/1/2026

      1,930        2,275  

Fairfax County Water Authority Series B, Rev., 5.25%, 4/1/2024

      5,615        6,257  

Hampton Roads Transportation Accountability Commission, Senior Lien Series 2021A, Rev., BAN, 5.00%, 7/1/2026

      13,500        16,119  

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Principal
Amount ($000)		      Value ($000)  

Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs

      

Series 2017E, Rev., 5.00%, 2/1/2027

      20,000        24,378  

Series 2017C, Rev., 5.00%, 2/1/2028

      1,000        1,213  

Virginia Resources Authority, Infrastructure Pooled Financing Program Series C, Rev., 5.00%, 11/1/2027

      1,235        1,499  
     

 

 

  

Total Virginia

         60,695  
     

 

 

  

Washington — 1.2%

      

Snohomish County Public Utility District No. 1, Electric System Rev., 5.00%, 12/1/2025

      500        588  

Washington Health Care Facilities Authority, Commonspirit Health Series B-3, Rev., 5.00%, 8/1/2026 (c)

      17,000        20,020  
     

 

 

  

Total Washington

         20,608  
     

 

 

  

West Virginia — 0.2%

      

West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project Series 2009A, Rev., 2.63%, 6/1/2022 (c)

      2,905        2,937  
     

 

 

  

Wisconsin — 1.8%

      

Pewaukee School District Series 2019B, GO, 5.00%, 9/1/2027

      200        247  

State of Wisconsin

      

Series A, GO, 5.00%, 5/1/2026

      5,050        5,820  

Series 1, GO, 5.00%, 11/1/2026

      1,135        1,375  

Sun Prairie Area School District GO, 4.00%, 3/1/2028

      2,500        2,912  

Wauwatosa School District, School Building and Improvement

      

Series 2019A, GO, 5.00%, 3/1/2027

      5,025        6,128  

Series 2019A, GO, 5.00%, 3/1/2029

      6,025        7,313  

Wisconsin Department of Transportation

      

Series 2021A, Rev., 5.00%, 7/1/2027

      1,650        2,034  

Series 2021A, Rev., 5.00%, 7/1/2028

      1,200        1,519  

Series 2021A, Rev., 5.00%, 7/1/2029

      1,970        2,554  

Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2025

      325        377  
     

 

 

  

Total Wisconsin

         30,279  
     

 

 

  

TOTAL MUNICIPAL BONDS

(Cost $1,500,998)

 

 

      1,548,333  
     

 

 

  

COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0% (f)

 

FNMA, REMIC Series 2002-36, Class FS, 0.59%, 6/25/2032 (c)

(Cost $63)

      63        63  
     

 

 

  
     Shares
(000)		         

SHORT-TERM INVESTMENTS — 8.7%

      

INVESTMENT COMPANIES — 8.7%

      

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.05% (g) (h)
(Cost $148,065)

      147,999        148,058  
     

 

 

  

Total Investments — 99.1%

(Cost $1,649,126)

 

 

      1,696,454  

Other Assets Less Liabilities — 0.9%

 

      14,571  
     

 

 

  

Net Assets — 100.0%

 

      1,711,025  
     

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

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
GTD    Guaranteed
ICE    Intercontinental Exchange
LIBOR    London Interbank Offered Rate
LOC    Letter of Credit
MTA    Metropolitan Transportation Authority
NATL    Insured by National Public Finance Guarantee Corp.
PSF-GTD    Permanent School Fund Guaranteed
Q-SBLF    Qualified School Bond Loan Fund
RE    Reinsured
REMIC    Real Estate Mortgage Investment Conduit
Rev.    Revenue
SIFMA    The Securities Industry and Financial Markets Association
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, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2021.
(c)    Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2021.
(d)    Security is prerefunded or escrowed to maturity.
(e)    Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)    Amount rounds to less than 0.1% of net assets.
(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.

JPMorgan Short-Intermediate Municipal Bond 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.

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

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

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

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

 

•  

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

 

•  

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

 

•  

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

 

     Level 1
Quoted prices		      Level 2
Other significant
observable inputs		      Level 3
Significant
unobservable inputs		      Total  

Investments in Securities

 

      

Collateralized Mortgage Obligations

    $ —        $ 63      $ —        $ 63  

Municipal Bonds

      —          1,548,333        —          1,548,333  

Short-Term Investments

 

      

Investment Companies

      148,058        —          —          148,058  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 148,058      $ 1,548,396      $ —        $ 1,696,454  
  

 

 

     

 

 

     

 

 

     

 

 

  

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)

   $ 7,161     $ 683,161     $ 542,249     $ (1 )    $ (14 )    $ 148,058       147,999     $ 19     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(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.