JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 95.0%(a)
Alabama — 1.6%
Black Belt Energy Gas District, Gas Supply Series 2021A, Rev., LIQ: Royal Bank of Canada, 4.00%, 12/1/2031(b)		5,000		6,105
City of Trussville, Warrants Series 2018A, GO, 4.00%, 8/1/2032		25		30
Montgomery County Public Building Authority, Facilities Project Rev., 5.00%, 3/1/2024(c)		1,000		1,105
Montgomery Water Works and Sanitary Sewer Board
Series 2019A, Rev., 4.00%, 9/1/2036		515		619
Series 2019A, Rev., 4.00%, 9/1/2037		800		960
Series 2019A, Rev., 4.00%, 9/1/2038		830		993
Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024(b)		500		537
Southeast Alabama Gas Supply District (The), Project No. 2 Series 2018A, Rev., 4.00%, 6/1/2024(b)		835		900
UAB Medicine Finance Authority
Series B-2, Rev., 3.50%, 9/1/2035		160		178
Series B-2, Rev., 5.00%, 9/1/2037		30		36
Total Alabama				11,463
Alaska — 0.3%
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046		420		443
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2044		1,500		1,705
Total Alaska				2,148
Arizona — 2.3%
Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project Series 2021A, Rev., 4.00%, 12/15/2051(d)		350		378
Arizona Industrial Development Authority, Children’s National Medical Center Series 2020A, Rev., 3.00%, 9/1/2050		2,600		2,723
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project Series 2021A, Rev., 4.00%, 7/15/2051(d)		250		273
Arizona Industrial Development Authority, Equitable School Revolving Fund
Series 2020A, Rev., 4.00%, 11/1/2045		1,000		1,148
Series 2020A, Rev., 4.00%, 11/1/2050		1,300		1,484
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 4.50%, 1/1/2049		4,000		3,925
Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev., 4.00%, 7/1/2051		1,125		1,244
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 3.00%, 2/1/2045		1,000		1,064
Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project Rev., 5.00%, 7/15/2040(d)		2,515		2,903
City of Chandler, Excise Tax Rev., 5.00%, 7/1/2028		25		30
City of Phoenix Civic Improvement Corp., Civic Plaza Expansion Series 2005B, Rev., BHAC-CR , FGIC, 5.50%, 7/1/2036		125		184
County of Pinal Rev., 4.00%, 8/1/2036		50		59
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC—Arizona State University Project
Series 2018A, Rev., 5.00%, 7/1/2032		350		420
Series 2018A, Rev., 5.00%, 7/1/2033		150		179
Series 2018A, Rev., 5.00%, 7/1/2037		200		237
Maricopa County Special Health Care District, Integrated Health Services Series 2018C, GO, 5.00%, 7/1/2033		10		13
Maricopa County Unified School District No. 11-Peoria, School Improvement GO, 4.00%, 7/1/2034		10		11
University of Arizona (The) Rev., 5.00%, 6/1/2033		40		47
Total Arizona				16,322

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Arkansas — 0.1%
County of Pulaski, Arkansas Children’s Hospital Rev., 5.00%, 3/1/2029		350		417
University of Arkansas, Student Fee, UALR Campus Rev., 5.00%, 10/1/2029		100		118
University of Arkansas, Various Facility Fayetteville Campus Series A, Rev., 5.00%, 11/1/2037		185		221
University of Arkansas, Various Facility Monticello Campus Series 2017A, Rev., 5.00%, 12/1/2027		100		122
Total Arkansas				878
California — 7.1%
Alta Loma School District, Election of 2016 Series 2017A, GO, 5.00%, 8/1/2032		60		74
Bay Area Toll Authority, Toll Bridge Series S-7, Rev., 4.00%, 4/1/2032		35		41
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2039		500		554
California Health Facilities Financing Authority, On Lok Senior Health Service Rev., 5.00%, 8/1/2050		1,000		1,223
California Health Facilities Financing Authority, Sutter Health Series 2016A, Rev., 5.00%, 11/15/2025(c)		250		294
California Public Finance Authority, Enso Village Project, Green Bond Series 2021A, Rev., 5.00%, 11/15/2051(d)		500		573
California Public Finance Authority, Henry Mayo Newhall Hospital
Rev., 5.00%, 10/15/2037		500		587
Rev., 5.00%, 10/15/2047		1,000		1,166
California School Finance Authority, Green Dot Public School Projects
Series 2018A, Rev., 5.00%, 8/1/2022(d)		80		82
Series 2018A, Rev., 5.00%, 8/1/2023(d)		175		187
Series 2018A, Rev., 5.00%, 8/1/2024(d)		160		177
Series 2018A, Rev., 5.00%, 8/1/2025(d)		150		171
Series 2018A, Rev., 5.00%, 8/1/2026(d)		150		175
Series 2018A, Rev., 5.00%, 8/1/2027(d)		150		180
Series 2018A, Rev., 5.00%, 8/1/2028(d)		190		232
California State Public Works Board, Riverside Campus Series 2017H, Rev., 5.00%, 4/1/2027		10		12
California State University, Systemwide
Series 2019A, Rev., 5.00%, 11/1/2036		30		39
Series 2016A, Rev., 5.00%, 11/1/2041		45		54
Series 2017A, Rev., 5.00%, 11/1/2042		30		36
Series 2016A, Rev., 5.00%, 11/1/2045		25		29
California Statewide Communities Development Authority Rev., 4.00%, 11/1/2051		1,150		1,353
California Statewide Communities Development Authority, Marin General Hospital Project, Green Bond Series 2018A, Rev., 4.00%, 8/1/2045		1,500		1,547
City of Los Angeles Department of Airports, International Airport Subordinate
Series A, Rev., AMT, 5.00%, 5/15/2038		1,250		1,326
Series 2019E, Rev., AMT, 5.00%, 5/15/2039		155		195
County of Santa Clara, Campbell Union High School District
GO, 3.00%, 8/1/2030		620		662
GO, 3.00%, 8/1/2031		30		32
CSCDA Community Improvement Authority, Essential Housing, Jefferson-Anaheim
Series 2021A-1, Rev., 2.88%, 8/1/2041(d)		365		351
Rev., 3.13%, 8/1/2056(d)		2,000		1,838
CSCDA Community Improvement Authority, Essential Housing, Oceanaire-Long Beach Series 2021A-2, Rev., 4.00%, 9/1/2056(d)		2,115		2,219
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056(d)		1,500		1,552
East Bay Municipal Utility District, Wastewater System Series 2015A-1, Rev., 5.00%, 6/1/2036		2,450		2,819
East Bay Municipal Utility District, Water System Series B, Rev., 5.00%, 6/1/2033		515		593

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Eastern Municipal Water District Financing Authority, Water and Wastewater System
Series 2020A, Rev., 4.00%, 7/1/2037		450		554
Series 2020A, Rev., 4.00%, 7/1/2038		1,000		1,229
El Monte City School District GO, BAN, Zero Coupon, 4/1/2023		900		894
Franklin-Mckinley School District, Election of 2020 Series A, GO, 4.00%, 8/1/2049		1,415		1,616
Huntington Beach Union High School District
COP, AGM, 5.00%, 9/1/2031		115		154
COP, AGM, 4.00%, 9/1/2032		100		124
COP, AGM, 4.00%, 9/1/2033		110		136
COP, AGM, 4.00%, 9/1/2034		115		141
COP, AGM, 4.00%, 9/1/2035		100		122
Los Angeles Community College District, Election of 2008 Series F, GO, 5.00%, 8/1/2023(c)		60		65
Los Angeles County Metropolitan Transportation Authority, Measure J Junior Subordinate Sales Tax Series 2020A, Rev., 5.00%, 6/1/2030		20		27
Los Angeles Department of Water & Power Series 2019D, Rev., 5.00%, 7/1/2038		35		45
Los Angeles Department of Water & Power, Power System Series 2014D, Rev., 5.00%, 7/1/2044		60		66
Los Angeles Unified School District, Election of 2008 Series 2018B-1, GO, 5.00%, 7/1/2037		30		37
Millbrae Redevelopment Agency Successor Agency, Millbrae Redevelopment Project Rev., 4.00%, 8/1/2035		150		165
Moulton-Niguel Water District Rev., 5.00%, 9/1/2038		35		44
Mount San Antonio Community College District, Election of 2008 Series A, GO, 0.00%, 8/1/2043		7,150		8,228
Mountain View Shoreline Regional Park Community Series 2018A, Rev., AGM, 5.00%, 8/1/2034		25		31
Orange County Water District Series A, Rev., 5.00%, 8/15/2034		650		785
Rim of the World Unified School District Series 2010B, GO, AGM, Zero Coupon, 8/1/2039		25		17
Riverside County Transportation Commission, Sales Tax Series 2017A, Rev., 5.00%, 6/1/2039		150		183
Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project COP, AGM, 5.00%, 6/1/2033		1,500		1,597
San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Election of 2008 Series 2012E, GO, Zero Coupon, 7/1/2049		1,000		517
San Lorenzo Valley Unified School District, Election of 2020
Series 2020A, GO, 4.00%, 8/1/2045		1,000		1,156
Series 2020A, GO, 5.00%, 8/1/2050		2,505		3,059
Santa Clara Valley Transportation Authority, Sales Tax Series 2018A, Rev., 5.00%, 6/1/2024		30		34
Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo, Election of 2004 GO, Zero Coupon, 8/1/2037		2,450		1,151
South Monterey County Joint Union High School District, Election of 2018 Series A-1, GO, AGM, 5.00%, 8/1/2035		15		19
State of California GO, AGM, 5.25%, 8/1/2032		5,000		6,932
Total California				49,501
Colorado — 3.6%
Brighton Crossing Metropolitan District No. 6, Limited Tax Series 2020A, GO, 5.00%, 12/1/2050		670		730
Broadway Park North Metropolitan District No. 2, Limited Tax GO, 5.00%, 12/1/2049(d)		650		712
Colorado Crossing Metropolitan District No. 2, Limited Tax Series 2020A-2, GO, 5.00%, 12/1/2050		2,000		2,151
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project Rev., 4.00%, 5/1/2051		175		193
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 5.00%, 12/1/2050(d)		740		804

JPMorgan Tax Free 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 A-2, Rev., 4.00%, 8/1/2049		2,500		2,848
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2050		675		783
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045		1,095		1,200
County of Adams COP, 4.00%, 12/1/2040		2,815		3,078
County of El Paso, The Colorado College Project Series 2020A, Rev., 5.00%, 6/1/2031		250		322
Denver Health and Hospital Authority
Series 2019A, Rev., 4.00%, 12/1/2040		1,635		1,893
Series A, Rev., 5.25%, 12/1/2045		1,000		1,072
Larimer County School District No. R-1 Poudre GO, 5.00%, 12/15/2037		1,000		1,259
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.25%, 12/1/2050		1,000		1,091
State of Colorado Series 2021A, COP, 5.00%, 12/15/2032		1,500		2,025
State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement COP, 5.00%, 6/15/2041		1,000		1,157
State of Colorado, National Western Center Lease Purchase Financing Program, Tax-Exempt Series 2018A, COP, 5.00%, 9/1/2031		20		25
Transport Metropolitan District No. 3, Limited Tax
Series 2021A-1, GO, 5.00%, 12/1/2041		1,700		1,904
Series 2021A-1, GO, 5.00%, 12/1/2051		1,000		1,109
Vauxmont Metropolitan District, Subordinate Convertible Tax
GO, AGM, 5.00%, 12/15/2024		265		299
GO, AGM, 5.00%, 12/15/2025		250		289
Total Colorado				24,944
Connecticut — 0.9%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Series B-2, Rev., 4.00%, 11/15/2032		25		25
Series A-1, Rev., 4.00%, 11/15/2045		65		68
Subseries A-1, Rev., 4.00%, 11/15/2047		230		248
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series B, Rev., 5.00%, 12/1/2025		1,000		1,169
Connecticut State Health and Educational Facilities Authority, Sacred Heart University Series K, Rev., 4.00%, 7/1/2045		2,875		3,300
State of Connecticut
Series 2016D, GO, 5.00%, 8/15/2026		25		30
Series 2012G, GO, 4.00%, 10/15/2027		45		46
Series A, GO, 5.00%, 4/15/2029		150		183
State of Connecticut, Special Tax Transportation Infrastructure Purposes
Series 2016A, Rev., 5.00%, 9/1/2027		25		30
Series 2018B, Rev., 5.00%, 10/1/2033		55		69
Town of New Canaan
GO, 4.00%, 10/1/2036		240		288
GO, 4.00%, 10/1/2037		370		443
GO, 4.00%, 10/1/2039		100		119
University of Connecticut Series A, Rev., 5.00%, 2/15/2028		15		17
Total Connecticut				6,035
Delaware — 1.4%
County of New Castle GO, 5.00%, 4/1/2027		25		31
Delaware Health Facilities Authority, BayHealth Medical Center Project
Series 2017A, Rev., 4.00%, 7/1/2033		25		29
Series 2017A, Rev., 4.00%, 7/1/2043		1,275		1,438
Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048		1,000		1,146
Delaware State Economic Development Authority, Newark Charter School, Inc., Project
Series A, Rev., 5.00%, 9/1/2036		500		577
Series A, Rev., 5.00%, 9/1/2046		500		570
Rev., 5.00%, 9/1/2050		1,500		1,833

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Delaware State Economic Development Authority, St. Andrews School Project Rev., 4.00%, 7/1/2041		3,000		3,557
University of Delaware Series 2019A, Rev., 5.00%, 11/1/2045		500		752
Total Delaware				9,933
District of Columbia — 1.5%
District of Columbia, Kipp DC Charter School Series A, Rev., 6.00%, 7/1/2023(c)		1,000		1,090
District of Columbia, Kipp DC Project
Series 2017B, Rev., 5.00%, 7/1/2027		30		36
Series 2017B, Rev., 5.00%, 7/1/2037		25		30
Rev., 4.00%, 7/1/2039		600		684
Rev., 4.00%, 7/1/2044		1,240		1,397
District of Columbia, National Public Radio, Inc. Rev., 5.00%, 4/1/2024(c)		25		28
District of Columbia, Rocketship Obligated Group Series 2021A, Rev., 5.00%, 6/1/2041(d)		250		295
Metropolitan Washington Airports Authority Aviation
Series A, Rev., AMT, 5.00%, 10/1/2030		50		60
Series 2017A, Rev., AMT, 5.00%, 10/1/2032		415		502
Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2042		5,010		6,022
Total District of Columbia				10,144
Florida — 3.1%
City of Jacksonville Series B, Rev., 5.00%, 10/1/2024		20		23
City of Lakeland, Capital Improvement
Series 2021A, Rev., 5.00%, 10/1/2038		200		281
Series 2021A, Rev., 5.00%, 10/1/2039		275		391
Series 2021A, Rev., 5.00%, 10/1/2040		290		421
Series 2021A, Rev., 5.00%, 10/1/2041		200		292
City of Lauderhill, Water and Sewer System Rev., 4.00%, 10/1/2027		15		17
City of Leesburg, Electric System Rev., 5.00%, 10/1/2031		15		18
City of Miami Beach, Stormwater Rev., 4.00%, 9/1/2045		25		27
City of Port St. Lucie, Utility System Rev., 5.00%, 9/1/2028		25		31
City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group Rev., 4.00%, 8/15/2042		20		22
City of Tallahassee, Utility System Rev., 5.00%, 10/1/2023		10		11
City of Tampa, H. Lee Moffitt Cancer Center Project Series 2020B, Rev., 5.00%, 7/1/2050		2,790		3,462
City of Tampa, The University of Tampa Project Series 2020A, Rev., 4.00%, 4/1/2050		2,000		2,269
County of Hillsborough, Parks and Recreation Program GO, NATL-RE, 5.25%, 7/1/2025		2,415		2,685
County of Miami-Dade, Public Health Trust Program Series A, GO, 5.00%, 7/1/2036		1,545		1,970
County of Miami-Dade, Subordinate Special Obligation Rev., 4.00%, 10/1/2040		105		117
County of Sarasota, Utility System
Series 2019A, Rev., 5.00%, 10/1/2038		25		31
Series 2016A, Rev., 4.00%, 10/1/2043		65		73
East Central Regional Wastewater Treatment Facilities Operation Board Rev., 5.00%, 10/1/2028		30		37
Florida Atlantic University Finance Corp., Student Housing Project
Series 2019A, Rev., 5.00%, 7/1/2031		15		19
Series 2019B, Rev., 5.00%, 7/1/2034		120		151
Florida Development Finance Corp., The Mayflower Retirement Community Project Series 2021A, Rev., 4.00%, 6/1/2041(d)		2,325		2,587
Florida Governmental Utility Authority
Rev., AGM, 4.00%, 10/1/2034		600		711
Rev., AGM, 4.00%, 10/1/2035		1,000		1,185
Rev., AGM, 4.00%, 10/1/2036		370		436
Florida Gulf Coast University Financing Corp., Housing Project
Series 2020A, Rev., 4.00%, 2/1/2035		300		355
Series 2020A, Rev., 4.00%, 2/1/2037		730		861
Series 2020A, Rev., 4.00%, 2/1/2038		535		628

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Florida State Board of Governors, International University Dormitory Series 2015A, Rev., 4.00%, 5/1/2034		30		33
Monroe County School District
Series A, COP, 5.00%, 6/1/2032		100		121
Series A, COP, 5.00%, 6/1/2034		40		48
Orange County Convention Center, Tourist Development Tax Series 2016A, Rev., 4.00%, 10/1/2036		40		46
Orange County Health Facilities Authority, Orlando Health Obligated Group Series B, Rev., 4.00%, 10/1/2045		215		237
South Broward Hospital District, Memorial Healthcare System Rev., 5.00%, 5/1/2023		10		11
State of Florida Department of Transportation Turnpike System Series 2018A, Rev., 5.00%, 7/1/2033		55		69
Volusia County Educational Facility Authority, Embry Riddle Aeronautical University, Inc., Project
Series 2020A, Rev., 4.00%, 10/15/2037		725		840
Series 2020A, Rev., 4.00%, 10/15/2038		750		868
Series 2020A, Rev., 4.00%, 10/15/2039		350		404
Total Florida				21,788
Georgia — 4.3%
Carroll City-County Hospital Authority, Tanner Medical Center Project Rev., GTD, 4.00%, 7/1/2050		1,450		1,703
Dalton Development Authority, Hamilton Health Care System Rev., NATL-RE, 5.50%, 8/15/2026		1,985		2,211
Dalton Whitfield County Joint Development Authority, Hamilton Health Care System Rev., 4.00%, 8/15/2041		1,000		1,129
Development Authority for Fulton County, WellStar Health System, Inc., Project Series 2020A, Rev., 4.00%, 4/1/2050		2,080		2,381
George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054		500		567
George L Smith II Congress Center Authority, Convention Center Hotel Second Series 2021B, Rev., 5.00%, 1/1/2054(d)		1,145		1,331
Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects Rev., 4.00%, 6/15/2038		2,000		2,327
Georgia Housing and Finance Authority, Single Family Mortgage Subseries A-1, Rev., AMT, 4.00%, 6/1/2044		65		67
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2038		1,000		1,180
Main Street Natural Gas, Inc., Gas Supply
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023(b)		5,000		5,289
Series 2019B, Rev., 4.00%, 12/2/2024(b)		8,600		9,456
Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Third Indenture Series A, Rev., NATL-RE, 5.25%, 7/1/2028		110		141
Private Colleges and Universities Authority, Emory University Series 2020B, Rev., 4.00%, 9/1/2041		750		893
Private Colleges and Universities Authority, Mercer University Project Rev., 4.00%, 10/1/2050		1,350		1,568
Total Georgia				30,243
Hawaii — 0.3%
City & County Honolulu, Wastewater System Series 2019B, Rev., 5.00%, 7/1/2040		35		44
City & County of Honolulu Series A, GO, 5.00%, 10/1/2037		1,970		2,268
Total Hawaii				2,312
Idaho — 0.0%(e)
Idaho Health Facilities Authority, Trinity Health Credit Group Series 2016ID, Rev., 5.00%, 12/1/2045		75		88
University of Idaho
Series 2018A, Rev., 5.00%, 4/1/2028(c)		20		25
Series 2018A, Rev., 5.00%, 4/1/2035		5		6
Total Idaho				119
Illinois — 4.5%
City of Rockford, Waterworks System Series 2018B, GO, 4.00%, 12/15/2022		105		109

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Community Unit School District No. 427 DeKalb and Kane Counties Illinois, Limited Tax
Series 2021B, GO, 4.00%, 2/1/2039		410		473
Series 2021B, GO, 4.00%, 2/1/2040		455		523
Series 2021B, GO, 4.00%, 2/1/2041		465		533
Cook County Forest Preserve District, Limited Tax Series B, GO, 5.00%, 12/15/2037		295		302
County of Cook GO, 5.00%, 11/15/2034		700		836
County of Du Page, The Morton Abroretum Project Rev., 3.00%, 5/15/2047		3,335		3,464
DuPage and Cook Counties Township High School District No. 86 Hinsdale, School Building GO, 4.00%, 1/15/2039		800		914
Hoffman Estates Park District GO, 4.00%, 12/1/2044		25		27
Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2040		105		133
Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2016A, Rev., 5.00%, 11/1/2031		10		12
Illinois Finance Authority, Presence Health Network
Series 2016C, Rev., 4.00%, 2/15/2027(c)		20		23
Series 2016C, Rev., 4.00%, 2/15/2041		930		1,049
Illinois Finance Authority, Social Bonds-Learn Chapter School Project Rev., 4.00%, 11/1/2051		500		573
Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc.
Series C, Rev., 5.00%, 3/1/2033		305		360
Series 2017C, Rev., 5.00%, 3/1/2034		205		242
Illinois Finance Authority, Township High School District Rev., 4.00%, 12/1/2031		20		24
Illinois State Toll Highway Authority
Series 2019C, Rev., 5.00%, 1/1/2031		3,000		3,844
Series 2019A, Rev., 4.00%, 1/1/2044		65		76
Lake County Community Consolidated School District No. 3 Beach Park
GO, AGM, 4.00%, 2/1/2034		620		720
GO, AGM, 4.00%, 2/1/2035		500		579
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project Series 2002A, Rev., AGM-CR, NATL-RE, Zero Coupon, 12/15/2040		5,000		3,094
Northern Illinois University, Board of Trustees, Auxiliary Facilities System Rev., 4.00%, 10/1/2043		325		381
Sales Tax Securitization Corp.
Series C, Rev., 5.00%, 1/1/2026		3,500		4,089
Series C, Rev., 5.25%, 1/1/2043		1,500		1,871
State of Illinois
Series 2012A, GO, 4.00%, 1/1/2024		15		15
GO, 5.00%, 5/1/2024		205		227
Series D, GO, 5.00%, 11/1/2024		325		365
GO, 4.00%, 8/1/2025		25		26
GO, 4.00%, 3/1/2026		10		10
Series 2012A, GO, 5.00%, 1/1/2027		25		25
GO, 5.00%, 5/1/2027		175		193
GO, 5.00%, 6/1/2027		25		29
GO, 5.00%, 11/1/2028		20		24
Series 2012A, GO, 4.00%, 1/1/2029		45		45
Series 2012A, GO, 4.00%, 1/1/2030		225		226
GO, 5.50%, 1/1/2030		20		26
GO, 4.13%, 11/1/2031		20		22
GO, 4.00%, 6/1/2033		15		17
GO, 4.00%, 6/1/2036		25		27
GO, 4.00%, 6/1/2037		45		49
GO, 5.50%, 7/1/2038		3,000		3,226
State of Illinois Sales Tax
Series 2016C, Rev., 5.00%, 6/15/2022		25		25
Series D, Rev., 5.00%, 6/15/2027		15		18
Village of Arlington Heights GO, 4.00%, 12/1/2034		130		147
Village of Bolingbrook Series A, GO, AGM, 5.00%, 1/1/2033		1,000		1,223
Village of Hoffman Estates GO, 5.00%, 12/1/2033		80		99
Village of Midlothian
GO, AGM, 4.00%, 1/1/2022		10		10
GO, AGM, 4.00%, 1/1/2023		10		10
GO, AGM, 4.00%, 1/1/2024		75		80
GO, AGM, 4.00%, 1/1/2025		40		44
GO, AGM, 4.00%, 1/1/2026		65		73
GO, AGM, 4.00%, 1/1/2027		85		98
GO, AGM, 4.00%, 1/1/2028		65		76
GO, AGM, 4.00%, 1/1/2029		95		114

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Will County School District No. 86 Joliet, Limited Tax Series A, GO, 4.00%, 3/1/2024		220		237
Winnebago and Boone Counties School District No. 205 Rockford Series B, GO, 3.75%, 2/1/2033		35		37
Total Illinois				31,094
Indiana — 1.5%
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041(d)		500		497
City of Lafayette, Local Income Tax Rev., 4.00%, 6/30/2028		180		211
Clarksville Redevelopment Authority Rev., 5.00%, 1/15/2031		30		38
Gary Community School Corp. GO, 4.00%, 7/15/2023		230		243
Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage
Rev., 5.00%, 1/15/2023		10		11
Rev., 4.00%, 7/15/2031		240		276
Rev., 4.00%, 7/15/2032		350		400
Indiana Finance Authority, Ascension Senior Credit Group Series 2006 B-1, Rev., 4.00%, 11/15/2046		15		17
Indiana Finance Authority, Butler University Project Rev., 4.00%, 2/1/2040		25		29
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project
Series 2020A, Rev., 5.00%, 7/1/2040		170		194
Series 2020A, Rev., 5.00%, 7/1/2055		460		516
Indiana Finance Authority, Educational Facilities, Valparaiso University Project
Rev., 5.00%, 10/1/2028		260		318
Rev., 5.00%, 10/1/2030		240		304
Rev., 5.00%, 10/1/2031		250		324
Indiana Finance Authority, Goshen Health
Series A, Rev., 5.00%, 11/1/2032		15		19
Series A, Rev., 4.00%, 11/1/2043		1,125		1,269
Indiana Finance Authority, Marian University Project Series A, Rev., 5.00%, 9/15/2034		1,100		1,332
Indiana Finance Authority, Parkview Health System, Inc. Series A, Rev., 4.00%, 11/1/2048		50		57
Indiana Finance Authority, State Revolving Fund Program Series 2011A, Rev., 5.00%, 2/1/2022(c)		4,000		4,033
Indiana Municipal Power Agency, Power Supply System Series 2016A, Rev., 5.00%, 1/1/2042		30		35
Merrillville Building Corp. Rev., 4.00%, 7/15/2034		35		41
University of Southern Indiana, Student Fee Series M, Rev., 5.00%, 10/1/2029		25		32
Total Indiana				10,196
Iowa — 0.0%(e)
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series 2016D, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 7/1/2046		305		321
Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2034		15		18
Total Iowa				339
Kansas — 0.0%(e)
Leavenworth County Unified School District No. 464 Series B, GO, 4.00%, 9/1/2022		50		51
Kentucky — 0.3%
City of Ashland, Kings Daughters Medical Center Series 2016A, Rev., 4.00%, 2/1/2036		1,750		1,918
Commonwealth of Kentucky, State Office Building Project COP, 4.00%, 6/15/2032		30		33
Kentucky Turnpike Authority, Revitalization Projects Series B, Rev., 5.00%, 7/1/2023		30		32
Pike County School District Finance Corp., School Building Rev., 4.00%, 2/1/2028		20		22
Total Kentucky				2,005
Louisiana — 1.1%
City of Ruston, Sales Tax Rev., AGM, 5.00%, 6/1/2024		10		11
Lafayette Consolidated Government
GO, 5.00%, 3/1/2029		125		159
GO, 5.00%, 3/1/2030		150		193
Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Projects Rev., 5.00%, 4/1/2029		100		118

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051(d)		1,140		1,250
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Series 2015A1, Rev., 5.00%, 6/1/2039		25		30
Louisiana Public Facilities Authority, Mentorship Steam Academy Project Series 2021A, Rev., 5.00%, 6/1/2056(d)		740		781
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2047		1,055		1,192
St. Tammany Parish Hospital Service District No. 1, St. Tammany Parish Hospital Project Series A, Rev., 4.00%, 7/1/2043		50		56
State of Louisiana Series 2019A, GO, 5.00%, 3/1/2035		2,000		2,520
Tobacco Settlement Financing Corp. Series 2013A, Rev., 5.25%, 5/15/2035		1,000		1,064
Total Louisiana				7,374
Maine — 0.4%
Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 4.00%, 7/1/2050		2,000		2,303
Maine State Housing Authority, Mortgage Purchase Series A, Rev., 4.00%, 11/15/2045		175		184
Total Maine				2,487
Maryland — 2.4%
City of Baltimore, Stormwater Projects Series 2019A, Rev., 4.00%, 7/1/2044		50		58
City of Baltimore, Water Projects Series B, Rev., 4.00%, 7/1/2033		270		324
County of Baltimore, Equipment Acquisition Program COP, 5.00%, 3/1/2029		5,735		7,352
Maryland Economic Development Corp., Port Covington Project Rev., 4.00%, 9/1/2050		1,280		1,446
Maryland Health and Higher Educational Facilities Authority, Broadmead Issue Series A, Rev., 5.00%, 7/1/2023		115		123
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2017A, Rev., 5.00%, 5/15/2045		5,000		6,041
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project
Rev., 4.00%, 6/1/2046		500		572
Rev., 4.00%, 6/1/2051		500		570
Maryland State Transportation Authority, Transportation Facilities Projects, Tax Exempt Rev., 5.00%, 7/1/2028		10		12
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series A, Rev., 4.00%, 1/1/2031		140		146
Total Maryland				16,644
Massachusetts — 2.4%
City of Lowell, Municipal Purpose Loan GO, 5.00%, 3/1/2028		90		113
Commonwealth of Massachusetts Transportation Fund, Rail Enhancement and Accelerated Bridge Programs Series B, Rev., 4.00%, 6/1/2046		2,480		2,803
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039		3,690		4,233
Massachusetts Development Finance Agency, Boston College Issue
Series 2020U, Rev., 5.00%, 7/1/2038		755		1,080
Series 2020U, Rev., 5.00%, 7/1/2039		665		959
Series 2020U, Rev., 5.00%, 7/1/2040		535		780
Series 2017T, Rev., 4.00%, 7/1/2042		35		40
Massachusetts Development Finance Agency, Emerson College
Rev., 5.00%, 1/1/2036		825		988
Rev., 5.00%, 1/1/2037		315		377
Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue
Series 2021G, Rev., 5.00%, 7/1/2032		250		330
Series 2021G, Rev., 5.00%, 7/1/2038		300		390
Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045		1,000		1,069

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Massachusetts Housing Finance Agency, Single Family Housing
Series 177, Rev., AMT, 4.00%, 6/1/2039		245		257
Series 167, Rev., 4.00%, 12/1/2043		100		103
Series 169, Rev., 4.00%, 12/1/2044		260		267
Town of Bellingham, Municipal Purpose Loan GO, 4.00%, 6/15/2032		10		12
University of Massachusetts Building Authority
Series 2020-1, Rev., 5.00%, 11/1/2034		2,000		2,577
Series 2017-1, Rev., 5.25%, 11/1/2042		50		63
Total Massachusetts				16,441
Michigan — 1.6%
Berkley School District, Michigan 2015 School Building & Site Bonds, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2040		30		33
City of Grand Rapids, Sanitary Sewer System Rev., 5.00%, 1/1/2045		600		756
Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project Rev., 5.00%, 5/15/2044		2,000		2,307
Grand Rapids Public Schools, Unlimited Tax GO, AGM, 5.00%, 11/1/2043		1,000		1,231
Kentwood Economic Development Corp., Holland Home Obligated Group Rev., 4.00%, 11/15/2045		375		412
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series A, Rev., 5.00%, 5/15/2054		1,525		1,783
Michigan Finance Authority, Trinity Health Credit Group Series 2016MI, Rev., 5.25%, 12/1/2041		1,000		1,183
Michigan State Building Authority, Facilities Program
Series 2016 I, Rev., 4.00%, 10/15/2036		50		56
Series 2015I, Rev., 4.00%, 4/15/2040		120		133
Michigan State Housing Development Authority, Single Family Mortgage Series 2015A, Rev., AMT, 4.00%, 6/1/2046		60		63
Michigan Strategic Fund, Holland Home Obligated Group Rev., 5.00%, 11/15/2043		750		859
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project Rev., 5.00%, 5/15/2044		1,000		1,154
Niles Community Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2041		25		27
University of Michigan Rev., 4.00%, 4/1/2034		50		57
Walled Lake Consolidated School District GO, Q-SBLF, 5.00%, 5/1/2033		10		13
West Ottawa Public Schools, School Building and Site, Unlimited Tax Series 2014-1, GO, 4.00%, 5/1/2024(c)		25		27
Western Michigan University, Tax Exempt
Series 2021A, Rev., AGM, 5.00%, 11/15/2032		125		165
Series 2021A, Rev., AGM, 5.00%, 11/15/2033		150		197
Series 2021A, Rev., AGM, 5.00%, 11/15/2046		500		638
Whitehall District Schools, Unlimited Tax GO, AGM, 5.00%, 5/1/2033		25		30
Total Michigan				11,124
Minnesota — 2.0%
Aurora Independent School District No. 2711, School Building, Capital Appreciation
Series 2017B, GO, Zero Coupon, 2/1/2026		150		136
Series 2017B, GO, Zero Coupon, 2/1/2027		400		351
Series 2017B, GO, Zero Coupon, 2/1/2028		225		190
Series 2017B, GO, Zero Coupon, 2/1/2030		880		679
City of Hopkins Series 2017B, GO, 4.00%, 2/1/2026		25		28
City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 4.00%, 11/15/2048		3,000		3,391
City of Rochester, Health Care Facilities, Mayo Clinic Series 2016B, Rev., 5.00%, 11/15/2036		30		45
City of Woodbury, Charter School Lease Rev., 4.00%, 12/1/2050		250		271
Duluth Independent School District No. 709 Series 2019B, COP, 5.00%, 2/1/2022		160		161

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
East Grand Forks Independent School District No. 595, School Building Series A, GO, 4.00%, 2/1/2027		15		17
Greenway Independent School District No. 316, Capital Appreciation
Series 2019F, GO, Zero Coupon, 2/1/2029		1,320		1,170
Series 2019F, GO, Zero Coupon, 2/1/2030		700		601
Series 2019F, GO, Zero Coupon, 2/1/2031		545		452
Lakeville Independent School District No. 194 Series 2018A, GO, 5.00%, 2/1/2028		25		30
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		45		45
Minnesota Higher Education Facilities Authority, Carleton College
Rev., 4.00%, 3/1/2032		1,000		1,130
Rev., 4.00%, 3/1/2033		500		564
Minnesota Housing Finance Agency, Residential Housing Finance
Series 2014A, Rev., AMT, 4.00%, 7/1/2038		115		119
Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 1/1/2045		355		374
Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047		220		235
Virginia Independent School District No. 706 Series A, GO, 5.00%, 2/1/2030		3,000		3,716
Total Minnesota				13,705
Mississippi — 0.5%
Mississippi Development Bank, Lafayette County School District Project Rev., 4.00%, 4/1/2033		20		24
Mississippi Development Bank, Northwest Mississippi Community College Improvement Project Rev., 4.00%, 3/1/2050		2,335		2,688
Mississippi Development Bank, Special Obligation, Water and Sewer System Project Rev., AGM, 6.88%, 12/1/2040		1,000		1,113
Total Mississippi				3,825
Missouri — 0.8%
City of Sedalia COP, 4.00%, 7/15/2035		205		231
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Project Series 2019C, Rev., 4.00%, 2/1/2048		265		296
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects
Series 2019A, Rev., 5.00%, 2/1/2034		1,000		1,111
Series 2019A, Rev., 5.00%, 2/1/2042		1,000		1,105
Health and Educational Facilities Authority of the State of Missouri, SSM Health System Series A, Rev., 4.00%, 6/1/2048		2,160		2,463
Health and Educational Facilities Authority of the State of Missouri, State University Rev., 4.00%, 10/1/2036		100		116
Metropolitan St. Louis Sewer District, Wastewater System Improvement Series 2017A, Rev., 5.00%, 5/1/2034		10		12
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		235		246
Series 2015B-2, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/1/2045		275		293
St. Louis County Reorganized School District No. R-6 GO, 5.00%, 2/1/2023		10		11
Total Missouri				5,884
Montana — 0.2%
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038		45		47
Montana Facility Finance Authority, SCL Health System Series A, Rev., 4.00%, 1/1/2038		1,200		1,413
Total Montana				1,460
Nebraska — 0.7%
Central Plains Energy Project, Gas Project No. 3
Series 2017A, Rev., 5.00%, 9/1/2034		1,000		1,352
Series 2017A, Rev., 5.00%, 9/1/2037		1,500		2,108

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Douglas County Hospital Authority No. 2, Children’s Hospital Obligated Group
Series 2020A, Rev., 4.00%, 11/15/2040		575		681
Series 2020A, Rev., 4.00%, 11/15/2041		300		354
Douglas County Hospital Authority No. 2, Health Facilities, Nebraska Medicine Rev., 5.00%, 5/15/2030		10		12
Public Power Generation Agency, Whelan Energy Center Unit 2
Series 2015A, Rev., 5.00%, 1/1/2026		100		113
Series A, Rev., 5.00%, 1/1/2034		185		219
Series 2016A, Rev., 5.00%, 1/1/2035		25		30
Total Nebraska				4,869
Nevada — 0.5%
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048		375		415
Las Vegas Convention and Visitors Authority, Convention Center Expansion Series B, Rev., 4.00%, 7/1/2049		2,500		2,809
Truckee Meadows Water Authority Rev., 5.00%, 7/1/2031		15		18
Total Nevada				3,242
New Hampshire — 0.5%
New Hampshire Business Finance Authority, Springpoint Senior Living Project Rev., 4.00%, 1/1/2041		1,000		1,089
New Hampshire Business Finance Authority, The Lawrenceville School Project Series 2021A, Rev., 4.00%, 7/1/2051		2,000		2,350
Total New Hampshire				3,439
New Jersey — 4.9%
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project
Series 2021A, Rev., AGM, 4.00%, 7/1/2047		50		59
Series 2021A, Rev., AGM, 4.00%, 7/1/2053		125		147
County of Middlesex, Civic Square II Redevelopment Associates LLC COP, 4.00%, 6/15/2022		110		112
New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2027		240		284
New Jersey Economic Development Authority, School Facilities Construction
Series NN, Rev., 5.00%, 3/1/2024		150		158
Rev., 4.00%, 6/15/2046		1,375		1,566
Rev., 4.00%, 6/15/2050		1,000		1,135
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039		2,800		3,247
New Jersey Educational Facilities Authority, Capital Improvement Series 2016B, Rev., 5.00%, 9/1/2036		105		123
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048		635		705
New Jersey Transportation Trust Fund Authority
Series BB, Rev., 4.00%, 6/15/2038		1,500		1,700
Series 2020AA, Rev., 4.00%, 6/15/2050		1,375		1,560
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series A-1, Rev., 5.00%, 6/15/2027		2,670		3,160
Series A, Rev., 5.00%, 6/15/2031		3,000		3,511
New Jersey Transportation Trust Fund Authority, Transportation System Series A, Rev., Zero Coupon, 12/15/2036		10,355		7,405
New Jersey Turnpike Authority Series 2021A, Rev., 4.00%, 1/1/2042		1,000		1,192
State of New Jersey, COVID-19 Emergency Bonds
GO, 4.00%, 6/1/2031		1,000		1,230
GO, 4.00%, 6/1/2032		2,000		2,486
Tobacco Settlement Financing Corp.
Series A, Rev., 4.00%, 6/1/2037		1,000		1,142
Series A, Rev., 5.00%, 6/1/2046		1,000		1,175
Series A, Rev., 5.25%, 6/1/2046		1,500		1,796
Total New Jersey				33,893

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
New Mexico — 0.1%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program
Series B-1, Class I, Rev., AMT,
GNMA/FNMA/FHLMC, 3.75%, 3/1/2048		380		411
New York — 8.4%
Buffalo and Erie County Industrial Land Development Corp., D’youville College Project Rev., 4.00%, 11/1/2045		2,300		2,597
City of New York Series 2018E-1, GO, 5.00%, 3/1/2041		225		275
County of Rockland Series B, GO, AGM, 5.00%, 9/1/2027		10		12
County of Suffolk Series 2020B, GO, AGM, 5.00%, 5/15/2030		1,240		1,614
Metropolitan Transportation Authority
Series H, Rev., 5.00%, 11/15/2022(c)		70		73
Series D, Rev., 5.00%, 11/15/2031		400		467
Metropolitan Transportation Authority, Dedicated Tax Fund
Series 2012A, Rev., 5.00%, 11/15/2026		25		26
Subseries B-3B, Rev., 5.00%, 11/15/2028		25		30
Series 2016B-1, Rev., 5.00%, 11/15/2029		25		30
Series 2017B-1, Rev., 5.00%, 11/15/2035		95		116
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project Series 2020A, Rev., 5.00%, 6/1/2059(d)		540		627
Monroe County Industrial Development Corp., University of Rochester Project Series 2017C, Rev., 4.00%, 7/1/2033		60		69
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Series 2017F-1, Rev., 4.00%, 5/1/2044		375		425
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019
Series 2019C-1, Rev., 5.00%, 11/1/2034		100		127
Series A, Subseries A-1, Rev., 5.00%, 8/1/2040		5,000		6,219
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2018 Series C-3, Rev., 5.00%, 5/1/2039		25		31
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2020 Series A, Subseries A-2, Rev., 5.00%, 5/1/2035		50		63
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2012 Series 2012EE, Rev., 4.00%, 6/15/2039		35		36
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019 Subseries 2019FF-2, Rev., 5.00%, 6/15/2038		30		38
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020 Series 2020AA, Rev., 5.00%, 6/15/2040		55		70
New York State Dormitory Authority, Cornell University, Green Bonds Series 2019D, Rev., 5.00%, 7/1/2036		640		941
New York State Dormitory Authority, New York University Series 2019A, Rev., 4.00%, 7/1/2045		2,000		2,329
New York State Dormitory Authority, School Districts Financing Program
Series 2018A, Rev., 5.00%, 10/1/2031		50		60
Series 2016A, Rev., 5.00%, 10/1/2032		35		42
New York State Dormitory Authority, St. John’s University Series 2007C, Rev., NATL-RE, 5.25%, 7/1/2026		100		120
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2021A, Rev., 5.00%, 3/15/2032		5,000		6,622
New York State Dormitory Authority, State Sales Tax
Series 2017A, Rev., 5.00%, 3/15/2036		100		121
Series 2018A, Rev., 5.00%, 3/15/2037		40		50
Series 2018C, Rev., 5.00%, 3/15/2038		1,250		1,551
New York State Dormitory Authority, State University Dormitory Facilities Series 2015B, Rev., 5.00%, 7/1/2026		15		17

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects — Second Resolution Series 2017A, Rev., 5.00%, 6/15/2037		1,750		2,142
New York State Urban Development Corp., State Personal Income Tax, General Purpose
Series 2019A, Rev., 5.00%, 3/15/2039		25		31
Series 2019A, Rev., 5.00%, 3/15/2042		3,500		4,328
New York State Urban Development Corp., State Sales Tax Series 2019A, Rev., 5.00%, 3/15/2041		2,000		2,533
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project
Rev., AMT, 4.00%, 1/1/2036		1,500		1,685
Rev., AMT, 5.00%, 1/1/2036		1,125		1,342
Port Authority of New York and New Jersey, Consolidated
Series 188, Rev., AMT, 5.00%, 5/1/2024		50		55
Series 93, Rev., 6.13%, 6/1/2094		7,470		8,370
State of New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044		205		217
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project
Rev., 5.13%, 11/1/2041(d)		850		878
Rev., 5.38%, 11/1/2054(d)		750		775
Tompkins County Development Corp., Tax Exempt Ithaca College Project Rev., 5.00%, 7/1/2032		80		97
Town of Orangetown, Rockland County, Sparkill-Palisades Fire District
GO, AGM, 4.00%, 11/15/2040		220		242
GO, AGM, 4.00%, 11/15/2041		205		227
GO, AGM, 4.00%, 11/15/2042		315		348
GO, AGM, 4.00%, 11/15/2043		325		354
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Series 2018B, Rev., 5.00%, 11/15/2031		75		101
Series 2018C, Rev., 5.00%, 11/15/2038		35		44
Series 2018A, Rev., 5.00%, 11/15/2045		105		129
Series 2021A-1, Rev., 4.00%, 5/15/2046		4,000		4,737
Utility Debt Securitization Authority, Federally Tax-Exempt Series 2013TE, Rev., 5.00%, 12/15/2041		4,250		4,626
Village of Tuxedo Park, Public Improvement GO, 4.00%, 8/1/2031		45		52
Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project Rev., 5.13%, 7/1/2055		1,100		1,144
Westchester Tobacco Asset Securitization Corp., Tobacco Settlement Series 2016B, Rev., 5.00%, 6/1/2025		130		150
Total New York				59,405
North Carolina — 2.6%
City of Charlotte, Water & Sewer System Rev., 5.00%, 7/1/2029		10		12
City of Greensboro, Combined Water and Sewer System, Green Bond Rev., 5.00%, 6/1/2027		10		12
City of Raleigh, Limited Obligation Series A, Rev., 4.00%, 10/1/2022		30		31
City of Winston-Salem Series B, GO, 4.00%, 6/1/2030		10		11
County of Burke, Limited Obligation
Rev., 5.00%, 4/1/2025		15		17
Rev., 5.00%, 4/1/2031		25		30
North Carolina Capital Facilities Finance Agency, Meredith College
Rev., 5.00%, 6/1/2027		105		123
Rev., 5.00%, 6/1/2028		805		935
Rev., 5.00%, 6/1/2030		400		460
North Carolina Housing Finance Agency, Homeownership Series A, Rev., AMT, 3.50%, 7/1/2039		150		156
North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026(b)		1,095		1,290
Raleigh Durham Airport Authority Series 2020A, Rev., AMT, 5.00%, 5/1/2033		1,645		2,089
State of North Carolina Rev., 5.00%, 3/1/2033		7,735		9,806
Town of Fuquay-Varina Rev., 5.00%, 11/1/2030		10		13
University of North Carolina at Chapel Hill Series 2021B, Rev., 5.00%, 12/1/2039		2,205		2,969
Total North Carolina				17,954

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
North Dakota — 0.9%
City of Grand Forks, Altru Health System
Rev., 4.00%, 12/1/2040		1,750		2,034
Rev., 4.00%, 12/1/2041		1,875		2,173
North Dakota Housing Finance Agency, Home Mortgage Finance Program
Series A, Rev., 4.00%, 1/1/2022		130		135
Series 2016D, Rev., 3.50%, 7/1/2046		285		301
University of North Dakota, Housing Infrastructure Project Series 2021A, COP, AGM, 4.00%, 6/1/2051		1,430		1,651
Total North Dakota				6,294
Ohio — 4.1%
American Municipal Power, Inc., Fremont Energy Center Project
Series 2021A, Rev., 4.00%, 2/15/2037		1,700		2,039
Series 2021A, Rev., 4.00%, 2/15/2038		2,000		2,391
Athens City School District, School Facilities Construction & Improvement Series 2019A, GO, 4.00%, 12/1/2040		460		537
Buckeye Tobacco Settlement Financing Authority Series 2020A-2, Class 1, Rev., 4.00%, 6/1/2048		3,210		3,629
Butler County Port Authority, Community First Solutions Rev., 4.00%, 5/15/2046		250		288
Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project Rev., 4.00%, 7/1/2051		1,000		1,165
County of Franklin, Health Care Facilities, Ohio Living Communities Series 2020B, Rev., 5.00%, 7/1/2045		5,565		6,517
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University Rev., 5.25%, 5/1/2040		1,425		1,544
County of Montgomery, Dayton Children’s Hospital Rev., 4.00%, 8/1/2051		1,500		1,746
County of Union, Memorial Hospital GO, 4.00%, 12/1/2041		1,825		2,054
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group
Series A, Rev., 5.00%, 7/1/2031		115		133
Series 2016A, Rev., 5.00%, 7/1/2032		35		40
Series A, Rev., 5.50%, 7/1/2039		1,000		1,080
Delaware City School District, School Facilities Construction and Improvement, Unlimited Tax GO, 4.00%, 12/1/2039		160		190
Greenville City School District, School Improvement GO, 5.25%, 1/1/2022(c)		2,000		2,008
Licking Heights Local School District, School Facilities Construction & Improvement, Unlimited Tax Series A, GO, 4.00%, 10/1/2034		10		12
Miami University, General Receipts Rev., 5.00%, 9/1/2029		25		30
Northeast Ohio Medical University
Series 2021A, Rev., 3.00%, 12/1/2040		250		260
Series 2021A, Rev., 4.00%, 12/1/2045		115		130
Ohio Higher Educational Facility Commission, University of Dayton 2020 Project Rev., 5.00%, 2/1/2035		735		931
State of Ohio, Higher Education
Series B, GO, 5.00%, 8/1/2023		110		113
Series A, GO, 5.00%, 5/1/2033		1,500		1,825
University of Cincinnati, General Receipts Series 2017A, Rev., 5.00%, 6/1/2045		25		30
Total Ohio				28,692
Oklahoma — 0.7%
Grand River Dam Authority Series A, Rev., 4.00%, 6/1/2022		10		10
Oklahoma Development Finance Authority, Gilcrease Expressway West Project Rev., AMT, 1.63%, 7/6/2023		2,000		2,013
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., AGM, 4.00%, 8/15/2048		700		779
Oklahoma Turnpike Authority, Second Senior Series 2017A, Rev., 5.00%, 1/1/2037		1,665		1,938
Total Oklahoma				4,740

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Oregon — 0.1%
City of Eugene, Electric Utility System Series 2016A, Rev., 4.00%, 8/1/2031		325		369
City of Sheridan, Full Faith and Credit GO, 4.00%, 12/1/2027		10		11
State of Oregon, Department of Transportation Highway User Senior Lien Series 2013A, Rev., 5.00%, 11/15/2022		5		5
State of Oregon, Department of Transportation Highway User Subordinate Lien, Tax-Exempt Series 2019A, Rev., 5.00%, 11/15/2042		35		45
Yamhill County School District No. 40 McMinnville GO, 4.00%, 6/15/2037		30		34
Total Oregon				464
Pennsylvania — 8.4%
Abington School District, Limited Tax Series 2017A, GO, 4.00%, 10/1/2037		15		17
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2044		2,000		2,231
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2036		50		56
Rev., 5.00%, 11/1/2037		430		484
Berks County Municipal Authority (The), Tower Health Project Series 2020B-3, Rev., 5.00%, 2/1/2030(b)		2,000		2,334
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 4.00%, 7/1/2046		1,110		1,254
Central Dauphin School District
GO, 4.00%, 8/1/2026(c)		10		12
GO, 4.00%, 2/1/2030		15		17
Chester County Health and Education Facilities Authority, Main Line Health System Series 2017A, Rev., 4.00%, 10/1/2036		25		29
Chester County Industrial Development Authority, Longwood Gardens Project Rev., 4.00%, 12/1/2049		3,345		3,875
City of Pittsburgh GO, 4.00%, 9/1/2031		1,155		1,334
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., AGM, 4.00%, 6/1/2039		9,950		11,377
Commonwealth of Pennsylvania Series A, COP, 4.00%, 7/1/2046		1,200		1,348
County of Cambria Series 2020B, GO, AGM, 4.00%, 8/1/2035		700		796
DuBois Hospital Authority, Penn Highlands Healthcare Rev., 4.00%, 7/15/2048		1,200		1,340
Erie City Water Authority Series A, Rev., AGM, 5.00%, 12/1/2043		1,500		1,837
Lancaster County Hospital Authority, Health Center, Masonic Villages Project
Rev., 5.00%, 11/1/2034		35		42
Rev., 5.00%, 11/1/2036		510		606
Rev., 5.00%, 11/1/2037		250		297
Lancaster Industrial Development Authority, Landis Homes Retirement Community Project
Rev., 4.00%, 7/1/2037		175		192
Rev., 4.00%, 7/1/2046		675		729
Mifflinburg Area School District Series 2020A, GO, 4.00%, 6/15/2039		335		392
Montgomery County Higher Education and Health Authority, Thomas Jefferson University
Rev., 4.00%, 9/1/2036		1,655		1,918
Series 2018A, Rev., 4.00%, 9/1/2038		3,725		4,270
Series 2018A, Rev., 4.00%, 9/1/2043		3,740		4,251
Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group
Rev., 5.00%, 5/15/2022(c)		510		521
Series 2020C, Rev., 5.00%, 11/15/2045		1,770		2,132
Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project
Rev., 5.00%, 12/1/2044		350		402
Rev., 5.00%, 12/1/2049		500		572
Northampton County General Purpose Authority, Moravian College Project Rev., 5.00%, 10/1/2036		100		114
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project Rev., VRDO, 0.95%, 12/1/2026(b)		2,950		2,950
Pennsylvania Housing Finance Agency, Single Family Mortgage

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 118A, Rev., AMT, 3.50%, 4/1/2040		290		298
Series 122, Rev., AMT, 4.00%, 10/1/2046		265		282
Pennsylvania Turnpike Commission Series 2021B, Rev., 4.00%, 12/1/2046		1,450		1,702
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project Series 2020A, Rev., 5.00%, 8/1/2040		315		383
Pittsburgh Water and Sewer Authority Series B, Rev., AGM, 5.00%, 9/1/2032		1,000		1,360
School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,448
Swarthmore Borough Authority, Swarthmore College
Rev., 5.00%, 9/15/2023		25		27
Series 2016B, Rev., 4.00%, 9/15/2041		15		17
Township of West Bradford
GO, 4.00%, 12/15/2040		600		693
GO, 4.00%, 12/15/2045		1,100		1,258
Upper Merion Area School District GO, 5.00%, 1/15/2036		250		291
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project
Rev., 3.00%, 12/15/2023		335		341
Rev., 4.00%, 12/15/2028		1,000		1,114
Rev., 5.00%, 12/15/2038		750		848
West Mifflin School District, Limited Tax GO, 3.00%, 4/1/2038		1,400		1,523
Total Pennsylvania				59,314
Rhode Island — 0.0%(e)
City of Pawtucket Series D, GO, AGM, 5.00%, 7/15/2028		200		248
Rhode Island Health and Educational Building Corp., Public School Financing Program Series A, Rev., AGM, 5.00%, 5/15/2032		25		32
Total Rhode Island				280
South Carolina — 0.8%
City of Greenwood, Combined Public Utility System
Rev., 5.00%, 12/1/2023		220		240
Rev., 5.00%, 12/1/2026		340		411
Rev., 5.00%, 12/1/2028		250		317
Rev., 5.00%, 12/1/2030		675		872
City of North Charleston, Limited Obligation, Tax Increment Pledge Rev., 4.00%, 10/1/2040		90		106
Greenwood Metropolitan District, Sewer System Rev., 5.00%, 10/1/2027		10		12
South Carolina State Housing Finance and Development Authority Series A, Rev., 4.00%, 1/1/2047		190		201
South Carolina State Ports Authority Rev., AMT, 4.00%, 7/1/2040		1,095		1,198
Spartanburg County School District No. 7 Series 2019D, GO, SCSDE, 5.00%, 3/1/2044		1,970		2,477
Total South Carolina				5,834
South Dakota — 0.4%
Rapid City Area School District No. 51-4, Limited Tax, Capital Outlay
GO, 4.00%, 8/1/2029		1,165		1,364
GO, 4.00%, 8/1/2030		610		710
GO, 4.00%, 8/1/2031		420		486
South Dakota Board of Regents Housing and Auxiliary Facilities System Series 2019A, Rev., 4.00%, 4/1/2036		65		77
South Dakota Housing Development Authority, Homeownership Mortgage
Series D, Rev., AMT, 4.00%, 11/1/2029		35		35
Series 2015D, Rev., 4.00%, 11/1/2045		255		270
Total South Dakota				2,942
Tennessee — 4.9%
City of Cleveland
Series 2018B, GO, 5.00%, 6/1/2022		205		210
Series 2018B, GO, 5.00%, 6/1/2027		245		301
Series 2018B, GO, 5.00%, 6/1/2028		260		327
Series 2018B, GO, 5.00%, 6/1/2030		285		357
Series 2018B, GO, 4.00%, 6/1/2031		300		356
Series 2018B, GO, 4.00%, 6/1/2032		310		368
Series 2018B, GO, 4.00%, 6/1/2038		395		466
Series 2018B, GO, 4.00%, 6/1/2039		410		484
City of Oak Ridge
GO, 4.00%, 6/1/2037		695		790
GO, 4.00%, 6/1/2038		720		817
GO, 4.00%, 6/1/2039		750		850
County of Hamilton Series 2018A, GO, 5.00%, 4/1/2028		25		32
County of Williamson GO, 4.00%, 4/1/2033		1,490		1,791

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
GO, 4.00%, 4/1/2034		1,485		1,782
County of Wilson
GO, 5.00%, 4/1/2030		3,625		4,634
Series 2017A, GO, 4.00%, 4/1/2039		25		28
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Series 2018A, Rev., 4.00%, 7/1/2040		4,000		4,545
Knox County Health Educational & Housing Facility Board, East Tennessee Children’s Hospital
Rev., 5.00%, 11/15/2024		800		904
Rev., 4.00%, 11/15/2043		105		119
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%, 10/1/2051		2,000		2,188
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Medical Center Series A, Rev., 5.00%, 7/1/2035		100		118
Metropolitan Nashville Airport Authority (The)
Series 2015A, Rev., 5.00%, 7/1/2035		20		23
Series 2019A, Rev., 5.00%, 7/1/2049		1,000		1,246
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2044		1,000		1,255
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2054		1,000		1,079
Tennessee Energy Acquisition Corp., Commodity Project Series 2021A, Rev., 5.00%, 11/1/2031(b)		2,500		3,233
Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025(b)		4,000		4,457
Tennessee State School Bond Authority, Higher Educational Facilities Second Program Series B, Rev., 5.00%, 11/1/2025(c)		35		41
Total Tennessee				34,201
Texas — 5.6%
Calallen Independent School District, School Building GO, PSF-GTD, 5.00%, 2/15/2028		10		12
Central Texas Regional Mobility Authority, Senior Lien Series 2021D, Rev., 4.00%, 1/1/2044		2,500		2,945
City of Abilene, Combination Tax GO, 5.00%, 2/15/2024		10		11
City of Austin, Public Improvement
Series 2019, GO, 5.00%, 9/1/2033		2,000		2,569
City of Bryan, Electric System
Rev., AGM, 4.00%, 7/1/2031		50		57
City of Conroe
Series 2018A, GO, 5.00%, 3/1/2032		10		12
City of EI Paso, Combination Tax
GO, 4.00%, 8/15/2040		475		510
City of El Paso
GO, 4.00%, 8/15/2042		25		28
City of Garland
GO, 5.00%, 2/15/2027		10		12
City of Houston, Airport System, Subordinate Lien
Series 2012A, Rev., AMT, 5.00%, 7/1/2022(c)		35		36
City of Houston, Airport System, United Airlines, Inc., Terminal E Project
Rev., AMT, 5.00%, 7/1/2029		2,500		2,717
City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032(c)		2,500		3,682
City of Laredo
GO, 5.00%, 2/15/2027		30		34
GO, 5.00%, 2/15/2032		40		50
City of Lucas, Combination Tax, Certificates of Obligation GO, 5.00%, 2/1/2028		170		212
City of Mission, Combination Tax GO, AGM, 5.00%, 2/15/2031		575		704
City of Pearland, Certificates of Obligation GO, 4.00%, 3/1/2032		35		41
City of San Antonio, Electric and Gas Systems
Rev., 4.00%, 2/1/2028		45		54
Rev., 5.00%, 2/1/2031		230		273
Rev., 5.00%, 2/1/2032		35		41
City of San Marcos GO, 5.00%, 8/15/2031		25		31

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
City of Temple, Combination Tax, Certificates of Obligation Series 2016A, GO, 5.00%, 8/1/2031		50		58
City of Waxahachie Series A, GO, 5.00%, 8/1/2025		45		52
Clifton Higher Education Finance Corp., Idea Public Schools
Series B, Rev., 4.00%, 8/15/2023		500		531
Series B, Rev., 5.00%, 8/15/2024		345		386
Series 2016B, Rev., 5.00%, 8/15/2025		460		531
Rev., 6.00%, 8/15/2033		1,250		1,356
Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc.
Rev., PSF-GTD, 4.00%, 4/1/2035		400		475
Rev., PSF-GTD, 4.00%, 4/1/2036		500		592
Clint Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2025(c)		800		932
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 4.00%, 10/1/2050		550		606
County of Galveston, Unlimited Tax GO, 4.00%, 2/1/2039		10		12
County of Harris, Toll Road, Senior Lien Series 2016A, Rev., 5.00%, 8/15/2022		10		10
County of Hidalgo
GO, 5.00%, 8/15/2028		10		12
GO, 4.00%, 8/15/2035		85		97
Series 2018B, GO, 4.00%, 8/15/2038		40		47
County of Victoria, Limited Tax GO, 4.00%, 2/15/2030		15		17
Cypress-Fairbanks Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		10		10
Dallas Fort Worth International Airport Series 2013B, Rev., 5.00%, 11/1/2044		25		26
El Paso County Hospital District GO, AGM-CR, 5.00%, 8/15/2023		510		548
Ennis Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2028		30		37
Frisco Independent School District GO, PSF-GTD, Zero Coupon, 8/15/2036		1,035		787
Harris Montgomery Counties Municipal Utility District No. 386, Unlimited Tax GO, 4.00%, 9/1/2023		15		16
Highland Park Independent School District, Dallas County, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2024		30		33
Ingleside Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2028		35		42
Killeen Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2026		25		30
Metropolitan Transit Authority of Harris County Sales and Use Tax, Contractual Obligations Rev., 5.00%, 11/1/2024(c)		15		17
Midlothian Independent School District, Unlimited Tax Series 2017A, GO, PSF-GTD, 4.00%, 2/15/2037		25		28
New Hope Cultural Education Facilities Finance Corp., Westminster Project
Rev., 4.00%, 11/1/2049		100		112
Rev., 4.00%, 11/1/2055		750		839
Newark Higher Education Finance Corp., The Hughen Center, Inc. Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2029		120		152
North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System Rev., 5.00%, 6/1/2031		10		12
North Texas Municipal Water District, Wastewater System Rev., 4.00%, 6/1/2028		15		18
North Texas Tollway Authority, Second Tier Rev., 4.00%, 1/1/2038		200		230
Palestine Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2026		30		35
Pasadena Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2028		15		19
Permanent University Fund — University of Texas System Series A, Rev., 5.00%, 7/1/2031		210		242
Plano Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2026		40		47

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Red Oak Independent School District GO, PSF-GTD, 5.00%, 8/15/2030		20		24
Round Rock Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 8/1/2032		170		194
San Antonio Education Facilities Corp., Hallmark University Project Series 2021A, Rev., 5.00%, 10/1/2051		500		537
San Antonio Education Facilities Corp., University of the Incarnate Word Project Series 2021A, Rev., 4.00%, 4/1/2046		1,750		1,983
San Antonio Water System, Junior Lien Series 2017A, Rev., 4.00%, 5/15/2034		60		69
Socorro Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2026		45		53
Stafford Municipal School District, School Building, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2029		35		44
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center Rev., 5.50%, 9/1/2023(c)		2,300		2,507
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020A, Rev., 6.75%, 11/15/2051		3,000		3,520
Texas Public Finance Authority Rev., 4.00%, 2/1/2035		2,315		2,749
Texas Water Development Board, Water Implementation Fund
Series B, Rev., 5.00%, 4/15/2026		25		30
Series 2019A, Rev., 4.00%, 10/15/2037		500		602
Series 2019A, Rev., 4.00%, 10/15/2044		2,100		2,479
Texas Woman’s University, Financing System Rev., 4.00%, 7/1/2030		10		11
West Harris County Regional Water Authority Rev., 4.00%, 12/15/2045		1,000		1,171
Total Texas				38,998
Utah — 0.4%
City of Lehi, Sales Tax Rev., 4.00%, 6/1/2039		480		549
City of Provo GO, 5.00%, 1/1/2032		10		12
City of Salt Lake, International Airport Series 2017B, Rev., 5.00%, 7/1/2042		260		313
City of South Jordan, Sales Tax Rev., 5.00%, 8/15/2038		25		32
Tooele County Municipal Building Authority, Cross-Over Lease Rev., 4.00%, 12/15/2042		25		28
University of Utah (The) Series 2018A, Rev., 5.00%, 8/1/2044		60		75
Utah Infrastructure Agency, Tax-Exempt Telecommunications
Rev., 4.00%, 10/15/2035		400		468
Rev., 4.00%, 10/15/2036		400		466
Rev., 4.00%, 10/15/2038		500		581
Rev., 4.00%, 10/15/2041		350		404
Total Utah				2,928
Vermont — 0.6%
City of Burlington, Public Improvement
Series 2019A, GO, 4.00%, 11/1/2037		500		593
Series 2019A, GO, 4.00%, 11/1/2039		435		515
Vermont Housing Finance Agency, Multiple Purpose Series A, Rev., AMT, 4.00%, 11/1/2046		140		150
Vermont Municipal Bond Bank Series 1, Rev., 5.00%, 12/1/2034		30		36
Vermont Student Assistance Corp., Education Loan
Series A, Rev., AMT, 5.00%, 6/15/2022		725		743
Series 2018A, Rev., AMT, 3.63%, 6/15/2029		550		576
Series A, Rev., AMT, 3.75%, 6/15/2030		765		803
Series A, Rev., AMT, 4.00%, 6/15/2031		270		284
Series A, Rev., AMT, 4.00%, 6/15/2032		110		116
Series A, Rev., AMT, 4.00%, 6/15/2033		145		152
Series 2018A, Rev., AMT, 4.00%, 6/15/2034		110		115
Total Vermont				4,083
Virginia — 1.3%
Capital Region Airport Commission, Richmond International Airport
Series 2016A, Rev., 4.00%, 7/1/2035		350		392
Series 2016A, Rev., 4.00%, 7/1/2036		320		358
City of Portsmouth, Tax Exempt

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2015A, GO, 5.00%, 8/1/2025		20		23
City of Richmond, Public Improvement Series 2018A, GO, 5.00%, 3/1/2029		5		6
Lynchburg Economic Development Authority, Central Health, Inc.
Rev., 4.00%, 1/1/2041		1,140		1,362
Rev., 4.00%, 1/1/2055		1,500		1,744
Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., 4.00%, 11/1/2048		4,375		4,976
Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs Series 2017E, Rev., 5.00%, 2/1/2029		10		12
Virginia Resources Authority, Infrastructure Moral Obligation, Pooled Financing Program Series B, Rev., 5.00%, 11/1/2026		5		5
Virginia Resources Authority, Infrastructure Pooled Financing Program Series 2017B, Rev., 5.00%, 11/1/2028		10		13
Total Virginia				8,891
Washington — 1.0%
City of Lynnwood, Utility System Rev., 5.00%, 12/1/2028		25		31
County of King, Sewer
Series 2102C, Rev., 5.00%, 1/1/2023		40		42
Series 2018B, Rev., 5.00%, 7/1/2031		10		12
Energy Northwest Series C, Rev., 5.00%, 7/1/2023		25		27
King County School District No. 414 Lake Washington, Unlimited Tax GO, 5.00%, 12/1/2028		15		18
Pierce and Lewis Counties School District No. 404, Unlimited Tax GO, 4.00%, 12/1/2025		5		6
Pierce County School District No. 416 White River, Unlimited Tax
GO, 4.00%, 12/1/2030		10		11
Washington Health Care Facilities Authority, Commonspirit Health Series A-1, Rev., 5.00%, 8/1/2031		1,000		1,270
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance Rev., 4.00%, 9/1/2045		2,500		2,901
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%, 1/1/2041(d)		2,000		2,149
Washington State Housing Finance Commission, Single Family Program Series 2A-R, Rev., AMT, 3.50%, 12/1/2046		165		172
Western Washington University, Housing and Dining System, Junior Lien Series A, Rev., AMBAC, 5.50%, 10/1/2022(c)		495		517
Total Washington				7,156
West Virginia — 0.2%
West Virginia Hospital Finance Authority, United Health System Series A, Rev., 4.00%, 6/1/2051		1,000		1,123
Wisconsin — 3.7%
Public Finance Authority, Blue Ridge Healthcare Facilities Series 2020A, Rev., 3.00%, 1/1/2050		1,000		1,053
Public Finance Authority, Coral Academy of Science Series 2021A, Rev., 4.00%, 7/1/2051		1,000		1,091
Public Finance Authority, ENO River Academy Project Series 2020A, Rev., 5.00%, 6/15/2054(d)		690		780
Public Finance Authority, KU Campus Development Corp. — Central District Development Project Rev., 5.00%, 3/1/2027		280		329
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Rev., 4.75%, 11/15/2053(d)		2,740		2,901
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 5.00%, 1/1/2040		3,000		3,610
Public Finance Authority, Triad Educational Services, Inc.
Series 2021A, Rev., 4.00%, 6/15/2051		2,290		2,536
Series 2021A, Rev., 4.00%, 6/15/2061		2,750		3,016
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018A, Rev., 5.00%, 8/15/2033		55		69
Wisconsin Health and Educational Facilities Authority, Beloit Health System, Inc. Rev., 4.00%, 7/1/2046		15		16

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. Rev., 4.00%, 8/15/2047		4,800		5,449
Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc.
Series B, Rev., 5.00%, 7/1/2038		150		176
Series A, Rev., 5.00%, 7/1/2044		210		245
Series A, Rev., 5.00%, 7/1/2049		750		870
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc., Project Series 2018A, Rev., 5.00%, 9/15/2023(c)		665		720
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 4.00%, 12/15/2039		500		545
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Rev., 4.00%, 8/15/2046		1,350		1,549
Wisconsin Housing and Economic Development Authority, Home Ownership
Series B, Rev., 4.00%, 3/1/2048		600		643
Total Wisconsin				25,598
TOTAL MUNICIPAL BONDS (Cost $615,909)				663,210
	Shares (000)
SHORT-TERM INVESTMENTS — 3.9%
INVESTMENT COMPANIES — 3.9%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.05%(f)(g) (Cost $27,246)		27,238		27,249
Total Investments — 98.9% (Cost $643,155)				690,459
Other Assets Less Liabilities — 1.1%				7,444
Net Assets — 100.0%				697,903

Percentages indicated are based on net assets.

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMBAC	Insured by American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
BHAC	Insured by Berkshire Hathaway Assurance Corp.
COLL	Collateral
COP	Certificate of Participation
CR	Custodial Receipts
FGIC	Insured by Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
GTD	Guaranteed
LIQ	Liquidity Agreement
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
RE	Reinsured
Rev.	Revenue
SCSDE	South Carolina School District Enhancement
VRDO	Variable Rate Demand Obligation
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2021.
(c)	Security is prerefunded or escrowed to maturity.
(d)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(e)	Amount rounds to less than 0.1% of net assets.
(f)	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.
(g)	The rate shown is the current yield as of November 30, 2021.

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 Note		(41	)		03/2022		USD		(5,362	)		(55	)
U.S. Treasury 10 Year Ultra Note		(144	)		03/2022		USD		(21,161	)		(327	)
U.S. Treasury Ultra Bond		(11	)		03/2022		USD		(2,205	)		(59	)
												(441	)

Abbreviations
USD	United States Dollar

JPMorgan Tax Free 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.

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.

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	$	—		$	663,210	$	—	$	663,210
Short-Term Investments
Investment Companies		27,249			—		—		27,249
Total Investments in Securities	$	27,249		$	663,210	$	—	$	690,459
Depreciation in Other Financial Instruments
Futures Contracts	$	(441	)	$	—	$	—	$	(441	)

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)	$	32,164	$	103,663	$	108,575	$	(3	)	$	—	(c)	$	27,249		27,238	$	6	$	—

(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.