NPORT-EX 2 JPMSIMBF.htm EDGAR HTML
JPMorgan Short-Intermediate Municipal Bond Fund
Schedule of Portfolio Investments as of May 31, 2024
(Unaudited) 
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2024.
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — 94.8% (a)
Alabama — 3.7%
Birmingham Airport Authority
Rev., 5.00%, 7/1/2033
325
354
Rev., 5.00%, 7/1/2034
375
408
Black Belt Energy Gas District, Gas Prepay Project No. 7 Series 2021C-1, Rev., 4.00%, 12/1/2026 (b)
7,515
7,500
Black Belt Energy Gas District, Gas Project
Series 2022C-1, Rev., 5.25%, 6/1/2027
1,300
1,330
Series 2022B-1, Rev., 4.00%, 10/1/2027 (b)
2,500
2,495
Series 2022C-1, Rev., 5.25%, 12/1/2027
1,165
1,196
City of Huntsville, Warrants Series 2017D, GO, 5.00%, 11/1/2024
160
161
City of Montgomery, Warrants Series 2020, GO, 4.00%, 2/1/2025
100
100
County of Jefferson
Series 2024, Rev., 5.00%, 10/1/2025
1,500
1,522
Series 2024, Rev., 5.00%, 10/1/2026
875
899
Selma Industrial Development Board, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (b)
3,625
3,602
Southeast Energy Authority A Cooperative District Project No.06 Series 2023B, Rev., LIQ : Royal Bank of Canada, 5.00%,
6/1/2030 (b)
3,320
3,492
Southeast Energy Authority A Cooperative District, Project No. 4 Series 2022B-1, Rev., 5.00%, 8/1/2028 (b)
5,000
5,158
Total Alabama
28,217
Alaska — 0.0% ^
Borough of Matanuska-Susitna Series 2007A, GO, NATL - RE, 5.00%, 4/1/2025
100
101
State of Alaska Series 2023A, GO, 5.00%, 8/1/2024
145
146
Total Alaska
247
Arizona — 4.5%
Arizona Board of Regents Series 2021, Rev., 5.00%, 8/1/2024
125
125
Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2025
3,540
3,560
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Series 2023A, Rev., 5.00%, 11/1/2028
6,000
6,253
Arizona Sports and Tourism Authority, Senior Lien Multipurpose Stadium Facility Project Series 2022, Rev., 5.00%, 7/1/2030
5,000
5,328
City of Glendale, Senior Excise Tax Rev., 5.00%, 7/1/2028 (c)
2,850
3,020
City of Mesa Series 2016, GO, 3.00%, 7/1/2025
500
495
City of Phoenix Civic Improvement Corp., Junior Lien, Water System Series 2014B, Rev., 5.00%, 7/1/2024
350
350
City of Phoenix Civic Improvement Corp., Senior Lien, Airport System
Series 2023, Rev., AMT, 5.00%, 7/1/2024
375
375
Series 2023, Rev., AMT, 5.00%, 7/1/2025
500
506
Series 2023, Rev., AMT, 5.00%, 7/1/2026
1,505
1,539
Maricopa County Elementary School District No. 6 Washington, School Improvement, Project of 2016 Series 2019B, GO, 5.00%,
7/1/2029
3,950
4,190
Maricopa County Industrial Development Authority, Banner Health Series 2023A-1, Rev., 5.00%, 5/15/2026 (b)
1,235
1,261
Maricopa County Pollution Control Corp., Palo Verde Project
Series 2010A, Rev., 0.88%, 10/1/2026 (b)
4,500
4,131
Series 2010B, Rev., 0.88%, 10/1/2026 (b)
2,150
1,974
Maricopa County Unified School District No. 11-Peoria Series 2015, GO, AGM, 5.00%, 7/1/2024
250
250
Maricopa County Unified School District No. 41 Gilbert, Project of 2019 Series 2023C, GO, 5.00%, 7/1/2024
775
776
Tempe Industrial Development Authority, Friendship Village of Tempe Project Series 2021C-1, Rev., 1.50%, 12/1/2027
185
174
Total Arizona
34,307
Arkansas — 0.9%
Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2026
325
336
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Arkansas — continued
City of Rogers, Sales Tax Series 2018B, Rev., 5.00%, 11/1/2027
3,855
3,983
County of Sharp, Sales and Use Tax Rev., 5.00%, 3/1/2026
685
697
University of Arkansas, Various Facility UAMS Campus
Rev., 5.00%, 3/1/2025
500
505
Rev., 5.00%, 3/1/2026
1,000
1,009
University of Central Arkansas, Student Housing System
Series 2019C, Rev., AGM, 4.00%, 11/1/2025
110
110
Series 2019C, Rev., AGM, 4.00%, 11/1/2026
240
241
Series 2019C, Rev., AGM, 4.00%, 11/1/2027
180
181
Total Arkansas
7,062
California — 5.5%
California Community Choice Financing Authority, Clean Energy Project
Series 2023B-1, Rev., 5.00%, 8/1/2029 (b)
2,500
2,614
Series 2023E-1, Rev., 5.00%, 3/1/2031 (b)
2,500
2,634
California Municipal Finance Authority, North Bay Healthcare Group Series 2017A, Rev., 5.00%, 11/1/2024
800
801
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 5.00%, 8/1/2028
250
256
Grossmont Healthcare District
Series C, GO, 5.00%, 7/15/2026
1,000
1,018
Series D, GO, 5.00%, 7/15/2026
1,225
1,246
Los Angeles Community College District, Election of 2016 Series C-1, GO, 5.00%, 8/1/2026
250
259
Los Angeles Unified School District Series 2024A, GO, 5.00%, 7/1/2026
3,000
3,101
Novato Unified School District Series 2014A, GO, 5.00%, 8/1/2026
1,800
1,805
San Francisco Bay Area Rapid Transit District, Election of 2004 Series 2015D, GO, 5.00%, 8/1/2028
1,685
1,714
State of California, Various Purpose
GO, 4.00%, 8/1/2028
4,000
4,012
GO, 4.00%, 8/1/2029
4,180
4,193
GO, 5.00%, 8/1/2029
7,830
8,072
GO, 4.00%, 8/1/2030
10,000
10,025
Total California
41,750
Colorado — 1.9%
City and County of Denver
Series 2024A, GO, 5.00%, 8/1/2026
2,000
2,067
Series 2024B, GO, 5.00%, 8/1/2026
2,000
2,067
Colorado Housing and Finance Authority Series 2023L, Class III, Rev., GNMA COLL, 5.75%, 11/1/2053
3,455
3,629
Colorado School of Mines Series 2022D, Rev., (SIFMA Municipal Swap Index Yield + 0.87%), 3.76%, 6/13/2024 (d)
1,455
1,455
State of Colorado
Series 2018 A, COP, 5.00%, 12/15/2029
1,900
2,018
Series 2021A, COP, 4.00%, 12/15/2039
3,075
3,052
Total Colorado
14,288
Connecticut — 0.3%
State of Connecticut Special Tax Series 2018 B, Rev., 5.00%, 10/1/2025
2,205
2,252
Delaware — 0.0% ^
Delaware Transportation Authority Series 2022, Rev., 5.00%, 7/1/2024
175
175
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
District of Columbia — 2.1%
Metropolitan Washington Airports Authority Aviation
Series 2021 A, Rev., AMT, 5.00%, 10/1/2025
7,000
7,102
Series 2023A, Rev., AMT, 5.00%, 10/1/2025
875
888
Series 2021A, Rev., AMT, 5.00%, 10/1/2028
5,000
5,223
Metropolitan Washington Airports Authority Dulles, Toll Road, Second Senior Lien Series 2009B, Rev., AGC, Zero Coupon,
10/1/2024
1,000
987
Washington Metropolitan Area Transit Authority
Series A-1, Rev., 5.00%, 7/1/2024
250
250
Series 2017B, Rev., 5.00%, 7/1/2029
1,120
1,168
Total District of Columbia
15,618
Florida — 1.4%
City of Tallahassee, Energy System Rev., 5.00%, 10/1/2025
300
306
County of Miami-Dade, Aviation System Series B, Rev., 5.00%, 10/1/2025
3,690
3,704
County of Pasco Series A, Rev., 5.00%, 10/1/2024
250
251
Fort Pierce Utilities Authority
Series 2022A, Rev., AGM, 5.00%, 10/1/2028
400
423
Series 2022A, Rev., AGM, 5.00%, 10/1/2029
400
428
JEA Water and Sewer System Series 2017A, Rev., 5.00%, 10/1/2025
315
321
Miami-Dade County Housing Finance Authority, Running Brook Apartments Series 202, Rev., 3.55%, 1/1/2026 (b)
1,500
1,473
Pasco County School Board Series 2022A, COP, 5.00%, 8/1/2026
1,000
1,028
Polk County Housing Finance Authority, Episcopal Catholic Apartments Series 2023, Rev., 4.15%, 6/1/2026 (b)
750
750
State of Florida Series 2022C, GO, 5.00%, 6/1/2024
1,850
1,850
Total Florida
10,534
Georgia — 1.8%
Atlanta Development Authority (The), New Downtown Atlanta Stadium Project, Senior Lien
Series A-1, Rev., 5.00%, 7/1/2027
1,000
1,013
Series A-1, Rev., 5.00%, 7/1/2028
1,000
1,012
City of Atlanta, Airport Passenger Facility Charge, Subordinate Lien Series 2023E, Rev., AMT, 5.00%, 7/1/2024
1,750
1,751
City of Columbus Series 2022, GO, 5.00%, 1/1/2025
100
101
Columbia County Hospital Authority, Wellstart Health System Inc., Project
Series 2023B, Rev., 5.00%, 4/1/2026
400
410
Series 2023B, Rev., 5.00%, 4/1/2027
350
364
Series 2023B, Rev., 5.00%, 4/1/2028
750
791
Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project Series 2019B, Rev., 5.00%, 7/1/2029 (b)
1,480
1,550
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project
Rev., 5.00%, 7/1/2025
250
253
Rev., 5.00%, 7/1/2026
275
281
Rev., 5.00%, 7/1/2028
375
387
Main Street Natural Gas, Inc., Gas Supply Series 2023B, Rev., 5.00%, 3/1/2030 (b)
3,250
3,414
State of Georgia
Series 2019A, GO, 5.00%, 7/1/2024
245
245
Series 2016F, GO, 5.00%, 7/1/2028
2,000
2,085
Total Georgia
13,657
Illinois — 9.6%
Champaign County Community Unit School District No. 4 Champaign
GO, 4.00%, 6/1/2029
1,000
1,014
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Illinois — continued
GO, 4.00%, 6/1/2030
1,285
1,300
Series 2019, GO, 4.00%, 6/1/2034
1,160
1,168
Chicago Midway International Airport, Senior Lien
Series 2023 C, Rev., AMT, 5.00%, 1/1/2025
6,880
6,911
Series 2023A, Rev., AMT, 5.00%, 1/1/2027
1,000
1,027
Series 2023A, Rev., AMT, 5.00%, 1/1/2028
3,400
3,519
Series 2023 C, Rev., AMT, 5.00%, 1/1/2029
5,000
5,200
Chicago Park District, Limited Tax Series 2023C, GO, 5.00%, 1/1/2026
2,500
2,546
Chicago Transit Authority Capital Grant Receipts Series 2021, Rev., 5.00%, 6/1/2027
1,960
2,022
City of Waukegan
Series 2018B, GO, AGM, 5.00%, 12/30/2025
1,075
1,098
Series 2018B, GO, AGM, 5.00%, 12/30/2026
1,125
1,164
Series 2018B, GO, AGM, 5.00%, 12/30/2027
1,185
1,219
City of Waukegan, First Lien, Water and Sewer System
Series 2018C, Rev., AGM, 5.00%, 12/30/2026
680
704
Series 2018C, Rev., AGM, 5.00%, 12/30/2027
710
735
Cook County Community Consolidated School District No. 65, Evanston, Limited Tax GO, 4.00%, 12/1/2030
1,225
1,249
Cook County School District No. 69, Skokie, Limited Tax GO, 4.00%, 12/1/2031
820
833
DeKalb County Community Unit School District No. 428 DeKalb GO, 4.00%, 1/1/2031
1,000
1,017
Effingham Community Unit School District No. 40 Series 2019A, GO, 4.00%, 12/1/2028
565
576
Glenview Park District
GO, 5.00%, 12/1/2026
300
312
GO, 5.00%, 12/1/2029
350
363
Grundy and Kendall Counties Consolidated Grade School District No. 60-C GO, 4.00%, 2/1/2030
1,145
1,169
Illinois Finance Authority, DePaul University Rev., 5.00%, 10/1/2025
300
304
Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project
Rev., 4.00%, 1/15/2030
1,960
1,981
Rev., 4.00%, 1/15/2032
2,120
2,147
Illinois Finance Authority, University of Chicago Series 2015A, Rev., 5.00%, 10/1/2025 (e)
6,500
6,612
Illinois Finance Authority, University Of Chicago
Series 2024B, Rev., 5.00%, 4/1/2027 (c)
2,400
2,495
Series 2024B, Rev., 5.00%, 4/1/2028 (c)
2,700
2,848
Kane and DeKalb Counties Community Unit School District No 301 Burlington GO, 5.00%, 1/1/2027
355
368
Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community GO, AGM, 4.00%, 5/1/2029
2,000
2,022
Maine Township High School District No. 207 of Cook Country Series 2019A, GO, 5.00%, 12/1/2028
1,930
2,056
Peoria County Community Unit School District No. 309 Brimfield
GO, AGM, 4.00%, 4/1/2026
750
753
GO, AGM, 4.00%, 4/1/2028
410
412
GO, AGM, 4.00%, 4/1/2029
240
241
GO, AGM, 4.00%, 4/1/2030
375
376
Peoria Public Building Commission
Series 2019A, Rev., AGM, 5.00%, 12/1/2028
1,290
1,344
Series 2019A, Rev., AGM, 5.00%, 12/1/2029
2,400
2,496
Southwestern Illinois Development Authority, Hospital Sisters Services, Inc., Obligated Group Series 2017A, Rev., 5.00%,
2/15/2027
2,000
2,041
State of Illinois
Series 2023D, GO, 5.00%, 7/1/2024
1,000
1,001
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Illinois — continued
Series 2017 A, GO, 5.00%, 12/1/2026
2,000
2,056
Series 2023B, GO, 5.00%, 5/1/2028
1,000
1,044
Series 2024B, GO, 5.00%, 5/1/2028
1,500
1,566
GO, 5.50%, 5/1/2030
1,525
1,609
Village of Skokie GO, 5.00%, 12/1/2028
1,550
1,651
Will County Forest Preservation District, Limited Tax GO, 5.00%, 12/15/2027
805
848
Total Illinois
73,417
Indiana — 1.5%
City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025
5,000
4,936
Indiana Finance Authority, Indianapolis Power and Light Co. Project Series 2021A, Rev., 1.40%, 8/1/2029
7,000
5,832
Indiana Finance Authority, Stadium Project Series 2022 A, Rev., 5.00%, 2/1/2026
500
512
Total Indiana
11,280
Iowa — 0.5%
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project Rev., VRDO, 2.75%, 6/12/2024 (b)
4,000
4,000
Kansas — 0.3%
City of Wichita, Sales Tax, River District Stadium Star Bond Project
Series 2018, Rev., 5.00%, 9/1/2025
300
304
Series 2018, Rev., 5.00%, 9/1/2026
465
479
City of Wichita, Water and Sewer System Series 2016B, Rev., 5.00%, 10/1/2024
200
201
Kansas Development Finance Authority, State of Kansas Project Series 2019F, Rev., 5.00%, 11/1/2024
170
171
Wyandotte County Unified School District No. 202 Turner
Series 2019A, GO, AGM, 5.00%, 9/1/2025
400
406
Series 2019A, GO, AGM, 5.00%, 9/1/2026
320
329
Series 2019A, GO, AGM, 5.00%, 9/1/2028
400
422
Total Kansas
2,312
Kentucky — 1.5%
County of Knott, Solid Waste Water Project Series 2024, Rev., AMT, 4.00%, 4/1/2025 (b) (f)
6,250
6,233
Kentucky Public Energy Authority Series 2023 A-1, Rev., 5.25%, 2/1/2032 (b)
3,335
3,551
Kentucky State Property and Building Commission, Project No. 113 Series 2024 B, Rev., 5.00%, 11/1/2027
460
481
Kentucky State Property and Building Commission, Project No. 130 Series 2024 B, Rev., 5.00%, 11/1/2028
1,055
1,114
Total Kentucky
11,379
Louisiana — 0.8%
City of Shreveport, Water and Sewer, Junior Lien
Series 2018C, Rev., 5.00%, 12/1/2025
915
932
Series 2019B, Rev., AGM, 5.00%, 12/1/2026
360
370
Series 2019B, Rev., AGM, 5.00%, 12/1/2027
600
622
Series 2019B, Rev., AGM, 5.00%, 12/1/2028
500
524
Series 2019B, Rev., AGM, 5.00%, 12/1/2029
300
314
Louisiana Public Facilities Authority, Tulane University of Louisiana Project
Series 2017A, Rev., 5.00%, 12/15/2025
250
255
Series 2023A, Rev., 5.00%, 10/15/2028
175
185
Series 2023A, Rev., 5.00%, 10/15/2029
175
188
Series 2023A, Rev., 5.00%, 10/15/2030
175
190
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Louisiana — continued
State of Louisiana Series 2014C, GO, 5.00%, 8/1/2024
150
150
State of Louisiana Gasoline and Fuels Tax Series A, Rev., 4.50%, 5/1/2025 (e)
2,000
2,018
Total Louisiana
5,748
Maryland — 0.1%
County of Prince George's, Consolidated Public Improvement Series 2020A, GO, 5.00%, 7/15/2032
1,000
1,063
Massachusetts — 1.6%
Commonwealth of Massachusetts, Consolidated Loan of 2015 Series 2015D, GO, 4.00%, 9/1/2030
8,290
8,297
Massachusetts Department of Transportation, Capital Appreciation Series 1997-A, Rev., NATL - RE, Zero Coupon, 1/1/2029
1,560
1,319
Massachusetts Development Finance Agency, Caregroup Series 2015 H-1, Rev., 5.00%, 7/1/2025 (e)
1,445
1,463
Massachusetts Development Finance Agency, Suffolk University Issue Rev., 5.00%, 7/1/2026
435
440
Town of Wilbraham GO, BAN, 4.25%, 3/12/2025
1,000
1,004
Total Massachusetts
12,523
Michigan — 0.6%
City of Royal Oak, Limited Tax, Capital Improvement
GO, 5.00%, 4/1/2027
625
651
GO, 5.00%, 4/1/2028
245
258
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series 1999B-4, Rev., 5.00%, 11/15/2027
2,250
2,284
Northville Public Schools, School Building and Site
Series 2019-II, GO, 5.00%, 5/1/2027
375
391
Series 2019-II, GO, 5.00%, 5/1/2028
600
634
Series 2019-II, GO, 5.00%, 5/1/2029
250
268
Total Michigan
4,486
Minnesota — 0.3%
City of Minneapolis Series 2021, GO, 4.00%, 12/1/2024
355
356
Duluth Independent School District No. 709
Series 2019B, COP, 5.00%, 2/1/2026
195
199
Series 2019C, COP, 5.00%, 2/1/2026
320
327
Series 2019B, COP, 5.00%, 2/1/2027
185
192
Series 2019B, COP, 5.00%, 2/1/2028
175
183
Series 2019C, COP, 5.00%, 2/1/2028
350
366
Housing And Redevelopment Authority of The City of St. Paul Minnesota, Healtheast care System Series 2015A, Rev., 5.00%,
11/15/2025 (e)
570
580
Total Minnesota
2,203
Mississippi — 0.7%
Mississippi Business Finance Corp., Pollution Control, Power Co., Project Rev., 3.20%, 9/1/2028
4,000
3,873
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2028
1,400
1,467
Total Mississippi
5,340
Missouri — 2.9%
City of Kansas City Series 2019A, Rev., 5.00%, 12/1/2024
140
141
City of Kansas City, Missouri Special Obligation Refunding and Improvement, Main Streetcar Extension Project Series 2022C,
Rev., 5.00%, 9/1/2024
100
100
City of St. Louis Airport Series 2007-A, Rev., AGM, 5.25%, 7/1/2026
2,635
2,724
County of Greene, Missouri Capital project Series 2018, COP, 4.00%, 9/1/2024
450
450
Curators of the University of Missouri (The) Series 2020 B, Rev., 5.00%, 11/1/2030
5,705
6,267
Health and Educational Facilities Authority of the State of Missouri Series 2021 C, Rev., 5.00%, 5/1/2028 (b)
7,500
7,840
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Missouri — continued
Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group Series 2022A, Rev.,
5.00%, 6/1/2028
385
406
Jackson County School District No. R-IV Blue Springs, Missouri Direct Deposit Program Series 2019, GO, 5.50%, 3/1/2029
1,280
1,396
Missouri Highway and Transportation Commission Series 2022 A, Rev., 4.00%, 5/1/2033
2,685
2,777
Total Missouri
22,101
Nebraska — 1.0%
Central Plains Energy Project, Gas Project No. 5 Series 2022-1, Rev., 5.00%, 10/1/2029 (b)
5,000
5,202
Omaha School District, Douglas County School District No. 001 Series 2016, GO, 5.00%, 12/15/2028
1,000
1,033
Southeast Community College Area, Tax Supported
COP, 5.00%, 12/15/2026
275
285
COP, 5.00%, 12/15/2027
495
520
COP, 5.00%, 12/15/2028
540
570
University of Nebraska, Lincoln Student Fees and Facilities Series 2015A, Rev., 5.00%, 7/1/2025 (e)
250
254
Total Nebraska
7,864
Nevada — 0.4%
County of Clark Series 2016, Rev., 5.00%, 7/1/2024
125
125
Nevada Housing Division, Woodcreek Apartments Rev., FHA, 5.00%, 12/1/2024 (b)
2,775
2,781
Total Nevada
2,906
New Hampshire — 0.3%
New Hampshire Municipal Bond Bank Series 2020A, Rev., 5.00%, 2/15/2029
1,870
2,009
New Jersey — 7.0%
Borough of Seaside Park GO, BAN, 4.25%, 4/11/2025
1,000
1,004
Borough of South Plainfield Series 2024A, GO, BAN, 4.25%, 4/10/2025
1,000
1,004
Burlington County Bridge Commission, Government Leasing Program
Series 2023C, Rev., 4.50%, 8/7/2024
2,340
2,342
Series 2024A, Rev., 4.25%, 4/8/2025
1,600
1,608
New Jersey Economic Development Authority, School Facilities Construction
Series 2023RRR, Rev., 5.00%, 3/1/2025
3,250
3,279
Series 2017DDD, Rev., 5.00%, 6/15/2025
1,500
1,520
Series 2017DDD, Rev., 5.00%, 6/15/2026
1,840
1,889
Series 2024SSS, Rev., 5.00%, 6/15/2026
2,320
2,382
Series 2019 GGG, Rev., 5.25%, 9/1/2026 (f)
5,500
5,675
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series A, Rev., 5.00%, 6/15/2028
3,000
3,070
Series A, Rev., 5.00%, 6/15/2029
5,350
5,471
Series A, Rev., 5.00%, 6/15/2031
4,750
4,843
Passaic Valley Sewerage Commission, Sewer System Series J, Rev., AGM, 3.00%, 12/1/2030
6,665
6,164
State of New Jersey, COVID-19 Emergency Bonds Series 2020A, GO, 5.00%, 6/1/2026
7,455
7,674
Township of Brick GO, BAN, 4.25%, 3/19/2025
5,000
5,016
Township of Stafford Series 2016, GO, 4.00%, 8/1/2024
250
250
Total New Jersey
53,191
New Mexico — 1.4%
Albuquerque Municipal School District No. 12, School Building Series 2023B, GO, 5.00%, 8/1/2024
610
611
City of Farmington, San Juan Project Series 2010A, Rev., 0.88%, 10/1/2026 (b)
4,000
3,671
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
New Mexico — continued
County of Sandoval
GO, 5.00%, 8/1/2025
500
508
GO, 5.00%, 8/1/2026
650
669
New Mexico Finance Authority Series 2018 A, Rev., 5.00%, 6/15/2029
5,080
5,378
Total New Mexico
10,837
New York — 7.7%
City of Oneida GO, BAN, 4.50%, 3/28/2025
8,000
8,054
Eastport-South Manor Central School District GO, BAN, 4.50%, 5/22/2025
2,000
2,015
Long Island Power Authority, Electric System
Rev., 5.00%, 9/1/2025 (e)
500
509
Rev., 5.00%, 9/1/2027
500
526
Longwood Central School District, Suffolk County GO, 5.00%, 6/15/2026
365
377
Metropolitan Transportation Authority, Dedicated Tax Fund Series B-2, Rev., 4.00%, 11/15/2032
4,000
4,052
Metropolitan Transportation Authority, Green Bond
Series A-2, Rev., 4.00%, 11/15/2025
1,000
1,005
Series 2017C-1, Rev., 5.00%, 11/15/2026
2,610
2,696
Series 2018 B, Rev., 5.00%, 11/15/2026
1,000
1,033
New York City Industrial Development Agency, Yankee Stadium LLC Project Series 2020A, Rev., AGM, 5.00%, 3/1/2030
1,600
1,717
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2021 Series
2021, Subseries CC-2, Rev., 5.00%, 6/15/2028
3,410
3,525
New York City Transitional Finance Authority, Future Tax Secured Series 2024G, Subseries G-1, Rev., 5.00%, 5/1/2027
3,755
3,920
New York Convention Center Development Corp., Hotel Unit Fee Secured Rev., 5.00%, 11/15/2026
5,000
5,060
New York State Dormitory Authority Series 2024A, Rev., AGM, 5.00%, 10/1/2028 (c)
5,800
6,166
New York State Dormitory Authority, Personal Income Tax Series 2017B-2, Rev., 5.00%, 2/15/2030
1,875
1,947
New York State Dormitory Authority, School Districts Financing Program Series 2020A, Rev., AGM, 5.00%, 10/1/2031
5,065
5,319
New York State Dormitory Authority, St. John's University
Series 2021A, Rev., 4.00%, 7/1/2029
975
991
Series 2021A, Rev., 4.00%, 7/1/2030
1,500
1,529
New York State Urban Development Corp., State Personal Income Tax Series 2017C, Rev., 5.00%, 3/15/2032
1,000
1,041
Triborough Bridge and Tunnel Authority Series 2024B, Rev., BAN, 5.00%, 3/15/2027
7,000
7,297
Total New York
58,779
North Carolina — 3.0%
Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Variable Rate, Health Care Series 2021B, Rev., 5.00%,
12/2/2024 (b)
3,390
3,410
City of Charlotte Series 2014A, Rev., 5.00%, 7/1/2024
100
100
City of Winston-Salem, Water and Sewer System Series A, Rev., 5.00%, 6/1/2024
1,330
1,330
County of Mecklenburg Series 2015A, Rev., 5.00%, 10/1/2024
250
251
North Carolina Housing Finance Agency Series 2024, Rev., 5.00%, 4/1/2028 (b)
3,825
3,965
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (b)
13,805
13,439
Total North Carolina
22,495
North Dakota — 0.2%
City of Grand Forks
Series 2023A, Rev., AGM, 5.00%, 12/1/2026
370
380
Series 2023A, Rev., AGM, 5.00%, 12/1/2027
325
337
Series 2023A, Rev., AGM, 5.00%, 12/1/2028
460
481
Total North Dakota
1,198
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Ohio — 2.5%
American Municipal Power, Inc. Prairie State Energy Campus Project Series 2023A, Rev., 5.00%, 2/15/2026
1,500
1,531
City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements
Series 2018A, Rev., 5.00%, 10/1/2025
150
153
Series 2018A, Rev., 5.00%, 10/1/2027
250
263
Series 2018A, Rev., 5.00%, 10/1/2028
250
263
Series 2017B-1, Rev., 5.00%, 10/1/2030
2,510
2,643
City of Dublin, Various Purpose GO, 4.00%, 12/1/2028
200
200
City of Toledo Series 2023, GO, 5.00%, 12/1/2026
445
460
Cuyahoga Community College District, Facilities Construction Improvement, Unlimited Tax GO, 5.00%, 12/1/2028
2,300
2,370
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (f)
2,790
2,819
State of Ohio Series 2023A, GO, 5.00%, 3/15/2027
7,870
8,215
Total Ohio
18,917
Oklahoma — 2.5%
Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project
Rev., 5.00%, 9/1/2025
365
368
Rev., 5.00%, 9/1/2026
820
831
Rev., 5.00%, 9/1/2027
1,250
1,274
Cleveland County Educational Facilities Authority
Series 2021, Rev., 4.00%, 6/1/2026
7,015
7,040
Series 2021, Rev., 4.00%, 6/1/2028
2,855
2,889
Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project
Rev., 5.00%, 9/1/2028
375
390
Rev., 5.00%, 9/1/2029
1,175
1,223
Muskogee Industrial Trust, Muskogee Public Schools Project
Rev., 5.00%, 9/1/2027
480
491
Series 2019, Rev., 4.00%, 9/1/2029
3,010
2,901
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project Rev., 5.00%,
10/1/2025
1,000
1,015
Oklahoma State University, Agricultural Mechanical Colleges Series 2021A, Rev., 5.00%, 9/1/2024
255
256
Total Oklahoma
18,678
Oregon — 0.1%
Multnomah County School District No. 1 Portland Series 2023, GO, 5.00%, 6/15/2024
400
400
Port of Portland, International Airport Series 26A, Rev., 5.00%, 7/1/2026
650
661
Total Oregon
1,061
Pennsylvania — 5.4%
Allegheny County Airport Authority, Pittsburgh International Airport
Series 2023A, Rev., AMT, AGM, 5.00%, 1/1/2026
350
356
Series 2023A, Rev., AMT, AGM, 5.00%, 1/1/2027
850
872
Allegheny County Higher Education Building Authority, Carnegie Mellon University Series 2022A, Rev., (SOFR + 0.29%), 4.02%,
6/7/2024 (d)
2,500
2,463
Bethlehem Area School District Series 2021, GO, 5.00%, 11/15/2026
4,165
4,311
Commonwealth of Pennsylvania
Series 2016-2, GO, 5.00%, 1/15/2025
630
635
Series 2023, GO, 5.00%, 9/1/2029
650
704
County of Northampton
Series 2019A, GO, 4.00%, 10/1/2026
750
756
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Pennsylvania — continued
Series 2019A, GO, 4.00%, 10/1/2027
1,565
1,582
Series 2019A, GO, 4.00%, 10/1/2028
920
932
General Authority of Southcentral Pennsylvania, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026
1,400
1,420
General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group
Series 2014A, Rev., 5.00%, 6/1/2024
380
380
Series 2023A, Rev., 5.00%, 6/1/2029
2,000
2,137
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, 9/1/2024
1,000
1,001
Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023B, Rev., 4.10%, 6/1/2029
5,200
5,278
Panther Valley School District
GO, 2.00%, 10/15/2026
750
703
GO, 2.00%, 10/15/2027
680
623
GO, 2.00%, 10/15/2028
300
269
GO, 2.00%, 10/15/2029
300
263
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Series 2021A-2, Rev., 4.60%,
10/1/2026 (b)
5,000
5,059
Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate Series 2017-3, Rev., 5.00%, 12/1/2028
1,000
1,038
Pennsylvania Turnpike Commission, Subordinate Series 2021 B, Rev., 5.00%, 12/1/2027
1,025
1,078
Redevelopment Authority of the City of Philadelphia, Neighborhood Preservation Initiative Series 2023 C, Rev., 5.00%,
4/15/2025
1,000
1,007
School District of Philadelphia (The) Series 2024A, Rev., TRAN, 5.00%, 6/28/2024
4,750
4,752
Southeastern Pennsylvania Transportation Authority, Asset Improvement Program Rev., 5.00%, 6/1/2032
100
112
State Public School Building Authority, Community College of Philadelphia Project Rev., 5.00%, 6/15/2024
2,625
2,626
Upper St. Clair Township School District
Series 2019B, GO, 4.00%, 10/1/2028
575
582
Series 2019B, GO, 4.00%, 10/1/2029
420
425
Total Pennsylvania
41,364
South Carolina — 0.5%
Patriots Energy Group Financing Agency Series 2023 Subseries B-1, Rev., 5.25%, 3/1/2031 (b)
3,665
3,920
Tennessee — 2.5%
City of Chattanooga Series A, Rev., 5.00%, 9/1/2024
175
176
City of Jackson Series 2019, GO, 5.00%, 6/1/2024
115
115
County of Rutherford Series 2015A, GO, 5.00%, 4/1/2026
1,165
1,178
Johnson City Health and Educational Facilities Board, Ballad Health
Series 2023A, Rev., 5.00%, 7/1/2024
625
625
Series 2023A, Rev., 5.00%, 7/1/2025
760
768
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Chippington Towers Project
Rev., 0.45%, 10/1/2024 (b)
10,000
9,867
Tennergy Corp., Gas Supply Series 2021 A, Rev., 4.00%, 9/1/2028 (b)
6,500
6,442
Total Tennessee
19,171
Texas — 8.5%
Abilene Independent School District, Unlimited Tax School Building GO, PSF-GTD, 4.00%, 2/15/2029
2,000
2,024
Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2029
1,000
1,002
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project
Series 2018C, Rev., 5.00%, 8/1/2026
250
258
Series 2018C, Rev., 5.00%, 8/1/2027
200
209
Series 2018C, Rev., 5.00%, 8/1/2029
325
340
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Texas — continued
Bridge City Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2033
520
571
City of Austin Water and Wastewater System Series 2024, Rev., 5.00%, 11/15/2028 (c)
2,500
2,671
City of Austin, Airport System Series 2017 A, Rev., 5.00%, 11/15/2028
1,130
1,162
City of Corpus Christi, Utility System Series C, Rev., 5.00%, 7/15/2024
110
110
City of Denton GO, 5.00%, 2/15/2025
270
273
City of El Paso
Series 2023, GO, 5.00%, 8/15/2024
1,030
1,032
Series 2023, GO, 5.00%, 8/15/2025
1,080
1,098
City of Garland, Water and Sewer System Series 2018A, Rev., 5.00%, 3/1/2026
1,030
1,055
City of Houston Airport System, Subordinate Lien Series 2018 B, Rev., 5.00%, 7/1/2025
2,980
3,020
City of Houston Combined Utility System, First Lien
Series 2024 A, Rev., 5.00%, 11/15/2026
6,000
6,205
Series 2016B, Rev., 5.00%, 11/15/2027
780
807
Series 2024 A, Rev., 5.00%, 11/15/2027
4,125
4,329
City of Houston, Public Improvement Series 2017A, GO, 5.00%, 3/1/2025
1,235
1,248
City of Pearland, Permanent Improvement Series 2017, GO, 5.00%, 3/1/2025
225
227
County of Bexar, Venue Project Series 2015, Rev., AGM, 4.00%, 8/15/2024 (e)
215
215
Dallas Independent School District, Unlimited Tax Series 2021, GO, PSF-GTD, 4.00%, 2/15/2025
5,020
5,038
Eagle Mountain and Saginaw Independent School District Series 2015, GO, PSF-GTD, 5.00%, 8/15/2024
100
100
Elgin Independent School District, Unlimited Tax Series 2022, GO, PSF-GTD, 5.00%, 8/1/2032
1,025
1,147
Grand Parkway Transportation Corp. Series 2023, Rev., 5.00%, 4/1/2028 (b)
1,000
1,041
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%,
12/1/2026
1,910
1,920
Harris County Fresh Water Supply District No. 61, Unlimited Tax GO, AGM, 3.00%, 9/1/2025
530
521
Hereford Independent School District, School Building, Unlimited Tax
GO, PSF-GTD, 4.00%, 2/15/2028
1,420
1,430
GO, PSF-GTD, 4.00%, 2/15/2029
1,480
1,490
Irving Hospital Authority, Baylor Scott and White Medical Center
Series 2017A, Rev., 5.00%, 10/15/2028
250
254
Series 2017A, Rev., 5.00%, 10/15/2029
500
508
Lewisville Independent School District, Unlimited Tax Series 2015, GO, 5.00%, 8/15/2024
105
105
Lone Star College System Series 2016, GO, 4.00%, 2/15/2032
1,000
992
Lower Colorado River Authority, LCRA Transmission Services Corp. Project Series 2023A, Rev., AGM, 5.00%, 5/15/2030
2,380
2,574
Metropolitan Transit Authority of Harris County, Sales and Use Tax Series A, Rev., 5.00%, 11/1/2028
1,000
1,034
North Texas Tollway Authority, First Tier
Series 2023 A, Rev., 5.00%, 1/1/2026
3,740
3,827
Series A, Rev., 4.00%, 1/1/2033
2,500
2,493
S&S Consolidated Independent School District GO, PSF-GTD, 4.00%, 2/15/2028
580
586
State of Texas, College Student Loan Series 2023A, GO, AMT, 5.25%, 8/1/2029
2,470
2,624
Texas A&M University Series 2017E, Rev., 5.00%, 5/15/2027
1,395
1,456
Texas Municipal Gas Acquisition & Supply Corp. IV Series 2023A, Rev., 5.50%, 1/1/2030 (b)
3,040
3,243
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply, Senior Lien Series 2008D, Rev., 6.25%, 12/15/2026
890
914
Texas State University System Series 2024, Rev., 5.00%, 3/15/2029 (c)
2,000
2,141
Texas Water Development Board Series 2023 A, Rev., 5.00%, 10/15/2024
1,150
1,156
West Travis County Public Utility Agency Rev., 5.00%, 8/15/2027
350
365
Ysleta Independent School District Series 2020, GO, PSF-GTD, 5.00%, 8/15/2024
150
150
Total Texas
64,965
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Utah — 0.9%
Utah Infrastructure Agency, Tax-Exempt Telecommunications Series 2017A, Rev., 5.00%, 10/15/2025
5,000
5,016
West Valley City Municipal Building Authority
Rev., AGM, 5.00%, 2/1/2027
720
743
Rev., AGM, 5.00%, 2/1/2029
1,070
1,108
Total Utah
6,867
Virginia — 2.7%
County of Henrico Water and Sewer Series 2016, Rev., 5.00%, 5/1/2026 (e)
1,500
1,544
Hampton Roads Sanitation District Series 2024 A, Rev., 5.00%, 11/1/2026
3,240
3,365
Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien Series 2021A, Rev., BAN, 5.00%,
7/1/2026 (e)
7,435
7,642
Isle Wight County Economic Development Authority, Riverside Health System
Series 2023, Rev., AGM, 5.00%, 7/1/2026
500
512
Series 2023, Rev., AGM, 5.00%, 7/1/2027
360
373
Series 2023, Rev., AGM, 5.00%, 7/1/2028
350
367
Series 2023, Rev., AGM, 5.00%, 7/1/2029
500
530
Series 2023, Rev., AGM, 5.00%, 7/1/2030
750
803
Series 2023, Rev., AGM, 5.00%, 7/1/2031
1,000
1,076
Norfolk Economic Development Authority, Sentara Healthcare Series 2018A, Rev., 5.00%, 11/1/2028 (b)
1,940
2,044
Rappahannock Regional Jail Authority Series 2015, Rev., 5.00%, 10/1/2025 (e)
1,090
1,113
Virginia Small Business Financing Authority, Environmental Facilities Series 2022, Rev., 5.00%, 11/15/2024 (b)
1,500
1,500
Total Virginia
20,869
Washington — 3.3%
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax Series 2021 S 1, Rev., 5.00%,
11/1/2025
1,000
1,023
Energy Northwest, Columbia Generating Station Series 2017A, Rev., 5.00%, 7/1/2024 (e)
185
185
Energy Northwest, Project 1 Series 2024 B, Rev., 5.00%, 7/1/2027
2,500
2,619
Energy Northwest, Project 3 Electric Series 2018C, Rev., 5.00%, 7/1/2024 (e)
125
125
Pierce County School District No. 10 Tacoma, Unlimited Tax Series 2015, GO, 5.00%, 12/1/2025 (e)
2,000
2,045
Snohomish County Public Utility District No. 1, Electric System Rev., 5.00%, 12/1/2025
500
511
State of Washington, Various Purpose Series 2024 C, GO, 5.00%, 2/1/2027
3,000
3,122
Washington Health Care Facilities Authority, Commonspirit Health Series 2019B-3, Rev., 5.00%, 8/1/2026 (b)
15,000
15,254
Total Washington
24,884
Wisconsin — 2.3%
State of Wisconsin Series 2016A, GO, 5.00%, 5/1/2026
5,050
5,105
Sun Prairie Area School District GO, 4.00%, 3/1/2028
2,500
2,530
Wauwatosa School District, School Building and Improvement Series 2019A, GO, 5.00%, 3/1/2029
6,025
6,292
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018B-2, Rev., 5.00%,
6/24/2026 (b)
3,500
3,566
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2025
325
330
Total Wisconsin
17,823
Wyoming — 0.1%
Wyoming Municipal Power Agency, Inc. Series 2017A, Rev., 5.00%, 1/1/2027 (e)
1,000
1,041
Total Municipal Bonds
(Cost $732,800)
722,798
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — 0.0% ^
FNMA, REMIC Series 2002-36, Class FS, 5.94%, 6/25/2032 (b)(Cost $12)
12
12
 
SHARES
(000)
Short-Term Investments — 5.3%
Investment Companies — 5.3%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.51% (g) (h)
(Cost $40,233)
40,231
40,235
Total Investments — 100.1%
(Cost $773,045)
763,045
Liabilities in Excess of Other Assets — (0.1)%
(740
)
NET ASSETS — 100.0%
762,305
 
Percentages indicated are based on net assets.
 
Abbreviations
 
AGC
Insured by Assured Guaranty Corp.
AGM
Insured by Assured Guaranty Municipal Corp.
AMT
Alternative Minimum Tax
BAN
Bond Anticipation Note
COLL
Collateral
COP
Certificate of Participation
FHA
Federal Housing Administration
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
GO
General Obligation
LIQ
Liquidity Agreement
NATL
Insured by National Public Finance Guarantee Corp.
PSF-GTD
Permanent School Fund Guaranteed
RE
Reinsured
REMIC
Real Estate Mortgage Investment Conduit
Rev.
Revenue
SIFMA
The Securities Industry and Financial Markets Association
SOFR
Secured Overnight Financing Rate
TRAN
Tax & Revenue Anticipation Note
VRDO
Variable Rate Demand Obligation
 
^
Amount rounds to less than 0.1% of net assets.
(a)
The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
 
(b)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2024.
 
(c)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(d)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2024.
 
(e)
Security is prerefunded or escrowed to maturity.
 
(f)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(g)
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 May 31, 2024.
 
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
Futures contracts outstanding as of May 31, 2024 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
U.S. Treasury 5 Year Note
184
09/30/2024
USD
19,495
26
 
Abbreviations
 
USD
United States Dollar
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.
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
Collateralized Mortgage Obligations
$—
$12
$—
$12
Municipal Bonds
—
722,798
—
722,798
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Short-Term Investments
Investment Companies
$40,235
$—
$—
$40,235
Total Investments in Securities
$40,235
$722,810
$—
$763,045
Appreciation in Other Financial Instruments
Futures Contracts
$26
$—
$—
$26
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended May 31, 2024
Security Description
Value at
February 29,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2024
Shares at
May 31,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan Institutional Tax Free Money Market Fund
Class IM Shares, 3.51%  (a) (b)
$71,426
$138,949
$170,138
$(4
)
$2
$40,235
40,231
$552
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of May 31, 2024.