JPMorgan Tax Free Bond Fund
Schedule of Portfolio Investments as of May 31, 2026
(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., 2026.
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — 95.8% (a)
Alabama — 3.3%
Baldwin County Industrial Development Authority, Novelis Corp., Project Series 2025A, Rev., AMT, 5.00%, 6/1/2032 (b) (c)
2,500
2,559
Black Belt Energy Gas District, Gas Project
Series 2024A, Rev., 5.25%, 9/1/2032 (c)
1,000
1,039
Series 2024D, Rev., 5.00%, 11/1/2034 (c)
7,250
7,728
Series 2026A, Rev., 5.00%, 12/1/2034
6,750
7,128
Lower Alabama Gas District (The), Gas Project Series 2025A, Rev., 5.00%, 12/1/2033
3,215
3,367
Mobile County Industrial Development Authority, Calvert LLC Project Series 2024B, Rev., AMT, 4.75%, 12/1/2054
1,000
941
Southeast Energy Authority A Cooperative District, Energy Supply Series 2024A, Rev., 5.00%, 11/1/2035
550
574
Southeast Energy Authority A Cooperative District, Project No.06 Series 2023B, Rev., LIQ : Royal Bank of Canada, 5.00%,
6/1/2030 (c)
5,530
5,857
Total Alabama
29,193
Alaska — 0.8%
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2049
1,250
1,113
Alaska Municipal Bond Bank Authority Series 2026-1, Rev., 5.00%, 6/1/2051
1,830
1,892
Municipality of Anchorage Series 2024A, Rev., AMT, 4.50%, 2/1/2060
2,250
2,011
Northern Tobacco Securitization Corp., Senior Lien Series 2021A, Class 1, Rev., 5.00%, 6/1/2029
1,000
1,061
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation Series 2021B-2, Class 2,
Rev., Zero Coupon, 6/1/2066
7,355
839
Total Alaska
6,916
Arizona — 2.2%
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC
Series 2021A, Rev., 4.00%, 11/1/2051
2,810
2,499
Series 2023A, Rev., 5.25%, 11/1/2053
2,000
2,040
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2025A-2, Rev., 5.13%,
1/1/2059
1,000
930
City of Avondale Wastewater System
Series 2026, Rev., 5.00%, 7/1/2038 (d)
450
509
Series 2026A, Rev., 5.00%, 7/1/2039 (d)
750
841
Series 2026A, Rev., 5.00%, 7/1/2041 (d)
750
834
Series 2026A, Rev., 5.00%, 7/1/2046 (d)
350
375
City of Buckeye Series 2025, GO, 5.25%, 7/1/2050
1,210
1,283
City of Glendale Water and Sewer, Senior Lien
Series 2026, Rev., 5.00%, 7/1/2039 (d)
1,405
1,584
Series 2026, Rev., 5.00%, 7/1/2043 (d)
2,170
2,384
City of Lake Havasu City Wastewater System, Senior Lien Series 2025, GO, 5.00%, 7/1/2037
1,600
1,822
City of Mesa Utility System
Series 2025, Rev., A.G., 5.00%, 7/1/2030
1,625
1,771
Series 2026, Rev., 5.00%, 7/1/2031 (d)
1,630
1,801
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
356
Series 2018A, Rev., 5.00%, 7/1/2037
200
202
Total Arizona
19,231
California — 7.3%
California Community Choice Financing Authority, Clean Energy Project
Series 2023B-1, Rev., 5.00%, 8/1/2029 (c)
2,565
2,680
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
California — continued
Series 2025E, Rev., 5.00%, 5/1/2035 (c)
4,300
4,647
Series 2026C, Rev., 5.25%, 2/1/2036
4,650
5,070
Series 2026B, Rev., 5.00%, 3/1/2036
4,200
4,413
California County Tobacco Securitization Agency Series 2006A, Rev., Zero Coupon, 6/1/2046
3,000
711
California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.
Series 2020A, Rev., 5.00%, 6/1/2029
110
117
Series 2020A, Rev., 4.00%, 6/1/2034
510
512
Series 2020B-2, Rev., Zero Coupon, 6/1/2055
6,060
1,008
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Series 2021A, Rev., 4.00%, 8/15/2048
2,000
1,904
California Health Facilities Financing Authority, CommonSpirit Health Series 2020A, Rev., 4.00%, 4/1/2049
1,450
1,320
California Health Facilities Financing Authority, PIH Health Series 2020A, Rev., 4.00%, 6/1/2050
1,000
895
California Health Facilities Financing Authority, Rady Children's Health Series 2026B-3, Rev., 5.00%, 8/15/2036 (c)
4,000
4,650
California Health Facilities Financing Authority, Sutter Health
Series 2016B, Rev., 4.00%, 11/15/2041
1,725
1,708
Series 2017A, Rev., 4.00%, 11/15/2048
2,000
1,808
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2025B, Rev., AMT,
12.00%, 11/2/2026 (b) (c)
3,335
1,868
California Infrastructure and Economic Development Bank, California Academy of Science Series 2024A, Rev., 3.25%, 8/1/2029
5,000
5,031
California Statewide Communities Development Authority, Loma Linda University Medical Center Series 2016A, Rev., 5.25%,
12/1/2056 (b)
2,875
2,875
California Statewide Communities Development Authority, Southern California Edison Co. Series 2006C, Rev., 4.50%,
11/1/2033
1,100
1,142
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement
Series 2021B, Rev., 3.00%, 6/1/2046
840
775
Series 2021B-2, Rev., Zero Coupon, 6/1/2066
17,000
1,693
Los Angeles Department of Water and Power System Series 2024C, Rev., 5.00%, 7/1/2026
1,000
1,002
Los Angeles Department of Water and Power, Water System Series 2017A, Rev., 4.00%, 7/1/2047
500
471
Mt San Antonio Community College District Series 2013A, GO, 0.00%, 8/1/2043
7,150
7,412
San Diego County Regional Airport Authority, Senior Private Activity
Series 2023B, Rev., AMT, 5.00%, 7/1/2048
5,540
5,654
Series 2023B, Rev., AMT, 5.00%, 7/1/2053
2,500
2,535
Southern California Public Power Authority Series 2026A, Rev., 5.00%, 11/1/2033 (d)
2,200
2,345
Total California
64,246
Colorado — 2.6%
City and County of Broomfield
Series 2026, COP, 5.00%, 2/1/2042
1,000
1,099
Series 2026, COP, 5.00%, 2/1/2044
900
974
Series 2026, COP, 5.00%, 2/1/2045
215
231
City and County of Denver, Airport System Series 2018A, Rev., AMT, 4.00%, 12/1/2043
1,000
953
Colorado Educational and Cultural Facilities Authority, James Irwin Educational Foundation Series 2022, Rev., 5.00%, 9/1/2062
2,000
1,879
Colorado Health Facilities Authority, Adventist Health System
Series 2024A-1, Rev., 5.00%, 11/15/2029 (c)
2,000
2,137
Series 2021A, Rev., 4.00%, 11/15/2050
1,630
1,442
Colorado Health Facilities Authority, Covenant Living Communities and Services
Series 2025A, Rev., 5.00%, 12/1/2030
1,070
1,138
Series 2025A, Rev., 5.00%, 12/1/2032
1,180
1,276
Series 2025A, Rev., 5.00%, 12/1/2035
1,000
1,083
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Colorado — continued
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Series 2015, Rev., 4.00%, 1/15/2045
1,095
1,051
Denver Health and Hospital Authority
Series A, Rev., 5.25%, 12/1/2045
1,000
1,000
Series 2025A, Rev., 6.00%, 12/1/2055
1,500
1,597
Fort Collins-Loveland Water District
Series 2025, Rev., 5.00%, 12/1/2039
1,000
1,131
Series 2025, Rev., 5.00%, 12/1/2044
400
438
Series 2025, Rev., 5.00%, 12/1/2045
145
158
Raindance Metropolitan District No. 1, Non-Potable Water System Series 2020, Rev., 5.25%, 12/1/2050
1,000
982
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado Series 2025A, GO, 5.00%, 4/1/2035 (b)
2,250
2,433
St Vrain Lakes Metropolitan District No. 4 Series 2024A, GO, 0.00%, 9/20/2054 (b)
1,000
746
Verve Metropolitan District No. 1 Series 2023, GO, 6.75%, 12/1/2052
1,500
1,527
Total Colorado
23,275
Connecticut — 0.4%
Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Issue Series 2026A, Rev., A.G., 5.50%,
7/1/2051
1,000
1,082
State of Connecticut
Series A, GO, 5.00%, 4/15/2029
150
153
Series 2026A, GO, 5.00%, 9/15/2033 (d)
2,000
2,274
Total Connecticut
3,509
Delaware — 0.3%
Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2018B, Rev.,
5.00%, 11/15/2048
1,000
1,000
Delaware State Economic Development Authority, Newark Charter School, Inc., Project Series A, Rev., 5.00%, 9/1/2046
500
500
State of Delaware Series 2026A, GO, 4.00%, 5/1/2045
955
950
Total Delaware
2,450
District of Columbia — 1.8%
District of Columbia, Georgetown University Issue Series 2025A, Rev., 5.00%, 4/3/2035 (c)
3,750
4,124
District of Columbia, Kipp DC Project Series 2019, Rev., 4.00%, 7/1/2039
1,925
1,836
Metropolitan Washington Airports Authority Aviation Series 2021A, Rev., AMT, 4.00%, 10/1/2040
3,250
3,180
Washington Metropolitan Area Transit Authority Series 2018, Rev., 5.00%, 7/1/2043
5,010
5,081
Washington Metropolitan Area Transit Authority Dedicated, Second Lien Series 2025A, Rev., 5.25%, 7/15/2055
2,000
2,097
Total District of Columbia
16,318
Florida — 2.5%
Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project Series 2024A-1, Rev., 5.00%,
6/1/2058 (b)
700
582
City of Pompano Beach, John Knox Village Project Series 2021A, Rev., 4.00%, 9/1/2051
3,400
2,830
County of Miami-Dade Water and Sewer System
Series 2025B, Rev., 4.00%, 10/1/2042
2,055
2,030
Series 2025A, Rev., 4.50%, 10/1/2051
695
683
Florida Development Finance Corp., Brightline Florida Passenger Rail Project Series 2024, Rev., AMT, 5.50%, 7/1/2053
4,000
2,840
Florida Gulf Coast University Financing Corp., Housing Project Series 2020A, Rev., 4.00%, 2/1/2037
225
229
Florida Local Government Finance Commission, Bridgeprep Academy Project Series 2025A, Rev., 6.25%, 6/15/2055 (b)
1,000
1,027
Florida Local Government Finance Commission, Fleet Landing at Nocatee Project Series 2025A, Rev., 6.75%, 11/15/2055 (b)
2,000
2,113
Hillsborough County Housing Finance Authority, Multi- Family Tampa 47th Street Apartments Series 2025A, Rev., FNMA COLL,
5.00%, 12/1/2042
1,000
1,053
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Florida — continued
Hillsborough County Industrial Development Authority, Baycare Health System Series 2024E, Rev., VRDO, LIQ : Royal Bank of
Canada, 2.80%, 6/1/2026 (c)
1,000
1,000
Lee County Industrial Development Authority Series 2026, Rev., 5.75%, 10/1/2050 (b) (d)
1,000
1,008
Middleton Community Development District A, City of Wildwood, Florida Special Assessment Series 2022, 6.10%, 5/1/2042
940
997
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2025B, Rev.,
5.00%, 11/15/2049
2,000
2,008
Peace River Manasota Regional Water Supply Authority, Utility System Series 2025A, Rev., 5.25%, 10/1/2050
2,000
2,138
Seminole County Industrial Development Authority, Legacy Pointe at UCF Project Series 2019A, Rev., 5.75%, 11/15/2054
1,500
1,400
Total Florida
21,938
Georgia — 5.6%
Atlanta Urban Residential Finance Authority, Multi-Family Housing North Block Series 2025, Rev., FHA, 3.40%, 2/1/2028 (c)
1,000
1,004
Brookhaven Development Authority, Children's Healthcare of Atlan Series 2019A, Rev., 4.00%, 7/1/2049
2,500
2,306
Carroll City-County Hospital Authority, Tanner Medical Center Project Series 2020, Rev., GTD, 4.00%, 7/1/2045
1,250
1,232
City of Atlanta Water and Wastewater, Subordinate Lien Series 2026, Rev., 5.00%, 11/1/2035
1,000
1,159
City of Gainesville Water and Sewerage Series 2026, Rev., 5.00%, 11/15/2043
1,000
1,106
Cobb-Marietta Coliseum and Exhibit Hall Authority, Galleria Center Project Series 2025, Rev., 5.50%, 10/1/2050
1,000
1,087
College Park Housing Authority Series 2025, Rev., 3.45%, 4/1/2028 (c)
2,000
2,012
Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project Series 2013-1, Rev., 3.38%,
3/12/2027 (c)
1,000
1,004
Development Authority of Cobb County (The) Series 2026A, Rev., 5.00%, 6/15/2057
1,000
1,016
Douglas County School District Series 2025, GO, 5.00%, 4/1/2037
630
727
Douglasville-Douglas County Water and Sewer Authority Series 2025, Rev., 5.00%, 6/1/2041
3,025
3,365
Downtown Development Authority of The City of Dalton, Hamilton Health Care System Series 1996, Rev., NATL - RE, 5.50%,
8/15/2026
285
286
George L Smith II Congress Center Authority, Convention Center Hotel Second Series 2021B, Rev., 5.00%, 1/1/2054 (b)
1,000
964
Main Street Natural Gas, Inc., Gas Supply
Series 2021C, Rev., 4.00%, 12/1/2028 (c)
6,500
6,585
Series 2024D, Rev., 5.00%, 4/1/2031 (c)
3,000
3,190
Series 2023E, Subseries E-1, Rev., 5.00%, 6/1/2031 (c)
6,770
7,236
Series 2024E, Rev., 5.00%, 12/1/2032 (c)
3,195
3,388
Series 2025B, Rev., 5.00%, 12/1/2035 (c)
1,500
1,588
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project
Series 2019A, Rev., 4.00%, 1/1/2059
1,000
865
Series 2019B, Rev., 5.00%, 1/1/2059
5,000
4,978
Roswell Development Authority, Wellsatar Healthcare, Inc. Series 2025A, Rev., VRDO, LOC : Truist Bank, 2.90%, 6/1/2026 (c)
3,300
3,300
Savannah Georgia Convention Center Authority
Series 2025C, Rev., A.G., 5.00%, 6/1/2035
300
338
Series 2025C, Rev., A.G., 5.00%, 6/1/2036
250
280
Series 2025C, Rev., A.G., 5.00%, 6/1/2037
235
261
Total Georgia
49,277
Guam — 0.1%
Territory of Guam Series 2025G, Rev., 5.25%, 1/1/2037
1,000
1,098
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Idaho — 0.3%
Idaho Housing and Finance Association, Single Family Mortgage Series 2025C, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2056
1,000
1,124
Idaho Housing and Finance Association, Transporation Expansion and Congestion, Sales Tax Series 2023A, Rev., 5.00%,
8/15/2037
1,650
1,842
Total Idaho
2,966
Illinois — 4.7%
Chicago Midway International Airport, Senior Lien
Series 2023A, Rev., AMT, 5.75%, 1/1/2048
1,665
1,772
Series 2023A, Rev., AMT, 5.50%, 1/1/2053
2,195
2,287
Chicago O'Hare International Airport, General Airport, Senior Lien
Series 2026A, Rev., 5.00%, 1/1/2046
1,415
1,498
Series 2018B, Rev., 5.00%, 1/1/2053
1,750
1,764
Chicago O'Hare International Airport, Senior Lien Series 2024A, Rev., AMT, 5.25%, 1/1/2040
3,560
3,879
Chicago Transit Authority Sales Tax Receipts Fund Series 2024A, Rev., 5.00%, 12/1/2049
2,500
2,574
City of Chicago
Series 2025B, GO, 5.50%, 1/1/2041
1,000
1,050
Series 2025A, GO, 6.00%, 1/1/2050
1,000
1,052
City of Chicago, Waterworks, Second Lien
Series 2001, Rev., AMBAC, 5.75%, 11/1/2030
1,445
1,531
Series 2023A, Rev., A.G., 5.25%, 11/1/2053
635
655
Illinois Finance Authority, Centerpointjoliet Terminal
Series 2020, Rev., AMT, 4.13%, 12/31/2034 (b) (c)
1,000
999
Series 2012, Rev., AMT, 4.80%, 7/2/2035 (b) (c)
1,500
1,550
Illinois Finance Authority, Mercy Health System Series 2016, Rev., 5.00%, 6/1/2026
305
305
Illinois Finance Authority, Navy Pier, Inc. Series 2024B, Rev., 5.00%, 10/1/2049 (b)
1,000
954
Illinois Finance Authority, Northwestern Memorial Healthcare
Series 2021B, Rev., VRDO, LIQ : Royal Bank of Canada, 2.75%, 6/1/2026 (c)
500
500
Series 2017A, Rev., 4.00%, 7/15/2047
1,500
1,349
Illinois Finance Authority, University of Chicago Medical Center (The) Series 2025A-2, Rev., 5.00%, 8/15/2032 (c)
1,000
1,087
Illinois Housing Development Authority
Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 10/1/2054
855
922
Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055
990
1,109
Metropolitan Pier and Exposition Authority, Mccormick Place Expansion Project Series 2022B, Rev., 5.00%, 12/15/2027
3,345
3,351
Sales Tax Securitization Corp. Series 2018C, Rev., 5.25%, 1/1/2043
765
786
State of Illinois
Series 2022B, GO, 5.00%, 3/1/2033
6,000
6,547
Series 2016, GO, 4.00%, 6/1/2037
45
45
Series 2025D, GO, 5.00%, 9/1/2039
2,000
2,157
Series 2023B, GO, 5.50%, 5/1/2047
1,000
1,047
Village of Bolingbrook Series 2018A, GO, A.G., 5.00%, 1/1/2033
1,000
1,028
Total Illinois
41,798
Indiana — 1.1%
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (b)
500
442
City of Rockport, Indiana Michigan Power Co. Project Series 2025A, Rev., 3.70%, 6/1/2029 (c)
2,000
2,039
Indiana Finance Authority, BHI Senior Living Series 2018A, Rev., 5.00%, 11/15/2048
1,000
989
Indiana Finance Authority, State Revolving Fund Program Series 2025C, Rev., 5.00%, 2/1/2036
1,250
1,435
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Indiana — continued
Indiana Housing and Community Development Authority, Single Family Mortgage Series 2017C-3, Rev., VRDO, LIQ : TD Bank NA,
2.80%, 6/1/2026 (c)
3,825
3,825
Indiana Municipal Power Agency, Power Supply System Series 2025A, Rev., A.G., 5.00%, 1/1/2031
1,350
1,481
Total Indiana
10,211
Iowa — 0.4%
Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed
Series 2021A-2, Rev., 4.00%, 6/1/2049
1,000
873
Series 2021B-2, Rev., Zero Coupon, 6/1/2065
11,030
1,601
PEFA, Inc., Gas Project Series 2026A, Rev., 5.00%, 4/1/2035 (d)
1,000
1,065
Total Iowa
3,539
Kentucky — 0.7%
Kentucky Public Energy Authority, Gas Supply Series 2025B, Rev., 5.00%, 12/1/2033
1,900
1,953
Kentucky State Property and Building Commission, Project No. 131 Series A, Rev., 5.00%, 10/1/2043
1,265
1,377
Kentucky State Property and Building Commission, Project No. 132 Series A, Rev., 5.00%, 4/1/2032
1,000
1,106
Kentucky State Property and Building Commission, Project No. 133 Series A, Rev., 4.25%, 9/1/2045
1,750
1,722
Total Kentucky
6,158
Louisiana — 2.3%
Louisiana Local Government Environmental Facilities and Community Development Authority, City of Bossier City, Louisiana
Project Series 2025, Rev., 5.00%, 6/1/2035
800
909
Louisiana Public Facilities Authority, Rev., AMT, 5.50%, 9/1/2059
1,000
1,018
Louisiana Public Facilities Authority, 10 Calcasieu River Bridge Public Private Partenership Project Series 2024, Rev., AMT,
5.75%, 9/1/2064
1,000
1,035
Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2060 (b)
1,140
823
Louisiana Public Facilities Authority, Mentorship Steam Academy Project Series 2021A, Rev., 5.00%, 6/1/2056 (b)
740
590
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project
Series 2025B, Rev., 5.00%, 5/15/2030
1,500
1,606
Series 2025A, Rev., 5.25%, 5/15/2055
1,500
1,556
Series 2025A, Rev., 5.50%, 5/15/2055
1,000
1,057
State of Louisiana Gasoline and Fuels Tax, Second Lien
Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, 2.80%, 6/1/2026 (c)
10,000
10,000
Series 2025A, Rev., 5.00%, 5/1/2039
2,000
2,228
Total Louisiana
20,822
Maine — 0.1%
Maine Municipal Bond Bank Series 2025A, Rev., 5.00%, 11/1/2031
1,100
1,224
Maryland — 0.2%
County of Howard Series 2025A, GO, 4.00%, 8/15/2042
1,055
1,070
Maryland Health and Higher Educational Facilities Authority, Medstar Health, Inc. Series 2026A, Rev., 5.25%, 8/15/2054
1,000
1,037
Total Maryland
2,107
Massachusetts — 2.2%
Commonwealth of Massachusetts Series 2025A, GO, 5.00%, 4/1/2046
4,000
4,288
Commonwealth of Massachusetts, Consolidated Loan of 2025 Series 2025G, GO, 5.00%, 12/1/2050
1,245
1,311
Massachusetts Bay Transportation Authority, Sales Tax Series 2020B-1, Rev., 5.00%, 7/1/2050
1,000
1,014
Massachusetts Development Finance Agency, Lasell Village, Inc. Issue Series 2025, Rev., 5.00%, 7/1/2029
1,000
1,048
Massachusetts Development Finance Agency, PRG Medford Properties, Inc. Issue Tufts University Student Housing Program
Series 2025, Rev., 5.25%, 6/1/2060
2,500
2,571
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Massachusetts — continued
Massachusetts Port Authority, Bosfuel Project Series 2019A, Rev., AMT, 5.00%, 7/1/2049
4,675
4,707
University of Massachusetts Building Authority Series 2026-2, Rev., 5.00%, 11/1/2035
3,965
4,605
Total Massachusetts
19,544
Michigan — 1.9%
City of Detroit, Unlimited Tax
Series 2021A, GO, 4.00%, 4/1/2041
300
296
Series 2021A, GO, 4.00%, 4/1/2042
350
343
Great Lakes Water Authority Sewage Disposal System, Second Lien Series 2025C, Rev., 5.50%, 7/1/2050
2,125
2,278
Michigan Finance Authority, Henry Ford Health System
Series 2016, Rev., 4.00%, 11/15/2046
2,075
1,870
Series 2019A, Rev., 4.00%, 11/15/2050
4,890
4,186
Michigan Finance Authority, Tobacco Settlement Asset Backed Series 2020A, Class 1, Rev., 4.00%, 6/1/2049
1,000
855
Michigan State University Series 2025A, Rev., 5.00%, 2/15/2055
1,650
1,708
Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project Series 2021, Rev., AMT,
4.00%, 10/1/2026 (c)
5,000
5,004
Total Michigan
16,540
Minnesota — 0.6%
City of Rochester, Health Care Facilities, Mayo Clinic
Series 2026A, Rev., 5.00%, 11/15/2042
1,000
1,108
Series 2026A, Rev., 4.00%, 11/15/2043
2,000
1,983
Series 2026A, Rev., 4.00%, 11/15/2044
1,500
1,482
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
20
20
Minnesota Housing Finance Agency, Residential Housing Series 2024O, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055
935
1,037
Minnesota Housing Finance Agency, Residential Housing Finance Series C, Rev., AMT, GNMA / FNMA / FHLMC, 4.00%, 1/1/2045
45
45
Total Minnesota
5,675
Mississippi — 0.4%
County of Warren, Gulf Opportunity Zone, International Paper Co., Project Series 2026A, Rev., 3.70%, 4/1/2034
1,000
997
Jackson State University Educational Building Corp. Series 2021A, Rev., 1.40%, 3/1/2034
1,000
859
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project Series 2009F, Rev.,
VRDO, 2.85%, 6/1/2026 (c)
1,050
1,050
Mississippi Development Bank, Special Obligation, Water and Sewer System Project Series 2013, Rev., A.G., 6.88%, 12/1/2040
1,000
1,016
Total Mississippi
3,922
Missouri — 0.9%
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects
Series 2019A, Rev., 5.00%, 2/1/2034
1,000
1,021
Series 2019A, Rev., 5.00%, 2/1/2042
1,000
1,015
Health and Educational Facilities Authority of the State of Missouri, St. Louis University Series 2008B, Rev., VRDO, LOC : Wells
Fargo Bank NA, 2.80%, 6/1/2026 (c)
250
250
Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan Series 2024A-1, Rev., 5.00%,
6/1/2054 (b)
675
664
Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program Series 2024A, Rev., GNMA
/ FNMA / FHLMC, 5.75%, 5/1/2055
860
938
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Missouri — continued
Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project Series 1998C, Rev.,
2.75%, 9/1/2033
1,250
1,151
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series
2015B, Rev., 5.00%, 7/1/2026
2,890
2,893
Total Missouri
7,932
Nebraska — 1.2%
Central Plains Energy Project, Gas Project No. 5 Series 2022-1, Rev., 5.00%, 10/1/2029 (c)
4,625
4,839
Metropolitan Utilities District of Omaha Water System Series 2026, Rev., 4.00%, 12/1/2044
1,415
1,410
Nebraska Public Power District Series 2026A, Rev., 5.00%, 7/1/2031
1,750
1,910
Omaha Public Facilities Corp. Series 2025C, Rev., 5.00%, 4/15/2050
1,000
1,041
Omaha Public Power District Series 2026A, Rev., 5.00%, 2/1/2051 (d)
1,000
1,046
Total Nebraska
10,246
Nevada — 0.1%
State of Nevada Department of Business and Industry, Brighline West Passenger Rail Project Series 2025B, Rev., AMT, 12.00%,
11/2/2026 (b) (c)
1,000
560
New Hampshire — 0.7%
New Hampshire Business Finance Authority
Series 2026-1, Rev., 4.50%, 3/1/2036 (c)
999
988
Series 2025-1, Rev., 4.17%, 1/20/2041 (c)
1,731
1,695
New Hampshire Business Finance Authority, Tamarron Project Series 2024, Rev., 5.25%, 12/1/2035 (b)
351
351
New Hampshire Business Finance Authority, University of Nevada Reno Project Series 2023A, Rev., 4.50%, 6/1/2053
1,075
1,036
New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners
Series 2025A, Rev., 5.00%, 12/1/2035
1,000
1,103
Series 2025A, Rev., 5.50%, 6/1/2050
1,000
1,054
Total New Hampshire
6,227
New Jersey — 3.2%
New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2027
240
241
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039
2,800
2,827
New Jersey Transportation Trust Fund Authority Series 2020AA, Rev., 4.00%, 6/15/2039
2,250
2,250
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A-1, Rev., 5.00%, 6/15/2027
2,670
2,674
New Jersey Transportation Trust Fund Authority, Transportation Program
Series 2024CC, Rev., 5.00%, 6/15/2044
2,000
2,144
Series 2024CC, Rev., 4.13%, 6/15/2050
1,000
939
New Jersey Transportation Trust Fund Authority, Transportation System Series 2008A, Rev., Zero Coupon, 12/15/2036
10,355
7,071
New Jersey Turnpike Authority Series 2017G, Rev., 4.00%, 1/1/2043
1,000
1,000
Tobacco Settlement Financing Corp.
Series 2018A, Rev., 5.00%, 6/1/2036
2,000
2,062
Series 2018A, Rev., 4.00%, 6/1/2037
1,000
1,002
Series 2018A, Rev., 5.00%, 6/1/2046
2,500
2,477
Series 2018B, Rev., 5.00%, 6/1/2046
3,650
3,542
Total New Jersey
28,229
New Mexico — 0.4%
City of Farmington, San Juan Project Series 2010B, Rev., 3.88%, 6/1/2029 (c)
1,550
1,583
County of Santa Fe, Cresta Ranch Apartments Series 2024, Rev., 3.29%, 6/1/2028 (c)
2,000
2,006
Total New Mexico
3,589
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
New York — 12.3%
Build NYC Resource Corp., Grand Concourse Academy Charter School Series 2022A, Rev., 5.00%, 7/1/2052
350
333
Build NYC Resource Corp., Urban Resource Institute Project Series 2025A, Rev., 5.50%, 12/1/2056
1,000
1,050
City of New York, Fiscal Year 2020 Series 2020D-1, GO, 4.00%, 3/1/2050
530
481
City of New York, Fiscal Year 2025 Series 2025G, Subseries G-1, GO, 5.00%, 2/1/2035
1,915
2,180
City of New York, Fiscal Year 2026 Series 2026G, GO, 5.25%, 2/1/2049
2,000
2,129
Dutchess County Local Development Corp., Millbrook School Project Series 2021, Rev., 4.00%, 9/1/2051
1,030
880
Long Island Power Authority, Electric System
Series 2025B, Rev., 3.00%, 9/1/2028 (c)
2,000
2,001
Series 2024B, Rev., 3.00%, 9/1/2029 (c)
6,000
5,986
Metropolitan Transportation Authority Series 2020C-1, Rev., 5.25%, 11/15/2055
1,800
1,831
Metropolitan Transportation Authority, Climate Bond
Series 2025B, Rev., 5.00%, 11/15/2035
1,000
1,142
Series 2025A, Rev., 5.25%, 11/15/2045
1,000
1,073
New York City Housing Development Corp.
Series 2023A, Rev., 4.80%, 2/1/2053
2,000
2,005
Series 2025A, Rev., FHLMC COLL, 5.20%, 2/1/2055
2,010
2,042
New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project Series 2024, Class F, Rev., 5.25%,
12/15/2031
1,300
1,340
New York City Industrial Development Agency, Yankee Stadium Project Series 2020A, Rev., A.G., 5.00%, 3/1/2029
2,100
2,221
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2026
Series 2026, Subseries G-1, Rev., 5.00%, 11/1/2033 (d)
1,275
1,440
Series 2026I, Rev., 5.25%, 11/1/2049 (d)
1,620
1,731
New York City Transitional Finance Authority Building Aid Series 2026, S-1, Rev., 5.00%, 7/15/2037
2,000
2,293
New York City Transitional Finance Authority Building Aid, Fiscal Year 2026 Series 2026S-1, Rev., 5.00%, 7/15/2043
4,000
4,432
New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2026 Series 2026, Subseries F-1, Rev., 5.50%,
2/1/2050
1,000
1,083
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019, Subseries A-1, Rev., 5.00%,
8/1/2040
5,000
5,162
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 Series 2023F, Subseries F-1, Rev., 4.00%,
2/1/2051
1,250
1,145
New York Liberty Development Corp., Secured by Port Authority Series 1WTC-2021, Rev., 2.75%, 2/15/2044
1,900
1,534
New York Power Authority, Green Transmission Project Series 2023A, Rev., A.G., 5.13%, 11/15/2058
5,000
5,207
New York State Dormitory Authority Series 2020A, Rev., 4.00%, 7/1/2053
2,500
2,161
New York State Dormitory Authority, Mount Sinai Obligated Group
Series 2025, Rev., 5.00%, 7/1/2045
2,000
2,037
Series 2025, Rev., 5.25%, 7/1/2050
2,250
2,263
New York State Dormitory Authority, New York University Series 2025A, Rev., 5.00%, 7/1/2048
1,000
1,064
New York State Dormitory Authority, Rockland Boces Issue Series 2025, Rev., 4.25%, 8/15/2050
2,000
1,891
New York State Dormitory Authority, Sales Tax Series 2025A, Rev., 4.25%, 3/15/2048
1,750
1,676
New York State Dormitory Authority, School Districts Financing Program Series 2025A, Rev., A.G., 5.00%, 10/1/2036
2,000
2,283
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2025C, Rev., 5.00%, 3/15/2037
1,300
1,485
New York State Dormitory Authority, State Sales Tax
Series 2018A, Rev., 5.00%, 3/15/2037
40
41
Series 2024B, Rev., 5.00%, 3/15/2049
5,000
5,220
New York State Energy Research and Development Authority, Rochester Gas and Electric Corp., Project Series 1997B, Rev.,
3.80%, 8/1/2032
1,970
2,006
New York State Thruway Authority, Personal Income Tax Series 2021A-1, Rev., 4.00%, 3/15/2042
1,150
1,137
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
New York — continued
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project
Series 2020, Rev., AMT, 4.00%, 10/1/2030
4,255
4,336
Series 2018, Rev., AMT, 5.00%, 1/1/2031
2,000
2,051
Series 2018, Rev., AMT, 5.00%, 1/1/2034
1,125
1,148
Series 2018, Rev., AMT, 4.00%, 1/1/2036
1,500
1,491
Series 2020, Rev., AMT, 4.38%, 10/1/2045
1,200
1,147
New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project
Series 2021, Rev., AMT, 3.00%, 8/1/2031
1,000
964
Series 2023, Rev., AMT, A.G., 5.00%, 6/30/2049
2,800
2,812
Series 2025, Rev., AMT, A.G., 5.50%, 6/30/2059
1,000
1,034
New York Transportation Development Corp., Laguardia Airport Terminal Redevelopment Project
Series 2016A, Rev., AMT, 4.00%, 7/1/2041
1,100
1,025
Series 2016A, Rev., AMT, 5.25%, 1/1/2050
1,500
1,500
Onondaga Civic Development Corp., Syracuse University Project Series 2025, Rev., 4.50%, 12/1/2050
1,000
997
Port Authority of New York and New Jersey, Consolidated Series 93, Rev., 6.13%, 6/1/2094
7,320
7,332
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2025A-1, Rev., 5.00%, 11/15/2037
1,500
1,694
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Payroll Mobility Tax Senior Lien Series 2026A-1, Rev., 5.00%,
11/15/2049
2,000
2,089
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox
Series 2025A, Rev., 5.25%, 12/1/2054
2,000
2,115
Series 2023A, Rev., 4.25%, 5/15/2058
1,000
946
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax Series 2021A-1, Rev., 4.00%, 5/15/2046
1,000
937
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project Series 2021A, Rev., 4.50%,
7/1/2056 (b)
2,000
1,665
Total New York
109,268
North Carolina — 2.8%
Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Recover Project Series
2020A, Rev., 4.20%, 5/1/2034
2,000
2,078
County of Harnett, Limited Tax Series 2025, Rev., 5.00%, 4/1/2033
930
1,044
County of Wake Series 2025A, Rev., 5.00%, 5/1/2040
1,250
1,408
Cumberland County Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Project Hero Series 2024,
Rev., AMT, 3.13%, 12/1/2026 (c)
2,105
2,102
North Carolina Housing Finance Agency, Homeownership-1998 Trust
Series 53-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055
1,170
1,259
Series 57-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2056
1,990
2,222
Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, 1/1/2056
1,000
1,134
Series 59-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2057
1,000
1,130
North Carolina Medical Care Commission, Twin Lakes Community Series 2025A, Rev., 5.25%, 1/1/2055
250
253
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien Series 2019, Rev., 5.00%, 1/1/2049
2,310
2,338
State of North Carolina Series 2025A, Rev., 5.00%, 5/1/2039
1,500
1,689
University of North Carolina, Hospital at Chapel Hill Series A, Rev., VRDO, LIQ : TD Bank NA, 2.80%, 6/1/2026 (c)
8,000
8,000
Total North Carolina
24,657
North Dakota — 0.2%
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2024C, Rev., 5.00%, 7/1/2042
1,375
1,489
Ohio — 4.4%
American Municipal Power, Inc., GreenUp Hydroelectric Project Series 2025A, Rev., 5.00%, 2/15/2039
1,000
1,114
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Ohio — continued
Buckeye Tobacco Settlement Financing Authority
Series 2020A-2, Rev., 5.00%, 6/1/2030
3,295
3,535
Series 2020B-2, Rev., 5.00%, 6/1/2055
6,750
5,388
Series 2020B-3, Rev., Zero Coupon, 6/1/2057
11,770
784
Butler County Port Authority, Community First Solutions Series 2021A, Rev., 4.00%, 5/15/2046
250
221
County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. Series 2015A, Rev., 4.25%, 11/1/2045
2,000
1,915
County of Cuyahoga
Series 2026, GO, 5.00%, 12/1/2038
4,405
4,980
Series 2026, GO, 5.00%, 12/1/2044 (d)
1,350
1,473
Series 2026, GO, 5.00%, 12/1/2051 (d)
5,000
5,206
Grandview Heights City School District Series 2025, GO, 5.00%, 12/1/2054
2,700
2,791
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (c)
2,655
2,709
Northeast Ohio Medical University Series 2021A, Rev., 3.00%, 12/1/2040
250
209
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project Series 2026B, Rev., 4.35%, 6/30/2040
2,000
2,019
Ohio Water Development Authority Water Pollution Control Loan Fund Series 2024C, Rev., VRDO, LIQ : TD Bank NA, 2.80%,
6/1/2026 (c)
500
500
Ohio Water Development Authority, Drinking Water Assistance Series 2025A, Rev., 5.00%, 12/1/2041
1,000
1,119
Olentangy Local School District, Unlimited Tax Various Purpose Series 2026, GO, 5.00%, 12/1/2044
1,350
1,476
Olmsted Falls City School District Series 2017A, GO, 4.00%, 12/1/2051
1,000
917
Port of Greater Cincinnati Development Authority, 3CDC Obligated Group Parking Facilities Series 2025A, Rev., A.G., 5.00%,
12/1/2055
250
254
Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project Series 2024B, Rev., 5.00%,
12/1/2043
1,000
1,063
State of Ohio, Cleveland Clinic Health System, Inc. Series 2026A, Rev., 5.00%, 1/1/2032
1,500
1,661
Total Ohio
39,334
Oklahoma — 0.9%
Oklahoma Development Finance Authority Health System, OU Medicine Project Series 2018B, Rev., 5.50%, 8/15/2052
865
868
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., 5.50%, 8/15/2057
2,000
2,004
Oklahoma Housing Finance Agency, Home Ownership Loan Program Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%,
9/1/2056
990
1,106
Oklahoma Water Resources Board, Clean Water Program Series 2025A, Rev., 5.25%, 4/1/2050
3,400
3,629
Total Oklahoma
7,607
Oregon — 1.4%
City of Portland Sewer System, Second Lien Series 2023A, Rev., 5.00%, 12/1/2040
6,000
6,546
Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series B, GO, Zero Coupon, 6/15/2035
3,425
2,332
Oregon State Facilities Authority, Peacehealth Series 2018A, Rev., VRDO, LOC : US Bank NA, 2.75%, 6/1/2026 (c)
3,250
3,250
Total Oregon
12,128
Other — 0.2%
FHLMC Multifamily VRD Certificates Series ML-33, Rev., 4.64%, 10/25/2040 (c)
1,498
1,542
Pennsylvania — 2.9%
Chester County Industrial Development Authority, Longwood Gardens Project Series 2021, Rev., 4.00%, 12/1/2046
1,250
1,178
Commonwealth Financing Authority, Tobacco Master Settlement Payment Series 2018, Rev., 5.00%, 6/1/2029
110
115
Commonwealth of Pennsylvania Series 2024-1, GO, 4.00%, 8/15/2042
5,000
5,031
Delaware River Port Authority Series 2025, Rev., 5.00%, 1/1/2037
1,500
1,685
Geisinger Authority, Health System Series 2020A, Rev., 5.00%, 4/1/2050
2,500
2,523
Montgomery County Industrial Development Authority, Waverly Heights Ltd., Project Series 2019, Rev., 5.00%, 12/1/2044
350
352
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Pennsylvania — continued
Mount Lebanon Hospital Authority, St. Clair Memorial Hospital Project Series 2018, Rev., 4.00%, 7/1/2048
3,000
2,639
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Series 2022, Rev., AMT, A.G., 5.00%,
12/31/2057
2,825
2,838
Pennsylvania Housing Finance Agency, Single Family Mortgage
Series 2023-141A, Rev., 5.75%, 10/1/2053
770
815
Series 2024-145A, Rev., 6.00%, 10/1/2054
1,385
1,495
Series 2024 -147A, Rev., 6.25%, 10/1/2054
1,440
1,576
Series 2025-150A, Rev., 6.25%, 10/1/2055
1,000
1,127
Pennsylvania Turnpike Commission Oil Franchise Tax Series 2021B, Rev., 4.00%, 12/1/2041
2,330
2,311
Redevelopment Authority of the City of Philadelphia, Service Agreement Series 2026B, Rev., 5.00%, 11/1/2044
1,500
1,621
Total Pennsylvania
25,306
Puerto Rico — 1.4%
Children's Trust Fund, Tobacco Settlement Asset-Backed Series 2005A, Rev., Zero Coupon, 5/15/2050
6,300
1,311
Commonwealth of Puerto Rico Series 2022A-1, GO, 5.63%, 7/1/2027
2,000
2,032
Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico)
Series A-1, Rev., Zero Coupon, 7/1/2029
1,000
906
Series A-2, Rev., 4.33%, 7/1/2040
250
249
Series A-1, Rev., Zero Coupon, 7/1/2051
5,985
1,600
Series A-1, Rev., 5.00%, 7/1/2058
6,150
6,065
Total Puerto Rico
12,163
Rhode Island — 0.5%
Rhode Island Health and Educational Building Corp., Brown university Health Series 2026B, Rev., 5.50%, 5/15/2056
1,000
1,049
State of Rhode Island Series 2025A, GO, 5.00%, 5/1/2045
2,020
2,181
Tobacco Settlement Financing Corp. Series B, Rev., 5.00%, 6/1/2050
1,000
998
Total Rhode Island
4,228
South Carolina — 0.9%
Medical University Hospital Authority, An Agency of The State of south Carolina FHA Insured Hospital Mortgage, Indian Land
Project Series 2025, Rev., FHA, 5.25%, 11/15/2050
2,000
2,065
Patriots Energy Group Financing Agency Series 2023, Subseries B-1, Rev., 5.25%, 3/1/2031 (c)
2,665
2,872
South Carolina Jobs-Economic Development Authority, Foothill Affordable Housing Series 2025, Rev., 4.00%, 3/1/2035 (c)
1,000
1,008
South Carolina Jobs-Economic Development Authority, International Paper Co. Project Series 2023A, Rev., AMT, 3.95%,
4/1/2033
2,000
1,999
Total South Carolina
7,944
South Dakota — 0.1%
South Dakota Health and Educational Facilities Authority, Monument Health Series 2026, Rev., 5.25%, 9/1/2051
1,000
1,047
Tennessee — 3.3%
Knox County Health Educational and Housing Facility Board, University of Tennessee Project Series 2024A-1, Rev., 5.50%,
7/1/2059
1,000
1,043
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Burning
Tree Apartments Project Series 2025, Rev., FHA, 5.00%, 10/1/2027 (c)
3,000
3,076
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Vanderbilt University Medical
Center Series 2026B, Rev., 5.00%, 7/1/2032
1,300
1,430
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills Series
2020A, Rev., 4.00%, 11/1/2038
1,265
1,227
Metropolitan Government of Nashville and Davidson County Series 2024C, GO, 5.00%, 1/1/2040
1,340
1,478
Metropolitan Nashville Airport Authority (The) Series 2022B, Rev., AMT, 5.00%, 7/1/2052
1,975
1,991
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Tennessee — continued
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2049
4,500
4,585
Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group Series 2024B, Rev.,
5.00%, 9/1/2029 (c)
1,335
1,400
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%,
10/1/2059
2,500
1,710
Tennergy Corp., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2028 (c)
10,110
10,246
Tennessee Housing Development Agency Series 2025-1A, Rev., GNMA / FNMA / FHLMC, 6.00%, 1/1/2056
970
1,063
Total Tennessee
29,249
Texas — 7.2%
Austin Community College District, Unlimited Tax Series 2025, GO, 5.00%, 8/1/2037
2,000
2,236
Carrollton-Farmers Branch Independent School District, Unlimited Tax Series 2025, GO, PSF-GTD, 4.75%, 2/15/2050
3,600
3,647
Central Texas Turnpike System, First Tier Series 2024B, Rev., 5.00%, 5/15/2030 (c)
1,000
1,068
Central Texas Turnpike System, Second Tier Series 2024C, Rev., 5.00%, 8/15/2040
1,500
1,629
City of Austin Series 2025, GO, 5.00%, 9/1/2042
2,250
2,494
City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects Series 2024B, Rev., AMT, 5.25%,
7/15/2034
1,850
1,975
City of Houston, Airport System, United Airlines, Inc., Terminal E Project Series 2014, Rev., AMT, 5.00%, 7/1/2029
2,100
2,102
City of Houston, Airport System, United Airlines, Inc., Terminal Improvement Project Series 2024B, Rev., AMT, 5.50%,
7/15/2037
2,900
3,118
City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., A.G., 5.75%, 12/1/2032 (e)
2,500
2,909
City of San Antonio Series 2024C, Rev., 5.50%, 2/1/2049
1,000
1,080
City of San Antonio Electric and Gas Systems Series 2026A, Rev., 3.00%, 12/1/2029 (c)
3,500
3,472
Collin County Community College District Series 2024, Rev., 4.00%, 8/15/2042
2,000
2,010
County of Fort Bend Toll Road, Senior Lien Series 2025, Rev., A.G., 5.25%, 3/1/2050
1,250
1,317
County of Harris Toll Road, First Lien Series 2025A, Rev., 4.50%, 8/15/2055
2,475
2,404
County of Harris, Unlimited Tax Series 2023A, GO, 4.25%, 9/15/2048
1,795
1,750
Crandall Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 4.25%, 2/1/2053
375
358
Crowley Independent School District, Unlimited Tax
Series 2025, GO, PSF-GTD, 5.00%, 2/1/2046
1,000
1,066
Series 2025, GO, PSF-GTD, 4.25%, 2/1/2047
1,000
973
Dallas Independent School District, Unlimited Tax Series 2026A, GO, PSF-GTD, 4.25%, 2/15/2046
90
88
Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier Series 2018A, Rev., 5.00%, 10/1/2043
1,500
1,535
Johnson City Independent School District Series 2023, GO, PSF-GTD, 4.13%, 2/15/2052
3,405
3,140
Marshall Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 4.00%, 2/15/2045
2,525
2,441
Midland Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 4.00%, 2/15/2040
2,370
2,419
Permanent University Fund - University of Texas System
Series 2025A, Rev., 5.00%, 7/1/2036
1,000
1,161
Series 2026A, Rev., 5.25%, 7/1/2039
1,000
1,196
Plano Independent School District, Unlimited Tax Series 2025, GO, PSF-GTD, 4.00%, 2/15/2045
2,220
2,139
Round Rock Independent School District Series 2025B, GO, PSF-GTD, 5.00%, 8/1/2039
1,000
1,126
Tarrant County Cultural Education Facilities Finance Corp., Ascension Senior Credit Series 2025C1, Rev., 5.00%,
11/15/2032 (c)
1,000
1,098
Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series 2022A, Rev., 4.00%, 7/1/2053
1,000
868
Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center Series 2025, Rev., 4.13%, 12/1/2054
2,000
1,833
Tarrant County Cultural Education Facilities Finance Corp., Health Resources System Series 2025C, Rev., 5.00%,
11/15/2032 (c)
3,500
3,871
Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply Series 2024, Rev., 5.00%, 1/1/2034 (c)
1,750
1,871
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Texas — continued
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC Project Series 2019, Rev., AMT,
5.00%, 6/30/2058
2,250
2,236
Texas Water Development Board, State Water Implementation Fund Series 2024A, Rev., 4.25%, 10/15/2051
1,000
959
Total Texas
63,589
Utah — 0.6%
Downtown Revitalization Public Infrastructure District, Second Lien Sales Tax SEG Redevelopment Project Series 2025B, Rev.,
A.G., 5.50%, 6/1/2050
1,000
1,087
Intermountain Power Agency, Utah Power Supply Series 2023A, Rev., 5.00%, 7/1/2035
1,130
1,238
Mida Mountain Village Public Infrastructure District, Utah Subordinate Tax Allocation Series 2024-2, Rev., 6.00%,
6/15/2054 (b)
2,000
2,061
Utah Housing Corp., Single Family Mortgage Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 7/1/2055
935
1,034
Total Utah
5,420
Vermont — 0.0% ^
Vermont Student Assistance Corp., Education Loan Series 2018A, Rev., AMT, 3.75%, 6/15/2030
290
290
Virginia — 1.5%
Albemarle County Economic Development Authority, Albemarle County Projects Series 2026, Rev., 4.00%, 6/1/2045
2,000
1,981
City of Richmond Public Utility
Series 2026B, Rev., 5.00%, 1/15/2033 (d)
1,480
1,674
Series 2026B, Rev., 5.00%, 1/15/2043 (d)
1,965
2,175
Virginia Port Authority Series 2025, Rev., 5.00%, 7/1/2045
1,200
1,285
Virginia Public Building Authority Series 2015A, Rev., 4.00%, 8/1/2031
5,000
5,004
Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project Series 2017, Rev., AMT, 5.00%, 12/31/2056
1,000
976
Total Virginia
13,095
Washington — 2.1%
Central Puget Sound Regional Transit Authority Series 2021S-1, Rev., 4.00%, 11/1/2046
2,005
1,959
State of Washington
Series 2026A, GO, 5.00%, 8/1/2037
3,000
3,418
Series 2024C, GO, 5.00%, 2/1/2049
2,000
2,092
State of Washington Motor Vehicle Fuel Tax Series 2025C, GO, 5.00%, 7/1/2030
2,000
2,184
State of Washington, Various Purpose Series 2025A, GO, 5.00%, 8/1/2046
2,500
2,661
Vancouver Housing Authority Series 2025, Rev., 4.25%, 2/1/2038
2,000
2,044
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance
Series 2021, Rev., 4.00%, 12/1/2040 (b)
860
845
Series 2021, Rev., 4.00%, 12/1/2048 (b)
1,190
1,046
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%,
1/1/2041 (b)
2,000
1,989
Total Washington
18,238
West Virginia — 0.1%
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project Series 2025, Rev.,
AMT, 4.63%, 5/15/2032 (c)
1,000
1,025
Wisconsin — 4.5%
Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020A, Rev., 5.00%, 11/15/2041
1,395
1,434
Public Finance Authority, Astro Texas Land Projects Series 2025, Rev., 5.00%, 12/15/2036 (b)
982
982
Public Finance Authority, Georgia SR 400 Express Lanes Project Series 2025, Rev., AMT, 5.75%, 12/31/2065
3,500
3,627
Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project Series 2025B, Rev., 5.50%, 6/15/2055
750
774
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — continued
Wisconsin — continued
Public Finance Authority, Maniilaq Association Employee Housing Project Series 2026, Rev., 5.25%, 12/1/2048
2,500
2,522
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Series 2020A, Rev., 4.75%, 11/15/2053 (b)
2,686
1,925
Public Finance Authority, Senior Lien
Series 2024, Rev., AMT, 5.50%, 7/1/2044
1,000
1,035
Series 2024, Rev., AMT, 5.75%, 7/1/2049
2,000
2,073
Public Finance Authority, Triad Educational Services, Inc.
Series 2022, Rev., 5.25%, 6/15/2052
1,610
1,508
Series 2022, Rev., 5.38%, 6/15/2057
775
727
State of Wisconsin Series 2026A, GO, 5.00%, 5/1/2038
2,000
2,282
University of Wisconsin Hospitals and Clinics Series 2018C, Rev., VRDO, LIQ : BMO Harris Bank NA, 2.85%, 6/1/2026 (c)
13,600
13,600
Wisconsin Department of Transportation Series 2025 1, Rev., 5.00%, 7/1/2037
1,500
1,716
Wisconsin Health and Educational Facilities Authority, Benevolent Corp. Cedar Community Series 2026, Rev., 5.50%, 6/1/2061
1,000
1,010
Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc., Project Series
2024, Rev., 5.00%, 7/1/2026 (b)
1,500
1,503
Wisconsin Health and Educational Facilities Authority, Museum of Nature and Culture, Inc., Project Series 2026, Rev., 6.50%,
11/1/2036 (b)
2,120
2,163
Wisconsin Housing and Economic Development Authority, Home Ownership
Series B, Rev., 4.00%, 3/1/2048
55
55
Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054
970
1,044
Total Wisconsin
39,980
Wyoming — 0.2%
University of Wyoming Series 2021C, Rev., A.G., 4.00%, 6/1/2041
600
600
Wyoming Community Development Authority Series 2024-1, Rev., 6.00%, 12/1/2054
900
971
Total Wyoming
1,571
Total Municipal Bonds
(Cost $833,698)
847,910
 
SHARES
(000)
Short-Term Investments — 6.7%
Investment Companies — 6.7%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.90% (f) (g)
(Cost $59,350)
59,347
59,353
Total Investments — 102.5%
(Cost $893,048)
907,263
Liabilities in Excess of Other Assets — (2.5)%
(22,022
)
NET ASSETS — 100.0%
885,241
 
Percentages indicated are based on net assets.
 
Abbreviations
 
A.G.
Insured by Assured Guaranty Inc.
AMBAC
Insured by American Municipal Bond Assurance Corp.
AMT
Alternative Minimum Tax
COLL
Collateral
COP
Certificate of Participation
FHA
Federal Housing Administration
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
GO
General Obligation
GTD
Guaranteed
LIQ
Liquidity Agreement
LOC
Letter of Credit
MTA
Metropolitan Transportation Authority
NATL
Insured by National Public Finance Guarantee Corp.
PSF-GTD
Permanent School Fund Guaranteed
RE
Reinsured
Rev.
Revenue
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)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(c)
Variable or floating rate security, 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, 2026.
 
(d)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(e)
Security is prerefunded or escrowed to maturity.
 
(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 May 31, 2026.
 
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
Futures contracts outstanding as of May 31, 2026 (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 10 Year Note
158
09/21/2026
USD
17,363
102
U.S. Treasury 2 Year Note
49
09/30/2026
USD
10,125
21
 
123
 
Abbreviations
 
USD
United States Dollar
Centrally Cleared interest rate swap contracts outstanding as of May 31, 2026 (amounts in thousands):
 
FLOATING RATE INDEX (a)
FIXED RATE
%
PAY/
RECEIVE
FLOATING
RATE
MATURITY
DATE
NOTIONAL
AMOUNT
UPFRONT
PAYMENTS
(RECEIPTS)
($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)
1 day SOFR annually
3.46 annually
Pay
3/22/2028
USD26,945
—
(120
)
 
Abbreviations
 
SOFR
Secured Overnight Financing Rate
USD
United States Dollar
 
(a)
Value of floating rate index at May 31, 2026 was as follows:
 
FLOATING RATE INDEX
VALUE
1 day SOFR
3.63%
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (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 "1940 Act"), the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (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 ("NAV") per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.
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
$—
$847,910
$—
$847,910
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (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
$59,353
$—
$—
$59,353
Total Investments in Securities
$59,353
$847,910
$—
$907,263
Appreciation in Other Financial Instruments
Futures Contracts
$123
$—
$—
$123
Depreciation in Other Financial Instruments
Swaps
$—
$(120
)
$—
$(120
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$123
$(120
)
$—
$3
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, 2026
Security Description
Value at
February 28,
2026
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2026
Shares at
May 31,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Institutional Tax Free Money Market Fund
Class IM Shares, 1.90%  (a) (b)
$43,227
$75,029
$58,903
$—
$—
$59,353
59,347
$237
$—
 
 
(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, 2026.