JPMorgan Trust I

The date shown represents the earliest of the next put date, next demand date or final maturity date.

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.

The rate shown is the effective yield as of November 30, 2018.

The cost of securities is substantially the same for federal income tax purposes.

N-Q 1 d684176dnq.htm JPMORGAN TRUST I JPMorgan Trust I

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Noah D. Greenhill, Esq.

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 480-4111

Date of fiscal year end: Last day of February

Date of reporting period: November 30, 2018

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust I

Schedule of Portfolio Investments as of November 30, 2018

(Unaudited)

THE “UNAUDITED CERTIFIED 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. Certified 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.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

JPMorgan Distribution Services, Inc.

JPMorgan 100% U.S. Treasury Securities Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments(a)	Principal Amount ($000)		Value ($000)
U.S. TREASURY OBLIGATIONS — 24.5%
U.S. Treasury Floating Rate Notes
(US Treasury 3 Month Bill Money Market Yield + 0.00%), 2.38%, 12/3/2018(b)		899,000		898,846
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 2.42%, 12/3/2018(b)		846,000		846,029
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.43%, 12/3/2018(b)		1,195,775		1,195,732
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.43%, 12/3/2018(b)		200,000		200,004
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 2.44%, 12/3/2018(b)		875,000		875,003
(US Treasury 3 Month Bill Money Market Yield + 0.07%), 2.45%, 12/3/2018(b)		450,000		449,979
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 2.52%, 12/3/2018(b)		650,000		650,093
U.S. Treasury Notes
1.50%, 12/31/2018		368,000		367,796
1.13%, 1/15/2019		1,000,000		998,618
1.25%, 1/31/2019		200,000		199,642
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.43%, 1/31/2019(b)		1,350,000		1,350,054
0.88%, 4/15/2019		130,000		129,245
1.25%, 4/30/2019		812,000		807,992
1.63%, 4/30/2019		438,000		436,505
0.88%, 7/31/2019		300,000		296,590
1.63%, 7/31/2019		1,250,000		1,241,788
3.63%, 8/15/2019		253,885		255,629

TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,199,545)				11,199,545


Investments
SHORT-TERM INVESTMENTS — 74.5%
U.S. TREASURY OBLIGATIONS — 74.5%
U.S. Treasury Bills
2.11%, 12/6/2018(c)		2,301,000		2,300,330
2.20%, 12/11/2018(c)		3,364,000		3,361,946
2.11%, 12/13/2018(c)		3,600,000		3,597,489
2.19%, 12/18/2018(c)		3,900,000		3,895,974
2.09%, 12/20/2018(c)		1,350,000		1,348,524
2.22%, 12/26/2018(c)		3,945,000		3,938,938
2.19%, 12/27/2018(c)		3,200,000		3,194,959
2.25%, 1/2/2019(c)		3,320,000		3,313,395
2.24%, 1/10/2019(c)		1,000,000		997,531
2.28%, 1/15/2019(c)		500,000		498,580
2.16%, 1/17/2019(c)		1,000,000		997,206
2.16%, 1/24/2019(c)		1,000,000		996,796
2.18%, 1/31/2019(c)		1,150,000		1,145,799
2.33%, 2/7/2019(c)		1,000,000		995,623
2.34%, 2/14/2019(c)		600,000		597,088
2.29%, 2/28/2019(c)		100,000		99,439
2.32%, 3/7/2019(c)		400,000		397,549
2.36%, 3/14/2019(c)		500,000		496,652
2.36%, 3/21/2019(c)		1,050,000		1,042,518
2.44%, 4/18/2019(c)		500,000		495,389
2.50%, 5/16/2019(c)		250,000		247,149

TOTAL U.S. TREASURY OBLIGATIONS (Cost $33,958,874)				33,958,874

TOTAL SHORT-TERM INVESTMENTS (Cost $33,958,874)				33,958,874

Total Investments — 99.0% (Cost $45,158,419)*				45,158,419
Other Assets Less Liabilities — 1.0%				434,361

Net Assets — 100.0%				45,592,780

Percentages indicated are based on net assets.

JPMorgan 100% U.S. Treasury Securities Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

A. Valuation of Investments — The valuation of investments is 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 (the “Board”), which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met.

The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the security. The market value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates.

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 fair value of the Fund’s investments are summarized into the three broad levels listed below.

•

Level 1 – Quoted prices in active markets for identical securities.

•

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3 – Significant unobservable inputs (including the Fund’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.

The following is a summary of the inputs used as of November 30, 2018, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	45,158,419	$	—	$	45,158,419

(a)	All portfolio holdings designated as level 2 are disclosed individually on the Schedule of Portfolio Investments (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments(a)	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 96.6%
California — 96.6%
Alameda Public Financing Authority, Multi-Family Housing, Eagle Village/Parrot Village Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.42%, 12/7/2018(b)		200		200
Antelope Valley-East Kern Water Agency Series A-2, COP, VRDO, LOC: Wells Fargo Bank NA, 1.54%, 12/7/2018(b)		2,545		2,545
Bay Area Toll Authority, California Toll Bridge Series 2015-XF2179, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.72%, 12/7/2018(b)(c)		1,651		1,651
California Health Facilities Financing Authority Series B, Rev., VRDO, 1.34%, 12/7/2018(b)		4,315		4,315
California Health Facilities Financing Authority, Catholic Healthcare West Loan Program Series H, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.43%, 12/7/2018(b)		3,432		3,432
Series H, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.47%, 12/7/2018(b)		7,700		7,700
California Health Facilities Financing Authority, Health Facility, Catholic Healthcare West Loan Program Series I, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.56%, 12/7/2018(b)		8,100		8,100
California Housing Finance Agency, Multi-Family Housing, Mission Gardens Apartments Project Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.59%, 12/7/2018(b)		4,620		4,620
California Infrastructure and Economic Development Bank, Industrial Development, MA Silva Corks USA LLC Project Series A, Rev., VRDO, LOC: Bank of America NA, 1.86%, 12/7/2018(b)		2,950		2,950
California Municipal Finance Authority, LA Sierra University Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.61%, 12/7/2018(b)		2,870		2,870
Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.61%, 12/7/2018(b)		400		400
California Municipal Finance Authority, Recovery Zone Facility, Chevron USA, Inc. Project Series A, Rev., VRDO, 1.34%, 12/3/2018(b)		800		800
California Pollution Control Financing Authority, ExxonMobil Project Rev., VRDO, 1.52%, 12/3/2018(b)		5,050		5,050
California Pollution Control Financing Authority, Solid Waste Disposal, Recology Inc. Project Rev., VRDO, AMT, LOC: Wells Fargo Bank NA, 1.73%, 12/7/2018(b)(c)		3,500		3,500
California Statewide Communities Development Authority, Kaiser Permanente Series C-3, Rev., VRDO, 1.54%, 12/7/2018(b)		14,990		14,990
Series E, Rev., VRDO, 1.62%, 12/7/2018(b)		5,500		5,500
California Statewide Communities Development Authority, Multi-Family Housing, Avian Glen Apartments Project Series OO, Rev., VRDO, LOC: Citibank NA, 1.73%, 12/7/2018(b)		305		305
California Statewide Communities Development Authority, Multi-Family Housing, Canyon Creek Apartments Rev., VRDO, FNMA, LIQ: FNMA, 1.73%, 12/7/2018(b)		3,000		3,000
California Statewide Communities Development Authority, Multi-Family Housing, Kimberly Woods Series B, Rev., VRDO, FNMA, LIQ: FNMA, 1.75%, 12/7/2018(b)		13,300		13,300

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
California — continued
California Statewide Communities Development Authority, Multi-Family Housing, Second Street Apartments Rev., VRDO, LOC: FNMA, 1.75%, 12/7/2018(b)		1,855		1,855
California Statewide Communities Development Authority, Pollution Control, Chevron USA, Inc. Project Rev., VRDO, 1.38%, 12/3/2018(b)		1,000		1,000
California Statewide Communities Development Authority, Rady Children’s Hospital Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.38%, 12/3/2018(b)		2,865		2,865
Series C, Rev., VRDO, LOC: Northern Trust Co., 1.49%, 12/7/2018(b)		13,595		13,595
Calleguas-Las Virgenes Public Financing Authority Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.61%, 12/7/2018(b)		1,785		1,785
City & County of San Francisco, Multifamily Housing, Taxable, Transbay Block 8 Tower Apartments Series H-1, Rev., VRDO, LOC: Bank of China, 1.63%, 12/7/2018(b)		2,000		2,000
City and County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments Series H-2, Rev., VRDO, LOC: Bank of China, 1.70%, 12/7/2018(b)		19,250		19,250
City of Palo Alto Series 2016-XF2252, GO, VRDO, 1.65%, 12/7/2018(b)		6,240		6,240
City of Riverside, Electric Series C, Rev., VRDO, LOC: Barclays Bank plc, 1.41%, 12/7/2018(b)		5,625		5,625
City of San Jose, Multifamily Housing, Almaden Lake Village Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.76%, 12/7/2018(b)		2,000		2,000
County of Sacramento, Special Facilities Apartment Rev., VRDO, LOC: Bank of America NA, 1.72%, 12/7/2018(b)		500		500
Daly City Housing Development Finance Agency, Multifamily, Serramonte Del Rey Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.69%, 12/7/2018(b)		9,100		9,100
Eastern Municipal Water District, Water and Wastewater Series A, Rev., VRDO, 1.46%, 12/3/2018(b)		4,000		4,000
Series 2015A, Rev., VRDO, 1.49%, 12/3/2018(b)		4,100		4,100
Series A, Rev., VRDO, 1.42%, 12/7/2018(b)		6,350		6,350
Irvine Unified School District Series B, VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.36%, 12/7/2018(b)		3,175		3,175
Los Angeles Community Redevelopment Agency, Multi-Family Housing, Views at 270 Series A, Rev., VRDO, LOC: Citibank NA, 1.77%, 12/7/2018(b)		1,286		1,286
Los Angeles Department of Water and Power Series B-3, Rev., VRDO, 1.40%, 12/3/2018(b)		3,925		3,925
Subseries B-2, Rev., VRDO, 1.45%, 12/3/2018(b)		2,800		2,800
Los Rios Community College District Series 2016-ZF2386, GO, VRDO, 1.74%, 12/7/2018(b)		3,000		3,000
Manteca Redevelopment Agency, Tax Allocation VRDO, LOC: State Street Bank & Trust, 1.63%, 12/3/2018(b)		6,880		6,880
Metropolitan Water District of Southern California, Water Series A-1, Rev., VRDO, 1.45%, 12/3/2018(b)		1,080		1,080
Series A-2, Rev., VRDO, 1.45%, 12/3/2018(b)		9,750		9,750
Modesto Irrigation District Financing Authority, Municipal Securities Trust Receipts Class A, Rev., VRDO, NATL-RE, LOC: Societe Generale, 1.70%, 12/7/2018(b)		14,960		14,960

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
California — continued
Modesto Public Financing Authority, Lease Revenue Rev., VRDO, LOC: Bank of America NA, 1.50%, 12/7/2018(b)		2,585		2,585
Orange County Water District Series 2016-ZM0155, COP, VRDO, LIQ: Morgan Stanley Bank, 1.72%, 12/7/2018(b)(c)		5,240		5,240
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-1, GO, VRDO, LOC: Royal Bank of Canada, 1.69%, 12/7/2018(b)(c)		5,000		5,000
Series G-6, GO, VRDO, LOC: Royal Bank of Canada, 1.69%, 12/7/2018(b)(c)		6,000		6,000
Series G-61, GO, VRDO, LOC: Royal Bank of Canada, 1.69%, 12/7/2018(b)(c)		4,000		4,000
Regents of the University of California Series 2013 AL-3, Rev., VRDO, 1.47%, 12/3/2018(b)		3,550		3,550
Series AL-1, Rev., VRDO, 1.48%, 12/3/2018(b)		2,630		2,630
GO, VRDO, 1.65%, 12/7/2018(b)		6,000		6,000
Riverside County Asset Leasing Corp., Southwest Justice Center Series A, Rev., VRDO, AGC, LOC: Wells Fargo Bank NA, 1.40%, 12/7/2018(b)		2,000		2,000
Sacramento County Housing Authority, Multi-Family Housing, Ashford Park Apartments Series D, Rev., VRDO, FNMA, LIQ: FNMA, 1.43%, 12/7/2018(b)		365		365
Sacramento County Housing Authority, Multi-Family Housing, River Terrace Apartments Series C, Rev., VRDO, FNMA, LIQ: FNMA, 1.43%, 12/7/2018(b)		845		845
San Diego Community College District Series 2016-ZF2382, GO, VRDO, LIQ: Citibank NA, 1.65%, 12/7/2018(b)(c)		3,000		3,000
San Diego Housing Authority, Multi-Family Housing, Park and Market Apartments Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.42%, 12/7/2018(b)		1,225		1,225
San Diego Housing Authority, Multi-Family Housing, Villa Nueva Apartments Series F, Rev., VRDO, FHLMC, LOC: FHLMC, 1.71%, 12/7/2018(b)		7,400		7,400
San Francisco City & County Redevelopment Agency, Multi-Family Housing, Notre Dame Apartments Series G, Rev., VRDO, LOC: Citibank NA, 1.74%, 12/7/2018(b)		3,065		3,065
San Marcos Unified School District Series 2016-ZF2390, GO, VRDO, LIQ: Citibank NA, 1.66%, 12/7/2018(b)(c)		7,760		7,760
Santa Clara Valley Transportation Authority, Sales Tax Series B, Rev., VRDO, 1.45%, 12/7/2018(b)		9,540		9,540
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2534, GO, VRDO, LIQ: Citibank NA, 1.65%, 12/7/2018(b)(c)		920		920
Series 2016-XL0015, Rev., VRDO, LIQ: Barclays Bank plc, 1.67%, 12/7/2018(b)(c)		5,000		5,000
Series 2018-YX1098, Rev., VRDO, LIQ: Barclays Bank plc, 1.67%, 12/7/2018(b)(c)		3,025		3,025
Series 2015-XM0075, Rev., VRDO, LIQ: Bank of America NA, 1.68%, 12/7/2018(b)(c)		2,000		2,000
Series 2018-ZM0660, Rev., VRDO, LIQ: Bank of America NA, 1.68%, 12/7/2018(b)(c)		1,500		1,500
GO, VRDO, AGM, 1.69%, 12/7/2018(b)		3,000		3,000
Series 2016-XF0431, GO, VRDO, LIQ: Bank of America NA, 1.69%, 12/7/2018(b)(c)		7,000		7,000
Series 2016-XF0524, Rev., VRDO, LIQ: TD Bank NA, 1.69%, 12/7/2018(b)(c)		2,675		2,675

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
California — continued
Series 2016-XG0043, GO, VRDO, AGC, LIQ: TD Bank NA, 1.69%, 12/7/2018(b)(c)		500		500
Series 2016-XG0043, GO, VRDO, AGC, 1.69%, 12/7/2018(b)		14,500		14,500
Series 2017-XF0559, Rev., VRDO, 1.69%, 12/7/2018(b)		8,000		8,000
Series 2017-XF0607, Rev., VRDO, LIQ: TD Bank NA, 1.69%, 12/7/2018(b)(c)		3,330		3,330
Series 2018-XF2577, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.69%, 12/7/2018(b)(c)		2,000		2,000
Series 2018-XG0181, GO, VRDO, LIQ: Bank of America NA, 1.69%, 12/7/2018(b)(c)		4,985		4,985
Series 2018-XG0182, Rev., VRDO, LIQ: Barclays Bank plc, 1.69%, 12/7/2018(b)(c)		3,000		3,000
Series 2018-XL0059, Rev., VRDO, LIQ: Barclays Bank plc, 1.69%, 12/7/2018(b)(c)		3,000		3,000
Series 2018-XM0696, Rev., VRDO, LIQ: Bank of America NA, 1.69%, 12/7/2018(b)(c)		2,295		2,295
Series 2018-ZM0590, GO, VRDO, LIQ: Bank of America NA, 1.69%, 12/7/2018(b)(c)		1,670		1,670
Series 2018-ZM0592, GO, VRDO, LIQ: Bank of America NA, 1.69%, 12/7/2018(b)(c)		3,725		3,725
Series 2018-ZM0601, GO, VRDO, LIQ: Bank of America NA, 1.69%, 12/7/2018(b)(c)		1,575		1,575
Series 2017-XG0117, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.70%, 12/7/2018(b)(c)		10,305		10,305
Series 2017-XG0121, Rev., VRDO, LIQ: Bank of America NA, 1.70%, 12/7/2018(b)(c)		3,000		3,000
Series 2018-XM0712, GO, VRDO, LIQ: Morgan Stanley Bank, 1.70%, 12/7/2018(b)(c)		2,230		2,230
Series 2018-ZF0679, Rev., VRDO, LIQ: Bank of America NA, 1.70%, 12/7/2018(b)(c)		7,615		7,615
Rev., VRDO, 1.71%, 12/7/2018(b)		4,580		4,580
Series 2018-XF2720, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.71%, 12/7/2018(b)(c)		4,485		4,485
Series 2018-ZF2744, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.71%, 12/7/2018(b)(c)		6,900		6,900
Series 2016-XF2322, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.72%, 12/7/2018(b)(c)		7,500		7,500
Series 2018-ZM0585, GO, VRDO, LIQ: Wells Fargo Bank NA, 1.72%, 12/7/2018(b)(c)		3,750		3,750
Series 2017-XF0578, GO, VRDO, LIQ: TD Bank NA, 1.74%, 12/7/2018(b)(c)		1,190		1,190
Series 2018-XF2724, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.74%, 12/7/2018(b)(c)		8,000		8,000
Series 2018-BAML0005, Rev., VRDO, FHLMC, LIQ: Bank of America NA, 1.76%, 12/7/2018(b)(c)		7,000		7,000

				422,809

TOTAL MUNICIPAL BONDS (Cost $422,809)				422,809

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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



Investments	Shares (000)		Value ($000)
VARIABLE RATE DEMAND PREFERRED SHARES — 3.2%
California — 3.2%
Nuveen California Quality Municipal Income Fund Series 4, LIQ: Royal Bank of Canada, 1.83%, 12/7/2018 #(c)		7,000		7,000
Series 1, LIQ: Societe Generale, 1.85%, 12/7/2018 #(c)		7,000		7,000

				14,000

TOTAL VARIABLE RATE DEMAND PREFERRED SHARES (Cost $14,000)				14,000

Total Investments — 99.8% (Cost $436,809)*				436,809
Other Assets Less Liabilities — 0.2%				662

Net Assets — 100.0%				437,471

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
COP				Certificate of Participation
FHLMC				Federal Home Loan Mortgage Corp.
FNMA				Federal National Mortgage Association
GO				General Obligation
LIQ				Liquidity Agreement
LOC				Letter of Credit
NATL				Insured by National Public Finance Guarantee Corp.
RE				Reinsured
Rev.				Revenue
VRDO				Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2018.


(a)		The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2018.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
#		Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of November 30, 2018.
*		The cost of securities is substantially the same for federal income tax purposes.

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

•

Level 1 — Quoted prices in active markets for identical securities.

•

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The following is a summary of the inputs used as of November 30, 2018, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	436,809	$	—	$	436,809

(a)	All portfolio holdings designated as level 2 are disclosed individually on the Schedule of Portfolio Investments (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 98.0%(a)
California — 98.0%
Certificate of Participation/Lease — 1.1%
City and County of San Francisco, Multiple Capital Improvement Projects Series A, COP, 5.00%, 4/1/2022		1,250		1,264
County of Monterey, 2009 Refinancing Project COP, AGM, 5.00%, 8/1/2020		1,500		1,554

				2,818

Education — 3.9%
California Educational Facilities Authority, Stanford University
Series T-5, Rev., 5.00%, 3/15/2023		1,500		1,694
Series U-2, Rev., 5.00%, 10/1/2032		1,500		1,854
California Educational Facilities Authority, University of Southern California
Series A, Rev., 5.00%, 10/1/2023		1,000		1,140
California State University, Systemwide
Series C, Rev., AGM, 5.00%, 11/1/2019		1,000		1,027
University of California
Series AB, Rev., 5.00%, 5/15/2026		570		613
Series AM, Rev., 5.00%, 5/15/2028		1,500		1,709
Series AR, Rev., 5.00%, 5/15/2035		1,500		1,711

				9,748

General Obligation — 28.8%
Campbell Union High School District, Election 2006 Series B, GO, 5.00%, 8/1/2035		2,000		2,291
Counties of Santa Barbara, San Luis Obispo and Ventura, Allan Hancock Joint Community College District GO, 5.00%, 8/1/2030		1,250		1,422
Counties of Sonoma, Mendocino and Marin, Sonoma County Junior College District GO, 5.00%, 8/1/2027		1,000		1,136
County of Contra Costa, Mount Diablo Unified School District, Election of 2010 Series E, GO, 5.00%, 8/1/2026		1,210		1,341
County of Los Angeles, Beverly Hills Unified School District, Election of 2008, Capital Appreciation GO, Zero Coupon, 8/1/2023		1,500		1,357
County of Los Angeles, Mount San Antonio Community College District, Election of 2008, Capital Appreciation Series A, GO, Zero Coupon, 8/1/2030		3,205		1,906
County of Napa, Napa Valley Unified School District, Election of 2006, Capital Appreciation Series A, GO, Zero Coupon, 8/1/2027		2,000		1,558
County of Riverside, Murrieta Valley Unified School District, Election of 2006, Capital Appreciation GO, AGM, Zero Coupon, 9/1/2024		1,000		867
County of Sacramento, San Juan Unified School District, Election of 2002 GO, 5.00%, 8/1/2029		1,000		1,130
County of San Diego, Escondido Union High School District, Election of 2008, Capital Appreciation Series A, GO, AGC, Zero Coupon, 8/1/2025		1,500		1,258
County of San Mateo, South San Francisco Unified School District, Capital Appreciation Series C, GO, Zero Coupon, 9/1/2028		1,800		1,348
County of Santa Clara, Campbell Union High School District
GO, 5.00%, 8/1/2027		1,700		1,970
Series B, GO, 5.00%, 8/1/2033		370		427
County of Santa Clara, Cupertino Union School District Series A, GO, 5.00%, 8/1/2027		1,000		1,133
County of Santa Clara, Evergreen Elementary School District, Election of 2006, Capital Appreciation Series B, GO, AGC, Zero Coupon, 8/1/2024		1,915		1,654
County of Santa Clara, Palo Alto Unified School District, Election of 2008, Capital Appreciation
GO, Zero Coupon, 8/1/2022		1,500		1,393
GO, Zero Coupon, 8/1/2025		1,015		868
GO, Zero Coupon, 8/1/2026		1,500		1,241
County of Santa Clara, San Jose Unified School District
GO, 5.00%, 8/1/2028		1,750		1,990

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
Series C, GO, 5.00%, 8/1/2030		900		1,034
Series C, GO, 5.00%, 8/1/2031		1,560		1,789
East Side Union High School District Series B, GO, NATL-RE, 5.25%, 2/1/2026		2,000		2,346
Los Angeles Community College District Series A, GO, 5.00%, 8/1/2031		1,500		1,694
Los Angeles Unified School District, Election of 2004 Series I, GO, 5.00%, 7/1/2025		1,000		1,018
Menlo Park City School District, Crossover Capital Appreciation
GO, Zero Coupon, 7/1/2031		500		324
GO, Zero Coupon, 7/1/2032		880		538
San Diego Unified School District, Election of 1998
Series C-2, GO, AGM, 5.50%, 7/1/2024		2,010		2,391
Series F-1, GO, AGM, 5.25%, 7/1/2028		2,500		3,139
San Francisco Bay Area Rapid Transit District, Election of 2004 Series D, GO, 5.00%, 8/1/2032		2,000		2,310
San Francisco City and County, Earthquake Safety and Emergency Series D, GO, 3.00%, 6/15/2025		2,500		2,594
San Mateo County Community College District
Series A, GO, NATL-RE, Zero Coupon, 9/1/2029		2,000		1,447
Series B, GO, 5.00%, 9/1/2033		1,000		1,178
Series B, GO, NATL-RE, Zero Coupon, 9/1/2034		1,000		564
San Mateo Union High School District, Capital Appreciation, Election of 2006 Series A, GO, 5.00%, 9/1/2030		1,005		1,142
State of California
GO, NATL-RE-IBC, 6.25%, 10/1/2019		30		30
GO, 5.00%, 9/1/2021		1,000		1,081
GO, 5.25%, 9/1/2027		1,575		1,713
State of California, School Facilities
GO, 4.00%, 9/1/2032		2,000		2,130
State of California, Various Purpose
GO, 5.25%, 10/1/2022		2,310		2,376
GO, 5.50%, 4/1/2023		1,000		1,012
GO, 5.00%, 8/1/2027		2,000		2,387
GO, 5.00%, 12/1/2029		2,000		2,249
GO, 5.00%, 8/1/2030		2,000		2,342
GO, 5.00%, 9/1/2030		1,000		1,078
GO, 5.00%, 8/1/2031		1,500		1,692
GO, 5.00%, 10/1/2032		3,000		3,375
GO, 5.00%, 8/1/2033		1,000		1,141

				72,404

Hospital — 9.5%
ABAG Finance Authority for Nonprofit Corps., Sharp Healthcare Series A, Rev., 5.00%, 8/1/2031		1,000		1,112
California Health Facilities Financing Authority, Adventist Health System
Series A, Rev., 5.00%, 3/1/2026		1,500		1,678
Series A, Rev., 4.00%, 3/1/2029		2,380		2,525
California Health Facilities Financing Authority, Cedars-Sinai Medical Center
Rev., 5.00%, 11/15/2030		250		288
Rev., 5.00%, 11/15/2032		400		457
Series A, Rev., 5.00%, 8/15/2033		3,500		4,007
California Health Facilities Financing Authority, Lucile Salter Packard Children’s Hospital at Stanford
Series A, Rev., 5.00%, 8/15/2027		580		648
Series A, Rev., 5.00%, 8/15/2028		850		948
Series A, Rev., 5.00%, 8/15/2030		1,655		1,858
California Health Facilities Financing Authority, St. Joseph Health System Series A, Rev., 5.00%, 7/1/2028		1,000		1,124
California Health Facilities Financing Authority, Sutter Health
Series D, Rev., 5.00%, 8/15/2025		1,000		1,082
Series A, Rev., 5.00%, 11/15/2025		500		588
Series A, Rev., 5.00%, 11/15/2031		1,500		1,711
Series A, Rev., 5.00%, 11/15/2032		1,150		1,307
Series A, Rev., 5.00%, 11/15/2033		2,000		2,299
California Statewide Communities Development Authority, Sutter Health Series A, Rev., 5.00%, 8/15/2019		515		527

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Hospital — continued
University of California, Medical Center Series L, Rev., 5.00%, 5/15/2027		1,500		1,763

				23,922

Housing — 1.0%
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien Rev., AMT, 5.00%, 12/31/2028		1,750		1,996
City of San Bernardino, Single Family Mortgage, GNMA Mortgage-Backed Securities Series A, Rev., GNMA COLL, 7.50%, 5/1/2023(b)		390		439

				2,435

Industrial Development Revenue/Pollution Control Revenue — 0.6%
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project Series B-1, Rev., AMT, 3.00%, 11/1/2025		1,500		1,475

Other Revenue — 8.7%
Anaheim Public Financing Authority, Anaheim Public Improvements Project, Capital Appreciation Series C, Rev., AGM, Zero Coupon, 9/1/2019		1,000		990
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Refunding, Kern County Tobacco Funding Corporation Rev., 5.00%, 6/1/2020		1,000		1,033
California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Series A, Rev., 5.00%, 10/1/2028		1,000		1,140
California State Public Works Board, Department of General Services Series F, Rev., 5.00%, 5/1/2030		1,000		1,132
Contra Costa County Transportation Authority, Sales Tax Series A, Rev., 5.00%, 3/1/2032		2,000		2,304
Golden State Tobacco Securitization Corp., Tobacco Settlement Series A-1, Rev., 5.00%, 6/1/2024		2,500		2,730
Los Angeles County Public Works Financing Authority, Los Angeles County Regional Park and Open Space Series A, Rev., NATL-RE, 5.00%, 10/1/2019		1,500		1,541
Midpeninsula Regional Open Space District, 2004 Project Lease
Rev., 5.00%, 9/1/2030		500		572
Rev., 5.00%, 9/1/2031		270		309
San Diego Regional Building Authority, County Operations Center Series A, Rev., 5.00%, 10/15/2033		2,370		2,716
San Mateo County Joint Powers Financing Authority, Capital Projects Program Series A, Rev., 5.25%, 7/15/2021		2,190		2,275
San Mateo County Joint Powers Financing Authority, Youth Services Campus Series A, Rev., 5.00%, 7/15/2031		2,000		2,325
Santa Ana Financing Authority, Police Administration and Holding Facility Lease Series A, Rev., NATL-RE, 6.25%, 7/1/2024(b)		750		859
Santa Ana Financing Authority, Police Administration and Holding Facility Lease, Unrefunded Balance Series A, Rev., NATL-RE, 6.25%, 7/1/2024		750		847
Ventura County Public Financing Authority Series A, Rev., 5.00%, 11/1/2029		1,000		1,106

				21,879

Prerefunded — 10.4%
Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area Series F-1, Rev., 5.00%, 4/1/2019(b)		1,500		1,516
California State Department of Water Resources, Central Valley Project, Water System Series AG, Rev., 5.00%, 12/1/2019(b)		1,500		1,549
California State Public Works Board, Department of Developmental Services, Porterville Developmental Center Housing Expansion and Recreation Complex Series C, Rev., 6.00%, 4/1/2019(b)		1,500		1,521
City of Los Angeles, Department of Water and Power, Power System Series B, Rev., 5.25%, 7/1/2019(b)		20		20

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Prerefunded — continued
Counties of Alameda and Contra Costa, East Bay Municipal Utility District Series A, Rev., 5.00%, 6/1/2020(b)		1,500		1,572
County of Los Angeles, Pasadena Unified School District, Election of 2008 Series A-1, GO, 5.00%, 8/1/2019(b)		1,000		1,022
County of Los Angeles, Torrance Unified School District, Election of 2008 GO, 5.38%, 8/1/2019(b)		1,500		1,536
County of San Diego, San Diego Community College District, Election of 2006 GO, 5.00%, 8/1/2021(b)		1,000		1,082
County of Santa Clara, San Jose Unified School District GO, 5.00%, 8/1/2021(b)		1,610		1,741
Irvine Ranch Water District COP, 5.00%, 3/1/2020(b)		5,040		5,242
San Diego Public Facilities Financing Authority, Sewer Waste Water System
Series A, Rev., 5.00%, 5/15/2019(b)		1,500		1,523
Series B, Rev., 5.00%, 8/1/2019(b)		2,000		2,043
San Francisco Bay Area Rapid Transit District, Sales Tax Rev., 5.00%, 7/1/2020(b)		1,500		1,575
San Francisco City and County Public Utilities Commission, Water Subseries A, Rev., 5.00%, 5/1/2020(b)		2,380		2,487
San Mateo Union High School District, Capital Appreciation, Election of 2006 Series A, GO, 5.00%, 9/1/2023(b)		1,030		1,172
University of California Series AB, Rev., 5.00%, 5/15/2021(b)		430		462

				26,063

Transportation — 15.3%
Alameda Corridor Transportation Authority, Tax-Exempt Second Subordinate Lien Series B, Rev., AGM, 5.00%, 10/1/2035		2,000		2,248
Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area
Series F-1, Rev., 5.00%, 4/1/2027		1,175		1,289
Series F-1, Rev., 5.00%, 4/1/2029		1,855		2,035
City of Long Beach Harbor
Series B, Rev., 5.00%, 5/15/2024		250		288
Series A, Rev., 5.00%, 5/15/2025		1,000		1,047
Series B, Rev., 5.00%, 5/15/2026		1,750		1,856
Series B, Rev., 5.00%, 5/15/2027		225		257
Series A, Rev., AMT, 5.00%, 5/15/2033		500		570
City of Los Angeles, Department of Airports, Los Angeles International Airport
Series A, Rev., 5.00%, 5/15/2026		2,000		2,082
Series A, Rev., 5.00%, 5/15/2027		1,000		1,041
Series B, Rev., AMT, 5.00%, 5/15/2027		2,000		2,325
Rev., AMT, 5.00%, 5/15/2030		1,475		1,726
Series C, Rev., 5.00%, 5/15/2031		1,250		1,427
Series C, Rev., AMT, 5.00%, 5/15/2034		1,250		1,425
City of Los Angeles, Harbor Department
Series A, Rev., AMT, 5.00%, 8/1/2021		1,000		1,072
Series B, Rev., 5.00%, 8/1/2025		1,000		1,077
Series A, Rev., AMT, 5.00%, 8/1/2031		1,500		1,669
County of Los Angeles, Metropolitan Transportation Authority Series A, Rev., 5.25%, 7/1/2023		2,000		2,110
Foothill Eastern Transportation Corridor Agency, Senior Lien, Capital Appreciation Series A, Rev., Zero Coupon, 1/1/2026(b)		1,795		1,492
Los Angeles Department of Airports, Senior Bonds, Los Angeles International Airport Series A, Rev., AMT, 5.00%, 5/15/2029		2,000		2,158
San Bernardino County Transportation Authority Series A, Rev., 5.00%, 3/1/2029		2,000		2,202
San Diego County Regional Airport Authority, Senior Airport Series B, Rev., AMT, 5.00%, 7/1/2028		1,000		1,106
San Diego County Regional Airport Authority, Subordinate Airport
Series B, Rev., AMT, 5.00%, 7/1/2034		755		848
Series A, Rev., 5.00%, 7/1/2035		1,000		1,142

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Transportation — continued
San Francisco City and County Airports Commission, San Francisco International Airport, Second Series
Series D, Rev., 5.00%, 5/1/2026		1,615		1,735
Series A, Rev., AMT, 5.00%, 5/1/2029		2,000		2,188

				38,415

Utility — 5.7%
City of Burbank, Water and Power Electric Series A, Rev., 5.00%, 6/1/2022		2,860		3,000
City of Los Angeles, Department of Water and Power, Power System
Series B, Rev., 5.00%, 7/1/2023		1,500		1,530
Series B, Rev., 5.25%, 7/1/2023		1,500		1,532
Series B, Rev., 5.25%, 7/1/2024		1,480		1,511
Series C, Rev., 5.00%, 7/1/2027		1,500		1,721
Long Beach Bond Finance Authority, Natural Gas Series A, Rev., 5.25%, 11/15/2020		1,500		1,582
Santa Clara Valley Water District and Water Utilities System Series A, Rev., 5.00%, 6/1/2030		1,600		1,849
Southern California Public Power Authority, Apex Power Project Series A, Rev., 5.00%, 7/1/2030		1,000		1,142
Southern California Public Power Authority, Canyon Power Project Series A, Rev., 5.00%, 7/1/2025		500		540

				14,407

Water & Sewer — 13.0%
California State Department of Water Resources, Central Valley Project, Water System Series AW, Rev., 5.00%, 12/1/2032		2,600		3,039
City of Bakersfield, Wastewater Series A, Rev., 5.00%, 9/15/2031		2,000		2,309
City of Los Angeles, Wastewater System
Series A, Rev., 5.00%, 6/1/2028		1,825		2,113
Series B, Rev., 5.00%, 6/1/2033		1,500		1,707
City of Los Angeles, Wastewater System, Green Bonds
Series A, Rev., 5.00%, 6/1/2034		1,000		1,174
Series A, Rev., 5.00%, 6/1/2035		1,500		1,754
City of San Francisco, Public Utilities Commission Water, Green Bonds Series D, Rev., 5.00%, 11/1/2034		1,500		1,744
City of Santa Rosa, Wastewater, Capital Appreciation Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023		1,500		1,348
County of Marin, Marin Water District Financing Authority, Sub Lien Series A, Rev., 5.00%, 7/1/2028		1,185		1,314
County of San Mateo, Silicon Valley Clean Water Rev., 5.00%, 2/1/2030		790		900
Eastern Municipal Water District Financing Authority, Water and Wastewater Series B, Rev., 5.00%, 7/1/2033		3,000		3,452
Metropolitan Water District of Southern California, Water
Series D, Rev., 5.00%, 7/1/2020		1,000		1,020
Series F, Rev., 5.00%, 7/1/2028		2,000		2,216
Series A, Rev., 5.00%, 10/1/2029		1,500		1,652
San Diego Public Facilities Financing Authority, Sewer Waste Water System Rev., 5.00%, 5/15/2025		1,020		1,205
Southern California Water Replenishment District Financing Authority, Replenishment Assessment
Rev., 5.00%, 8/1/2030		1,050		1,214
Rev., 5.00%, 8/1/2031		1,420		1,638
Rev., 5.00%, 8/1/2032		2,410		2,772

				32,571

Total California				246,137

TOTAL MUNICIPAL BONDS (Cost $239,796)				246,137

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Shares (000)		Value ($000)
SHORT-TERM INVESTMENTS — 0.7%
INVESTMENT COMPANIES — 0.7%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.60%(c)(d)(Cost $1,883)		1,883		1,883

Total Investments — 98.7% (Cost $241,679)				248,020
Other Assets Less Liabilities — 1.3%				3,335

Net Assets — 100.0%				251,355

Percentages indicated are based on net assets.

Abbreviations


AGC		Insured by Assured Guaranty Corp.
AGM		Insured by Assured Guaranty Municipal Corp.
AMBAC		Insured by American Municipal Bond Assurance Corp.
AMT		Alternative Minimum Tax
COLL		Collateral
COP		Certificate of Participation
CR		Custodial Receipts
GNMA		Government National Mortgage Association
GO		General Obligation
IBC		Insured Bond Certificates
NATL		Insured by National Public Finance Guarantee Corp.
RE		Reinsured
Rev.		Revenue
(a)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)		Security is prerefunded or escrowed to maturity.
(c)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of November 30, 2018.

A. Valuation of Investments — The valuation of investments is 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 (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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Fixed income instruments are valued based on prices received from 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.

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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).

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,883	$	246,137	$	—	$	248,020

(a)	All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 95.0%
Aerospace & Defense — 1.8%
L3 Technologies, Inc. 4.40%, 6/15/2028		45		45
Northrop Grumman Corp.
2.55%, 10/15/2022		365		349
3.25%, 1/15/2028		255		237
Rockwell Collins, Inc. 3.20%, 3/15/2024		1,089		1,041
United Technologies Corp.
3.95%, 8/16/2025		100		99
3.75%, 11/1/2046		205		171

				1,942

Air Freight & Logistics — 0.2%
FedEx Corp. 4.10%, 2/1/2045		290		248

Auto Components — 0.5%
Allison Transmission, Inc. 5.00%, 10/1/2024(a)		50		48
American Axle & Manufacturing, Inc. 6.25%, 4/1/2025		125		116
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(a)		100		97
Delphi Technologies plc 5.00%, 10/1/2025(a)		50		44
IHO Verwaltungs GmbH (Germany) 4.50% (cash), 9/15/2023(a)(b)		200		186

				491

Automobiles — 1.9%
Daimler Finance North America LLC (Germany) 3.35%, 2/22/2023(a)		280		274
Ford Motor Co. 4.75%, 1/15/2043		95		72
General Motors Co. 5.00%, 4/1/2035		805		681
Volkswagen Group of America Finance LLC (Germany)
3.88%, 11/13/2020(a)		530		530
4.00%, 11/12/2021(a)		265		264
4.25%, 11/13/2023(a)		200		197

				2,018

Banks — 20.8%
ABN AMRO Bank NV (Netherlands) 3.40%, 8/27/2021(a)		600		595
Australia & New Zealand Banking Group Ltd. (Australia) (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026(a)(c)(d)(e)		400		399
Bank of America Corp.
2.15%, 11/9/2020		250		244
2.50%, 10/21/2022		1,113		1,059
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024(d)		300		297
3.25%, 10/21/2027		590		542
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028(c)(d)(e)		225		215
(ICE LIBOR USD 3 Month + 1.51%), 3.70%, 4/24/2028(d)		305		288
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028(d)		490		452
(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038(d)		75		70
Bank of Montreal (Canada) (USD Swap Semi 5 Year + 1.43%), 3.80%, 12/15/2032(d)		230		210
Barclays plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.36%), 4.34%, 5/16/2024(d)		600		582
Capital One Bank USA NA 3.38%, 2/15/2023		250		240
Capital One NA 2.65%, 8/8/2022		250		239
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023(c)(d)(e)		440		434
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(d)		255		245
(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024(d)		1,085		1,078
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028(d)		885		845
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028(d)		665		612
Citizens Bank NA 3.70%, 3/29/2023		500		496
Commonwealth Bank of Australia (Australia) 3.45%, 3/16/2023(a)		205		203
Cooperatieve Rabobank UA (Netherlands) 3.75%, 7/21/2026		250		233
Credit Agricole SA (France) 3.25%, 10/4/2024(a)		250		231
(USD Swap Semi 5 Year + 6.19%), 8.13%, 12/23/2025(a)(c)(d)(e)		200		208
Danske Bank A/S (Denmark) 2.20%, 3/2/2020(a)		475		466
Discover Bank 3.45%, 7/27/2026		510		466
Fifth Third Bank 3.85%, 3/15/2026		270		263
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024(d)		650		641
(USD ICE Swap Rate 5 Year + 4.37%), 6.38%, 3/30/2025(c)(d)(e)		400		382

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Banks — continued
Huntington National Bank (The) 3.55%, 10/6/2023		510		503
Intesa Sanpaolo SpA (Italy)
3.88%, 7/14/2027(a)		200		163
3.88%, 1/12/2028(a)		200		161
KeyBank NA 3.40%, 5/20/2026		265		250
Lloyds Banking Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.21%), 3.57%, 11/7/2028(d)		465		409
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.76%, 7/26/2023		265		264
National Australia Bank Ltd. (Australia) 3.70%, 11/4/2021		250		250
Regions Bank (ICE LIBOR USD 3 Month + 0.50%), 3.37%, 8/13/2021(d)		500		497
Royal Bank of Scotland Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024(d)		1,365		1,329
Santander UK Group Holdings plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.08%), 3.37%, 1/5/2024(d)		400		377
Societe Generale SA (France) (USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025(a)(c)(d)(e)		200		201
SunTrust Bank (ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022(d)		470		466
3.30%, 5/15/2026		200		188
UBS Group Funding Switzerland AG (Switzerland) 3.49%, 5/23/2023(a)		400		388
Wells Fargo & Co. 3.07%, 1/24/2023		1,015		980
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024(c)(d)(e)		200		200
3.00%, 10/23/2026		305		278
4.40%, 6/14/2046		215		194
Wells Fargo Bank NA (ICE LIBOR USD 3 Month + 0.49%), 3.33%, 7/23/2021(d)		930		925
3.63%, 10/22/2021		905		905
Westpac Banking Corp. (Australia) 3.65%, 5/15/2023		520		519
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031(d)		235		221

				21,903

Beverages — 2.3%
Anheuser-Busch Cos. LLC (Belgium)
3.65%, 2/1/2026(a)		460		435
4.70%, 2/1/2036(a)		100		94
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.38%, 4/15/2038		435		391
4.44%, 10/6/2048		400		346
Keurig Dr Pepper, Inc. 2.55%, 9/15/2026		790		671
PepsiCo, Inc. 2.38%, 10/6/2026		580		525

				2,462

Biotechnology — 1.5%
AbbVie, Inc.
4.50%, 5/14/2035		95		87
4.45%, 5/14/2046		140		121
Amgen, Inc. 2.60%, 8/19/2026		565		505
Celgene Corp. 3.45%, 11/15/2027		290		263
Gilead Sciences, Inc.
3.50%, 2/1/2025		145		140
2.95%, 3/1/2027		140		129
4.15%, 3/1/2047		395		350

				1,595

Building Products — 0.4%
Masco Corp. 4.50%, 5/15/2047		205		169
Owens Corning
4.30%, 7/15/2047		120		92
4.40%, 1/30/2048		65		50
Standard Industries, Inc. 4.75%, 1/15/2028(a)		75		66

				377

Capital Markets — 8.4%
Bank of New York Mellon Corp. (The) (ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023(d)		760		733
Credit Suisse Group AG (Switzerland) 3.57%, 1/9/2023(a)		250		243
(ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024(a)(d)		500		494
(USD Swap Semi 5 Year + 4.33%), 7.25%, 9/12/2025(a)(c)(d)(e)		200		190
Deutsche Bank AG (Germany) 4.25%, 2/4/2021		360		355
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/2021		940		897

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Capital Markets — continued
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(c)(d)(e)		650		574
3.50%, 11/16/2026		1,055		972
3.85%, 1/26/2027		975		918
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038(d)		150		131
ING Bank NV (Netherlands) 2.05%, 8/15/2021(a)		355		342
Macquarie Group Ltd. (Australia)
(ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023(a)(d)		50		47
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028(a)(d)		415		377
Morgan Stanley
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024(d)		1,215		1,196
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028(d)		880		820
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038(d)		70		63
State Street Corp.
(ICE LIBOR USD 3 Month + 0.64%), 2.65%, 5/15/2023(d)		509		490

				8,842

Chemicals — 0.8%
DowDuPont, Inc. 3.77%, 11/15/2020		200		201
Eastman Chemical Co. 4.50%, 12/1/2028		225		219
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024(a)		200		186
Mosaic Co. (The) 4.05%, 11/15/2027		263		250

				856

Commercial Services & Supplies — 0.0%(f)
Aramark Services, Inc. 5.00%, 2/1/2028(a)		50		48

Communications Equipment — 0.2%
CommScope Technologies LLC 6.00%, 6/15/2025(a)		100		92
Plantronics, Inc. 5.50%, 5/31/2023(a)		100		97

				189

Construction Materials — 0.1%
Martin Marietta Materials, Inc. 4.25%, 12/15/2047		160		128

Consumer Finance — 1.6%
AerCap Ireland Capital DAC (Ireland)
3.50%, 1/15/2025		445		408
3.65%, 7/21/2027		150		131
American Express Co.
3.40%, 2/27/2023		455		445
3.70%, 8/3/2023		345		341
General Motors Financial Co., Inc. 3.85%, 1/5/2028		155		136
Synchrony Financial 3.95%, 12/1/2027		210		177

				1,638

Containers & Packaging — 0.1%
International Paper Co. 4.35%, 8/15/2048		115		96

Diversified Financial Services — 2.3%
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/2025		245		212
4.42%, 11/15/2035		200		161
National Rural Utilities Cooperative Finance Corp.
2.70%, 2/15/2023		400		388
2.85%, 1/27/2025		850		810
Nationwide Building Society (United Kingdom) (ICE LIBOR USD 3 Month + 1.39%), 4.36%, 8/1/2024(a)(d)		200		196
Shell International Finance BV (Netherlands)
3.25%, 5/11/2025		505		489
3.75%, 9/12/2046		140		125

				2,381

Diversified Telecommunication Services — 3.2%
AT&T, Inc.
4.30%, 2/15/2030		280		261
4.30%, 12/15/2042		720		596
4.35%, 6/15/2045		370		303
CCO Holdings LLC 5.13%, 5/1/2027(a)		250		237
Deutsche Telekom International Finance BV (Germany) 4.38%, 6/21/2028(a)		280		275
Sprint Capital Corp. 8.75%, 3/15/2032		250		271
Telefonica Emisiones SAU (Spain) 4.67%, 3/6/2038		175		155
Verizon Communications, Inc.
4.33%, 9/21/2028		550		547
4.27%, 1/15/2036		306		281
3.85%, 11/1/2042		300		251
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 8/15/2026(a)		200		188

				3,365

Electric Utilities — 7.1%
AEP Texas, Inc. 3.95%, 6/1/2028(a)		315		310
Cleveland Electric Illuminating Co. (The) 4.55%, 11/15/2030(a)		105		105

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Electric Utilities — continued
Commonwealth Edison Co.
3.70%, 3/1/2045		65		58
3.65%, 6/15/2046		275		240
Duke Energy Corp. 2.65%, 9/1/2026		721		644
Duke Energy Indiana LLC 3.75%, 5/15/2046		288		258
Duke Energy Progress LLC 3.38%, 9/1/2023		275		273
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027(a)		237		220
Edison International 2.95%, 3/15/2023		235		223
Electricite de France SA (France) 4.50%, 9/21/2028(a)		480		459
Emera US Finance LP (Canada) 3.55%, 6/15/2026		145		136
Emera, Inc. (Canada) Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076(d)		200		204
Enel Finance International NV (Italy) 3.50%, 4/6/2028(a)		600		502
Entergy Louisiana LLC
2.40%, 10/1/2026		200		180
4.20%, 9/1/2048		95		92
Entergy Mississippi, Inc. 2.85%, 6/1/2028		225		205
Exelon Corp. 3.50%, 6/1/2022(g)		58		56
Fortis, Inc. (Canada) 3.06%, 10/4/2026		165		149
ITC Holdings Corp. 3.25%, 6/30/2026		455		426
Oncor Electric Delivery Co. LLC 2.95%, 4/1/2025		100		96
Pacific Gas & Electric Co. 2.95%, 3/1/2026		370		305
PacifiCorp 4.13%, 1/15/2049		175		166
Potomac Electric Power Co. 3.60%, 3/15/2024		310		310
PPL Capital Funding, Inc. 3.10%, 5/15/2026		110		102
Sierra Pacific Power Co. 2.60%, 5/1/2026		670		616
Southern California Edison Co.
Series D, 3.40%, 6/1/2023		220		215
Series E, 3.70%, 8/1/2025		225		220
Series C, 4.13%, 3/1/2048		200		178
Southwestern Electric Power Co. Series J, 3.90%, 4/1/2045		180		157
Southwestern Public Service Co. 3.70%, 8/15/2047		110		96
Tampa Electric Co. 4.45%, 6/15/2049		275		262
Virginia Electric & Power Co. 4.60%, 12/1/2048		60		60

				7,523

Electrical Equipment — 0.1%
Eaton Corp. 3.10%, 9/15/2027		105		98

Electronic Equipment, Instruments & Components — 0.1%
Anixter, Inc. 6.00%, 12/1/2025(a)		100		100

Energy Equipment & Services — 0.7%
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027		110		99
Halliburton Co. 4.85%, 11/15/2035		145		142
Schlumberger Holdings Corp. 4.00%, 12/21/2025(a)		475		466

				707

Entertainment — 0.3%
Netflix, Inc. 4.88%, 4/15/2028		50		46
Viacom, Inc. 4.38%, 3/15/2043		80		65
Warner Media LLC
2.95%, 7/15/2026		70		62
3.80%, 2/15/2027		200		186

				359

Equity Real Estate Investment Trusts (REITs) — 1.2%
American Tower Corp.
3.13%, 1/15/2027		255		230
3.60%, 1/15/2028		275		253
EPR Properties 4.95%, 4/15/2028		185		180
ESH Hospitality, Inc. 5.25%, 5/1/2025(a)		100		96
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(a)		200		186
HCP, Inc. 4.20%, 3/1/2024		270		268

				1,213

Food & Staples Retailing — 0.6%
Kroger Co. (The) 3.88%, 10/15/2046		299		238
Walmart, Inc. 3.70%, 6/26/2028		410		406

				644

Food Products — 0.7%
Campbell Soup Co. 3.80%, 8/2/2042		270		198
Kraft Heinz Foods Co.
3.00%, 6/1/2026		280		248
5.20%, 7/15/2045		65		59
4.38%, 6/1/2046		320		260

				765

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Gas Utilities — 0.4%
KeySpan Gas East Corp. 2.74%, 8/15/2026(a)		280		256
Southern California Gas Co. Series VV, 4.30%, 1/15/2049		210		206

				462

Health Care Equipment & Supplies — 1.9%
Abbott Laboratories 2.90%, 11/30/2021		425		415
Becton Dickinson and Co. 3.36%, 6/6/2024		775		739
Hill-Rom Holdings, Inc. 5.75%, 9/1/2023(a)		75		76
Medtronic, Inc.
3.15%, 3/15/2022		450		444
3.50%, 3/15/2025		335		328

				2,002

Health Care Providers & Services — 3.5%
Aetna, Inc. 3.88%, 8/15/2047		205		170
Anthem, Inc.
3.65%, 12/1/2027		330		309
4.38%, 12/1/2047		120		108
Cigna Corp. 3.05%, 10/15/2027		215		192
CVS Health Corp.
3.70%, 3/9/2023		250		246
2.88%, 6/1/2026		775		699
4.30%, 3/25/2028		560		545
Halfmoon Parent, Inc.
3.40%, 9/17/2021(a)		325		322
4.38%, 10/15/2028(a)		65		64
HCA, Inc. 5.88%, 2/15/2026		250		257
Tenet Healthcare Corp. 4.63%, 7/15/2024		160		154
UnitedHealth Group, Inc. 3.10%, 3/15/2026		645		612

				3,678

Health Care Technology — 0.2%
IQVIA, Inc. 5.00%, 10/15/2026(a)		200		193

Hotels, Restaurants & Leisure — 0.8%
Darden Restaurants, Inc. 4.55%, 2/15/2048		60		54
Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026(a)		100		98
Jack Ohio Finance LLC 6.75%, 11/15/2021(a)		100		103
McDonald’s Corp.
3.70%, 2/15/2042		80		67
3.63%, 5/1/2043		210		176
MGM Resorts International 4.63%, 9/1/2026		225		204
Starbucks Corp. 3.75%, 12/1/2047		140		115

				817

Household Products — 0.3%
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022(a)		270		258
Spectrum Brands, Inc. 5.75%, 7/15/2025		75		71

				329

Independent Power and Renewable Electricity Producers — 0.2%
PSEG Power LLC 3.85%, 6/1/2023		200		198

Industrial Conglomerates — 1.0%
General Electric Co.
2.70%, 10/9/2022		130		117
3.10%, 1/9/2023		260		236
4.13%, 10/9/2042		860		658
4.50%, 3/11/2044		80		64

				1,075

Insurance — 3.9%
American International Group, Inc. 3.88%, 1/15/2035		450		386
Berkshire Hathaway Finance Corp. 4.20%, 8/15/2048		175		166
Brighthouse Financial, Inc. 4.70%, 6/22/2047		70		52
Jackson National Life Global Funding
3.30%, 6/11/2021(a)		175		174
3.88%, 6/11/2025(a)		200		199
Lincoln National Corp. 3.80%, 3/1/2028		230		218
MetLife, Inc.
6.40%, 12/15/2036		200		202
4.13%, 8/13/2042		60		55
Metropolitan Life Global Funding I 3.45%, 10/9/2021(a)		550		549
Pricoa Global Funding I 3.45%, 9/1/2023(a)		590		582
Protective Life Global Funding 2.16%, 9/25/2020(a)		895		874
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 3.92%), 5.62%, 6/15/2043(d)		200		201
3.91%, 12/7/2047		120		103
Reliance Standard Life Global Funding II 3.85%, 9/19/2023(a)		390		387

				4,148

Internet & Direct Marketing Retail — 0.3%
Amazon.com, Inc.
3.15%, 8/22/2027		220		209
4.05%, 8/22/2047		110		104

				313

Life Sciences Tools & Services — 0.2%
Thermo Fisher Scientific, Inc. 2.95%, 9/19/2026		255		232

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Media — 3.4%
CBS Corp. 3.38%, 2/15/2028		176		158
Charter Communications Operating LLC
4.91%, 7/23/2025		165		164
5.38%, 5/1/2047		80		72
Clear Channel Worldwide Holdings, Inc. Series B, 6.50%, 11/15/2022		250		254
Comcast Corp.
2.35%, 1/15/2027		1,370		1,200
3.20%, 7/15/2036		510		422
3.40%, 7/15/2046		290		232
Cox Communications, Inc. 4.60%, 8/15/2047(a)		125		111
DISH DBS Corp. 5.88%, 11/15/2024		125		106
Sirius XM Radio, Inc. 6.00%, 7/15/2024(a)		125		128
Time Warner Cable LLC
5.50%, 9/1/2041		210		189
4.50%, 9/15/2042		360		284
UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025(a)		200		192
Videotron Ltd. (Canada) 5.13%, 4/15/2027(a)		75		71

				3,583

Metals & Mining — 0.6%
Alcoa Nederland Holding BV 6.75%, 9/30/2024(a)		200		206
Anglo American Capital plc (South Africa) 4.50%, 3/15/2028(a)		200		187
Glencore Funding LLC (Switzerland) 4.00%, 3/27/2027(a)		200		183

				576

Multi-Utilities — 0.6%
Consolidated Edison Co. of New York, Inc. 3.85%, 6/15/2046		175		154
Dominion Energy, Inc. Series D, 2.85%, 8/15/2026		279		253
New York State Electric & Gas Corp. 3.25%, 12/1/2026(a)		250		237

				644

Oil, Gas & Consumable Fuels — 8.6%
Anadarko Petroleum Corp. 5.55%, 3/15/2026		585		607
Apache Corp. 4.38%, 10/15/2028		315		296
BP Capital Markets plc (United Kingdom) 3.02%, 1/16/2027		1,145		1,055
Buckeye Partners LP 5.60%, 10/15/2044		115		101
Cenovus Energy, Inc. (Canada)
4.25%, 4/15/2027		335		299
5.25%, 6/15/2037		150		128
Chevron Corp.
2.41%, 3/3/2022		305		295
2.95%, 5/16/2026		425		400
Columbia Pipeline Group, Inc. 4.50%, 6/1/2025		50		50
Enable Midstream Partners LP 4.95%, 5/15/2028		280		264
Energy Transfer Operating LP
4.75%, 1/15/2026		145		140
4.20%, 4/15/2027		220		203
5.15%, 2/1/2043		140		120
Enterprise Products Operating LLC
3.70%, 2/15/2026		280		269
4.15%, 10/16/2028		125		122
4.90%, 5/15/2046		100		96
4.25%, 2/15/2048		60		52
Kinder Morgan, Inc. 5.30%, 12/1/2034		240		232
Marathon Petroleum Corp. 4.75%, 9/15/2044		190		169
MPLX LP 4.13%, 3/1/2027		460		431
Noble Energy, Inc.
3.85%, 1/15/2028		386		352
5.25%, 11/15/2043		95		85
ONEOK Partners LP 4.90%, 3/15/2025		335		339
ONEOK, Inc. 4.00%, 7/13/2027		215		202
Phillips 66 4.88%, 11/15/2044		205		194
Phillips 66 Partners LP 4.90%, 10/1/2046		120		109
Sunoco Logistics Partners Operations LP
4.00%, 10/1/2027		245		222
5.35%, 5/15/2045		175		152
Total Capital Canada Ltd. (France) 2.75%, 7/15/2023		670		644
Total Capital International SA (France) 2.70%, 1/25/2023		550		532
TransCanada PipeLines Ltd. (Canada)
4.25%, 5/15/2028		680		661
5.10%, 3/15/2049		75		73
Western Gas Partners LP
5.45%, 4/1/2044		85		74
5.30%, 3/1/2048		70		60

				9,028

Pharmaceuticals — 2.5%
Allergan Funding SCS 3.80%, 3/15/2025		185		177
AstraZeneca plc (United Kingdom)
3.50%, 8/17/2023		230		225
4.00%, 1/17/2029		270		263
Bausch Health Cos., Inc. 5.50%, 11/1/2025(a)		170		167

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Pharmaceuticals — continued
Elanco Animal Health, Inc. 3.91%, 8/27/2021(a)		75		75
GlaxoSmithKline Capital, Inc. (United Kingdom)
3.38%, 5/15/2023		240		238
3.63%, 5/15/2025		515		512
Johnson & Johnson 3.40%, 1/15/2038		175		159
Mylan, Inc. 4.55%, 4/15/2028(a)		140		131
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		780		702

				2,649

Road & Rail — 1.6%
Avis Budget Car Rental LLC 6.38%, 4/1/2024(a)		100		98
Burlington Northern Santa Fe LLC 3.90%, 8/1/2046		320		288
Canadian Pacific Railway Co. (Canada) 2.90%, 2/1/2025		310		294
CSX Corp.
3.25%, 6/1/2027		285		265
3.80%, 11/1/2046		120		103
Hertz Corp. (The) 5.50%, 10/15/2024(a)		150		119
Norfolk Southern Corp.
3.80%, 8/1/2028		125		123
4.15%, 2/28/2048		235		215
Union Pacific Corp. 3.35%, 8/15/2046		245		194

				1,699

Semiconductors & Semiconductor Equipment — 1.4%
Amkor Technology, Inc. 6.38%, 10/1/2022		125		126
Broadcom Corp.
3.13%, 1/15/2025		240		217
3.50%, 1/15/2028		120		104
Entegris, Inc. 4.63%, 2/10/2026(a)		100		92
Intel Corp.
2.88%, 5/11/2024		420		404
2.60%, 5/19/2026		160		148
3.73%, 12/8/2047		155		138
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(a)		200		204

				1,433

Software — 1.6%
Microsoft Corp.
3.50%, 2/12/2035		270		253
3.45%, 8/8/2036		500		462
3.70%, 8/8/2046		165		153
Oracle Corp.
3.90%, 5/15/2035		315		294
3.80%, 11/15/2037		360		330
4.00%, 11/15/2047		230		208

				1,700

Specialty Retail — 0.1%
Home Depot, Inc. (The) 3.90%, 6/15/2047		135		123

Technology Hardware, Storage & Peripherals — 1.9%
Apple, Inc.
3.00%, 2/9/2024		165		160
2.85%, 5/11/2024		445		429
2.50%, 2/9/2025		82		76
2.45%, 8/4/2026		720		655
3.45%, 2/9/2045		60		52
3.75%, 11/13/2047		215		192
Dell International LLC 6.02%, 6/15/2026(a)		425		430

				1,994

Thrifts & Mortgage Finance — 0.4%
BPCE SA (France)
2.75%, 1/11/2023(a)		250		238
3.25%, 1/11/2028(a)		250		229

				467

Tobacco — 1.7%
Altria Group, Inc. 3.88%, 9/16/2046		365		293
BAT Capital Corp. (United Kingdom)
3.56%, 8/15/2027		190		169
4.39%, 8/15/2037		420		356
Philip Morris International, Inc.
2.13%, 5/10/2023		905		840
3.88%, 8/21/2042		130		111

				1,769

Trading Companies & Distributors — 0.6%
Air Lease Corp.
3.25%, 3/1/2025		160		147
3.63%, 12/1/2027		205		179
4.63%, 10/1/2028		145		139
United Rentals North America, Inc. 5.50%, 5/15/2027		125		118

				583

Wireless Telecommunication Services — 0.4%
T-Mobile USA, Inc. 6.50%, 1/15/2026		100		104
Vodafone Group plc (United Kingdom) 4.38%, 5/30/2028		280		269

				373

TOTAL CORPORATE BONDS (Cost $103,074)				100,056

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)	Value ($000)
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bonds 3.00%, 8/15/2048 (Cost $146)	155		146


	Shares (000)
SHORT-TERM INVESTMENTS — 4.4%
INVESTMENT COMPANIES — 4.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.30%(h)(i) (Cost $4,299)	4,299		4,299


	Principal Amount ($000)
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills 2.48%, 5/9/2019(j)(k) (Cost $371)	375		371

TOTAL SHORT-TERM INVESTMENTS (Cost $4,670)			4,670

Total Investments — 99.5% (Cost $107,890)			104,872
Other Assets Less Liabilities — 0.5%			482

Net Assets — 100.0%			105,354

Percentages indicated are based on net assets.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Abbreviations

ICE LIBOR		Intercontinental Exchange London Interbank Offered Rate
USD		United States Dollar
(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(c)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2018.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(e)		Security is an interest bearing note with preferred security characteristics.
(f)		Amount rounds to less than 0.1% of net assets.
(g)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2018.
(h)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)		The rate shown is the current yield as of November 30, 2018.
(j)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(k)		The rate shown is the effective yield as of November 30, 2018.

Futures contracts outstanding as of November 30, 2018 (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 2 Year Note		46			03/2019		USD		9,707			7
U.S. Treasury Long Bond		11			03/2019		USD		1,541			9
U.S. Treasury Ultra Bond		45			03/2019		USD		6,868			9

												25

Short Contracts
U.S. Treasury 10 Year Note		(94	)		03/2019		USD		(11,235	)		(42	)
U.S. Treasury 10 Year Ultra Note		(41	)		03/2019		USD		(5,191	)		(28	)
U.S. Treasury 5 Year Note		(23	)		03/2019		USD		(2,599	)		(4	)

												(74	)

												(49	)


Abbreviations

USD		United States Dollar

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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, including J.P. Morgan Funds (the “Underlying Funds”), are valued at each Underlying Fund’s net asset values or NAV per share as of the report date.

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

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.

•

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,299		$	100,573	$	—	$	104,872

Appreciation in Other Financial Instruments
Futures Contracts	$	25		$	—	$	—	$	25

Depreciation in Other Financial Instruments
Futures Contracts	$	(74	)	$	—	$	—	$	(74	)

(a)	All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 1 consists of a money market mutual fund that is held for daily investments of cash and futures contracts. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 102.8%
Argentina — 4.3%
Aeropuertos Argentina 2000 SA 6.88%, 2/1/2027(a)		460		424
Agua y Saneamientos Argentinos SA 6.63%, 2/1/2023(b)		1,770		1,322
Arcor SAIC 6.00%, 7/6/2023(a)		915		857
Banco Macro SA (USD Swap Semi 5 Year + 5.46%), 6.75%, 11/4/2026(b)(c)		1,080		891
Pampa Energia SA
7.38%, 7/21/2023(a)		708		653
7.50%, 1/24/2027(b)		930		810
7.50%, 1/24/2027(a)		970		845
Tecpetrol SA
4.88%, 12/12/2022(a)		573		527
YPF SA
8.50%, 7/28/2025(b)		629		594
6.95%, 7/21/2027(b)		1,145		969

				7,892

Bahrain — 1.2%
Batelco International Finance No. 1 Ltd. 4.25%, 5/1/2020(b)		1,260		1,238
Oil and Gas Holding Co. BSCC (The)
7.50%, 10/25/2027(b)		520		494
8.38%, 11/7/2028(a)		510		506

				2,238

Brazil — 9.4%
Banco ABC Brasil SA 7.88%, 4/8/2020(b)		890		918
Banco do Brasil SA
(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.40%), 6.25%, 4/15/2024(b)(c)(d)(e)		669		574
Cemig Geracao e Transmissao SA 9.25%, 12/5/2024(a)		2,790		2,964
Hidrovias International Finance SARL 5.95%, 1/24/2025(a)		1,640		1,484
JSL Europe SA 7.75%, 7/26/2024(a)		2,540		2,356
Light Servicos de Eletricidade SA 7.25%, 5/3/2023(a)		2,000		1,896
Petrobras Global Finance BV
6.25%, 3/17/2024		1,490		1,507
5.30%, 1/27/2025		530		499
6.00%, 1/27/2028		1,060		996
Suzano Austria GmbH
6.00%, 1/15/2029(a)		810		814
7.00%, 3/16/2047(a)		550		556
Vale Overseas Ltd. 6.25%, 8/10/2026		950		1,014
Votorantim Cimentos International SA 7.25%, 4/5/2041(b)		1,391		1,395

				16,973

Canada — 0.6%
Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025(a)		1,240		1,162

Chile — 0.9%
Empresa Electrica Angamos SA 4.88%, 5/25/2029(b)		660		629
Empresa Electrica Guacolda SA 4.56%, 4/30/2025(a)		830		744
SACI Falabella 4.38%, 1/27/2025(b)		219		212

				1,585

China — 16.0%
Azure Orbit IV International Finance Ltd. 3.75%, 1/25/2023(b)		1,160		1,124
Baoxin Auto Finance I Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 12.62%), 8.75%, 12/15/2019(b)(c)(d)(e)		700		662
Bluestar Finance Holdings Ltd. 4.38%, 6/11/2020(b)		1,320		1,322
CCB Life Insurance Co. Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 4.50%, 4/21/2077(b)(c)		1,919		1,716
CCCI Treasure Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.19%), 3.50%, 4/21/2020(b)(c)(d)(e)		1,330		1,303
CDBL Funding 2 3.00%, 8/1/2022(b)		1,406		1,344
China Life Insurance Co. Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.29%), 4.00%, 7/3/2075(b)(c)		2,090		1,998
China Minmetals Corp.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.72%), 3.75%, 11/13/2022(b)(c)(d)(e)		1,730		1,555
Chouzhou International Investment Ltd. 4.00%, 12/5/2020(b)		1,060		1,012
CNAC HK Finbridge Co. Ltd. 4.88%, 3/14/2025(b)		1,030		1,025
Fantasia Holdings Group Co. Ltd. 8.38%, 3/8/2021(b)		1,510		1,088

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
China — (continued)
Fortune Star BVI Ltd. 5.25%, 3/23/2022(b)		1,480		1,314
GCL New Energy Holdings Ltd. 7.10%, 1/30/2021(b)		2,140		1,792
GOME Retail Holdings Ltd. 5.00%, 3/10/2020(b)		1,198		1,016
Haitian BVI International Investment Development Ltd. 3.88%, 12/12/2020(b)		1,040		994
Hong Kong Red Star Macalline Universal Home Furnishings Ltd. 3.38%, 9/21/2022(b)		946		728
Hongkong International Qingdao Co. Ltd. 4.25%, 12/4/2022(b)		1,450		1,342
Huarong Finance II Co. Ltd. 5.50%, 1/16/2025(b)		1,502		1,484
Hubei Science & Technology Investment Group Hong Kong Ltd. 4.38%, 3/5/2021(b)		1,040		1,001
Rock International Investment, Inc. 6.63%, 3/27/2020(b)		410		316
Sino-Ocean Land Treasure III Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.26%), 4.90%, 9/21/2022(b)(c)(d)(e)		1,340		1,008
Tewoo Group Finance No. 3 Ltd. 4.63%, 4/6/2020(b)		2,110		1,885
Tianqi Finco Co. Ltd. 3.75%, 11/28/2022(b)		1,090		953
Times China Holdings Ltd. 6.25%, 1/17/2021(b)		1,070		992

				28,974

Colombia — 3.4%
Banco GNB Sudameris SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.56%), 6.50%, 4/3/2027(a)(c)		596		579
Bancolombia SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.93%), 4.88%, 10/18/2027(c)		1,070		1,023
Ecopetrol SA
5.38%, 6/26/2026		2,030		2,013
7.38%, 9/18/2043		30		32
5.88%, 5/28/2045		413		378
Geopark Ltd. 6.50%, 9/21/2024(a)		1,030		986
Millicom International Cellular SA 6.63%, 10/15/2026(a)		210		212
Transportadora de Gas Internacional SA ESP 5.55%, 11/1/2028(a)		970		974

				6,197

Congo, Democratic Republic of the — 0.6%
HTA Group Ltd. 9.13%, 3/8/2022(a)		1,136		1,133

El Salvador — 0.3%
AES El Salvador Trust II 6.75%, 3/28/2023(b)		601		547

Guatemala — 1.1%
Comunicaciones Celulares SA 6.88%, 2/6/2024(b)		1,600		1,633
Energuate Trust 5.88%, 5/3/2027(a)		470		441

				2,074

Hong Kong — 5.9%
Bank of East Asia Ltd. (The)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.70%), 4.00%, 11/3/2026(b)(c)		1,580		1,540
CK Hutchison Capital Securities 17 Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.07%), 4.00%, 5/12/2022(b)(c)(d)(e)		1,050		978
CMB Wing Lung Bank Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.75%), 3.75%, 11/22/2027(b)(c)		880		834
King Power Capital Ltd. 5.63%, 11/3/2024(b)		910		954
LS Finance Ltd. 4.25%, 10/16/2022(b)		1,840		1,775
Nan Fung Treasury Ltd.
4.50%, 9/20/2022(b)		440		444
3.88%, 10/3/2027(b)		1,550		1,350
Studio City Co. Ltd. 7.25%, 11/30/2021(b)		1,120		1,137
WTT Investment Ltd. 5.50%, 11/21/2022(a)		1,690		1,658

				10,670

India — 4.1%
ABJA Investment Co. Pte. Ltd. 5.45%, 1/24/2028(b)		1,370		1,176
Azure Power Energy Ltd. 5.50%, 11/3/2022(a)		1,241		1,148
Greenko Dutch BV 5.25%, 7/24/2024(a)		1,013		910
JSW Steel Ltd. 5.25%, 4/13/2022(b)		1,540		1,491
NTPC Ltd. 4.38%, 11/26/2024(b)		680		663
Power Finance Corp. Ltd. 3.75%, 12/6/2027(b)		1,440		1,251
Vedanta Resources plc
6.38%, 7/30/2022(a)		710		651
7.13%, 5/31/2023(b)		240		220

				7,510

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
Indonesia — 3.4%
Indonesia Asahan Aluminium Persero PT
5.71%, 11/15/2023(a)		670		682
6.53%, 11/15/2028(a)		230		237
Listrindo Capital BV 4.95%, 9/14/2026(a)		983		874
Medco Platinum Road Pte. Ltd. 6.75%, 1/30/2025(a)		1,440		1,243
Minejesa Capital BV
4.63%, 8/10/2030(a)		653		574
5.63%, 8/10/2037(a)		458		392
SSMS Plantation Holdings Pte. Ltd. 7.75%, 1/23/2023(b)		1,510		1,321
Theta Capital Pte. Ltd. 7.00%, 4/11/2022(b)		1,070		777

				6,100

Israel — 3.7%
Israel Electric Corp. Ltd. 6.88%, 6/21/2023(b)		510		555
Series 6, 5.00%, 11/12/2024(b)		1,437		1,448
4.25%, 8/14/2028(b)		826		775
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/2026		4,096		3,332
4.10%, 10/1/2046		820		570

				6,680

Jamaica — 0.6%
Digicel Group Ltd.
8.25%, 9/30/2020(b)		788		526
7.13%, 4/1/2022(b)		853		482

				1,008

Kazakhstan — 1.0%
Nostrum Oil & Gas Finance BV 8.00%, 7/25/2022(a)		1,040		757
Tengizchevroil Finance Co. International Ltd. 4.00%, 8/15/2026(b)		1,110		1,011

				1,768

Kuwait — 2.4%
Kuwait Projects Co. SPC Ltd.
5.00%, 3/15/2023(b)		2,448		2,427
4.50%, 2/23/2027(b)		2,082		1,871

				4,298

Luxembourg — 1.3%
Altice Financing SA 7.50%, 5/15/2026(b)		2,420		2,275

Macau — 1.1%
Sands China Ltd. 5.13%, 8/8/2025(a)		2,040		1,994

Mauritius — 2.3%
Liquid Telecommunications Financing plc
8.50%, 7/13/2022(a)		1,848		1,853
8.50%, 7/13/2022(b)		1,370		1,373
Neerg Energy Ltd. 6.00%, 2/13/2022(b)		1,070		997

				4,223

Mexico — 6.8%
Alfa SAB de CV
5.25%, 3/25/2024(b)		1,040		1,006
6.88%, 3/25/2044(b)		870		827
Banco Mercantil del Norte SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 7/6/2022(a)(c)(d)(e)		1,212		1,133
BBVA Bancomer SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033(a)(c)		1,840		1,536
Cometa Energia SA de CV 6.38%, 4/24/2035(a)		2,389		2,212
Controladora Mabe SA de CV 5.60%, 10/23/2028(a)		780		725
Elementia SAB de CV
5.50%, 1/15/2025(b)		550		495
5.50%, 1/15/2025(a)		200		180
Fresnillo plc 5.50%, 11/13/2023(b)		690		692
Grupo KUO SAB de CV 5.75%, 7/7/2027(a)		1,790		1,593
Grupo Posadas SAB de CV 7.88%, 6/30/2022(b)		920		897
Mexico City Airport Trust 3.88%, 4/30/2028(b)		1,020		796
Nemak SAB de CV 4.75%, 1/23/2025(a)		360		334

				12,426

Morocco — 1.4%
OCP SA
4.50%, 10/22/2025(b)		1,060		991
6.88%, 4/25/2044(b)		1,600		1,616

				2,607

Nigeria — 2.3%
Fidelity Bank plc 10.50%, 10/16/2022(a)		1,478		1,490
IHS Netherlands Holdco BV 9.50%, 10/27/2021(a)		1,640		1,648
United Bank for Africa plc 7.75%, 6/8/2022(b)		1,030		1,021

				4,159

Norway — 0.4%
DNO ASA 8.75%, 5/31/2023(b)		800		806

Oman — 2.2%
Bank Muscat SAOG 3.75%, 5/3/2021(b)		1,590		1,542
National Bank of Oman SAOG 5.63%, 9/25/2023(b)		1,440		1,411
Oztel Holdings SPC Ltd. 6.63%, 4/24/2028(b)		1,050		998

				3,951

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
Panama — 0.5%
Banistmo SA 3.65%, 9/19/2022(a)		876		827

Peru — 2.8%
Inkia Energy Ltd. 5.88%, 11/9/2027(a)		1,025		955
Nexa Resources SA 5.38%, 5/4/2027(a)		2,680		2,579
Transportadora de Gas del Peru SA 4.25%, 4/30/2028(b)		1,150		1,100
Union Andina de Cementos SAA 5.88%, 10/30/2021(b)		478		487

				5,121

Qatar — 2.8%
ABQ Finance Ltd.
3.63%, 4/13/2021(b)		1,030		1,013
3.50%, 2/22/2022(b)		2,150		2,069
IBQ Finance Ltd. 3.50%, 11/25/2020(b)		1,020		1,010
QNB Finance Ltd. 2.13%, 9/7/2021(b)		1,130		1,071

				5,163

Saudi Arabia — 0.2%
Dar Al-Arkan Sukuk Co. Ltd. 6.88%, 4/10/2022(b)		330		309

Singapore — 0.9%
Olam International Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.29%), 5.35%, 7/20/2021(b)(c)(d)(e)		561		535
Parkway Pantai Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.43%), 4.25%, 7/27/2022(b)(c)(d)(e)		1,250		1,163

				1,698

South Africa — 1.9%
Absa Group Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.52%), 6.25%, 4/25/2028(b)(c)		1,090		1,026
Eskom Holdings SOC Ltd. 5.75%, 1/26/2021(b)		1,560		1,468
SASOL Financing USA LLC 5.88%, 3/27/2024		960		956

				3,450

South Korea — 3.4%
Heungkuk Life Insurance Co. Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2047(b)(c)		2,820		2,506
Shinhan Financial Group Co. Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.05%), 5.87%, 8/13/2023(b)(c)(d)(e)		2,050		2,030
Woori Bank
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 5.25%, 5/16/2022(b)(c)(d)(e)		1,631		1,583

				6,119

Spain — 0.8%
AI Candelaria Spain SLU 7.50%, 12/15/2028(a)		1,420		1,374

Turkey — 5.1%
Akbank T.A.S. 5.00%, 10/24/2022(b)		920		834
(USD Swap Semi 5 Year + 4.03%), 6.80%, 4/27/2028(a)(c)		1,278		1,011
KOC Holding A/S
5.25%, 3/15/2023(b)		600		556
5.25%, 3/15/2023(a)		480		444
Petkim Petrokimya Holding A/S 5.88%, 1/26/2023(a)		1,162		1,052
QNB Finansbank A/S 6.25%, 4/30/2019(b)		670		668
Ronesans Gayrimenkul Yatirim A/S 7.25%, 4/26/2023(a)		1,569		1,304
Turkiye Garanti Bankasi A/S 5.25%, 9/13/2022(b)		1,100		1,007
(USD Swap Semi 5 Year + 4.22%), 6.13%, 5/24/2027(b)(c)		1,445		1,161
Turkiye Is Bankasi A/S
5.00%, 4/30/2020(b)		1,010		961
6.00%, 10/24/2022(b)		233		191

				9,189

Ukraine — 0.8%
Metinvest BV 8.50%, 4/23/2026(a)		1,680		1,506

United Arab Emirates — 6.9%
Abu Dhabi National Energy Co. PJSC 3.88%, 5/6/2024(b)		2,010		1,957
ADCB Finance Cayman Ltd. 4.00%, 3/29/2023(a)		2,410		2,368
BOS Funding Ltd. 4.23%, 3/7/2022(b)		2,110		2,057
EA Partners I BV 6.88%, 9/28/2020(b)		1,360		775

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — (continued)
United Arab Emirates — (continued)
EA Partners II BV 6.75%, 6/1/2021(b)		1,341		779
Emirates NBD PJSC 3.25%, 11/14/2022(b)		2,120		2,041
MAF Global Securities Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.54%), 6.37%, 3/20/2026(b)(c)(d)(e)		2,790		2,609

				12,586

TOTAL CORPORATE BONDS (Cost $198,457)				186,592

SUPRANATIONAL — 1.9%
Supranational — 1.9%
African Export-Import Bank (The)
5.25%, 10/11/2023(b)		1,530		1,511
4.13%, 6/20/2024(b)		1,040		972
Arab Petroleum Investments Corp. 4.13%, 9/18/2023(a)		1,020		1,017

TOTAL SUPRANATIONAL (Cost $3,605)				3,500

FOREIGN GOVERNMENT SECURITIES — 0.7%
Argentina — 0.5%
Provincia de Buenos Aires 9.95%, 6/9/2021(b)		890		870

Oman — 0.2%
Oman Government International Bond 6.75%, 1/17/2048(b)		470		410

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $1,390)				1,280


	Shares (000)
COMMON STOCKS — 0.4%
Colombia — 0.4%
Frontera Energy Corp.*		44		431
Frontera Energy Corp.*		25		250

TOTAL COMMON STOCKS (Cost $1,325)				681



	Principal Amount ($000)
CONVERTIBLE BONDS — 0.5%
United Arab Emirates — 0.5%
Aabar Investments PJSC
0.50%, 3/27/2020(b)	EUR	200	211
1.00%, 3/27/2022(b)	EUR	700	663

TOTAL CONVERTIBLE BONDS (Cost $872)			874

U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Notes
1.25%, 3/31/2019(f) (Cost $264)		265	264


	Shares (000)
SHORT-TERM INVESTMENTS — 4.7%
INVESTMENT COMPANIES — 4.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.30%(g)(h) (Cost $8,463)		8,462	8,463

Total Investments — 111.1% (Cost $214,376)			201,654
Liabilities in Excess of Other Assets — (11.1%)			(20,066	)

Net Assets — 100.0%			181,588

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Abbreviations

EUR		Euro
SPC		Special purpose company
PJSC		Public Joint Stock Company
USD		United States Dollar


(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(d)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2018.
(e)		Security is an interest bearing note with preferred security characteristics.
(f)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(g)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)		The rate shown is the current yield as of November 30, 2018.
*		Non-income producing security.

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Futures contracts outstanding as of November 30, 2018 (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 2 Year Note		15			03/2019		USD		3,165			2
U.S. Treasury 5 Year Note		73			03/2019		USD		8,249			20
U.S. Treasury Long Bond		41			03/2019		USD		5,744			29

												51

Short Contracts
U.S. Treasury 10 Year Note		(44	)		03/2019		USD		(5,259	)		(18	)

												(18	)

												33


Abbreviations

USD		United States Dollar

Forward foreign currency exchange contracts outstanding as of November 30, 2018 (amounts in thousands):


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	800		USD	906	Citibank, NA		12/28/2018		2
USD	942		EUR	800	Goldman Sachs International		12/28/2018		34

Total unrealized appreciation									36

USD	914		EUR	800	Citibank, NA		3/29/2019		(1	)

Total unrealized depreciation									(1	)

Net unrealized appreciation									35


Abbreviations

EUR		Euro
USD		United States Dollar

Over the Counter (“OTC”) Credit default swap contracts outstanding - buy protection⁽¹⁾ as of November 30, 2018 (amounts in thousands):


Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Counterparty		Maturity Date		Implied Credit Spread (%)⁽²⁾		Notional Amount⁽³⁾		Upfront Payments (Receipts) ($)⁽⁴⁾		Unrealized Appreciation (Depreciation) ($)			Value ($)
Republic of Indonesia, 5.88%, 3/13/2020		1.00		Quarterly		Barclays Bank plc		12/20/2023		1.41		USD 4,100		95		(27	)		68
United Mexican States, 4.15%, 3/28/2027		1.00		Quarterly		Citibank, NA		12/20/2023		1.49		USD 4,100		91		(6	)		85

														186		(33	)		153

Summary of total swap contracts outstanding as of November 30, 2018 (amounts in thousands):


	Net Upfront Payments (Receipts) ($)		Value ($)
Assets
OTC Credit default swap contracts outstanding - buy protection		186		153

Total OTC swap contracts outstanding		186		153

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Abbreviations

USD		United States Dollar

(1)

The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

(2)

Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

(3)	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

(4)	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

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

Futures contracts are generally valued on the basis of available market quotations. Swaps and Forward Foreign Currency Contracts are valued utilizing market quotations from approved Pricing Services.

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).

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	9,144		$	192,510		$	—	$	201,654

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts (a)	$	—		$	36		$	—	$	36
Futures Contracts (a)		51			—			—		51

Total Appreciation in Other Financial Instruments	$	51		$	36		$	—	$	87

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts (a)	$	—		$	(1	)	$	—	$	(1	)
Futures Contracts (a)		(18	)		—			—		(18	)
Swaps (a)		—			(33	)		—		(33	)

Total Depreciation in Other Financial Instruments	$	(18	)	$	(34	)	$	—	$	(52	)

(a)	All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

B. Derivatives — The Fund used derivative instruments including futures, forward foreign currency exchange contracts, and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (1) — (3) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in market value on open future contracts are recorded as changes in unrealized appreciation or depreciation. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is considered restricted.

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(3). Swaps — The Fund engaged in various swap transactions, including credit default to manage credit interest rate risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”), that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received are recorded as assets or liabilities, respectively and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s’ custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund and/or held as Restricted cash. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over the counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and (iv) documentation risk relating to disagreement over contract terms.

The Fund may be required to post or receive collateral for OTC Swaps.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default. If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
FOREIGN GOVERNMENT SECURITIES — 70.8%
Albania — 0.1%
Republic of Albania 3.50%, 10/9/2025(a)	EUR		843		948

Angola — 1.8%
Republic of Angola
7.00%, 8/17/2019(b)			1,692		1,701
9.50%, 11/12/2025(b)			4,600		4,842
8.25%, 5/9/2028(b)			800		770
9.38%, 5/8/2048(a)			3,740		3,618
9.38%, 5/8/2048(b)			3,100		2,999

					13,930

Argentina — 3.8%
Provincia de Buenos Aires
5.75%, 6/15/2019(b)			1,450		1,439
9.95%, 6/9/2021(b)			3,615		3,534
Provincia de Cordoba
7.13%, 6/10/2021(b)			2,300		2,104
7.13%, 8/1/2027(a)			3,700		2,812
Republic of Argentina
6.88%, 4/22/2021			3,800		3,596
5.88%, 1/11/2028			3,300		2,467
6.63%, 7/6/2028			4,550		3,540
8.28%, 12/31/2033			4,875		4,156
7.13%, 7/6/2036			1,349		1,001
7.63%, 4/22/2046			4,675		3,548
6.88%, 1/11/2048			2,531		1,816
7.13%, 6/28/2117			630		453

					30,466

Armenia — 0.2%
Republic of Armenia 7.15%, 3/26/2025(b)			1,800		1,876

Azerbaijan — 0.7%
Republic of Azerbaijan
4.75%, 3/18/2024(b)			4,055		3,960
3.50%, 9/1/2032(b)			2,100		1,661

					5,621

Belarus — 1.0%
Republic of Belarus
6.88%, 2/28/2023(b)			1,239		1,245
7.63%, 6/29/2027(b)			6,500		6,549

					7,794

Bermuda — 0.3%
Government of Bermuda
4.85%, 2/6/2024(b)			1,529		1,583
3.72%, 1/25/2027(b)			500		474

					2,057

Bolivia, Plurinational State of — 0.3%
Plurinational State of Bolivia 4.50%, 3/20/2028(b)			2,900		2,479

Brazil — 1.5%
Federative Republic of Brazil
6.00%, 4/7/2026			619		651
4.63%, 1/13/2028			1,600		1,512
8.25%, 1/20/2034			3,350		4,007
5.00%, 1/27/2045			6,684		5,575

					11,745

Colombia — 2.6%
Republic of Colombia
8.13%, 5/21/2024			1,100		1,284
3.88%, 4/25/2027			2,800		2,643
4.50%, 3/15/2029			1,084		1,056
10.38%, 1/28/2033			673		1,002
5.00%, 6/15/2045			16,084		15,023

					21,008

Costa Rica — 0.9%
Instituto Costarricense de Electricidad 6.38%, 5/15/2043(b)			3,072		2,276
Republic of Costa Rica
4.25%, 1/26/2023(b)			1,686		1,511
4.38%, 4/30/2025(b)			2,125		1,818
7.00%, 4/4/2044(b)			2,155		1,872

					7,477

Croatia — 1.0%
Republic of Croatia 6.00%, 1/26/2024(b)			7,167		7,660

Dominican Republic — 2.6%
Government of Dominican Republic
5.88%, 4/18/2024(b)			5,812		5,837
6.88%, 1/29/2026(b)			7,446		7,669
5.95%, 1/25/2027(b)			2,900		2,846
7.45%, 4/30/2044(b)			2,607		2,649
6.50%, 2/15/2048(b)			2,200		2,010

					21,011

Ecuador — 1.9%
Republic of Ecuador
10.75%, 3/28/2022(b)			4,300		4,429
7.95%, 6/20/2024(b)			2,850		2,537
9.65%, 12/13/2026(b)			600		557
9.63%, 6/2/2027(b)			478		443
8.88%, 10/23/2027(b)			5,100		4,514
8.88%, 10/23/2027(a)			1,000		885
7.88%, 1/23/2028(b)			2,300		1,927

					15,292

Egypt — 2.7%
Arab Republic of Egypt
6.13%, 1/31/2022(b)			2,200		2,156
5.88%, 6/11/2025(b)			3,619		3,298
7.50%, 1/31/2027(b)			5,100		4,915
8.50%, 1/31/2047(b)			2,069		1,885
7.90%, 2/21/2048(b)			10,184		8,860

					21,114

El Salvador — 2.1%
Republic of El Salvador
7.38%, 12/1/2019(b)			4,622		4,643
7.75%, 1/24/2023(b)			2,550		2,595
5.88%, 1/30/2025(b)			2,950		2,677
6.38%, 1/18/2027(b)			1,584		1,435
8.25%, 4/10/2032(b)			4,119		4,083
7.63%, 2/1/2041(b)			1,542		1,417

					16,850

Ethiopia — 0.9%
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024(b)			7,832		7,382

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
FOREIGN GOVERNMENT SECURITIES — continued
Gabon — 1.0%
Gabonese Republic
6.38%, 12/12/2024(b)			5,500		4,819
6.95%, 6/16/2025(b)			3,800		3,349

					8,168

Georgia — 0.1%
Republic of Georgia 6.88%, 4/12/2021(b)			1,000		1,045

Ghana — 0.5%
Republic of Ghana 8.63%, 6/16/2049(b)			4,800		4,242

Honduras — 1.5%
Republic of Honduras
8.75%, 12/16/2020(b)			5,318		5,650
6.25%, 1/19/2027(b)			6,213		6,035

					11,685

Hungary — 2.1%
Republic of Hungary
5.75%, 11/22/2023			7,444		7,924
5.38%, 3/25/2024			8,440		8,921

					16,845

Indonesia — 1.1%
Republic of Indonesia
3.38%, 4/15/2023(b)			1,300		1,246
6.63%, 2/17/2037(b)			5,300		5,980
6.75%, 1/15/2044(b)			1,249		1,446

					8,672

Iraq — 1.4%
Republic of Iraq
6.75%, 3/9/2023(b)			4,230		4,072
5.80%, 1/15/2028(b)			7,891		7,141

					11,213

Ivory Coast — 0.8%
Republic of Cote d’Ivoire
5.75%, 12/31/2032(b)(c)			3,493		3,082
6.63%, 3/22/2048(b)	EUR		3,000		2,934

					6,016

Jamaica — 1.7%
Jamaica Government International Bond
8.00%, 6/24/2019			1,088		1,109
9.25%, 10/17/2025			1,759		2,126
8.00%, 3/15/2039			6,559		7,461
7.88%, 7/28/2045			2,700		3,051

					13,747

Jordan — 0.8%
Kingdom of Jordan
5.75%, 1/31/2027(b)			1,364		1,256
7.38%, 10/10/2047(b)			5,914		5,212

					6,468

Kazakhstan — 0.7%
Republic of Kazakhstan
5.13%, 7/21/2025(b)			3,200		3,336
4.88%, 10/14/2044(b)			2,500		2,375

					5,711

Kenya — 1.0%
Republic of Kenya
6.88%, 6/24/2024(b)			7,000		6,562
7.25%, 2/28/2028(b)			1,788		1,598

					8,160

Lebanon — 2.6%
Republic of Lebanon
6.38%, 3/9/2020			7,796		7,367
8.25%, 4/12/2021(b)			8,249		7,682
6.00%, 1/27/2023(b)			2,664		2,191
6.65%, 11/3/2028(b)			4,684		3,443

					20,683

Macedonia, the Former Yugoslav Republic of — 0.5%
Republic of Macedonia
2.75%, 1/18/2025(b)	EUR		2,100		2,306
2.75%, 1/18/2025(a)	EUR		1,603		1,760

					4,066

Mexico — 0.7%
United Mexican States
3.38%, 2/23/2031	EUR		2,060		2,527
4.60%, 1/23/2046			700		602
4.60%, 2/10/2048			3,100		2,666

					5,795

Mongolia — 1.2%
Mongolia Government International Bond 10.88%, 4/6/2021(b)			8,783		9,595

Nigeria — 2.7%
Federal Republic of Nigeria
7.63%, 11/21/2025(a)			2,840		2,727
6.50%, 11/28/2027(b)			5,600		4,858
7.14%, 2/23/2030(b)			809		707
8.75%, 1/21/2031(a)			3,940		3,787
7.70%, 2/23/2038(a)			4,578		3,943
7.63%, 11/28/2047(a)			4,510		3,805
9.25%, 1/21/2049(a)			2,030		1,959

					21,786

Oman — 1.7%
Oman Government International Bond
3.63%, 6/15/2021(b)			763		742
4.75%, 6/15/2026(b)			7,700		6,930
5.38%, 3/8/2027(b)			2,700		2,481
6.75%, 1/17/2048(b)			3,898		3,396

					13,549

Pakistan — 1.7%
Republic of Pakistan 7.25%, 4/15/2019(b)			13,397		13,397

Panama — 1.9%
Republic of Panama
9.38%, 4/1/2029			5,550		7,641
6.70%, 1/26/2036			2,500		3,014
4.30%, 4/29/2053			5,150		4,631

					15,286

Paraguay — 1.3%
Paraguay Government International Bond
4.70%, 3/27/2027(b)			1,500		1,455
5.60%, 3/13/2048(b)			836		792
Republic of Paraguay
5.00%, 4/15/2026(b)			800		792
6.10%, 8/11/2044(b)			7,352		7,334

					10,373

Peru — 0.2%
Republic of Peru 5.94%, 2/12/2029(b)	PEN		6,060		1,791

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
FOREIGN GOVERNMENT SECURITIES — continued
Philippines — 0.8%
Republic of Philippines 7.75%, 1/14/2031			4,550		6,018

Romania — 1.5%
Republic of Romania
6.75%, 2/7/2022(b)			5,266		5,635
4.88%, 1/22/2024(b)			3,058		3,092
5.13%, 6/15/2048(b)			3,800		3,482

					12,209

Russia — 1.7%
Russian Federation
4.88%, 9/16/2023(b)			2,000		2,027
5.88%, 9/16/2043(b)			11,400		11,799

					13,826

Saudi Arabia — 0.3%
Kingdom of Saudi Arabia 5.00%, 4/17/2049(b)			2,077		1,998

Senegal — 0.5%
Republic of Senegal
6.75%, 3/13/2048(a)			3,845		3,172
6.75%, 3/13/2048(b)			700		578

					3,750

Serbia — 1.3%
Republic of Serbia
4.88%, 2/25/2020(b)			3,800		3,829
7.25%, 9/28/2021(b)			5,800		6,220

					10,049

South Africa — 2.1%
Republic of South Africa
5.50%, 3/9/2020			3,400		3,434
4.30%, 10/12/2028			700		605
5.00%, 10/12/2046			5,600		4,557
8.75%, 2/28/2048	ZAR		125,400		8,095

					16,691

Sri Lanka — 1.9%
Republic of Sri Lanka
6.25%, 10/4/2020(b)			4,884		4,689
5.88%, 7/25/2022(b)			2,500		2,297
5.75%, 4/18/2023(b)			1,000		895
6.85%, 11/3/2025(b)			3,800		3,430
6.83%, 7/18/2026(b)			4,460		3,986

					15,297

Tajikistan — 0.4%
Republic of Tajikistan International Bond
7.13%, 9/14/2027(b)			3,000		2,606
7.13%, 9/14/2027(a)			910		791

					3,397

Turkey — 2.2%
Republic of Turkey
3.25%, 3/23/2023			15,152		13,012
5.20%, 2/16/2026	EUR		2,680		2,973
4.88%, 4/16/2043			2,300		1,619

					17,604

Ukraine — 3.2%
Republic of Ukraine
7.75%, 9/1/2019(b)			1,152		1,138
7.75%, 9/1/2020(b)			6,500		6,289
8.99%, 2/1/2024(a)			3,000		2,828
7.75%, 9/1/2024(b)			3,300		2,941
7.75%, 9/1/2025(b)			1,498		1,311
7.38%, 9/25/2032(b)			6,834		5,518
0.00%, 5/31/2040(b)			9,780		5,439

					25,464

Uruguay — 2.4%
Republic of Uruguay
7.88%, 1/15/2033			4,346		5,590
5.10%, 6/18/2050			3,183		2,992
4.98%, 4/20/2055			11,740		10,707

					19,289

Venezuela, Bolivarian Republic of — 0.5%
Republic of Venezuela
7.75%, 10/13/2019(b)(d)			1,572		362
6.00%, 12/9/2020(b)(d)			1,300		288
12.75%, 8/23/2022(b)(d)			1,900		446
9.00%, 5/7/2023(b)(d)			1,437		323
8.25%, 10/13/2024(b)(d)			2,910		691
7.65%, 4/21/2025(b)(d)			2,013		453
11.75%, 10/21/2026(b)(d)			1,940		477
9.25%, 5/7/2028(b)(d)			4,130		950

					3,990

Vietnam — 0.1%
Republic of Vietnam 6.75%, 1/29/2020(b)			1,000		1,031

Zambia — 0.3%
Republic of Zambia 8.97%, 7/30/2027(b)			3,176		2,358

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $598,204)					565,974

CORPORATE BONDS — 25.0%
Argentina — 0.2%
Pampa Energia SA 7.38%, 7/21/2023(b)			1,352		1,247

Azerbaijan — 1.6%
Southern Gas Corridor CJSC 6.88%, 3/24/2026(b)			2,467		2,580
State Oil Co. of the Azerbaijan Republic 6.95%, 3/18/2030(b)			9,706		9,937

					12,517

Bahrain — 0.7%
Oil and Gas Holding Co. BSCC (The)
7.63%, 11/7/2024(a)			2,100		2,121
8.38%, 11/7/2028(a)			3,700		3,670

					5,791

Brazil — 1.7%
Caixa Economica Federal (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.55%), 7.25%, 7/23/2024(b)(e)			7,700		7,777
Cemig Geracao e Transmissao SA 9.25%, 12/5/2024(a)			2,800		2,974

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Brazil — continued
Petrobras Global Finance BV 6.00%, 1/27/2028		2,150		2,019
Votorantim Cimentos International SA 7.25%, 4/5/2041(b)		937		940

				13,710

Chile — 0.7%
Empresa Nacional del Petroleo
3.75%, 8/5/2026(b)		3,000		2,737
5.25%, 11/6/2029(a)		3,230		3,181

				5,918

China — 0.9%
Chinalco Capital Holdings Ltd. 4.00%, 8/25/2021(b)		2,800		2,690
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027(b)		2,600		2,414
Minmetals Bounteous Finance BVI Ltd. 4.20%, 7/27/2026(b)		2,600		2,494

				7,598

Colombia — 0.5%
Ecopetrol SA 5.88%, 9/18/2023		3,850		4,004

Croatia — 0.3%
Hrvatska Elektroprivreda 5.88%, 10/23/2022(b)		2,000		2,077

Ecuador — 0.7%
Petroamazonas EP
4.63%, 2/16/2020(b)		2,700		2,620
4.63%, 11/6/2020(a)		3,480		3,255

				5,875

Georgia — 0.1%
Georgian Railway JSC 7.75%, 7/11/2022(b)		1,000		1,035

Hong Kong — 0.4%
King Power Capital Ltd. 5.63%, 11/3/2024(b)		2,800		2,934

Hungary — 0.3%
MFB Magyar Fejlesztesi Bank Zrt. 6.25%, 10/21/2020(b)		2,000		2,082

India — 0.5%
IDBI Bank Ltd. 3.75%, 1/25/2019(b)		3,800		3,792

Indonesia — 3.1%
Indonesia Asahan Aluminium Persero PT
5.71%, 11/15/2023(a)		4,300		4,377
6.53%, 11/15/2028(a)		1,975		2,034
6.76%, 11/15/2048(a)		4,749		4,685
Minejesa Capital BV 4.63%, 8/10/2030(a)		3,373		2,964
Pertamina Persero PT
6.50%, 5/27/2041(b)		3,100		3,162
6.45%, 5/30/2044(b)		3,100		3,150
Perusahaan Listrik Negara PT
4.13%, 5/15/2027(b)		2,600		2,366
6.15%, 5/21/2048(a)		2,400		2,346

				25,084

Kazakhstan — 2.0%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042(b)		1,569		1,616
Kazakhstan Temir Zholy National Co. JSC 4.85%, 11/17/2027(a)		3,629		3,451
KazMunayGas National Co. JSC
4.40%, 4/30/2023(b)		3,491		3,409
4.75%, 4/19/2027(b)		2,000		1,904
5.75%, 4/19/2047(b)		3,000		2,722
6.38%, 10/24/2048(a)		3,360		3,236

				16,338

Mexico — 4.6%
Banco Mercantil del Norte SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 7/6/2022(a)(e)(f)(g)		1,794		1,677
Banco Nacional de Comercio Exterior SNC 4.38%, 10/14/2025(b)		1,500		1,412
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 8/11/2026(a)(e)		2,010		1,893
Cometa Energia SA de CV 6.38%, 4/24/2035(a)		5,577		5,165
Mexico City Airport Trust
3.88%, 4/30/2028(b)		256		200
5.50%, 10/31/2046(b)		700		522
5.50%, 7/31/2047(b)		1,544		1,150
Petroleos Mexicanos 5.50%, 1/21/2021		7,500		7,455
(ICE LIBOR USD 3 Month + 3.65%), 5.98%, 3/11/2022(e)		3,771		3,788
5.38%, 3/13/2022		4,578		4,477
6.50%, 3/13/2027		3,705		3,466
6.50%, 1/23/2029(a)		2,210		2,031
6.75%, 9/21/2047		4,364		3,611

				36,847

Morocco — 0.5%
OCP SA 6.88%, 4/25/2044(b)		3,810		3,848

Panama — 0.2%
Aeropuerto Internacional de Tocumen SA 6.00%, 11/18/2048(a)		1,950		1,891

Peru — 1.2%
Fondo MIVIVIENDA SA 3.50%, 1/31/2023(b)		2,900		2,759
Nexa Resources Peru SAA 4.63%, 3/28/2023(b)		3,221		3,112
Petroleos del Peru SA 4.75%, 6/19/2032(a)		3,700		3,432

				9,303

Russia — 0.6%
Russian Agricultural Bank OJSC 8.50%, 10/16/2023(b)		2,490		2,481
Vnesheconombank Via VEB Finance plc 5.94%, 11/21/2023(b)		2,197		2,137

				4,618

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
South Africa — 2.0%
Eskom Holdings SOC Ltd.
5.75%, 1/26/2021(b)			6,926		6,517
6.75%, 8/6/2023(b)			1,500		1,373
7.13%, 2/11/2025(b)			2,315		2,117
8.45%, 8/10/2028(a)			4,700		4,406
Transnet SOC Ltd. 4.00%, 7/26/2022(b)			1,300		1,213

					15,626

Trinidad and Tobago — 0.5%
Petroleum Co. of Trinidad & Tobago Ltd. 9.75%, 8/14/2019(b)			3,981		3,846

Tunisia — 0.5%
Banque Centrale de Tunisie International Bond 6.75%, 10/31/2023(a)	EUR		3,500		3,789

Ukraine — 0.8%
State Savings Bank of Ukraine
9.38%, 3/10/2023(b)(c)			4,235		4,180
9.63%, 3/20/2025(b)(c)			2,600		2,456

					6,636

Venezuela, Bolivarian Republic of — 0.4%
Petroleos de Venezuela SA
8.50%, 10/27/2020(b)			1,123		1,043
9.00%, 11/17/2021(b)(d)			1,510		289
12.75%, 2/17/2022(b)(d)			1,900		375
5.38%, 4/12/2027(b)(d)			8,606		1,364
9.75%, 5/17/2035(b)(d)			1,880		372
5.50%, 4/12/2037(b)(d)			980		158

					3,601

TOTAL CORPORATE BONDS (COST $211,344)					200,007

U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Notes 1.25%, 3/31/2019(Cost $677)			680		677


		Shares (000)
SHORT-TERM INVESTMENTS — 4.5%
INVESTMENT COMPANIES — 4.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.30%(h)(i)(Cost $35,658)			35,654		35,657

Total Investments — 100.4% (Cost $845,883)					802,315
Liabilities in Excess of Other Assets — (0.4%)					(3,423	)

Net Assets — 100.0%					798,892

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

Abbreviations


CJSC		Closed joint stock company
EUR		Euro
ICE		Intercontinental Exchange
JSC		Joint Stock Company
LIBOR		London Interbank Offered Rate
OJSC		Open Joint Stock Company
PEN		Peru Nuevo SoI
PT		Limited liability company
USD		United States Dollar
ZAR		South African Rand
(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2018.
(d)		Defaulted security.
(e)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(f)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2018.
(g)		Security is an interest bearing note with preferred security characteristics.
(h)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)		The rate shown is the current yield as of November 30, 2018.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Forward foreign currency exchange contracts outstanding as of November 30, 2018 (amounts in thousands):


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
ARS	94,723		USD	2,287	BNP Paribas^**		12/4/2018		223
USD	829		ARS	30,673	Barclays Bank plc^**		12/4/2018		16
USD	1,738		ARS	64,050	BNP Paribas^**		12/4/2018		41
CLP	286,571		USD	424	Goldman Sachs International^**		12/19/2018		3
KRW	4,178,659		USD	3,701	Goldman Sachs International^**		12/19/2018		32
KRW	518,713		USD	462	Merrill Lynch International^**		12/19/2018		1
ARS	84,295		USD	2,120	BNP Paribas^**		12/28/2018		39
CLP	6,131,806		USD	9,115	Merrill Lynch International^**		12/28/2018		15
EUR	13,547		USD	15,349	HSBC Bank, NA		12/28/2018		26
TRY	58,160		USD	8,782	Merrill Lynch International		12/28/2018		2,215
USD	712		ARS	27,296	Barclays Bank plc^**		12/28/2018		13
USD	1,492		ARS	56,998	BNP Paribas^**		12/28/2018		32
USD	9,602		BRL	34,912	Citibank, NA^**		12/28/2018		585
USD	9,422		CLP	6,184,068	Credit Suisse International^**		12/28/2018		214
USD	9,476		CLP	6,256,592	Goldman Sachs International^**		12/28/2018		160
USD	27,561		COP	84,309,303	Credit Suisse International^**		12/28/2018		1,529
USD	1,109		EUR	967	Australia & New Zealand Banking Group Ltd.		12/28/2018		12
USD	1,298		EUR	1,125	Barclays Bank plc		12/28/2018		22
USD	3,952		EUR	3,464	National Australia Bank Ltd.		12/28/2018		20
USD	10,059		EUR	8,738	Royal Bank of Canada		12/28/2018		141
USD	1,471		RUB	96,808	BNP Paribas^**		12/28/2018		33
USD	7,715		RUB	512,341	Standard Chartered Bank^**		12/28/2018		102
ZAR	60,767		USD	4,336	Standard Chartered Bank		12/28/2018		36
AUD	5,657		USD	4,090	HSBC Bank, NA		1/18/2019		48
CLP	3,132,756		USD	4,629	Goldman Sachs International^**		1/18/2019		37
EUR	3,667		HUF	1,180,400	Citibank, NA		1/18/2019		23
HUF	1,198,486		EUR	3,698	Citibank, NA		1/18/2019		5
IDR	62,179,157		USD	4,285	Standard Chartered Bank^**		1/18/2019		31
PLN	15,774		EUR	3,631	Citibank, NA		1/18/2019		36
RUB	272,365		USD	4,019	Credit Suisse International^**		1/18/2019		16
THB	137,895		USD	4,185	HSBC Bank, NA		1/18/2019		16
TRY	11,194		USD	2,058	Barclays Bank plc		1/18/2019		33
TRY	11,500		USD	2,032	Citibank, NA		1/18/2019		117
USD	4,246		CLP	2,846,185	Citibank, NA^**		1/18/2019		7
USD	8,348		CNH	57,900	Goldman Sachs International^**		1/18/2019		30
USD	3,997		MXN	81,387	Citibank, NA		1/18/2019		27
USD	4,155		MXN	85,177	Goldman Sachs International		1/18/2019		–	(a)
USD	4,100		RUB	272,365	Citibank, NA^**		1/18/2019		64
BRL	30,605		USD	7,792	Goldman Sachs International^**		3/29/2019		62

Total unrealized appreciation									6,062

USD	421		CLP	286,571	Goldman Sachs International^**		12/19/2018		(6	)
USD	4,182		KRW	4,697,372	Citibank, NA^**		12/19/2018		(14	)
BRL	30,605		USD	8,124	Citibank, NA^**		12/28/2018		(220	)
BRL	34,912		USD	9,245	Goldman Sachs International^**		12/28/2018		(229	)
CLP	6,308,853		USD	9,499	Credit Suisse International^**		12/28/2018		(104	)
COP	27,416,314		USD	9,094	Citibank, NA^**		12/28/2018		(629	)
COP	28,615,036		USD	9,499	Credit Suisse International^**		12/28/2018		(664	)

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
COP	28,277,953		USD	9,235	Goldman Sachs International^**		12/28/2018		(504	)
EUR	747		USD	856	Deutsche Bank AG		12/28/2018		(8	)
RUB	609,149		USD	9,235	Goldman Sachs International^**		12/28/2018		(184	)
USD	7,842		BRL	30,605	Goldman Sachs International^**		12/28/2018		(62	)
USD	9,179		TRY	58,160	HSBC Bank, NA		12/28/2018		(1,818	)
USD	4,216		ZAR	60,767	HSBC Bank, NA		12/28/2018		(156	)
CNH	29,411		USD	4,234	Goldman Sachs International^**		1/18/2019		(9	)
EUR	3,663		PLN	15,774	State Street Corp.		1/18/2019		(1	)
USD	4,524		CLP	3,051,426	Goldman Sachs International^**		1/18/2019		(21	)
USD	63		HUF	18,086	TD Bank Financial Group		1/18/2019		–	(a)
USD	4,185		IDR	62,179,157	Citibank, NA^**		1/18/2019		(132	)
USD	3,705		KRW	4,178,659	Goldman Sachs International^**		1/18/2019		(31	)
USD	444		KRW	499,677	Merrill Lynch International^**		1/18/2019		(3	)
USD	4,176		THB	137,895	HSBC Bank, NA		1/18/2019		(25	)
ZAR	55,930		USD	4,078	TD Bank Financial Group		1/18/2019		(65	)
USD	15,479		EUR	13,547	HSBC Bank, NA		3/29/2019		(18	)
USD	2,594		EUR	2,274	Societe Generale		3/29/2019		(7	)
USD	4,288		ZAR	60,767	Standard Chartered Bank		3/29/2019		(35	)

Total unrealized depreciation									(4,945	)

Net unrealized appreciation									1,117

Abbreviations


ARS		Argentine Peso
AUD		Australian Dollar
BRL		Brazilian Real
CLP		Chilean Peso
CNH		China Renminbi
COP		Colombian Peso
EUR		Euro
HUF		Hungarian Forint
IDR		Indonesian Rupiah
KRW		Korean Republic Won
MXN		Mexican Peso
PLN		Polish Zloty
RUB		Russian Ruble
THB		Thai Baht
TRY		Turkish Lira
USD		United States Dollar
ZAR		South African Rand
(a)		Amount rounds to less than one thousand.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Over the Counter (“OTC”) Credit default swap contracts outstanding - buy protection⁽¹⁾ as of November 30, 2018 (amounts in thousands):


Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Counterparty		Maturity Date		Implied Credit Spread (%)⁽³⁾		Notional Amount⁽⁴⁾	Upfront Payments (Receipts) ($)⁽⁵⁾			Unrealized Appreciation (Depreciation) ($)			Value ($)
United Mexican States, 4.15%, 3/28/2027		1.00		Quarterly		Goldman Sachs International		12/20/2023		1.49	USD 23,000		542			(72	)		470

													542			(72	)		470

Republic of Peru, 8.75%, 11/21/2033		1.00		Quarterly		Goldman Sachs International		12/20/2023		0.92	USD 54,400		(353	)		32			(321	)

													(353	)		32			(321	)

													189			(40	)		149

OTC Credit default swap contracts outstanding - sell protection⁽²⁾ as of November 30, 2018 (amounts in thousands):


Reference Obligation/Index	Financing Rate Received by the Fund (%)		Payment Frequency		Counterparty		Maturity Date		Implied Credit Spread (%)⁽³⁾		Notional Amount⁽⁴⁾		Upfront Payments (Receipts) ($)⁽⁵⁾		Unrealized Appreciation (Depreciation) ($)			Value ($)
People’s Republic of China, 7.50%, 10/28/2027		1.00		Quarterly		Goldman Sachs International		12/20/2023		0.69		USD 54,400		999		(109	)		890

														999		(109	)		890


(1)		The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.
(2)		The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.
(3)		Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.
(4)		The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.
(5)		Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Abbreviations


USD		United States Dollar

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Summary of total swap contracts outstanding as of November 30, 2018 (amounts in thousands):


	Net Upfront Payments (Receipts) ($)			Value ($)
Assets
OTC Credit default swap contracts outstanding - buy protection		542			470
OTC Credit default swap contracts outstanding - sell protection		999			890

Total OTC swap contracts outstanding		1,541			1,360

Liabilities
OTC Credit default swap contracts outstanding - buy protection		(353	)		(321	)

Total OTC swap contracts outstanding		(353	)		(321	)

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

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.

•

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The following tables represent each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	35,657		766,658			—	$	802,315

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts (a)	$	—	$	6,062		$	—	$	6,062
Swaps (a)		—		32			—		32

Total Appreciation in Other Financial Instruments	$	—	$	6,094		$	—	$	6,094

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts (a)	$	—	$	(4,945	)	$	—	$	(4,945	)
Swaps (a)		—		(181	)		—		(181	)

Total Depreciation in Other Financial Instruments	$	—	$	(5,126	)	$	—	$	(5,126	)

(a)	All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

B. Derivatives — The Fund used derivative instruments including forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (1) — (2) below describe the various derivatives used by the Fund.

(1). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts or due across transactions). The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(2). Swaps — The Fund engaged in various swap transactions, including interest rate, credit default, index, price locks, spread locks and total return swaps, to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”), that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund and/or held as Restricted cash. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

The Fund may be required to post or receive collateral for OTC Swaps.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments(a)	Principal Amount ($000)		Value ($000)
U.S. GOVERNMENT AGENCY SECURITIES — 74.4%
FFCB
(Federal Reserve Bank Prime Loan Rate US - 2.96%), 2.30%, 12/3/2018(b)		25,000		25,000
(US Federal Funds Effective Rate (continuous series) + 0.10%), 2.30%, 12/3/2018(b)		75,000		75,000
(Federal Reserve Bank Prime Loan Rate US - 2.91%), 2.34%, 12/3/2018(b)		24,997		24,997
(US Treasury 3 Month Bill Money Market Yield + 0.10%), 2.48%, 12/3/2018(b)		24,999		24,999
(US Treasury 3 Month Bill Money Market Yield + 0.19%), 2.57%, 12/3/2018(b)		23,000		23,000
(Federal Reserve Bank Prime Loan Rate US - 2.96%), 2.29%, 12/18/2018(b)		50,000		50,000
(ICE LIBOR USD 3 Month - 0.21%), 2.41%, 2/10/2019(b)		33,000		33,000
(US Federal Funds Effective Rate (continuous series) + 0.11%), 2.31%, 2/13/2019(b)		42,000		41,991
(Federal Reserve Bank Prime Loan Rate US - 2.93%), 2.32%, 2/27/2019(b)		25,000		25,000
DN, 2.43%, 4/8/2019(c)		25,000		24,786
DN, 2.43%, 4/10/2019(c)		50,000		49,565
FHLB
(ICE LIBOR USD 1 Month - 0.12%), 2.18%, 12/3/2018(b)		25,000		25,000
(3 Month Treasury Bill Rate + 0.07%), 2.49%, 12/3/2018(b)		25,000		25,000
DN, 2.18%, 12/6/2018(c)		17,000		16,996
DN, 2.12%, 12/7/2018(c)		223,900		223,821
(ICE LIBOR USD 1 Month - 0.07%), 2.25%, 12/9/2018(b)		25,000		25,000
(ICE LIBOR USD 1 Month - 0.09%), 2.23%, 12/11/2018(b)		25,000		25,000
DN, 2.13%, 12/12/2018(c)		100,000		99,935
(ICE LIBOR USD 1 Month - 0.09%), 2.23%, 12/12/2018(b)		28,000		28,000
DN, 2.14%, 12/14/2018(c)		100,000		99,923
(ICE LIBOR USD 1 Month - 0.09%), 2.22%, 12/16/2018(b)		40,000		40,000
DN, 2.18%, 12/17/2018(c)		46,500		46,455
DN, 2.20%, 12/18/2018(c)		173,750		173,570
DN, 2.20%, 12/19/2018(c)		100,000		99,890
(ICE LIBOR USD 1 Month - 0.07%), 2.24%, 12/22/2018(b)		25,000		25,000
(ICE LIBOR USD 1 Month - 0.12%), 2.20%, 12/24/2018(b)		25,000		25,000
(ICE LIBOR USD 1 Month - 0.09%), 2.23%, 12/25/2018(b)		25,000		25,000
(ICE LIBOR USD 1 Month - 0.12%), 2.20%, 12/26/2018(b)		69,999		69,999
DN, 2.23%, 12/26/2018(c)		100,000		99,845
(ICE LIBOR USD 1 Month - 0.10%), 2.23%, 12/27/2018(b)		30,000		30,000
DN, 2.27%, 12/28/2018(c)		140,065		139,827
DN, 2.26%, 1/11/2019(c)		124,400		124,081
DN, 2.35%, 1/23/2019(c)		100,000		99,655
DN, 2.33%, 1/25/2019(c)		185,000		184,345
DN, 2.39%, 2/19/2019(c)		29,370		29,215
(ICE LIBOR USD 3 Month - 0.25%), 2.40%, 2/20/2019(b)		49,000		49,000
DN, 2.24%, 3/1/2019(c)		100,000		99,442
DN, 2.38%, 3/20/2019(c)		100,000		99,284

TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $2,425,621)				2,425,621

U.S. TREASURY OBLIGATIONS — 2.3%
U.S. Treasury Notes
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.43%, 1/31/2019(b)		24,998		24,998
1.25%, 4/30/2019		50,000		49,755

TOTAL U.S. TREASURY OBLIGATIONS (Cost $74,753)				74,753

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — 22.9%
U.S. TREASURY OBLIGATIONS — 22.9%
U.S. Treasury Bills
2.11%, 12/6/2018(c)		142,500		142,458
2.21%, 12/11/2018(c)		100,000		99,939
2.13%, 12/13/2018(c)		100,000		99,929
2.26%, 12/26/2018(c)		115,000		114,819
2.25%, 1/2/2019(c)		100,000		99,801
2.16%, 1/17/2019(c)		90,000		89,749
2.18%, 1/31/2019(c)		100,000		99,635

TOTAL U.S. TREASURY OBLIGATIONS (Cost $746,330)				746,330

TOTAL SHORT-TERM INVESTMENTS (Cost $746,330)				746,330

Total Investments — 99.6% (Cost $3,246,704)*				3,246,704
Other Assets Less Liabilities — 0.4%				13,288

Net Assets — 100.0%				3,259,992

Percentages indicated are based on net assets.

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Abbreviations

DN				Discount Notes
FFCB				Federal Farm Credit Bank
FHLB				Federal Home Loan Bank
ICE				Intercontinental Exchange
LIBOR				London Interbank Offered Rate
USD				United States Dollar
(a)				The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)				Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(c)				The rate shown is the effective yield as of November 30, 2018.
*				The cost of securities is substantially the same for federal income tax purposes.

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

•

Level 1 – Quoted prices in active markets for identical securities.

•

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The following is a summary of the inputs used as of November 30, 2018, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	3,246,704	$	—	$	3,246,704

(a)	All portfolio holdings designated as level 2 are disclosed individually on the Schedule of Portfolio Investments (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — 34.8%
Aerospace & Defense — 0.5%
Arconic, Inc.
5.90%, 2/1/2027		406,000		389,760
6.75%, 1/15/2028		28,000		27,160
5.95%, 2/1/2037		300,000		282,000
Bombardier, Inc. (Canada)
8.75%, 12/1/2021(a)		350,000		360,937
6.00%, 10/15/2022(a)		130,000		123,188
7.50%, 3/15/2025(a)		229,000		217,550
TransDigm, Inc.
5.50%, 10/15/2020		100,000		99,969
6.00%, 7/15/2022		126,000		126,158
6.38%, 6/15/2026		130,000		126,898
Triumph Group, Inc.
4.88%, 4/1/2021		90,000		83,475
5.25%, 6/1/2022		50,000		44,875
7.75%, 8/15/2025(b)		30,000		27,600

				1,909,570

Air Freight & Logistics — 0.0%(c)
XPO Logistics, Inc. 6.13%, 9/1/2023(a)(b)		125,000		125,781

Airlines — 0.0%(c)
United Continental Holdings, Inc.
4.25%, 10/1/2022		55,000		54,244
5.00%, 2/1/2024		65,000		63,862

				118,106

Auto Components — 0.9%
Allison Transmission, Inc.
5.00%, 10/1/2024(a)		300,000		288,375
4.75%, 10/1/2027(a)		100,000		90,000
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025(b)		799,000		743,070
6.25%, 3/15/2026(b)		24,000		21,780
6.50%, 4/1/2027		100,000		90,750
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(a)		380,000		345,800
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(a)(b)		500,000		486,250
Delphi Technologies plc 5.00%, 10/1/2025(a)		215,000		186,244
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023(b)		95,000		93,812
5.00%, 5/31/2026(b)		169,000		154,213
4.88%, 3/15/2027		53,000		47,634
Icahn Enterprises LP
6.25%, 2/1/2022		55,000		55,894
6.38%, 12/15/2025		237,000		234,037
IHO Verwaltungs GmbH (Germany) 4.50% (Cash), 9/15/2023(a)(d)		200,000		186,000
JB Poindexter & Co., Inc. 7.13%, 4/15/2026(a)		60,000		57,150
Tenneco, Inc.
5.38%, 12/15/2024		100,000		88,750
5.00%, 7/15/2026		115,000		92,575

				3,262,334

Automobiles — 0.1%
General Motors Co. 6.25%, 10/2/2043		220,000		201,670
Jaguar Land Rover Automotive plc (United Kingdom) 4.50%, 10/1/2027(a)		237,000		174,787

				376,457

Banks — 1.7%
Australia & New Zealand Banking Group Ltd. (Australia) (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026(a)(e)(f)(g)		900,000		897,750
Bank of America Corp.
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025(e)(f)(g)		252,000		254,205
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026(e)(f)(g)		34,000		35,445
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028(e)(f)(g)		500,000		477,500
Barclays plc (United Kingdom) 4.84%, 5/9/2028		320,000		288,814
CIT Group, Inc. 5.25%, 3/7/2025		44,000		44,211
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020(e)(f)(g)		43,000		43,645
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023(e)(f)(g)		15,000		14,733
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024(e)(f)(g)		200,000		194,000
Credit Agricole SA (France) (USD Swap Semi 5 Year + 6.19%), 8.13%, 12/23/2025(a)(e)(f)(g)		200,000		207,858
HSBC Holdings plc (United Kingdom) (USD ICE Swap Rate 5 Year + 4.37%), 6.38%, 3/30/2025(e)(f)(g)		800,000		764,000
ING Groep NV (Netherlands) (USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022(e)(f)(g)(h)		900,000		900,000
Royal Bank of Scotland Group plc (United Kingdom) (USD Swap Semi 5 Year + 7.60%), 8.63%, 8/15/2021(e)(f)(g)		500,000		515,000
6.10%, 6/10/2023		192,000		195,163
6.00%, 12/19/2023(b)		440,000		442,534

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — continued
Banks — continued
Skandinaviska Enskilda Banken AB (Sweden) (USD Swap Semi 5 Year + 3.49%), 5.63%, 5/13/2022(e)(f)(g)(h)		400,000		382,000
Societe Generale SA (France) (USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025(a)(e)(f)(g)		200,000		200,500
Standard Chartered plc (United Kingdom) (USD Swap Semi 5 Year + 6.30%), 7.50%, 4/2/2022(a)(e)(f)(g)		500,000		500,625
State Savings Bank of Ukraine (Ukraine) 9.38%, 3/10/2023(h)(i)		200,000		197,400
UBS Group Funding Switzerland AG (Switzerland) (USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025(e)(f)(g)(h)		250,000		256,875

				6,812,258

Beverages — 0.0%(c)
Cott Holdings, Inc. (Canada) 5.50%, 4/1/2025(a)		110,000		106,150

Building Products — 0.4%
American Woodmark Corp. 4.88%, 3/15/2026(a)(b)		260,000		235,950
James Hardie International Finance DAC (Ireland) 5.00%, 1/15/2028(a)		300,000		267,750
JELD-WEN, Inc. 4.63%, 12/15/2025(a)		125,000		111,875
Masonite International Corp. 5.75%, 9/15/2026(a)		31,000		29,257
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026(a)(b)		54,000		54,540
Standard Industries, Inc.
6.00%, 10/15/2025(a)		220,000		214,500
4.75%, 1/15/2028(a)		297,000		259,875
Summit Materials LLC
6.13%, 7/15/2023		69,000		68,569
5.13%, 6/1/2025(a)		125,000		113,437

				1,355,753

Capital Markets — 0.6%
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023(a)(e)(f)(g)		1,000,000		1,017,500
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024(a)(e)(f)(g)		250,000		237,697
Goldman Sachs Group, Inc. (The)
Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 5/10/2020(e)(f)(g)		95,000		95,000
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(e)(f)(g)		1,000,000		882,500
LPL Holdings, Inc. 5.75%, 9/15/2025(a)		85,000		80,538

				2,313,235

Chemicals — 0.9%
Ashland LLC 4.75%, 8/15/2022(i)		210,000		208,425
Chemours Co. (The)
6.63%, 5/15/2023(b)		165,000		167,475
7.00%, 5/15/2025		80,000		80,700
Cornerstone Chemical Co. 6.75%, 8/15/2024(a)		61,000		57,645
CVR Partners LP 9.25%, 6/15/2023(a)		439,000		461,082
FXI Holdings, Inc. 7.88%, 11/1/2024(a)		96,000		85,800
Gates Global LLC 6.00%, 7/15/2022(a)(b)		280,000		278,600
GCP Applied Technologies, Inc. 5.50%, 4/15/2026(a)		255,000		244,162
Huntsman International LLC
4.88%, 11/15/2020		65,000		65,650
5.13%, 11/15/2022(b)		200,000		203,602
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024(a)		450,000		418,500
Ingevity Corp. 4.50%, 2/1/2026(a)		17,000		15,682
Koppers, Inc. 6.00%, 2/15/2025(a)		65,000		58,175
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024(a)		310,000		288,300
5.25%, 6/1/2027(a)(b)		75,000		68,719
Nufarm Australia Ltd. (Australia) 5.75%, 4/30/2026(a)		3,000		2,805
Rain CII Carbon LLC 7.25%, 4/1/2025(a)		150,000		138,750
Scotts Miracle-Gro Co. (The)
6.00%, 10/15/2023		135,000		136,687
5.25%, 12/15/2026		195,000		182,325
Trinseo Materials Operating SCA 5.38%, 9/1/2025(a)		97,000		85,603
Tronox Finance plc 5.75%, 10/1/2025(a)		24,000		20,340
Tronox, Inc. 6.50%, 4/15/2026(a)		74,000		64,010
Valvoline, Inc. 4.38%, 8/15/2025		15,000		13,819

				3,346,856

Commercial Services & Supplies — 0.6%
ACCO Brands Corp. 5.25%, 12/15/2024(a)		180,000		166,050
ADT Security Corp. (The) 4.13%, 6/15/2023		314,000		292,805
Aramark Services, Inc. 5.00%, 2/1/2028(a)		386,000		366,700

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — continued
Commercial Services & Supplies — continued
Brink’s Co. (The) 4.63%, 10/15/2027(a)		105,000		96,600
Covanta Holding Corp. 5.88%, 3/1/2024		55,000		53,006
Garda World Security Corp. (Canada) 8.75%, 5/15/2025(a)		551,000		502,788
Nielsen Co. Luxembourg SARL (The)
5.50%, 10/1/2021(a)		185,000		185,636
5.00%, 2/1/2025(a)		135,000		131,625
Nielsen Finance LLC 5.00%, 4/15/2022(a)		70,000		68,453
Prime Security Services Borrower LLC 9.25%, 5/15/2023(a)		280,000		296,800

				2,160,463

Communications Equipment — 0.3%
CommScope Technologies LLC 6.00%, 6/15/2025(a)		860,000		796,618
CommScope, Inc. 5.50%, 6/15/2024(a)		156,000		143,894
Nokia OYJ (Finland)
4.38%, 6/12/2027		80,000		74,724
6.63%, 5/15/2039		45,000		46,409
Plantronics, Inc. 5.50%, 5/31/2023(a)		90,000		87,075
ViaSat, Inc. 5.63%, 9/15/2025(a)		25,000		23,563

				1,172,283

Construction & Engineering — 0.1%
MasTec, Inc. 4.88%, 3/15/2023		195,000		188,906
Tutor Perini Corp. 6.88%, 5/1/2025(a)(b)		238,000		228,480

				417,386

Construction Materials — 0.3%
Cemex SAB de CV (Mexico) 7.75%, 4/16/2026(a)		625,000		654,125
Martin Marietta Materials, Inc. 4.25%, 12/15/2047		310,000		247,749
US Concrete, Inc. 6.38%, 6/1/2024		79,000		74,853

				976,727

Consumer Finance — 0.6%
Ally Financial, Inc.
4.13%, 2/13/2022(b)		35,000		34,475
5.13%, 9/30/2024		128,000		129,638
4.63%, 3/30/2025		310,000		304,575
5.75%, 11/20/2025		415,000		423,819
Curo Group Holdings Corp. 8.25%, 9/1/2025(a)		311,000		259,685
FirstCash, Inc. 5.38%, 6/1/2024(a)		20,000		19,650
Ford Motor Credit Co. LLC 4.69%, 6/9/2025		200,000		185,424
General Motors Financial Co., Inc. 5.25%, 3/1/2026		270,000		265,719
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 5.03%, 12/21/2065‡(a)(f)		300,000		248,250
Springleaf Finance Corp.
6.13%, 5/15/2022		75,000		75,000
5.63%, 3/15/2023		272,000		261,800
6.88%, 3/15/2025		205,000		192,956
7.13%, 3/15/2026		22,000		20,680

				2,421,671

Containers & Packaging — 0.6%
Ardagh Packaging Finance plc (Ireland)
7.25%, 5/15/2024(a)		600,000		606,000
6.00%, 2/15/2025(a)		825,000		768,281
Ball Corp. 4.00%, 11/15/2023		40,000		39,000
Berry Global, Inc.
5.13%, 7/15/2023		87,000		86,184
4.50%, 2/15/2026(a)		25,000		23,500
BWAY Holding Co. 5.50%, 4/15/2024(a)		100,000		95,750
Crown Americas LLC 4.75%, 2/1/2026(a)		36,000		34,697
Intertape Polymer Group, Inc. (Canada) 7.00%, 10/15/2026(a)		32,000		32,080
OI European Group BV 4.00%, 3/15/2023(a)		14,000		13,090
Owens-Brockway Glass Container, Inc. 5.38%, 1/15/2025(a)		106,000		101,495
Reynolds Group Issuer, Inc. 5.75%, 10/15/2020		339,188		338,764
Sealed Air Corp.
5.13%, 12/1/2024(a)		100,000		97,500
5.50%, 9/15/2025(a)		55,000		54,313

				2,290,654

Distributors — 0.1%
Global Partners LP
6.25%, 7/15/2022		70,000		68,971
7.00%, 6/15/2023		69,000		67,965

				136,936

Diversified Consumer Services — 0.1%
Service Corp. International
5.38%, 1/15/2022		125,000		125,625
5.38%, 5/15/2024		100,000		100,500
7.50%, 4/1/2027		200,000		217,500
Sotheby’s 4.88%, 12/15/2025(a)		67,000		61,640

				505,265

Diversified Financial Services — 0.4%
ACE Cash Express, Inc. 12.00%, 12/15/2022(a)		87,000		85,695
CNG Holdings, Inc. 9.38%, 5/15/2020(a)		168,000		156,240

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — continued
Diversified Financial Services — continued
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		695,000		560,517
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026(a)		220,000		217,112
8.25%, 11/15/2026(a)		20,000		19,050
Travelport Corporate Finance plc 6.00%, 3/15/2026(a)		75,000		74,063
Vantiv LLC 4.38%, 11/15/2025(a)		200,000		186,250
Verscend Escrow Corp. 9.75%, 8/15/2026(a)		63,000		60,638

				1,359,565

Diversified Telecommunication Services — 3.0%
Altice France SA (France) 7.38%, 5/1/2026(a)		500,000		480,000
AT&T, Inc.
4.90%, 8/15/2037(a)		190,000		172,690
4.75%, 5/15/2046		550,000		474,536
CCO Holdings LLC
5.88%, 4/1/2024(a)		680,000		685,950
5.38%, 5/1/2025(a)		265,000		260,363
5.75%, 2/15/2026(a)		551,000		551,006
5.50%, 5/1/2026(a)		182,000		177,222
5.13%, 5/1/2027(a)		1,375,000		1,302,812
5.00%, 2/1/2028(a)		677,000		630,456
CenturyLink, Inc.
Series S, 6.45%, 6/15/2021		15,000		15,337
Series T, 5.80%, 3/15/2022		10,000		9,938
Series W, 6.75%, 12/1/2023(b)		388,000		388,970
Series Y, 7.50%, 4/1/2024		27,000		27,709
5.63%, 4/1/2025		75,000		70,125
Cincinnati Bell, Inc.
7.00%, 7/15/2024(a)(b)		125,000		109,609
8.00%, 10/15/2025(a)		175,000		154,875
Cogent Communications Finance, Inc. 5.63%, 4/15/2021(a)		120,000		120,300
Consolidated Communications, Inc. 6.50%, 10/1/2022		51,000		47,557
DKT Finance ApS (Denmark) 9.38%, 6/17/2023(a)		650,000		676,000
Embarq Corp. 8.00%, 6/1/2036		333,000		312,604
Frontier Communications Corp.
10.50%, 9/15/2022		81,000		64,800
11.00%, 9/15/2025		109,000		76,845
8.50%, 4/1/2026(a)		452,000		410,222
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023		223,000		196,797
8.00%, 2/15/2024(a)		355,000		371,436
8.50%, 10/15/2024(a)		369,000		365,347
9.75%, 7/15/2025(a)		375,000		387,188
Intelsat Luxembourg SA (Luxembourg)
7.75%, 6/1/2021		8,000		7,540
8.13%, 6/1/2023		32,000		26,400
Level 3 Financing, Inc.
5.63%, 2/1/2023		152,000		151,924
5.38%, 1/15/2024		180,000		176,668
5.38%, 5/1/2025		30,000		29,213
5.25%, 3/15/2026		48,000		46,344
Level 3 Parent LLC 5.75%, 12/1/2022		155,000		155,000
Qwest Capital Funding, Inc. 7.75%, 2/15/2031		39,000		33,248
Qwest Corp. 7.13%, 11/15/2043		58,000		54,888
SES GLOBAL Americas Holdings GP (Luxembourg) 5.30%, 3/25/2044(a)		110,000		93,613
Sprint Capital Corp.
6.88%, 11/15/2028		48,000		46,380
8.75%, 3/15/2032		823,000		893,984
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		105,000		93,450
6.00%, 9/30/2034		56,000		47,880
7.20%, 7/18/2036		18,000		17,118
7.72%, 6/4/2038		227,000		222,460
Virgin Media Secured Finance plc (United Kingdom)
5.25%, 1/15/2026(a)		200,000		187,250
5.50%, 8/15/2026(a)		400,000		376,620
Windstream Services LLC
9.00%, 6/30/2025(a)		321,000		234,330
8.63%, 10/31/2025(a)		95,000		87,875

				11,522,879

Electric Utilities — 0.3%
Eskom Holdings SOC Ltd. (South Africa) 5.75%, 1/26/2021(h)		1,000,000		941,000
NextEra Energy Operating Partners LP
4.25%, 9/15/2024(a)		17,000		16,022
4.50%, 9/15/2027(a)		16,000		14,680
Terraform Global Operating LLC 6.13%, 3/1/2026(a)		100,000		93,690
Vistra Operations Co. LLC 5.50%, 9/1/2026(a)		101,000		99,359

				1,164,751

Electrical Equipment — 0.2%
Sensata Technologies BV 4.88%, 10/15/2023(a)		255,000		249,900
Vertiv Group Corp. 9.25%, 10/15/2024(a)		442,000		430,950

				680,850

Electronic Equipment, Instruments & Components — 0.0%(c)
CDW LLC 5.00%, 9/1/2025		173,000		168,675

Energy Equipment & Services — 0.6%
CSI Compressco LP 7.50%, 4/1/2025(a)		85,000		83,087
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		82,000		73,185

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — continued
Energy Equipment & Services — continued
Ensco plc
8.00%, 1/31/2024		26,000		23,660
5.20%, 3/15/2025		44,000		32,917
7.75%, 2/1/2026		32,000		26,400
Nabors Industries, Inc.
5.50%, 1/15/2023		47,000		41,360
5.75%, 2/1/2025		173,000		141,097
Noble Holding International Ltd.
7.75%, 1/15/2024		40,000		35,000
7.95%, 4/1/2025(i)		59,000		50,445
7.88%, 2/1/2026(a)		92,000		85,790
Oil and Gas Holding Co. BSCC (The) (Bahrain) 7.63%, 11/7/2024(a)		400,000		404,000
Precision Drilling Corp. (Canada)
6.50%, 12/15/2021		13,565		13,293
7.75%, 12/15/2023		75,000		74,250
7.13%, 1/15/2026(a)		26,000		24,115
Rowan Cos., Inc. 7.38%, 6/15/2025(b)		81,000		71,685
SESI LLC
7.13%, 12/15/2021		49,000		46,305
7.75%, 9/15/2024		23,000		20,527
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025(a)		180,000		169,650
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		23,000		22,425
Transocean Proteus Ltd. 6.25%, 12/1/2024(a)		101,600		99,568
Transocean, Inc.
9.00%, 7/15/2023(a)		106,000		108,319
7.25%, 11/1/2025(a)		62,000		57,350
7.50%, 1/15/2026(a)		172,000		159,960
7.50%, 4/15/2031		53,000		42,665
6.80%, 3/15/2038		101,000		72,215
9.35%, 12/15/2041(i)		97,000		87,300
USA Compression Partners LP 6.88%, 4/1/2026(a)		30,000		29,288
Weatherford International LLC 9.88%, 3/1/2025(a)		53,000		34,848
Weatherford International Ltd.
4.50%, 4/15/2022		16,000		10,560
8.25%, 6/15/2023(b)		34,000		22,610
9.88%, 2/15/2024		48,000		32,160
7.00%, 3/15/2038		2,000		1,145
5.95%, 4/15/2042		89,000		49,840

				2,247,019

Entertainment — 0.4%
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		212,000		191,860
5.88%, 11/15/2026		55,000		48,950
6.13%, 5/15/2027		57,000		50,445
Cinemark USA, Inc. 4.88%, 6/1/2023		81,000		78,772
Live Nation Entertainment, Inc. 4.88%, 11/1/2024‡(a)		345,000		333,788
Netflix, Inc.
5.88%, 2/15/2025		50,000		51,000
4.88%, 4/15/2028		400,000		369,000
5.88%, 11/15/2028(a)		50,000		49,500
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 2/28/2057(f)		150,000		144,184
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(f)		9,000		8,622
WMG Acquisition Corp.
4.88%, 11/1/2024(a)		100,000		96,750
5.50%, 4/15/2026(a)		325,000		315,250

				1,738,121

Equity Real Estate Investment Trusts (REITs) — 1.0%
CoreCivic, Inc.
5.00%, 10/15/2022		55,000		52,422
4.63%, 5/1/2023		30,000		27,787
CyrusOne LP
5.00%, 3/15/2024		3,000		2,977
5.38%, 3/15/2027		118,000		115,640
Equinix, Inc.
5.38%, 4/1/2023		63,000		63,472
5.75%, 1/1/2025		175,000		178,028
5.88%, 1/15/2026		243,000		246,645
ESH Hospitality, Inc. 5.25%, 5/1/2025(a)		340,000		325,125
GEO Group, Inc. (The)
5.88%, 10/15/2024		80,000		72,000
6.00%, 4/15/2026		170,000		150,875
GLP Capital LP 5.25%, 6/1/2025		225,000		223,538
Iron Mountain, Inc.
5.75%, 8/15/2024		50,000		47,813
4.88%, 9/15/2027(a)		281,000		249,036
MGM Growth Properties Operating Partnership LP 5.63%, 5/1/2024		240,000		242,364
RHP Hotel Properties LP 5.00%, 4/15/2023		270,000		266,625
SBA Communications Corp. 4.88%, 9/1/2024		230,000		223,675
Uniti Group LP
6.00%, 4/15/2023(a)		110,000		104,775
8.25%, 10/15/2023		175,000		162,094
7.13%, 12/15/2024(a)		235,000		207,975
VICI Properties 1 LLC 8.00%, 10/15/2023		823,684		895,756

				3,858,622

Food & Staples Retailing — 0.4%
Albertsons Cos. LLC
6.63%, 6/15/2024		467,000		450,071
5.75%, 3/15/2025		351,000		313,268
New Albertsons LP
8.70%, 5/1/2030		103,000		90,125
8.00%, 5/1/2031		255,000		215,475
Rite Aid Corp. 6.13%, 4/1/2023(a)		185,000		159,100
Tesco plc (United Kingdom) 6.15%, 11/15/2037(a)		320,000		330,043

				1,558,082

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — continued
Food Products — 0.6%
B&G Foods, Inc. 5.25%, 4/1/2025		78,000		73,718
Dean Foods Co. 6.50%, 3/15/2023(a)		39,000		34,222
Dole Food Co., Inc. 7.25%, 6/15/2025(a)		126,000		118,440
FAGE International SA (Luxembourg) 5.63%, 8/15/2026(a)		250,000		216,875
JBS USA LUX SA
7.25%, 6/1/2021(a)		79,000		79,889
5.88%, 7/15/2024(a)		279,000		274,181
5.75%, 6/15/2025(a)		174,000		168,345
6.75%, 2/15/2028(a)		52,000		50,056
Pilgrim’s Pride Corp.
5.75%, 3/15/2025(a)		142,000		138,095
5.88%, 9/30/2027(a)		14,000		13,230
Post Holdings, Inc.
5.50%, 3/1/2025(a)		180,000		171,675
5.00%, 8/15/2026(a)		45,000		41,288
5.75%, 3/1/2027(a)		382,000		358,125
Sigma Holdco BV (Netherlands) 7.88%, 5/15/2026(a)		550,000		489,500
TreeHouse Foods, Inc. 6.00%, 2/15/2024(a)		120,000		118,650

				2,346,289

Gas Utilities — 0.1%
AmeriGas Partners LP
5.63%, 5/20/2024		51,000		48,450
5.50%, 5/20/2025		37,000		34,271
5.88%, 8/20/2026		353,000		329,173
5.75%, 5/20/2027		27,000		24,393

				436,287

Health Care Equipment & Supplies — 0.4%
Avantor, Inc. 6.00%, 10/1/2024(a)		325,000		322,156
DJO Finance LLC 8.13%, 6/15/2021(a)		250,000		259,063
Hill-Rom Holdings, Inc. 5.75%, 9/1/2023(a)		305,000		309,956
Hologic, Inc. 4.38%, 10/15/2025(a)(b)		305,000		289,750
Mallinckrodt International Finance SA
5.63%, 10/15/2023(a)		69,000		59,254
5.50%, 4/15/2025(a)(b)		225,000		179,156
Sotera Health Holdings LLC 6.50%, 5/15/2023(a)		65,000		64,025

				1,483,360

Health Care Providers & Services — 2.5%
Acadia Healthcare Co., Inc. 6.50%, 3/1/2024		91,000		89,180
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(a)		375,000		311,250
Centene Corp.
6.13%, 2/15/2024		126,000		131,027
4.75%, 1/15/2025		92,000		91,310
Community Health Systems, Inc.
5.13%, 8/1/2021		55,000		52,078
6.88%, 2/1/2022		61,000		30,207
6.25%, 3/31/2023		228,000		211,470
8.63%, 1/15/2024(a)		74,000		75,203
8.13%, 6/30/2024(a)(b)		215,000		163,937
CVS Health Corp. 5.05%, 3/25/2048		342,000		331,288
DaVita, Inc.
5.13%, 7/15/2024		150,000		144,375
5.00%, 5/1/2025		437,000		410,780
Encompass Health Corp. 5.75%, 9/15/2025		355,000		351,894
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		433,000		405,894
HCA, Inc.
5.88%, 5/1/2023		58,000		60,030
5.38%, 2/1/2025		1,274,000		1,281,962
5.88%, 2/15/2026		2,440,000		2,513,200
MPH Acquisition Holdings LLC 7.13%, 6/1/2024(a)		238,000		237,107
NVA Holdings, Inc. 6.88%, 4/1/2026(a)		102,000		97,283
Polaris Intermediate Corp. 8.50% (Cash), 12/1/2022(a)(d)		126,500		125,868
Team Health Holdings, Inc. 6.38%, 2/1/2025(a)		287,000		236,775
Tenet Healthcare Corp.
4.50%, 4/1/2021		213,000		210,913
7.50%, 1/1/2022(a)		250,000		259,375
8.13%, 4/1/2022		571,000		591,699
6.75%, 6/15/2023(b)		895,000		883,813
4.63%, 7/15/2024		147,000		141,033
5.13%, 5/1/2025		171,000		162,129
7.00%, 8/1/2025(b)		173,000		168,675
WellCare Health Plans, Inc. 5.25%, 4/1/2025		53,000		52,536
West Street Merger Sub, Inc. 6.38%, 9/1/2025(a)		5,000		4,689

				9,826,980

Health Care Technology — 0.1%
IQVIA, Inc. 5.00%, 10/15/2026(a)		447,000		430,237

Hotels, Restaurants & Leisure — 1.6%
Boyd Gaming Corp.
6.88%, 5/15/2023		120,000		124,500
6.38%, 4/1/2026		175,000		173,906
6.00%, 8/15/2026		53,000		51,278
Boyne USA, Inc. 7.25%, 5/1/2025(a)		120,000		124,800
CCM Merger, Inc. 6.00%, 3/15/2022(a)		52,000		52,650
Cirsa Finance International SARL (Spain) 7.88%, 12/20/2023(a)		200,000		199,350
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(a)		47,000		44,532

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — continued
Hotels, Restaurants & Leisure — continued
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(a)		142,000		143,420
Eldorado Resorts, Inc.
6.00%, 4/1/2025		97,000		94,575
6.00%, 9/15/2026(a)		121,000		117,067
Enterprise Development Authority (The) 12.00%, 7/15/2024(a)		175,000		167,125
Gateway Casinos & Entertainment Ltd. (Canada) 8.25%, 3/1/2024(a)		140,000		145,600
Golden Nugget, Inc. 6.75%, 10/15/2024(a)		258,000		252,840
Grupo Posadas SAB de CV (Mexico) 7.88%, 6/30/2022(h)		300,000		292,500
Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026(a)		30,000		29,400
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		15,000		14,981
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		15,000		14,475
4.88%, 4/1/2027		195,000		185,981
International Game Technology plc 6.50%, 2/15/2025(a)		200,000		204,060
IRB Holding Corp. 6.75%, 2/15/2026(a)		175,000		161,437
Jack Ohio Finance LLC
6.75%, 11/15/2021(a)		368,000		377,200
10.25%, 11/15/2022(a)		40,000		43,200
LTF Merger Sub, Inc. 8.50%, 6/15/2023(a)		150,000		153,750
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026(a)		314,000		313,215
Merlin Entertainments plc (United Kingdom) 5.75%, 6/15/2026(a)		450,000		446,062
MGM Resorts International
6.00%, 3/15/2023		830,000		843,487
4.63%, 9/1/2026(b)		410,000		372,588
Sabre GLBL, Inc. 5.38%, 4/15/2023(a)		110,000		109,450
Scientific Games International, Inc.
10.00%, 12/1/2022		150,000		155,700
5.00%, 10/15/2025(a)		224,000		209,698
Seminole Hard Rock Entertainment, Inc. 5.88%, 5/15/2021(a)		100,000		100,438
Six Flags Entertainment Corp. 4.88%, 7/31/2024(a)		69,000		66,068
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026(a)		98,000		97,633
Station Casinos LLC 5.00%, 10/1/2025(a)		68,000		62,135
Wyndham Destinations, Inc.
5.40%, 4/1/2024(i)		30,000		29,301
5.75%, 4/1/2027(i)		15,000		13,839
Wyndham Hotels & Resorts, Inc. 5.38%, 4/15/2026(a)		27,000		25,988
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		200,000		190,500

				6,204,729

Household Durables — 0.2%
Lennar Corp.
5.88%, 11/15/2024		40,000		40,100
5.25%, 6/1/2026		214,000		204,905
Mattamy Group Corp. (Canada) 6.88%, 12/15/2023(a)		37,000		35,520
New Home Co., Inc. (The) 7.25%, 4/1/2022		90,000		87,300
Tempur Sealy International, Inc.
5.63%, 10/15/2023		230,000		225,975
5.50%, 6/15/2026		140,000		131,950
Toll Brothers Finance Corp. 4.88%, 11/15/2025		70,000		66,500

				792,250

Household Products — 0.3%
Central Garden & Pet Co. 5.13%, 2/1/2028		320,000		289,600
Energizer Holdings, Inc. 5.50%, 6/15/2025(a)		310,000		284,619
Kronos Acquisition Holdings, Inc. (Canada) 9.00%, 8/15/2023(a)		113,000		97,180
Spectrum Brands, Inc. 5.75%, 7/15/2025		533,000		504,351

				1,175,750

Independent Power and Renewable Electricity Producers — 0.7%
AES Corp. 5.50%, 4/15/2025		71,000		71,533
Calpine Corp.
5.88%, 1/15/2024(a)		5,000		5,000
5.25%, 6/1/2026(a)		281,000		261,330
Cemig Geracao e Transmissao SA (Brazil) 9.25%, 12/5/2024(h)		400,000		424,880
Clearway Energy Operating LLC
5.38%, 8/15/2024		84,000		79,590
5.75%, 10/15/2025(a)		55,000		52,938
Cometa Energia SA de CV (Mexico) 6.38%, 4/24/2035(a)		1,164,660		1,078,766
NRG Energy, Inc.
6.25%, 5/1/2024		219,000		223,927
6.63%, 1/15/2027		165,000		168,081
5.75%, 1/15/2028		19,000		18,525
Talen Energy Supply LLC 6.50%, 6/1/2025		173,000		125,641
Vistra Energy Corp.
7.38%, 11/1/2022		256,000		265,600
7.63%, 11/1/2024		114,000		121,125

				2,896,936

Industrial Conglomerates — 0.1%
General Electric Co.
6.15%, 8/7/2037		51,000		48,261
5.88%, 1/14/2038		14,000		13,007

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — continued
Industrial Conglomerates — continued
Grupo KUO SAB de CV (Mexico) 5.75%, 7/7/2027(a)		500,000		445,000

				506,268

Insurance — 0.2%
AmWINS Group, Inc. 7.75%, 7/1/2026(a)(b)		75,000		74,625
CNO Financial Group, Inc. 5.25%, 5/30/2025		45,000		43,959
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025(a)		145,000		142,100
Liberty Mutual Group, Inc. 7.80%, 3/15/2037(a)		91,000		101,920
MetLife, Inc. 6.40%, 12/15/2036		250,000		252,500
Prudential Financial, Inc. (ICE LIBOR USD 3 Month + 3.92%), 5.62%, 6/15/2043(f)		250,000		250,938
USIS Merger Sub, Inc. 6.88%, 5/1/2025(a)		58,000		55,100

				921,142

Interactive Media & Services — 0.0%(c)
Rackspace Hosting, Inc. 8.63%, 11/15/2024(a)		248,000		210,180

IT Services — 0.8%
Alliance Data Systems Corp. 5.38%, 8/1/2022(a)		185,000		184,075
Banff Merger Sub, Inc. 9.75%, 9/1/2026(a)		137,000		128,951
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025(a)		97,000		94,090
Cogent Communications Group, Inc. 5.38%, 3/1/2022(a)		80,000		80,100
Exela Intermediate LLC 10.00%, 7/15/2023(a)		173,000		174,730
First Data Corp.
5.38%, 8/15/2023(a)		700,000		704,375
7.00%, 12/1/2023(a)		526,000		544,410
5.75%, 1/15/2024(a)		450,000		451,688
Gartner, Inc. 5.13%, 4/1/2025(a)		135,000		133,144
GCI LLC
6.75%, 6/1/2021		160,000		160,000
6.88%, 4/15/2025		25,000		24,937
VeriSign, Inc. 4.75%, 7/15/2027		5,000		4,769
Zayo Group LLC
6.00%, 4/1/2023		115,000		114,425
6.38%, 5/15/2025		273,000		267,881
5.75%, 1/15/2027(a)		81,000		77,355

				3,144,930

Leisure Products — 0.1%
Mattel, Inc.
3.15%, 3/15/2023		71,000		60,350
6.75%, 12/31/2025(a)		377,000		355,323
Vista Outdoor, Inc. 5.88%, 10/1/2023		100,000		94,750

				510,423

Machinery — 0.3%
Hillman Group, Inc. (The) 6.38%, 7/15/2022(a)		130,000		110,500
Novelis Corp.
6.25%, 8/15/2024(a)		20,000		19,800
5.88%, 9/30/2026(a)(b)		187,000		174,377
RBS Global, Inc. 4.88%, 12/15/2025(a)		45,000		42,694
SPX FLOW, Inc.
5.63%, 8/15/2024(a)		135,000		130,444
5.88%, 8/15/2026(a)		100,000		95,500
Stevens Holding Co., Inc. 6.13%, 10/1/2026(a)		69,000		68,138
Tennant Co. 5.63%, 5/1/2025		95,000		92,031
Terex Corp. 5.63%, 2/1/2025(a)		125,000		115,038
Wabash National Corp. 5.50%, 10/1/2025(a)		97,000		86,330
Welbilt, Inc. 9.50%, 2/15/2024		295,000		316,756

				1,251,608

Media — 3.1%
Altice Financing SA (Luxembourg)
6.63%, 2/15/2023(a)		400,000		395,000
7.50%, 5/15/2026(a)		200,000		188,000
Altice Luxembourg SA (Luxembourg) 7.75%, 5/15/2022(a)(b)		700,000		666,750
AMC Networks, Inc.
5.00%, 4/1/2024		10,000		9,613
4.75%, 8/1/2025		335,000		311,563
Cablevision Systems Corp. 8.00%, 4/15/2020		69,000		71,760
CBS Radio, Inc. 7.25%, 11/1/2024(a)		82,000		78,515
Charter Communications Operating LLC
4.91%, 7/23/2025		30,000		29,867
6.38%, 10/23/2035		86,000		87,811
6.48%, 10/23/2045		230,000		230,119
Clear Channel Worldwide Holdings, Inc.
Series A, 7.63%, 3/15/2020		160,000		159,600
Series B, 7.63%, 3/15/2020		429,000		428,464
Series A, 6.50%, 11/15/2022		545,000		550,112
Series B, 6.50%, 11/15/2022		963,000		977,734
CSC Holdings LLC
6.75%, 11/15/2021		115,000		120,462
5.25%, 6/1/2024		223,000		211,850
7.75%, 7/15/2025(a)		200,000		207,750
10.88%, 10/15/2025(a)		735,000		847,088
5.50%, 4/15/2027(a)		400,000		384,000
DISH DBS Corp.
6.75%, 6/1/2021		255,000		259,144
5.00%, 3/15/2023		59,000		51,625
5.88%, 11/15/2024		592,000		504,680
7.75%, 7/1/2026		1,299,000		1,152,050

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — continued
Media — continued
Gray Escrow, Inc. 7.00%, 5/15/2027(a)		57,000		57,855
Gray Television, Inc.
5.13%, 10/15/2024(a)		109,000		104,368
5.88%, 7/15/2026(a)(b)		107,000		104,057
iHeartCommunications, Inc. 9.00%, 12/15/2019(j)		221,000		158,015
Lamar Media Corp.
5.00%, 5/1/2023		15,000		14,962
5.75%, 2/1/2026		75,000		76,313
Midcontinent Communications 6.88%, 8/15/2023(a)		90,000		93,150
Nexstar Broadcasting, Inc.
6.13%, 2/15/2022(a)		303,000		306,787
5.63%, 8/1/2024(a)(b)		95,000		91,675
Outfront Media Capital LLC
5.25%, 2/15/2022		25,000		25,094
5.88%, 3/15/2025		125,000		125,312
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		220,000		224,620
Sinclair Television Group, Inc.
6.13%, 10/1/2022(b)		140,000		141,925
5.63%, 8/1/2024(a)		95,000		90,487
5.88%, 3/15/2026(a)		184,000		175,030
Sirius XM Radio, Inc.
6.00%, 7/15/2024(a)		695,000		711,506
5.38%, 4/15/2025(a)		125,000		123,125
5.00%, 8/1/2027(a)		72,000		67,680
TEGNA, Inc. 6.38%, 10/15/2023		154,000		157,465
Univision Communications, Inc.
5.13%, 5/15/2023(a)		111,000		103,924
5.13%, 2/15/2025(a)		60,000		54,727
UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025(a)		200,000		191,876
Videotron Ltd. (Canada)
5.38%, 6/15/2024(a)		160,000		159,600
5.13%, 4/15/2027(a)		100,000		94,750
Ziggo Bond Co. BV (Netherlands) 6.00%, 1/15/2027(a)		705,000		632,738

				12,010,598

Metals & Mining — 0.8%
AK Steel Corp.
7.50%, 7/15/2023		135,000		136,012
7.00%, 3/15/2027(b)		145,000		120,350
Alcoa Nederland Holding BV 6.75%, 9/30/2024(a)		600,000		619,500
ArcelorMittal (Luxembourg) 7.00%, 10/15/2039(i)		200,000		212,630
Big River Steel LLC 7.25%, 9/1/2025(a)		40,000		40,800
Cleveland-Cliffs, Inc. 4.88%, 1/15/2024(a)		94,000		87,890
Commercial Metals Co. 5.38%, 7/15/2027		74,000		67,525
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022(a)		59,000		56,640
5.13%, 5/15/2024(a)		39,000		36,319
Freeport-McMoRan, Inc.
4.00%, 11/14/2021		31,000		30,186
3.55%, 3/1/2022		31,000		29,489
3.88%, 3/15/2023		306,000		284,962
4.55%, 11/14/2024(b)		485,000		450,444
5.40%, 11/14/2034		98,000		82,565
5.45%, 3/15/2043		87,000		71,123
Glencore Finance Canada Ltd. (Switzerland) 6.00%, 11/15/2041(a)		325,000		321,236
Hecla Mining Co. 6.88%, 5/1/2021		96,000		95,520
Hudbay Minerals, Inc. (Canada) 7.25%, 1/15/2023(a)		45,000		45,056
Kaiser Aluminum Corp. 5.88%, 5/15/2024		39,000		38,805
Steel Dynamics, Inc. 4.13%, 9/15/2025		129,000		118,519
Teck Resources Ltd. (Canada)
6.13%, 10/1/2035		105,000		105,000
6.00%, 8/15/2040		35,000		33,775
5.40%, 2/1/2043		43,000		38,270
United States Steel Corp.
6.88%, 8/15/2025		60,000		56,850
6.25%, 3/15/2026		71,000		64,920

				3,244,386

Multiline Retail — 0.0%(c)
JC Penney Corp., Inc. 6.38%, 10/15/2036		164,000		59,040
Neiman Marcus Group Ltd. LLC 8.00%, 10/15/2021(a)		97,000		47,045

				106,085

Oil, Gas & Consumable Fuels — 3.5%
Aker BP ASA (Norway) 5.88%, 3/31/2025(a)		150,000		149,625
Andeavor Logistics LP Series A, (ICE LIBOR USD 3 Month + 4.65%), 6.88%, 2/15/2023(e)(f)(g)		93,000		86,141
Antero Resources Corp. 5.13%, 12/1/2022		342,000		335,160
Athabasca Oil Corp. (Canada) 9.88%, 2/24/2022(a)		7,000		6,160
Blue Racer Midstream LLC 6.13%, 11/15/2022(a)		240,000		237,600
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.38%, 1/22/2078(f)		122,000		105,646
California Resources Corp. 8.00%, 12/15/2022(a)		84,000		63,840
Callon Petroleum Co. 6.13%, 10/1/2024		80,000		77,200
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		94,000		89,535
Cenovus Energy, Inc. (Canada) 5.40%, 6/15/2047		410,000		342,075
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		314,000		323,420

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
Cheniere Energy Partners LP
5.25%, 10/1/2025		38,000		37,002
5.63%, 10/1/2026(a)		32,000		31,120
Chesapeake Energy Corp.
(ICE LIBOR USD 3 Month + 3.25%), 5.69%, 4/15/2019(f)		191,000		191,000
7.00%, 10/1/2024		82,000		76,260
8.00%, 1/15/2025(b)		410,000		394,625
8.00%, 6/15/2027(b)		135,000		128,250
CITGO Petroleum Corp. 6.25%, 8/15/2022(a)		41,000		40,641
CNX Midstream Partners LP 6.50%, 3/15/2026(a)		47,000		45,423
Crestwood Midstream Partners LP
6.25%, 4/1/2023(i)		60,000		59,550
5.75%, 4/1/2025(b)		89,000		85,440
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.37%, 12/15/2022(e)(f)(g)		115,000		105,944
DCP Midstream Operating LP
3.88%, 3/15/2023		128,000		122,560
6.75%, 9/15/2037(a)		39,000		39,292
5.60%, 4/1/2044		25,000		22,188
Delek Logistics Partners LP 6.75%, 5/15/2025		127,000		124,777
Denbury Resources, Inc. 7.50%, 2/15/2024(a)(b)		78,000		68,932
Ecopetrol SA (Colombia) 5.88%, 5/28/2045		855,000		782,753
Energy Transfer LP
4.25%, 3/15/2023		37,000		35,983
5.88%, 1/15/2024		123,000		126,844
5.50%, 6/1/2027		15,000		14,962
Energy Transfer Operating LP Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028(e)(f)(g)		121,000		106,480
EnLink Midstream Partners LP
4.40%, 4/1/2024		94,000		89,716
4.15%, 6/1/2025		97,000		87,825
4.85%, 7/15/2026		95,000		86,823
Enterprise Products Operating LLC (ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078(f)		99,000		85,092
EP Energy LLC
9.38%, 5/1/2020		16,000		14,880
9.38%, 5/1/2024(a)		447,000		245,850
8.00%, 11/29/2024(a)		171,000		148,770
7.75%, 5/15/2026(a)		349,000		335,913
Genesis Energy LP
6.75%, 8/1/2022		114,000		113,145
5.63%, 6/15/2024		85,000		74,800
Gulfport Energy Corp.
6.00%, 10/15/2024		109,000		99,735
6.38%, 1/15/2026		27,000		24,098
Halcon Resources Corp. 6.75%, 2/15/2025		110,000		84,425
Hilcorp Energy I LP
5.00%, 12/1/2024(a)		56,000		50,820
6.25%, 11/1/2028(a)		52,000		48,750
Holly Energy Partners LP 6.00%, 8/1/2024(a)		50,000		49,375
Martin Midstream Partners LP 7.25%, 2/15/2021		125,000		121,250
Matador Resources Co. 5.88%, 9/15/2026(a)		54,000		51,570
MEG Energy Corp. (Canada)
6.38%, 1/30/2023(a)(b)		462,000		430,815
7.00%, 3/31/2024(a)		46,000		43,068
6.50%, 1/15/2025(a)		140,000		142,800
Newfield Exploration Co. 5.38%, 1/1/2026		100,000		99,625
Northern Oil and Gas, Inc. 8.50% (Blend (Cash 8.50% + PIK 1.00%), 5/15/2023(a)(d)		83,696		82,299
NuStar Logistics LP 5.63%, 4/28/2027(b)		116,000		109,620
Oasis Petroleum, Inc.
6.88%, 3/15/2022		46,000		45,425
6.88%, 1/15/2023		340,000		334,900
6.25%, 5/1/2026(a)		107,000		98,975
Parsley Energy LLC
6.25%, 6/1/2024(a)		35,000		34,825
5.25%, 8/15/2025(a)		150,000		141,750
PBF Holding Co. LLC
7.00%, 11/15/2023		26,000		26,000
7.25%, 6/15/2025		66,000		65,340
PBF Logistics LP 6.88%, 5/15/2023		45,000		44,888
Peabody Energy Corp. 6.38%, 3/31/2025(a)		36,000		34,560
Petroamazonas EP (Ecuador) 4.63%, 2/16/2020(h)		800,000		776,284
Petrobras Global Finance BV (Brazil) 5.75%, 2/1/2029		1,100,000		1,008,425
Petroleos Mexicanos (Mexico)
5.38%, 3/13/2022		300,000		293,388
5.63%, 1/23/2046		500,000		375,750
QEP Resources, Inc.
5.38%, 10/1/2022		135,000		132,975
5.63%, 3/1/2026		8,000		7,310
Range Resources Corp. 4.88%, 5/15/2025(b)		140,000		127,400
SemGroup Corp.
5.63%, 7/15/2022		20,000		19,100
5.63%, 11/15/2023		95,000		88,350
7.25%, 3/15/2026		83,000		79,680
Seven Generations Energy Ltd. (Canada) 5.38%, 9/30/2025(a)		46,000		42,780
SM Energy Co.
5.00%, 1/15/2024		38,000		35,293
6.75%, 9/15/2026		44,000		42,240
6.63%, 1/15/2027		50,000		47,750
Southwestern Energy Co.
6.20%, 1/23/2025(i)		375,000		359,531
7.50%, 4/1/2026		22,000		22,165

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
Summit Midstream Holdings LLC
5.50%, 8/15/2022		40,000		38,800
5.75%, 4/15/2025		41,000		38,745
Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045		390,000		338,688
Sunoco LP
4.88%, 1/15/2023(a)		38,000		37,050
5.50%, 2/15/2026(a)		13,000		12,382
5.88%, 3/15/2028(a)		19,000		17,979
Tallgrass Energy Partners LP
5.50%, 9/15/2024(a)		39,000		39,097
5.50%, 1/15/2028(a)		15,000		14,738
Targa Resources Partners LP
5.25%, 5/1/2023		28,000		27,930
4.25%, 11/15/2023		175,000		166,031
6.75%, 3/15/2024		325,000		337,594
5.13%, 2/1/2025		35,000		33,775
5.00%, 1/15/2028		15,000		13,863
TerraForm Power Operating LLC
4.25%, 1/31/2023(a)		26,000		24,700
6.62%, 6/15/2025(a)(i)		65,000		66,950
5.00%, 1/31/2028(a)		70,000		62,671
TransMontaigne Partners LP 6.13%, 2/15/2026		38,000		34,580
Ultra Resources, Inc.
6.88%, 4/15/2022‡(a)		169,000		103,090
7.13%, 4/15/2025‡(a)		141,000		78,960
W&T Offshore, Inc. 9.75%, 11/1/2023(a)		74,000		66,415
Whiting Petroleum Corp.
5.75%, 3/15/2021(b)		45,000		44,437
6.25%, 4/1/2023		200,000		196,520
6.63%, 1/15/2026		73,000		70,263
WPX Energy, Inc.
6.00%, 1/15/2022		11,000		11,041
8.25%, 8/1/2023		150,000		163,875
5.75%, 6/1/2026		57,000		54,720

				13,557,470

Paper & Forest Products — 0.0%(c)
Clearwater Paper Corp.
4.50%, 2/1/2023		143,000		129,415
5.38%, 2/1/2025(a)		42,000		38,220

				167,635

Personal Products — 0.2%
Coty, Inc. 6.50%, 4/15/2026(a)		280,000		246,400
Edgewell Personal Care Co. 4.70%, 5/19/2021		10,000		9,875
Prestige Brands, Inc. 6.38%, 3/1/2024(a)		200,000		198,125
Revlon Consumer Products Corp. 6.25%, 8/1/2024		102,000		59,925

				514,325

Pharmaceuticals — 0.9%
Bausch Health Cos., Inc.
6.50%, 3/15/2022(a)		256,000		264,640
5.50%, 3/1/2023(a)		40,000		38,650
5.88%, 5/15/2023(a)		483,000		469,114
7.00%, 3/15/2024(a)		44,000		46,035
6.13%, 4/15/2025(a)(b)		1,062,000		996,899
5.50%, 11/1/2025(a)		57,000		56,003
9.00%, 12/15/2025(a)		198,000		208,890
Concordia International Corp. (Canada) 8.00%, 9/6/2024		106,000		102,025
Endo Finance LLC 5.75%, 1/15/2022(a)(b)		369,000		328,410
Teva Pharmaceutical Finance Netherlands III BV (Israel) 4.10%, 10/1/2046		260,000		180,798
Valeant Pharmaceuticals International 9.25%, 4/1/2026(a)		50,000		53,234
Valeant Pharmaceuticals International, Inc. 8.50%, 1/31/2027(a)		822,000		850,770

				3,595,468

Professional Services — 0.0%(c)
Jaguar Holding Co. II 6.38%, 8/1/2023(a)		60,000		59,250

Real Estate Management & Development — 0.0%(c)
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		54,000		51,227

Road & Rail — 0.6%
Ashtead Capital, Inc. (United Kingdom) 4.38%, 8/15/2027(a)		300,000		271,500
Avis Budget Car Rental LLC
6.38%, 4/1/2024(a)(b)		615,000		600,117
5.25%, 3/15/2025(a)		85,000		75,756
Avolon Holdings Funding Ltd. (Ireland) 5.13%, 10/1/2023(a)		15,000		14,944
DAE Funding LLC (United Arab Emirates)
4.50%, 8/1/2022(a)		10,000		9,440
5.00%, 8/1/2024(a)		65,000		60,856
Herc Rentals, Inc. 7.75%, 6/1/2024(a)(b)		253,000		267,375
Hertz Corp. (The)
7.38%, 1/15/2021		55,000		54,395
7.63%, 6/1/2022(a)		130,000		128,050
6.25%, 10/15/2022		185,000		162,337
5.50%, 10/15/2024(a)		585,000		463,613
Park Aerospace Holdings Ltd. (Ireland) 4.50%, 3/15/2023(a)		350,000		340,375

				2,448,758

Semiconductors & Semiconductor Equipment — 0.3%
Amkor Technology, Inc. 6.38%, 10/1/2022		360,000		361,793
Entegris, Inc. 4.63%, 2/10/2026(a)		250,000		231,347

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — continued
Semiconductors & Semiconductor Equipment — continued
NXP BV (Netherlands) 4.63%, 6/1/2023(a)		200,000		196,124
Qorvo, Inc. 5.50%, 7/15/2026(a)		100,000		97,000
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(a)		200,000		203,628

				1,089,892

Software — 0.5%
Camelot Finance SA 7.88%, 10/15/2024(a)		173,000		170,837
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024(a)		185,000		199,800
Infor Software Parent LLC 7.13% (Cash), 5/1/2021(a)(b)(d)		259,000		258,353
Infor US, Inc. 6.50%, 5/15/2022		540,000		537,300
Informatica LLC 7.13%, 7/15/2023(a)		273,000		274,365
Nuance Communications, Inc. 5.63%, 12/15/2026		200,000		192,060
Open Text Corp. (Canada) 5.88%, 6/1/2026(a)		108,000		108,810
Solera LLC 10.50%, 3/1/2024(a)		81,000		87,278
Symantec Corp. 5.00%, 4/15/2025(a)		115,000		111,330

				1,940,133

Specialty Retail — 0.4%
L Brands, Inc.
5.25%, 2/1/2028		57,000		50,285
6.75%, 7/1/2036		311,000		258,907
Party City Holdings, Inc. 6.63%, 8/1/2026(a)		149,000		143,815
Penske Automotive Group, Inc. 5.50%, 5/15/2026		135,000		124,875
PetSmart, Inc.
7.13%, 3/15/2023(a)		60,000		40,200
5.88%, 6/1/2025(a)		431,000		329,715
8.88%, 6/1/2025(a)		18,000		12,195
Staples, Inc. 8.50%, 9/15/2025(a)		595,000		526,575

				1,486,567

Technology Hardware, Storage & Peripherals — 0.3%
Dell International LLC
5.88%, 6/15/2021(a)		150,000		152,105
7.13%, 6/15/2024(a)		247,000		258,887
6.02%, 6/15/2026(a)		70,000		70,793
8.35%, 7/15/2046(a)		180,000		198,135
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		164,000		101,270
Western Digital Corp. 4.75%, 2/15/2026		197,000		180,255

				961,445

Textiles, Apparel & Luxury Goods — 0.0%(c)
Hanesbrands, Inc.
4.63%, 5/15/2024(a)		35,000		33,688
4.88%, 5/15/2026(a)		76,000		71,440

				105,128

Thrifts & Mortgage Finance — 0.2%
Ladder Capital Finance Holdings LLLP 5.25%, 10/1/2025(a)		140,000		127,750
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023(a)		150,000		151,500
9.13%, 7/15/2026(a)		35,000		35,415
Nationstar Mortgage LLC 6.50%, 6/1/2022		227,000		223,595
Quicken Loans, Inc. 5.75%, 5/1/2025(a)		158,000		149,705
Radian Group, Inc. 4.50%, 10/1/2024		90,000		85,050

				773,015

Tobacco — 0.1%
BAT Capital Corp. (United Kingdom) 4.54%, 8/15/2047		560,000		454,786

Trading Companies & Distributors — 0.4%
Ahern Rentals, Inc. 7.38%, 5/15/2023(a)		130,000		116,350
H&E Equipment Services, Inc. 5.63%, 9/1/2025		105,000		97,912
United Rentals North America, Inc.
5.75%, 11/15/2024		170,000		168,938
5.50%, 7/15/2025		10,000		9,750
4.63%, 10/15/2025		395,000		365,750
6.50%, 12/15/2026		64,000		64,240
5.50%, 5/15/2027		700,000		660,625
WESCO Distribution, Inc. 5.38%, 6/15/2024		150,000		144,000

				1,627,565

Wireless Telecommunication Services — 1.4%
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		140,000		130,550
6.63%, 8/1/2026		169,000		157,381
6.63%, 8/1/2026(a)		20,000		18,625
Intelsat Connect Finance SA (Luxembourg) 9.50%, 2/15/2023(a)		129,000		120,615
Sprint Communications, Inc.
7.00%, 3/1/2020(a)		156,000		161,265
6.00%, 11/15/2022		24,000		23,991
Sprint Corp.
7.88%, 9/15/2023		482,000		506,100
7.13%, 6/15/2024		578,000		586,670
7.63%, 2/15/2025(b)		1,240,000		1,275,650
7.63%, 3/1/2026		80,000		82,000
T-Mobile US, Inc. 4.50%, 2/1/2026‡		18,000		—
T-Mobile USA, Inc.
6.00%, 3/1/2023		400,000		204,402
6.50%, 1/15/2024		230,000		118,450
6.38%, 3/1/2025‡		270,000		138,881
5.13%, 4/15/2025		75,000		74,438
6.50%, 1/15/2026‡		1,505,000		980,437

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — continued
Wireless Telecommunication Services — continued
4.50%, 2/1/2026		98,000		91,968
4.75%, 2/1/2028‡		66,000		30,560
United States Cellular Corp. 6.70%, 12/15/2033		305,000		305,726
Wind Tre SpA (Italy) 5.00%, 1/20/2026(a)		425,000		351,581

				5,359,290

TOTAL CORPORATE BONDS (Cost $141,595,090)				135,796,841

ASSET-BACKED SECURITIES — 30.8%
5AIF Juniper 2 LLC Series 2018-1, Class A, 5.45%, 8/15/2022‡(a)		1,500,000		1,500,000
ABFC Trust Series 2002-OPT1, Class M1, 3.41%, 5/25/2032‡(k)		306,782		302,426
ACC Trust
Series 2018-1, Class B, 4.82%, 5/20/2021(a)		670,000		670,621
Series 2018-1, Class C, 6.81%, 2/21/2023(a)		790,000		788,570
Accelerated Assets LLC
Series 2018-1, Class B, 4.51%, 12/2/2033‡(a)		546,628		545,495
Series 2018-1, Class C, 6.65%, 12/2/2033(a)		1,201,423		1,215,421
American Credit Acceptance Receivables Trust
Series 2016-4, Class D, 4.11%, 4/12/2023(a)		150,000		151,167
Series 2017-2, Class E, 5.52%, 3/12/2024(a)		980,000		989,968
Series 2018-3, Class E, 5.17%, 10/15/2024(a)		1,000,000		996,960
Series 2018-1, Class F, 6.55%, 12/10/2024(a)		1,630,000		1,632,440
Series 2018-3, Class F, 6.44%, 6/12/2025(a)		850,000		846,240
Ameriquest Mortgage Securities, Asset-Backed Pass-Through Certificates Series 2003-12, Class M2, 4.86%, 1/25/2034‡(k)		205,523		207,343
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates
Series 2003-1, Class M2, 5.09%, 2/25/2033‡(k)		102,511		104,629
Series 2003-11, Class M2, 4.47%, 12/25/2033‡(k)		484,254		481,882
Series 2003-13, Class AF5, 5.06%, 1/25/2034‡(i)		58,211		64,153
Series 2003-13, Class AF6, 5.06%, 1/25/2034‡(i)		46,303		55,677
Anchor Assets IX LLC Series 2016-1, Class B, 6.25%, 2/15/2020‡(a)		425,000		425,000
Apidos CLO (Cayman Islands) Series XXXA, Class C, 5.42%, 10/18/2031‡(a)(k)		340,000		337,869
Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-W5, Class M4, 7.94%, 10/25/2033‡(k)		60,548		65,113
Avis Budget Rental Car Funding AESOP LLC Series 2018-1A, Class C, 4.73%, 9/20/2024(a)		560,000		559,023
Benefit Street Partners CLO XI (Cayman Islands) Series 2017-11A, Class A2A, 4.19%, 4/15/2029(a)(k)		400,000		400,097
BlueMountain CLO Ltd. (Cayman Islands)
Series 2012-2A, Class DR2, 5.54%, 11/20/2028(a)(k)		1,100,000		1,100,000
Series 2014-2A, Class DR2, 5.57%, 10/20/2030‡(a)(k)		570,000		562,562
Series 2018-3A, Class D, 5.69%, 10/25/2030‡(a)(k)		985,000		979,021
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033(a)		503,575		502,915
Series 2018-1, Class B, 6.05%, 2/15/2033‡(a)		1,670,621		1,710,146
Series 2018-2, Class C, 6.66%, 6/15/2033(a)		1,730,591		1,736,056
Camillo Issuer LLC Series 2017-SFR1, Class A, 5.50%, 6/5/2027‡(a)		984,365		984,365
CarFinance Capital Auto Trust Series 2015-1A, Class E, 5.49%, 1/18/2022‡(a)		350,000		352,050
Centex Home Equity Loan Trust Series 2004-A, Class AF4, 5.01%, 8/25/2032‡(i)		147,052		148,861
CIFC Funding Ltd. (Cayman Islands)
Series 2017-1A, Class D, 5.97%, 4/23/2029‡(a)(k)		1,420,000		1,421,347
Series 2014-5A, Class BR2, 4.23%, 10/17/2031‡(a)(k)		930,000		929,034
Series 2014-5A, Class DR2, 5.83%, 10/17/2031‡(a)(k)		675,000		677,483
CIG Auto Receivables Trust
Series 2017-1A, Class B, 3.81%, 5/15/2023(a)		75,000		73,903
Series 2017-1A, Class C, 5.33%, 12/16/2024(a)		500,000		497,873
Citi Held For Asset Issuance
Series 2015-PM2, Class C, 5.96%, 3/15/2022‡(a)		593,707		594,330
Series 2015-PM3, Class C, 6.99%, 5/16/2022‡(a)		712,787		712,788
Civic Mortgage LLC 5.32%, 11/25/2022(a)(k)		573,915		573,724

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
ASSET-BACKED SECURITIES — continued
CLUB Credit Trust
Series 2017-P1, Class B, 3.56%, 9/15/2023(a)		940,000		935,901
Series 2017-P2, Class B, 3.56%, 1/15/2024‡(a)		790,000		780,120
Series 2018-NP1, Class C, 4.74%, 5/15/2024(a)		1,000,000		998,971
CPS Auto Receivables Trust
Series 2014-B, Class D, 4.62%, 5/15/2020(a)		434,000		435,929
Series 2018-A, Class D, 3.66%, 12/15/2023(a)		400,000		397,827
CWABS, Inc. Asset-Backed Certificates Series 2003-5, Class AF5, 5.14%, 2/25/2034‡(i)		206,381		211,101
Diamond Resorts Owner Trust Series 2018-1, Class D, 5.90%, 1/21/2031‡(a)		1,807,634		1,809,729
Dominion Financial Services 2 LLC Series 2018-1, Class A, 5.35%, 9/15/2022(a)(i)		3,500,000		3,500,000
Drive Auto Receivables Trust
Series 2017-1, Class D, 3.84%, 3/15/2023		380,000		380,126
Series 2018-3, Class D, 4.30%, 9/16/2024		1,456,000		1,464,080
DT Auto Owner Trust
Series 2016-1A, Class D, 4.66%, 12/15/2022‡(a)		175,000		176,156
Series 2017-3A, Class D, 3.58%, 5/15/2023(a)		750,000		746,493
Series 2016-3A, Class D, 4.52%, 6/15/2023(a)		750,000		756,560
Series 2017-4A, Class D, 3.47%, 7/17/2023(a)		83,000		82,470
Series 2017-2A, Class E, 6.03%, 1/15/2024(a)		500,000		512,422
Series 2018-3A, Class D, 4.19%, 7/15/2024(a)		1,230,000		1,229,899
Series 2017-3A, Class E, 5.60%, 8/15/2024(a)		905,000		920,899
Series 2017-4A, Class E, 5.15%, 11/15/2024(a)		100,000		100,503
Series 2018-1A, Class E, 5.42%, 3/17/2025(a)		955,000		960,471
Series 2018-2A, Class E, 5.54%, 6/16/2025(a)		1,200,000		1,210,531
Series 2018-3A, Class E, 5.33%, 11/17/2025(a)		1,340,000		1,345,458
Engs Commercial Finance Trust
Series 2018-1A, Class C, 4.05%, 2/22/2023‡(a)		370,000		368,112
Series 2018-1A, Class D, 4.69%, 6/22/2023‡(a)		290,000		288,586
Equity One Mortgage Pass-Through Trust
Series 2003-2, Class M2, 5.27%, 9/25/2033‡(k)		130,857		126,274
Series 2004-2, Class M1, 5.69%, 7/25/2034‡(i)		97,760		99,282
Exeter Automobile Receivables Trust
Series 2015-2A, Class D, 5.79%, 5/16/2022(a)		350,000		358,117
Series 2015-3A, Class D, 6.55%, 10/17/2022(a)		770,000		798,178
Series 2018-3A, Class C, 3.71%, 6/15/2023(a)		738,000		738,178
Series 2017-3A, Class C, 3.68%, 7/17/2023(a)		773,000		770,691
Series 2016-3A, Class D, 6.40%, 7/17/2023(a)		750,000		770,710
Series 2018-3A, Class D, 4.35%, 6/17/2024(a)		1,515,000		1,522,131
Series 2018-3A, Class E, 5.43%, 8/15/2024(a)		650,000		653,410
Series 2018-1A, Class E, 4.64%, 10/15/2024(a)		1,660,000		1,639,623
Series 2018-2A, Class E, 5.33%, 5/15/2025(a)		1,100,000		1,102,176
Series 2018-4A, Class E, 5.38%, 7/15/2025(a)		810,000		812,438
Series 2018-3A, Class F, 6.55%, 8/25/2025(a)		650,000		649,252
Flagship Credit Auto Trust
Series 2017-R, Class B, 8.00%, 5/17/2023‡(a)		138,017		138,017
Series 2017-4, Class D, 3.58%, 1/15/2024(a)		175,000		172,444
Series 2017-2, Class E, 5.55%, 7/15/2024(a)		530,000		535,179
FREED ABS Trust Series 2018-1, Class B, 4.56%, 7/18/2024‡(a)		600,000		599,683
GLS Auto Receivables Trust Series 2018-3A, Class D, 5.34%, 8/15/2025(a)		680,000		679,418
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047‡(a)		1,459,238		1,478,408
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042‡(a)		992,261		1,001,073
Series 2016-4B, Class B, 4.99%, 9/20/2047‡(a)		642,408		648,055
Hertz Fleet Lease Funding LP Series 2018-1, Class E, 5.55%, 5/10/2032(a)		1,340,000		1,341,679
ICG US CLO Ltd. (Cayman Islands) Series 2016-1A, Class A2R, 4.21%, 7/29/2028(a)(k)		250,000		249,132
Kabbage Asset Securitization LLC Series 2017-1, Class C, 8.00%, 3/15/2022‡(a)		330,000		336,186
KREF Ltd. Series 2018-FL1, Class D, 4.85%, 6/15/2036(a)(k)		1,680,000		1,679,909

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
ASSET-BACKED SECURITIES — continued
LendingClub Issuance Trust Series 2016-NP2, Class B, 6.00%, 1/17/2023‡(a)		292,809		294,356
Lendmark Funding Trust
Series 2017-1A, Class C, 5.41%, 12/22/2025‡(a)		1,000,000		1,011,836
Series 2017-2A, Class B, 3.38%, 5/20/2026(a)		540,000		530,034
Series 2017-2A, Class C, 4.33%, 5/20/2026(a)		1,050,000		1,042,368
Series 2018-1A, Class B, 4.09%, 12/21/2026‡(a)		790,000		790,028
Series 2018-1A, Class C, 5.03%, 12/21/2026‡(a)		1,100,000		1,107,889
Series 2018-2A, Class D, 6.78%, 4/20/2027(a)		2,500,000		2,516,129
Long Beach Mortgage Loan Trust Series 2003-4, Class M2, 4.94%, 8/25/2033‡(k)		140,494		145,306
LV Tower 52 Issuer Series 2013-1, Class M, 7.75%, 7/15/2019‡(a)		264,075		264,075
Magnetite VIII Ltd. (Cayman Islands) Series 2014-8A, Class DR2, 5.34%, 4/15/2031‡(a)(k)		1,220,000		1,218,864
Mariner Finance Issuance Trust Series 2017-AA, Class C, 6.73%, 2/20/2029‡(a)		750,000		771,164
Marlette Funding Trust
Series 2017-3A, Class B, 3.01%, 12/15/2024(a)		295,000		292,478
Series 2017-3A, Class C, 4.01%, 12/15/2024‡(a)		295,000		293,539
MFA LLC Series 2018-NPL2, Class A1, 4.16%, 7/25/2048‡(a)(i)		268,202		267,207
MFA Trust Series 2017-NPL1, Class A1, 3.35%, 11/25/2047‡(a)(i)		332,518		327,786
Oak Hill Advisors Residential Loan Trust Series 2017-NPL2, Class A1, 3.00%, 7/25/2057‡(a)(i)		332,712		326,001
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class C, 4.52%, 4/18/2022‡(a)		540,000		539,010
OneMain Direct Auto Receivables Trust Series 2018-1A, Class D, 4.40%, 1/14/2028(a)		910,000		917,851
OneMain Financial Issuance Trust
Series 2015-1A, Class C, 5.12%, 3/18/2026(a)		250,000		252,382
Series 2017-1A, Class D, 4.52%, 9/14/2032‡(a)		1,100,000		1,074,253
Series 2018-2A, Class D, 4.29%, 3/14/2033‡(a)		1,500,000		1,472,009
Oportun Funding VI LLC Series 2017-A, Class B, 3.97%, 6/8/2023‡(a)(k)		293,000		289,499
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 4.66%, 4/25/2023(a)(k)		550,000		553,094
Popular ABS Mortgage Pass-Through Trust Series 2005-3, Class M1, 5.11%, 7/25/2035‡(i)		273,714		267,975
Prestige Auto Receivables Trust Series 2018-1A, Class E, 5.03%, 1/15/2026(a)		720,000		721,988
Pretium Mortgage Credit Partners I LLC
Series 2017-NPL5, Class A1, 3.33%, 12/30/2032(a)(k)		235,017		231,874
Series 2018-NPL4, Class A1, 4.83%, 9/27/2058(a)(i)		540,000		539,999
Progress Residential Trust
Series 2018-SFR3, Class D, 4.43%, 10/17/2035‡(a)		1,047,000		1,045,570
Series 2018-SFR3, Class E, 4.87%, 10/17/2035(a)		524,000		523,951
Prosper Marketplace Issuance Trust
Series 2017-3A, Class B, 3.36%, 11/15/2023(a)		735,000		731,018
Series 2018-1A, Class C, 4.87%, 6/17/2024(a)		500,000		498,578
RAMP Trust Series 2002-RS2, Class AI5, 5.94%, 3/25/2032‡(k)		123,271		124,867
RCM Fund 1 Issuer LLC Series 2017-1, Class A, 5.50%, 10/25/2021‡(a)		732,750		732,750
Renaissance Home Equity Loan Trust
Series 2003-4, Class M2F, 6.24%, 3/25/2034‡(i)		175,528		164,426
Series 2005-2, Class M1, 5.05%, 8/25/2035‡(i)		645,000		654,494
Renew (Cayman Islands) Series 2017-1A, Class B, 5.75%, 9/20/2052‡(a)		379,168		385,853
Santander Prime Auto Issuance Notes Trust Series 2018-A, Class F, 6.80%, 9/15/2025(a)		1,152,821		1,158,593
Saxon Asset Securities Trust Series 2002-2, Class AF5, 6.49%, 1/25/2031‡(i)		300,572		303,481
Security National Mortgage Loan Trust Series 2004-2A, Class AF3, 5.77%, 11/25/2034‡(a)(k)		270,769		271,092
Shackleton CLO Ltd. (Cayman Islands)
Series 2014-6RA, Class B, 4.07%, 7/17/2028‡(a)(k)		1,280,000		1,266,331
Series 2013-4RA, Class A2A, 4.04%, 4/13/2031(a)(k)		1,070,000		1,055,516
SoFi Consumer Loan Program LLC
Series 2017-6, Class B, 3.52%, 11/25/2026‡(a)		100,000		97,758
Series 2017-6, Class C, 4.02%, 11/25/2026‡(a)		100,000		98,075

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
ASSET-BACKED SECURITIES — continued
SoFi Consumer Loan Program Trust
Series 2018-1, Class B, 3.65%, 2/25/2027‡(a)		450,000		443,324
Series 2018-1, Class C, 3.97%, 2/25/2027‡(a)		450,000		443,520
Spirit Master Funding LLC Series 2014-3A, Class A, 5.74%, 3/20/2042(a)		1,732,403		1,785,093
Springleaf Funding Trust
Series 2015-BA, Class B, 3.80%, 5/15/2028‡(a)		900,000		889,865
Series 2016-AA, Class B, 3.80%, 11/15/2029(a)		750,000		747,475
Structured Asset Investment Loan Trust Series 2004-8, Class M3, 3.29%, 9/25/2034‡(k)		220,941		214,768
Tricolor Auto Securitization Trust Series 2018-1A, Class B, 7.30%, 2/16/2021‡(a)		2,700,000		2,687,202
United Auto Credit Securitization Trust Series 2018-1, Class D, 3.52%, 11/10/2022(a)		540,000		537,505
US Auto Funding LLC Series 2018-1A, Class B, 7.50%, 7/15/2023(a)		3,211,294		3,211,294
USASF Receivables LLC Series 2017-1, Class B, 7.63%, 9/15/2030‡(a)		649,206		649,206
Veros Automobile Receivables Trust Series 2018-1, Class D, 5.74%, 8/15/2025(a)		2,500,000		2,506,102
VOLT LX LLC Series 2017-NPL7, Class A1, 3.25%, 6/25/2047‡(a)(i)		318,193		315,687
VOLT LXI LLC Series 2017-NPL8, Class A1, 3.13%, 6/25/2047‡(a)(i)		127,501		126,393
VOLT LXII LLC Series 2017-NPL9, Class A1, 3.13%, 9/25/2047‡(a)(i)		72,363		71,632
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047‡(a)(i)		93,458		92,616
VOLT LXIX LLC
Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048‡(a)(i)		236,000		235,631
Series 2018-NPL5, Class A2, 5.80%, 8/25/2048‡(a)(i)		519,000		515,763
VOLT LXVIII LLC
Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048‡(a)(i)		299,162		298,842
Series 2018-NPL4, Class A2, 5.93%, 7/27/2048‡(a)(i)		400,000		397,756
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048‡(a)(i)		603,690		601,953
VOLT LXXII LLC Series 2018-NPL8, Class A1B, 4.65%, 10/26/2048(a)(i)		3,500,000		3,516,822
VOLT LXXIII LLC Series 2018-NPL9, Class A1A, 4.46%, 10/25/2048(a)(i)		500,000		499,962
Voya CLO Ltd. (Cayman Islands)
Series 2016-3A, Class CR, 5.72%, 10/18/2031(a)(k)		935,000		929,396
Westlake Automobile Receivables Trust
Series 2016-1A, Class E, 6.52%, 6/15/2022‡(a)		350,000		353,660
Series 2018-3A, Class E, 4.90%, 12/15/2023(a)		670,000		670,187
Series 2018-2A, Class E, 4.86%, 1/16/2024(a)		450,000		447,674
Series 2018-1A, Class F, 5.60%, 7/15/2024(a)		2,000,000		2,000,484
Series 2018-2A, Class F, 6.04%, 1/15/2025(a)		1,320,000		1,324,063
Series 2018-3A, Class F, 6.02%, 2/18/2025(a)		2,030,000		2,025,642

TOTAL ASSET-BACKED SECURITIES (Cost $120,092,274)				120,119,403

COLLATERALIZED MORTGAGE OBLIGATIONS — 14.3%
Acre Series 2017-B, 12/15/2020‡		500,000		500,000
Alternative Loan Trust
Series 2004-18CB, Class 5A1, 6.25%, 9/25/2034		44,875		45,091
Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034		28,271		28,366
Series 2005-23CB, Class A7, 5.25%, 7/25/2035		38,074		37,077
Series 2005-23CB, Class A16, 5.50%, 7/25/2035		103,958		104,850
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		772,603		749,449
Series 2005-J14, Class A3, 5.50%, 12/25/2035		449,950		388,669
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037		795,879		663,524
Angel Oak Mortgage Trust I LLC Series 2018-PB1, Class A, 4.00%, 8/25/2021(a)		390,000		391,471
Antler Mortgage Trust
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022‡(a)		1,705,000		1,702,954
Series 2018-RTL1, Class M, 7.39%, 5/25/2023(a)(i)		1,700,000		1,699,983
ARIVO 9/15/2019‡		518,971		518,971

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Banc of America Alternative Loan Trust Series 2005-3, Class 2A1, 5.50%, 4/25/2020		52,671		52,746
Banc of America Funding Trust Series 2007-5, Class 4A1, 2.68%, 7/25/2037(k)		592,401		398,827
Bear Stearns ALT-A Trust Series 2004-7, Class 2A1, 4.31%, 8/25/2034(k)		217,899		220,463
Bear Stearns Asset-Backed Securities Trust Series 2003-AC4, Class M1, 5.66%, 9/25/2033‡(i)		154,055		138,387
Bellemeade Re Ltd.
Series 2018-3A, Class M1B, 4.16%, 10/25/2027‡(a)(k)		1,135,000		1,133,127
Series 2018-3A, Class M2, 5.06%, 10/25/2027‡(a)(k)		1,140,000		1,142,811
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 5.06%, 5/25/2023(a)(k)		340,000		340,137
Series 2018-GT1, Class B, 5.81%, 5/25/2023(a)(k)		850,000		855,443
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-8, Class 1A5, 5.50%, 11/25/2035		76,305		72,708
Citigroup Mortgage Loan Trust, Inc.
Series 2004-NCM2, Class 3CB2, 6.50%, 8/25/2019		15,290		15,328
Series 2003-1, Class 3A5, 5.25%, 9/25/2033		170,144		169,201
CSFB Mortgage-Backed Pass-Through Certificates Series 2005-4, Class 2A5, 2.86%, 6/25/2035(k)		373,143		312,820
Deutsche Mortgage Securities, Inc., Mortgage Loan Trust Series 2004-1, Class 3A5, 6.16%, 12/25/2033(i)		195,649		197,656
DT Asset Trust 5.84%, 12/16/2022‡		500,000		499,563
FHLMC REMIC
Series 4102, Class BI, IO, 3.50%, 8/15/2027		1,832,649		323,265
Series 3782, Class PI, IO, 4.00%, 11/15/2028		1,682,369		13,677
Series 4120, Class JS, IF, IO, 3.89%, 10/15/2032(k)		827,059		106,016
Series 4149, IO, 3.00%, 1/15/2033		692,062		85,451
Series 4160, IO, 3.00%, 1/15/2033		2,306,166		300,088
Series 4212, Class MI, IO, 3.00%, 6/15/2033		2,916,298		385,799
Series 2916, Class S, IF, IO, 4.94%, 1/15/2035(k)		3,921,660		637,260
Series 3145, Class GI, IF, IO, 4.29%, 4/15/2036(k)		3,294,179		492,062
Series 4116, Class LS, IF, IO, 3.89%, 10/15/2042(k)		517,661		86,375
Series 4495, Class PI, IO, 4.00%, 9/15/2043		898,251		147,239
Series 4321, Class PI, IO, 4.50%, 1/15/2044		710,386		143,618
Series 4670, Class TI, IO, 4.50%, 1/15/2044		1,273,790		213,579
Series 4535, Class PI, IO, 4.00%, 3/15/2044		633,488		106,592
Series 4550, Class DI, IO, 4.00%, 3/15/2044		638,944		106,837
Series 4570, Class PI, IO, 4.00%, 3/15/2044		603,626		92,793
Series 4612, Class QI, IO, 3.50%, 5/15/2044		966,872		131,580
Series 4612, Class PI, IO, 3.50%, 6/15/2044		78,215		11,197
Series 4657, Class QI, IO, 4.00%, 9/15/2044		1,031,653		164,591
Series 4585, Class JI, IO, 4.00%, 5/15/2045		593,781		103,476
Series 4628, Class PI, IO, 4.00%, 7/15/2045		616,396		109,445
Series 4599, Class SA, IF, IO, 3.69%, 7/15/2046(k)		480,597		79,460
Series 4628, Class I, IO, 4.00%, 11/15/2046		535,638		111,059
Series 4643, Class SA, IF, IO, 3.69%, 1/15/2047(k)		7,775,271		1,281,587
Series 4681, Class SD, IF, IO, 3.84%, 5/15/2047(k)		1,263,667		209,624
Series 4694, Class SA, IF, IO, 3.79%, 6/15/2047(k)		1,786,358		316,667
Series 4689, Class SD, IF, IO, 3.84%, 6/15/2047(k)		1,802,745		311,325
Series 4707, Class SA, IF, IO, 3.84%, 8/15/2047(k)		1,390,658		253,359
Series 4709, Class SE, IF, IO, 3.84%, 8/15/2047(k)		1,209,648		202,723
Series 4714, Class SA, IF, IO, 3.84%, 8/15/2047(k)		1,364,363		231,705
FHLMC Stacr Trust
Series 2018-HQA2, Class M2, 4.61%, 10/25/2048(a)(k)		1,000,000		982,511
Series 2018-HQA2, Class B1, 6.56%, 10/25/2048(a)(k)		500,000		493,031
FHLMC STRIPS
Series 304, Class C32, IO, 3.00%, 10/15/2026		602,080		41,884
Series 311, Class S1, IF, IO, 3.64%, 8/15/2043(k)		2,170,100		330,655
Series 326, Class S2, IF, IO, 3.64%, 3/15/2044(k)		1,712,055		255,108
FHLMC Structured Agency Credit Risk Debt Notes Series 2018-HQA1, Class M2, 4.62%, 9/25/2030(k)		490,000		484,554

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
FNMA REMIC
Series 2016-68, Class BI, IO, 3.00%, 10/25/2031		1,705,380		179,272
Series 2012-93, Class FS, IF, IO, 3.83%, 9/25/2032(k)		5,365,600		712,970
Series 2013-55, Class AI, IO, 3.00%, 6/25/2033		4,908,772		616,503
Series 2003-76, Class SB, IF, IO, 4.73%, 8/25/2033(k)		3,710,768		604,628
Series 2006-42, Class LI, IF, IO, 4.24%, 6/25/2036(k)		3,387,468		491,645
Series 2011-78, Class JS, IF, IO, 3.68%, 8/25/2041(k)		4,486,677		587,128
Series 2012-127, Class AI, IO, 4.00%, 11/25/2042		1,032,886		208,231
Series 2012-133, Class HS, IF, IO, 3.83%, 12/25/2042(k)		459,881		79,380
Series 2012-133, Class NS, IF, IO, 3.83%, 12/25/2042(k)		2,176,976		372,959
Series 2016-6, Class KI, IO, 4.00%, 2/25/2044		826,175		131,259
Series 2016-43, Class MI, IO, 4.00%, 10/25/2045		682,613		121,468
Series 2016-63, Class AS, IF, IO, 3.68%, 9/25/2046(k)		239,305		42,761
Series 2016-75, Class SC, IF, IO, 3.78%, 10/25/2046(k)		6,046,769		772,551
Series 2016-90, Class IN, IO, 3.50%, 12/25/2046		874,719		148,522
Series 2016-95, Class ES, IF, IO, 3.68%, 12/25/2046(k)		4,086,844		730,581
Series 2017-13, Class AS, IF, IO, 3.73%, 2/25/2047(k)		1,475,506		266,373
Series 2017-6, Class SB, IF, IO, 3.73%, 2/25/2047(k)		299,494		48,990
Series 2017-31, Class SG, IF, IO, 3.78%, 5/25/2047(k)		5,453,259		925,739
Series 2017-39, Class ST, IF, IO, 3.78%, 5/25/2047(k)		3,485,227		553,496
Series 2017-70, Class SA, IF, IO, 3.83%, 9/25/2047(k)		2,278,911		369,959
Series 2017-69, Class SH, IF, IO, 3.88%, 9/25/2047(k)		2,100,506		378,715
Series 2017-90, Class SP, IF, IO, 3.83%, 11/25/2047(k)		6,057,851		1,056,062
Series 2017-102, Class IJ, IO, 3.50%, 12/25/2047		2,578,025		474,875
Series 2018-16, Class SN, IF, IO, 3.93%, 3/25/2048(k)		5,659,470		1,035,090
Series 2018-27, Class SE, IF, IO, 3.88%, 5/25/2048(k)		6,986,014		1,240,336
Series 2017-57, Class SA, IF, IO, 3.78%, 8/25/2057(k)		1,770,025		272,454
FNMA STRIPS
Series 421, Class 7, IO, 3.50%, 5/25/2030		599,929		46,429
Series 421, Class C3, IO, 4.00%, 7/25/2030		856,339		103,355
FNMA, Connecticut Avenue Securities
Series 2018-C05, Class 1M2, 4.66%, 1/25/2031(k)		1,456,000		1,445,581
Series 2018-C05, Class 1B1, 6.56%, 1/25/2031(k)		250,000		248,564
Series 2018-C06, Class 1M2, 4.31%, 3/25/2031(k)		520,000		508,766
Series 2018-C06, Class 2M2, 4.41%, 3/25/2031(k)		1,370,000		1,341,969
Series 2018-C06, Class 1B1, 6.06%, 3/25/2031(k)		350,000		335,256
GMACM Mortgage Loan Trust Series 2004-J2, Class A8, 5.75%, 6/25/2034		85,831		87,115
GNMA
Series 2017-68, Class SA, IF, IO, 3.85%, 5/20/2047(k)		6,582,907		1,121,348
Series 2017-161, Class DS, IF, IO, 3.95%, 10/20/2047(k)		5,687,865		1,075,583
Series 2017-180, Class SD, IF, IO, 3.90%, 12/20/2047(k)		6,673,480		1,117,851
Series 2018-7, Class DS, IF, IO, 3.40%, 1/20/2048(k)		7,947,683		1,131,951
Series 2018-36, Class SG, IF, IO, 3.90%, 3/20/2048(k)		7,136,236		1,254,640
Series 2015-H13, Class GI, IO, 1.59%, 4/20/2065(k)		3,540,810		173,482
Series 2017-H14, Class FG, 3.53%, 6/20/2067(k)		610,532		626,312
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051‡		425,205		416,191
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036(a)(k)		197,504		138,485
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1, 4.14%, 9/25/2035(k)		344,178		349,972
Impac CMB Trust Series 2005-1, Class 1A2, 2.93%, 4/25/2035(k)		475,542		457,567
JP Morgan Mortgage Trust Series 2006-S1, Class 1A1, 6.00%, 4/25/2036		82,316		86,133
MASTR Alternative Loan Trust Series 2003-5, Class 30B1, 5.90%, 8/25/2033‡(k)		83,609		81,009
MASTR Asset Securitization Trust Series 2003-11, Class 7A2, 5.25%, 12/25/2033		74,779		74,991
Merrill Lynch Mortgage Investors Trust Series 2003-A5, Class 2A6, 4.41%, 8/25/2033(k)		139,976		144,291
PNMAC GMSR Issuer Trust
Series 2018-GT1, Class A, 5.16%, 2/25/2023(a)(k)		3,485,000		3,492,651
Series 2018-GT2, Class A, 4.96%, 8/25/2025(a)(k)		670,000		671,846

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
RAAC Trust Series 2005-SP1, Class 4A1, 7.00%, 9/25/2034		135,272		138,385
SART 4.75%, 7/15/2024		903,752		904,602
Seasoned Credit Risk Transfer Trust Series 2017-3, Class AIO, IO, 0.18%, 7/25/2056‡(k)		33,024,317		110,070
Specialty Underwriting & Residential Finance Trust Series 2004-AA1, Class 2A2, 5.50%, 10/25/2034		53,130		53,990
STACR Trust Series 2018-DNA3, Class B1, 6.22%, 9/25/2048‡(a)(k)		1,000,000		966,854
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021(a)(i)		940,000		939,867
Verus Securitization Trust Series 2018-2, Class A1, 3.68%, 6/1/2058(a)(k)		806,406		802,107
WaMu Mortgage Pass-Through Certificates Series 2003-S4, Class 2A2, 5.50%, 6/25/2033		180,677		180,683
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 4.23%, 8/25/2033(k)		254,178		257,933
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		220,426		228,868
Series 2005-AR7, Class A3, 4.08%, 8/25/2035(k)		166,607		167,797
Wells Fargo Mortgage-Backed Securities Trust
Series 2005-AR4, Class 2A2, 4.05%, 4/25/2035(k)		223,557		224,706
Series 2005-14, Class 1A1, 5.50%, 12/25/2035		53,604		54,999
Series 2007-14, Class 1A1, 6.00%, 10/25/2037		14,648		14,303

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $57,307,611)				55,724,263

COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.0%
20 Times Square Trust Series 2018-20TS, Class F, 3.20%, 5/15/2035‡(a)(k)		600,000		556,584
Banc of America Commercial Mortgage Trust
Series 2006-1, Class E, 6.21%, 9/10/2045‡(a)(k)		25,989		26,762
Series 2007-1, Class AMFX, 5.48%, 1/15/2049(k)		28,204		28,285
Series 2007-5, Class AJ, 6.23%, 2/10/2051(k)		304,549		311,995
BANK
Series 2017-BNK9, Class D, 2.80%, 11/15/2054(a)		440,000		340,211
Series 2017-BNK6, Class D, 3.10%, 7/15/2060‡(a)		470,000		376,862
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW13, Class B, 5.66%, 9/11/2041‡(a)(k)		8,426		8,447
Series 2005-T20, Class D, 5.26%, 10/12/2042‡(k)		205,805		207,350
BX Commercial Mortgage Trust Series 2018-IND, Class E, 4.01%, 11/15/2035(a)(k)		960,000		960,298
CD Mortgage Trust Series 2017-CD5, Class D, 3.35%, 8/15/2050‡(a)		451,000		360,822
Citigroup Commercial Mortgage Trust
Series 2015-P1, Class D, 3.23%, 9/15/2048‡(a)		285,000		235,671
Series 2016-P5, Class C, 4.47%, 10/10/2049‡(k)		430,000		414,974
COBALT CMBS Commercial Mortgage Trust
Series 2007-C3, Class AJ, 6.01%, 5/15/2046(k)		262,549		263,290
Series 2007-C3, Class B, 6.01%, 5/15/2046‡(k)		435,000		433,512
Commercial Mortgage Trust
Series 2014-CR16, Class C, 5.06%, 4/10/2047‡(k)		300,000		303,108
Series 2015-LC21, Class D, 4.45%, 7/10/2048(k)		1,000,000		895,947
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		56,698		57,023
CSAIL Commercial Mortgage Trust Series 2017-C8, Class C, 4.32%, 6/15/2050‡		320,000		306,277
FHLMC Multifamily Structured Pass-Through Certificates
Series K721, Class X1, IO, 0.45%, 8/25/2022(k)		65,516,196		688,647
Series K721, Class X3, IO, 1.34%, 9/25/2022(k)		12,550,000		560,739
Series K033, Class X1, IO, 0.42%, 7/25/2023(k)		6,859,428		87,493
Series K729, Class X1, IO, 0.49%, 10/25/2024(k)		18,936,607		346,939
Series K731, Class X3, IO, 2.16%, 5/25/2025(k)		11,528,628		1,295,535
Series K075, Class X3, IO, 2.20%, 5/25/2028(k)		5,471,000		838,832
Series K723, Class X3, IO, 1.98%, 10/25/2034(k)		6,850,000		559,940
Series K153, Class X3, IO, 3.90%, 4/25/2035(k)		4,450,000		1,494,840
Series K036, Class X3, IO, 2.18%, 12/25/2041(k)		3,253,000		297,818
Series K038, Class X3, IO, 2.57%, 6/25/2042(k)		2,100,000		240,660
Series K720, Class X3, IO, 1.38%, 8/25/2042(k)		16,800,000		720,102

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
Series K041, Class X3, IO, 1.70%, 11/25/2042(k)		4,580,000		382,929
Series K042, Class X3, IO, 1.66%, 1/25/2043(k)		3,805,000		311,698
Series K718, Class X3, IO, 1.49%, 2/25/2043(k)		6,035,000		260,460
Series K045, Class X3, IO, 1.55%, 4/25/2043(k)		4,530,000		357,282
Series K046, Class X3, IO, 1.56%, 4/25/2043(k)		3,450,000		276,196
Series K054, Class X3, IO, 1.65%, 4/25/2043(k)		2,745,000		260,796
Series K047, Class X3, IO, 1.55%, 6/25/2043(k)		3,400,000		276,146
Series K050, Class X3, IO, 1.61%, 10/25/2043(k)		5,232,306		456,510
Series K051, Class X3, IO, 1.67%, 10/25/2043(k)		4,995,000		469,776
Series K052, Class X3, IO, 1.67%, 1/25/2044(k)		2,915,000		278,313
Series K726, Class X3, IO, 2.20%, 7/25/2044(k)		4,180,000		417,694
Series K067, Class X3, IO, 2.19%, 9/25/2044(k)		1,190,000		171,289
Series K068, Class X3, IO, 2.13%, 10/25/2044(k)		4,250,000		602,876
Series K729, Class X3, IO, 2.04%, 11/25/2044(k)		10,890,000		1,080,487
Series K724, Class X3, IO, 1.93%, 12/25/2044(k)		4,930,000		402,924
Series K070, Class X3, IO, 2.11%, 12/25/2044(k)		1,315,000		186,287
Series K730, Class X3, IO, 2.10%, 2/25/2045(k)		5,750,000		606,956
Series K065, Class X3, IO, 2.26%, 7/25/2045(k)		2,305,000		338,548
Series K072, Class X3, IO, 2.21%, 12/25/2045(k)		5,250,000		800,574
Series K078, Class X3, IO, 2.29%, 6/25/2046(k)		2,680,000		437,883
Series K081, Class X3, IO, 2.31%, 9/25/2046(k)		7,345,000		1,250,345
FNMA ACES
Series 2014-M3, Class X2, IO, 0.15%, 1/25/2024(k)		11,273,946		28,855
Series 2016-M4, Class X2, IO, 2.69%, 1/25/2039(k)		3,030,742		273,982
FREMF Mortgage Trust
Series 2017-KF29, Class B, 5.86%, 2/25/2024(a)(k)		428,253		443,184
Series 2017-KF31, Class B, 5.21%, 4/25/2024(a)(k)		672,892		672,804
Series 2017-KF36, Class B, 4.96%, 8/25/2024(a)(k)		717,764		723,182
Series 2017-KF35, Class B, 5.06%, 8/25/2024(a)(k)		424,607		436,354
Series 2017-KF41, Class B, 4.81%, 11/25/2024(a)(k)		284,043		287,188
Series 2018-KF49, Class B, 4.21%, 6/25/2025(a)(k)		999,937		999,941
Series 2016-KF24, Class B, 7.31%, 10/25/2026(a)(k)		204,661		215,415
Series 2017-KF40, Class B, 5.01%, 11/25/2027‡(a)(k)		388,317		397,787
Series 2018-KF50, Class B, 4.21%, 7/25/2028(a)(k)		430,000		428,385
Series 2016-K53, Class B, 4.16%, 3/25/2049(a)(k)		69,000		68,289
Series 2017-K67, Class B, 4.08%, 9/25/2049(a)(k)		145,000		140,588
Series 2017-K67, Class C, 4.08%, 9/25/2049(a)(k)		2,010,000		1,886,696
Series 2017-K728, Class B, 3.76%, 11/25/2050(a)(k)		250,000		243,814
Series 2017-K728, Class C, 3.76%, 11/25/2050(a)(k)		105,000		98,284
GNMA
Series 2012-89, IO, 0.76%, 12/16/2053(k)		4,032,218		111,860
Series 2013-48, IO, 0.62%, 7/16/2054(k)		11,021,035		468,710
Series 2014-130, Class IB, IO, 0.90%, 8/16/2054(k)		2,889,355		131,564
Series 2015-115, IO, 0.56%, 7/16/2057(k)		4,886,269		213,872
Series 2017-23, IO, 0.73%, 5/16/2059(k)		2,078,062		124,556
Series 2017-69, IO, 0.80%, 7/16/2059(k)		13,398,712		904,066
GS Mortgage Securities Trust Series 2012-GCJ9, Class D, 4.90%, 11/10/2045‡(a)(k)		400,000		390,289
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.09%, 7/15/2044(k)		68,030		68,987
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039‡(k)		163,000		112,479
Merrill Lynch Mortgage Trust Series 2007-C1, Class AM, 5.98%, 6/12/2050(k)		2,719		2,719
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15, Class D, 5.06%, 4/15/2047‡(a)(k)		1,000,000		976,791
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.42%, 7/11/2040‡(a)(k)		1,000,000		954,908
Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041(k)		36,857		36,747
Velocity Commercial Capital Loan Trust
Series 2018-2, Class M2, 4.51%, 10/26/2048‡(a)(k)		253,425		254,836
Series 2018-2, Class M3, 4.72%, 10/26/2048‡(a)(k)		453,116		456,022

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class B, 5.46%, 12/15/2043(k)		360,000		363,823
Series 2007-C30, Class C, 5.48%, 12/15/2043‡(k)		970,000		972,425
Series 2005-C21, Class D, 3.30%, 10/15/2044‡(k)		448,087		443,911
Series 2007-C34, Class B, 6.41%, 5/15/2046‡(k)		250,000		251,500
Series 2007-C33, Class C, 5.98%, 2/15/2051‡(k)		140,000		14,000
Series 2007-C33, Class AJ, 5.98%, 2/15/2051(k)		433,544		428,120
Series 2007-C33, Class B, 5.98%, 2/15/2051‡(k)		250,000		185,000
Wells Fargo Commercial Mortgage Trust
Series 2015-NXS1, Class D, 4.24%, 5/15/2048(k)		260,000		240,622
Series 2016-BNK1, Class D, 3.00%, 8/15/2049‡(a)		600,000		487,841

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $39,428,787)				38,785,328

FOREIGN GOVERNMENT SECURITIES — 4.9%
Arab Republic of Egypt (Egypt) 5.75%, 4/29/2020(h)		500,000		503,125
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024(h)		900,000		848,250
Federal Republic of Nigeria (Nigeria)
7.14%, 2/23/2030(h)		800,000		699,000
9.25%, 1/21/2049(a)		630,000		607,950
Gabonese Republic (Gabon) 6.95%, 6/16/2025(h)		400,000		352,500
Government of Dominican Republic (Dominican Republic) 6.88%, 1/29/2026(h)		400,000		412,000
Instituto Costarricense de Electricidad (Costa Rica) 6.38%, 5/15/2043(h)		490,000		362,994
Mongolia Government International Bond (Mongolia) 10.88%, 4/6/2021(h)		600,000		655,500
Provincia de Buenos Aires (Argentina)
5.75%, 6/15/2019(h)		700,000		694,750
6.50%, 2/15/2023(h)		1,000,000		842,500
Series REGS, 9.63%, 4/18/2028(h)		700,000		577,500
Provincia de Cordoba (Argentina) 7.45%, 9/1/2024(h)		400,000		332,000
Republic of Angola (Angola)
8.25%, 5/9/2028(a)		800,000		770,000
9.38%, 5/8/2048(a)		770,000		744,975
Republic of Argentina (Argentina) 5.88%, 1/11/2028		900,000		672,750
Republic of Belarus (Belarus)
6.88%, 2/28/2023(a)		400,000		402,000
6.88%, 2/28/2023(h)		400,000		402,000
Republic of Costa Rica (Costa Rica)
7.00%, 4/4/2044(h)		380,000		330,125
7.16%, 3/12/2045(a)		200,000		177,000
Republic of Cote d’Ivoire (Ivory Coast) 6.38%, 3/3/2028(h)		600,000		538,500
Republic of El Salvador (El Salvador)
7.75%, 1/24/2023(h)		620,000		630,850
8.25%, 4/10/2032(h)		640,000		634,480
7.65%, 6/15/2035(h)		176,000		162,738
7.63%, 2/1/2041(h)		550,000		505,312
Republic of Ghana (Ghana) 8.63%, 6/16/2049(h)		800,000		707,000
Republic of Honduras (Honduras) 6.25%, 1/19/2027(h)		1,000,000		971,250
Republic of Iraq (Iraq) 5.80%, 1/15/2028(h)		500,000		452,500
Republic of Kenya (Kenya) 6.88%, 6/24/2024(h)		800,000		750,000
Republic of Pakistan (Pakistan) 7.25%, 4/15/2019(h)		300,000		300,000
Republic of Paraguay (Paraguay) 6.10%, 8/11/2044(h)		575,000		573,563
Republic of Senegal (Senegal) 6.25%, 5/23/2033(h)		600,000		505,500
Republic of Sri Lanka (Sri Lanka) 6.00%, 1/14/2019(h)		500,000		496,250
Republic of Ukraine (Ukraine)
7.75%, 9/1/2019(h)		500,000		494,000
7.75%, 9/1/2020(h)		550,000		532,125
7.75%, 9/1/2022(h)		100,000		92,500
Ukreximbank Via Biz Finance plc (Ukraine) 9.63%, 4/27/2022(h)		300,000		292,206

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $20,054,058)				19,025,693

MORTGAGE-BACKED SECURITIES — 0.8%
FHLMC Gold Pools, 15 Year, Single Family Pool # G16352, 2.50%, 9/1/2032 (Cost $3,106,232)		3,253,638		3,136,536

LOAN ASSIGNMENTS — 0.5%(l)
Aerospace & Defense — 0.0%(c)
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.15%, 10/4/2024(f)		4,950		4,698

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
LOAN ASSIGNMENTS — continued
Commercial Services & Supplies — 0.1%
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.82%, 5/24/2024(f)		84,362		83,448
Prime Security Services Borrower LLC, Term B-1 Loan (ICE LIBOR USD 1 Month + 2.75%), 5.09%, 5/2/2022(f)		98,503		97,313

				180,761

Containers & Packaging — 0.0%(c)
Viskase Corp., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.64%, 1/30/2021(f)		98,196		97,337

Diversified Telecommunication Services — 0.1%
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.59%, 10/2/2024(f)		174,000		172,478
Intelsat Jackson Holdings, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.07%, 11/27/2023(f)		50,000		49,640

				222,118

Electric Utilities — 0.0%(c)
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.09%, 1/30/2024(f)		45,715		44,248
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.75%), 6.09%, 1/30/2024(f)		2,455		2,377

				46,625

Food & Staples Retailing — 0.0%(c)
Moran Foods LLC, Term Loan B (ICE LIBOR USD 1 Month + 6.00%), 8.34%, 12/5/2023(f)		98,250		51,090

Food Products — 0.0%(c)
Mastronardi Produce Ltd., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.55%, 5/1/2025(f)		18,953		18,941

Hotels, Restaurants & Leisure — 0.0%(c)
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 5.23%, 10/4/2023(f)		5,189		5,102

Household Durables — 0.0%(c)
American Greetings Corp., Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 6.84%, 4/6/2024(f)		30,845		30,806

IT Services — 0.1%
First Data Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.32%, 7/8/2022(f)		166,878		164,355
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.58%, 11/3/2023(f)		147,755		135,011

				299,366

Leisure Products — 0.0%(c)
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.62%, 5/15/2022‡(f)		53,054		52,984

Oil, Gas & Consumable Fuels — 0.2%
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 1 Month + 4.75%), 7.07%, 12/31/2022(f)		220,000		221,282
CITGO Petroleum Corp., Term B Loan (ICE LIBOR USD 3 Month + 3.50%), 5.90%, 7/29/2021(f)		97,959		97,102
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 7.64%, 8/25/2023(f)		187,950		149,734
Summit Midstream Partners Holdings LLC, Senior Secured Term Loan (ICE LIBOR USD 1 Month + 6.00%), 8.34%, 5/13/2022(f)		19,833		19,784

				487,902

Software — 0.0%(c)
Greeneden US Holdings II LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.59%, 12/1/2023(f)		98,260		97,224
Infor US, Inc., Tranche B-6 Term Loan (ICE LIBOR USD 3 Month + 2.75%), 5.14%, 2/1/2022(f)		73,711		72,618

				169,842

Specialty Retail — 0.0%(c)
Claire’s Stores, Inc., 1st Lien Revolver Term Loan (ICE LIBOR USD 3 Month + 2.50%), 2.50%, 9/15/2022‡(f)(m)		989		—
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 6.25%, 9/15/2038‡(f)(m)		3,297		4,714

				4,714

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
LOAN ASSIGNMENTS — continued
Wireless Telecommunication Services — 0.0%(c)
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 7.31%, 3/9/2023(f)		205,047		195,820

TOTAL LOAN ASSIGNMENTS (Cost $1,982,875)				1,868,106

MUNICIPAL BONDS — 0.4%(n)
California — 0.3%
Education — 0.1%
Regents of the University of California Series R, Rev., 5.77%, 5/15/2043		140,000		165,074
University of California Series J, Rev., 4.13%, 5/15/2045		100,000		96,352

				261,426

General Obligation — 0.0%(c)
Los Angeles Community College District GO, 6.75%, 8/1/2049		100,000		138,994

Hospital — 0.1%
University of California, Medical Center Series F, Rev., 6.58%, 5/15/2049		255,000		326,247

Water & Sewer — 0.1%
County of Orange, Water District Series B, Rev., 4.06%, 8/15/2041		290,000		287,332

Total California				1,013,999

Colorado — 0.0%(c)
Hospital — 0.0%(c)
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045		175,000		169,915

Illinois — 0.0%(c)
Education — 0.0%(c)
Illinois Finance Authority Series A, Rev., 4.00%, 10/1/2049		25,000		24,953

Indiana — 0.1%
Other Revenue — 0.1%
Indianapolis Local Public Improvement Bond Bank, Marion County Health and Hospital Series B-2, Rev., 6.12%, 1/15/2040		240,000		295,142

New Jersey — 0.0%(c)
Transportation — 0.0%(c)
New Jersey Transportation Trust Fund Authority, Transportation System Series A, Rev., 5.00%, 6/15/2042		25,000		25,469

Texas — 0.0%(c)
Transportation — 0.0%(c)
North Texas Tollway Authority System, First Tier Series B, Rev., 6.72%, 1/1/2049		131,000		177,620

TOTAL MUNICIPAL BONDS (Cost $1,750,425)				1,707,098


	No. of Contracts
OPTIONS PURCHASED — 0.0%(c)
PUT OPTIONS PURCHASED — 0.0%(c)
Future Interest Rate Options — 0.0%(c)
U.S. Treasury 10 Year Note 12/07/2018 at USD 119.00, Vanilla, American Style Notional Amount: USD 102,200,000 Exchange Traded*		1,022		95,812

TOTAL OPTIONS PURCHASED (Cost $185,889)				95,812


	Shares
COMMON STOCKS — 0.0%(c)
Aerospace & Defense — 0.0%(c)
Remington Outdoor Co., Inc.*‡		4,916		40,459

Capital Markets — 0.0%(c)
UCI Holdings LLC (New Zealand)*‡		1,536		29,952

Specialty Retail — 0.0%(c)
Claire’s Stores, Inc.*‡		9		7,800

TOTAL COMMON STOCKS (Cost $82,302)				78,211

PREFERRED STOCKS — 0.0%(c)
Specialty Retail — 0.0%(c)
Claire’s Stores, Inc.*‡ (Cost $2,500)		4		6,367


	No. of Warrants
WARRANTS — 0.0%
Road & Rail — 0.0%
Jack Cooper Enterprises, Inc. expiring 10/29/2027, price 1.00*‡ (Cost $—)		49		—

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Shares		Value ($)
SHORT-TERM INVESTMENTS — 2.3%
INVESTMENT COMPANIES — 2.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.30%(o)(p) (Cost $8,939,583)		8,938,852		8,939,746

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 2.8%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.40%(o)(p)		4,000,240		4,000,240
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.16%(o)(p)		6,853,990		6,853,990

TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $10,854,230)				10,854,230

Total Investments — 101.6% (Cost $405,381,856)				396,137,634
Liabilities in Excess of Other Assets — (1.6%)				(6,326,029	)

Net Assets — 100.0%				389,811,605

Percentages indicated are based on net assets.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations


ABS		Asset-backed securities
ACES		Alternative Credit Enhancement Securities
CIFC		Commercial Industrial Finance Corp.
CLO		Collateralized Loan Obligations
CMBS		Commercial Mortgage-Backed Security
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
GS		Goldman Sachs
ICE		Intercontinental Exchange
IF		Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2018. The rate may be subject to a cap and floor.
IO		Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
IRB		Interest Rate Reduction Bond
LIBOR		London Interbank Offered Rate
OYJ		Public Limited Company
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
Rev.		Revenue
SCA		Limited partnership with share capital
STRIPS		Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
USD		United States Dollar
(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)		The security or a portion of this security is on loan at November 30, 2018. The total value of securities on loan at November 30, 2018 was $10,590,000.
(c)		Amount rounds to less than 0.1% of net assets.
(d)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(e)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2018.
(f)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


(g)		Security is an interest bearing note with preferred security characteristics.
(h)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(i)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2018.
(j)		Defaulted security.
(k)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2018.
(l)		Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(m)		All or a portion of this security is unsettled as of November 30, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(n)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(o)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(p)		The rate shown is the current yield as of November 30, 2018.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Futures contracts outstanding as of November 30, 2018:


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 10 Year Note		1,040			03/2019		USD		124,296,250			537,985
U.S. Treasury 5 Year Note		409			03/2019		USD		46,217,000			104,586
U.S. Treasury Long Bond		15			03/2019		USD		2,101,406			12,857
U.S. Treasury Ultra Bond		4			03/2019		USD		610,500			1,616

												657,044

Short Contracts
U.S. Treasury 10 Year Note		(265	)		03/2019		USD		(31,671,640	)		(137,232	)
U.S. Treasury 2 Year Note		(245	)		03/2019		USD		(51,698,828	)		(42,611	)
U.S. Treasury 5 Year Note		(330	)		03/2019		USD		(37,290,000	)		(87,060	)
U.S. Treasury Ultra Bond		(24	)		03/2019		USD		(3,663,000	)		(7,930	)

												(274,833	)

												382,211

Abbreviations


USD		United States Dollar

Written Put Options Contracts as of November 30, 2018:

Description

Counterparty

Number of
Contracts

Notional Amount

Exercise Price

Expiration
Date

Value ($)

U.S. Treasury 10 Year Note

Exchange Traded

511

USD 51,100,000

USD 118.50

12/07/2018

(11,977

)

Total Written Options Contracts (Premiums Paid ($38,798))

(11,977

)

Abbreviations


USD		United States Dollar

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2018.

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.

•

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
Debt Securities
Asset-Backed Securities	$	—	$	71,975,354	$	48,144,049		$	120,119,403
Collateralized Mortgage Obligations		—		48,517,297		7,206,966			55,724,263
Commercial Mortgage-Backed Securities		—		29,657,170		9,128,158			38,785,328
Corporate Bonds
Consumer Finance		—		2,173,421		248,250			2,421,671
Entertainment		—		1,404,333		333,788			1,738,121
Oil, Gas & Consumable Fuels		—		13,375,420		182,050			13,557,470
Wireless Telecommunication Services		—		5,359,290		—	(a)		5,359,290
Other Corporate Bonds		—		112,720,289		—			112,720,289

Total Corporate Bonds		—		135,032,753		764,088			135,796,841

Foreign Government Securities		—		19,025,693		—			19,025,693
Mortgage-Backed Securities		—		3,136,536		—			3,136,536
Municipal Bonds		—		1,707,098		—			1,707,098
Preferred Stocks
Specialty Retail		—		—		6,367			6,367
Common Stocks
Aerospace & Defense		—		—		40,459			40,459
Capital Markets		—		—		29,952			29,952
Specialty Retail		—		—		7,800			7,800

Total Common Stocks		—		—		78,211			78,211

Loan Assignments
Leisure Products		—		—		52,984			52,984
Specialty Retail		—		—		4,714			4,714
Other Loan Assignments		—		1,810,408		—			1,810,408

Total Loan Assignments		—		1,810,408		57,698			1,868,106

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Options Purchased
Put Options Purchased	$	95,812		$	—	$	—		$	95,812
Warrants
Road & Rail		—			—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		8,939,746			—		—			8,939,746
Investments of cash collateral from securities loaned		10,854,230			—		—			10,854,230

Total Investments in Securities	$	19,889,788		$	310,862,309	$	65,385,537		$	396,137,634

Appreciation in Other Financial Instruments
Futures Contracts	$	657,044		$	—	$	—		$	657,044

Depreciation in Other Financial Instruments
Futures Contracts	$	(274,833	)	$	—	$	—		$	(274,833	)
Options Written
Put Options Written		(11,977	)		—		—			(11,977	)

Total Depreciation in Other Financial Instruments	$	(286,810	)	$	—	$	—		$	(286,810	)

(a)	Value is zero

Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the period ended November 30, 2018.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:


JPMorgan Income Fund	Balance as of February 28, 2018			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2018
Investments in Securities:
Asset-Backed Securities	$	17,540,281		$	(67,550	)	$	(360,397	)	$	(7,097	)	$	31,179,395	$	(6,947,078	)	$	7,877,906	$	(1,071,411	)	$	48,144,049
Collateralized Mortgage Obligations		1,999,964			4,432			(44,278	)		(57,313	)		5,524,649		(314,558	)		94,070		—			7,206,966
Commercial Mortgage-Backed Securities		7,437,957			17,667			(164,244	)		7,170			4,820,891		(3,179,978	)		991,863		(803,168	)		9,128,158
Common Stocks — Aerospace & Defense		—			—			(16,074	)		—			56,533		—			—		—			40,459
Common Stocks — Capital Markets		28,032			—			1,920			—			—		—			—		—			29,952
Common Stocks — Specialty Retail		—			—			462			—			7,338		—			—		—			7,800
Corporate Bonds — Consumer Finance		—			—			(22,142	)		17			270,375		—			—		—			248,250
Corporate Bonds — Entertainment		—			—			(5,249	)		329			338,708		—			—		—			333,788
Corporate Bonds — Oil, Gas & Consumable Fuels		—			—			(63,985	)		3,310			242,725		—			—		—			182,050
Corporate Bonds — Wireless Telecommunication Services		—			—			—	(a)		—			—		—			—		—			—	(a)
Loan Assignments — Leisure Products		—			—			—	(a)		—			52,984		—			—		—			52,984
Loan Assignments — Specialty Retail		—			—			1,418			—			3,296		—			—		—			4,714
Preferred Stocks — Specialty Retail		—			—			3,867			—			2,500		—			—		—			6,367
Warrants — Road & Rail		—	(b)		—			—			—			—		—			—		—			—	(b)

	$	27,006,234		$	(45,451	)	$	(668,702	)	$	(53,584	)	$	42,499,394	$	(10,441,614	)	$	8,963,839	$	(1,874,579	)	$	65,385,537

¹	Purchases include all purchases of securities and securities received in corporate actions.

²	Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a)	Amount rounds to less than 1.

(b)	Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2018, which were valued using significant unobservable inputs (level 3) amounted to $(478,949).

Income Fund

Quantitative Information about Level 3 Fair Value Measurements #


	Fair Value at November 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	32,725,747	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 40.00% (14.50%)
				Constant Default Rate	0.00% - 8.00% (0.39%)
				Yield (Discount Rate of Cash Flows)	0.00% - 7.72% (4.26%)

Asset-Backed Securities		32,725,747

		3,878,379	Discounted Cash Flow	Constant Prepayment Rate	8.85% - 11.50% (8.92%)
				Constant Default Rate	0.00% - 2.41% (0.12%)
				Yield (Discount Rate of Cash Flows)	0.00% - 6.80% (4.79%)

Collateralized Mortgage Obligations		3,878,379

		9,128,158	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (7.79%)
				Constant Default Rate	0.00% - 3.00% (0.23%)
				Yield (Discount Rate of Cash Flows)	(20.00%) - 199.00% (12.03%)

Commercial Mortgage-Backed Securities		9,128,158

		40,459	Terms of Exchange Offer /Restructuring	Expected Recovery	$8.23($8.23)

Common Stocks		40,459

Total		45,772,743

The table above does not include level 3 securities that are valued by brokers and pricing services. At November 30, 2018, the value of these securities was $19,612,794. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 33.8%
Aerospace & Defense — 0.9%
Boeing Co. (The)
4.88%, 2/15/2020		540		552
7.95%, 8/15/2024		500		608
General Dynamics Corp. 2.25%, 11/15/2022		2,000		1,921
Harris Corp. 4.85%, 4/27/2035		500		497
Lockheed Martin Corp.
2.50%, 11/23/2020		850		836
3.35%, 9/15/2021		380		378
Northrop Grumman Corp.
5.05%, 8/1/2019		325		329
2.93%, 1/15/2025		800		755
Precision Castparts Corp.
2.50%, 1/15/2023		1,500		1,443
3.25%, 6/15/2025		800		772
Raytheon Co. 3.15%, 12/15/2024		476		466
Rockwell Collins, Inc. 3.20%, 3/15/2024		300		287
United Technologies Corp.
1.95%, 11/1/2021		500		477
3.95%, 8/16/2025		1,250		1,235

				10,556

Air Freight & Logistics — 0.2%
FedEx Corp. 3.20%, 2/1/2025		796		761
United Parcel Service, Inc.
5.13%, 4/1/2019		425		428
3.13%, 1/15/2021		1,600		1,600

				2,789

Airlines — 0.0%(a)
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024		222		222

Automobiles — 0.4%
BMW US Capital LLC (Germany) 1.85%, 9/15/2021(b)		250		238
Daimler Finance North America LLC (Germany)
2.30%, 1/6/2020(b)		2,100		2,073
2.25%, 3/2/2020(b)		153		151
Ford Motor Co. 6.63%, 10/1/2028		1,500		1,506
General Motors Co.
5.00%, 10/1/2028		550		516
6.60%, 4/1/2036		600		581

				5,065

Banks — 5.1%
ABN AMRO Bank NV (Netherlands) 2.65%, 1/19/2021(b)		450		441
ANZ New Zealand Int’l Ltd. (New Zealand) 2.75%, 1/22/2021(b)		700		688
Australia & New Zealand Banking Group Ltd. (Australia) 2.63%, 11/9/2022		750		720
Bank of America Corp. 3.30%, 1/11/2023		32		31
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(c)		21		21
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023(c)		780		754
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(c)		3,745		3,591
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024(c)		737		722
4.00%, 1/22/2025		1,154		1,120
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026(c)		1,500		1,430
4.45%, 3/3/2026		556		546
Bank of Montreal (Canada)
2.38%, 1/25/2019		1,153		1,152
2.35%, 9/11/2022		100		96
Bank of Nova Scotia (The) (Canada) 2.80%, 7/21/2021		630		619
Barclays plc (United Kingdom) 3.65%, 3/16/2025		1,255		1,152
BB&T Corp.
2.45%, 1/15/2020		166		165
2.63%, 6/29/2020		500		494
Capital One Bank USA NA 3.38%, 2/15/2023		2,860		2,745
Citibank NA 2.85%, 2/12/2021		350		345
Citigroup, Inc.
2.65%, 10/26/2020		2,000		1,966
2.75%, 4/25/2022		1,100		1,058
3.40%, 5/1/2026		650		605
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028(c)		1,000		954
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039(c)		2,000		1,758
Commonwealth Bank of Australia (Australia) 4.50%, 12/9/2025(b)		778		756
Cooperatieve Rabobank UA (Netherlands) 3.88%, 2/8/2022		903		908
Credit Agricole SA (France) 3.75%, 4/24/2023(b)		775		753
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 4.55%, 4/17/2026		500		492
Discover Bank 4.20%, 8/8/2023		447		443
Fifth Third Bank
2.38%, 4/25/2019		250		250
2.88%, 10/1/2021		425		417
HSBC Bank plc (United Kingdom) 4.75%, 1/19/2021(b)		1,100		1,123

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Banks — continued
HSBC Holdings plc (United Kingdom)
4.00%, 3/30/2022		1,100		1,107
4.25%, 3/14/2024		800		783
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024(c)		600		592
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026(c)		1,250		1,220
Huntington Bancshares, Inc. 3.15%, 3/14/2021		352		348
Huntington National Bank (The) 2.50%, 8/7/2022		500		478
ING Groep NV (Netherlands) 3.95%, 3/29/2027		406		384
KeyCorp 5.10%, 3/24/2021		1,657		1,714
Lloyds Bank plc (United Kingdom) 3.30%, 5/7/2021		500		494
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		869		784
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		221		217
3.76%, 7/26/2023		1,000		997
3.78%, 3/2/2025		1,000		990
3.85%, 3/1/2026		350		344
Mizuho Bank Ltd. (Japan) 2.65%, 9/25/2019(b)		909		906
Mizuho Financial Group, Inc. (Japan)
2.95%, 2/28/2022		580		565
2.60%, 9/11/2022		300		288
National Australia Bank Ltd. (Australia) 2.50%, 1/12/2021		1,050		1,028
National City Corp. 6.88%, 5/15/2019		100		102
Nordea Bank AB (Finland) 4.25%, 9/21/2022(b)		591		589
PNC Bank NA 2.45%, 11/5/2020		356		349
PNC Financial Services Group, Inc. (The)
6.70%, 6/10/2019		363		370
4.38%, 8/11/2020		362		367
Regions Financial Corp. 3.20%, 2/8/2021		402		396
Royal Bank of Canada (Canada) 4.65%, 1/27/2026		597		605
Royal Bank of Scotland Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024(c)		635		618
Santander UK Group Holdings plc (United Kingdom) 3.13%, 1/8/2021		250		244
Santander UK plc (United Kingdom) 2.50%, 3/14/2019		799		798
Societe Generale SA (France) 4.25%, 9/14/2023(b)		1,200		1,180
Stadshypotek AB (Sweden) 1.88%, 10/2/2019(b)		442		438
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024(b)		1,200		1,210
Sumitomo Mitsui Financial Group, Inc. (Japan) 3.10%, 1/17/2023		482		469
SunTrust Bank 2.75%, 5/1/2023		1,500		1,434
Toronto-Dominion Bank (The) (Canada) 3.15%, 9/17/2020		1,000		999
US Bancorp 2.20%, 4/25/2019		500		498
Series V, 2.63%, 1/24/2022		732		715
3.60%, 9/11/2024		215		211
Wachovia Corp. 7.57%, 8/1/2026(d)		1,700		1,996
Wells Fargo & Co.
2.50%, 3/4/2021		428		417
3.50%, 3/8/2022		1,000		989
3.00%, 2/19/2025		368		345
3.00%, 4/22/2026		800		737
4.30%, 7/22/2027		2,000		1,940
Westpac Banking Corp. (Australia)
2.00%, 3/3/2020(b)		506		499
2.50%, 6/28/2022		1,100		1,059

				61,128

Beverages — 0.7%
Anheuser-Busch Cos. LLC (Belgium) 3.65%, 2/1/2026(b)		2,800		2,647
Anheuser-Busch InBev Finance, Inc. (Belgium) 3.30%, 2/1/2023		3,234		3,131
Diageo Investment Corp. (United Kingdom) 2.88%, 5/11/2022		1,000		979
Keurig Dr Pepper, Inc. 4.42%, 5/25/2025(b)		745		734
Molson Coors Brewing Co. 2.25%, 3/15/2020		400		393
PepsiCo, Inc. 2.38%, 10/6/2026		200		181

				8,065

Biotechnology — 0.4%
AbbVie, Inc. 2.85%, 5/14/2023		1,606		1,531
Amgen, Inc. 3.63%, 5/15/2022		1,850		1,843
Baxalta, Inc. 3.60%, 6/23/2022		35		34
Biogen, Inc. 3.63%, 9/15/2022		212		211
Celgene Corp.
3.95%, 10/15/2020		700		707
3.25%, 8/15/2022		600		583
Gilead Sciences, Inc.
2.55%, 9/1/2020		300		296
3.70%, 4/1/2024		56		56
3.50%, 2/1/2025		35		34

				5,295

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Building Products — 0.1%
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027(b)		222		203
Johnson Controls International plc
4.25%, 3/1/2021		1,135		1,152
3.62%, 7/2/2024(d)		138		135

				1,490

Capital Markets — 2.9%
Ameriprise Financial, Inc. 4.00%, 10/15/2023		550		556
Bank of New York Mellon Corp. (The)
4.60%, 1/15/2020		155		158
2.60%, 8/17/2020		92		91
4.15%, 2/1/2021		1,440		1,463
3.40%, 1/29/2028		1,500		1,438
BlackRock, Inc. 3.20%, 3/15/2027		400		382
Blackstone Holdings Finance Co. LLC 4.75%, 2/15/2023(b)		470		487
Brookfield Finance, Inc. (Canada) 4.25%, 6/2/2026		650		630
CDP Financial, Inc. (Canada) 4.40%, 11/25/2019(b)		500		507
Charles Schwab Corp. (The) 3.20%, 3/2/2027		250		236
CME Group, Inc. 3.00%, 9/15/2022		1,666		1,642
Credit Suisse AG (Switzerland) 3.63%, 9/9/2024		520		506
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		600		585
3.95%, 2/27/2023		500		470
Goldman Sachs Group, Inc. (The)
5.38%, 3/15/2020		900		921
2.35%, 11/15/2021		4,195		4,005
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022(c)		500		482
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023(c)		196		187
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025(c)		403		376
4.25%, 10/21/2025		92		89
3.50%, 11/16/2026		1,200		1,106
3.85%, 1/26/2027		1,000		941
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(c)		384		355
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		1,502		1,527
Invesco Finance plc 3.75%, 1/15/2026		436		419
Jefferies Group LLC 6.88%, 4/15/2021		400		426
Macquarie Bank Ltd. (Australia) 2.60%, 6/24/2019(b)		481		479
Macquarie Group Ltd. (Australia) 6.25%, 1/14/2021(b)		800		839
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030(b)(c)		200		198
Morgan Stanley
7.30%, 5/13/2019		1,700		1,731
5.63%, 9/23/2019		2,500		2,545
2.65%, 1/27/2020		600		595
5.50%, 7/24/2020		154		159
5.75%, 1/25/2021		687		715
2.75%, 5/19/2022		400		385
5.00%, 11/24/2025		622		631
3.88%, 1/27/2026		2,281		2,199
4.35%, 9/8/2026		880		854
State Street Corp. 3.10%, 5/15/2023		1,724		1,672
3.70%, 11/20/2023		1,154		1,152
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		219		215
UBS AG (Switzerland) 2.45%, 12/1/2020(b)		200		196

				34,550

Chemicals — 0.7%
Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023(b)		400		393
Dow Chemical Co. (The)
8.55%, 5/15/2019		17		17
4.13%, 11/15/2021		52		53
3.00%, 11/15/2022		594		573
3.50%, 10/1/2024		800		769
Ecolab, Inc.
2.25%, 1/12/2020		167		165
3.25%, 1/14/2023		330		326
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028		93		92
Mosaic Co. (The) 3.25%, 11/15/2022		2,243		2,175
Nutrien Ltd. (Canada)
6.50%, 5/15/2019		1,050		1,065
3.38%, 3/15/2025		168		157
Praxair, Inc. 2.20%, 8/15/2022		1,250		1,195
Rohm & Haas Co. 7.85%, 7/15/2029		315		390
Sherwin-Williams Co. (The)
3.30%, 2/1/2025		225		212
3.45%, 6/1/2027		170		155
Westlake Chemical Corp. 3.60%, 8/15/2026		1,150		1,053

				8,790

Commercial Services & Supplies — 0.1%
Republic Services, Inc.
5.50%, 9/15/2019		1,200		1,219
3.55%, 6/1/2022		417		414

				1,633

Communications Equipment — 0.2%
Cisco Systems, Inc.
4.95%, 2/15/2019		975		979
4.45%, 1/15/2020		90		91
2.45%, 6/15/2020		90		89
2.90%, 3/4/2021		181		180

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Communications Equipment — continued
2.95%, 2/28/2026		1,000		948

				2,287

Construction Materials — 0.1%
CRH America, Inc. (Ireland) 3.88%, 5/18/2025(b)		250		240
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		260		237
3.50%, 12/15/2027		300		272

				749

Consumer Finance — 1.3%
AerCap Ireland Capital DAC (Ireland)
3.30%, 1/23/2023		1,200		1,142
3.65%, 7/21/2027		594		518
American Express Co. 3.38%, 5/17/2021		1,000		994
American Honda Finance Corp. 2.25%, 8/15/2019		250		247
Caterpillar Financial Services Corp.
7.15%, 2/15/2019		675		680
2.25%, 12/1/2019		176		175
2.75%, 8/20/2021		510		501
2.85%, 6/1/2022		900		881
Ford Motor Credit Co. LLC
2.02%, 5/3/2019		484		481
3.34%, 3/28/2022		1,619		1,526
3.81%, 1/9/2024		200		182
General Motors Financial Co., Inc.
3.70%, 5/9/2023		615		586
4.25%, 5/15/2023		770		751
4.00%, 10/6/2026		280		252
4.35%, 1/17/2027		400		369
3.85%, 1/5/2028		1,000		878
John Deere Capital Corp.
1.70%, 1/15/2020		65		64
3.15%, 10/15/2021		650		646
2.70%, 1/6/2023		298		287
3.45%, 3/13/2025		500		492
PACCAR Financial Corp. 2.20%, 9/15/2019		1,400		1,391
Synchrony Financial 4.25%, 8/15/2024		350		322
Toyota Motor Credit Corp.
2.13%, 7/18/2019		1,700		1,692
2.63%, 1/10/2023		800		771

				15,828

Containers & Packaging — 0.1%
International Paper Co. 3.80%, 1/15/2026		350		339
Westrock Co. 4.90%, 3/15/2029(b)		150		151
WRKCo., Inc. 3.00%, 9/15/2024(b)		350		323

				813

Diversified Financial Services — 0.8%
AIG Global Funding 2.15%, 7/2/2020(b)		550		539
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		3,238		3,078
Hutchison Whampoa International 12 II Ltd. (Hong Kong) 3.25%, 11/8/2022(b)		490		481
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 3.96%, 9/19/2023(b)		820		820
National Rural Utilities Cooperative Finance Corp. 3.40%, 2/7/2028		1,250		1,202
ORIX Corp. (Japan) 2.90%, 7/18/2022		277		269
Shell International Finance BV (Netherlands)
4.30%, 9/22/2019		1,555		1,570
3.40%, 8/12/2023		150		149
2.88%, 5/10/2026		788		739
Siemens Financieringsmaatschappij NV (Germany) 3.13%, 3/16/2024(b)		400		388

				9,235

Diversified Telecommunication Services — 0.9%
AT&T, Inc.
5.80%, 2/15/2019		1,405		1,413
3.95%, 1/15/2025		1,183		1,142
3.40%, 5/15/2025		2,527		2,352
4.10%, 2/15/2028		800		754
4.30%, 2/15/2030		1,282		1,195
British Telecommunications plc (United Kingdom) 2.35%, 2/14/2019		350		349
Telefonica Emisiones SAU (Spain)
5.13%, 4/27/2020		409		417
5.46%, 2/16/2021		114		118
Verizon Communications, Inc.
3.13%, 3/16/2022		528		521
4.33%, 9/21/2028		1,508		1,499
4.40%, 11/1/2034		350		332
5.25%, 3/16/2037		320		329

				10,421

Electric Utilities — 3.0%
Appalachian Power Co. 4.60%, 3/30/2021		800		817
Arizona Public Service Co. 3.35%, 6/15/2024		372		364
Baltimore Gas & Electric Co. 2.80%, 8/15/2022		1,595		1,544
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028(b)		476		447
4.55%, 11/15/2030(b)		290		289
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021(b)		237		235
Connecticut Light & Power Co. (The) Series A, 3.20%, 3/15/2027		700		663
DTE Electric Co.
3.90%, 6/1/2021		200		202
2.65%, 6/15/2022		197		192
3.65%, 3/15/2024		1,500		1,503
3.38%, 3/1/2025		1,000		974

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Electric Utilities — continued
Duke Energy Carolinas LLC
3.90%, 6/15/2021		1,250		1,268
6.45%, 10/15/2032		50		60
Duke Energy Corp. 3.55%, 9/15/2021		233		232
Duke Energy Indiana LLC 3.75%, 7/15/2020		160		161
Duke Energy Progress LLC 2.80%, 5/15/2022		461		451
Electricite de France SA (France) 2.15%, 1/22/2019(b)		720		719
Enel Finance International NV (Italy)
4.63%, 9/14/2025(b)		425		401
3.63%, 5/25/2027(b)		450		388
Entergy Arkansas, Inc.
3.05%, 6/1/2023		765		752
3.50%, 4/1/2026		260		254
Entergy Mississippi, Inc. 2.85%, 6/1/2028		269		246
Evergy, Inc. 4.85%, 6/1/2021		1,663		1,697
Fortis, Inc. (Canada) 3.06%, 10/4/2026		550		498
Georgia Power Co. 4.25%, 12/1/2019		3,700		3,729
Hydro-Quebec (Canada) Series HY, 8.40%, 1/15/2022		1,000		1,140
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		100		98
Interstate Power & Light Co. 4.10%, 9/26/2028		1,000		996
Kentucky Utilities Co. 3.30%, 10/1/2025		200		194
Louisville Gas & Electric Co. Series 25, 3.30%, 10/1/2025		94		91
Nevada Power Co. 7.13%, 3/15/2019		1,000		1,012
NextEra Energy Capital Holdings, Inc.
2.40%, 9/15/2019		518		514
2.70%, 9/15/2019		1,539		1,532
Niagara Mohawk Power Corp. 3.51%, 10/1/2024(b)		938		925
NSTAR Electric Co. 2.38%, 10/15/2022		300		288
Ohio Power Co. Series M, 5.38%, 10/1/2021		1,200		1,263
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029(b)		300		339
Pacific Gas & Electric Co.
3.25%, 9/15/2021		424		387
2.45%, 8/15/2022		794		700
3.25%, 6/15/2023		1,500		1,320
3.85%, 11/15/2023		350		315
Pennsylvania Electric Co. 3.25%, 3/15/2028(b)		256		238
PPL Capital Funding, Inc. 4.20%, 6/15/2022		752		758
PPL Electric Utilities Corp. 2.50%, 9/1/2022		224		216
Progress Energy, Inc. 4.40%, 1/15/2021		560		569
Public Service Co. of Colorado 3.20%, 11/15/2020		74		74
Public Service Co. of New Hampshire 3.50%, 11/1/2023		283		281
Public Service Co. of Oklahoma 4.40%, 2/1/2021		220		222
Public Service Electric & Gas Co. 2.00%, 8/15/2019		1,100		1,094
Southern California Edison Co. 3.88%, 6/1/2021		958		957
Virginia Electric & Power Co.
2.95%, 1/15/2022		1,099		1,077
Series C, 2.75%, 3/15/2023		1,600		1,544

				36,230

Electrical Equipment — 0.0%(a)
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		350		342

Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 3.88%, 1/12/2028		926		846

Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		400		378
Halliburton Co.
8.75%, 2/15/2021		750		824
3.50%, 8/1/2023		350		343
Schlumberger Investment SA 3.30%, 9/14/2021(b)		233		232

				1,777

Entertainment — 0.3%
21st Century Fox America, Inc. 7.43%, 10/1/2026		600		731
NBCUniversal Enterprise, Inc. 1.97%, 4/15/2019(b)		400		398
Viacom, Inc. 3.88%, 4/1/2024		1,309		1,295
Warner Media LLC 3.55%, 6/1/2024		600		576

				3,000

Equity Real Estate Investment Trusts (REITs) — 1.2%
Alexandria Real Estate Equities, Inc. 3.95%, 1/15/2027		285		273
American Tower Corp. 3.50%, 1/31/2023		360		350
American Tower Trust #1 3.07%, 3/15/2023(b)		500		489
AvalonBay Communities, Inc. 3.20%, 1/15/2028		300		281
Boston Properties LP 3.80%, 2/1/2024		909		894
Brixmor Operating Partnership LP 3.85%, 2/1/2025		375		359
Crown Castle International Corp. 4.45%, 2/15/2026		600		594

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Equity Real Estate Investment Trusts (REITs) — continued
Duke Realty LP 3.63%, 4/15/2023		672		664
EPR Properties 4.50%, 6/1/2027		207		196
ERP Operating LP
4.63%, 12/15/2021		1,047		1,076
3.50%, 3/1/2028		1,228		1,170
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(b)		163		152
HCP, Inc. 3.88%, 8/15/2024		2,098		2,038
Liberty Property LP 4.40%, 2/15/2024		150		152
National Retail Properties, Inc. 3.60%, 12/15/2026		247		235
Realty Income Corp.
3.25%, 10/15/2022		600		588
3.88%, 7/15/2024		400		398
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025(b)		400		380
Select Income 3.60%, 2/1/2020		300		298
Senior Housing Properties Trust 4.75%, 2/15/2028		300		284
Simon Property Group LP 2.50%, 9/1/2020		1,200		1,183
Tanger Properties LP 3.75%, 12/1/2024		240		230
UDR, Inc. 2.95%, 9/1/2026		106		96
Ventas Realty LP
3.75%, 5/1/2024		470		458
3.50%, 2/1/2025		90		86
4.13%, 1/15/2026		158		154
VEREIT Operating Partnership LP 4.60%, 2/6/2024		350		349
Welltower, Inc. 4.50%, 1/15/2024		900		914

				14,341

Food & Staples Retailing — 0.3%
Costco Wholesale Corp. 2.75%, 5/18/2024		1,094		1,057
Kroger Co. (The)
3.30%, 1/15/2021		700		694
5.40%, 7/15/2040		92		91
Sysco Corp.
3.75%, 10/1/2025		208		202
3.25%, 7/15/2027		200		186
Walmart, Inc.
2.55%, 4/11/2023		1,650		1,592
3.30%, 4/22/2024		200		198

				4,020

Food Products — 0.7%
Campbell Soup Co. 3.95%, 3/15/2025		450		426
Cargill, Inc. 3.30%, 3/1/2022(b)		900		892
Conagra Brands, Inc. 4.60%, 11/1/2025		115		114
General Mills, Inc.
5.65%, 2/15/2019		100		100
3.15%, 12/15/2021		2,075		2,035
Kraft Heinz Foods Co.
3.50%, 6/6/2022		719		707
4.00%, 6/15/2023		310		307
3.95%, 7/15/2025		700		671
6.88%, 1/26/2039		193		216
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		89		90
Nestle Holdings, Inc. 3.50%, 9/24/2025(b)		2,100		2,084
Tyson Foods, Inc.
2.65%, 8/15/2019		171		170
2.25%, 8/23/2021		313		301
3.90%, 9/28/2023		500		494
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		200		196

				8,803

Gas Utilities — 0.2%
Atmos Energy Corp. 8.50%, 3/15/2019		1,365		1,386
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		843		853

				2,239

Health Care Equipment & Supplies — 0.3%
Abbott Laboratories 3.88%, 9/15/2025		484		485
Becton Dickinson and Co.
2.68%, 12/15/2019		215		213
3.36%, 6/6/2024		100		96
Medtronic, Inc. 3.50%, 3/15/2025		2,400		2,350
Zimmer Biomet Holdings, Inc.
3.70%, 3/19/2023		174		172
3.55%, 4/1/2025		530		499

				3,815

Health Care Providers & Services — 0.8%
Anthem, Inc. 3.30%, 1/15/2023		700		685
CVS Health Corp.
2.75%, 12/1/2022		1,100		1,043
4.00%, 12/5/2023		257		255
4.10%, 3/25/2025		4,534		4,466
Express Scripts Holding Co. 3.50%, 6/15/2024		400		388
Laboratory Corp. of America Holdings 3.25%, 9/1/2024		300		286
UnitedHealth Group, Inc.
4.70%, 2/15/2021		255		262
3.38%, 11/15/2021		187		187
2.75%, 2/15/2023		365		354
2.88%, 3/15/2023		1,645		1,598

				9,524

Hotels, Restaurants & Leisure — 0.2%
McDonald’s Corp.
3.38%, 5/26/2025		1,250		1,209
3.80%, 4/1/2028		440		427

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Hotels, Restaurants & Leisure — continued
Starbucks Corp. 2.70%, 6/15/2022		326		317

				1,953

Household Products — 0.2%
Kimberly-Clark Corp.
2.40%, 3/1/2022		200		194
2.40%, 6/1/2023		1,800		1,716
Procter & Gamble Co. (The) 1.85%, 2/2/2021		500		487

				2,397

Independent Power and Renewable Electricity Producers — 0.0%(a)
Exelon Generation Co. LLC
3.40%, 3/15/2022		90		88
4.25%, 6/15/2022		90		91

				179

Industrial Conglomerates — 0.4%
General Electric Co.
2.10%, 12/11/2019		200		196
5.50%, 1/8/2020		529		533
4.38%, 9/16/2020		125		125
5.30%, 2/11/2021		95		94
4.65%, 10/17/2021		1,919		1,885
5.88%, 1/14/2038		70		65
Honeywell International, Inc. 4.25%, 3/1/2021		1,200		1,225
Roper Technologies, Inc.
3.00%, 12/15/2020		208		206
3.80%, 12/15/2026		274		262

				4,591

Insurance — 1.8%
Allstate Corp. (The) 3.15%, 6/15/2023		651		642
Alterra Finance LLC 6.25%, 9/30/2020		200		209
American International Group, Inc. 4.13%, 2/15/2024		818		810
Assurant, Inc. 4.20%, 9/27/2023		145		143
Athene Global Funding 2.75%, 4/20/2020(b)		422		417
Athene Holding Ltd. 4.13%, 1/12/2028		230		210
Chubb INA Holdings, Inc. 2.70%, 3/13/2023		1,900		1,837
CNA Financial Corp.
3.95%, 5/15/2024		499		490
4.50%, 3/1/2026		364		361
Guardian Life Global Funding
2.50%, 5/8/2022(b)		500		484
3.40%, 4/25/2023(b)		230		227
Jackson National Life Global Funding 3.05%, 4/29/2026(b)		1,135		1,066
Liberty Mutual Group, Inc.
4.95%, 5/1/2022(b)		900		918
4.25%, 6/15/2023(b)		950		957
Lincoln National Corp. 4.20%, 3/15/2022		864		880
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		1,000		1,001
Markel Corp. 5.35%, 6/1/2021		440		457
Marsh & McLennan Cos., Inc. 2.35%, 3/6/2020		824		814
MassMutual Global Funding II 2.35%, 4/9/2019(b)		1,216		1,213
Metropolitan Life Global Funding I
1.55%, 9/13/2019(b)		710		702
3.88%, 4/11/2022(b)		426		429
3.00%, 1/10/2023(b)		1,600		1,555
New York Life Global Funding
2.15%, 6/18/2019(b)		1,024		1,019
1.95%, 2/11/2020(b)		323		318
2.35%, 7/14/2026(b)		953		855
Principal Financial Group, Inc. 3.13%, 5/15/2023		471		459
Protective Life Global Funding 2.62%, 8/22/2022(b)		400		386
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025(b)		650		792
Reliance Standard Life Global Funding II
2.50%, 1/15/2020(b)		650		642
3.05%, 1/20/2021(b)		373		369
Torchmark Corp. 4.55%, 9/15/2028		335		335

				20,997

Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc.
2.80%, 8/22/2024		1,217		1,164
4.80%, 12/5/2034		150		158
3.88%, 8/22/2037		350		331

				1,653

IT Services — 0.1%
DXC Technology Co. 4.25%, 4/15/2024		151		148
International Business Machines Corp.
1.80%, 5/17/2019		252		251
2.25%, 2/19/2021		1,150		1,121
Western Union Co. (The) 3.60%, 3/15/2022		100		99

				1,619

Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc.
3.15%, 1/15/2023		441		429
3.20%, 8/15/2027		350		320

				749

Machinery — 0.2%
Deere & Co. 4.38%, 10/16/2019		700		707
Illinois Tool Works, Inc. 3.50%, 3/1/2024		1,400		1,404
Parker-Hannifin Corp. 3.30%, 11/21/2024		228		223
Xylem, Inc. 3.25%, 11/1/2026		111		104

				2,438

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Media — 0.9%
CBS Corp. 3.70%, 8/15/2024		1,019		984
Charter Communications Operating LLC 4.91%, 7/23/2025		260		259
Comcast Corp.
3.00%, 2/1/2024		1,168		1,125
3.38%, 2/15/2025		1,226		1,187
3.95%, 10/15/2025		209		208
3.15%, 3/1/2026		221		207
3.90%, 3/1/2038		1,136		1,022
Cox Communications, Inc. 3.50%, 8/15/2027(b)		615		565
Discovery Communications LLC 4.38%, 6/15/2021		422		428
Grupo Televisa SAB (Mexico) 4.63%, 1/30/2026		285		278
Time Warner Cable LLC 8.75%, 2/14/2019		3,425		3,460
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		500		605

				10,328

Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 4.50%, 3/15/2028(b)		1,000		935
Nucor Corp. 4.00%, 8/1/2023		305		308
Vale Overseas Ltd. (Brazil) 6.25%, 8/10/2026		306		327

				1,570

Multiline Retail — 0.1%
Macy’s Retail Holdings, Inc. 6.90%, 4/1/2029		420		441
Nordstrom, Inc. 4.00%, 10/15/2021		175		176
Target Corp. 3.50%, 7/1/2024		868		869

				1,486

Multi-Utilities — 0.6%
CMS Energy Corp. 2.95%, 2/15/2027		170		154
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		690		687
Consumers Energy Co.
5.65%, 4/15/2020		1,060		1,090
2.85%, 5/15/2022		137		134
Dominion Energy, Inc. Series B, 2.75%, 9/15/2022		350		335
DTE Energy Co. Series F, 3.85%, 12/1/2023		784		782
NiSource, Inc.
2.65%, 11/17/2022		184		177
3.85%, 2/15/2023		300		300
3.95%, 3/30/2048		100		87
Sempra Energy
9.80%, 2/15/2019		1,400		1,418
4.05%, 12/1/2023		192		190
Southern Co. Gas Capital Corp.
5.25%, 8/15/2019		550		558
3.50%, 9/15/2021		939		929

				6,841

Oil, Gas & Consumable Fuels — 2.7%
Anadarko Petroleum Corp. 8.70%, 3/15/2019		1,025		1,041
Andeavor Logistics LP 4.25%, 12/1/2027		118		110
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027(b)		122		117
BP Capital Markets plc (United Kingdom)
3.25%, 5/6/2022		712		703
3.22%, 4/14/2024		1,317		1,278
Buckeye Partners LP
4.35%, 10/15/2024		300		294
3.95%, 12/1/2026		355		318
Cenovus Energy, Inc. (Canada) 3.80%, 9/15/2023		1,200		1,143
Chevron Corp.
2.36%, 12/5/2022		1,000		956
3.19%, 6/24/2023		285		280
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		833		835
Ecopetrol SA (Colombia)
4.13%, 1/16/2025		467		440
5.38%, 6/26/2026		773		766
Energy Transfer Operating LP
3.60%, 2/1/2023		267		257
4.90%, 2/1/2024		570		572
4.05%, 3/15/2025		182		172
Eni SpA (Italy) Series X-R, 4.00%, 9/12/2023(b)		1,145		1,116
Enterprise Products Operating LLC
3.35%, 3/15/2023		225		220
3.90%, 2/15/2024		263		262
3.75%, 2/15/2025		150		146
3.70%, 2/15/2026		651		627
3.95%, 2/15/2027		596		579
EOG Resources, Inc. 2.63%, 3/15/2023		240		229
Equinor ASA (Norway) 2.65%, 1/15/2024		1,179		1,125
Exxon Mobil Corp. 2.71%, 3/6/2025		1,200		1,134
Magellan Midstream Partners LP 4.25%, 2/1/2021		1,294		1,305
Marathon Petroleum Corp. 3.63%, 9/15/2024		964		926
MPLX LP 4.13%, 3/1/2027		518		486
Noble Energy, Inc. 3.85%, 1/15/2028		350		319
Occidental Petroleum Corp. 2.70%, 2/15/2023		441		423
ONEOK Partners LP 4.90%, 3/15/2025		1,800		1,820

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
Petroleos Mexicanos (Mexico)
6.38%, 2/4/2021		466		469
4.88%, 1/18/2024		270		249
6.88%, 8/4/2026		731		701
5.35%, 2/12/2028(b)		395		340
Phillips 66
4.30%, 4/1/2022		173		176
3.90%, 3/15/2028		320		303
Plains All American Pipeline LP
3.65%, 6/1/2022		705		685
3.85%, 10/15/2023		400		384
Suncor Energy, Inc. (Canada)
3.60%, 12/1/2024		350		339
5.95%, 12/1/2034		1,000		1,103
Sunoco Logistics Partners Operations LP
5.50%, 2/15/2020		700		713
4.25%, 4/1/2024		506		495
TC PipeLines LP 3.90%, 5/25/2027		141		131
Texas Eastern Transmission LP 2.80%, 10/15/2022(b)		1,153		1,102
Total Capital Canada Ltd. (France) 2.75%, 7/15/2023		821		789
Total Capital International SA (France)
2.70%, 1/25/2023		200		194
3.75%, 4/10/2024		1,003		1,007
TransCanada PipeLines Ltd. (Canada)
7.13%, 1/15/2019		300		301
2.50%, 8/1/2022		455		434
3.75%, 10/16/2023		2,345		2,315
Williams Cos., Inc. (The) 3.90%, 1/15/2025		262		253

				32,482

Pharmaceuticals — 0.6%
Bristol-Myers Squibb Co. 2.00%, 8/1/2022		1,210		1,157
GlaxoSmithKline Capital, Inc. (United Kingdom) 2.80%, 3/18/2023		1,875		1,805
Johnson & Johnson 2.63%, 1/15/2025		413		394
Mylan, Inc. 3.13%, 1/15/2023(b)		600		564
Novartis Capital Corp. (Switzerland) 3.00%, 11/20/2025		1,153		1,092
Pfizer, Inc. 3.20%, 9/15/2023		1,000		991
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		700		630

				6,633

Real Estate Management & Development — 0.0%(a)
Mitsui Fudosan Co. Ltd. (Japan) 3.65%, 7/20/2027(b)		219		214
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.88%, 3/20/2027(b)		325		318

				532

Road & Rail — 1.1%
Burlington Northern Santa Fe LLC
3.60%, 9/1/2020		125		126
4.10%, 6/1/2021		2,000		2,036
Canadian Pacific Railway Co. (Canada)
7.25%, 5/15/2019		600		611
4.50%, 1/15/2022		1,146		1,171
CSX Corp. 3.25%, 6/1/2027		1,068		993
ERAC USA Finance LLC
4.50%, 8/16/2021(b)		315		320
3.85%, 11/15/2024(b)		650		643
Norfolk Southern Corp.
3.25%, 12/1/2021		829		823
2.90%, 2/15/2023		1,062		1,030
3.85%, 1/15/2024		750		750
Penske Truck Leasing Co. LP
2.50%, 6/15/2019(b)		263		262
4.20%, 4/1/2027(b)		1,250		1,211
Ryder System, Inc. 2.45%, 9/3/2019		555		551
Union Pacific Corp.
3.75%, 3/15/2024		1,200		1,197
3.25%, 1/15/2025		850		817

				12,541

Semiconductors & Semiconductor Equipment — 0.4%
Analog Devices, Inc.
2.95%, 1/12/2021		600		593
3.13%, 12/5/2023		122		117
Broadcom Corp. 3.63%, 1/15/2024		1,054		997
Intel Corp.
3.10%, 7/29/2022		728		722
2.88%, 5/11/2024		987		949
QUALCOMM, Inc. 3.25%, 5/20/2027		313		287
Texas Instruments, Inc. 2.75%, 3/12/2021		790		781

				4,446

Software — 0.6%
Microsoft Corp.
4.20%, 6/1/2019		1,500		1,509
2.38%, 5/1/2023		181		174
2.88%, 2/6/2024		1,508		1,464
3.13%, 11/3/2025		800		776
Oracle Corp.
2.50%, 5/15/2022		540		523
2.50%, 10/15/2022		1,285		1,236
2.95%, 11/15/2024		1,000		957
2.65%, 7/15/2026		600		549
6.50%, 4/15/2038		50		62

				7,250

Specialty Retail — 0.4%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		250		255
Home Depot, Inc. (The)
2.00%, 6/15/2019		531		528
2.70%, 4/1/2023		450		438
3.75%, 2/15/2024		986		997

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)			Value ($000)
CORPORATE BONDS — continued
Specialty Retail — continued
Lowe’s Cos., Inc.
3.13%, 9/15/2024		1,004			977
3.38%, 9/15/2025		238			231
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		300			286
3.60%, 9/1/2027		463			432

					4,144

Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.
2.85%, 5/6/2021		1,006			999
2.15%, 2/9/2022		818			789
3.00%, 2/9/2024		1,054			1,024
2.75%, 1/13/2025		700			662
3.20%, 5/13/2025		1,154			1,117
3.25%, 2/23/2026		800			769
3.35%, 2/9/2027		226			217
2.90%, 9/12/2027		224			207

					5,784

Tobacco — 0.1%
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		1,000			925
Philip Morris International, Inc. 3.38%, 8/11/2025		850			822

					1,747

Trading Companies & Distributors — 0.2%
Air Lease Corp.
3.88%, 7/3/2023		400			391
3.63%, 4/1/2027		240			215
Aircastle Ltd. 4.40%, 9/25/2023		550			543
Aviation Capital Group LLC
3.88%, 5/1/2023(b)		390			383
4.38%, 1/30/2024(b)		200			198
BOC Aviation Ltd. (Singapore) 2.38%, 9/15/2021(b)		500			477

					2,207

Water Utilities — 0.2%
American Water Capital Corp.
3.85%, 3/1/2024		1,400			1,412
3.40%, 3/1/2025		364			357

					1,769

Wireless Telecommunication Services — 0.2%
America Movil SAB de CV (Mexico) 3.13%, 7/16/2022		379			367
Rogers Communications, Inc. (Canada) 3.63%, 12/15/2025		608			585
Sprint Spectrum Co. LLC 3.36%, 9/20/2021(b)(d)		293			290
Vodafone Group plc (United Kingdom) 2.95%, 2/19/2023		1,400			1,336

					2,578

TOTAL CORPORATE BONDS (Cost $413,468)					402,767

U.S. TREASURY OBLIGATIONS — 21.9%
U.S. Treasury Inflation Indexed Notes
0.13%, 4/15/2019(e)		69,928			74,394
0.13%, 4/15/2021		12,987			13,462
0.13%, 1/15/2022		23,000			24,899
0.13%, 4/15/2022		27,657			27,744
0.63%, 1/15/2024		23,450			24,873
0.13%, 7/15/2024		72,000			73,072
0.38%, 1/15/2027		23,043			22,793

TOTAL U.S. TREASURY OBLIGATIONS (Cost $263,379)					261,237

COLLATERALIZED MORTGAGE OBLIGATIONS — 10.8%
Bear Stearns ALT-A Trust
Series 2004-6, Class 1A, 2.95%, 7/25/2034(f)		247			245
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		1			1
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3A4, 5.25%, 9/25/2033		15			15
Series 2004-HYB4, Class WA, 4.55%, 12/25/2034‡(f)		37			37
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-27, Class 5A4, 5.25%, 11/25/2033		29			30
FHLMC REMIC
Series 2752, Class JB, 4.50%, 2/15/2019		1			1
Series 2773, Class OC, 5.00%, 4/15/2019		2			2
Series 2828, Class JE, 4.50%, 7/15/2019		8			8
Series 2843, Class BC, 5.00%, 8/15/2019		—	(g)		—	(g)
Series 2875, Class HB, 4.00%, 10/15/2019		15			15
Series 2899, Class HB, 4.00%, 12/15/2019		56			56
Series 2910, Class BE, 4.50%, 12/15/2019		—	(g)		1
Series 2920, Class KT, 4.50%, 1/15/2020		7			7
Series 2929, Class KG, 4.50%, 2/15/2020		12			12
Series 2981, Class BC, 4.50%, 5/15/2020		1			1
Series 3874, Class DW, 3.50%, 6/15/2021		2,046			2,061
Series 3294, Class DB, 4.50%, 3/15/2022		274			275
Series 3372, Class BD, 4.50%, 10/15/2022		7			7

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2595, Class HJ, 5.00%, 3/15/2023		3		3
Series 2626, Class JC, 5.00%, 6/15/2023		719		744
Series 2649, Class WB, 3.50%, 7/15/2023		227		226
Series 1578, Class K, 6.90%, 9/15/2023		14		15
Series 2685, Class DT, 5.00%, 10/15/2023		553		571
Series 2687, Class JH, 5.00%, 10/15/2023		126		130
Series 2701, Class AC, 5.00%, 11/15/2023		830		858
Series 3521, Class B, 4.00%, 4/15/2024		652		660
Series 3544, Class BC, 4.00%, 6/15/2024		60		61
Series 3546, Class NB, 4.00%, 6/15/2024		2,792		2,859
Series 3562, Class JC, 4.00%, 8/15/2024		1,286		1,312
Series 3563, Class BD, 4.00%, 8/15/2024		861		887
Series 3571, Class MY, 4.00%, 9/15/2024		265		269
Series 3575, Class EB, 4.00%, 9/15/2024		896		923
Series 3577, Class B, 4.00%, 9/15/2024		1,404		1,412
Series 3578, Class KB, 4.00%, 9/15/2024		223		226
Series 2989, Class TG, 5.00%, 6/15/2025		751		785
Series 2988, Class TY, 5.50%, 6/15/2025		31		33
Series 3816, Class HA, 3.50%, 11/15/2025		1,661		1,676
Series 3087, Class KX, 5.50%, 12/15/2025		83		87
Series 3787, Class AY, 3.50%, 1/15/2026		1,087		1,096
Series 3794, Class LB, 3.50%, 1/15/2026		934		939
Series 3102, Class CE, 5.50%, 1/15/2026		1,153		1,198
Series 3123, Class HT, 5.00%, 3/15/2026		111		116
Series 3121, Class JD, 5.50%, 3/15/2026		33		35
Series 3150, Class EQ, 5.00%, 5/15/2026		432		447
Series 3898, Class KH, 3.50%, 6/15/2026		821		825
Series 3885, Class AC, 4.00%, 6/15/2026		958		969
Series 3911, Class B, 3.50%, 8/15/2026		1,390		1,402
Series 3959, Class PB, 3.00%, 11/15/2026		2,500		2,473
Series 4337, Class VJ, 3.50%, 6/15/2027		2,112		2,148
Series 3337, Class MD, 5.50%, 6/15/2027		58		62
Series 2110, Class PG, 6.00%, 1/15/2029		147		158
Series 3755, Class ML, 5.50%, 6/15/2029		31		32
Series 3563, Class LB, 4.00%, 8/15/2029		36		36
Series 3653, Class B, 4.50%, 4/15/2030		200		209
Series 3824, Class EY, 3.50%, 3/15/2031		500		508
Series 2525, Class AM, 4.50%, 4/15/2032		800		832
Series 2441, Class GF, 6.50%, 4/15/2032		29		32
Series 2436, Class MC, 7.00%, 4/15/2032		23		26
Series 2760, Class KT, 4.50%, 9/15/2032		110		110
Series 2505, Class D, 5.50%, 9/15/2032		167		180
Series 2544, Class KE, 5.50%, 12/15/2032		84		90
Series 2557, Class HL, 5.30%, 1/15/2033		209		225
Series 2575, Class PE, 5.50%, 2/15/2033		64		69
Series 2586, Class WG, 4.00%, 3/15/2033		273		280
Series 2596, Class QD, 4.00%, 3/15/2033		230		234
Series 2621, Class QH, 5.00%, 5/15/2033		251		268
Series 2649, Class PJ, 3.50%, 6/15/2033		22		22
Series 2624, Class QH, 5.00%, 6/15/2033		326		350
Series 2648, Class BK, 5.00%, 7/15/2033		19		19
Series 4238, Class UY, 3.00%, 8/15/2033		3,650		3,470
Series 2673, Class PE, 5.50%, 9/15/2033		548		597
Series 2696, Class DG, 5.50%, 10/15/2033		441		478
Series 2725, Class TA, 4.50%, 12/15/2033		284		298
Series 2733, Class ME, 5.00%, 1/15/2034		491		524
Series 2768, Class PK, 5.00%, 3/15/2034		261		274
Series 3659, Class VG, 5.00%, 9/15/2034		530		550

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)			Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 3017, Class MK, 5.00%, 12/15/2034		1			1
Series 2934, Class KG, 5.00%, 2/15/2035		340			364
Series 3077, Class TO, PO, 4/15/2035		24			21
Series 2960, Class JH, 5.50%, 4/15/2035		1,002			1,076
Series 2993, Class PM, 4.50%, 5/15/2035		1			1
Series 3082, Class PW, 5.50%, 12/15/2035		69			75
Series 3084, Class BH, 5.50%, 12/15/2035		1,578			1,703
Series 3098, Class KG, 5.50%, 1/15/2036		1,427			1,557
Series 3136, Class CO, PO, 4/15/2036		53			47
Series 3145, Class AJ, 5.50%, 4/15/2036		51			55
Series 3819, Class ZQ, 6.00%, 4/15/2036		967			1,065
Series 3200, PO, 8/15/2036		96			82
Series 3659, Class BD, 5.00%, 1/15/2037		20			20
Series 3270, Class AT, 5.50%, 1/15/2037		45			49
Series 3272, Class PA, 6.00%, 2/15/2037		11			12
Series 3348, Class HT, 6.00%, 7/15/2037		74			82
Series 3747, Class PA, 4.00%, 4/15/2038		287			289
Series 3740, Class BP, 4.50%, 4/15/2038		257			259
Series 4085, Class FB, 2.71%, 1/15/2039(f)		366			368
Series 3501, Class A, 4.50%, 1/15/2039		328			332
Series 3508, Class PK, 4.00%, 2/15/2039		7			7
Series 3513, Class A, 4.50%, 2/15/2039		26			27
Series 4219, Class JA, 3.50%, 8/15/2039		1,925			1,937
Series 3797, Class PA, 4.50%, 8/15/2039		67			67
Series 3827, Class BM, 5.50%, 8/15/2039		510			524
Series 3653, Class HJ, 5.00%, 4/15/2040		1,212			1,283
Series 3677, Class KB, 4.50%, 5/15/2040		2,146			2,230
Series 3677, Class PB, 4.50%, 5/15/2040		1,291			1,366
Series 3904, Class EC, 2.00%, 8/15/2040		441			431
Series 3715, Class PC, 4.50%, 8/15/2040		260			270
Series 3955, Class HB, 3.00%, 12/15/2040		332			329
Series 3828, Class PU, 4.50%, 3/15/2041		154			157
Series 3852, Class TP, IF, 5.50%, 5/15/2041(f)		584			619
Series 3956, Class EB, 3.25%, 11/15/2041		2,474			2,438
Series 3963, Class JB, 4.50%, 11/15/2041		1,650			1,761
Series 4026, Class MQ, 4.00%, 4/15/2042		161			166
Series 4616, Class HP, 3.00%, 9/15/2046		2,650			2,579
Series 3688, Class GT, 7.34%, 11/15/2046(f)		53			60
FHLMC STRIPS
Series 262, Class 35, 3.50%, 7/15/2042		1,300			1,289
FN 3.88%, 10/1/2028(h)		700			703
FNMA REMIC
Series 2009-78, Class J, 5.00%, 9/25/2019		—	(g)		—	(g)
Series 2010-103, Class GB, 4.00%, 9/25/2020		1,482			1,485
Series 2010-135, Class HE, 3.00%, 1/25/2021		113			113
Series 2011-75, Class BL, 3.50%, 8/25/2021		1,890			1,897
Series 2007-113, Class DB, 4.50%, 12/25/2022		26			26
Series 2003-5, Class EQ, 5.50%, 2/25/2023		59			61
Series 2003-48, Class TC, 5.00%, 6/25/2023		70			73
Series 2003-55, Class HY, 5.00%, 6/25/2023		62			64
Series 2008-70, Class BY, 4.00%, 8/25/2023		120			120
Series 2006-22, Class CE, 4.50%, 8/25/2023		212			216
Series 2008-65, Class CD, 4.50%, 8/25/2023		35			35
Series 2004-44, Class KT, 6.00%, 6/25/2024		270			281
Series 2004-53, Class NC, 5.50%, 7/25/2024		94			97
Series 2009-71, Class MB, 4.50%, 9/25/2024		63			64
Series 2004-70, Class EB, 5.00%, 10/25/2024		189			195
Series 2010-49, Class KB, 4.00%, 5/25/2025		1,109			1,113
Series 2010-41, Class DC, 4.50%, 5/25/2025		378			384
Series 1997-57, Class PN, 5.00%, 9/18/2027		195			203
Series 2009-39, Class LB, 4.50%, 6/25/2029		144			149

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2009-96, Class DB, 4.00%, 11/25/2029		205		211
Series 2010-28, Class DE, 5.00%, 4/25/2030		437		460
Series 2001-63, Class TC, 6.00%, 12/25/2031		85		92
Series 2001-81, Class HE, 6.50%, 1/25/2032		216		238
Series 2002-75, Class GB, 5.50%, 11/25/2032		128		129
Series 2011-39, Class ZA, 6.00%, 11/25/2032		855		936
Series 2002-85, Class PE, 5.50%, 12/25/2032		72		78
Series 2003-21, Class OU, 5.50%, 3/25/2033		49		52
Series 2003-26, Class EB, 3.50%, 4/25/2033		800		776
Series 2003-23, Class CH, 5.00%, 4/25/2033		56		60
Series 2003-134, Class MH, 5.00%, 6/25/2033		12		12
Series 2003-63, Class YB, 5.00%, 7/25/2033		166		178
Series 2003-69, Class N, 5.00%, 7/25/2033		305		326
Series 2003-80, Class QG, 5.00%, 8/25/2033		432		460
Series 2003-85, Class QD, 5.50%, 9/25/2033		201		216
Series 2003-94, Class CE, 5.00%, 10/25/2033		52		54
Series 2005-5, Class CK, 5.00%, 1/25/2035		341		361
Series 2005-29, Class WC, 4.75%, 4/25/2035		710		734
Series 2005-48, Class TD, 5.50%, 6/25/2035		294		323
Series 2005-53, Class MJ, 5.50%, 6/25/2035		480		516
Series 2005-62, Class CP, 4.75%, 7/25/2035		48		50
Series 2005-58, Class EP, 5.50%, 7/25/2035		53		56
Series 2005-68, Class BE, 5.25%, 8/25/2035		250		275
Series 2005-68, Class PG, 5.50%, 8/25/2035		214		228
Series 2005-110, Class MB, 5.50%, 9/25/2035		10		10
Series 2005-102, Class PG, 5.00%, 11/25/2035		647		689
Series 2005-110, Class GL, 5.50%, 12/25/2035		754		815
Series 2006-49, Class PA, 6.00%, 6/25/2036		83		91
Series 2009-19, Class PW, 4.50%, 10/25/2036		486		501
Series 2006-114, Class HE, 5.50%, 12/25/2036		523		566
Series 2007-33, Class HE, 5.50%, 4/25/2037		43		46
Series 2007-65, Class KI, IF, IO, 4.30%, 7/25/2037(f)		10		1
Series 2007-71, Class KP, 5.50%, 7/25/2037		85		90
Series 2007-71, Class GB, 6.00%, 7/25/2037		316		347
Series 2009-86, Class OT, PO, 10/25/2037		59		52
Series 2013-83, Class CA, 3.50%, 10/25/2037		828		831
Series 2010-9, Class MD, 5.00%, 2/25/2038		120		124
Series 2011-22, Class MA, 6.50%, 4/25/2038		217		225
Series 2008-72, Class BX, 5.50%, 8/25/2038		30		32
Series 2008-74, Class B, 5.50%, 9/25/2038		12		13
Series 2009-62, Class HJ, 6.00%, 5/25/2039		457		482
Series 2009-37, Class KI, IF, IO, 3.68%, 6/25/2039(f)		15		1
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		19		4
Series 2009-92, Class AD, 6.00%, 11/25/2039		1,234		1,316
Series 2009-112, Class ST, IF, IO, 3.93%, 1/25/2040(f)		141		17
Series 2010-22, Class PE, 5.00%, 3/25/2040		3,261		3,394
Series 2010-35, Class SB, IF, IO, 4.10%, 4/25/2040(f)		57		6
Series 2010-37, Class CY, 5.00%, 4/25/2040		1,864		1,973
Series 2010-54, Class EA, 4.50%, 6/25/2040		73		75
Series 2010-64, Class DM, 5.00%, 6/25/2040		12		13
Series 2010-71, Class HJ, 5.50%, 7/25/2040		253		275
Series 2010-123, Class BP, 4.50%, 11/25/2040		4,576		4,727
Series 2011-5, Class CP, 4.50%, 11/25/2040		333		339
Series 2011-41, Class KL, 4.00%, 5/25/2041		1,006		995
Series 2011-50, Class LP, 4.00%, 6/25/2041		500		507
Series 2012-137, Class CF, 2.62%, 8/25/2041(f)		810		810
Series 2012-103, Class DA, 3.50%, 10/25/2041		344		342
Series 2012-14, Class DE, 3.50%, 3/25/2042		1,000		966

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2012-139, Class JA, 3.50%, 12/25/2042		714		714
Series 2013-104, Class CY, 5.00%, 10/25/2043		2,250		2,406
Series 2009-96, Class CB, 4.00%, 11/25/2049		33		33
FNMA STRIPS
Series 293, Class 1, PO, 12/25/2024		27		25
Series 314, Class 1, PO, 7/25/2031		59		52
GNMA
Series 2002-44, Class JC, 6.00%, 7/20/2032		39		42
Series 2002-79, Class KL, 5.50%, 11/20/2032		370		396
Series 2003-10, Class KJ, 5.50%, 2/20/2033		99		108
Series 2003-29, Class PD, 5.50%, 4/16/2033		364		392
Series 2003-33, Class NE, 5.50%, 4/16/2033		219		235
Series 2003-65, Class AP, 5.50%, 8/20/2033		134		145
Series 2003-77, Class TK, 5.00%, 9/16/2033		514		538
Series 2004-16, Class GC, 5.50%, 2/20/2034		1,407		1,530
Series 2004-54, Class BG, 5.50%, 7/20/2034		30		33
Series 2004-93, Class PD, 5.00%, 11/16/2034		887		951
Series 2004-101, Class BE, 5.00%, 11/20/2034		733		783
Series 2005-11, Class PL, 5.00%, 2/20/2035		339		362
Series 2005-26, Class XY, 5.50%, 3/20/2035		1,280		1,392
Series 2005-33, Class AY, 5.50%, 4/16/2035		325		347
Series 2005-49, Class B, 5.50%, 6/20/2035		111		120
Series 2005-51, Class DC, 5.00%, 7/20/2035		275		294
Series 2005-56, Class BD, 5.00%, 7/20/2035		43		45
Series 2006-7, Class ND, 5.50%, 8/20/2035		40		43
Series 2007-37, Class LB, 5.50%, 6/16/2037		309		334
Series 2008-58, Class PD, 5.50%, 8/16/2037		178		180
Series 2007-79, Class BL, 5.75%, 8/20/2037		231		252
Series 2009-106, Class ST, IF, IO, 3.70%, 2/20/2038(f)		215		23
Series 2008-7, Class PQ, 5.00%, 2/20/2038		450		487
Series 2008-9, Class PW, 5.25%, 2/20/2038		720		776
Series 2008-23, Class YA, 5.25%, 3/20/2038		166		180
Series 2008-35, Class NF, 5.00%, 4/20/2038		167		178
Series 2008-34, Class PG, 5.25%, 4/20/2038		197		213
Series 2008-33, Class PB, 5.50%, 4/20/2038		612		656
Series 2008-38, Class BG, 5.00%, 5/16/2038		946		1,015
Series 2008-43, Class NB, 5.50%, 5/20/2038		267		293
Series 2010-7, Class EA, 5.00%, 6/16/2038		137		140
Series 2008-56, Class PX, 5.50%, 6/20/2038		522		568
Series 2008-58, Class PE, 5.50%, 7/16/2038		1,247		1,378
Series 2008-62, Class SA, IF, IO, 3.85%, 7/20/2038(f)		5		1
Series 2008-76, Class US, IF, IO, 3.60%, 9/20/2038(f)		119		14
Series 2011-97, Class WA, 6.12%, 11/20/2038(f)		1,377		1,518
Series 2008-95, Class DS, IF, IO, 5.00%, 12/20/2038(f)		112		14
Series 2009-15, Class NA, 5.00%, 12/20/2038		11		11
Series 2009-14, Class AG, 4.50%, 3/20/2039		188		196
Series 2009-72, Class SM, IF, IO, 3.94%, 8/16/2039(f)		278		32
Series 2009-61, Class AP, 4.00%, 8/20/2039		26		26
Series 2010-130, Class BD, 4.00%, 12/20/2039		362		362
Series 2010-157, Class OP, PO, 12/20/2040		243		195
Series 2014-H11, Class VA, 2.77%, 6/20/2064(f)		1,658		1,665
Series 2015-H20, Class FA, 2.74%, 8/20/2065(f)		2,290		2,296
Series 2015-H26, Class FG, 2.79%, 10/20/2065(f)		1,671		1,679
GSR Mortgage Loan Trust
Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		170		173
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 4.61%, 11/25/2033(f)		413		423
Series 2007-A1, Class 5A5, 4.18%, 7/25/2035(f)		85		88
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.66%, 4/21/2034(f)		111		113
MASTR Alternative Loan Trust
Series 2004-5, Class 5A1, 4.75%, 6/25/2019		1		1

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
MASTR Asset Securitization Trust Series 2003-11, Class 8A1, 5.50%, 12/25/2033		80		80
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1, 2.95%, 10/25/2028(f)		179		177
Series 2004-B, Class A1, 2.81%, 5/25/2029(f)		235		229
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.64%, 4/25/2034(f)		49		51
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		17		17
Prime Mortgage Trust Series 2004-2, Class A2, 4.75%, 11/25/2019		2		2
RALI Trust Series 2004-QS3, Class CB, 5.00%, 3/25/2019		1		1
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028		900		888
Sequoia Mortgage Trust Series 2004-11, Class A1, 2.90%, 12/20/2034(f)		419		411
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 3.00%, 1/19/2034(f)		179		174
Thornburg Mortgage Securities Trust Series 2004-4, Class 3A, 3.59%, 12/25/2044(f)		334		335
Vendee Mortgage Trust Series 2003-2, Class Z, 5.00%, 5/15/2033		826		874
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR11, Class A6, 4.32%, 10/25/2033(f)		174		175
Wells Fargo Mortgage-Backed Securities Trust Series 2004-P, Class 2A1, 4.64%, 9/25/2034(f)		483		495

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $130,310)				128,240

MORTGAGE-BACKED SECURITIES — 9.8%
FHLMC Gold Pools, 15 Year, Single Family Pool # G13603, 5.50%, 2/1/2024		13		13
FHLMC Gold Pools, 20 Year, Single Family Pool # C91030, 5.50%, 5/1/2027		89		95
FHLMC Gold Pools, 30 Year, Single Family
Pool # A15232, 5.00%, 10/1/2033		209		221
Pool # A57681, 6.00%, 12/1/2036		2		2
Pool # G06493, 4.50%, 5/1/2041		1,150		1,196
FHLMC Gold Pools, Other Pool # U90690, 3.50%, 6/1/2042		1,309		1,291
FNMA Pool # AM2292, ARM, 2.66%, 1/1/2023(f)		1,589		1,589
FNMA, 15 Year, Single Family
Pool # 735208, 6.00%, 10/1/2019		1		1
Pool # 995381, 6.00%, 1/1/2024		5		5
FNMA, 20 Year, Single Family Pool # MA1138, 3.50%, 8/1/2032		1,024		1,031
FNMA, 30 Year, Single Family
Pool # AL0045, 6.00%, 12/1/2032		398		435
Pool # 735503, 6.00%, 4/1/2035		98		108
Pool # 888460, 6.50%, 10/1/2036		586		662
Pool # 888890, 6.50%, 10/1/2037		15		17
Pool # 949320, 7.00%, 10/1/2037		46		47
Pool # 995149, 6.50%, 10/1/2038		35		39
Pool # 994410, 7.00%, 11/1/2038		295		346
Pool # AD9151, 5.00%, 8/1/2040		752		797
Pool # AE0681, 4.50%, 12/1/2040		1,361		1,416
Pool # BM3500, 4.00%, 9/1/2047		2,411		2,434
Pool # BM3499, 4.00%, 12/1/2047		2,655		2,673
Pool # BE8354, 4.00%, 3/1/2048		2,375		2,394
FNMA, Other
Pool # AM0081, 1.94%, 7/1/2019		1,837		1,825
Pool # AD0851, 4.37%, 2/1/2020		440		446
Pool # AM3370, 1.74%, 5/1/2020		2,282		2,248
Pool # AM3498, 2.01%, 6/1/2020		4,800		4,729
Pool # AM3165, 3.05%, 10/1/2020		1,845		1,835
Pool # 465973, 3.59%, 10/1/2020		1,048		1,056
Pool # 465721, 4.04%, 10/1/2020		1,000		1,016

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # 466430, 3.37%, 11/1/2020		1,423		1,429
Pool # 467757, 4.33%, 4/1/2021		1,776		1,818
Pool # 468066, 4.30%, 6/1/2021		3,129		3,205
Pool # 468614, 3.86%, 7/1/2021		1,142		1,162
Pool # 468159, 4.26%, 7/1/2021		967		991
Pool # AM6602, 2.63%, 9/1/2021		1,310		1,291
Pool # 469384, 3.11%, 10/1/2021		1,287		1,284
Pool # 469873, 3.03%, 12/1/2021		1,217		1,211
Pool # AM7739, 2.40%, 1/1/2022		1,484		1,451
Pool # AL2044, 3.82%, 5/1/2022		1,895		1,924
Pool # 471513, 2.90%, 6/1/2022		1,050		1,041
Pool # 471881, 2.67%, 7/1/2022		2,000		1,959
Pool # 471828, 2.65%, 8/1/2022		2,000		1,957
Pool # AM1804, 2.19%, 12/1/2022		881		851
Pool # AM1619, 2.34%, 12/1/2022		2,425		2,350
Pool # AM2285, 2.41%, 1/1/2023		3,575		3,479
Pool # AM2697, 2.53%, 3/1/2023		1,967		1,922
Pool # AL3594, 2.71%, 4/1/2023		2,386		2,334
Pool # AM3301, 2.35%, 5/1/2023		2,264		2,194
Pool # AM3244, 2.52%, 5/1/2023		3,000		2,924
Pool # AM3432, 2.40%, 7/1/2023		3,079		2,988
Pool # AM4628, 3.69%, 11/1/2023		1,150		1,168
Pool # AM4716, 3.38%, 12/1/2023		1,479		1,484
Pool # AM8674, 2.81%, 4/1/2025		2,200		2,134
Pool # AM8846, 2.68%, 5/1/2025		1,973		1,904
Pool # AM8794, 3.02%, 6/1/2025		1,417		1,391
Pool # AN0029, 3.10%, 9/1/2025		2,494		2,456
Pool # AN1413, 2.49%, 5/1/2026		850		801
Pool # AN1497, 2.61%, 6/1/2026		860		814
Pool # AN1243, 2.64%, 6/1/2026		1,600		1,517
Pool # AN1247, 2.64%, 6/1/2026		1,576		1,495
Pool # AN3076, 2.46%, 10/1/2026		1,700		1,589
Pool # AM8529, 3.03%, 4/1/2027		2,400		2,324
Pool # AN6732, 2.83%, 5/1/2027		1,200		1,133
Pool # AN6733, 2.83%, 5/1/2027		1,200		1,133
Pool # AN7338, 3.06%, 11/1/2027		1,000		964
Pool # AN7943, 3.10%, 1/1/2028		2,500		2,413
Pool # AN9486, 3.57%, 6/1/2028		3,716		3,683
Pool # AN2069, 2.35%, 8/1/2028		1,440		1,300
Pool # AN2466, 2.57%, 8/1/2028		2,400		2,214
Pool # AM4410, 4.25%, 10/1/2028		1,667		1,746
Pool # AN6158, 2.99%, 7/1/2029		500		470
Pool # AN6099, 3.04%, 7/1/2029		500		472
Pool # AN5998, 3.06%, 7/1/2029		489		469
Pool # BM4162, 3.20%, 10/1/2029		499		479
Pool # 109707, 3.80%, 9/1/2033		884		888
Pool # MA1125, 4.00%, 7/1/2042		2,246		2,274
Pool # MA1437, 3.50%, 5/1/2043		2,302		2,272
Pool # MA1463, 3.50%, 6/1/2043		2,083		2,055
GNMA II, 30 Year, Single Family
Pool # 4245, 6.00%, 9/20/2038		178		192
Pool # BA7567, 4.50%, 5/20/2048		3,956		4,098
Pool # BI0416, 4.50%, 11/20/2048		400		417

TOTAL MORTGAGE-BACKED SECURITIES (Cost $120,454)				117,481

COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.4%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035(b)(f)		1,162		1,133
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036(b)		1,400		1,371

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		119		118
Series KJ08, Class A2, 2.36%, 8/25/2022		454		443
Series KJ18, Class A2, 3.07%, 8/25/2022		1,208		1,202
Series KF12, Class A, 3.01%, 9/25/2022(f)		332		333
Series KSMC, Class A2, 2.62%, 1/25/2023		5,000		4,885
Series KJ11, Class A2, 2.93%, 1/25/2023		1,721		1,706
Series K029, Class A2, 3.32%, 2/25/2023(f)		2,045		2,051
Series K037, Class A2, 3.49%, 1/25/2024		4,000		4,034
Series K038, Class A2, 3.39%, 3/25/2024		1,000		1,004
Series K727, Class AM, 3.04%, 7/25/2024		1,400		1,381
Series J22F, Class A2, 4.09%, 9/25/2024		356		367
Series K729, Class A2, 3.14%, 10/25/2024		1,219		1,205
Series K046, Class A2, 3.21%, 3/25/2025		2,503		2,477
Series KL3L, Class ALNZ, 3.46%, 4/25/2025(f)		2,000		1,997
Series KPLB, Class A, 2.77%, 5/25/2025		1,750		1,685
Series K048, Class A2, 3.28%, 6/25/2025(f)		2,000		1,989
Series K049, Class A2, 3.01%, 7/25/2025		469		459
Series K060, Class A2, 3.30%, 10/25/2026		2,000		1,968
Series K066, Class A2, 3.12%, 6/25/2027		1,362		1,316
Series K067, Class A2, 3.19%, 7/25/2027		1,686		1,636
Series K069, Class A2, 3.19%, 9/25/2027(f)		3,500		3,392
Series K070, Class A2, 3.30%, 11/25/2027(f)		910		888
Series K072, Class A2, 3.44%, 12/25/2027		473		467
Series K073, Class A2, 3.35%, 1/25/2028		2,759		2,707
Series K081, Class A1, 3.88%, 2/25/2028		1,312		1,340
Series K077, Class A2, 3.85%, 5/25/2028(f)		1,690		1,717
Series K078, Class A2, 3.85%, 6/25/2028		1,541		1,566
Series K079, Class A2, 3.93%, 6/25/2028		3,600		3,676
Series K083, Class A2, 4.05%, 9/25/2028(f)		594		612
FNMA ACES
Series 2014-M12, Class ASV2, 2.61%, 10/25/2021(f)		1,569		1,550
Series 2013-M7, Class A2, 2.28%, 12/27/2022		1,803		1,750
Series 2013-M13, Class A2, 2.63%, 4/25/2023(f)		2,990		2,926
Series 2014-M1, Class A2, 3.32%, 7/25/2023(f)		3,272		3,284
Series 2014-M2, Class A2, 3.51%, 12/25/2023(f)		3,108		3,131
Series 2014-M3, Class A2, 3.50%, 1/25/2024(f)		3,100		3,128
Series 2014-M9, Class A2, 3.10%, 7/25/2024(f)		4,756		4,709
Series 2014-M13, Class A2, 3.02%, 8/25/2024(f)		1,973		1,939
Series 2015-M1, Class A2, 2.53%, 9/25/2024		4,631		4,435
Series 2015-M3, Class A2, 2.72%, 10/25/2024		4,500		4,349
Series 2016-M6, Class A2, 2.49%, 5/25/2026		800		745
Series 2015-M10, Class A2, 3.09%, 4/25/2027(f)		1,400		1,352
Series 2017-M8, Class A2, 3.06%, 5/25/2027(f)		1,500		1,436
Series 2017-M12, Class A2, 3.18%, 6/25/2027(f)		1,345		1,292
Series 2017-M13, Class A2, 3.04%, 9/25/2027(f)		472		447
Series 2018-M4, Class A2, 3.14%, 3/25/2028(f)		2,415		2,296
Series 2018-M9, Class APT2, 3.23%, 4/25/2028(f)		3,600		3,482
Series 2018-M14, Class A2, 3.58%, 8/25/2028(f)		400		404
Series 2017-M5, Class A2, 3.30%, 4/25/2029(f)		3,500		3,343
Series 2018-M3, Class A2, 3.19%, 2/25/2030(f)		1,384		1,293
Series 2018-M13, Class A1, 3.82%, 3/25/2030(f)		750		765
FREMF Mortgage Trust
Series 2015-K44, Class B, 3.81%, 1/25/2048(b)(f)		1,500		1,451
Series 2016-K722, Class B, 3.97%, 7/25/2049(b)(f)		735		735
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.80%, 12/12/2049‡(b)(f)		552		—	(g)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A3, 3.67%, 2/15/2047		2,200		2,209
Morgan Stanley Capital I Trust
Series 2007-HQ11, Class X, IO, 0.53%, 2/12/2044‡(b)(f)		689		1

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
Series 2011-C3, Class A3, 4.05%, 7/15/2049		423		425
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030(b)		866		861
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		1,486		1,469
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,040		1,039
VNDO Mortgage Trust Series 2013-PENN, Class A, 3.81%, 12/13/2029(b)		2,750		2,771
WFRBS Commercial Mortgage Trust Series 2012-C6, Class A4, 3.44%, 4/15/2045		1,800		1,799

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $114,007)				111,941

ASSET-BACKED SECURITIES — 7.3%
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025(b)		488		485
Series 2017-1, Class AA, 3.30%, 1/15/2030(b)		214		205
Ally Auto Receivables Trust
Series 2016-1, Class A3, 1.47%, 4/15/2020		48		48
Series 2016-2, Class A3, 1.35%, 5/15/2020		114		113
Series 2017-2, Class A3, 1.78%, 8/16/2021		624		620
Series 2017-3, Class A3, 1.74%, 9/15/2021		569		564
Series 2018-1, Class A3, 2.35%, 6/15/2022		856		849
Series 2018-2, Class A3, 2.92%, 11/15/2022		1,826		1,822
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		47		48
Series 2013-2, Class A, 4.95%, 1/15/2023		688		702
Series 2016-2, Class A, 3.65%, 6/15/2028		116		111
Series 2016-3, Class AA, 3.00%, 10/15/2028		188		177
Series 2017-1, Class AA, 3.65%, 2/15/2029		260		256
American Credit Acceptance Receivables Trust
Series 2018-1, Class A, 2.72%, 3/10/2021(b)		359		358
Series 2018-3, Class B, 3.49%, 6/13/2022(b)		364		364
American Express Credit Account Master Trust
Series 2017-1, Class A, 1.93%, 9/15/2022		600		592
Americredit Automobile Receivables Trust
Series 2018-1, Class A3, 3.07%, 12/19/2022		1,194		1,191
Series 2018-2, Class A3, 3.15%, 3/20/2023		1,158		1,156
Series 2018-3, Class A3, 3.38%, 7/18/2023		1,000		1,001
AmeriCredit Automobile Receivables Trust
Series 2016-2, Class A3, 1.60%, 11/9/2020		89		89
Series 2017-1, Class A3, 1.87%, 8/18/2021		114		114
Series 2017-2, Class A3, 1.98%, 12/20/2021		217		215
Series 2017-3, Class A3, 1.90%, 3/18/2022		292		289
Series 2017-4, Class A3, 2.04%, 7/18/2022		217		214
Ascentium Equipment Receivables Trust Series 2017-1A, Class A3, 2.29%, 6/10/2021(b)		207		205
AXIS Equipment Finance Receivables IV LLC Series 2016-1A, Class A, 2.21%, 11/20/2021(b)		333		332
B2R Mortgage Trust Series 2015-1, Class A1, 2.52%, 5/15/2048(b)		236		233
BMW Vehicle Lease Trust
Series 2016-2, Class A3, 1.43%, 9/20/2019		115		115
Series 2017-1, Class A3, 1.98%, 5/20/2020		333		332
Series 2017-2, Class A3, 2.07%, 10/20/2020		260		257
Series 2018-1, Class A3, 3.26%, 7/20/2021		175		175
Business Jet Securities LLC Series 2018-1, Class A, 4.34%, 2/15/2033(b)		1,137		1,135
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		463		456
CarMax Auto Owner Trust
Series 2015-2, Class A3, 1.37%, 3/16/2020		5		5
Series 2016-1, Class A3, 1.61%, 11/16/2020		133		133
Series 2016-2, Class A3, 1.52%, 2/16/2021		353		351
Series 2016-4, Class A3, 1.40%, 8/15/2021		444		439
Series 2017-1, Class A3, 1.98%, 11/15/2021		1,414		1,403
Series 2017-3, Class A3, 1.97%, 4/15/2022		425		418
Series 2017-4, Class A3, 2.11%, 10/17/2022		182		179

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Series 2018-1, Class A3, 2.48%, 11/15/2022		511		504
Series 2018-2, Class A3, 2.98%, 1/17/2023		1,132		1,128
Series 2018-3, Class A3, 3.13%, 6/15/2023		1,948		1,943
Series 2018-4, Class A3, 3.36%, 9/15/2023		277		278
Chrysler Capital Auto Receivables Trust Series 2016-AA, Class A3, 1.77%, 10/15/2020(b)		63		62
Citibank Credit Card Issuance Trust Series 2016-A1, Class A1, 1.75%, 11/19/2021		1,120		1,106
CNH Equipment Trust
Series 2017-A, Class A3, 2.07%, 5/16/2022		432		427
Series 2017-B, Class A3, 1.86%, 9/15/2022		375		369
Series 2017-C, Class A3, 2.08%, 2/15/2023		267		263
Consumer Loan Underlying Bond Credit Trust Series 2017-NP2, Class A, 2.55%, 1/16/2024(b)		34		34
Continental Airlines Pass-Through Trust Series 2007-1, Class A, 5.98%, 4/19/2022		274		287
CPS Auto Receivables Trust
Series 2017-C, Class B, 2.30%, 7/15/2021(b)		479		476
Series 2018-D, Class A, 3.06%, 1/17/2022(b)		586		586
CPS Auto Trust Series 2018-C, Class A, 2.87%, 9/15/2021(b)		701		701
Credit Acceptance Auto Loan Trust
Series 2017-3A, Class A, 2.65%, 6/15/2026(b)		308		305
Series 2018-1A, Class A, 3.01%, 2/16/2027(b)		538		533
Series 2018-2A, Class A, 3.47%, 5/17/2027(b)		1,295		1,288
Dell Equipment Finance Trust Series 2017-1, Class A3, 2.14%, 4/22/2022(b)		185		185
Delta Air Lines Pass-Through Trust
Series 2011-1, Class A, 5.30%, 4/15/2019		38		39
Series 2010-2, Class A, 4.95%, 5/23/2019		7		7
Series 2012-1, Class A, 4.75%, 5/7/2020		227		230
Drive Auto Receivables Trust
Series 2017-3, Class B, 2.30%, 5/17/2021		216		216
Series 2018-3, Class A3, 3.01%, 11/15/2021		885		883
Series 2018-5, Class A3, 3.34%, 10/15/2022		700		701
Series 2018-4, Class B, 3.36%, 10/17/2022		1,155		1,153
Series 2018-2, Class C, 3.63%, 8/15/2024		1,200		1,199
DT Auto Owner Trust
Series 2017-2A, Class B, 2.44%, 2/15/2021(b)		200		200
Series 2017-3A, Class B, 2.40%, 5/17/2021(b)		306		305
Series 2018-1A, Class A, 2.59%, 5/17/2021(b)		583		582
Series 2018-2A, Class A, 2.84%, 9/15/2021(b)		1,211		1,208
Series 2018-3A, Class A, 3.02%, 2/15/2022(b)		995		992
Exeter Automobile Receivables Trust
Series 2018-1A, Class A, 2.21%, 5/17/2021(b)		224		224
Series 2018-3A, Class A, 2.90%, 1/18/2022(b)		1,029		1,027
Fifth Third Auto Trust Series 2015-1, Class A3, 1.42%, 3/16/2020		13		13
First Investors Auto Owner Trust
Series 2017-2A, Class A2, 2.27%, 7/15/2022(b)		349		346
Series 2018-1A, Class A2, 3.22%, 1/17/2023(b)		568		567
Flagship Credit Auto Trust
Series 2017-3, Class A, 1.88%, 10/15/2021(b)		417		415
Series 2018-2, Class A, 2.97%, 10/17/2022(b)		1,453		1,447
Series 2018-3, Class A, 3.07%, 2/15/2023(b)		786		784
Series 2017-2, Class B, 2.57%, 4/15/2023(b)		285		282
Ford Credit Auto Lease Trust
Series 2017-A, Class A3, 1.88%, 4/15/2020		511		510
Series 2017-B, Class A3, 2.03%, 12/15/2020		229		227
Series 2018-B, Class A4, 3.30%, 2/15/2022		819		820
Ford Credit Auto Owner Trust
Series 2015-C, Class A3, 1.41%, 2/15/2020		2		2
Series 2016-B, Class A3, 1.33%, 10/15/2020		150		149
Series 2017-A, Class A3, 1.67%, 6/15/2021		744		737
Series 2018-B, Class A4, 3.38%, 3/15/2024		340		342
GM Financial Automobile Leasing Trust
Series 2017-1, Class A3, 2.06%, 5/20/2020		488		486
Series 2017-3, Class A3, 2.01%, 11/20/2020		138		137

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Series 2018-2, Class A3, 3.06%, 6/21/2021		1,016		1,015
Series 2018-3, Class A3, 3.18%, 6/21/2021		1,067		1,067
Series 2018-1, Class A4, 2.68%, 12/20/2021		757		749
GM Financial Consumer Automobile Series 2017-1A, Class A3, 1.78%, 10/18/2021(b)		391		387
GM Financial Consumer Automobile Receivables Trust
Series 2018-1, Class A3, 2.32%, 7/18/2022		216		213
Series 2018-2, Class A3, 2.81%, 12/16/2022		1,140		1,130
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043‡(b)(d)		77		77
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048(b)		410		410
Honda Auto Receivables Owner Trust
Series 2016-1, Class A3, 1.22%, 12/18/2019		64		64
Series 2016-3, Class A3, 1.16%, 5/18/2020		150		149
Series 2017-3, Class A3, 1.79%, 9/20/2021		270		266
Series 2018-2, Class A3, 3.01%, 5/18/2022		1,105		1,103
Hyundai Auto Lease Securitization Trust Series 2018-B, Class A4, 3.20%, 6/15/2022(b)		1,275		1,272
Hyundai Auto Receivables Trust
Series 2015-C, Class A3, 1.46%, 2/18/2020		25		25
Series 2017-A, Class A3, 1.76%, 8/16/2021		563		557
Series 2017-B, Class A3, 1.77%, 1/18/2022		640		630
Series 2018-A, Class A3, 2.79%, 7/15/2022		843		839
John Deere Owner Trust
Series 2017-B, Class A3, 1.82%, 10/15/2021		226		223
Series 2018-B, Class A3, 3.08%, 11/15/2022		1,492		1,491
Mercedes-Benz Auto Lease Trust
Series 2018-A, Class A3, 2.41%, 2/16/2021		429		426
Series 2018-B, Class A3, 3.21%, 9/15/2021		585		586
Mercedes-Benz Auto Receivables Trust Series 2016-1, Class A3, 1.26%, 2/16/2021		203		201
NextGear Floorplan Master Owner Trust Series 2017-1A, Class A2, 2.54%, 4/18/2022(b)		416		412
Nissan Auto Lease Trust Series 2017-A, Class A3, 1.91%, 4/15/2020		379		377
Series 2017-B, Class A3, 2.05%, 9/15/2020		473		469
Nissan Auto Receivables Owner Trust
Series 2015-C, Class A3, 1.37%, 5/15/2020		207		206
Series 2016-B, Class A3, 1.32%, 1/15/2021		175		174
Series 2017-C, Class A3, 2.12%, 4/18/2022		296		292
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024(b)		1,606		1,603
OneMain Financial Issuance Trust Series 2015-1A, Class A, 3.19%, 3/18/2026(b)		329		329
Prosper Marketplace Issuance Trust Series 2017-2A, Class A, 2.41%, 9/15/2023(b)		34		34
Santander Drive Auto Receivables Trust
Series 2017-2, Class A3, 1.87%, 12/15/2020		291		291
Series 2018-1, Class A3, 2.32%, 8/16/2021		518		516
Series 2018-3, Class A3, 3.03%, 2/15/2022		527		526
Series 2018-4, Class A3, 3.01%, 3/15/2022		391		390
Santander Retail Auto Lease Trust Series 2018-A, Class A3, 2.93%, 5/20/2021(b)		1,198		1,193
Saxon Asset Securities Trust Series 2003-1, Class AF6, 4.68%, 6/25/2033(d)		50		51
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025(b)		164		164
SoFi Professional Loan Program LLC Series 2017-B, Class A1FX, 1.83%, 5/25/2040(b)		66		65
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		150		143
Synchrony Card Issuance Trust Series 2018-A1, Class A1, 3.38%, 9/15/2024		2,600		2,606
Toyota Auto Receivables Owner Trust
Series 2016-A, Class A3, 1.25%, 3/16/2020		136		136
Series 2016-B, Class A3, 1.30%, 4/15/2020		107		106
Series 2016-D, Class A3, 1.23%, 10/15/2020		446		442
Series 2017-A, Class A3, 1.73%, 2/16/2021		209		207
United Airlines Pass-Through Trust
Series 2016-1, Class AA, 3.10%, 7/7/2028		1,326		1,263
Series 2016-2, Class AA, 2.88%, 10/7/2028		1,326		1,224

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Series 2018-1, Class AA, 3.50%, 3/1/2030		820		792
Series 2018-1, Class A, 3.70%, 3/1/2030		774		749
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		1,040		1,040
VOLT LXI LLC Series 2017-NPL8, Class A1, 3.13%, 6/25/2047‡(b)(d)		223		221
VOLT LXIX LLC Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048‡(b)(d)		746		745
VOLT LXVII LLC Series 2018-NPL3, Class A1, 4.38%, 6/25/2048(b)(d)		1,130		1,126
VOLT LXVIII LLC Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048‡(b)(d)		947		947
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048‡(b)(d)		845		842
Westlake Automobile Receivables Trust
Series 2017-2A, Class A2A, 1.80%, 7/15/2020(b)		113		113
Series 2018-1A, Class A2A, 2.24%, 12/15/2020(b)		629		627
World Financial Network Credit Card Master Trust
Series 2017-A, Class A, 2.12%, 3/15/2024		746		734
Series 2018-A, Class A, 3.07%, 12/16/2024		2,677		2,657
Series 2018-B, Class A, 3.46%, 7/15/2025		1,564		1,566
World Omni Auto Receivables Trust
Series 2015-B, Class A3, 1.49%, 12/15/2020		291		291
Series 2017-B, Class A3, 1.95%, 2/15/2023		327		321
Series 2018-C, Class A3, 3.13%, 11/15/2023		2,085		2,088
World Omni Automobile Lease Securitization Trust
Series 2017-A, Class A3, 2.13%, 4/15/2020		500		496
Series 2018-A, Class A3, 2.83%, 7/15/2021		890		884
Series 2018-B, Class A3, 3.19%, 12/15/2021		894		894

TOTAL ASSET-BACKED SECURITIES (Cost $88,132)				87,688

U.S. GOVERNMENT AGENCY SECURITIES — 5.1%
FHLMC 1.75%, 5/30/2019		5,000		4,980
FNMA
2.63%, 9/6/2024		21,959		21,507
2.13%, 4/24/2026		11,335		10,586
1.88%, 9/24/2026		25,000		22,799
Resolution Funding Corp. STRIPS 1.74%, 7/15/2020(i)		800		764

TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $61,498)				60,636

FOREIGN GOVERNMENT SECURITIES — 0.3%
Republic of Colombia (Colombia) 7.38%, 9/18/2037		300		358
Republic of Panama (Panama) 4.00%, 9/22/2024		347		347
United Mexican States (Mexico)
3.63%, 3/15/2022		568		557
4.00%, 10/2/2023		694		683
3.60%, 1/30/2025		1,076		1,018
4.13%, 1/21/2026		332		321

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $3,400)				3,284


	Shares
SHORT-TERM INVESTMENTS — 1.7%
INVESTMENT COMPANIES — 1.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.30%(j)(k)(l) (Cost $21,893)		20,030		20,032

Total Investments — 100.1% (Cost $1,216,541)				1,193,306
Other Assets Less Liabilities — (0.1%)				(775	)

Net Assets — 100.0%				1,192,531

Percentages indicated are based on net assets.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Abbreviations

ACES				Alternative Credit Enhancement Securities
ARM				Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2018.
FHLMC				Federal Home Loan Mortgage Corp.
FNMA				Federal National Mortgage Association
GNMA				Government National Mortgage Association
ICE				Intercontinental Exchange
IF				Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2018. The rate may be subject to a cap and floor.
IO				Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR				London Interbank Offered Rate
PO				Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC				Real Estate Mortgage Investment Conduit
STRIPS				Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
USD				United States Dollar

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


(a)		Amount rounds to less than 0.1% of net assets.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(c)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(d)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2018.
(e)		All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(f)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2018.
(g)		Amount rounds to less than one thousand.
(h)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)		The rate shown is the effective yield as of November 30, 2018.
(j)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)		Approximately $5,878,000 of this investment is restricted as collateral for swaps to various brokers.
(l)		The rate shown is the current yield as of November 30, 2018.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of November 30, 2018 (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		634			03/2019	USD		75,773			311
U.S. Treasury 2 Year Note		540			03/2019	USD		113,948			83
U.S. Treasury Ultra Bond		273			03/2019	USD		41,667			38

											432

Short Contracts
U.S. Treasury 10 Year Ultra Note		(467	)		03/2019	USD		(59,127	)		(333	)
U.S. Treasury Long Bond		(543	)		03/2019	USD		(76,071	)		(387	)

											(720	)

											(288	)


Abbreviations

USD				United States Dollar

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Over the Counter (“OTC”) Inflation-linked swap contracts outstanding as of November 30, 2018 (amounts in thousands):

Floating Rate Index (a)

Fixed Rate%

Pay/Receive
Floating Rate

Counterparty

Maturity
Date

Notional Amount

Value and
Unrealized
Appreciation
(Depreciation)
($)

CPI-U at termination

1.59% at termination

Receive

Citibank, NA

6/24/2021

USD 15,000

391

CPI-U at termination

1.82% at termination

Receive

Barclays Bank plc

11/8/2021

USD 25,000

342

CPI-U at termination

1.82% at termination

Receive

Deutsche Bank AG

11/8/2021

USD 25,000

342

CPI-U at termination

1.87% at termination

Receive

Citibank, NA

10/24/2021

USD 25,000

292

CPI-U at termination

2.18% at termination

Receive

Barclays Bank plc

10/16/2027

USD 24,000

105

1,472

CPI-U at termination

2.11% at termination

Receive

Citibank, NA

3/6/2020

USD 8,000

(40)

CPI-U at termination

2.13% at termination

Receive

Union Bank of Switzerland AG

3/2/2020

USD 50,000

(253)

CPI-U at termination

2.14% at termination

Receive

Barclays Bank plc

3/2/2020

USD 18,000

(93)

CPI-U at termination

2.14% at termination

Receive

Citibank, NA

3/2/2020

USD 11,300

(59)

CPI-U at termination

2.21% at termination

Receive

Citibank, NA

8/20/2021

USD 59,000

(538)

CPI-U at termination

2.31% at termination

Receive

Barclays Bank plc

3/9/2026

USD 30,000

(413)

CPI-U at termination

2.31% at termination

Receive

Deutsche Bank AG

3/9/2026

USD 10,000

(138)

CPI-U at termination

2.32% at termination

Receive

Bank of America NA

7/31/2024

USD 8,200

(124)

CPI-U at termination

2.32% at termination

Receive

Credit Suisse International

7/15/2020

USD 50,000

(2,687)

CPI-U at termination

2.33% at termination

Receive

Royal Bank of Scotland

8/9/2024

USD 35,000

(537)

CPI-U at termination

2.34% at termination

Receive

Bank of America NA

2/6/2028

USD 25,000

(371)

CPI-U at termination

2.34% at termination

Receive

Barclays Bank plc

8/20/2028

USD 4,000

(61)

CPI-U at termination

2.36% at termination

Receive

Bank of America NA

1/15/2027

USD 21,000

(389)

CPI-U at termination

2.46% at termination

Receive

Citibank, NA

5/21/2024

USD 13,000

(876)

CPI-U at termination

2.48% at termination

Receive

Deutsche Bank AG

2/21/2024

USD 10,000

(683)

CPI-U at termination

2.48% at termination

Receive

Royal Bank of Scotland

3/17/2024

USD 2,000

(136)

CPI-U at termination

2.50% at termination

Receive

Morgan Stanley

2/4/2024

USD 15,000

(1,059)

CPI-U at termination

2.67% at termination

Receive

Morgan Stanley

9/12/2044

USD 2,000

(290)

CPI-U at termination

2.70% at termination

Receive

Barclays Bank plc

9/3/2044

USD 4,000

(617)

CPI-U at termination

2.71% at termination

Receive

Barclays Bank plc

9/2/2044

USD 9,000

(1,402)

CPI-U at termination

2.73% at termination

Receive

Royal Bank of Scotland

2/10/2044

USD 5,000

(823)

(11,589)

(10,117)

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Centrally Cleared Inflation-linked swap contracts outstanding as of November 30, 2018 (amounts in thousands):

Floating Rate Index

Fixed Rate

Pay/Receive
Floating Rate

Maturity
Date

Notional Amount

Value and
Unrealized
Appreciation
(Depreciation)
($)

CPI-U at termination

2.03% at termination

Receive

12/4/2022

USD 73,000

—

CPI-U at termination

2.08% at termination

Receive

12/3/2023

USD 18,500

)

CPI-U at termination

2.18% at termination

Receive

11/6/2023

USD 24,806

(133

)

CPI-U at termination

2.20% at termination

Receive

10/30/2023

USD 18,000

(119

)

CPI-U at termination

2.21% at termination

Receive

11/9/2023

USD 17,650

(122

)

CPI-U at termination

2.25% at termination

Receive

10/26/2025

USD 11,000

(99

)

CPI-U at termination

2.26% at termination

Receive

10/23/2023

USD 15,000

(141

)

CPI-U at termination

2.26% at termination

Receive

10/25/2025

USD 8,930

(84

)

CPI-U at termination

2.27% at termination

Receive

11/6/2028

USD 6,000

(36

)

CPI-U at termination

2.31% at termination

Receive

10/12/2023

USD 37,000

(455

)

CPI-U at termination

2.33% at termination

Receive

10/10/2022

USD 39,000

(482

)

CPI-U at termination

2.34% at termination

Receive

8/29/2028

USD 4,000

(63

)

CPI-U at termination

2.34% at termination

Receive

9/4/2026

USD 20,000

(343

)

CPI-U at termination

2.34% at termination

Receive

9/21/2025

USD 83,000

(1,361

)

(3,446

)

Centrally Cleared Interest rate swap contracts outstanding as of November 30, 2018 (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)
($)

3 month LIBOR quarterly

2.98% semi-annually

Receive

12/4/2023

USD 64,353

—

3 month LIBOR quarterly

2.98% semi-annually

Pay

12/4/2020

USD 76,747

—

3 month LIBOR quarterly

3.05% semi-annually

Pay

12/4/2028

USD 17,000

—

(a)	Value of floating rate index at November 30, 2018 was as follows:


Floating Rate Index	Value
CPI-U		2.52	%
3 month LIBOR		2.74	%

There are no upfront payments (receipts) on the swap contracts listed above.

Summary of total swap contracts outstanding as of November 30, 2018 (amounts in thousands):


	Net Upfront Payments (Receipts) ($)		Value ($)
Assets
OTC Inflation linked swaps outstanding		—		1,472

Total OTC swap contracts outstanding		—		1,472

Liabilities
OTC Inflation linked swaps outstanding		—		(11,589	)

Total OTC swap contracts outstanding		—		(11,589	)

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Abbreviations

CPI-U				Consumer Price Index for All Urban Customers
LIBOR				London Interbank Offered Rate
USD				United States Dollar

A. Valuation of Investments - The valuation of investments is 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 (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.

Investments in open-end investment companies (the “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. Swaps are valued utilizing market quotations from approved Pricing Services.

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.

•

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	84,856	$	2,832	$	87,688
Collateralized Mortgage Obligations		—		128,203		37		128,240
Commercial Mortgage-Backed Securities		—		111,940		1		111,941

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Corporate Bonds	$	—		$	402,767		$	—	$	402,767
Foreign Government Securities		—			3,284			—		3,284
Mortgage-Backed Securities		—			117,481			—		117,481
U.S. Government Agency Securities		—			60,636			—		60,636
U.S. Treasury Obligations		—			261,237			—		261,237
Short-Term Investments
Investment Companies		20,032			—			—		20,032

Total Investments in Securities	$	20,032		$	1,170,404		$	2,870	$	1,193,306

Appreciation in Other Financial Instruments
Futures Contracts	$	432		$	—		$	—	$	432
Swaps		—			1,472			—		1,472

Total Appreciation in Other Financial Instruments	$	432		$	1,472		$	—	$	1,904

Depreciation in Other Financial Instruments
Futures Contracts	$	(720	)	$	—		$	—	$	(720	)
Swaps		—			(15,035	)		—		(15,035	)

Total Depreciation in Other Financial Instruments	$	(720	)	$	(15,035	)	$	—	$	(15,755	)

There were no significant transfers between level 2 and level 3 during the period ended November 30, 2018.

B. Derivatives — The Fund used derivative instruments including futures and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (1) — (2) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used treasury to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Swaps — The Fund engaged in various swap transactions, including interest rate and inflation – linked swaps, to manage credit, interest rate and inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”), that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund and/or held as Restricted cash. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

The Fund may be required to post or receive collateral for OTC Swaps.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Inflation-Linked Swaps

The Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

Interest Rate Swaps

The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate.

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 97.0%(a)
Alabama — 2.0%
Education — 0.2%
Alabama Public School and College Authority, Capital Improvement
Series A, Rev., 5.00%, 5/1/2019		50		51
Series B, Rev., 5.00%, 5/1/2019		20		20
Series A, Rev., 5.00%, 2/1/2023		2,000		2,224
Series A, Rev., 5.00%, 2/1/2024		2,000		2,267
Series A, Rev., 5.00%, 2/1/2025		2,000		2,262
Auburn University Series A, Rev., 5.00%, 6/1/2019		25		25

				6,849

General Obligation — 0.3%
City of Birmingham
Series B, GO, 4.00%, 12/1/2032		570		605
Series B, GO, 4.00%, 12/1/2033		375		396
Series B, GO, 4.00%, 12/1/2034		510		533
Series B, GO, 4.00%, 12/1/2035		500		512
City of Huntsville
Series A, GO, 5.00%, 5/1/2030		2,765		3,216
Series B, GO, 5.00%, 5/1/2030		3,235		3,763
Series A, GO, 5.00%, 5/1/2031		3,035		3,507
Series B, GO, 5.00%, 5/1/2031		3,395		3,923
County of Baldwin GO, 4.00%, 1/1/2019		30		30

				16,485

Hospital — 0.0%(b)
Alabama Public Health Care Authority Rev., 4.00%, 9/1/2019		25		25

Other Revenue — 0.2%
Montgomery County Public Building Authority, Warrants, Facilities Project
Rev., 5.00%, 3/1/2026		1,735		1,936
Rev., 5.00%, 3/1/2027		3,590		3,999
Rev., 5.00%, 3/1/2029		3,910		4,335

				10,270

Prerefunded — 0.0%(b)
Alabama Public School and College Authority, Capital Improvement Series A, Rev., 5.00%, 5/1/2019(c)		70		71
Alabama State University, General Tuition and Fee Rev., AGC, 5.00%, 9/1/2019(c)		750		767
County of Mobile, Improvement Warrants Series C, GO, 5.00%, 8/1/2022(c)		25		28

				866

Utility — 1.3%
Black Belt Energy Gas District, Gas Prepay Series A, Rev., 4.00%, 12/1/2023(d)		5,500		5,719
Southeast Alabama Gas District, Project No.1
Series A, Rev., 4.00%, 4/1/2024(d)		34,000		35,261
Series A, Rev., 5.00%, 4/1/2024		21,035		22,837

				63,817

Total Alabama				98,312

Alaska — 0.5%
General Obligation — 0.0%(b)
Municipality of Anchorage Series C, GO, 5.00%, 9/1/2028		1,675		2,003

Industrial Development Revenue/Pollution Control Revenue — 0.2%
Alaska Industrial Development and Export Authority, Providence Health and Services Series A, Rev., 5.50%, 10/1/2041		9,000		9,795

Other Revenue — 0.0%(b)
Alaska Municipal Bond Bank Authority Rev., 5.25%, 9/1/2023		140		140
North Slope Borough Service Area 10 Rev., 5.00%, 6/30/2019(c)		325		331

				471

Prerefunded — 0.3%
Matanuska-Susitna Borough, Goose Creek Correctional Center Project Rev., AGC, 5.50%, 9/1/2019(c)		12,275		12,595

Total Alaska				24,864

Arizona — 1.1%
Certificate of Participation/Lease — 0.1%
State of Arizona Series A, COP, AGM, 5.25%, 10/1/2023		2,000		2,054
COP, 5.00%, 9/1/2025		4,350		5,021

				7,075

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Education — 0.2%
Arizona State University
Series B, Rev., 5.00%, 7/1/2034		1,000		1,145
Series B, Rev., 5.00%, 7/1/2035		1,000		1,142
Series B, Rev., 5.00%, 7/1/2036		1,000		1,137
Series B, Rev., 5.00%, 7/1/2037		1,000		1,132
Industrial Development Authority of the City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project
Rev., 5.00%, 7/1/2028		700		782
Rev., 5.00%, 7/1/2029		950		1,054
University of Arizona, Board of Regents Series A, Rev., 5.00%, 6/1/2030		1,000		1,097

				7,489

General Obligation — 0.2%
City of Chandler GO, 5.00%, 7/1/2023		4,000		4,494
Maricopa County Dysart Unified School District No. 89 GO, NATL-RE, 5.25%, 7/1/2020		905		949
Maricopa County Phoenix Union High School District No. 210 GO, AGM, 5.25%, 7/1/2019		1,000		1,019
Maricopa County Unified School District No. 95, Queen Creek School Improvement
Series 2018, GO, 5.00%, 7/1/2028		225		261
Series 2018, GO, 5.00%, 7/1/2029		500		577

				7,300

Hospital — 0.0%(b)
Yavapai County IDA, Hospital, Yavapai Regional Medical Center Series A, Rev., 5.25%, 8/1/2033		1,000		1,082

Other Revenue — 0.0%(b)
Scottsdale Municipal Property Corp., Excise Tax Rev., 5.00%, 7/1/2026		1,570		1,852
Scottsdale Preserve Authority, Excise Tax Rev., 5.00%, 7/1/2019		20		20

				1,872

Prerefunded — 0.2%
Arizona Water Infrastructure Finance Authority, Water Quality Series A, Rev., 5.00%, 10/1/2019(c)		3,935		4,034
County of Pima, Sewer System Series B, Rev., 5.00%, 7/1/2021(c)		1,770		1,900
Phoenix Civic Improvement Corp., Airport, Junior Lien Series A, Rev., 5.00%, 7/1/2020(c)		3,000		3,138
Phoenix Civic Improvement Corp., Water System, Junior Lien Series A, Rev., 5.00%, 7/1/2019(c)		2,000		2,035
Salt River Project Agricultural Improvement and Power District, Electric System Series A, Rev., 5.00%, 1/1/2019(c)		50		50
Salt River Project Agricultural Improvement and Power District, Salt River Project Electric System Series A, Rev., 5.00%, 1/1/2019(c)		500		501

				11,658

Transportation — 0.0%(b)
Arizona Department of Transportation State Highway Fund Series A, Rev., 4.00%, 7/1/2019		20		20
Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund
Rev., 5.25%, 7/1/2019		30		30
Rev., 5.25%, 7/1/2025		1,000		1,150

				1,200

Utility — 0.1%
City of Mesa, Utility System Rev., NATL-RE, 5.00%, 7/1/2020		3,000		3,138
Salt River Project Agricultural Improvement and Power District, Salt River Project Electric System Series A, Rev., 5.00%, 12/1/2028		1,000		1,084

				4,222

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Water & Sewer — 0.3%
Arizona Water Infrastructure Finance Authority, Water Quality Series A, Rev., 5.00%, 10/1/2026		5,910		6,749
City of Glendale, Water and Sewer, Senior Lien Rev., 5.00%, 7/1/2028		1,000		1,093
City of Scottsdale, Water and Sewer
Rev., 5.25%, 7/1/2021		1,430		1,544
Rev., 5.25%, 7/1/2023		1,875		2,125
County of Pima, Sewer System Series B, Rev., 5.00%, 7/1/2022		1,380		1,478

				12,989

Total Arizona				54,887

California — 13.6%
Certificate of Participation/Lease — 0.3%
Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project COP, AMBAC, Zero Coupon, 8/1/2025		10,445		8,739
Irvine Ranch Water District COP, 5.00%, 3/1/2032		2,275		2,635
Los Angeles Unified School District, Headquarters Building Projects Series B, COP, 5.00%, 10/1/2030		1,250		1,371

				12,745

Education — 0.8%
California Educational Facilities Authority, Claremont McKenna College
Series A, Rev., 5.00%, 1/1/2028		1,000		1,162
Series A, Rev., 5.00%, 1/1/2029		880		1,019
Series A, Rev., 5.00%, 1/1/2030		1,185		1,368
Series A, Rev., 5.00%, 1/1/2031		2,450		2,820
Series A, Rev., 5.00%, 1/1/2032		2,000		2,296
Series A, Rev., 4.00%, 1/1/2033		3,000		3,194
California Educational Facilities Authority, Pepperdine University Series 2012, Rev., 5.00%, 9/1/2024		315		351
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2026		150		173
Rev., 5.00%, 10/1/2027		150		174
Rev., 5.00%, 10/1/2028		150		176
California State University, Systemwide
Series A, Rev., 5.00%, 11/1/2024		3,225		3,756
Series A, Rev., 5.00%, 11/1/2030		2,285		2,600
Series A, Rev., 5.00%, 11/1/2032		4,000		4,600
Series A, Rev., 5.00%, 11/1/2034		2,875		3,320
Series A, Rev., 4.00%, 11/1/2035		2,000		2,081
University of California Series AR, Rev., 5.00%, 5/15/2033		2,500		2,866
University of California, Limited Project Series G, Rev., 5.00%, 5/15/2029		5,615		6,200

				38,156

General Obligation — 6.1%
Arcadia Unified School District
GO, 4.00%, 8/1/2038		9,385		9,658
GO, 4.00%, 8/1/2041		7,500		7,625
Counties of Fresno, Madera, Tulare and Kings, State Center Community College District GO, 5.25%, 8/1/2028		5,450		6,104
Counties of Los Angeles and Orange, Rowland Unified School District, 2012 Election Series A, GO, 5.25%, 8/1/2043		2,750		3,068
County of Orange, Garden Grove Unified School District, 2010 Election Series C, GO, 5.00%, 8/1/2030		1,390		1,567
County of Riverside, Murrieta Valley Unified School District GO, AGM, 5.00%, 9/1/2025		1,400		1,626
County of Sacramento, San Juan Unified School District, Election of 2002
GO, 5.00%, 8/1/2027		1,670		1,891
GO, 5.00%, 8/1/2030		3,540		3,988
GO, 5.00%, 8/1/2031		4,000		4,495
County of San Diego, Grossmont-Cuyamaca Community College District, Election of 2002 Series C, GO, AGC, Zero Coupon, 8/1/2026		19,585		15,818
County of Santa Clara, Election of 2008 Series B, GO, 5.00%, 8/1/2025		5,975		6,614

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
County of Santa Clara, Mountain View-Los Altos Union High School District, Election of 2010
Series C, GO, Zero Coupon, 8/1/2023		2,000		1,810
Series C, GO, Zero Coupon, 8/1/2027		1,000		801
Desert Community College District
GO, 5.00%, 8/1/2030		2,500		2,953
GO, 5.00%, 8/1/2031		2,250		2,641
El Monte City School District GO, BAN, Zero Coupon, 4/1/2023		525		476
Long Beach Community College District, Election of 2002, Capital Appreciation
Series D, GO, NATL-RE, Zero Coupon, 5/1/2020		3,265		3,183
Series D, GO, NATL-RE, Zero Coupon, 5/1/2021		4,365		4,162
Series D, GO, NATL-RE, Zero Coupon, 5/1/2022		5,265		4,887
Los Angeles Community College District
Series A, GO, 5.00%, 8/1/2030		9,000		10,228
Series A, GO, 5.00%, 8/1/2031		15,000		16,941
Series A, GO, 4.00%, 8/1/2033		2,300		2,408
Los Angeles Community College District, Election of 2008 Series G, GO, 4.00%, 8/1/2039		10,430		10,639
Los Angeles Unified School District
Series C, GO, 5.00%, 7/1/2024		11,670		13,432
Series C, GO, 5.00%, 7/1/2025		36,915		42,353
Series C, GO, 5.00%, 7/1/2026		5,505		6,305
Los Angeles Unified School District, Election of 2004 Series I, GO, 5.25%, 7/1/2023		6,120		6,241
Los Angeles Unified School District, Election of 2008
Series A, GO, 5.00%, 7/1/2029		1,545		1,663
Series M-1, GO, 5.00%, 7/1/2031		4,675		5,512
Series M-1, GO, 5.00%, 7/1/2032		2,155		2,527
Series M-1, GO, 5.00%, 7/1/2033		4,555		5,321
Marysville Joint Unified School District GO, 5.00%, 8/1/2021		100		108
Menlo Park City School District, Crossover Capital Appreciation
GO, Zero Coupon, 7/1/2033		1,000		584
GO, Zero Coupon, 7/1/2035		725		380
GO, Zero Coupon, 7/1/2036		1,150		572
GO, Zero Coupon, 7/1/2037		1,950		918
GO, Zero Coupon, 7/1/2041		1,250		490
Riverside County, California, Desert Sands Unified School District
GO, 5.00%, 8/1/2025		3,750		4,412
GO, 5.00%, 8/1/2026		1,750		2,047
Sacramento City Unified School District, Election of 2012, Measure Q
Series E, GO, 5.00%, 8/1/2027		555		663
Series E, GO, 5.00%, 8/1/2028		2,385		2,830
Series E, GO, 5.00%, 8/1/2029		1,500		1,763
San Diego Community College District GO, 5.00%, 8/1/2024		4,890		5,440
San Diego Unified School District, Election of 2012 Series F, GO, 4.00%, 7/1/2033		130		138
San Francisco Bay Area Rapid Transit District, Election of 2004 Series D, GO, 5.00%, 8/1/2030		3,000		3,487
Santa Barbara Community College District, Santa Barbara County Series C, GO, 4.00%, 8/1/2040		1,000		1,033
Southwestern Community College District
Series A, GO, 4.00%, 8/1/2038		1,000		1,032
Series A, GO, 4.00%, 8/1/2039		1,750		1,801
State of California, Various Purpose
GO, 5.50%, 4/1/2021		6,800		6,884
GO, 5.13%, 4/1/2023		5		5
GO, 5.63%, 4/1/2026		15,000		15,190
GO, AMBAC, 5.00%, 2/1/2027		565		670
GO, 5.00%, 8/1/2030		24,000		27,241
GO, 6.50%, 4/1/2033		3,055		3,102
GO, 4.00%, 9/1/2033		1,280		1,348
Temple City Unified School District GO, NATL-RE, 5.25%, 8/1/2022		6,580		7,153

				296,228

Hospital — 0.6%
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2027		6,250		7,268
California Health Facilities Financing Authority, Kaiser Permanente Subseries A-2, Rev., 4.00%, 11/1/2038		4,000		4,069

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Hospital — continued
California Health Facilities Financing Authority, Memorial Health Services Series A, Rev., 5.00%, 10/1/2026		1,500		1,663
California Health Facilities Financing Authority, Sutter Health
Series D, Rev., 5.00%, 8/15/2025		2,000		2,164
Series A, Rev., 5.00%, 11/15/2026		650		758
Series A, Rev., 5.00%, 11/15/2029		1,000		1,149
Series A, Rev., 5.00%, 11/15/2030		500		572
Series A, Rev., 5.00%, 11/15/2033		5,000		5,657
Series A, Rev., 3.25%, 11/15/2036		1,425		1,330
California Municipal Finance Authority, Community Medical Centers
Series A, Rev., 5.00%, 2/1/2028		900		1,039
Series A, Rev., 5.00%, 2/1/2029		1,250		1,432

				27,101

Housing — 0.2%
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien
Rev., AMT, AGM, 3.25%, 12/31/2032		6,680		6,399
Rev., AMT, AGM, 3.50%, 12/31/2035		4,555		4,392

				10,791

Other Revenue — 1.4%
California Infrastructure and Economic Development Bank, Refunding Academy Motion Picture Arts and Sciences
Series A, Rev., 5.00%, 11/1/2024		1,630		1,846
Series A, Rev., 5.00%, 11/1/2026		1,000		1,131
California State Public Works Board, California State University, Various Capital Projects Series C, Rev., 5.00%, 3/1/2032		3,025		3,477
California State Public Works Board, Department of Forestry and Fire Protection, Various Forestry Projects
Series C, Rev., AGM, 5.00%, 4/1/2022		2,785		2,792
Series C, Rev., AGM, 5.00%, 4/1/2024		2,105		2,110
California State Public Works Board, Department of General Services
Series F, Rev., 5.00%, 5/1/2025		6,445		7,432
Series F, Rev., 5.00%, 5/1/2026		3,100		3,556
Series F, Rev., 5.00%, 5/1/2027		5,000		5,716
California State Public Works Board, Department of Justice, Various Replacement Laboratory Projects
Series D, Rev., AGM, 5.00%, 4/1/2021		1,285		1,288
Series D, Rev., AGM, 5.00%, 4/1/2023		1,415		1,418
Series D, Rev., AGM, 5.00%, 4/1/2025		1,560		1,564
County of Los Angeles, Huntington Park Redevelopment Agency, Merged Redevelopment Project Rev., Zero Coupon, 1/1/2019(c)		5,000		4,994
Golden State Tobacco Securitization Corp., Tobacco Settlement
Series A, Rev., 5.00%, 6/1/2032		4,000		4,466
Series A-1, Rev., 3.50%, 6/1/2036		11,000		10,846
San Francisco Bay Area Rapid Transit District, Sales Tax
Series A, Rev., 5.00%, 7/1/2025		510		605
Series A, Rev., 5.00%, 7/1/2026		475		560
San Marcos Public Facilities Authority Rev., Zero Coupon, 1/1/2019(c)		1,000		998
San Marcos Public Facilities Authority, CR Rev., Zero Coupon, 9/1/2019(c)		2,850		2,812
Santa Clara County Financing Authority, Multiple Facilities Projects Series P, Rev., 5.00%, 5/15/2029		8,400		9,678

				67,289

Prerefunded — 1.3%
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 8/15/2019(c)		30		31
California State Public Works Board, California State University, Various University Projects Series H, Rev., 5.00%, 9/1/2023(c)		13,405		15,236

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Prerefunded — continued
Riverside County Transportation Commission, Limited Tax Series A, Rev., 5.25%, 6/1/2023(c)		4,525		5,168
San Diego Public Facilities Financing Authority, Sewer Waste Water System Series A, Rev., 5.00%, 5/15/2019(c)		11,865		12,042
State of California, Various Purpose GO, 6.50%, 4/1/2019(c)		3,630		3,688
University of California Series O, Rev., 5.75%, 5/15/2019(c)		25,000		25,454
University of California, Limited Project Series G, Rev., 5.00%, 5/15/2022(c)		2,885		3,184

				64,803

Transportation — 0.3%
County of Los Angeles, Metropolitan Transportation Authority, Union Station Gateway Project Rev., 5.00%, 7/1/2026		1,770		2,059
Los Angeles County Metropolitan Transportation Authority Series A, Rev., 5.00%, 7/1/2030		5,000		5,945
San Francisco County Transportation Authority Rev., 3.00%, 2/1/2022		25		26
San Joaquin County Transportation Authority, Measure K Sales Tax
Rev., 5.00%, 3/1/2031		2,185		2,557
Rev., 5.00%, 3/1/2032		2,000		2,330
Rev., 5.00%, 3/1/2033		1,000		1,160

				14,077

Utility — 1.2%
City of Los Angeles, Department of Water and Power, Power System
Series D, Rev., 5.00%, 7/1/2028		1,250		1,432
Series B, Rev., 5.00%, 7/1/2029		10,000		11,739
Series D, Rev., 5.00%, 7/1/2030		2,710		3,085
Series A, Rev., 5.00%, 7/1/2031		2,055		2,390
Series B, Rev., 5.00%, 7/1/2031		3,400		3,844
Series D, Rev., 5.00%, 7/1/2031		2,500		2,836
Series A, Rev., 5.00%, 7/1/2032		2,550		2,952
Series B, Rev., 5.00%, 7/1/2032		3,075		3,465
Series A, Rev., 5.00%, 7/1/2033		5,000		5,764
Series D, Rev., 5.00%, 7/1/2033		390		439
Series D, Rev., 5.00%, 7/1/2034		4,750		5,339
Series D, Rev., 5.00%, 7/1/2035		250		279
Long Beach Bond Finance Authority, Natural Gas
Series A, Rev., 5.25%, 11/15/2021		2,500		2,695
Series A, Rev., 5.25%, 11/15/2022		9,545		10,466
Sacramento Municipal Utility District Financing Authority, Cosumnes Project Rev., 5.00%, 7/1/2028		1,290		1,500
San Francisco City and County Public Utilities Commission, Water Subseries A, Rev., 5.00%, 11/1/2035		1,500		1,722

				59,947

Water & Sewer — 1.4%
City of Los Angeles, Wastewater System
Series A, Rev., 5.00%, 6/1/2026		12,500		14,168
Series C, Rev., 5.00%, 6/1/2026		2,000		2,214
City of Santa Rosa, Wastewater, Capital Appreciation Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023		5,000		4,493
City of Vallejo, Water
Rev., NATL-RE, 5.00%, 5/1/2022		3,010		3,017
Rev., NATL-RE, 5.00%, 5/1/2023		3,160		3,168
Rev., NATL-RE, 5.00%, 5/1/2024		3,320		3,328
Rev., NATL-RE, 5.00%, 5/1/2025		3,490		3,499
Orange County Water District
Series A, Rev., 5.00%, 8/15/2032		1,235		1,443
Series A, Rev., 5.00%, 8/15/2034		650		756
San Diego County Water Authority
Series A, Rev., 5.00%, 5/1/2029		13,095		14,625
Series 2013A, Rev., 5.00%, 5/1/2030		10,000		11,166
Santa Clara Valley Water District Public Facilities Financing Corp. Series A, Rev., 5.00%, 6/1/2035		3,345		3,842

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Water & Sewer — continued
Santa Margarita/Dana Point Authority, Water District Improvement
Series A, Rev., 5.00%, 8/1/2031		950		1,122
Series A, Rev., 5.00%, 8/1/2032		1,030		1,212
Series A, Rev., 5.00%, 8/1/2033		1,630		1,912

				69,965

Total California				661,102

Colorado — 2.1%
Certificate of Participation/Lease — 0.1%
Adams County, Colorado Refunding and Improvement
COP, 5.00%, 12/1/2031		1,100		1,245
COP, 5.00%, 12/1/2034		500		560
Colorado Department of Transportation Headquarters Facilities COP, 5.00%, 6/15/2041		1,500		1,656

				3,461

General Obligation — 1.3%
Adams 12 Five Star Schools, The City and County of Broomfield
GO, 5.50%, 12/15/2030		1,400		1,725
GO, 5.50%, 12/15/2032		625		766
Boulder Larimer and Weld Counties St. Vrain Valley School District Re1J Series A, GO, 5.00%, 12/15/2028		5,000		5,777
City and County of Denver, Better Denver and Zoo Series A, GO, 5.25%, 8/1/2020		6,845		6,997
Dawson Ridge Metropolitan District No.1
Series A, GO, Zero Coupon, 10/1/2022(c)		10,000		9,164
Series B, GO, Zero Coupon, 10/1/2022(c)		1,500		1,369
Denver City and County School District No. 1
Series A, GO, 5.50%, 12/1/2029		1,000		1,222
Series A, GO, 5.50%, 12/1/2030		1,500		1,820
Series A, GO, 5.50%, 12/1/2041		1,600		1,879
Douglas County School District No. Re-1, Douglas and Elbert Counties
GO, 4.00%, 12/15/2018		25		25
Series B, GO, 5.00%, 12/15/2018		25		25
Jefferson County School District No. R-1
GO, 5.00%, 12/15/2020		18,325		19,341
GO, 5.00%, 12/15/2022		9,500		10,469
Larimer County School District No. R-1 Poudre GO, 5.00%, 12/15/2037		2,450		2,833

				63,412

Hospital — 0.1%
Colorado Health Facilities Authority, SCL Health System Series A, Rev., 5.50%, 1/1/2035		4,500		5,044
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023(d)		2,600		2,561

				7,605

Prerefunded — 0.6%
Colorado Educational and Cultural Facilities Authority, Independent School, Vail Mountain School Project Rev., 6.13%, 5/1/2020(c)		2,025		2,139
Counties of Adams and Arapahoe, Joint School District No. 281 GO, 6.25%, 12/1/2018(c)		23,470		23,470
University of Colorado, Enterprise System
Series A, Rev., 5.50%, 6/1/2019(c)		1,980		2,015
Series A, Rev., 5.75%, 6/1/2019(c)		750		764
Series A, Rev., 5.00%, 6/1/2024(c)		35		40

				28,428

Total Colorado				102,906

Connecticut — 0.4%
Education — 0.1%
Connecticut State Health and Educational Facility Authority, Connecticut State University System Issue Series N, Rev., 5.00%, 11/1/2025		4,165		4,604
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series A, Rev., 5.25%, 11/15/2022		1,030		1,089

				5,693

General Obligation — 0.1%
State of Connecticut Series B, GO, AMBAC, 5.25%, 6/1/2020		6,000		6,252
The Metropolitan District, Hartford County Series A, GO, 5.00%, 8/1/2019		200		204
Town of Wilton GO, 5.00%, 1/15/2019		40		40

				6,496

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
City of Stamford, Water Pollution Control System and Facility
Series A, Rev., 5.50%, 8/15/2023		100		115
Series A, Rev., 5.00%, 8/15/2024		100		112
Series A, Rev., 5.00%, 8/15/2025		350		393
Series A, Rev., 5.00%, 8/15/2026		150		168
Series A, Rev., 5.00%, 8/15/2027		250		281
Series A, Rev., 5.00%, 8/15/2029		300		335

				1,404

Special Tax — 0.1%
Connecticut State, Special Tax Obligation Transportation Infrastructure Series A, Rev., 5.00%, 8/1/2026		5,000		5,619

Transportation — 0.1%
State of Connecticut, Transportation Infrastructure Purposes Series A, Rev., 5.00%, 9/1/2030		2,000		2,184

Total Connecticut				21,396

Delaware — 0.6%
Education — 0.1%
University of Delaware Rev., VRDO, 1.62%, 12/3/2018(d)		7,000		7,000

General Obligation — 0.4%
State of Delaware
Series B, GO, 5.00%, 7/1/2022		4,000		4,410
Series B, GO, 5.00%, 7/1/2023		3,710		4,179
Series A, GO, 5.00%, 2/1/2025		1,000		1,159
Series C, GO, 5.00%, 10/1/2025		1,000		1,170
Series A, GO, 5.00%, 2/1/2026		1,250		1,470
Series A, GO, 5.00%, 2/1/2027		2,260		2,696
Series A, GO, 5.00%, 2/1/2028		2,360		2,855
Series A, GO, 5.00%, 2/1/2029		1,375		1,657

				19,596

Prerefunded — 0.1%
State of Delaware GO, 5.00%, 7/1/2020(c)		3,211		3,357

Total Delaware				29,953

District of Columbia — 1.6%
General Obligation — 0.7%
District of Columbia
Series A, GO, 5.00%, 6/1/2019		45		46
Series D, GO, 5.00%, 6/1/2028		3,300		3,877
Series A, GO, 5.00%, 6/1/2029		890		1,042
Series A, GO, 5.00%, 6/1/2030		1,325		1,542
Series D, GO, 5.00%, 6/1/2030		4,000		4,628
Series A, GO, 5.00%, 6/1/2031		1,865		2,160
Series A, GO, 5.00%, 6/1/2032		2,200		2,536
Series A, GO, 5.00%, 6/1/2033		3,050		3,500
Series A, GO, 5.00%, 6/1/2035		7,175		8,047
Series A, GO, 5.00%, 6/1/2036		7,200		8,121

				35,499

Other Revenue — 0.6%
District of Columbia, Income Tax Secured Series A, Rev., 5.00%, 12/1/2022		5,000		5,221
Washington Convention and Sports Authority
Series A, Rev., 5.00%, 10/1/2025		2,000		2,302
Series A, Rev., 5.00%, 10/1/2026		5,000		5,812
Series A, Rev., 5.00%, 10/1/2027		5,000		5,859
Series A, Rev., 5.00%, 10/1/2028		4,535		5,291
Series A, Rev., 5.00%, 10/1/2029		3,150		3,647

				28,132

Transportation — 0.2%
Washington Metropolitan Area Transit Authority
Series A-1, Rev., 5.00%, 7/1/2025		1,090		1,262
Series A-1, Rev., 5.00%, 7/1/2030		5,185		6,031
Washington Metropolitan Area Transit Authority, Gross Transit Bonds Series A-1, Rev., 5.00%, 7/1/2024		3,000		3,423

				10,716

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Water & Sewer — 0.1%
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series A, Rev., 5.00%, 10/1/2029		1,475		1,691

Total District of Columbia				76,038

Florida — 2.8%
Certificate of Participation/Lease — 0.4%
Palm Beach County School District Series C, COP, 5.00%, 8/1/2029		16,000		18,800

Education — 0.2%
Florida State Department of Education
Series A, Rev., 5.00%, 7/1/2024		1,120		1,262
Series A, Rev., 5.00%, 7/1/2025		2,375		2,709
Series A, Rev., 5.00%, 7/1/2026		3,385		3,904
University of Florida Department of Housing and Residence Education System Series A, Rev., 5.00%, 7/1/2019		30		30

				7,905

General Obligation — 0.8%
Broward County, Parks and Land Preservation Project GO, 4.00%, 1/1/2019		20		20
County of Miami-Dade, Building Better Communities Program
Series A, GO, 5.00%, 7/1/2033		2,835		3,196
Series A, GO, 5.00%, 7/1/2034		5,355		6,025
Florida State Board of Education, Public Education Capital Outlay
Series A, GO, 5.00%, 1/1/2019		25		25
Series E, GO, 5.00%, 6/1/2019		4,515		4,585
Series E, GO, 5.00%, 6/1/2020		4,740		4,952
Series A, GO, 5.00%, 6/1/2023		4,500		4,744
Series D, GO, 5.00%, 6/1/2024		14,600		15,647
Series A, GO, 5.00%, 6/1/2025		1,250		1,318
School District of Broward County GO, 5.00%, 7/1/2019		30		31

				40,543

Hospital — 0.1%
Brevard County Health Facilities Authority, Health First, Inc. Project
Rev., 5.00%, 4/1/2022		1,000		1,084
Rev., 5.00%, 4/1/2024		1,250		1,400

				2,484

Housing — 0.0%(b)
Florida Housing Finance Corp., Homeowner Mortgage, Special Program Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2028		160		161

Industrial Development Revenue/Pollution Control Revenue — 0.1%
County of Escambia, Pollution Control, Gulf Power Company Project Rev., 2.60%, 6/1/2023		6,500		6,541
Florida Department of Environmental Protection Rev., 5.00%, 7/1/2019		95		97

				6,638

Other Revenue — 0.1%
City of Orlando Series C, Rev., 5.00%, 10/1/2019		50		51
County of Miami-Dade, Capital Asset Acquisition
Series B, Rev., 4.50%, 4/1/2019		30		31
Series A, Rev., AGC, 5.00%, 4/1/2019		20		20
County of Miami-Dade, Transit System Sales Surtax Rev., 5.00%, 7/1/2019		30		31
County of Miami-Dade, UMSA Public Improvements Rev., AGM, 4.00%, 4/1/2019		30		30
County of Orange Series C, Rev., 5.00%, 1/1/2019		85		85
County of Palm Beach Rev., 5.00%, 5/1/2038		1,570		1,749
County of Pasco Series A, Rev., 5.00%, 12/1/2018		20		20
County of Tallahassee, City of Leon, Blueprint 2000 Intergovernmental Agency Rev., NATL-RE, 5.25%, 10/1/2019		2,060		2,115
Town of Palm Beach, Capital Improvement Program
Series A, Rev., 4.00%, 1/1/2019		20		20

				4,152

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Prerefunded — 0.4%
Florida State Board of Education, Public Education Capital Outlay Series 2010B, GO, 5.13%, 6/1/2020(c)		150		157
Hillsborough County School Board, Master Lease Program Series 2012A, COP, 5.00%, 7/1/2022(c)		15,705		17,237
JEA Electric System Series A, Rev., 5.00%, 10/1/2023(c)		2,130		2,398

				19,792

Transportation — 0.0%(b)
Orlando-Orange County Expressway Authority Series B, Rev., AGM, 5.00%, 7/1/2019		100		102

Utility — 0.5%
County of Manatee, Public Utilities
Series 2017, Rev., 5.00%, 10/1/2028		535		633
Series 2017, Rev., 5.00%, 10/1/2029		1,150		1,347
Series 2017, Rev., 5.00%, 10/1/2031		815		944
Florida Municipal Power Agency, St. Lucie Project Series A, Rev., 5.00%, 10/1/2020		5,000		5,258
JEA Electric System
Series A, Rev., 5.00%, 10/1/2023		1,395		1,538
Series 2017B, Rev., 5.00%, 10/1/2024		5,500		6,162
Series A, Rev., 5.00%, 10/1/2027		1,160		1,270
Series B, Rev., 5.00%, 10/1/2029		4,500		5,098
Subseries III-B, Rev., 5.00%, 10/1/2033		3,950		4,386

				26,636

Water & Sewer — 0.2%
Broward County, Florida Water and Sewer Utility Series A, Rev., 5.00%, 10/1/2030		5,000		5,659
City of Tampa, Water and Sewer Improvement System Rev., 5.00%, 10/1/2023		500		540
JEA Water and Sewer System
Series D, Rev., 5.00%, 10/1/2019		20		20
Series A, Rev., 5.00%, 10/1/2025		3,405		3,893

				10,112

Total Florida				137,325

Georgia — 2.7%
Education — 0.1%
Private Colleges and Universities Authority, Emory University Series A, Rev., 5.00%, 10/1/2043		2,000		2,196

General Obligation — 0.5%
Cherokee County Board of Education, School System
GO, 5.00%, 2/1/2026		335		393
GO, 5.00%, 8/1/2031		725		838
GO, 5.00%, 8/1/2032		750		865
GO, 5.00%, 8/1/2033		690		793
Polk School District, Sales Tax Series 2018, GO, 5.00%, 3/1/2025		350		403
State of Georgia
Series A, GO, 5.00%, 2/1/2019		25		25
Series C, GO, 5.00%, 7/1/2019		25		25
Series E, GO, 5.00%, 12/1/2023		20		23
Series E, GO, 5.00%, 12/1/2025		6,880		8,076
Series A, GO, 5.00%, 2/1/2027		5,000		5,850
Series A-2, GO, 5.00%, 2/1/2029		5,020		5,912

				23,203

Industrial Development Revenue/Pollution Control Revenue — 0.1%
Monroe County Development Authority, Pollution Control, Gulf Power Company Plant, Scherer Project Rev., 2.00%, 6/25/2020(d)		6,000		5,975

Prerefunded — 0.2%
Barrow County School District GO, 5.00%, 2/1/2021(c)		555		590
State of Georgia Series B, GO, 5.00%, 1/1/2019(c)		10,000		10,023

				10,613

Transportation — 0.2%
City of Atlanta, Airport Series A, Rev., 5.00%, 1/1/2020		9,500		9,806
Georgia State Road and Tollway Authority Series B, Rev., 5.00%, 6/1/2019		140		142

				9,948

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Utility — 0.4%
Camden County Public Service Authority, City of St. Mary’s Project
Rev., 5.00%, 12/1/2021		1,005		1,063
Rev., 5.00%, 12/1/2022		1,960		2,072
Rev., 5.00%, 12/1/2023		1,000		1,057
Main Street Natural Gas, Inc., Gas Project Series A, Rev., 5.50%, 9/15/2021		1,475		1,588
Main Street Natural Gas, Inc., Gas Supply Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023(d)		12,000		12,538

				18,318

Water & Sewer — 1.2%
City of Atlanta, Water and Wastewater
Rev., 5.00%, 11/1/2029		2,110		2,399
Rev., 5.00%, 11/1/2030		4,250		4,818
City of Columbus, Georgia Water and Sewerage
Series A, Rev., 5.00%, 5/1/2022		2,000		2,190
Series A, Rev., 5.00%, 5/1/2027		445		506
Series A, Rev., 5.00%, 5/1/2028		595		675
Rev., 5.00%, 5/1/2031		280		323
Rev., 5.00%, 5/1/2034		350		399
Rev., 5.00%, 5/1/2035		350		398
County of Cobb, Water and Sewerage Improvement
Rev., 5.00%, 7/1/2020		6,155		6,264
Rev., 5.00%, 7/1/2021		6,565		6,682
County of DeKalb, Water and Sewerage
Series B, Rev., 5.25%, 10/1/2022		4,800		5,342
Series B, Rev., 5.25%, 10/1/2023		8,660		9,855
Series B, Rev., 5.25%, 10/1/2026		5,500		6,573
County of Fulton, Water and Sewerage Rev., 5.00%, 1/1/2022		7,000		7,393
County of Henry, Water and Sewerage Authority Rev., AGM-CR, BHAC-CR, NATL-RE, 5.25%, 2/1/2028		5,000		6,092

				59,909

Total Georgia				130,162

Hawaii — 0.9%
General Obligation — 0.5%
City and County of Honolulu
Series A, GO, 4.00%, 8/1/2019		25		25
Series D, GO, 5.00%, 9/1/2023		20		23
Series C, GO, 5.00%, 10/1/2025		3,000		3,491
Series B, GO, 5.00%, 10/1/2027		8,695		10,023
Series C, GO, 5.00%, 10/1/2027		3,000		3,457
State of Hawaii
Series DR, GO, 5.00%, 6/1/2019		40		40
Series FE, GO, 5.00%, 10/1/2027		1,300		1,526
Series FG, GO, 5.00%, 10/1/2028		2,500		2,909

				21,494

Prerefunded — 0.3%
State of Hawaii Department of Budget and Finance, 15 Craigside Project Series A, Rev., 9.00%, 11/15/2019(c)		6,200		6,604
State of Hawaii, Highway
Rev., 5.25%, 1/1/2019(c)		5,120		5,133
Rev., 6.00%, 1/1/2019(c)		2,450		2,457

				14,194

Transportation — 0.1%
State of Hawaii, Highway Rev., 5.00%, 1/1/2020		5,915		5,928

Total Hawaii				41,616

Idaho — 0.4%
Other Revenue — 0.0%(b)
Idaho Bond Bank Authority Series A, Rev., 5.00%, 9/15/2019		100		102

Prerefunded — 0.2%
Idaho Health Facilities Authority, Trinity Health Group Series B, Rev., 6.00%, 12/1/2018(c)		12,000		12,000

Transportation — 0.2%
Idaho Housing and Finance Association, Federal Highway Trust
Series A, Rev., GRAN, 5.00%, 7/15/2025		2,550		2,927
Series A, Rev., GRAN, 5.00%, 7/15/2026		4,800		5,553

				8,480

Total Idaho				20,582

Illinois — 2.9%
Education — 0.0%(b)
Illinois Finance Authority, University of Chicago Series A, Rev., 5.00%, 10/1/2029		1,750		1,888

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — 0.4%
Champaign County Community Unit School District No. 4 Champaign GO, 5.00%, 1/1/2031		305		340
Chicago Park District, Limited Tax Series D, GO, 4.00%, 1/1/2019		150		150
City of Aurora Series C, GO, 3.00%, 12/30/2022		100		101
City of Champaign GO, 4.00%, 12/15/2018		40		40
City of Naperville GO, 2.00%, 12/1/2018		50		50
Cook County Community College District No. 527 Morton GO, 4.00%, 12/15/2019		20		20
Cook County Community Consolidated School District No. 64, Park Ridge-Niles Series A, GO, 4.00%, 12/1/2018		200		200
Cook County High School District No. 204, Lyons Township
GO, 4.00%, 12/15/2018		55		55
GO, 5.00%, 12/15/2019		20		21
Counties of Kane and Cook, City of Elgin GO, 4.00%, 12/15/2021		1,400		1,447
County of Cook, School District No. 122 GO, AGM-CR, NATL-RE, Zero Coupon, 12/1/2021(c)		5,000		4,639
County of Cook, School District No. 23 GO, 4.00%, 12/15/2018		20		20
County of DuPage, Courthouse Project
GO, 5.00%, 1/1/2028		255		291
GO, 5.00%, 1/1/2029		730		829
Fountaindale Public Library District GO, AGC, 4.00%, 2/1/2019		35		35
Fox Valley Park District Series B, GO, 4.00%, 12/15/2018		70		70
Kane County Community Unit School District No. 101 GO, 5.00%, 1/1/2020		20		21
Kane County Forest Preserve District Series B, GO, 4.00%, 12/15/2018		45		45
Kane, Cook and DuPage Counties School District No. 46, Elgin
Series D, GO, 5.00%, 1/1/2027		1,500		1,653
Series D, GO, 5.00%, 1/1/2034		1,700		1,839
Lake County Community College District No. 532 Series A, GO, 4.00%, 6/1/2019		60		61
Lake County Forest Preserve District Series B, GO, 5.00%, 12/15/2018		55		55
McLean and Woodford Counties Community Unit School District No. 5 Normal GO, AGC, 5.00%, 12/1/2018		30		30
Schaumburg Park District Series B, GO, 5.00%, 12/1/2018		200		200
Village of Bolingbrook, Capital Appreciation Series C, GO, NATL-RE, Zero Coupon, 1/1/2023		2,195		1,941
Village of Schaumburg Series A, GO, 4.00%, 12/1/2019		20		20
Village of Streamwood GO, 4.00%, 12/1/2018		35		35
Will County, Community Unit School District No. 365-U
GO, 4.00%, 1/1/2030		975		1,018
GO, 4.00%, 1/1/2032		1,500		1,546
GO, 4.00%, 1/1/2033		1,000		1,025
GO, 4.00%, 1/1/2034		1,000		1,018
GO, 3.00%, 7/1/2036		1,700		1,489

				20,304

Hospital — 0.1%
Illinois Finance Authority, Healthcare Enterprises, Inc.
Series C, Rev., 5.00%, 3/1/2024		100		111
Series C, Rev., 5.00%, 3/1/2025		500		557
Illinois Finance Authority, Rush University Medical Center Obligated Group
Series A, Rev., 5.00%, 11/15/2023		2,000		2,202
Series A, Rev., 5.00%, 11/15/2024		1,000		1,114

				3,984

Other Revenue — 1.9%
City of Chicago, Motor Fuel Tax
Rev., 5.00%, 1/1/2020		75		76
Rev., 5.00%, 1/1/2021		200		206
Rev., 5.00%, 1/1/2022		20		21
City of Chicago, Pilsen Redevelopment Project Series A, Rev., 5.00%, 6/1/2022		1,000		1,066
County of Cook Rev., 5.00%, 11/15/2031		3,600		4,051

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Other Revenue — continued
Sales Tax Securitization Corp.
Series C, Rev., 5.50%, 1/1/2030		18,250		21,624
Series C, Rev., 5.50%, 1/1/2031		26,360		31,055
Series C, Rev., 5.50%, 1/1/2032		5,230		6,125
Series C, Rev., 5.25%, 1/1/2034		22,520		25,542

				89,766

Prerefunded — 0.0%(b)
County of Cook, Township High School District No. 205 GO, AGC, 5.50%, 12/1/2018(c)		1,000		1,000
Rock River Water Reclamation District, Sewage System GO, AGC, 5.00%, 12/15/2018(c)		30		30
State of Illinois, Build Illinois Series A, Rev., 4.25%, 6/15/2019(c)		30		30

				1,060

Special Tax — 0.0%(b)
Village of Bolingbrook, Will and Dupage Counties, Special Service Areas Numbers 2001-1, 2001-2, 2001-3, and 2002-1
Rev., AGM, 4.00%, 3/1/2026		620		658
Rev., AGM, 4.00%, 3/1/2027		375		399
Rev., AGM, 4.00%, 3/1/2028		1,000		1,047

				2,104

Transportation — 0.1%
Illinois State Toll Highway Authority
Series B, Rev., 5.00%, 12/1/2018		40		40
Series A, Rev., 5.00%, 12/1/2022		3,000		3,306

				3,346

Utility — 0.3%
City of Springfield, Senior Lien Electric
Rev., 5.00%, 3/1/2027		4,500		5,013
Rev., 5.00%, 3/1/2028		4,000		4,439
Rev., AGM, 3.50%, 3/1/2030		3,500		3,498

				12,950

Water & Sewer — 0.1%
City of Chicago, 2nd Lien Wastewater Transmission Rev., 5.00%, 1/1/2022		700		743
City of Chicago, 2nd Lien Water, Project
Rev., 5.00%, 11/1/2021		1,500		1,601
Rev., 5.00%, 11/1/2022		600		651
Rev., 5.00%, 11/1/2027		1,000		1,098
Rev., 5.00%, 11/1/2030		500		543
Illinois Finance Authority, Clean Water Initiative
Rev., 5.00%, 1/1/2019		20		20
Rev., 5.00%, 7/1/2024		1,000		1,135

				5,791

Total Illinois				141,193

Indiana — 1.3%
Education — 0.2%
Indiana Finance Authority, Educational Facilities, Valparaiso University
Rev., 5.00%, 10/1/2024		1,000		1,112
Rev., 5.00%, 10/1/2025		700		786
Indiana University
Series A, Rev., 5.00%, 6/1/2028		2,000		2,196
Series A, Rev., 5.00%, 6/1/2032		1,000		1,097
Plainfield Community High School Building Corp.
Rev., 5.00%, 1/15/2022		285		309
Rev., 5.00%, 7/15/2023		750		837
Rev., 5.00%, 7/15/2024		1,255		1,423
Purdue University, Student Fee Series DD, Rev., 5.00%, 7/1/2026		1,000		1,179

				8,939

General Obligation — 0.0%(b)
Pike Township Metropolitan School District GO, 2.00%, 1/15/2020		25		25

Other Revenue — 0.6%
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project
Rev., 5.00%, 8/1/2024		1,150		1,291
Rev., 5.00%, 2/1/2025		500		561
Indiana Finance Authority, State Revolving Fund Program
Series B, Rev., 4.00%, 2/1/2019		30		30
Series C, Rev., 5.00%, 2/1/2021		18,805		19,456
Series A, Rev., 5.00%, 2/1/2023		2,300		2,501
Series C, Rev., 5.00%, 2/1/2030		3,000		3,333
Indiana Finance Authority, State Revolving Fund Program, Green Bonds Series A, Rev., 5.00%, 2/1/2027		1,000		1,146
Indianapolis Local Public Improvement Bond Bank Series B, Rev., 6.00%, 1/10/2020		530		543

				28,861

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Prerefunded — 0.1%
Indiana Finance Authority, State Revolving Fund Program Series A, Rev., 5.00%, 2/1/2022(c)		5,205		5,669
Purdue University, Student Facilities System Class A, Rev., 5.00%, 1/1/2019(c)		30		30

				5,699

Transportation — 0.1%
Indiana Finance Authority, Highway
Series A, Rev., 5.00%, 6/1/2031		1,500		1,756
Series A, Rev., 5.00%, 6/1/2032		1,250		1,457

				3,213

Utility — 0.3%
City of Rockport, Indiana Michigan Power Company Project Series A, Rev., 3.05%, 6/1/2025		11,600		11,604
Indianapolis Local Public Improvement Bond Bank, Stormwater Project
Series D, Rev., 5.00%, 1/1/2021		725		768
Series D, Rev., 5.00%, 1/1/2024		1,245		1,382

				13,754

Water & Sewer — 0.0%(b)
City of Evansville, Waterworks District
Series B, Rev., 5.00%, 1/1/2022		325		351
Series B, Rev., 5.00%, 1/1/2023		375		405
Indiana State Finance Authority, Wastewater Utility, First Lien Series A, Rev., 5.25%, 10/1/2031		1,000		1,082

				1,838

Total Indiana				62,329

Iowa — 0.6%
Education — 0.0%(b)
Ankeny Community School District, School Infrastructure Sales and Services Rev., 4.00%, 6/1/2019(c)		25		25

General Obligation — 0.0%(b)
City of Ames, Corporate Purpose GO, 5.00%, 6/1/2019		20		20
City of Cedar Rapids Series A, GO, 5.00%, 6/1/2019		20		20
City of Des Moines
Series B, GO, 4.00%, 6/1/2019		30		31
Series A, GO, 5.00%, 6/1/2019		85		86
Davenport Iowa Corp.
Series A, GO, 5.00%, 6/1/2019		25		25
GO, 4.00%, 6/1/2021		1,095		1,126
Waukee Community School District Series A, GO, 5.00%, 6/1/2019		20		20
West Des Moines Community School District, Capital Loan Notes GO, 5.00%, 5/1/2019		35		36

				1,364

Hospital — 0.0%(b)
City of Ames, Mary Greeley Medical Center Rev., 5.00%, 6/15/2019		90		91

Other Revenue — 0.0%(b)
State of Iowa, Vision Iowa Special Fund Rev., NATL-RE, 5.50%, 2/15/2020		500		521

Prerefunded — 0.6%
Iowa Finance Authority, Health Facilities, Health System Series A, Rev., AGC, 5.25%, 8/15/2019(c)		20		20
Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2021(c)		18,325		19,687
Iowa Finance Authority, State Revolving Fund, Green Bonds Series 2016, Rev., 5.00%, 8/1/2026(c)		5,220		6,124

				25,831

Water & Sewer — 0.0%(b)
Des Moines Metropolitan Wastewater Reclamation Authority, Sewer Series B, Rev., 3.00%, 6/1/2019		25		25

Total Iowa				27,857

Kansas — 0.9%
General Obligation — 0.0%(b)
Wyandotte County Unified School District No. 203 Series A, GO, 5.00%, 9/1/2041		1,000		1,116

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Prerefunded — 0.0%(b)
County of Shawnee, Unified School District No. 345, Seaman Series A, GO, 5.00%, 9/1/2022(c)		650		714

Transportation — 0.9%
Kansas State Department Transportation Highway
Series A, Rev., 5.00%, 9/1/2019		7,000		7,158
Series A, Rev., 5.00%, 9/1/2020		7,000		7,355
Series B, Rev., 5.00%, 9/1/2030		8,000		9,151
Series B, Rev., 5.00%, 9/1/2035		4,625		5,234
Kansas Turnpike Authority
Series A, Rev., 5.00%, 9/1/2021		2,000		2,098
Series A, Rev., 5.00%, 9/1/2022		3,800		3,987
State of Kansas, Department of Transportation, Highway Series 2015B, Rev., 5.00%, 9/1/2029		5,140		5,897

				40,880

Total Kansas				42,710

Kentucky — 0.3%
Hospital — 0.1%
Kentucky Economic Development Finance Authority, Owensboro Health, Inc.
Series A, Rev., AGM, 4.00%, 6/1/2037		1,750		1,739
Series A, Rev., 5.00%, 6/1/2037		2,795		2,918

				4,657

Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series B, Rev., 5.00%, 8/15/2028		2,660		2,979
Kentucky Turnpike Authority, Economic Development Road, Revitalization Projects Rev., 4.00%, 7/1/2019		30		30

				3,009

Other Revenue — 0.1%
Jefferson County Capital Projects Corp. Series A, Rev., AGM, 4.25%, 6/1/2022		1,000		1,002
Kentucky State Property and Buildings Commission, Project No. 84
Rev., NATL-RE, 5.00%, 8/1/2021		1,000		1,069
Rev., NATL-RE, 5.00%, 8/1/2022		1,175		1,280

				3,351

Prerefunded — 0.1%
Kentucky Turnpike Authority, Economic Development Road, Revitalization Projects
Series A, Rev., 5.00%, 7/1/2019(c)		50		51
Series A, Rev., 5.00%, 7/1/2021(c)		5,145		5,516

				5,567

Water & Sewer — 0.0%(b)
Northern Kentucky Water Service District Rev., 5.00%, 2/1/2019		55		55

Total Kentucky				16,639

Louisiana — 2.1%
Education — 0.0%(b)
Louisiana State University, Agricultural and Mechanical College, Auxiliary Facilities System Rev., 3.75%, 7/1/2036		75		74

Housing — 0.3%
East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program Series A-2, Rev., GNMA/FNMA/FHLMC, 5.25%, 10/1/2039		53		53
Louisiana Housing Finance Agency, Single Family Mortgage, Homeownership Program Series A, Rev., GNMA/FNMA/FHLMC, 5.13%, 6/1/2041		120		120
Louisiana Public Facilities Authority, Multi-Family Housing, CR Series A, Rev., Zero Coupon, 2/1/2020(c)		18,150		17,722

				17,895

Industrial Development Revenue/Pollution Control Revenue — 1.0%
East Baton Rouge Parish Industrial Development Board, Inc., Exxon Mobil Corp., Gulf Opportunity Zone Series B, Rev., VRDO, 1.61%, 12/3/2018(d)		47,700		47,700

Other Revenue — 0.6%
Louisiana Public Facilities Authority, CR Series B, Rev., Zero Coupon, 12/1/2019(c)		18,000		17,648

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Other Revenue — continued
Parish of East Baton Rouge, Road and Street Improvement Sales Tax
Rev., AGC, 5.25%, 8/1/2019		3,490		3,564
Rev., AGC, 5.00%, 8/1/2020		4,270		4,353
Rev., AGC, 5.00%, 8/1/2021		2,125		2,167

				27,732

Prerefunded — 0.1%
Louisiana Local Government Environmental Facilities and Community Development Authority, Shreveport Airport System PFC Project Series B, Rev., AMT, AGM, 5.63%, 1/1/2019(c)		1,275		1,279
Parish of East Baton Rouge, Road and Street Improvement Sales Tax
Rev., AGC, 5.00%, 8/1/2019(c)		2,000		2,040
Rev., AGC, 5.13%, 8/1/2019(c)		25		26
St. Charles Parish Law Enforcement District Series B, GO, AGC, 4.60%, 3/1/2019(c)		40		40

				3,385

Utility — 0.0%(b)
City of Alexandria, Utilities Series A, Rev., 5.00%, 5/1/2043		1,400		1,497

Water & Sewer — 0.1%
City of Shreveport, Water and Sewer, Junior Lien
Series C, Rev., 5.00%, 12/1/2023		370		411
Series C, Rev., 5.00%, 12/1/2024		510		574
Series C, Rev., 5.00%, 12/1/2025		835		951
Series C, Rev., 5.00%, 12/1/2026		500		576
Series C, Rev., 5.00%, 12/1/2028		400		469
Series C, Rev., 5.00%, 12/1/2029		1,500		1,755

				4,736

Total Louisiana				103,019

Maine — 0.1%
Other Revenue — 0.1%
Maine Municipal Bond Bank
Series C, Rev., 5.00%, 11/1/2029		625		735
Series C, Rev., 5.00%, 11/1/2030		1,095		1,280
Series C, Rev., 5.00%, 11/1/2034		800		919

Total Maine				2,934

Maryland — 5.8%
Education — 0.1%
State of Maryland, Health and Higher Educational Facilities Authority, Lifebridge Health Issue
Rev., 4.00%, 7/1/2035		1,000		1,019
Rev., 4.00%, 7/1/2036		1,000		1,014
University of Maryland, Auxiliary Facilities and Tuition System Series A, Rev., 5.00%, 4/1/2019		4,785		4,835

				6,868

General Obligation — 4.9%
Baltimore County, Consolidated Public Improvement
GO, 5.00%, 8/1/2026		1,400		1,627
GO, 5.00%, 3/1/2028		5,130		6,179
GO, 5.00%, 3/1/2029		5,540		6,635
GO, 5.00%, 3/1/2030		6,360		7,554
Baltimore County, Metropolitan District
GO, 5.00%, 3/1/2027		4,930		5,878
GO, 5.00%, 3/1/2029		5,600		6,708
GO, 5.00%, 3/1/2030		5,880		6,984
GO, 5.00%, 3/1/2031		6,125		7,228
City of Baltimore County, Consolidated Public Improvement Series B, GO, 5.00%, 10/15/2027		2,000		2,381
County of Anne Arundel, General Improvements
GO, 5.00%, 4/1/2025		3,000		3,474
GO, 5.00%, 4/1/2026		4,300		4,960
GO, 5.00%, 10/1/2026		6,385		7,553
GO, 5.00%, 10/1/2027		6,000		7,180
GO, 5.00%, 10/1/2029		3,615		4,212
GO, 5.00%, 10/1/2030		3,615		4,196
GO, 5.00%, 10/1/2034		3,610		4,147
GO, 5.00%, 10/1/2035		2,610		2,993
GO, 5.00%, 10/1/2037		3,610		4,120
GO, 5.00%, 10/1/2038		3,610		4,102
County of Anne Arundel, Water and Sewer
GO, 5.00%, 10/1/2026		2,260		2,673
GO, 5.00%, 10/1/2027		2,260		2,704
GO, 5.00%, 10/1/2030		2,125		2,467
GO, 5.00%, 10/1/2034		2,125		2,441
GO, 5.00%, 10/1/2035		2,125		2,437
County of Charles, Consolidated Public Improvement GO, 5.00%, 10/1/2025		2,995		3,495

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
County of Howard, Consolidated Public Improvement
Series A, GO, 5.00%, 2/15/2027		5,465		6,503
Series A, GO, 5.00%, 2/15/2029		6,785		8,121
Series D, GO, 5.00%, 2/15/2030		5,000		5,941
County of Montgomery, Consolidated Public Improvement
Series B, GO, 5.00%, 6/1/2026		6,340		7,473
Series C, GO, 5.00%, 10/1/2026		5,000		5,922
Series A, GO, 5.00%, 11/1/2026		4,150		4,917
State of Maryland, State and Local Facilities Loan of 2010, First Series Series B, GO, 5.00%, 3/1/2021		5,000		5,188
State of Maryland, State and Local Facilities Loan of 2017 Series A, GO, 5.00%, 3/15/2028		5,280		6,250
State of Maryland, State and Local Facilities Loan of 2017, First Series Series A, GO, 4.00%, 3/15/2030		27,225		29,713
State of Maryland, State and Local Facilities Loan of 2017, Second Series Series B, GO, 5.00%, 8/1/2024		3,120		3,581
State of Maryland, State and Local Facilities Loan of 2018 Series A, GO, 5.00%, 3/15/2029		4,220		5,056
State of Maryland, State and Local Facilities Loan of 2018, First Series
Series A, GO, 5.00%, 3/15/2024		13,960		15,897
Series A, GO, 5.00%, 3/15/2026		10,015		11,771
Washington Suburban Sanitary Commission, Maryland Consolidated Public Improvement GO, 5.00%, 6/15/2029		4,715		5,576

				236,237

Other Revenue — 0.3%
City of Baltimore, Wastewater Projects Series A, Rev., 5.00%, 7/1/2041		13,845		15,409

Prerefunded — 0.1%
State of Maryland, State and Local Facilities Loan of 2015
Series A, GO, 5.00%, 3/1/2023(c)		1,745		1,943
Series A, GO, 5.00%, 8/1/2023(c)		500		562

				2,505

Transportation — 0.4%
Maryland Transportation Authority
Rev., 5.25%, 3/1/2019		30		30
State of Maryland Department of Transportation
Rev., 5.00%, 10/1/2025		14,645		17,076
Rev., 5.00%, 10/1/2027		2,000		2,346

				19,452

Total Maryland				280,471

Massachusetts — 4.5%
Education — 0.1%
Massachusetts Health and Educational Facilities Authority, Institute of Technology Series M, Rev., 5.25%, 7/1/2025		4,070		4,835

General Obligation — 1.7%
Commonwealth of Massachusetts
Series A, GO, 5.00%, 3/1/2032		1,000		1,118
Series A, GO, 5.00%, 7/1/2036		3,535		3,958
Series F, GO, 5.00%, 11/1/2041		1,000		1,126
Commonwealth of Massachusetts, Consolidated Loan of 2004 Series B, GO, 5.25%, 8/1/2023		10,000		11,362
Commonwealth of Massachusetts, Consolidated Loan of 2006 Series E, GO, AMBAC, 5.00%, 11/1/2025		5,000		5,843
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039		13,125		13,540
Commonwealth of Massachusetts, Consolidated Loan of 2017
Series A, GO, 5.00%, 4/1/2032		9,345		10,774
Series A, GO, 5.00%, 4/1/2033		10,000		11,484
Commonwealth of Massachusetts, Consolidated Loan of 2018 Series B, GO, 5.00%, 1/1/2027		10,000		11,848
Massachusetts State Construction
Series D, GO, 4.00%, 9/1/2029		9,460		10,162
Series A, GO, 5.00%, 3/1/2031		2,250		2,523

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
Town of Billerica, Municipal Purpose Loan Series A, GO, 4.00%, 5/15/2019		45		46
Town of Nantucket, Municipal Purpose Loan GO, 4.00%, 2/15/2019		25		25

				83,809

Other Revenue — 0.2%
Massachusetts School Building Authority Series A, Rev., 5.00%, 5/15/2019		20		20
Massachusetts School Building Authority, Sales Tax Series B, Rev., 5.00%, 8/15/2028		10,000		10,971

				10,991

Prerefunded — 1.3%
Commonwealth of Massachusetts Series A, GO, 5.00%, 3/1/2019(c)		20		20
Commonwealth of Massachusetts, Consolidated Loan of 2011 Series D, GO, 5.00%, 10/1/2021(c)		11,890		12,849
Commonwealth of Massachusetts, Consolidated Loan of 2014 Series F, GO, 5.00%, 11/1/2022(c)		42,950		47,494
Town of Braintree, Municipal Purpose Loan GO, 5.00%, 5/15/2019(c)		35		36
Town of Hingham, Municipal Purpose Loan Series A, GO, 5.00%, 4/15/2019(c)		20		20
Town of Sutton, Municipal Purpose Loan GO, 5.00%, 4/15/2019(c)		30		30

				60,449

Transportation — 0.9%
Commonwealth of Massachusetts Transportation Fund, Rail Enhancement and Accelerated Bridge Programs
Rev., 5.00%, 6/1/2036		3,300		3,650
Rev., 5.00%, 6/1/2037		1,500		1,652
Massachusetts Bay Transportation Authority
Series A, Rev., 5.00%, 7/1/2021		1,925		2,069
Series A, Rev., 5.25%, 7/1/2025		2,250		2,651
Series A, Rev., 5.25%, 7/1/2027		10,530		12,738
Series A, Rev., 5.25%, 7/1/2029		5,000		6,156
Series A, Rev., 5.00%, 7/1/2031		1,255		1,531
Series A-1, Rev., 5.25%, 7/1/2033		5,000		6,285
Massachusetts Port Authority Series B, Rev., 5.00%, 7/1/2021		1,500		1,611
Massachusetts Transportation Trust Fund Metropolitan Highway System Series A, Rev., 5.00%, 1/1/2028		3,765		4,485

				42,828

Water & Sewer — 0.3%
Massachusetts Clean Water Trust, State Revolving Fund Series 20, Rev., 5.00%, 2/1/2033		10,950		12,418
Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2024		3,110		3,608

				16,026

Total Massachusetts				218,938

Michigan — 1.4%
Education — 0.1%
Michigan Finance Authority, Local Government Loan Program, Detroit School District Series A, Rev., Q-SBLF, 5.00%, 5/1/2019		75		76
Michigan Strategic Fund, Facility for Rare Isotope Beams Project at Michigan State University, Limited Obligation Rev., 5.00%, 3/1/2019		25		25
Regents of the University of Michigan
Rev., 5.00%, 4/1/2031		3,375		3,878
Rev., 5.00%, 4/1/2033		2,190		2,504

				6,483

General Obligation — 0.3%
City of Troy, Limited Tax GO, 5.25%, 11/1/2029		1,005		1,095
Counties of Oakland and Livingston, Huron Valley School District GO, Q-SBLF, 5.00%, 5/1/2023		4,900		5,221
Grand Rapids Community College GO, 5.00%, 5/1/2023		1,305		1,417
Lansing Community College, Building and Site
GO, 5.00%, 5/1/2030		750		858
GO, 5.00%, 5/1/2032		885		998
State of Michigan Series A, GO, 5.00%, 12/1/2028		4,300		4,892

				14,481

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Hospital — 0.3%
Michigan Finance Authority, Trinity Health Group
Rev., 5.00%, 12/1/2031		1,000		1,080
Rev., 5.00%, 12/1/2034		5,000		5,641
Rev., 5.00%, 12/1/2037		5,000		5,565

				12,286

Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
Michigan Strategic Fund, Detroit Pollution Fund, Limited Obligation Series BB, Rev., AMBAC, 7.00%, 5/1/2021		1,170		1,274

Prerefunded — 0.2%
Hudsonville Public Schools, School Building and Site GO, Q-SBLF, 5.25%, 5/1/2021(c)		1,250		1,343
Michigan Municipal Bond Authority, Clean Water Revolving Fund Rev., 5.00%, 10/1/2020(c)		5,000		5,260
Regents of the University of Michigan Series A, Rev., 5.00%, 4/1/2019(c)		3,915		3,955
State of Michigan, Environmental Program Series A, GO, 5.25%, 5/1/2019(c)		35		35

				10,593

Transportation — 0.1%
State of Michigan, Comprehensive Transportation Rev., AGM, 5.25%, 5/15/2019		30		31
State of Michigan, Trunk Line Fund
Rev., 5.00%, 11/15/2025		1,150		1,240
Rev., 5.00%, 11/15/2026		610		657
Rev., 5.00%, 11/15/2027		1,035		1,116
Rev., 5.00%, 11/15/2030		2,185		2,354

				5,398

Utility — 0.1%
Lansing Board of Water and Light, Utility Systems
Series A, Rev., 5.00%, 7/1/2026		1,000		1,071
Series A, Rev., 5.50%, 7/1/2041		1,000		1,086

				2,157

Water & Sewer — 0.3%
City of Grand Rapids, Sanitary Sewer System
Rev., 4.00%, 1/1/2019		35		35
Series A, Rev., AGM-CR, BHAC-CR, FGIC, 5.50%, 1/1/2022		4,160		4,381
Rev., 5.00%, 1/1/2023		1,670		1,841
Rev., 5.00%, 1/1/2025		1,000		1,102
Rev., 5.00%, 1/1/2027		400		461
Rev., 5.00%, 1/1/2028		325		372
Rev., 5.00%, 1/1/2029		350		399
Rev., 5.00%, 1/1/2030		370		421
Rev., 5.00%, 1/1/2032		750		849
Rev., 5.00%, 1/1/2033		1,400		1,579
Rev., 5.00%, 1/1/2034		1,000		1,125
Lansing Board of Water and Light, Utility Systems Series A, Rev., 4.00%, 7/1/2019		20		20

				12,585

Total Michigan				65,257

Minnesota — 0.9%
Education — 0.1%
Minnesota Higher Education Facilities Authority, Carleton College
Rev., 4.00%, 3/1/2020		190		195
Rev., 5.00%, 3/1/2027		725		858
Rev., 5.00%, 3/1/2028		1,000		1,176
Rev., 3.00%, 3/1/2030		1,500		1,476
University of Minnesota Series A, Rev., 5.00%, 12/1/2018(c)		25		25

				3,730

General Obligation — 0.6%
Circle Pines Independent School District No. 12
Series A, GO, Zero Coupon, 2/1/2022		650		604
Series A, GO, Zero Coupon, 2/1/2023		800		722
City of Brooklyn Park Series A, GO, 5.00%, 2/1/2026		1,005		1,177
City of East Bethel, Anoka County Series A, GO, 4.00%, 2/1/2020		50		51
City of Marshall Series B, GO, 5.00%, 2/1/2023		1,170		1,294
County of Hennepin Series A, GO, 4.00%, 12/1/2018		35		35
Farmington Independent School District No. 192 Series A, GO, 5.00%, 2/1/2025		3,070		3,455
Itasca County Independent School District No. 318, School Building, Minnesota School District Credit Enhancement Program Series A, GO, 5.00%, 2/1/2030		1,500		1,734

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
Kasson and Mantorville Independent School District No. 204, School Building Series A, GO, 5.00%, 2/1/2021		40		42
Minneapolis Special School District No. 1, Credit Enhancement Program
Series 2018-B, GO, 5.00%, 2/1/2025		2,160		2,490
Series A, GO, 5.00%, 2/1/2025		2,965		3,417
Rosemount, Apple Valley, Eagan Independent School District No. 196 Series C, GO, 4.00%, 2/1/2019		25		25
State of Minnesota, Trunk Highway Series B, GO, 5.00%, 8/1/2021		25		27
State of Minnesota, Various Purpose Series H, GO, 5.00%, 11/1/2019		10,000		10,283
GO, 5.00%, 8/1/2020(c)		175		184
Series A, GO, 5.00%, 8/1/2024		2,000		2,293

				27,833

Hospital — 0.2%
City of Minneapolis, Health Care System, Fairview Health Services
Series A, Rev., 4.00%, 11/15/2037		6,230		6,234
Series A, Rev., 4.00%, 11/15/2038		750		747
Series A, Rev., 4.00%, 11/15/2048		2,000		1,957
Series A, Rev., 5.00%, 11/15/2049		1,000		1,082

				10,020

Total Minnesota				41,583

Mississippi — 1.0%
General Obligation — 0.7%
State of Mississippi
Series H, GO, 5.00%, 12/1/2022		2,615		2,885
Series A, GO, 5.00%, 11/1/2030		1,250		1,435
Series A, GO, 5.00%, 11/1/2031		2,750		3,147
Series A, GO, 5.00%, 11/1/2034		7,595		8,613
Series A, GO, 4.00%, 11/1/2036		5,000		5,132
Series A, GO, 4.00%, 11/1/2038		14,500		14,831

				36,043

Industrial Development Revenue/Pollution Control Revenue — 0.3%
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project
Series C, Rev., VRDO, 1.64%, 12/3/2018(d)		7,000		7,000
Series B, Rev., VRDO, 1.66%, 12/3/2018(d)		5,000		5,000
Mississippi Development Bank, Industrial Development Authority of Marshall County Rev., 4.00%, 1/1/2019		95		95

				12,095

Total Mississippi				48,138

Missouri — 1.9%
General Obligation — 0.1%
City of Kansas, Improvement and Refunding Series A, GO, 5.00%, 2/1/2023		620		659
Independence School District, Missouri Direct Deposit Program Series B, GO, 5.50%, 3/1/2032		2,000		2,349

				3,008

Hospital — 0.0%(b)
Health and Educational Facilities Authority of the State of Missouri, City Art Institute Rev., 5.00%, 9/1/2030		210		236

Housing — 0.0%(b)
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program Series E-1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2027		100		102

Industrial Development Revenue/Pollution Control Revenue — 0.1%
Missouri State Environmental Improvement and Energy Resources Authority, State Revolving Funds Program
Series B, Rev., 5.00%, 7/1/2022		3,645		3,865
Series B, Rev., 5.00%, 7/1/2024		660		700
Series B, Rev., 5.00%, 7/1/2029		175		185
Series B, Rev., 5.00%, 7/1/2030		65		69
Missouri State Environmental Improvement and Energy Resources Authority, State Revolving Funds Program, Rev., 5.00%, 7/1/2021		385		414

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Industrial Development Revenue/Pollution Control Revenue — continued
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series A, Rev., 5.00%, 1/1/2020(c)		10		10

				5,243

Prerefunded — 0.1%
Missouri State Environmental Improvement and Energy Resources Authority, State Revolving Funds Program Series B, Rev., 5.00%, 1/1/2021(c)		5,065		5,365

Transportation — 1.1%
Missouri Highways and Transportation Commission, Federal Reimbursement
Series A, Rev., 5.00%, 5/1/2019		25		25
Series A, Rev., 5.00%, 5/1/2020		4,065		4,118
Missouri Highways and Transportation Commission, First Lien Series A, Rev., 5.00%, 5/1/2026		25,750		30,236
Missouri Highways and Transportation Commission, Senior Lien Series C, Rev., 5.00%, 2/1/2022		16,815		18,323

				52,702

Water & Sewer — 0.5%
City of Kansas, Sanitary Sewer System
Series 2011-A, Rev., 4.00%, 1/1/2019		35		35
Series A, Rev., 5.00%, 1/1/2026		3,140		3,326
Metropolitan St. Louis Sewer District Wastewater System Improvement
Series A, Rev., 5.00%, 5/1/2029		6,765		7,940
Series B, Rev., 5.00%, 5/1/2031		530		603
Series B, Rev., 5.00%, 5/1/2032		1,900		2,155
Series B, Rev., 5.00%, 5/1/2033		4,430		5,010
Series B, Rev., 5.00%, 5/1/2034		2,000		2,257
Series B, Rev., 5.00%, 5/1/2035		2,125		2,395

				23,721

Total Missouri				90,377

Nebraska — 1.0%
General Obligation — 0.6%
Douglas County, Omaha School District No. 001
GO, 4.00%, 12/15/2041		10,000		10,215
GO, 4.00%, 12/15/2042		10,000		10,180
Lancaster County School District No.1, Lincoln Public Schools Series 2017, GO, 5.00%, 1/15/2026		1,700		1,996
Omaha School District Series 2016, GO, 5.00%, 12/15/2026		6,545		7,731

				30,122

Hospital — 0.0%(b)
University of Nebraska Facilities Corp., UNMC Cancer Center Bonds Series A, Rev., 5.00%, 2/15/2020		160		166

Utility — 0.4%
Central Plains Energy, Gas Project No. 4 Series 2018-A, Rev., 5.00%, 1/1/2024(d)		10,000		10,867
Omaha Public Power District, Electric System
Series B, Rev., 4.00%, 2/1/2019(c)		25		25
Series A, Rev., 5.00%, 2/1/2019		40		40
Series B, Rev., 5.00%, 2/1/2019		35		35
Series C, Rev., 5.00%, 2/1/2020		25		26
Series A, Rev., 5.00%, 2/1/2035		1,500		1,720
Series A, Rev., 5.00%, 2/1/2036		2,000		2,282
Series A, Rev., 5.00%, 2/1/2037		2,000		2,275

				17,270

Water & Sewer — 0.0%(b)
City of Omaha, Sewer Rev., 5.00%, 11/15/2031		1,820		2,054

Total Nebraska				49,612

Nevada — 0.7%
General Obligation — 0.6%
Clark County School District Series A, GO, 5.00%, 6/15/2026		2,080		2,376
County of Clark
GO, 5.00%, 6/1/2020		75		78
Series B, GO, 5.00%, 11/1/2027		15,000		17,571
County of Clark, Stadium Improvement
Series A, GO, 5.00%, 6/1/2026		1,985		2,325
Series A, GO, 5.00%, 6/1/2027		1,225		1,450

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
Series A, GO, 5.00%, 6/1/2028		1,165		1,392
Series A, GO, 5.00%, 6/1/2030		4,030		4,758
Las Vegas Valley Water District Series A, GO, 5.00%, 6/1/2019		25		26

				29,976

Other Revenue — 0.0%(b)
County of Washoe Series A, Rev., 5.00%, 12/1/2019		75		77

Transportation — 0.0%(b)
County of Clark Series 2014-A, Rev., 4.00%, 7/1/2019		90		91
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax Rev., 4.00%, 12/1/2018		65		65

				156

Water & Sewer — 0.1%
Truckee Meadows Water Authority Rev., 5.00%, 7/1/2031		1,550		1,764

Total Nevada				31,973

New Hampshire — 0.0%(b)
General Obligation — 0.0%(b)
City of Portsmouth, Capital Improvement Loan Series B, GO, 4.00%, 6/15/2019		135		137

Other Revenue — 0.0%(b)
New Hampshire Municipal Bond Bank Series E, Rev., 4.00%, 1/15/2019		20		20

Total New Hampshire				157

New Jersey — 2.7%
Education — 0.2%
New Jersey Economic Development Authority, School Facilities Construction Rev., 5.00%, 3/1/2019(c)		30		30
New Jersey EDA, School Facilities Construction Series XX, Rev., 5.00%, 6/15/2021		9,500		10,030

				10,060

General Obligation — 0.7%
County of Hudson GO, BAN, 3.00%, 12/12/2018		35,000		35,009
County of Middlesex, General Improvement Series B, GO, 4.00%, 6/15/2019		25		25
County of Ocean GO, 4.00%, 8/1/2019		25		26
County of Union GO, 4.00%, 3/1/2019		20		20
Manalapan, Englishtown Regional Board of Education GO, 4.00%, 10/1/2019		20		21
Montville Township School District, New Jersey Refunding School GO, 3.00%, 2/1/2019		20		20
Township of Plainsboro, General Improvement GO, 4.00%, 6/1/2019		30		30

				35,151

Other Revenue — 0.7%
Bergen County Improvement Authority, Guaranteed Governmental Loan Rev., 5.00%, 8/15/2019		20		21
Burlington County Bridge Commission, Governmental Leasing Program Rev., 5.00%, 4/15/2030		1,150		1,347
Mercer County Improvement Authority Series 2011, Rev., 4.00%, 9/1/2019		25		25
Tobacco Settlement Financing Corp.
Series A, Rev., 5.00%, 6/1/2021		5,000		5,312
Series A, Rev., 5.00%, 6/1/2022		3,000		3,239
Series A, Rev., 5.00%, 6/1/2023		3,000		3,286
Series A, Rev., 5.00%, 6/1/2024		4,000		4,441
Series A, Rev., 5.00%, 6/1/2025		3,500		3,936
Series A, Rev., 5.00%, 6/1/2026		3,500		3,967
Series A, Rev., 5.00%, 6/1/2028		3,000		3,363
Series A, Rev., 5.00%, 6/1/2029		4,500		5,034
Series A, Rev., 4.00%, 6/1/2037		1,000		957
Union County Improvement Authority, City Guaranteed, Linden Omnibus Project Rev., AGM, 4.00%, 11/1/2019		100		102

				35,030

Transportation — 1.0%
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Rev., 5.00%, 6/15/2024		10,875		12,018
Rev., 5.00%, 6/15/2029		10,000		11,044

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Transportation — continued
Series 2018-A, Rev., 5.00%, 6/15/2030		6,850		7,531
Rev., 5.00%, 6/15/2031		5,000		5,469
New Jersey Transportation Trust Fund Authority, Transportation Program Series AA, Rev., 5.00%, 6/15/2036		5,000		5,155
New Jersey Transportation Trust Fund Authority, Transportation System
Series B, Rev., AMBAC, 5.25%, 12/15/2022		5,000		5,434
Series A, Rev., 5.00%, 6/15/2042		500		510

				47,161

Water & Sewer — 0.1%
Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation
Series B, Rev., AGM, Zero Coupon, 12/1/2018		1,610		1,610
Series B, Rev., AGM, Zero Coupon, 12/1/2019		1,845		1,810

				3,420

Total New Jersey				130,822

New Mexico — 0.7%
General Obligation — 0.4%
Albuquerque Municipal School District No.12, School Building
GO, 5.00%, 8/1/2030		1,000		1,168
GO, 5.00%, 8/1/2031		1,100		1,276
GO, 5.00%, 8/1/2032		1,300		1,502
GO, 5.00%, 8/1/2033		1,485		1,708
GO, 5.00%, 8/1/2034		2,375		2,723
GO, 5.00%, 8/1/2035		1,975		2,255
City of Albuquerque, General Purpose
Series A, GO, 5.00%, 7/1/2019		445		453
Series A, GO, 5.00%, 7/1/2026		6,480		7,612
Santa Fe Public School District GO, 5.00%, 8/1/2021		45		48

				18,745

Housing — 0.0%(b)
New Mexico Mortgage Finance Authority, Single Family Mortgage Program
Series B-2, Class I, Rev., GNMA/FNMA/FHLMC, 5.65%, 9/1/2039		20		20
Series D, Class 1, Rev., GNMA/FNMA/FHLMC, 5.35%, 9/1/2040		275		280
Series C-2, Class 1, Rev., GNMA/FNMA/FHLMC, 5.70%, 9/1/2040		145		146

				446

Other Revenue — 0.0%(b)
City of Rio Rancho Rev., 4.00%, 6/1/2019		125		126
City of Santa Fe Series B, Rev., 5.00%, 6/1/2019		25		25
County of Bernalillo Series B, Rev., NATL-RE-IBC, 5.70%, 4/1/2027		1,010		1,183
State of New Mexico, Severance Tax Permanent Fund
Series B, Rev., 4.00%, 7/1/2019		65		66
Series A, Rev., 5.00%, 7/1/2024		180		205

				1,605

Transportation — 0.3%
New Mexico Finance Authority, State Transportation, Senior Lien Series B, Rev., 5.00%, 6/15/2020		10,000		10,451
New Mexico Finance Authority, State Transportation, Sub Lien Series A-2, Rev., 5.00%, 12/15/2021		1,500		1,586

				12,037

Total New Mexico				32,833

New York — 14.9%
Education — 0.9%
Erie County Industrial Development Agency, School District Project Class B, Rev., 5.00%, 5/1/2019		25		25
New York State Dormitory Authority
Series B, Rev., 5.00%, 10/1/2029		665		772
Series B, Rev., 5.00%, 10/1/2031		500		578
New York State Dormitory Authority, City University System, Fifth General Resolution Class A, Rev., 5.00%, 7/1/2019		25		25
New York State Dormitory Authority, Municipal Series 1, Rev., 5.00%, 1/15/2031		3,445		3,987
New York State Dormitory Authority, School Districts Financing Program Series B, Rev., 5.00%, 10/1/2024		2,000		2,203
New York State Dormitory Authority, St. John’s University Series C, Rev., NATL-RE, 5.25%, 7/1/2020		2,370		2,483

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Education — continued
New York State Dormitory Authority, State University Dormitory Facilities
Series A, Rev., 5.00%, 7/1/2019		40		41
Series A, Rev., 5.00%, 7/1/2027		2,000		2,366
Series A, Rev., 5.00%, 7/1/2028		2,830		3,352
Series A, Rev., 5.00%, 7/1/2029		2,100		2,473
Series A, Rev., 5.00%, 7/1/2030		3,740		4,351
Series A, Rev., 5.00%, 7/1/2031		4,430		5,206
Series A, Rev., 5.00%, 7/1/2032		3,130		3,662
Series 2018-A, Rev., 5.00%, 7/1/2038		6,000		6,846
New York State Dormitory Authority, Third General Resolution, State University Educational Facilities
Series 2012A, Rev., 5.00%, 5/15/2023		675		737
Series A, Rev., 5.00%, 5/15/2025		2,000		2,185
Series A, Rev., 5.00%, 5/15/2028		2,000		2,185

				43,477

General Obligation — 0.5%
Cheektowaga Central School District GO, BAN, 3.00%, 4/25/2019		3,475		3,492
City of New York, Fiscal Year 2010 Series E, GO, 5.00%, 8/1/2023		5,000		5,103
City of New York, Fiscal Year 2014 Series G, GO, 5.00%, 8/1/2025		9,520		10,727
City of New York, Fiscal Year 2016 Series E, GO, 5.00%, 8/1/2023		75		84
City of New York, Unrefunded Balance Series F, GO, 6.00%, 1/15/2021		3,665		3,676
County of Onondaga Series A, GO, 5.00%, 6/15/2019		25		26
Hyde Park Central School District GO, 4.00%, 6/15/2019		25		25
Jamestown City School District GO, AGM, 4.00%, 5/15/2022		220		233
Plainedge Union Free School District Series B, GO, 4.00%, 6/15/2019		20		20

				23,386

Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
Monroe County IDA, School Facility, Rochester School Modernization Project
Rev., 5.00%, 5/1/2032		675		776
Rev., 5.00%, 5/1/2033		810		927

				1,703

Other Revenue — 5.6%
Erie County Fiscal Stability Authority, Sales Tax and State Aid Secured Class A, Rev., 5.00%, 5/15/2019		30		30
Hudson Yards Infrastructure Corp. Series A, Rev., 5.00%, 2/15/2033		5,500		6,266
New York City Transitional Finance Authority, Building Aid Series S-2A, Rev., 4.00%, 7/15/2037		5,000		5,139
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009 Series S-4, Rev., 5.50%, 1/15/2019		2,000		2,008
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2011 Subseries S-1A, Rev., 5.00%, 7/15/2019(c)		3,000		3,060
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2013 Series S-1, Rev., 4.00%, 7/15/2019(c)		20		20
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003
Series B, Rev., 5.00%, 2/1/2024		1,230		1,307
Series B, Rev., 5.00%, 2/1/2026		3,835		4,076
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 Series D, Subseries D-1, Rev., 5.00%, 2/1/2019		25		25
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012 Series E, Subseries E-1, Rev., 5.00%, 2/1/2025		3,000		3,265
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016 Series E-1, Rev., 5.00%, 2/1/2035		7,295		8,204

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Other Revenue — continued
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017
Rev., 5.00%, 11/1/2030		5,710		6,605
Series E, Subseries E-1, Rev., 5.00%, 2/1/2031		1,460		1,682
Series E, Subseries E-1, Rev., 5.00%, 2/1/2032		7,000		8,030
Series E, Subseries E-1, Rev., 5.00%, 2/1/2033		10,000		11,420
Rev., 5.00%, 2/1/2039		2,525		2,824
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series A, Subseries A-1, Rev., 5.00%, 8/1/2040		2,100		2,374
New York City Trust for Cultural Resources, The Museum of Modern Art Series 2016-1-E, Rev., 4.00%, 2/1/2023		6,855		7,380
New York Convention Center Development Corp., Capital Appreciation Subordinated Lien, Hotel Unit fee Secured
Series B, Rev., Zero Coupon, 11/15/2025		1,000		817
Series B, Rev., Zero Coupon, 11/15/2026		1,500		1,176
Series B, Rev., Zero Coupon, 11/15/2027		1,500		1,126
Series B, Rev., Zero Coupon, 11/15/2028		2,000		1,435
Series B, Rev., Zero Coupon, 11/15/2029		2,500		1,711
Series B, Rev., Zero Coupon, 11/15/2030		3,650		2,376
Series B, Rev., Zero Coupon, 11/15/2031		2,035		1,259
Series B, Rev., Zero Coupon, 11/15/2032		2,000		1,178
New York Convention Center Development Corp., Hotel Unit fee Secured
Rev., 5.00%, 11/15/2024		4,610		5,310
Rev., 5.00%, 11/15/2025		2,250		2,627
New York Convention Center Development Corp., Subordinated Lien Hotel Unit fee Series B, Rev., AGM-CR, Zero Coupon, 11/15/2052		10,625		2,501
New York Local Government Assistance Corp., Senior Lien Series B-C/D, Rev., 5.50%, 4/1/2019		10,000		10,110
New York State Dormitory Authority, Consolidated Services Contract Series A, Rev., 5.00%, 7/1/2023		5,920		6,025
New York State Dormitory Authority, State Sales Tax
Series A, Rev., 5.00%, 3/15/2025		12,400		14,055
Series B, Rev., 5.00%, 3/15/2027		14,815		17,101
Series A, Rev., 5.00%, 3/15/2030		5,500		6,185
Series B, Rev., 5.00%, 3/15/2030		8,000		9,131
Series A, Rev., 5.00%, 3/15/2031		5,000		5,606
Series B, Rev., 5.00%, 3/15/2031		6,600		7,509
Series A, Rev., 5.00%, 3/15/2032		20,210		22,595
Series B, Rev., 5.00%, 3/15/2034		18,050		20,346
Series E, Rev., 5.00%, 3/15/2038		10,000		11,376
Series B, Rev., 5.00%, 3/15/2039		13,080		14,583
New York State Urban Development Corp., Service Contract Series D, Rev., 5.50%, 1/1/2019		7,820		7,842
Sales Tax Asset Receivable Corp.
Series A, Rev., 5.00%, 10/15/2026		2,500		2,862
Series A, Rev., 5.00%, 10/15/2029		3,785		4,306
Series A, Rev., 5.00%, 10/15/2031		12,500		14,128

				268,991

Prerefunded — 0.7%
City of New York, Fiscal Year 2009 Subseries J-1, GO, 5.00%, 5/15/2019(c)		105		107
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010 Series B, Rev., 5.00%, 11/1/2019(c)		10		10
New York State Dormitory Authority Series A, Rev., 5.25%, 2/15/2019(c)		1,370		1,379
New York State Urban Development Corp., State Personal Income Tax, Economic Development and Housing Series A-1, Rev., 5.00%, 12/15/2018(c)		3,750		3,754
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series A, Rev., 5.00%, 1/1/2022(c)		25,495		27,810

				33,060

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Special Tax — 3.9%
New York State Dormitory Authority, State Personal Income Tax Series A, Rev., 5.25%, 2/15/2027		55		55
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series B, Rev., 5.00%, 3/15/2024		9,000		9,824
Series A, Rev., 5.00%, 2/15/2027		20,000		22,576
Series A, Rev., 5.00%, 3/15/2027		7,000		8,007
Series A, Rev., 5.00%, 2/15/2028		10,000		11,272
Series A, Rev., 5.00%, 12/15/2028		20,000		22,174
Series A, Rev., 5.00%, 2/15/2029		5,000		5,625
Series A, Rev., 5.00%, 12/15/2029		4,900		5,425
Series C, Rev., 5.00%, 3/15/2033		20,000		22,216
Series A, Rev., 5.00%, 2/15/2043		3,000		3,257
Series B, Rev., 5.00%, 2/15/2045		10,545		11,549
New York State Environmental Facilities Corp., Environment Series A, Rev., 5.25%, 12/15/2019		7,265		7,514
New York State Thruway Authority, State Personal Income Tax, Transportation
Series A, Rev., 5.25%, 3/15/2019		17,000		17,163
Series A, Rev., 5.00%, 3/15/2026		11,025		11,584
New York State Urban Development Corp., State Personal Income Tax Series C, Rev., 5.00%, 3/15/2027		6,000		7,089
New York State Urban Development Corp., State Personal Income Tax, General Purpose Series A, Rev., 5.00%, 3/15/2031		2,340		2,493
New York State Urban Development Corp., State Personal Income Tax, State Facilities and Equipment Series A-2, Rev., NATL-RE, 5.50%, 3/15/2021		17,770		19,126

				186,949

Transportation — 1.3%
Metropolitan Transportation Authority
Subseries C-1, Rev., 5.25%, 11/15/2029		6,000		6,817
Subseries C-1, Rev., 5.00%, 11/15/2035		3,000		3,304
Metropolitan Transportation Authority, Green Bonds Series C-1, Rev., 5.00%, 11/15/2030		5,025		5,753
New York State Thruway Authority
Series L, Rev., 5.00%, 1/1/2023		2,760		3,061
Series L, Rev., 5.00%, 1/1/2025		2,700		3,107
Series L, Rev., 5.00%, 1/1/2027		1,250		1,478
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2034		9,900		10,789
Port Authority of New York and New Jersey, Consolidated, 172nd Series Rev., 5.00%, 10/1/2022		3,000		3,266
Port Authority of New York and New Jersey, Consolidated, 190th Series Rev., 5.00%, 5/1/2033		5,000		5,214
Port Authority of New York and New Jersey, Consolidated, 93rd Series Rev., 6.13%, 6/1/2094		12,000		14,154
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series B, Rev., 5.00%, 11/15/2030		2,500		2,771
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Capital Appreciation Series B, Rev., Zero Coupon, 11/15/2032		8,860		5,370

				65,084

Utility — 0.5%
Long Island Power Authority, Electric System
Rev., 5.00%, 9/1/2034		5,000		5,730
Rev., 5.00%, 9/1/2035		3,000		3,424
Utility Debt Securitization Authority
Series TE, Rev., 5.00%, 12/15/2029		1,500		1,682
Series TE, Rev., 5.00%, 12/15/2032		3,500		3,888
Rev., 5.00%, 12/15/2036		5,250		5,917
Series TE, Rev., 5.00%, 12/15/2041		4,250		4,640

				25,281

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Water & Sewer — 1.5%
New York City Municipal Water Finance Authority, Capital Appreciation Rev., NATL-RE-IBC, Zero Coupon, 6/15/2019		20		20
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2010 Series FF, Rev., 5.00%, 6/15/2024		16,555		17,349
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2012 Series DD, Rev., 5.00%, 6/15/2027		1,275		1,390
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series DD, Rev., 5.00%, 6/15/2022		4,000		4,414
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031		5,000		5,661
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2018 Series BB-2, Rev., 5.00%, 6/15/2032		2,000		2,302
New York City Water and Sewer System Series EE, Rev., 5.00%, 6/15/2036		5,000		5,668
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Second Resolution
Series A, Rev., 5.00%, 6/15/2025		5,635		6,436
Series D, Rev., 5.00%, 6/15/2025		7,280		7,998
Series B, Rev., 5.00%, 6/15/2027		4,345		4,660
Series D, Rev., 5.00%, 6/15/2027		5,325		5,849
Series A, Rev., 4.00%, 6/15/2028		10,000		10,718
Series A, Rev., 5.00%, 6/15/2029		900		1,061

				73,526

Total New York				721,457

North Carolina — 0.4%
General Obligation — 0.1%
City of Charlotte Series A, GO, 5.00%, 7/1/2029		1,050		1,226
County of Union Series A, GO, 5.00%, 3/1/2021		2,000		2,130

				3,356

Other Revenue — 0.1%
City of Raleigh
Rev., 5.00%, 2/1/2024		245		276
Rev., 5.00%, 2/1/2029		305		347
City of Wilmington Series A, Rev., 5.00%, 6/1/2028		400		452
County of Cabarrus, Installment Financing Contract Rev., 4.00%, 2/1/2020		150		153
County of Chatham Rev., 5.00%, 11/1/2026		1,880		2,146
County of Onslow, Public Facilities Company Ltd. Rev., 4.00%, 10/1/2032		340		358
County of Wake, Obligation Hammond Road Detention Center, Annual Appropriation Rev., 5.00%, 6/1/2019		3,500		3,554
Mecklenburg County Public Facilities Corp. Rev., 5.00%, 3/1/2019		20		20
State of North Carolina Rev., 5.00%, 3/1/2019		25		25

				7,331

Prerefunded — 0.2%
Mecklenburg County Public Facilities Corp. Rev., 5.00%, 3/1/2019(c)		3,000		3,023
State of North Carolina, Limited Annual Appropriation, Capital Improvement Series A, Rev., 5.00%, 5/1/2019(c)		5,000		5,063

				8,086

Transportation — 0.0%(b)
North Carolina Turnpike Authority, Senior Lien Rev., AGM, 5.00%, 1/1/2028		1,500		1,727
Raleigh Durham Airport Authority Series A, Rev., 5.00%, 5/1/2019		25		25

				1,752

Total North Carolina				20,525

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
North Dakota — 0.0%(b)
General Obligation — 0.0%(b)
City of Grand Forks Series D, GO, NATL-RE, 4.00%, 12/1/2018		25		25
South Prairie Public School District No. 70, School District GO, 1.00%, 8/1/2019		100		99

Total North Dakota				124

Ohio — 1.7%
Education — 0.0%(b)
Ohio Higher Educational Facility Commission, University of Dayton Project Rev., 5.00%, 12/1/2029		1,300		1,511
Ohio State University, General Receipts Series A, Rev., 5.00%, 12/1/2019		330		340

				1,851

General Obligation — 0.5%
City of Columbus Series 2017-1, GO, 5.00%, 4/1/2029		11,000		13,048
City of Dublin, Various Purpose GO, 5.00%, 12/1/2025		500		581
City of Lima, Various Purpose GO, AGM, 2.00%, 12/1/2018		385		385
Columbus City School District GO, 4.00%, 12/1/2018		20		20
Columbus City School District, School Facilities Construction and Improvement GO, 5.00%, 12/1/2018		100		100
Series 2016-A, GO, 5.00%, 12/1/2031		3,000		3,412
County of Hamilton Series A, GO, 5.00%, 12/1/2029		2,325		2,727
Medina County Library District, Library Improvement Refunding Bonds GO, 5.00%, 12/1/2018		30		30
Princeton City School District, School Improvement GO, 3.00%, 12/1/2018		25		25
Shaker Heights City School District Series A, GO, 5.00%, 12/15/2026		1,100		1,304
State of Ohio, Infrastructure Improvement Series A, GO, 3.00%, 2/1/2019		40		40

				21,672

Hospital — 0.1%
County of Hamilton, Hospital Facilities, UC Health
Rev., 5.00%, 2/1/2019		750		753
Rev., 5.00%, 2/1/2020		750		774
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group
Series A, Rev., 5.00%, 7/1/2028		1,200		1,319
Series A, Rev., 5.75%, 7/1/2028		750		857
Series A, Rev., 5.75%, 7/1/2033		1,400		1,584

				5,287

Industrial Development Revenue/Pollution Control Revenue — 0.1%
Ohio State Water Development Authority, Water Pollution Control Loan Fund Rev., 5.00%, 12/1/2024		3,360		3,876
Ohio Water Development Authority, Water Pollution Control Loan Fund Rev., 5.00%, 12/1/2018		20		20

				3,896

Other Revenue — 0.2%
County of Cuyahoga, Sports Facilities Improvement Project
Rev., 5.00%, 12/1/2024		835		933
Rev., 5.00%, 12/1/2025		500		558
Rev., 5.00%, 12/1/2026		1,000		1,115
Rev., 5.00%, 12/1/2027		500		557
State of Ohio, Building Authority, State Facilities, Adult Correctional Building Fund Projects Series B, Rev., 5.00%, 10/1/2019		4,510		4,623
State of Ohio, Capital Facilities Lease, Adult Correctional Building Fund Projects Series B, Rev., 5.00%, 10/1/2029		1,495		1,646
State of Ohio, Capital Facilities Lease-Appropriation Series 2017-A, Rev., 5.00%, 4/1/2037		760		855

				10,287

Prerefunded — 0.0%(b)
American Municipal Power, Inc., Prairie St. Energy Campus Project Series A, Rev., AGC, 5.13%, 2/15/2019(c)		20		20
City of Circleville, Various Purpose GO, AGM, 4.20%, 12/1/2018(c)		30		30

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Prerefunded — continued
Highland Local School District, School Facilities Construction and Improvement GO, 5.50%, 12/1/2018(c)		20		20
Miamisburg City School District, Facilities Construction and Improvement GO, 5.00%, 12/1/2018(c)		25		25
State of Ohio, Turnpike Commission Series A, Rev., 5.00%, 2/15/2020(c)		2,000		2,072

				2,167

Transportation — 0.4%
State of Ohio, Capital Facilities Lease Appropriation, Transportation Building Fund Project Series A, Rev., 5.00%, 4/1/2029		1,800		2,133
State of Ohio, Major New State Infrastructure Project
Series 1, Rev., 5.00%, 12/15/2028		7,500		8,690
Series 2016-1, Rev., 5.00%, 12/15/2028		2,235		2,550
Series 1, Rev., 5.00%, 12/15/2029		7,000		8,084

				21,457

Utility — 0.2%
American Municipal Power, Inc., Combined Hydroelectric Projects Series A, Rev., 2.25%, 8/15/2021(d)		8,500		8,495

Water & Sewer — 0.2%
City of Cincinnati, Water System Series A, Rev., 4.25%, 12/1/2019		60		61
County of Hamilton Series A, Rev., 5.00%, 12/1/2020		500		529
County of Hamilton, Sewer System Improvement, The Metropolitan Sewer District of Greater Cincinnati Series A, Rev., 5.00%, 12/1/2021		4,210		4,453
County of Hamilton, Sewer System, The Metropolitan Sewer District of Greater Cincinnati Series A, Rev., 5.00%, 12/1/2029		2,030		2,293
Northeast Ohio Regional Sewer District, Wastewater Improvement
Rev., 5.00%, 11/15/2026		1,500		1,710
Rev., 4.00%, 11/15/2049		45		45

				9,091

Total Ohio				84,203

Oklahoma — 0.3%
Education — 0.0%(b)
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Series 2018, Rev., 5.00%, 10/1/2022		250		274
Series 2018, Rev., 5.00%, 10/1/2023		180		200
Series 2018, Rev., 5.00%, 10/1/2025		500		571
Series 2018, Rev., 5.00%, 10/1/2026		500		577
Oklahoma County Finance Authority, Educational Facilities, Western Heights Public Schools Project Rev., 5.00%, 9/1/2021		1,110		1,189

				2,811

General Obligation — 0.0%(b)
Oklahoma County Independent School District No. 12, Edmond School District GO, 2.00%, 3/1/2020		250		250
Tulsa County Independent School District No. 4, Bixby Board of Education GO, 2.00%, 5/1/2019		100		100

				350

Transportation — 0.3%
Oklahoma Turnpike Authority, Turnpike System, Second Senior
Series A, Rev., 5.00%, 1/1/2019		40		40
Series A, Rev., 5.00%, 1/1/2020		25		26
Series A, Rev., 5.00%, 1/1/2023		4,000		4,242
Series A, Rev., 5.00%, 1/1/2025		5,000		5,302
Series C, Rev., 5.00%, 1/1/2036		1,170		1,322
Series A, Rev., 5.00%, 1/1/2038		2,000		2,231

				13,163

Total Oklahoma				16,324

Oregon — 1.1%
General Obligation — 0.6%
City of Salem GO, 5.00%, 6/1/2029		2,055		2,446
Oregon County Administrative School District No. 1 Bend-La Pine GO, 5.00%, 6/15/2026		4,750		5,592

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
Portland Community College District
GO, 5.00%, 6/15/2025		1,450		1,682
GO, 5.00%, 6/15/2026		710		835
GO, 5.00%, 6/15/2027		2,640		3,090
State of Oregon, Article XI-M Seismic Projects Series F, GO, 5.00%, 5/1/2032		2,885		3,309
State of Oregon, Article XI-P School District Capital Projects Series G, GO, 5.00%, 12/1/2029		2,390		2,784
State of Oregon, Article XI-Q State Projects Series A, GO, 5.00%, 5/1/2021		25		27
State of Oregon, Higher Education
Series L, GO, 5.00%, 8/1/2035		2,000		2,304
Series L, GO, 5.00%, 8/1/2036		2,000		2,294
Washington County School District No. 1 West Union GO, 5.00%, 6/15/2027		1,470		1,747
Washington County School District No. 1 West Union, Hillsborough School District GO, 5.00%, 6/15/2026		4,000		4,703

				30,813

Other Revenue — 0.3%
Oregon State Department of Administrative Services, Lottery Series A, Rev., 5.00%, 4/1/2035		2,470		2,812
State of Oregon Department of Administrative Services, Lottery
Series C, Rev., 5.00%, 4/1/2026		200		230
Series A, Rev., 5.00%, 4/1/2031		2,000		2,311
Series A, Rev., 5.00%, 4/1/2032		2,000		2,301
Series A, Rev., 5.00%, 4/1/2033		3,500		4,011

				11,665

Prerefunded — 0.1%
Clackamas County School District No. 46, Oregon Trail Series A, GO, 5.00%, 6/15/2019(c)		20		21
Lane Community College GO, 4.00%, 6/15/2019(c)		20		20
Oregon State Department of Administrative Services Series A, COP, 5.00%, 5/1/2019(c)		3,885		3,934
Oregon State Department of Administrative Services, Lottery Series A, Rev., 5.00%, 4/1/2019(c)		30		30

				4,005

Water & Sewer — 0.1%
City of Portland, Sewer System, First Lien Series A, Rev., 5.00%, 6/1/2026		5,350		6,180

Total Oregon				52,663

Pennsylvania — 2.3%
Certificate of Participation/Lease — 0.1%
Commonwealth of Pennsylvania, Certificates of Participation
Series A, COP, 5.00%, 7/1/2028		400		458
Series A, COP, 5.00%, 7/1/2029		300		342
Series A, COP, 5.00%, 7/1/2030		375		424
Series A, COP, 5.00%, 7/1/2031		425		478
Series A, COP, 5.00%, 7/1/2034		450		500

				2,202

Education — 0.2%
Allegheny County Higher Education Building Authority, Carnegie Mellon University Rev., 5.00%, 8/1/2027		4,000		4,800
Pennsylvania Higher Educational Facilities Authority Series A, Rev., 5.00%, 9/1/2019(c)		5,000		5,118
Pennsylvania State University Series A, Rev., 5.00%, 9/1/2031		1,500		1,746

				11,664

General Obligation — 0.3%
Bensalem Township School District GO, 5.00%, 10/15/2027		850		961
Carlisle Area School District GO, 4.00%, 3/1/2019		35		35
Conestoga Valley School District GO, 4.00%, 1/15/2019		60		60
Council Rock School District GO, 3.00%, 5/15/2019		35		35
County of Bucks GO, 5.00%, 5/1/2027		325		382
Ephrata Area School District GO, 4.00%, 3/1/2019		25		25
Nazareth Area School District
Series D, GO, 5.00%, 11/15/2030		900		1,018
Series D, GO, 5.00%, 11/15/2035		1,390		1,551

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
Series D, GO, 5.00%, 11/15/2036		1,250		1,391
Series D, GO, 5.00%, 11/15/2037		550		611
Series E, GO, 5.00%, 11/15/2038		810		897
Octorara Area School District Series B, GO, AGM, 4.00%, 6/1/2020		3,120		3,150
Palisades School District GO, 4.00%, 9/1/2019		20		20
Parkland School District Series A, GO, 4.00%, 3/1/2019		20		20
Pennridge School District Series B, GO, 5.00%, 2/15/2019		60		61
Southern Lehigh School District Series A, GO, 5.00%, 9/1/2019		35		36
Township of East Brandywine GO, AGM, 2.00%, 12/1/2018		515		515
Upper Merion Area School District
GO, 5.00%, 1/15/2029		350		402
GO, 5.00%, 1/15/2030		300		343
GO, 5.00%, 1/15/2031		650		741
GO, 5.00%, 1/15/2033		480		543
GO, 5.00%, 1/15/2034		200		225
GO, 5.00%, 1/15/2035		475		534

				13,556

Hospital — 1.2%
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group
Rev., 5.00%, 4/1/2028		7,000		7,976
Rev., 5.00%, 4/1/2029		7,785		8,863
Rev., 5.00%, 4/1/2030		5,000		5,629
Rev., 5.00%, 4/1/2031		3,800		4,245
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2027		1,150		1,323
Rev., 5.00%, 11/1/2028		1,550		1,780
Rev., 5.00%, 11/1/2029		350		398
Rev., 5.00%, 11/1/2030		600		678
DuBois Hospital Authority, Penn Highlands Healthcare
Rev., 5.00%, 7/15/2029		1,700		1,944
Rev., 5.00%, 7/15/2030		2,000		2,270
Rev., 5.00%, 7/15/2031		1,450		1,635
Rev., 5.00%, 7/15/2032		1,525		1,709
Rev., 5.00%, 7/15/2034		1,675		1,860
Rev., 4.00%, 7/15/2043		5,670		5,532
Montgomery County Higher Education and Health Authority, Thomas Jefferson University
Rev., 5.00%, 9/1/2030		3,000		3,446
Rev., 4.00%, 9/1/2038		2,950		2,972
Sayre Health Care Facilities Authority, Guthrie Health Issue Rev., (ICE LIBOR USD 3 Month + 0.78%), 2.62%, 3/1/2019(e)		4,410		4,376

				56,636

Industrial Development Revenue/Pollution Control Revenue — 0.2%
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Rev., 2.80%, 12/1/2021(d)		8,855		8,854

Other Revenue — 0.3%
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Series 2018, Rev., 5.00%, 6/1/2024		1,500		1,671
Series 2018, Rev., 5.00%, 6/1/2025		1,870		2,106
Series 2018, Rev., 5.00%, 6/1/2026		1,120		1,271
Series 2018, Rev., 5.00%, 6/1/2027		1,500		1,712
Series 2018, Rev., 5.00%, 6/1/2028		2,620		3,002
Series 2018, Rev., 5.00%, 6/1/2029		1,120		1,281
Urban Redevelopment Authority of Pittsburgh, Crawford Square Apartments Project Rev., 2.25%, 6/1/2020(d)		4,450		4,444

				15,487

Prerefunded — 0.0%(b)
City of Philadelphia, Water and Wastewater Series A, Rev., 5.00%, 1/1/2019(c)		30		30
Commonwealth of Pennsylvania
Series 1, GO, 5.00%, 3/15/2019(c)		25		25
Series 2011, GO, 5.00%, 11/15/2021(c)		100		109
Series 1, GO, 5.00%, 6/15/2024(c)		50		57
County of Chester Series C, GO, 5.00%, 7/15/2019(c)		20		20
Pennsylvania Higher Educational Facilities Authority, The Trustees of the University of Pennsylvania Rev., 5.00%, 9/1/2020(c)		900		946
Pennsylvania State University Series A, Rev., 5.00%, 3/1/2019(c)		20		20
Pennsylvania Turnpike Commission
Series C, Rev., NATL-RE, 5.00%, 12/1/2018(c)		30		30

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Prerefunded — continued
Subseries A, Rev., AGC, 5.00%, 6/1/2019(c)		40		41
Subseries B, Rev., 5.00%, 6/1/2019(c)		70		71
State Public School Building Authority, Harrisburg School District Series A, Rev., AGC, 4.75%, 5/15/2019(c)		25		25
Unionville-Chadds Ford School District Series A, GO, 5.00%, 6/1/2019(c)		500		508
University of Pittsburgh of the Commonwealth System of Higher Education, University Capital Project Series C, Rev., 5.00%, 9/15/2019(c)		25		25

				1,907

Transportation — 0.0%(b)
Pennsylvania Turnpike Commission Series A1, Rev., AGC, 5.00%, 12/1/2018		25		25

Total Pennsylvania				110,331

Puerto Rico — 0.3%
Other Revenue — 0.3%
Puerto Rico Public Finance Corp. (Puerto Rico) Series E, Rev., AGC-ICC, AGM-CR, 6.00%, 8/1/2026(c)		10,000		12,321

Rhode Island — 0.1%
General Obligation — 0.0%(b)
State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan of 2014 Series A, GO, 5.00%, 11/1/2025		1,000		1,124

Hospital — 0.0%(b)
Rhode Island Health and Educational Building Corp. Series A, Rev., 4.00%, 5/15/2019		25		25

Industrial Development Revenue/Pollution Control Revenue — 0.1%
Rhode Island Clean Water Finance Agency, Water Pollution Control Revolving Fund, Pooled Loan Series A, Rev., 5.00%, 10/1/2023		1,750		1,932

Transportation — 0.0%(b)
Rhode Island Commerce Corp., First Lien Special Facility, Rhode Island Airport Corp. Intermodal Facility Project Series 2018, Rev., 5.00%, 7/1/2019		30		30

Total Rhode Island				3,111

South Carolina — 0.8%
Education — 0.0%(b)
Berkeley County School District, Special Obligation
Rev., 5.00%, 12/1/2022		1,000		1,104
Rev., 5.00%, 12/1/2023		1,505		1,694
University of South Carolina, Higher Education Rev., 5.00%, 5/1/2019		40		40

				2,838

General Obligation — 0.3%
Georgetown County School District Series A, GO, 5.00%, 3/1/2019		30		30
Lexington County Rural Recreation District Series A, GO, 4.00%, 2/1/2019		25		25
Richland County School District No. 1 Series C, GO, SCSDE, 5.00%, 3/1/2025		4,000		4,572
Richland, Lexington Riverbanks Park District GO, 5.00%, 3/1/2019		20		20
State of South Carolina, Highway Series A, GO, 5.00%, 6/1/2019		10,000		10,155

				14,802

Hospital — 0.1%
Lexington County Health Services District, Inc., Hospital, LexMed Obligated Group
Series 2017, Rev., 5.00%, 11/1/2029		700		789
Series 2017, Rev., 4.00%, 11/1/2030		750		772
Series 2017, Rev., 4.00%, 11/1/2031		500		511
Series 2017, Rev., 4.00%, 11/1/2032		525		535
Series 2017, Rev., 4.00%, 11/1/2033		200		202
Series 2017, Rev., 4.00%, 11/1/2034		250		250

				3,059

Housing — 0.0%(b)
South Carolina State Housing Finance and Development Authority Series 1, Rev., GNMA COLL, 5.00%, 1/1/2028		110		111

Other Revenue — 0.0%(b)
South Carolina Public Service Authority Series B, Rev., 5.00%, 1/1/2019(c)		25		25

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Prerefunded — 0.2%
Beaufort County School District Series D, GO, SCSDE, 5.00%, 3/1/2019(c)		25		25
South Carolina Jobs-Economic Development Authority Series B, Rev., AGC, 5.38%, 2/1/2019(c)		25		25
South Carolina Public Service Authority
Series A, Rev., 5.13%, 1/1/2019(c)		35		35
Series B, Rev., 5.25%, 1/1/2019(c)		45		45
Series A, Rev., BHAC-CR, 5.50%, 1/1/2019(c)		45		46
State of South Carolina, Winthrop University Series A66, GO, 4.00%, 4/1/2019(c)		25		25
York County School District No. 1 Series A, GO, SCSDE, 5.25%, 3/1/2019(c)		10,415		10,500
York County School District No. 3, Rock Hill Series A, GO, SCSDE, 4.00%, 3/1/2019(c)		20		20

				10,721

Utility — 0.2%
Piedmont Municipal Power Agency, Electric, Unrefunded Balance Rev., NATL-RE, 6.75%, 1/1/2020		8,125		8,514

Water & Sewer — 0.0%(b)
City of Spartanburg, Water System Series B, Rev., 5.00%, 6/1/2031		480		555
East Richland County Public Service District, Sewer System Rev., 4.00%, 1/1/2019		30		30

				585

Total South Carolina				40,655

South Dakota — 0.0%(b)
Prerefunded — 0.0%(b)
Harrisburg School District No. 41-2 GO, 4.00%, 1/15/2022(c)		55		58

Tennessee — 4.2%
Education — 0.1%
Tennessee State School Bond Authority
Series B, Rev., 5.00%, 11/1/2022		1,705		1,884
Rev., 5.00%, 11/1/2030		3,895		4,550

				6,434

General Obligation — 2.6%
City of Kingsport Series B, GO, 5.00%, 3/1/2025		110		127
City of Memphis, General Improvement Series D, GO, 5.00%, 7/1/2023		4,000		4,185
County of Anderson, Rural Elementary School
Series A, GO, 5.00%, 5/1/2023		705		785
Series A, GO, 5.00%, 5/1/2024		845		958
Series A, GO, 5.00%, 5/1/2025		890		1,023
County of Anderson, Rural High School
Series B, GO, 5.00%, 5/1/2023		715		797
Series B, GO, 5.00%, 5/1/2024		750		850
Series B, GO, 5.00%, 5/1/2025		785		902
County of Blount Series B, GO, 5.00%, 6/1/2027		1,000		1,169
County of Knox GO, 5.00%, 6/1/2029		1,460		1,749
County of Madison GO, 5.00%, 5/1/2026		3,770		4,421
County of Montgomery GO, 5.00%, 4/1/2022		7,330		8,005
Hamilton County Series A, GO, 5.00%, 4/1/2024		9,355		10,660
Metropolitan Government of Nashville and Davidson County
GO, 5.00%, 7/1/2029		27,295		32,595
GO, 4.00%, 7/1/2031		17,400		18,622
GO, 5.00%, 7/1/2031		10,000		11,819
GO, 4.00%, 7/1/2037		16,205		16,950
Metropolitan Government of Nashville and Davidson, Public Improvement Series C, GO, 5.00%, 7/1/2030		5,500		6,266
State of Tennessee Series A, GO, 5.00%, 2/1/2029		1,465		1,756

				123,639

Hospital — 0.3%
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group
Rev., 5.00%, 7/1/2031		4,500		4,884
Rev., 5.00%, 7/1/2032		4,000		4,328
Rev., 5.00%, 7/1/2033		5,300		5,710

				14,922

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Prerefunded — 0.1%
Tennessee State School Bond Authority Series A, Rev., 5.00%, 5/1/2022(c)		2,505		2,741

Utility — 1.1%
Tennessee Energy Acquisition Corp., Gas Project
Series A, Rev., 4.00%, 5/1/2023(d)		22,170		22,957
Rev., 4.00%, 11/1/2025(d)		29,000		30,288

				53,245

Water & Sewer — 0.0%(b)
Metropolitan Government of Nashville and Davidson, Water and Sewer Series A, Rev., AGM, 5.25%, 1/1/2019		35		35
The City of Clarksville, Water, Sewer and Gas
Rev., 5.00%, 2/1/2024		500		567
Rev., 5.00%, 2/1/2026		565		661

				1,263

Total Tennessee				202,244

Texas — 5.5%
Education — 0.2%
Board of Regents, Texas State University System Series A, Rev., 5.00%, 3/15/2019		25		25
Counties of Harris and Fort Bend, Houston Community College System, Combined Fee Rev., 4.00%, 4/15/2019		25		25
Lone Star College System, Financing System Bonds Rev., 5.00%, 2/15/2019(c)		25		25
Regents of the Texas State University System Rev., 5.00%, 3/15/2019		45		46
San Jacinto College District, Combined Fee Rev., 4.00%, 2/15/2019		20		20
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center
Rev., 5.00%, 9/1/2019		550		562
Rev., 5.00%, 9/1/2020		750		786
Texas A&M University, Financing System
Series D, Rev., 4.50%, 5/15/2019		30		30
Series E, Rev., 5.00%, 5/15/2026		2,840		3,327
Texas A&M University, Permanent University Fund Series A, Rev., 5.25%, 7/1/2028		2,015		2,331
Texas State University, Financing System
Rev., 5.00%, 2/15/2019		20		20
Rev., 5.00%, 3/15/2020		30		31
University of Texas, Financing System Series E, Rev., 5.00%, 8/15/2027		1,500		1,782

				9,010

General Obligation — 2.3%
City of Baytown
GO, 5.00%, 2/1/2019		105		105
GO, 5.00%, 2/1/2020		25		26
City of Brownsville Series A, GO, 4.00%, 2/15/2020		30		31
City of Dallas
GO, 5.00%, 2/15/2019		25		25
GO, 5.00%, 2/15/2028		10,000		11,104
GO, 5.00%, 2/15/2029		2,500		2,801
City of Denton
GO, 3.25%, 2/15/2019		20		20
GO, 4.00%, 2/15/2019		50		50
City of Frisco, Combination Tax and Surplus GO, 3.00%, 2/15/2019		45		45
City of Houston, Public Improvement
Series A, GO, 5.00%, 3/1/2028		2,700		3,024
Series A, GO, 5.00%, 3/1/2029		2,600		2,904
City of Irving, Texas Combination and Hotel Occupancy Tax GO, 5.50%, 8/15/2027		2,785		3,405
City of Killeen Series 2017, GO, 5.00%, 8/1/2029		1,505		1,746
City of Killeen, Pass-Through Toll GO, 5.00%, 8/1/2019		45		46
City of League GO, 3.25%, 2/15/2019		25		25
City of Lubbock GO, 5.00%, 2/15/2026		2,765		3,106
City of New Braunfels GO, 5.00%, 2/1/2019		30		30
City of Plano
GO, 5.00%, 9/1/2028		2,210		2,588
GO, 5.00%, 9/1/2029		2,055		2,394
City of Southlake GO, 4.00%, 2/15/2019		50		50
City of Wylie GO, 5.00%, 2/15/2019		25		25

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
Comal Independent School District, School Building Series B, GO, PSF-GTD, 5.00%, 2/1/2023		100		111
Conroe Independent School District GO, PSF-GTD, 5.00%, 2/15/2020		25		26
Corpus Christi Independent School District, School Building Series A, GO, PSF-GTD, 2.00%, 8/15/2019(d)		100		100
Counties of Collin and Denton, City of Frisco, Improvement GO, 5.00%, 2/15/2023		4,290		4,559
Counties of Harris and Fort Bend, Houston Community College System, Limited Tax GO, 5.00%, 2/15/2025		5,140		5,442
Counties of Harris and Fort Bend, Houston Community College System, Maintenance Tax GO, 5.00%, 2/15/2019		35		35
Counties of Travis, Williamson and Hays, City of Austin, Public Improvement GO, 5.00%, 9/1/2022		8,120		8,947
Counties of Travis, Williamson and Hays, City of Austin, Public Property Finance GO, 5.00%, 5/1/2019		95		96
County of Collin GO, 5.00%, 2/15/2019		25		25
County of Collin, Community College District GO, 5.00%, 8/15/2029		11,990		14,031
County of Collin, Plano Independent School District GO, PSF-GTD, 5.00%, 2/15/2021		2,250		2,328
County of El Paso, Certificates of Obligation GO, 4.50%, 2/15/2019		35		35
County of Fort Bend, Subordinate Lien Toll Road GO, 4.00%, 3/1/2019		35		35
County of Harris, Road Series A, GO, 5.00%, 10/1/2022		5,000		5,246
County of Travis Series A, GO, 5.00%, 3/1/2019		20		20
Cypress-Fairbanks Independent School District, School Building GO, PSF-GTD, 4.00%, 2/15/2019		35		35
Denton County Fresh Water Supply District No. 10 Series A, GO, 3.00%, 9/1/2019		150		151
Fort Bend Independent School District GO, 5.00%, 2/15/2019		20		20
Galveston County GO, 5.00%, 2/1/2020		45		47
Grapevine-Colleyville Independent School District GO, PSF-GTD, 4.00%, 8/15/2019		35		36
Grapevine-Colleyville Independent School District, Unlimited Tax, School Building Bonds
GO, PSF-GTD, 5.00%, 8/15/2019		25		25
GO, PSF-GTD, 5.00%, 8/15/2027		1,000		1,149
Harris County Hospital District, Certificates of Obligation GO, 5.00%, 2/15/2019		20		20
Highland Park Independent School District, School Building GO, PSF-GTD, 5.25%, 2/15/2019		80		81
Houston Independent School District GO, 5.00%, 7/15/2031		9,700		11,337
Houston Independent School District, Limited Tax Series B, GO, PSF-GTD, 1.38%, 6/1/2019(d)		245		244
La Porte Independent School District GO, 5.00%, 2/15/2019		20		20
Lewisville Independent School District, School and Refunding Building Series A, GO, PSF-GTD, 4.00%, 8/15/2019		20		20
Lewisville Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 4.00%, 8/15/2026		500		544
McKinney Independent School District
GO, PSF-GTD, 4.00%, 2/15/2019		25		25
GO, 5.00%, 2/15/2019		95		96
Plano Independent School District GO, PSF-GTD, 5.00%, 2/15/2019		60		60
State of Texas, Mobility Fund and Refunding Bonds Series A, GO, 5.00%, 10/1/2025		11,250		12,838
State of Texas, Transportation Commission Mobility GO, 5.00%, 10/1/2030		11,185		13,040
State of Texas, Water Financial Assistance Series C, GO, 4.00%, 8/1/2019		25		25

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
Town of Addison GO, 4.00%, 2/15/2023		100		107

				114,506

Other Revenue — 0.1%
Lower Colorado River Authority, Transmission Contract, LCRA Transmission Services Corp. Project Series A, Rev., 5.00%, 5/15/2028		3,800		4,047

Prerefunded — 0.6%
Allen Independent School District, School Building GO, 5.25%, 2/15/2019(c)		90		91
Bexar Metropolitan Water District, Waterworks System Rev., 5.00%, 5/1/2019(c)		30		30
City of Austin, Water and Wastewater System Series A, Rev., 5.00%, 11/15/2019(c)		20		21
City of Boerne, Utility System Rev., 4.50%, 3/1/2019(c)		20		20
City of Victoria, Utility System Rev., 5.00%, 12/1/2023(c)		2,705		3,036
County of Midland GO, 5.25%, 2/15/2019(c)		25		25
Dallas Area Rapid Transit, Senior Lien
Rev., 4.75%, 12/1/2018(c)		35		35
Rev., 5.00%, 12/1/2018(c)		6,195		6,195
Series A, Rev., 5.00%, 6/1/2019(c)		5,000		5,074
Lewisville Independent School District, School Building GO, 5.00%, 2/15/2019(c)		4,000		4,024
Lone Star College System GO, 5.00%, 8/15/2019(c)		500		510
Lubbock-Cooper Independent School District GO, AGC, 5.00%, 2/15/2019(c)		20		20
North Texas Tollway Authority, Special Projects System
Series A, Rev., 5.50%, 9/1/2021(c)		4,000		4,358
Series A, Rev., 6.00%, 9/1/2021(c)		3,000		3,308
State of Texas, Public Finance Authority Series A, GO, 5.00%, 10/1/2019(c)		2,000		2,049

				28,796

Transportation — 1.3%
Dallas Area Rapid Transit, Senior Lien
Rev., 5.00%, 12/1/2018		35		35
Series A, Rev., 5.00%, 12/1/2018		9,015		9,015
Series A, Rev., 5.00%, 12/1/2030		2,500		2,844
Series A, Rev., 5.00%, 12/1/2036		4,250		4,760
Series A, Rev., 5.00%, 12/1/2048		9,905		10,917
Dallas-Fort Worth International Airport
Series F, Rev., 5.00%, 11/1/2024		5,000		5,525
Series E, Rev., AMT, 5.00%, 11/1/2030		7,000		7,013
Series B, Rev., 5.00%, 11/1/2035		4,000		4,175
Harris County, Toll Road, Senior Lien Series A, Rev., 5.00%, 8/15/2028		4,500		5,186
North Texas Tollway Authority System, First Tier
Series A, Rev., 5.00%, 1/1/2026		700		772
Series A, Rev., 5.00%, 1/1/2027		4,700		5,300
Series A, Rev., 5.00%, 1/1/2030		1,140		1,288
Series A, Rev., 5.00%, 1/1/2035		1,900		2,127
North Texas Tollway Authority System, Second Tier
Series B, Rev., 5.00%, 1/1/2026		550		605
Series B, Rev., 5.00%, 1/1/2027		950		1,085
Series B, Rev., 5.00%, 1/1/2030		1,100		1,235
Texas Transportation Commission State Highway Fund Rev., 5.00%, 10/1/2020		20		21

				61,903

Utility — 0.4%
City of Houston, Utility System Series B, Rev., 5.00%, 11/15/2036		1,535		1,730
City of San Antonio, Electric and Gas Systems
Series A, Rev., 4.00%, 2/1/2019		20		20
Rev., 5.00%, 2/1/2019		60		60
Series D, Rev., 5.00%, 2/1/2019		30		30
Rev., 5.25%, 2/1/2024		4,030		4,612
Rev., 5.00%, 2/1/2026		6,000		7,001
Texas Municipal Gas Acquisition and Supply Corp. I Series D, Rev., 6.25%, 12/15/2026		4,875		5,594

				19,047

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Water & Sewer — 0.6%
City of Dallas, Waterworks and Sewer System Series A, Rev., 5.00%, 10/1/2029		600		693
City of Houston, Water and Sewer System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032(c)		2,000		2,650
City of San Antonio, Water System, Junior Lien Rev., 4.25%, 5/15/2019		25		25
Series C, Rev., 5.00%, 5/15/2031		1,125		1,289
Coastal Water Authority, City of Houston Projects
Rev., 5.00%, 12/15/2022		3,160		3,343
Rev., 5.00%, 12/15/2025		5,115		5,410
County of El Paso, Water and Sewer Series A, Rev., 5.00%, 3/1/2021		1,765		1,828
North Texas Municipal Water District, Water System Series 2016, Rev., 5.00%, 9/1/2027		2,900		3,389
Texas Water Development Board Rev., 5.00%, 8/1/2021		370		398
Texas Water Development Board State Water Implementation Series 2018-B, Rev., 5.00%, 4/15/2030		7,000		8,348

				27,373

Total Texas				264,682

Utah — 0.9%
Education — 0.1%
University of Utah
Series A, Rev., 5.00%, 8/1/2024		500		573
Series A, Rev., 5.00%, 8/1/2025		935		1,088
Utah State Board of Regents Series B, Rev., AGM, 4.00%, 12/1/2042		3,900		3,957

				5,618

General Obligation — 0.4%
Alpine School District, School Building, School Bond Guaranty Program GO, 5.00%, 3/15/2030		5,000		5,821
Central Utah Water Conservancy District, Limited Tax
Series C, GO, 5.00%, 4/1/2020		3,950		4,108
Series B, GO, 5.25%, 4/1/2022		1,000		1,073
Davis School District, School Bond Guaranty Program
Series 2018, GO, 5.00%, 6/1/2021		380		407
Series 2018, GO, 5.00%, 6/1/2023		1,570		1,761
Jordan School District, School Building GO, 5.00%, 6/15/2026		950		1,096
State of Utah GO, 5.00%, 7/1/2029		5,000		5,882

				20,148

Other Revenue — 0.1%
City of Park City Rev., 5.00%, 6/15/2026		2,165		2,515
Utah Infrastructure Agency, Tax-Exempt Telecommunications Bond
Series A, Rev., 5.00%, 10/15/2023		620		669
Series A, Rev., 5.00%, 10/15/2025		1,450		1,576
Series A, Rev., 5.00%, 10/15/2028		1,000		1,097
Series A, Rev., 5.25%, 10/15/2033		965		1,048

				6,905

Prerefunded — 0.2%
Metropolitan Water District of Salt Lake and Sandy Series A, Rev., 5.00%, 7/1/2019(c)		9,400		9,570

Transportation — 0.0%(b)
County of Utah, Transportation Sales Tax Rev., AGM, 4.00%, 12/1/2019		25		25

Water & Sewer — 0.1%
Metropolitan Water District of Salt Lake and Sandy Series A, Rev., 5.00%, 7/1/2029		2,000		2,182

Total Utah				44,448

Virginia — 2.6%
Education — 0.1%
Virginia College Building Authority, Education Facilities, Public Higher Education Financing Series B, Rev., 5.00%, 9/1/2024		250		287
Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs
Series A, Rev., 5.00%, 2/1/2019		40		40
Rev., 5.00%, 2/1/2020		235		243

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Education — continued
Virginia College Building Authority, Educational Facilities, Washington and Lee University Project Rev., NATL-RE, 5.25%, 1/1/2026		5,045		5,717

				6,287

General Obligation — 1.2%
City of Alexandria
Series C, GO, 5.00%, 7/1/2023		5,425		6,102
Series C, GO, 5.00%, 7/1/2026		4,065		4,810
City of Hampton, Public Improvement Series B, GO, 5.00%, 9/1/2026		5,000		5,917
City of Lynchburg, Public Improvement GO, 5.00%, 12/1/2022		1,000		1,057
City of Portsmouth Series A, GO, 5.00%, 7/15/2029		5,410		6,354
City of Richmond, Public Improvement
Series D, GO, 5.00%, 3/1/2029		7,750		9,354
Series D, GO, 5.00%, 3/1/2032		700		855
Commonwealth of Virginia Series D, GO, 5.00%, 6/1/2020		10,000		10,157
County of Arlington, Public Improvement
GO, 5.00%, 8/15/2029		7,705		9,113
GO, 5.00%, 8/15/2031		4,995		5,918
County of Spotsylvania, Public Improvement Series A, GO, 5.00%, 1/15/2019		25		25

				59,662

Industrial Development Revenue/Pollution Control Revenue — 0.3%
Chesterfield County EDA, Pollution Control, Virginia Electric and Power Co. Project Series A, Rev., 5.00%, 5/1/2023		2,000		2,022
Virginia Beach Development Authority, Public Facility
Series B, Rev., 5.00%, 7/15/2024		5,110		5,841
Series A, Rev., 5.00%, 3/1/2025		1,925		2,222
Series B, Rev., 5.00%, 7/15/2025		2,635		3,056

				13,141

Prerefunded — 0.1%
City of Suffolk, Public Improvement GO, 4.63%, 2/1/2019(c)		25		25
County of Fairfax, Sewer Rev., 5.00%, 7/15/2019(c)		3,080		3,138
County of Henrico, Water and Sewer Rev., 5.00%, 5/1/2019(c)		25		26

				3,189

Transportation — 0.7%
Northern Virginia Transportation Authority
Rev., 5.00%, 6/1/2024		400		457
Rev., 5.00%, 6/1/2033		2,035		2,276
Rev., 5.00%, 6/1/2034		2,285		2,548
Virginia Commonwealth Transportation Board, Capital Projects
Series A, Rev., 5.00%, 5/15/2027		5,500		6,541
Rev., GAN, 5.00%, 9/15/2027		1,300		1,551
Series A, Rev., 5.00%, 5/15/2028		2,750		3,285
Series A, Rev., 5.00%, 5/15/2029		3,000		3,549
Series A, Rev., 5.00%, 5/15/2030		10,000		11,751

				31,958

Water & Sewer — 0.2%
Fairfax County Water Authority, Water Subseries B, Rev., 5.25%, 4/1/2025		3,500		4,124
Virginia Resources Authority, Clean Water State Revolving Fund
Rev., 4.00%, 10/1/2019		25		25
Rev., 5.50%, 10/1/2022		7,390		8,313

				12,462

Total Virginia				126,699

Washington — 3.4%
Certificate of Participation/Lease — 0.1%
State of Washington Series A, COP, 5.00%, 7/1/2019		25		26
State of Washington, Local Ageny Real and Personal Property
COP, 5.00%, 7/1/2034		1,050		1,199
COP, 5.00%, 7/1/2035		1,105		1,254

				2,479

Education — 0.1%
University of Washington Rev., 5.00%, 4/1/2029		1,860		2,170

General Obligation — 1.7%
City of Seattle
GO, 5.00%, 3/1/2019		30		30
GO, 5.00%, 5/1/2019		25		26
County of Kitsap GO, 3.00%, 12/1/2018		20		20

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
General Obligation — continued
King County Fire Protection District No. 2, Unlimited Tax GO, 4.00%, 12/1/2025		125		137
King County Rural Library District GO, 4.00%, 12/1/2018		20		20
King County School District No. 405, Bellevue GO, 5.00%, 12/1/2018		25		25
King County School District No. 414, Lake Washington GO, 4.00%, 12/1/2018		35		35
Pierce County School District No. 10 GO, 4.00%, 12/1/2018		25		25
Pierce County School District No. 3 GO, 5.00%, 12/1/2019		25		26
Port of Seattle, Limited Tax
GO, 5.00%, 1/1/2019		40		40
Series 2017, GO, 5.00%, 1/1/2035		3,100		3,524
State of Washington, Local Ageny Real and Personal Property Series B, GO, 5.00%, 2/1/2040		20,965		23,286
State of Washington, Motor Vehicle Fuel Tax
Series D, GO, 4.00%, 2/1/2019		30		30
GO, 4.00%, 7/1/2019		20		20
GO, 5.00%, 7/1/2019		20		21
Series R-2015H, GO, 5.00%, 7/1/2030		5,000		5,640
State of Washington, Various Purpose
Series 2010-B, GO, 5.00%, 1/1/2019		35		35
Series E, GO, 5.00%, 2/1/2019		60		60
Series 2013-A, GO, 5.00%, 8/1/2019		25		26
Series R-2011A, GO, 5.00%, 1/1/2022		7,010		7,432
Series R-2011B, GO, 5.00%, 7/1/2023		7,260		7,600
Series R-2015A, GO, 4.00%, 7/1/2026		4,465		4,813
Series C, GO, 5.00%, 2/1/2028		30		35
Series C, GO, 5.00%, 2/1/2037		14,430		16,505
Series A, GO, 5.00%, 8/1/2040		10,000		11,300
Tacoma Metropolitan Park District
GO, 5.00%, 12/1/2036		600		685
GO, 5.00%, 12/1/2037		1,750		1,994

				83,390

Hospital — 0.1%
Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center Rev., 5.00%, 1/1/2021		1,450		1,532
Washington Health Care Facilities Authority, Providence Health and Services
Series B, Rev., 4.00%, 10/1/2021(d)		2,000		2,096
Series B, Rev., 5.00%, 10/1/2021(d)		2,500		2,688

				6,316

Prerefunded — 0.4%
City of Seattle, Municipal Light and Power Series B, Rev., 5.00%, 2/1/2020(c)		975		1,009
County of King
GO, 5.00%, 1/1/2019(c)		20		20
GO, 5.25%, 1/1/2019(c)		20		20
County of King, Sewer Rev., 5.00%, 1/1/2019(c)		20		20
Snohomish County School District No. 201, Snohomish GO, 5.25%, 12/1/2018(c)		20		20
State of Washington, Motor Vehicle Fuel Tax Series 2010-B, GO, 5.00%, 8/1/2019(c)		600		612
State of Washington, Various Purpose
Series R-2010A, GO, 5.00%, 1/1/2019(c)		55		55
Series C, GO, 5.00%, 2/1/2019(c)		5,015		5,040
Series E, GO, 5.00%, 2/1/2019(c)		25		25
Series 2010-A, GO, 5.00%, 8/1/2019(c)		20		21
Series 2010C, GO, 5.00%, 8/1/2019(c)		10,000		10,202
Series 2010-C, GO, 5.00%, 8/1/2019(c)		1,700		1,734
Series 2010-E, GO, 4.00%, 2/1/2020(c)		805		824

				19,602

Transportation — 0.1%
Port of Seattle, Intermediate Lien
Series B, Rev., 5.00%, 3/1/2032		4,000		4,443
Series B, Rev., 5.00%, 3/1/2034		1,000		1,105

				5,548

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Utility — 0.8%
City of Seattle, Municipal Light and Power Improvement Series A, Rev., 4.00%, 1/1/2048		2,000		1,995
City of Seattle, Municipal Light and Power, Unrefunded Balance Series B, Rev., 5.00%, 2/1/2024		4,025		4,165
City of Tacoma, Electric System
Series A, Rev., 5.00%, 1/1/2019		50		50
Rev., 4.00%, 1/1/2047		3,000		3,019
County of Chelan, Public Utility District No.1, Hydro-Electric System Series A, Rev., NATL-RE, Zero Coupon, 6/1/2022		21,835		19,943
Douglas County Public Utility District No. 1, Electric Distribution System Rev., 4.50%, 12/1/2018		60		60
Energy Northwest, Electric
Series A, Rev., 5.00%, 7/1/2023		3,955		4,431
Series A, Rev., 5.00%, 7/1/2034		5,000		5,753
Grant County Public Utility District No. 2, Electric System
Series G, Rev., NATL-RE, 4.75%, 1/1/2019(c)		20		20
Series A, Rev., 5.00%, 1/1/2019		20		20
Series I, Rev., 5.00%, 1/1/2019(c)		50		50
Snohomish County Public Utility District No. 1
Rev., 5.00%, 12/1/2018		60		60
Rev., 4.00%, 12/1/2019		20		20

				39,586

Water & Sewer — 0.1%
City of Tacoma, Sewer System Series B, Rev., 5.00%, 12/1/2018		20		20
City of Tacoma, Water System Series A, Rev., 4.00%, 12/1/2018		25		25
County of King, Sewer
Series A, Rev., 5.00%, 1/1/2019		65		65
Series A, Rev., 5.00%, 1/1/2022		1,825		1,983
Series A, Rev., 5.00%, 1/1/2023		1,150		1,277
Series A, Rev., 5.00%, 7/1/2026		2,295		2,682

				6,052

Total Washington				165,143

West Virginia — 0.1%
General Obligation — 0.0%(b)
Cabell County Board of Education GO, 5.00%, 5/1/2019		20		20

Utility — 0.1%
West Virginia Economic Development Authority, Appalachian Power Co. - AMOS Project Series 2009-B, Rev., 2.62%, 6/1/2022(d)		6,460		6,445

Total West Virginia				6,465

Wisconsin — 0.9%
Education — 0.0%(b)
Wisconsin Health and Educational Facilities Authority, Carthage College Project, Private Placement Series D, Rev., 5.95%, 5/1/2019‡		1,250		1,252

General Obligation — 0.2%
City of Kenosha GO, 4.00%, 4/1/2019		20		20
Milwaukee Area Technical College District, Promissory Notes Series C, GO, 3.00%, 6/1/2019		35		35
State of Wisconsin
Series C, GO, 4.00%, 5/1/2019		50		51
Series 4, GO, 5.00%, 5/1/2027		5,000		5,701
Series 3, GO, 5.00%, 11/1/2030		4,190		4,871
Village of Menomonee Falls Series A, GO, 4.00%, 3/1/2019		40		40

				10,718

Hospital — 0.0%(b)
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. Rev., 5.00%, 7/1/2027		95		109

Prerefunded — 0.7%
State of Wisconsin
Series A, GO, 5.00%, 5/1/2021(c)		16,050		17,135
Series A, GO, 5.25%, 5/1/2021(c)		13,190		14,158
State of Wisconsin, Clean Water Fund, Leveraged Loan Portfolio Rev., 5.00%, 6/1/2024(c)		1,225		1,392

				32,685

Transportation — 0.0%(b)
Wisconsin Department of Transportation
Series 1, Rev., 4.00%, 7/1/2019		20		20
Series 2, Rev., 4.00%, 7/1/2019		35		36

				56

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Water & Sewer — 0.0%(b)
City of Milwaukee, Sewerage System Series S7, Rev., 5.00%, 6/1/2019		20		21
State of Wisconsin, Clean Water Fund, Leveraged Loan Portfolio Series 1, Rev., 4.00%, 6/1/2019(c)		20		20

				41

Total Wisconsin				44,861

TOTAL MUNICIPAL BONDS (Cost $4,642,355)				4,702,299


	Shares (000)
SHORT-TERM INVESTMENTS — 4.4%
INVESTMENT COMPANIES — 4.4%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.60%(f)(g)(Cost $212,099)		212,099		212,099

Total Investments — 101.4% (Cost $4,854,454)				4,914,398
Liabilities in Excess of Other Assets — (1.4%)				(66,970	)

Net Assets — 100.0%				4,847,428

Percentages indicated are based on net assets.


Abbreviations

AGC		Insured by Assured Guaranty Corp.
AGM		Insured by Assured Guaranty Municipal Corp.
AMBAC		Insured by American Municipal Bond Assurance Corp.
AMT		Alternative Minimum Tax
BAN		Bond Anticipation Note
BHAC		Insured by Berkshire Hathaway Assurance Corp.
CHESLA		Connecticut Higher Education Supplemental Loan Authority
COLL		Collateral
COP		Certificate of Participation
CR		Custodial Receipts
EDA		Economic Development Authority
FGIC		Insured by Financial Guaranty Insurance Co.
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GAN		Grant Anticipation Notes
GNMA		Government National Mortgage Association
GO		General Obligation
GRAN		Grant Revenue Anticipation Notes
GTD		Guaranteed
IBC		Insured Bond Certificates
ICC		Insured Custody Certificates
ICE		Intercontinental Exchange
IDA		Industrial Development Authority

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


LIBOR		London Interbank Offered Rate
LIQ		Liquidity Agreement
MTA		Metropolitan Transportation Authority
NATL		Insured by National Public Finance Guarantee Corp.
PSF-GTD		Permanent School Fund Guaranteed
Q-SBLF		Qualified School Bond Loan Fund
RE		Reinsured
Rev.		Revenue
SCSDE		South Carolina School District Enhancement
USD		United States Dollar
VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2018.


(a)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Security is prerefunded or escrowed to maturity.
(d)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2018.
(e)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(f)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)		The rate shown is the current yield as of November 30, 2018.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of November 30, 2018 (amounts in thousands, except number of contracts):


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
U.S. Treasury 10 Year Note		(869	)		03/2019		USD		(103,859	)		(434	)

												(434	)


Abbreviations

USD		United States Dollar

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Investments in open-end investment companies (the “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

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.

•

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Municipal Bonds
Wisconsin
Education	$	—		$	—	$	1,252	$	1,252
General Obligation		—			10,718		—		10,718
Hospital		—			109		—		109
Prerefunded		—			32,685		—		32,685
Transportation		—			56		—		56
Water & Sewer		—			41		—		41

Total Wisconsin		—			43,609		1,252		44,861

Other Municipal Bonds		—			4,657,438		—		4,657,438

Total Municipal Bonds		—			4,701,047		1,252		4,702,299

Short-Term Investments
Investment Companies	$	212,099		$	—	$	—	$	212,099

Total Investments in Securities	$	212,099		$	4,701,047	$	1,252	$	4,914,398

Depreciation in Other Financial Instruments
Futures Contracts	$	(434	)	$	—	$	—	$	(434	)

There were no transfers between level 2 and level 3 during the period ended November 30, 2018.

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 53.6%
Aerospace & Defense — 0.2%
General Dynamics Corp. (ICE LIBOR USD 3 Month + 0.29%), 2.91%, 5/11/2020(a)		8,005		8,016
Lockheed Martin Corp. 4.25%, 11/15/2019		4,249		4,290
Rockwell Collins, Inc. 1.95%, 7/15/2019		2,750		2,729

				15,035

Air Freight & Logistics — 0.0%(b)
United Parcel Service, Inc. 5.13%, 4/1/2019		3,400		3,424

Automobiles — 2.9%
BMW US Capital LLC (Germany)
1.50%, 4/11/2019(c)		7,323		7,279
1.45%, 9/13/2019(c)		4,050		3,995
(ICE LIBOR USD 3 Month + 0.37%), 2.98%, 8/14/2020(a)(c)		26,278		26,237
(ICE LIBOR USD 3 Month + 0.41%), 2.84%, 4/12/2021(a)(c)		19,652		19,544
Daimler Finance North America LLC (Germany)
2.25%, 7/31/2019(c)		4,780		4,743
1.75%, 10/30/2019(c)		4,845		4,768
(ICE LIBOR USD 3 Month + 0.62%), 3.14%, 10/30/2019(a)(c)		33,026		33,090
2.25%, 3/2/2020(c)		3,210		3,162
(ICE LIBOR USD 3 Month + 0.39%), 2.97%, 5/4/2020(a)(c)		12,808		12,789
3.10%, 5/4/2020(c)		4,935		4,903
2.20%, 5/5/2020(c)		3,250		3,193
2.45%, 5/18/2020(c)		27,499		27,068
Nissan Motor Acceptance Corp.
2.35%, 3/4/2019(c)		15,051		15,013
2.00%, 3/8/2019(c)		18,292		18,240
1.55%, 9/13/2019(c)		22,100		21,799
2.25%, 1/13/2020(c)		10,671		10,512
2.13%, 3/3/2020(c)		1,509		1,480
(ICE LIBOR USD 3 Month + 0.39%), 2.78%, 9/28/2020(a)(c)		15,825		15,790
(ICE LIBOR USD 3 Month + 0.52%), 2.85%, 3/15/2021(a)(c)		7,945		7,930
Volkswagen Group of America Finance LLC (Germany)
2.13%, 5/23/2019(c)		9,737		9,696
(ICE LIBOR USD 3 Month + 0.77%), 3.39%, 11/13/2020(a)(c)		21,950		21,898

				273,129

Banks — 22.7%
ABN AMRO Bank NV (Netherlands)
1.80%, 9/20/2019(c)		34,472		34,055
2.45%, 6/4/2020(c)		22,073		21,737
(ICE LIBOR USD 3 Month + 0.57%), 3.26%, 8/27/2021(a)(c)		23,400		23,381
ANZ New Zealand Int’l Ltd. (New Zealand)
2.25%, 2/1/2019(c)		4,830		4,825
2.60%, 9/23/2019(c)		4,045		4,023
Australia & New Zealand Banking Group Ltd. (Australia)
2.25%, 6/13/2019		32,239		32,095
1.60%, 7/15/2019		10,063		9,971
2.05%, 9/23/2019		8,470		8,400
2.25%, 12/19/2019(c)		5,782		5,735
5.10%, 1/13/2020(c)		2,350		2,395
(ICE LIBOR USD 3 Month + 0.32%), 2.72%, 7/2/2020(a)(c)		39,450		39,452
(ICE LIBOR USD 3 Month + 0.32%), 2.92%, 11/9/2020(a)(c)		20,451		20,430
(ICE LIBOR USD 3 Month + 0.46%), 3.10%, 5/17/2021(a)(c)		23,300		23,234
Bank of America NA (ICE LIBOR USD 3 Month + 0.25%), 2.96%, 8/28/2020(a)		18,303		18,236
Bank of Montreal (Canada) 2.38%, 1/25/2019		6,950		6,946
(ICE LIBOR USD 3 Month + 0.60%), 2.93%, 12/12/2019(a)		5,841		5,856
(ICE LIBOR USD 3 Month + 0.34%), 2.78%, 7/13/2020(a)		31,500		31,481
Banque Federative du Credit Mutuel SA (France)
2.75%, 1/22/2019(c)		4,232		4,231
1.90%, 3/28/2019(c)		79,800		79,489
2.00%, 4/12/2019(c)		43,439		43,263
2.20%, 7/20/2020(c)		2,000		1,957
(ICE LIBOR USD 3 Month + 0.49%), 2.96%, 7/20/2020(a)(c)		9,824		9,819
Barclays Bank plc (United Kingdom)
2.50%, 2/20/2019		8,876		8,863
5.13%, 1/8/2020		1,991		2,025
BB&T Corp. 2.45%, 1/15/2020		25,492		25,263
(ICE LIBOR USD 3 Month + 0.72%), 3.15%, 1/15/2020(a)		3,987		3,999
BNZ International Funding Ltd. (New Zealand)
2.40%, 2/21/2020(c)		9,719		9,596
(ICE LIBOR USD 3 Month + 0.70%), 3.35%, 2/21/2020(a)(c)		23,249		23,317

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Banks — continued
Branch Banking & Trust Co. 2.10%, 1/15/2020		8,911		8,800
Capital One Bank USA NA 2.25%, 2/13/2019		5,818		5,808
Capital One NA
2.40%, 9/5/2019		2,930		2,911
1.85%, 9/13/2019		11,986		11,853
(ICE LIBOR USD 3 Month + 0.77%), 3.10%, 9/13/2019(a)		2,550		2,557
2.35%, 1/31/2020		13,781		13,612
Citigroup, Inc. 2.05%, 6/7/2019		3,445		3,426
Citizens Bank NA
2.50%, 3/14/2019		36,721		36,671
2.45%, 12/4/2019		39,231		38,892
2.25%, 3/2/2020		10,575		10,419
(ICE LIBOR USD 3 Month + 0.54%), 2.86%, 3/2/2020(a)		1,750		1,749
Commonwealth Bank of Australia (Australia)
2.05%, 3/15/2019		35,000		34,924
(ICE LIBOR USD 3 Month + 1.06%), 3.39%, 3/15/2019(a)(c)		1,990		1,995
2.30%, 9/6/2019		16,964		16,856
1.75%, 11/7/2019(c)		6,212		6,129
(ICE LIBOR USD 3 Month + 0.64%), 3.23%, 11/7/2019(a)(c)		7,579		7,604
2.25%, 3/10/2020(c)		6,400		6,311
(ICE LIBOR USD 3 Month + 0.45%), 2.78%, 3/10/2020(a)(c)		20,000		20,025
2.30%, 3/12/2020		9,941		9,818
5.00%, 3/19/2020(c)		2,712		2,767
(ICE LIBOR USD 3 Month + 0.32%), 2.69%, 6/25/2020(a)(c)		17,715		17,720
Compass Bank 2.75%, 9/29/2019		41,001		40,809
Cooperatieve Rabobank UA (Netherlands)
1.38%, 8/9/2019		5,595		5,532
2.25%, 1/14/2020		12,337		12,207
4.75%, 1/15/2020(c)		4,681		4,753
Credit Agricole SA (France) 2.50%, 4/15/2019(c)		24,984		24,940
DBS Group Holdings Ltd. (Singapore)
2.25%, 7/16/2019(c)		3,958		3,929
(ICE LIBOR USD 3 Month + 0.49%), 2.82%, 6/8/2020(a)(c)		5,893		5,898
Dexia Credit Local SA (France) (ICE LIBOR USD 3 Month + 0.10%), 2.74%, 5/20/2019(a)		3,200		3,200
DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.37%), 2.77%, 10/2/2020(a)(c)		11,584		11,563
Fifth Third Bancorp 2.30%, 3/1/2019		43,550		43,472
Fifth Third Bank
2.30%, 3/15/2019		32,510		32,451
2.38%, 4/25/2019		12,506		12,474
HSBC Holdings plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.60%), 3.24%, 5/18/2021(a)		34,580		34,380
Huntington National Bank (The)
2.20%, 4/1/2019		9,564		9,541
2.38%, 3/10/2020		8,058		7,962
KeyBank NA
2.35%, 3/8/2019		1,500		1,498
1.60%, 8/22/2019		10,509		10,392
2.50%, 12/15/2019		10,865		10,784
2.25%, 3/16/2020		8,893		8,782
Lloyds Bank plc (United Kingdom)
2.05%, 1/22/2019		3,250		3,245
5.80%, 1/13/2020(c)		2,694		2,758
Manufacturers & Traders Trust Co.
2.30%, 1/30/2019		1,950		1,950
2.10%, 2/6/2020		2,750		2,712
Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.45%, 10/16/2019(c)		4,761		4,729
Mizuho Bank Ltd. (Japan)
2.45%, 4/16/2019(c)		2,575		2,568
2.65%, 9/25/2019(c)		3,750		3,738
2.40%, 3/26/2020(c)		69,016		68,163
MUFG Bank Ltd. (Japan)
2.30%, 3/10/2019(c)		25,225		25,172
2.35%, 9/8/2019(c)		40,562		40,313
2.30%, 3/5/2020(c)		8,793		8,669
National Australia Bank Ltd. (Australia)
(ICE LIBOR USD 3 Month + 0.42%), 2.87%, 4/17/2019(a)(c)		8,100		8,105
2.25%, 7/1/2019(c)		2,250		2,240
1.38%, 7/12/2019		22,575		22,344
2.40%, 12/9/2019(c)		25,553		25,352
(ICE LIBOR USD 3 Month + 0.59%), 3.00%, 1/10/2020(a)(c)		590		591
(ICE LIBOR USD 3 Month + 0.71%), 2.62%, 11/4/2021(a)(c)		22,800		22,819
Nordea Bank AB (Finland)
1.63%, 9/30/2019(c)		11,248		11,112
4.88%, 1/27/2020(c)		17,998		18,297
2.13%, 5/29/2020(c)		11,176		10,957
(ICE LIBOR USD 3 Month + 0.47%), 3.18%, 5/29/2020(a)(c)		7,623		7,628

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Banks — continued
PNC Bank NA
1.45%, 7/29/2019		4,000		3,958
2.40%, 10/18/2019		36,070		35,861
PNC Financial Services Group, Inc. (The)
6.70%, 6/10/2019		3,770		3,841
5.13%, 2/8/2020		3,750		3,826
Royal Bank of Canada (Canada)
(ICE LIBOR USD 3 Month + 0.24%), 2.95%, 8/29/2019(a)		26,902		26,908
2.20%, 9/23/2019		26,050		25,894
(ICE LIBOR USD 3 Month + 0.30%), 2.77%, 7/22/2020(a)		69,959		70,061
Santander UK plc (United Kingdom)
2.50%, 3/14/2019		30,785		30,746
2.35%, 9/10/2019		19,679		19,558
2.38%, 3/16/2020		14,295		14,067
Skandinaviska Enskilda Banken AB (Sweden)
2.38%, 3/25/2019(c)		5,365		5,352
1.50%, 9/13/2019		3,730		3,683
2.30%, 3/11/2020		13,098		12,917
2.45%, 5/27/2020(c)		20,750		20,452
(ICE LIBOR USD 3 Month + 0.43%), 3.07%, 5/17/2021(a)(c)		32,675		32,586
Standard Chartered plc (United Kingdom)
2.10%, 8/19/2019(c)		23,113		22,918
2.40%, 9/8/2019(c)		44,957		44,608
Sumitomo Mitsui Banking Corp. (Japan)
2.25%, 7/11/2019		5,500		5,471
2.45%, 1/16/2020		17,745		17,566
2.51%, 1/17/2020		8,913		8,833
Sumitomo Mitsui Trust Bank Ltd. (Japan)
2.05%, 3/6/2019(c)		10,654		10,626
1.95%, 9/19/2019(c)		19,813		19,615
2.05%, 10/18/2019(c)		7,589		7,513
(ICE LIBOR USD 3 Month + 0.91%), 3.35%, 10/18/2019(a)(c)		1,425		1,434
SunTrust Bank
2.25%, 1/31/2020		6,611		6,541
SunTrust Banks, Inc.
2.50%, 5/1/2019		37,773		37,696
Svenska Handelsbanken AB (Sweden)
1.50%, 9/6/2019		7,697		7,609
(ICE LIBOR USD 3 Month + 0.49%), 2.81%, 9/6/2019(a)		250		250
5.13%, 3/30/2020(c)		12,603		12,885
Swedbank AB (Sweden)
2.38%, 2/27/2019(c)		21,393		21,360
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 3 Month + 0.28%), 2.61%, 6/11/2020(a)		45,603		45,591
(ICE LIBOR USD 3 Month + 0.26%), 2.59%, 9/17/2020(a)		42,860		42,788
UBS Group Funding Switzerland AG (Switzerland) (ICE LIBOR USD 3 Month + 1.44%), 3.81%, 9/24/2020(a)(c)		4,900		4,984
US Bank NA
2.35%, 1/23/2020		13,182		13,065
(ICE LIBOR USD 3 Month + 0.25%), 2.74%, 7/24/2020(a)		38,110		38,023
Westpac Banking Corp. (Australia)
1.65%, 5/13/2019		2,015		2,002
4.88%, 11/19/2019		24,243		24,624
2.15%, 3/6/2020		22,700		22,386
(ICE LIBOR USD 3 Month + 0.28%), 2.90%, 5/15/2020(a)		33,408		33,373
2.30%, 5/26/2020		5,410		5,333

				2,109,754

Beverages — 0.1%
Diageo Capital plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.24%), 2.88%, 5/18/2020(a)		11,994		11,987
Suntory Holdings Ltd. (Japan) 2.55%, 9/29/2019(c)		229		227

				12,214

Biotechnology — 0.2%
Amgen, Inc. (ICE LIBOR USD 3 Month + 0.32%), 2.93%, 5/10/2019(a)		9,652		9,657
Celgene Corp. 2.25%, 5/15/2019		8,882		8,845

				18,502

Capital Markets — 4.4%
Bank of New York Mellon (The) (ICE LIBOR USD 3 Month + 0.30%), 0.00%, 12/4/2020(a)		18,259		18,244
CPPIB Capital, Inc. (Canada) 1.25%, 9/20/2019(c)		7,791		7,697
Credit Suisse AG (Switzerland) 2.30%, 5/28/2019		27,750		27,649
Goldman Sachs Group, Inc. (The)
1.95%, 7/23/2019		15,241		15,128
(ICE LIBOR USD 3 Month + 0.80%), 3.13%, 12/13/2019(a)		39,205		39,263
5.38%, 3/15/2020		21,750		22,248
2.60%, 4/23/2020		1,500		1,480
(ICE LIBOR USD 3 Month + 1.16%), 3.64%, 4/23/2020(a)		1,879		1,890
(ICE LIBOR USD 3 Month + 0.73%), 3.11%, 12/27/2020(a)		2,635		2,636

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Capital Markets — continued
ING Bank NV (Netherlands)
2.30%, 3/22/2019(c)		12,673		12,648
(ICE LIBOR USD 3 Month + 0.61%), 3.23%, 8/15/2019(a)(c)		2,565		2,569
2.50%, 10/1/2019(c)		12,341		12,278
(ICE LIBOR USD 3 Month + 0.69%), 3.09%, 10/1/2019(a)(c)		2,310		2,317
2.45%, 3/16/2020(c)		20,768		20,518
(ICE LIBOR USD 3 Month + 0.97%), 3.61%, 8/17/2020(a)(c)		2,008		2,024
Macquarie Bank Ltd. (Australia)
(ICE LIBOR USD 3 Month + 0.35%), 2.68%, 3/15/2019(a)(c)		31,550		31,555
(ICE LIBOR USD 3 Month + 0.35%), 2.76%, 4/4/2019(a)(c)		2,952		2,953
2.60%, 6/24/2019(c)		10,373		10,341
2.40%, 1/21/2020(c)		8,624		8,522
Macquarie Group Ltd. (Australia)
7.63%, 8/13/2019(c)		3,380		3,477
6.00%, 1/14/2020(c)		16,895		17,327
Morgan Stanley
5.63%, 9/23/2019		63,350		64,491
2.65%, 1/27/2020		5,392		5,347
Series 3NC2, (ICE LIBOR USD 3 Month + 0.80%), 3.41%, 2/14/2020(a)		17,107		17,110
Nomura Holdings, Inc. (Japan) 2.75%, 3/19/2019		15,133		15,120
Temasek Financial I Ltd. (Singapore) 4.30%, 10/25/2019(c)		6,565		6,621
UBS AG (Switzerland)
2.38%, 8/14/2019		24,875		24,728
2.20%, 6/8/2020(c)		2,172		2,130
(ICE LIBOR USD 3 Month + 0.48%), 2.80%, 12/1/2020(a)(c)		13,530		13,496

				411,807

Chemicals — 1.3%
Air Liquide Finance SA (France) 1.38%, 9/27/2019(c)		12,743		12,568
Dow Chemical Co. (The) 8.55%, 5/15/2019		38,695		39,612
DowDuPont, Inc. (ICE LIBOR USD 3 Month + 0.71%), 3.42%, 11/15/2020(a)		16,883		16,889
Ecolab, Inc. 2.00%, 1/14/2019		11,854		11,839
LyondellBasell Industries NV 5.00%, 4/15/2019		40,102		40,170
Nutrien Ltd. (Canada) 6.75%, 1/15/2019		1,535		1,541

				122,619

Consumer Finance — 4.3%
American Express Co. (ICE LIBOR USD 3 Month + 0.53%), 3.17%, 5/17/2021(a)		14,343		14,324
American Express Credit Corp.
2.13%, 3/18/2019		15,666		15,627
1.88%, 5/3/2019		30,817		30,668
1.70%, 10/30/2019		7,193		7,104
(ICE LIBOR USD 3 Month + 0.43%), 2.75%, 3/3/2020(a)		11,325		11,351
American Honda Finance Corp.
2.25%, 8/15/2019		5,180		5,127
2.00%, 11/13/2019		2,784		2,755
(ICE LIBOR USD 3 Month + 0.15%), 2.80%, 2/21/2020(a)		24,186		24,156
Series A, 2.15%, 3/13/2020		3,321		3,273
(ICE LIBOR USD 3 Month + 0.26%), 2.59%, 6/16/2020(a)		22,587		22,574
Capital One Financial Corp.
2.45%, 4/24/2019		31,086		31,004
(ICE LIBOR USD 3 Month + 0.76%), 3.38%, 5/12/2020(a)		24,892		24,965
Caterpillar Financial Services Corp.
2.10%, 1/10/2020		18,585		18,377
(ICE LIBOR USD 3 Month + 0.18%), 2.80%, 5/15/2020(a)		21,629		21,579
General Motors Financial Co., Inc.
3.50%, 7/10/2019		10,904		10,910
2.35%, 10/4/2019		10,013		9,938
3.15%, 1/15/2020		21,236		21,092
HSBC USA, Inc.
2.25%, 6/23/2019		8,052		8,011
2.38%, 11/13/2019		15,701		15,575
2.35%, 3/5/2020		3,480		3,435
PACCAR Financial Corp. (ICE LIBOR USD 3 Month + 0.20%), 2.82%, 11/13/2020(a)		21,264		21,260
Toyota Motor Credit Corp.
(ICE LIBOR USD 3 Month + 0.39%), 2.84%, 1/17/2019(a)		130		130
(ICE LIBOR USD 3 Month + 0.14%), 2.75%, 11/14/2019(a)		31,070		31,027
(ICE LIBOR USD 3 Month + 0.20%), 2.75%, 6/3/2020(a)		45,480		45,273

				399,535

Diversified Financial Services — 0.9%
AIG Global Funding 1.95%, 10/18/2019(c)		17,544		17,365
(ICE LIBOR USD 3 Month + 0.46%), 2.83%, 6/25/2021(a)(c)		24,843		24,890
Boeing Capital Corp. 4.70%, 10/27/2019		3,258		3,314

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Diversified Financial Services — continued
Federation des Caisses Desjardins du Quebec (Canada) (ICE LIBOR USD 3 Month + 0.33%), 2.85%, 10/30/2020(a)(c)		17,706		17,682
National Rural Utilities Cooperative Finance Corp. (ICE LIBOR USD 3 Month + 0.38%), 2.77%, 6/30/2021(a)		15,925		15,932
Siemens Financieringsmaatschappij NV (Germany)
1.30%, 9/13/2019(c)		3,400		3,353
2.20%, 3/16/2020(c)		810		799

				83,335

Diversified Telecommunication Services — 1.1%
British Telecommunications plc (United Kingdom) 2.35%, 2/14/2019		13,675		13,650
Deutsche Telekom International Finance BV (Germany)
1.50%, 9/19/2019(c)		7,754		7,648
2.23%, 1/17/2020(c)		12,162		12,016
Orange SA (France)
2.75%, 2/6/2019		39,148		39,116
5.38%, 7/8/2019		10,136		10,267
1.63%, 11/3/2019		14,582		14,353
SES GLOBAL Americas Holdings GP (Luxembourg) 2.50%, 3/25/2019(c)		356		355

				97,405

Electric Utilities — 1.4%
Arizona Public Service Co. 2.20%, 1/15/2020		6,207		6,138
CLP Power Hong Kong Financing Ltd. (Hong Kong) 4.75%, 3/19/2020(d)		650		659
MidAmerican Energy Co. 2.40%, 3/15/2019		6,752		6,740
Nevada Power Co. Series BB, 2.75%, 4/15/2020		2,261		2,253
NextEra Energy Capital Holdings, Inc.
(ICE LIBOR USD 3 Month + 0.32%), 2.64%, 9/3/2019(a)		4,560		4,556
(ICE LIBOR USD 3 Month + 0.40%), 3.11%, 8/21/2020(a)		58,121		58,046
Niagara Mohawk Power Corp. 4.88%, 8/15/2019(c)		20,335		20,542
PacifiCorp 5.50%, 1/15/2019		2,500		2,507
Progress Energy, Inc.
7.05%, 3/15/2019		14,881		15,047
4.88%, 12/1/2019		3,640		3,679
Public Service Co. of Colorado 5.13%, 6/1/2019		3,247		3,279
Public Service Co. of Oklahoma 5.15%, 12/1/2019		1,186		1,209
State Grid Overseas Investment Ltd. (China) 2.75%, 5/7/2019(c)		1,864		1,859
Virginia Electric & Power Co. 5.00%, 6/30/2019		3,995		4,038
Wisconsin Public Service Corp. 1.65%, 12/4/2018		435		435

				130,987

Electrical Equipment — 0.1%
ABB Finance USA, Inc. (Switzerland) 2.80%, 4/3/2020		4,910		4,879

Entertainment — 0.5%
NBCUniversal Enterprise, Inc. 1.97%, 4/15/2019(c)		30,375		30,253
NBCUniversal Media LLC 5.15%, 4/30/2020		13,089		13,417

				43,670

Equity Real Estate Investment Trusts (REITs) — 0.4%
ERP Operating LP 2.38%, 7/1/2019		7,134		7,096
HCP, Inc. 2.63%, 2/1/2020		1,570		1,554
Scentre Group Trust 1 (Australia) 2.38%, 11/5/2019(c)		14,457		14,305
WEA Finance LLC (France) 2.70%, 9/17/2019(c)		13,971		13,906

				36,861

Food & Staples Retailing — 0.5%
Alimentation Couche-Tard, Inc. (Canada)
2.35%, 12/13/2019(c)		2,393		2,367
(ICE LIBOR USD 3 Month + 0.50%), 2.83%, 12/13/2019(a)(c)		10,793		10,791
Kroger Co. (The)
2.00%, 1/15/2019		7,692		7,680
2.30%, 1/15/2019		18,375		18,364
1.50%, 9/30/2019		8,237		8,116

				47,318

Food Products — 0.2%
General Mills, Inc. 5.65%, 2/15/2019		6,650		6,678
Tyson Foods, Inc.
(ICE LIBOR USD 3 Month + 0.45%), 3.16%, 5/30/2019(a)		9,800		9,801
2.65%, 8/15/2019		2,850		2,835

				19,314

Gas Utilities — 0.1%
Dominion Energy Gas Holdings LLC 2.50%, 12/15/2019		2,966		2,936
DTE Gas Co. 5.00%, 10/1/2019		4,922		5,005

				7,941

Health Care Providers & Services — 0.8%
Cardinal Health, Inc. 1.95%, 6/14/2019		13,915		13,817

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Health Care Providers & Services — continued
CVS Health Corp.
(ICE LIBOR USD 3 Month + 0.63%), 2.96%, 3/9/2020(a)		12,756		12,765
3.13%, 3/9/2020		44,355		44,127
UnitedHealth Group, Inc. 2.30%, 12/15/2019		1,812		1,799

				72,508

Household Products — 0.2%
Church & Dwight Co., Inc. (ICE LIBOR USD 3 Month + 0.15%), 2.64%, 1/25/2019(a)		22,520		22,510

Independent Power and Renewable Electricity Producers — 0.2%
Exelon Generation Co. LLC
5.20%, 10/1/2019		6,387		6,486
2.95%, 1/15/2020		8,224		8,172

				14,658

Industrial Conglomerates — 0.5%
General Electric Co.
6.00%, 8/7/2019		12,937		13,083
5.50%, 1/8/2020		4,969		5,009
Hutchison Whampoa International Ltd. (Hong Kong)
7.63%, 4/9/2019(c)		15,589		15,818
5.75%, 9/11/2019(c)		9,040		9,215

				43,125

Insurance — 5.3%
AIA Group Ltd. (Hong Kong) 2.25%, 3/11/2019(c)		3,731		3,719
American International Group, Inc. 2.30%, 7/16/2019		11,384		11,318
Athene Global Funding 2.75%, 4/20/2020(c)		3,392		3,348
Jackson National Life Global Funding
2.20%, 1/30/2020(c)		8,550		8,447
(ICE LIBOR USD 3 Month + 0.30%), 2.81%, 4/27/2020(a)(c)		10,499		10,494
(ICE LIBOR USD 3 Month + 0.30%), 2.74%, 10/15/2020(a)(c)		46,510		46,537
(ICE LIBOR USD 3 Month + 0.48%), 2.81%, 6/11/2021(a)(c)		40,387		40,289
Metropolitan Life Global Funding I
1.75%, 9/19/2019(c)		4,550		4,504
(ICE LIBOR USD 3 Month + 0.22%), 2.56%, 9/19/2019(a)(c)		1,800		1,799
2.05%, 6/12/2020(c)		1,850		1,815
(ICE LIBOR USD 3 Month + 0.40%), 2.73%, 6/12/2020(a)(c)		11,623		11,627
(SOFRRATE + 0.57%), 2.81%, 9/7/2020(a)(c)		59,305		59,076
New York Life Global Funding
2.15%, 6/18/2019(c)		2,560		2,548
1.95%, 2/11/2020(c)		7,766		7,658
2.00%, 4/9/2020(c)		3,770		3,709
(ICE LIBOR USD 3 Month + 0.16%), 2.56%, 10/1/2020(a)(c)		27,410		27,340
Pricoa Global Funding I 2.20%, 5/16/2019(c)		17,888		17,826
Principal Life Global Funding II
1.50%, 4/18/2019(c)		11,613		11,549
2.15%, 1/10/2020(c)		24,695		24,363
2.20%, 4/8/2020(c)		6,680		6,580
(ICE LIBOR USD 3 Month + 0.30%), 2.67%, 6/26/2020(a)(c)		37,164		37,197
Protective Life Global Funding
1.72%, 4/15/2019(c)		8,425		8,383
1.56%, 9/13/2019(c)		12,465		12,312
(ICE LIBOR USD 3 Month + 0.37%), 2.81%, 7/13/2020(a)(c)		42,160		42,152
(ICE LIBOR USD 3 Month + 0.52%), 2.91%, 6/28/2021(a)(c)		39,600		39,610
Prudential Financial, Inc. 7.38%, 6/15/2019		9,957		10,170
Reliance Standard Life Global Funding II
2.50%, 4/24/2019(c)		30,382		30,287
2.50%, 1/15/2020(c)		779		770
Suncorp-Metway Ltd. (Australia) 2.10%, 5/3/2019(c)		1,880		1,872

				487,299

Interactive Media & Services — 0.6%
Tencent Holdings Ltd. (China)
3.38%, 5/2/2019(c)		48,982		48,980
2.88%, 2/11/2020(c)		5,978		5,947

				54,927

Internet & Direct Marketing Retail — 0.1%
Alibaba Group Holding Ltd. (China) 2.50%, 11/28/2019		13,775		13,674

IT Services — 0.1%
International Business Machines Corp. 8.38%, 11/1/2019		4,750		4,969
Western Union Co. (The) 3.35%, 5/22/2019		5,851		5,845

				10,814

Media — 0.4%
Comcast Corp. (ICE LIBOR USD 3 Month + 0.33%), 2.74%, 10/1/2020(a)		20,723		20,713
Omnicom Group, Inc. 6.25%, 7/15/2019		14,331		14,592

				35,305

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Multi-Utilities — 1.2%
Dominion Energy, Inc.
1.88%, 12/15/2018(c)		11,515		11,510
Series A, 1.88%, 1/15/2019		2,670		2,666
Series B, 1.60%, 8/15/2019		7,965		7,872
5.20%, 8/15/2019		6,301		6,382
DTE Energy Co.
1.50%, 10/1/2019		4,809		4,738
2.40%, 12/1/2019		4,549		4,504
Public Service Enterprise Group, Inc. 1.60%, 11/15/2019		31,731		31,175
Sempra Energy
9.80%, 2/15/2019		23,166		23,458
(ICE LIBOR USD 3 Month + 0.25%), 2.69%, 7/15/2019(a)		15,445		15,421

				107,726

Oil, Gas & Consumable Fuels — 1.0%
BP Capital Markets plc (United Kingdom)
1.77%, 9/19/2019		8,854		8,750
2.32%, 2/13/2020		11,100		10,984
Enbridge, Inc. (Canada) (ICE LIBOR USD 3 Month + 0.40%), 2.81%, 1/10/2020(a)		7,300		7,272
Enterprise Products Operating LLC
Series N, 6.50%, 1/31/2019		15,334		15,405
2.55%, 10/15/2019		6,981		6,942
EOG Resources, Inc. 5.63%, 6/1/2019		19,022		19,228
Phillips 66 (ICE LIBOR USD 3 Month + 0.65%), 3.09%, 4/15/2019(a)(c)		17,318		17,321
TransCanada PipeLines Ltd. (Canada)
3.13%, 1/15/2019		3,979		3,977
7.13%, 1/15/2019		2,766		2,778

				92,657

Pharmaceuticals — 0.2%
Roche Holdings, Inc. (Switzerland) 2.25%, 9/30/2019(c)		22,700		22,542

Road & Rail — 0.4%
Canadian Pacific Railway Co. (Canada) 7.25%, 5/15/2019		11,439		11,642
ERAC USA Finance LLC 2.35%, 10/15/2019(c)		6,585		6,525
Ryder System, Inc. 2.55%, 6/1/2019		17,703		17,636

				35,803

Technology Hardware, Storage & Peripherals — 0.0%(b)
Apple, Inc. (ICE LIBOR USD 3 Month + 0.82%), 3.50%, 2/22/2019(a)		300		301

Thrifts & Mortgage Finance — 0.3%
BPCE SA (France) 2.50%, 7/15/2019		30,857		30,714

Tobacco — 0.5%
Philip Morris International, Inc. 1.88%, 11/1/2019		1,989		1,966
Reynolds American, Inc. (United Kingdom) 8.13%, 6/23/2019		41,265		42,249

				44,215

Trading Companies & Distributors — 0.3%
Air Lease Corp. 3.38%, 1/15/2019		24,526		24,530

Wireless Telecommunication Services — 0.2%
America Movil SAB de CV (Mexico) 5.00%, 10/16/2019		18,274		18,493

TOTAL CORPORATE BONDS (Cost $4,979,869)				4,969,530

CERTIFICATES OF DEPOSIT — 9.8%
Bank of Montreal (Canada) (ICE LIBOR USD 3 Month + 0.19%), 2.51%, 3/6/2020(a)		33,580		33,576
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 3 Month + 0.22%), 2.61%, 12/30/2019(a)		20,000		20,002
(ICE LIBOR USD 3 Month + 0.19%), 2.52%, 3/11/2020(a)		14,850		14,843
(ICE LIBOR USD 3 Month + 0.30%), 2.98%, 5/22/2020(a)		64,400		64,446
(ICE LIBOR USD 3 Month + 0.28%), 2.62%, 9/21/2020(a)		1,770		1,769
Canadian Imperial Bank of Commerce (Canada)
(ICE LIBOR USD 3 Month + 0.17%), 2.51%, 3/18/2020(a)		40,740		40,704
(ICE LIBOR USD 3 Month + 0.40%), 2.80%, 5/2/2020(a)		43,980		43,912
Credit Agricole Corporate and Investment Bank (France)
(ICE LIBOR USD 3 Month + 0.39%), 3.00%, 5/11/2020(a)		96,840		96,887
(ICE LIBOR USD 3 Month + 0.35%), 2.87%, 7/30/2020(a)		8,200		8,199
DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.14%), 2.55%, 4/6/2020(a)		27,620		27,612

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CERTIFICATES OF DEPOSIT — continued
Lloyds Bank Corporate Markets plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.50%), 2.87%, 9/24/2020(a)		41,735		41,735
(ICE LIBOR USD 3 Month + 0.50%), 2.91%, 10/26/2020(a)		560		560
Mizuho Bank Ltd. (Japan) (ICE LIBOR USD 3 Month + 0.33%), 2.74%, 4/15/2020(a)		25,000		24,996
National Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.19%), 2.80%, 2/14/2020(a)		30,180		30,176
Nordea Bank AB (Finland)
(ICE LIBOR USD 3 Month + 0.40%), 2.78%, 3/27/2020(a)		65,800		65,977
(ICE LIBOR USD 3 Month + 0.30%), 2.62%, 6/5/2020(a)		39,320		39,366
(ICE LIBOR USD 3 Month + 0.28%), 2.61%, 9/4/2020(a)		23,810		23,806
Sumitomo Mitsui Banking Corp. (Japan) (ICE LIBOR USD 3 Month + 0.41%), 2.75%, 6/18/2020(a)		101,596		101,626
Svenska Handelsbanken AB (Sweden)
(ICE LIBOR USD 3 Month + 0.40%), 2.80%, 4/1/2020(a)		74,680		74,844
(ICE LIBOR USD 3 Month + 0.30%), 2.63%, 6/11/2020(a)		35,873		35,900
(ICE LIBOR USD 3 Month + 0.28%), 2.62%, 9/11/2020(a)		31,000		31,000
UBS AG (Switzerland) (ICE LIBOR USD 3 Month + 0.42%), 2.74%, 3/2/2020(a)		81,525		81,605

TOTAL CERTIFICATES OF DEPOSIT (Cost $902,869)				903,541

ASSET-BACKED SECURITIES — 7.1%
Ally Auto Receivables Trust
Series 2017-3, Class A2, 1.53%, 3/16/2020		3,988		3,983
Series 2017-5, Class A2, 1.81%, 6/15/2020		12,158		12,129
AmeriCredit Automobile Receivables Trust
Series 2017-3, Class A2A, 1.69%, 12/18/2020		3,632		3,621
Series 2017-4, Class A2A, 1.83%, 5/18/2021		17,694		17,628
Series 2018-1, Class A2A, 2.71%, 7/19/2021		7,612		7,598
Series 2017-1, Class A3, 1.87%, 8/18/2021		1,384		1,375
Series 2018-2, Class A2A, 2.86%, 11/18/2021		44,334		44,230
Series 2018-3, Class A2A, 3.22%, 1/18/2022		33,720		33,721
BMW Vehicle Lease Trust Series 2017-2, Class A2A, 1.80%, 2/20/2020		5,705		5,690
Capital Auto Receivables Asset Trust
Series 2016-2, Class A3, 1.46%, 6/22/2020		877		875
Series 2017-1, Class A2, 1.76%, 6/22/2020(c)		6,961		6,948
CarMax Auto Owner Trust
Series 2015-2, Class A3, 1.37%, 3/16/2020		482		482
Series 2017-2, Class A2, 1.63%, 6/15/2020		7,503		7,493
Series 2015-4, Class A3, 1.56%, 11/16/2020		1,195		1,190
Series 2016-1, Class A3, 1.61%, 11/16/2020		979		974
Series 2018-3, Class A2A, 2.88%, 10/15/2021		31,676		31,592
Citibank Credit Card Issuance Trust Series 2016-A1, Class A1, 1.75%, 11/19/2021		18,562		18,334
CNH Equipment Trust
Series 2017-A, Class A2, 1.64%, 7/15/2020		6,912		6,902
Series 2018-A, Class A2, 2.78%, 8/16/2021		64,187		64,083
Dell Equipment Finance Trust
Series 2017-2, Class A2A, 1.97%, 2/24/2020(c)		5,656		5,635
Series 2018-1, Class A2A, 2.97%, 10/22/2020(c)		18,578		18,564
Drive Auto Receivables Trust
Series 2018-2, Class A2, 2.64%, 9/15/2020		7,964		7,960
Series 2018-2, Class A3, 2.88%, 6/15/2021		7,785		7,782
Series 2018-3, Class A3, 3.01%, 11/15/2021		16,667		16,634
Ford Credit Auto Lease Trust
Series 2017-B, Class A2A, 1.80%, 6/15/2020		21,855		21,788
Series 2018-A, Class A2A, 2.71%, 12/15/2020		13,149		13,130
Ford Credit Auto Owner Trust
Series 2017-C, Class A2A, 1.80%, 9/15/2020		15,556		15,499
Series 2015-1, Class A, 2.12%, 7/15/2026(c)		11,635		11,493
Honda Auto Receivables Owner Trust
Series 2017-4, Class A2, 1.80%, 1/21/2020		21,689		21,636
Series 2017-1, Class A3, 1.72%, 7/21/2021		15,822		15,665

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Hyundai Auto Lease Securitization Trust
Series 2016-C, Class A3, 1.49%, 2/18/2020(c)		1,805		1,803
Series 2017-C, Class A2A, 1.89%, 3/16/2020(c)		21,954		21,870
Series 2017-A, Class A3, 1.88%, 8/17/2020(c)		1,953		1,948
Series 2018-A, Class A2A, 2.55%, 8/17/2020(c)		4,305		4,295
Mercedes-Benz Auto Lease Trust
Series 2016-B, Class A3, 1.35%, 8/15/2019		1,233		1,232
Series 2018-A, Class A2, 2.20%, 4/15/2020		24,093		24,042
Series 2018-A, Class A3, 2.41%, 2/16/2021		4,500		4,473
Mercedes-Benz Auto Receivables Trust
Series 2018-1, Class A2A, 2.71%, 4/15/2021		17,895		17,852
Series 2015-1, Class A4, 1.75%, 12/15/2021		2,222		2,210
Nissan Auto Lease Trust
Series 2016-B, Class A3, 1.50%, 7/15/2019		236		235
Series 2017-A, Class A3, 1.91%, 4/15/2020		5,378		5,346
Santander Drive Auto Receivables Trust
Series 2018-2, Class A2A, 2.58%, 10/15/2020		2,525		2,522
Series 2018-1, Class A2, 2.10%, 11/16/2020		8,929		8,914
Series 2018-4, Class A2, 2.73%, 3/15/2021		15,225		15,206
Synchrony Credit Card Master Note Trust Series 2016-1, Class A, 2.04%, 3/15/2022		30,837		30,763
Toyota Auto Receivables Owner Trust
Series 2016-B, Class A3, 1.30%, 4/15/2020		1,912		1,904
Series 2018-C, Class A2A, 2.77%, 8/16/2021		52,542		52,395
Verizon Owner Trust Series 2016-2A, Class A, 1.68%, 5/20/2021(c)		19,400		19,278
Volvo Financial Equipment LLC
Series 2017-1A, Class A2, 1.55%, 10/15/2019(c)		970		969
Series 2017-1A, Class A3, 1.92%, 3/15/2021(c)		4,041		4,007
World Omni Auto Receivables Trust
Series 2017-A, Class A2A, 1.50%, 8/17/2020		89		89
Series 2018-C, Class A2, 2.80%, 1/18/2022		12,698		12,682

TOTAL ASSET-BACKED SECURITIES (Cost $659,656)				658,669

U.S. TREASURY OBLIGATIONS — 5.2%
U.S. Treasury Notes
1.13%, 5/31/2019		79,400		78,860
1.25%, 6/30/2019		76,400		75,815
1.38%, 7/31/2019		37,800		37,493
1.25%, 8/31/2019		83,600		82,725
1.63%, 8/31/2019		59,100		58,648
0.88%, 9/15/2019		81,600		80,465
1.00%, 11/15/2019		73,300		72,117

TOTAL U.S. TREASURY OBLIGATIONS (Cost $486,580)				486,123

SUPRANATIONAL — 0.3%
International Bank for Reconstruction & Development (Supranational) 0.88%, 8/15/2019(Cost $24,683)		25,000		24,677

FOREIGN GOVERNMENT SECURITIES — 0.0%(b)
Japan Finance Organization for Municipalities (Japan) 2.13%, 3/6/2019(c)(Cost $1,950)		1,950		1,946

SHORT-TERM INVESTMENTS — 24.5%
CERTIFICATES OF DEPOSIT — 9.1%
Bank of Montreal (Canada) (ICE LIBOR USD 3 Month + 0.21%), 2.79%, 11/1/2019(a)(e)		17,000		16,998
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 3 Month + 0.28%), 2.80%, 10/15/2019(a)(e)		2,915		2,917
(ICE LIBOR USD 3 Month + 0.26%), 2.90%, 11/4/2019(a)(e)		35,200		35,219
Barclays Bank plc (United Kingdom) 3.00%, 9/19/2019(e)		90,000		89,941
Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 3 Month + 0.41%), 2.53%, 9/20/2019(a)(e)		6,651		6,663
3.08%, 10/25/2019(e)		29,550		29,563

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — continued
CERTIFICATES OF DEPOSIT — continued
Commonwealth Bank of Australia (Australia) (ICE LIBOR USD 3 Month + 0.10%), 2.56%, 10/10/2019(a)(e)		28,000		27,983
Cooperatieve Rabobank UA (Netherlands)
1.78%, 4/3/2019(e)		36,710		36,636
2.91%, 7/29/2019(e)		22,537		22,538
Credit Suisse AG (Switzerland)
(ICE LIBOR USD 3 Month + 0.34%), 2.79%, 4/9/2019(a)(e)		4,850		4,854
2.94%, 9/27/2019(e)		67,260		67,186
Goldman Sachs Bank USA (ICE LIBOR USD 3 Month + 0.15%), 2.82%, 8/16/2019(a)(e)		8,990		8,989
HSBC Bank USA NA 2.78%, 9/4/2019(e)		63,900		63,771
Industrial & Commercial Bank of China Ltd. (China) 2.92%, 2/26/2019(e)		96,830		96,835
Lloyds Bank plc 3.00%, 10/17/2019(e)		43,240		43,184
Mizuho Bank Ltd. (Japan) (ICE LIBOR USD 3 Month + 0.40%), 2.85%, 10/25/2019(a)(e)		4,019		4,025
MUFG Bank Ltd. (Japan)
(ICE LIBOR USD 3 Month + 0.65%), 3.06%, 2/22/2019(a)(e)		6,120		6,126
(ICE LIBOR USD 3 Month + 0.43%), 2.91%, 7/15/2019(a)(e)		22,641		22,673
(ICE LIBOR USD 3 Month + 0.45%), 2.84%, 9/9/2019(a)(e)		15,360		15,389
Natixis SA (France) 2.75%, 5/15/2019(e)		19,500		19,488
Royal Bank of Canada (Canada) 2.74%, 7/16/2019(e)		5,000		4,993
Societe Generale SA (France) 3.05%, 10/18/2019(e)		14,300		14,295
Standard Chartered Bank (United Kingdom)
2.89%, 9/17/2019(e)		39,500		39,444
3.18%, 10/23/2019(e)		17,075		17,084
Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 3 Month + 0.10%), 2.48%, 6/4/2019(a)(e)		2,000		2,000
Toronto-Dominion Bank (The) (Canada) 2.66%, 5/3/2019(e)		10,900		10,892
US Bank NA 2.91%, 7/23/2019(e)		84,500		84,457
Westpac Banking Corp. (Australia) 2.97%, 10/18/2019(e)		49,100		49,069

TOTAL CERTIFICATES OF DEPOSIT (Cost $843,657)				843,212

COMMERCIAL PAPER — 10.6%
ASSA ABLOY Financial Services AB (Sweden)
3.08%, 3/18/2019(c)(e)		17,000		16,852
2.95%, 3/25/2019(c)(e)		12,686		12,568
AT&T, Inc.
2.96%, 5/28/2019(c)(e)		4,200		4,137
3.09%, 5/30/2019(c)(e)		38,190		37,606
Bank of China Ltd. (China)
2.94%, 3/27/2019(e)		69,440		68,777
3.02%, 4/23/2019(e)		5,550		5,483
3.13%, 5/10/2019(c)(e)		13,165		12,985
3.14%, 5/14/2019(e)		23,190		22,865
BNZ International Funding Ltd. (New Zealand) 2.98%, 10/11/2019(c)(e)		14,586		14,202
BP Capital Markets plc (United Kingdom) 3.02%, 10/10/2019(c)(e)		12,050		11,730
Campbell Soup Co. Corporate Commercial Paper
2.99%, 1/28/2019(c)(e)		20,500		20,408
2.99%, 1/30/2019(c)(e)		6,500		6,470
China Construction Bank Corp. (China) 2.94%, 2/25/2019(c)(e)		46,720		46,396
Enbridge Energy Partners LP 3.13%, 12/14/2018(c)(e)		22,600		22,578
Entergy Corp.
2.81%, 2/8/2019(c)(e)		1,648		1,639
2.81%, 2/11/2019(c)(e)		18,352		18,245
Federation des caisses Desjardins du Quebec (The) (Canada) 2.73%, 7/22/2019(c)(e)		28,900		28,348
General Electric Co. 2.94%, 3/29/2019(e)		43,700		43,255
Industrial & Commercial Bank of China Ltd. (China) 2.84%, 2/15/2019(c)(e)		52,100		51,789
Kentucky Utilities Co. 2.92%, 1/22/2019(c)(e)		10,100		10,060
Macquarie Bank Ltd. (Australia)
2.73%, 7/8/2019(c)e)		33,450		32,850
3.10%, 10/25/2019(c)(e)		4,000		3,887
Marriott International, Inc.
2.72%, 1/9/2019(c)(e)		3,900		3,888
2.72%, 1/11/2019(c)(e)		16,100		16,051
National Grid USA 3.02%, 2/19/2019(c)(e)		21,300		21,164
Nutrien Ltd. (Canada) 2.72%, 12/21/2018(c)(e)		40,000		39,933
Ontario Teachers’ Finance Trust (Canada) 2.81%, 8/22/2019(c)(e)		7,317		7,155
Parker-Hannifin Corp. 2.92%, 2/22/2019(c)(e)		25,000		24,851
Puget Sound Energy, Inc.
2.81%, 1/3/2019(e)		11,330		11,302
2.81%, 1/4/2019(e)		4,500		4,489
Reckitt Benckiser Treasury Services plc (United Kingdom)
2.66%, 2/20/2019(c)(e)		23,340		23,205
2.69%, 3/5/2019(c)(e)		23,080		22,922
2.69%, 3/7/2019(c)(e)		15,000		14,895

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — continued
COMMERCIAL PAPER — continued
Schlumberger Holdings Corp. 2.86%, 3/1/2019(c)(e)		40,000		39,711
Societe Generale SA (France) 2.90%, 8/2/2019(e)		89,858		87,275
Suncor Energy, Inc. (Canada)
2.97%, 2/27/2019(c)(e)		12,500		12,411
0.00%3/1/2019(c)(e)		12,500		12,408
Suncorp-Metway Ltd. (Australia) 3.01%, 7/23/2019(c)(e)		15,907		15,590
Telstra Corp. Ltd. (Australia) 3.05%, 4/29/2019(c)(e)		7,000		6,915
Toronto-Dominion Bank (The) (Canada) 3.09%, 10/18/2019(c)(e)		47,500		46,198
VW Credit, Inc. (Germany)
2.67%, 2/22/2019(c)(e)		22,000		21,853
2.82%, 3/20/2019(c)(e)		12,200		12,092
Walgreens Boots Alliance, Inc.
2.77%, 1/23/2019(e)		16,015		15,950
3.30%, 5/24/2019(e)		32,590		32,107
Westpac Banking Corp. (Australia) 3.10%, 11/4/2019(c)(e)		900		874

TOTAL COMMERCIAL PAPER (Cost $987,456)				986,369


	Shares ($000)
INVESTMENT COMPANIES — 1.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.30%(f)(g)(Cost $99,041)		99,032		99,042


	Principal Amount ($000)
REPURCHASE AGREEMENTS — 3.7%
Citigroup Global Markets Holdings, Inc., 3.46%, dated 11/30/2018, due 1/18/2019, repurchase price $110,517, collateralized by Collateralized Mortgage Obligations, 0.00% - 8.18%, due 11/25/2032 - 11/25/2056, with the value of $118,800.		110,000		110,000
Merrill Lynch Pierce Fenner & Smith, Inc., 2.65%, dated 11/30/2018, due 12/4/2018, repurchase price $55,016, collateralized by Municipal Bonds, 0.00% - 5.50%, due 7/1/2020 - 6/1/2034, with the value of $59,400.		55,000		55,000
Wells Fargo Securities LLC, 3.31%, dated 11/30/2018, due 5/13/2019, repurchase price $182,714, collateralized by Asset-Backed Securities, 0.83%, due 7/25/2037, Corporate Notes and Bonds, 5.75% - 11.50%, due 12/15/2019 - 10/24/2023, Collateralized Mortgage Obligations, 3.16% - 5.12%, due 11/24/2031 - 6/17/2049, FHLMC, 3.96% - 6.87%, due 10/25/2024 - 1/25/2056, FNMA Connecticut Avenue Securities, 5.32%, due 7/25/2024, Municipal Bonds 2.29% - 7.25%, due 8/1/2020 - 8/1/2057, with the value of $197,619.		180,000		180,000

TOTAL REPURCHASE AGREEMENTS (Cost $345,000)				345,000

TOTAL SHORT-TERM INVESTMENTS (Cost $2,275,154)				2,273,623

Total Investments — 100.5% (Cost $9,330,761)				9,318,109
Liabilities in Excess of Other Assets — (0.5%)				(43,406	)

Net Assets — 100.0%				9,274,703

Percentages indicated are based on net assets.

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Abbreviations

FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
SOFRRATE		SOFR Secured Overnight Financing Rate
USD		Real Estate Investment Trust
(a)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(d)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(e)		The rate shown is the effective yield as of November 30, 2018.
(f)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)		The rate shown is the current yield as of November 30, 2018.

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

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.

•

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	658,669	$	—	$	658,669
Certificates of Deposit		—		903,541		—		903,541
Corporate Bonds		—		4,969,530		—		4,969,530
Foreign Government Securities		—		1,946		—		1,946
Supranational		—		24,677		—		24,677
U.S. Treasury Obligations		—		486,123		—		486,123
Short-Term Investments
Certificates of Deposit		—		843,212		—		843,212
Commercial Paper		—		986,369		—		986,369
Investment Companies		99,042		—		—		99,042
Repurchase Agreements		—		345,000		—		345,000

Total Investments in Securities	$	99,042	$	9,219,067	$	—	$	9,318,109

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — 38.8%
Aerospace & Defense — 1.0%
Arconic, Inc. 5.90%, 2/1/2027			758		728
Bombardier, Inc. (Canada)
8.75%, 12/1/2021(a)			466		480
6.00%, 10/15/2022(a)			135		128
Harris Corp. 4.85%, 4/27/2035			3,705		3,683
KLX, Inc. 5.88%, 12/1/2022(a)			1,920		1,976
Kratos Defense & Security Solutions, Inc. 6.50%, 11/30/2025(a)			1,145		1,179
Leonardo SpA (Italy) 4.88%, 3/24/2025	EUR		750		936
Rockwell Collins, Inc. 3.50%, 3/15/2027			2,250		2,116
TransDigm, Inc. 6.50%, 7/15/2024			356		357
Triumph Group, Inc.
4.88%, 4/1/2021			1,370		1,271
7.75%, 8/15/2025			525		483
United Technologies Corp.
3.95%, 8/16/2025			1,305		1,290
4.13%, 11/16/2028			1,620		1,591

					16,218

Air Freight & Logistics — 0.0%(b)
XPO Logistics, Inc. 6.50%, 6/15/2022(a)			652		663

Airlines — 0.2%
Continental Airlines Pass-Through Trust
Series 2012-2, Class A, 4.00%, 10/29/2024			3,791		3,785

Auto Components — 0.7%
Adient Global Holdings Ltd.
3.50%, 8/15/2024(c)	EUR		400		362
4.88%, 8/15/2026(a)			2,600		2,087
Allison Transmission, Inc. 4.75%, 10/1/2027(a)			350		315
American Axle & Manufacturing, Inc.
6.63%, 10/15/2022			533		532
6.25%, 4/1/2025(d)			1,069		994
6.50%, 4/1/2027(d)			600		544
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(a)			1,035		942
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(a)			495		481
Dana, Inc. 5.50%, 12/15/2024			2,500		2,381
Delphi Technologies plc 5.00%, 10/1/2025(a)			635		550
Faurecia SA (France) 2.63%, 6/15/2025(c)	EUR		750		808
Goodyear Tire & Rubber Co. (The) 4.88%, 3/15/2027			84		76
Icahn Enterprises LP 5.88%, 2/1/2022			150		151
IHO Verwaltungs GmbH (Germany)
3.25% (cash), 9/15/2023(c)(e)	EUR		600		661
3.75% (cash), 9/15/2026(c)(e)	EUR		900		982
LKQ European Holdings BV 3.63%, 4/1/2026(a)	EUR		384		423
LKQ Italia Bondco SpA 3.88%, 4/1/2024(c)	EUR		200		232

					12,521

Automobiles — 0.5%
Daimler Finance North America LLC (Germany)
(ICE LIBOR USD 3 Month + 0.67%), 3.25%, 11/5/2021(a)(f)			3,005		2,996
Fiat Chrysler Automobiles NV (United Kingdom) 3.75%, 3/29/2024(c)	EUR		2,000		2,417
General Motors Co. 5.20%, 4/1/2045			1,375		1,148
Peugeot SA (France)
2.38%, 4/14/2023(c)	EUR		867		1,014
2.00%, 3/20/2025(c)	EUR		400		443

					8,018

Banks — 5.0%
Banco Bilbao Vizcaya Argentaria SA (Spain)
(EUR Swap Annual 5 Year + 9.18%), 8.88%, 4/14/2021(c)(f)(g)(h)	EUR		800		987
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(f)			1,990		1,908
3.25%, 10/21/2027			3,760		3,456
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028(f)(g)(h)			4,450		4,250
Bankia SA (Spain)
(EUR Swap Annual 5 Year + 3.35%), 3.38%, 3/15/2027(c)(f)	EUR		1,800		2,054
Barclays plc (United Kingdom) 5.20%, 5/12/2026			223		212
Citigroup, Inc.
Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 3/27/2020(f)(g)(h)			3,421		3,440
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023(f)(g)(h)			200		196
3.70%, 1/12/2026			1,890		1,796
3.20%, 10/21/2026			1,705		1,558

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Banks — continued
Credit Agricole SA (France)
(USD Swap Semi 5 Year + 6.19%), 8.13%, 12/23/2025(a)(f)(g)(h)			950		987
Danske Bank A/S (Denmark)
(EUR Swap Annual 7 Year + 5.47%), 5.88%, 4/6/2022(c)(f)(g)(h)	EUR		1,600		1,811
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.00%), 3.64%, 5/18/2024(f)			3,378		3,325
(USD ICE Swap Rate 5 Year + 4.37%), 6.38%, 3/30/2025(f)(g)(h)			2,478		2,367
ING Groep NV (Netherlands)
(USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022(c)(f)(g)(h)			751		751
(EUR Swap Annual 5 Year + 2.85%), 3.00%, 4/11/2028(f)	EUR		3,800		4,470
Intesa Sanpaolo SpA (Italy) 5.71%, 1/15/2026(a)			1,620		1,424
Mitsubishi UFJ Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.86%), 3.37%, 7/26/2023(f)			3,690		3,696
Nordea Hypotek AB (Sweden)
Series 5531, 1.00%, 4/8/2022(c)	SEK		80,000		8,981
Royal Bank of Canada (Canada)
(ICE LIBOR USD 3 Month + 0.66%), 3.07%, 10/5/2023(f)			3,700		3,659
Royal Bank of Scotland Group plc (United Kingdom)
(USD Swap Semi 5 Year + 7.60%), 8.63%, 8/15/2021(f)(g)(h)			900		927
6.13%, 12/15/2022			930		944
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023(f)			2,137		2,036
Skandinaviska Enskilda Banken AB (Sweden)
Series 575, 1.50%, 12/21/2022(c)	SEK		36,000		4,104
Societe Generale SA (France)
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025(a)(f)(g)(h)			2,339		2,345
Stadshypotek AB (Sweden)
Series 1586, 4.50%, 9/21/2022(c)	SEK		70,000		8,848
Swedbank Hypotek AB (Sweden)
Series 191, 1.00%, 6/15/2022(c)	SEK		80,000		8,972
UBS Group AG (Switzerland)
(EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022(c)(f)(g)(h)	EUR		2,400		2,910
UBS Group Funding Switzerland AG (Switzerland)
(USD Swap Semi 5 Year + 5.46%), 7.13%, 2/19/2020(c)(f)(g)(h)			2,682		2,702
Wells Fargo & Co. 4.75%, 12/7/2046			550		522

					85,638

Beverages — 0.0%(b)
Anheuser-Busch Cos. LLC (Belgium) 4.90%, 2/1/2046(a)			500		467
Cott Holdings, Inc. (Canada) 5.50%, 4/1/2025(a)			149		144

					611

Biotechnology — 0.0%(b)
Grifols SA (Spain) 3.20%, 5/1/2025(c)	EUR		700		785

Building Products — 0.4%
American Woodmark Corp. 4.88%, 3/15/2026(a)			230		209
James Hardie International Finance DAC (Ireland) 4.75%, 1/15/2025(a)			1,000		925
JELD-WEN, Inc. 4.63%, 12/15/2025(a)			1,015		908
Masco Corp.
4.38%, 4/1/2026			684		674
3.50%, 11/15/2027			818		743
Masonite International Corp. 5.75%, 9/15/2026(a)			90		85
Owens Corning
4.30%, 7/15/2047			1,770		1,351
4.40%, 1/30/2048			380		295
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026(a)			84		85
Standard Industries, Inc. 4.75%, 1/15/2028(a)			965		844

					6,119

Capital Markets — 2.3%
A10 Revolving Asset Financing LLC 8.81%, 1/9/2020‡			6,000		6,000
Carlyle Promissory Note 4.44%, 7/15/2019‡			113		113
Credit Suisse AG (Switzerland)
(EUR Swap Annual 5 Year + 4.00%), 5.75%, 9/18/2025(c)(f)	EUR		1,020		1,233
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023(a)(f)(g)(h)			3,910		3,979
4.28%, 1/9/2028(a)			3,330		3,174
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029(a)(f)			1,345		1,240

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Capital Markets — continued
Goldman Sachs Group, Inc. (The)
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(f)(g)(h)			4,750		4,192
(ICE LIBOR USD 3 Month + 1.60%), 4.31%, 11/29/2023(f)			5,195		5,251
4.25%, 10/21/2025			1,650		1,592
(ICE LIBOR USD 3 Month + 1.17%), 3.79%, 5/15/2026(f)			2,358		2,302
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029(f)			871		809
Morgan Stanley
Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 7/15/2020(f)(g)(h)			2,020		2,038
3.13%, 7/27/2026			4,405		4,024
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029(f)			530		500
UBS AG (Switzerland) 5.13%, 5/15/2024(c)			3,815		3,757

					40,204

Chemicals — 1.2%
Arkema SA (France)
(EUR Swap Annual 5 Year + 4.35%), 4.75%, 10/29/2020(c)(f)(g)(h)	EUR		300		354
Ashland LLC 4.75%, 8/15/2022(i)			350		347
Axalta Coating Systems LLC 4.25%, 8/15/2024(c)	EUR		650		743
CF Industries, Inc. 4.50%, 12/1/2026(a)			1,725		1,692
Chemours Co. (The)
6.63%, 5/15/2023			1,010		1,025
7.00%, 5/15/2025			150		151
CTC BondCo GmbH (Germany) 5.25%, 12/15/2025(c)	EUR		1,300		1,400
FXI Holdings, Inc. 7.88%, 11/1/2024(a)			239		214
Gates Global LLC 6.00%, 7/15/2022(a)			194		193
GCP Applied Technologies, Inc. 5.50%, 4/15/2026(a)			600		574
Huntsman International LLC
5.13%, 11/15/2022			940		957
4.25%, 4/1/2025	EUR		1,300		1,619
INEOS Group Holdings SA (Luxembourg)
5.38%, 8/1/2024(c)	EUR		600		679
5.63%, 8/1/2024(a)			2,220		2,064
Kraton Polymers LLC 5.25%, 5/15/2026(a)	EUR		455		474
Kronos International, Inc. 3.75%, 9/15/2025(c)	EUR		350		357
Monitchem HoldCo 2 SA (Luxembourg) 6.88%, 6/15/2022(c)	EUR		700		633
NOVA Chemicals Corp. (Canada) 5.25%, 6/1/2027(a)			1,670		1,530
OCP SA (Morocco) 4.50%, 10/22/2025(c)			2,850		2,665
PolyOne Corp. 5.25%, 3/15/2023			400		399
Rain CII Carbon LLC 7.25%, 4/1/2025(a)			1,350		1,249
Solvay Finance SA (Belgium)
(EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023(c)(f)(g)(h)	EUR		1,000		1,213
Trinseo Materials Operating SCA 5.38%, 9/1/2025(a)			800		706

					21,238

Commercial Services & Supplies — 0.5%
ACCO Brands Corp. 5.25%, 12/15/2024(a)			1,205		1,112
ADT Security Corp. (The) 4.13%, 6/15/2023			635		592
Clean Harbors, Inc. 5.13%, 6/1/2021			1,300		1,303
Elis SA (France) 1.88%, 2/15/2023(c)	EUR		1,000		1,128
Garda World Security Corp. (Canada) 8.75%, 5/15/2025(a)			480		438
ILFC E-Capital Trust I
(USD Constant Maturity 30 Year + 1.55%), 4.78%, 12/21/2065‡(a)(f)			255		215
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025(a)			150		146
Paprec Holding SA (France) 4.00%, 3/31/2025(c)	EUR		1,000		993
Prime Security Services Borrower LLC 9.25%, 5/15/2023(a)			531		563
SPIE SA (France) 3.13%, 3/22/2024(c)	EUR		1,200		1,329
Verisure Midholding AB (Sweden) 5.75%, 12/1/2023(c)	EUR		1,375		1,532

					9,351

Communications Equipment — 0.1%
Avaya, Inc. 7.00%, 4/1/2019‡(j)			265		—	(k)
CommScope Technologies LLC 6.00%, 6/15/2025(a)			1,915		1,774
Goodman Networks, Inc. 8.00%, 5/11/2022‡			94		47
Telefonaktiebolaget LM Ericsson (Sweden) 1.88%, 3/1/2024(c)	EUR		400		450
ViaSat, Inc. 5.63%, 9/15/2025(a)			5		5

					2,276

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Construction & Engineering — 0.0%(b)
MasTec, Inc. 4.88%, 3/15/2023			205		199
Novafives SAS (France) 5.00%, 6/15/2025(a)	EUR		600		538

					737

Construction Materials — 0.2%
Cemex SAB de CV (Mexico) 7.75%, 4/16/2026(a)			771		807
Martin Marietta Materials, Inc.
3.50%, 12/15/2027			2,065		1,874
4.25%, 12/15/2047			706		564

					3,245

Consumer Finance — 1.0%
AerCap Ireland Capital DAC (Ireland)
4.63%, 10/30/2020			2,076		2,088
5.00%, 10/1/2021			284		290
3.65%, 7/21/2027			3,271		2,855
Ally Financial, Inc.
4.63%, 5/19/2022			1,714		1,714
4.63%, 3/30/2025			535		526
8.00%, 11/1/2031			270		315
American Express Co.
(ICE LIBOR USD 3 Month + 0.60%), 3.20%, 11/5/2021(f)			2,640		2,636
Capital One Financial Corp. 3.75%, 7/28/2026			2,260		2,053
Curo Group Holdings Corp. 8.25%, 9/1/2025(a)			229		191
General Motors Financial Co., Inc. 4.00%, 10/6/2026			2,645		2,383
ILFC E-Capital Trust II
(US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 5.03%, 12/21/2065‡(a)(f)			325		269
Synchrony Financial 3.95%, 12/1/2027			1,192		1,007

					16,327

Containers & Packaging — 0.8%
Ardagh Packaging Finance plc (Ireland)
2.75%, 3/15/2024(c)	EUR		300		338
6.75%, 5/15/2024(c)	EUR		1,600		1,914
7.25%, 5/15/2024(a)			655		661
6.00%, 2/15/2025(a)			1,870		1,741
Ball Corp. 4.38%, 12/15/2023	EUR		700		882
Crown European Holdings SA
4.00%, 7/15/2022(c)	EUR		600		739
2.63%, 9/30/2024(c)	EUR		1,400		1,575
Horizon Parent Holdings SARL (France) 8.25% (cash), 2/15/2022(c)(e)	EUR		1,100		1,269
Reynolds Group Issuer, Inc. 5.75%, 10/15/2020			3,072		3,068
Silgan Holdings, Inc. 3.25%, 3/15/2025	EUR		1,000		1,137

					13,324

Diversified Consumer Services — 0.1%
Service Corp. International
5.38%, 5/15/2024			1,019		1,024
7.50%, 4/1/2027			315		342
Sotheby’s 4.88%, 12/15/2025(a)			90		83

					1,449

Diversified Financial Services — 0.8%
CNG Holdings, Inc. 9.38%, 5/15/2020(a)			415		386
EDP Finance BV (Portugal)
5.25%, 1/14/2021(a)			5,475		5,587
3.63%, 7/15/2024(a)			3,560		3,339
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035			1,740		1,403
ProGroup AG (Germany) 3.00%, 3/31/2026(c)	EUR		1,000		1,122
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026(a)			53		52
8.25%, 11/15/2026(a)			54		52
Vantiv LLC 3.88%, 11/15/2025(c)	GBP		450		549
Worldpay Finance plc (United Kingdom) 3.75%, 11/15/2022(c)	EUR		800		966

					13,456

Diversified Telecommunication Services — 2.7%
Altice France SA (France) 5.63%, 5/15/2024(c)	EUR		1,000		1,152
AT&T, Inc.
3.40%, 5/15/2025			3,040		2,830
4.80%, 6/15/2044			640		559
CCO Holdings LLC
5.38%, 5/1/2025(a)			3,700		3,635
5.75%, 2/15/2026(a)			7,915		7,915
5.50%, 5/1/2026(a)			70		68
5.13%, 5/1/2027(a)			2,280		2,161
Cellnex Telecom SA (Spain) 2.38%, 1/16/2024(c)	EUR		400		457
CenturyLink, Inc.
Series W, 6.75%, 12/1/2023			2,005		2,010
5.63%, 4/1/2025			205		192
Cincinnati Bell, Inc. 7.00%, 7/15/2024(a)			130		114
Cogent Communications Finance, Inc. 5.63%, 4/15/2021(a)			2,000		2,005
Consolidated Communications, Inc. 6.50%, 10/1/2022			82		77
Embarq Corp. 8.00%, 6/1/2036			471		442
Frontier Communications Corp.
10.50%, 9/15/2022			62		49
11.00%, 9/15/2025			147		104
8.50%, 4/1/2026(a)			400		363

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Diversified Telecommunication Services — continued
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023			1,961		1,731
8.00%, 2/15/2024(a)			1,857		1,943
8.50%, 10/15/2024(a)			280		277
Intelsat Luxembourg SA (Luxembourg)
7.75%, 6/1/2021			12		11
8.13%, 6/1/2023			98		81
Level 3 Financing, Inc.
5.38%, 8/15/2022			306		305
5.63%, 2/1/2023			54		54
5.38%, 5/1/2025			1,525		1,485
Sprint Capital Corp.
6.88%, 11/15/2028			250		241
8.75%, 3/15/2032			5,040		5,475
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033			218		194
6.00%, 9/30/2034			124		106
7.20%, 7/18/2036			80		76
7.72%, 6/4/2038			38		37
Telecom Italia SpA (Italy)
3.25%, 1/16/2023(c)	EUR		500		571
3.00%, 9/30/2025(c)	EUR		1,800		1,939
3.63%, 5/25/2026(c)	EUR		1,100		1,215
Telefonica Emisiones SAU (Spain) 5.21%, 3/8/2047			1,720		1,561
Virgin Media Finance plc (United Kingdom) 4.50%, 1/15/2025(c)	EUR		1,100		1,245
Virgin Media Secured Finance plc (United Kingdom)
5.25%, 1/15/2026(a)			200		187
5.50%, 8/15/2026(a)			1,595		1,502
Windstream Services LLC 9.00%, 6/30/2025(a)			1,955		1,427

					45,796

Electric Utilities — 0.9%
EDP — Energias de Portugal SA (Portugal)
(EUR Swap Annual 5 Year + 5.04%), 5.38%, 9/16/2075(c)(f)	EUR		500		600
Emera US Finance LP (Canada) 3.55%, 6/15/2026			5,700		5,327
Enel Finance International NV (Italy)
5.63%, 8/14/2024(c)	GBP		600		865
3.50%, 4/6/2028(a)			2,675		2,239
FirstEnergy Corp.
Series B, 3.90%, 7/15/2027			2,385		2,284
ITC Holdings Corp. 3.25%, 6/30/2026			3,355		3,142
Naturgy Finance BV (Spain)
(EUR Swap Annual 9 Year + 3.08%), 3.38%, 4/24/2024(c)(f)(g)(h)	EUR		1,100		1,211
Texas Competitive Electric Holdings Co. LLC 8.50%, 5/1/2020‡(j)			2,500		5

					15,673

Electrical Equipment — 0.1%
Orano SA (France) 4.88%, 9/23/2024	EUR		1,000		1,158
Vertiv Group Corp. 9.25%, 10/15/2024(a)			312		304

					1,462

Electronic Equipment, Instruments & Components — 0.1%
Belden, Inc. 3.38%, 7/15/2027(c)	EUR		900		958
CDW LLC 5.00%, 9/1/2025			600		585

					1,543

Energy Equipment & Services — 0.2%
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025			35		31
Ensco plc 5.20%, 3/15/2025			79		59
Noble Holding International Ltd. 7.75%, 1/15/2024(d)			537		470
Precision Drilling Corp. (Canada)
7.75%, 12/15/2023			35		35
7.13%, 1/15/2026(a)			795		737
Saipem Finance International BV (Italy) 3.75%, 9/8/2023(c)	EUR		700		788
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)			102		99
Transocean Proteus Ltd. 6.25%, 12/1/2024(a)			280		274
Transocean, Inc.
9.00%, 7/15/2023(a)			433		443
7.50%, 4/15/2031			77		62
Vallourec SA (France)
6.63%, 10/15/2022(c)	EUR		500		436
2.25%, 9/30/2024(c)	EUR		400		293
Weatherford International Ltd.
4.50%, 4/15/2022(d)			159		105
6.50%, 8/1/2036			6		3
7.00%, 3/15/2038			8		5
6.75%, 9/15/2040			3		2
5.95%, 4/15/2042			143		80

					3,922

Entertainment — 0.1%
AMC Entertainment Holdings, Inc. 5.75%, 6/15/2025			850		769
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 2/28/2057(f)			175		168
Warner Media LLC 2.95%, 7/15/2026			512		454
WMG Acquisition Corp.
5.63%, 4/15/2022(a)			200		202
4.13%, 11/1/2024(c)	EUR		495		581

					2,174

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Equity Real Estate Investment Trusts (REITs) — 1.0%
American Tower Corp. 3.60%, 1/15/2028			1,695		1,559
CyrusOne LP
5.00%, 3/15/2024			106		105
5.38%, 3/15/2027			65		64
Equinix, Inc.
5.75%, 1/1/2025			310		315
2.88%, 10/1/2025	EUR		1,750		1,917
5.88%, 1/15/2026			1,020		1,035
ESH Hospitality, Inc. 5.25%, 5/1/2025(a)			1,525		1,458
GEO Group, Inc. (The)
5.13%, 4/1/2023			500		451
5.88%, 10/15/2024			840		756
Iron Mountain, Inc.
5.75%, 8/15/2024			110		105
3.00%, 1/15/2025(c)	EUR		600		656
Realty Income Corp. 3.00%, 1/15/2027			3,055		2,796
RHP Hotel Properties LP
5.00%, 4/15/2021			805		797
5.00%, 4/15/2023			530		523
SBA Communications Corp. 4.88%, 9/1/2024			1,120		1,089
Uniti Group LP 6.00%, 4/15/2023(a)			995		948
VICI Properties 1 LLC 8.00%, 10/15/2023			1,526		1,660

					16,234

Food & Staples Retailing — 0.4%
Albertsons Cos. LLC 5.75%, 3/15/2025			485		433
Casino Guichard Perrachon SA (France) 3.58%, 2/7/2025(c)(i)	EUR		700		680
Iceland Bondco plc (United Kingdom)
6.75%, 7/15/2024(c)	GBP		600		753
4.63%, 3/15/2025(c)	GBP		500		554
New Albertsons LP 7.45%, 8/1/2029			265		216
Picard Bondco SA (Luxembourg) 5.50%, 11/30/2024(c)	EUR		400		410
Picard Groupe SAS (France)
(EURIBOR 3 Month + 3.00%), 3.00%, 11/30/2023(c)(f)	EUR		500		551
Rite Aid Corp. 6.13%, 4/1/2023(a)			1,060		912
Tesco Corporate Treasury Services plc (United Kingdom) 2.50%, 7/1/2024(c)	EUR		2,500		2,914

					7,423

Food Products — 0.4%
Darling Global Finance BV 3.63%, 5/15/2026(a)	EUR		445		505
FAGE International SA (Luxembourg) 5.63%, 8/15/2026(a)			1,200		1,041
JBS USA LUX SA
7.25%, 6/1/2021(a)			362		366
5.75%, 6/15/2025(a)			306		296
Kraft Heinz Foods Co. 4.38%, 6/1/2046			725		589
Nomad Foods Bondco plc (United Kingdom) 3.25%, 5/15/2024(c)	EUR		1,000		1,127
Pilgrim’s Pride Corp. 5.75%, 3/15/2025(a)			61		59
Post Holdings, Inc.
5.50%, 3/1/2025(a)			1,405		1,340
5.75%, 3/1/2027(a)			285		267
TreeHouse Foods, Inc. 6.00%, 2/15/2024(a)			1,010		999

					6,589

Gas Utilities — 0.0%(b)
AmeriGas Partners LP
5.88%, 8/20/2026			395		368
5.75%, 5/20/2027			92		83

					451

Health Care Equipment & Supplies — 0.5%
Auris Luxembourg II SA (Luxembourg) 8.00%, 1/15/2023(c)	EUR		1,000		1,158
Avantor, Inc. 6.00%, 10/1/2024(a)			1,600		1,586
Becton Dickinson and Co. 1.40%, 5/24/2023	EUR		1,611		1,836
DJO Finance LLC 8.13%, 6/15/2021(a)			1,250		1,295
Hill-Rom Holdings, Inc. 5.75%, 9/1/2023(a)			1,360		1,382
Kinetic Concepts, Inc. 7.88%, 2/15/2021(a)			980		997
Mallinckrodt International Finance SA 5.50%, 4/15/2025(a)			232		185

					8,439

Health Care Providers & Services — 1.7%
Acadia Healthcare Co., Inc. 6.50%, 3/1/2024			173		170
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(a)			2,000		1,660
Centene Corp. 4.75%, 1/15/2025			295		293
Community Health Systems, Inc.
5.13%, 8/1/2021			29		27
6.88%, 2/1/2022			105		52
6.25%, 3/31/2023			156		145
8.63%, 1/15/2024(a)			233		237
8.13%, 6/30/2024(a)			146		111
CVS Health Corp.
(ICE LIBOR USD 3 Month + 0.72%), 3.05%, 3/9/2021(f)			1,820		1,821
4.30%, 3/25/2028			1,365		1,330
4.78%, 3/25/2038			640		611

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Health Care Providers & Services — continued
Encompass Health Corp. 5.75%, 9/15/2025			1,000		991
HCA, Inc.
5.88%, 5/1/2023			1,150		1,191
5.38%, 2/1/2025			7,520		7,567
5.88%, 2/15/2026			3,440		3,543
Syneos Health, Inc. 7.50%, 10/1/2024(a)			1,212		1,273
Synlab Bondco plc (United Kingdom) 6.25%, 7/1/2022(c)	EUR		900		1,044
Team Health Holdings, Inc. 6.38%, 2/1/2025(a)			529		436
Tenet Healthcare Corp.
4.38%, 10/1/2021			340		334
7.50%, 1/1/2022(a)			3,745		3,885
8.13%, 4/1/2022			1,095		1,135
6.75%, 6/15/2023			1,000		988

					28,844

Health Care Technology — 0.2%
IQVIA, Inc.
3.50%, 10/15/2024(c)	EUR		800		919
3.25%, 3/15/2025(c)	EUR		1,400		1,561
5.00%, 10/15/2026(a)			1,250		1,203

					3,683

Hotels, Restaurants & Leisure — 1.2%
1011778 BC ULC (Canada) 4.25%, 5/15/2024(a)			327		309
Accor SA (France)
(EUR Swap Annual 5 Year + 3.65%), 4.13%, 6/30/2020(c)(f)(g)(h)	EUR		1,000		1,151
Aramark International Finance SARL 3.13%, 4/1/2025(c)	EUR		600		698
Boyd Gaming Corp.
6.88%, 5/15/2023			1,039		1,078
6.38%, 4/1/2026			425		422
Boyne USA, Inc. 7.25%, 5/1/2025(a)			67		70
Cirsa Finance International SARL (Spain) 6.25%, 12/20/2023(a)	EUR		414		475
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(a)			30		28
Enterprise Development Authority (The) 12.00%, 7/15/2024(a)			320		306
Golden Nugget, Inc. 6.75%, 10/15/2024(a)			319		313
Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026(a)			5		5
International Game Technology plc 4.75%, 2/15/2023(c)	EUR		1,450		1,743
Jack Ohio Finance LLC 6.75%, 11/15/2021(a)			1,910		1,958
LTF Merger Sub, Inc. 8.50%, 6/15/2023(a)			500		512
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026(a)			100		100
Merlin Entertainments plc (United Kingdom) 2.75%, 3/15/2022(c)	EUR		800		924
MGM Resorts International
7.75%, 3/15/2022			1,620		1,742
6.00%, 3/15/2023			2,900		2,947
4.63%, 9/1/2026			1,825		1,658
Pizzaexpress Financing 2 plc (United Kingdom) 6.63%, 8/1/2021(c)	GBP		200		217
Scientific Games International, Inc.
10.00%, 12/1/2022			185		192
5.00%, 10/15/2025(a)			65		61
Seminole Hard Rock Entertainment, Inc. 5.88%, 5/15/2021(a)			475		477
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026(a)			155		154
Wyndham Destinations, Inc.
5.40%, 4/1/2024(i)			56		55
6.35%, 10/1/2025(i)			26		26
5.75%, 4/1/2027(i)			56		51
Wyndham Hotels & Resorts, Inc. 5.38%, 4/15/2026(a)			49		47
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)			2,305		2,196

					19,915

Household Durables — 0.1%
New Home Co., Inc. (The) 7.25%, 4/1/2022			111		108
Tempur Sealy International, Inc.
5.63%, 10/15/2023			400		393
5.50%, 6/15/2026			825		777

					1,278

Household Products — 0.3%
Central Garden & Pet Co. 5.13%, 2/1/2028			1,625		1,471
Energizer Holdings, Inc. 5.50%, 6/15/2025(a)			1,630		1,496
Spectrum Brands Holdings, Inc. 7.75%, 1/15/2022			1,390		1,418

					4,385

Independent Power and Renewable Electricity Producers — 0.2%
AES Corp.
5.50%, 4/15/2025			1,266		1,276
6.00%, 5/15/2026			183		188
Calpine Corp. 5.75%, 1/15/2025			599		551
Clearway Energy Operating LLC 5.75%, 10/15/2025(a)			60		58
Exelon Generation Co. LLC 2.95%, 1/15/2020			1,470		1,460

					3,533

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Industrial Conglomerates — 0.2%
General Electric Co. 4.50%, 3/11/2044			2,655		2,112
Roper Technologies, Inc. 3.80%, 12/15/2026			1,710		1,637

					3,749

Insurance — 0.4%
American International Group, Inc. 3.90%, 4/1/2026			2,515		2,387
AmWINS Group, Inc. 7.75%, 7/1/2026(a)			244		243
MetLife, Inc. 6.40%, 12/15/2036			1,840		1,858
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 4.18%), 5.87%, 9/15/2042(f)			2,975		3,048

					7,536

IT Services — 0.6%
Alliance Data Systems Corp. 5.38%, 8/1/2022(a)			415		413
Banff Merger Sub, Inc. 9.75%, 9/1/2026(a)			262		247
Exela Intermediate LLC 10.00%, 7/15/2023(a)			185		187
First Data Corp.
5.38%, 8/15/2023(a)			750		755
5.75%, 1/15/2024(a)			5,455		5,475
GCI LLC 6.75%, 6/1/2021			804		804
VeriSign, Inc. 4.75%, 7/15/2027			15		14
Zayo Group LLC
6.00%, 4/1/2023			1,167		1,161
6.38%, 5/15/2025			440		432
5.75%, 1/15/2027(a)			40		38

					9,526

Leisure Products — 0.1%
Mattel, Inc.
3.15%, 3/15/2023			76		65
6.75%, 12/31/2025(a)			1,296		1,221
Vista Outdoor, Inc. 5.88%, 10/1/2023			965		914

					2,200

Machinery — 0.3%
Galapagos SA (Luxembourg) 5.38%, 6/15/2021(c)	EUR		756		633
Novelis Corp.
6.25%, 8/15/2024(a)			88		87
5.88%, 9/30/2026(a)			92		86
SPX FLOW, Inc. 5.63%, 8/15/2024(a)			1,680		1,623
Tennant Co. 5.63%, 5/1/2025			114		111
Terex Corp. 5.63%, 2/1/2025(a)			775		713
Welbilt, Inc. 9.50%, 2/15/2024			2,120		2,276

					5,529

Marine — 0.0%(b)
Hapag-Lloyd AG (Germany) 5.13%, 7/15/2024(c)	EUR		150		171

Media — 3.4%
Altice Financing SA (Luxembourg) 6.63%, 2/15/2023(a)			2,879		2,843
Altice Finco SA (Luxembourg) 4.75%, 1/15/2028(c)	EUR		1,084		988
Altice Luxembourg SA (Luxembourg)
7.25%, 5/15/2022(c)	EUR		1,200		1,314
7.75%, 5/15/2022(a)			1,480		1,410
6.25%, 2/15/2025(c)	EUR		1,450		1,392
7.63%, 2/15/2025(a)			200		162
AMC Networks, Inc. 5.00%, 4/1/2024			1,300		1,250
CBS Radio, Inc. 7.25%, 11/1/2024(a)			88		84
Charter Communications Operating LLC
4.91%, 7/23/2025			1,516		1,509
5.38%, 5/1/2047			758		677
Clear Channel Worldwide Holdings, Inc.
Series B, 7.63%, 3/15/2020			2,880		2,877
Series B, 6.50%, 11/15/2022			5,836		5,925
Comcast Corp.
3.95%, 10/15/2025			3,145		3,134
4.60%, 8/15/2045			1,630		1,563
4.70%, 10/15/2048			1,595		1,556
CSC Holdings LLC
6.75%, 11/15/2021			232		243
10.13%, 1/15/2023(a)			1,195		1,294
5.38%, 7/15/2023(a)			200		198
6.63%, 10/15/2025(a)			240		250
10.88%, 10/15/2025(a)			799		921
5.50%, 5/15/2026(a)			207		200
5.50%, 4/15/2027(a)			210		202
DISH DBS Corp.
6.75%, 6/1/2021			383		389
5.88%, 7/15/2022			75		72
5.00%, 3/15/2023			1,983		1,735
5.88%, 11/15/2024			4,529		3,861
7.75%, 7/1/2026			2,575		2,284
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023			2,500		2,552
SES SA (Luxembourg)
(EUR Swap Annual 5 Year + 4.66%), 4.62%, 1/2/2022(c)(f)(g)(h)	EUR		1,200		1,381
Sinclair Television Group, Inc.
6.13%, 10/1/2022			1,989		2,016
5.63%, 8/1/2024(a)			400		381
Sirius XM Radio, Inc.
4.63%, 5/15/2023(a)			170		165
6.00%, 7/15/2024(a)			3,180		3,255
5.00%, 8/1/2027(a)			174		164

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Media — continued
Telenet Finance Luxembourg Notes SARL (Belgium) 3.50%, 3/1/2028(c)	EUR		700		774
Telenet Finance VI Luxembourg SCA (Luxembourg) 4.88%, 7/15/2027(c)	EUR		900		1,090
Unitymedia GmbH (Germany) 3.75%, 1/15/2027(c)	EUR		150		176
Unitymedia Hessen GmbH & Co. KG (Germany) 3.50%, 1/15/2027(c)	EUR		800		939
UPCB Finance IV Ltd. (Netherlands)
5.38%, 1/15/2025(a)			2,375		2,279
4.00%, 1/15/2027(c)	EUR		1,350		1,566
Videotron Ltd. (Canada) 5.38%, 6/15/2024(a)			80		80
Ziggo Bond Co. BV (Netherlands)
4.63%, 1/15/2025(c)	EUR		1,250		1,375
5.88%, 1/15/2025(a)			210		192
Ziggo BV (Netherlands)
3.75%, 1/15/2025(c)	EUR		950		1,068
4.25%, 1/15/2027(c)	EUR		500		560
5.50%, 1/15/2027(a)			210		195

					58,541

Metals & Mining — 0.5%
AK Steel Corp.
7.50%, 7/15/2023			84		85
7.00%, 3/15/2027(d)			100		83
Alcoa Nederland Holding BV 6.75%, 9/30/2024(a)			1,125		1,162
BHP Billiton Finance Ltd. (Australia)
(EUR Swap Annual 5 Year + 4.80%), 5.63%, 10/22/2079(c)(f)	EUR		110		142
Constellium NV 4.25%, 2/15/2026(c)	EUR		700		739
Freeport-McMoRan, Inc.
3.55%, 3/1/2022			476		453
4.55%, 11/14/2024			1,195		1,110
Hudbay Minerals, Inc. (Canada) 7.25%, 1/15/2023(a)			60		60
Indonesia Asahan Aluminium Persero PT (Indonesia) 5.71%, 11/15/2023(a)			900		916
Nyrstar Netherlands Holdings BV (Belgium)
8.50%, 9/15/2019(c)	EUR		375		218
6.88%, 3/15/2024(c)	EUR		525		252
Steel Dynamics, Inc. 5.00%, 12/15/2026			151		145
Teck Resources Ltd. (Canada) 6.13%, 10/1/2035			237		237
thyssenkrupp AG (Germany)
1.38%, 3/3/2022(c)	EUR		700		767
2.50%, 2/25/2025(c)	EUR		1,400		1,549

					7,918

Multiline Retail — 0.1%
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/2021(a)			375		182
8.75% (cash), 10/15/2021(a)(e)			1,711		834

					1,016

Multi-Utilities — 0.2%
RWE AG (Germany)
(EUR Swap Annual 5 Year + 3.25%), 3.50%, 4/21/2075(c)(f)	EUR		600		669
Sempra Energy 3.80%, 2/1/2038			2,495		2,107

					2,776

Oil, Gas & Consumable Fuels — 2.2%
Aker BP ASA (Norway) 5.88%, 3/31/2025(a)			150		150
Andeavor Logistics LP
6.25%, 10/15/2022			293		300
5.25%, 1/15/2025			88		90
Antero Midstream Partners LP 5.38%, 9/15/2024			1,045		1,019
Antero Resources Corp. 5.13%, 12/1/2022			350		343
Blue Racer Midstream LLC 6.13%, 11/15/2022(a)			885		876
Buckeye Partners LP 3.95%, 12/1/2026			1,065		953
(ICE LIBOR USD 3 Month + 4.02%), 6.38%, 1/22/2078(f)			29		25
California Resources Corp. 8.00%, 12/15/2022(a)			105		80
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023			193		184
Cenovus Energy, Inc. (Canada)
4.25%, 4/15/2027			820		731
6.75%, 11/15/2039			1,246		1,197
5.20%, 9/15/2043			775		655
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025			916		943
Chesapeake Energy Corp.
6.13%, 2/15/2021			153		150
8.00%, 1/15/2025(d)			967		931
CITGO Petroleum Corp. 6.25%, 8/15/2022(a)			150		149
CNX Resources Corp. 5.88%, 4/15/2022			140		137
Crestwood Midstream Partners LP
6.25%, 4/1/2023(i)			885		878
5.75%, 4/1/2025			62		60
DCP Midstream Operating LP 3.88%, 3/15/2023			195		187
Encana Corp. (Canada) 6.50%, 8/15/2034			2,045		2,182
Energy Transfer LP 5.50%, 6/1/2027			181		181

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022(f)(g)(h)			27		22
Enterprise Products Operating LLC
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078(f)			84		72
EP Energy LLC
9.38%, 5/1/2024(a)			1,432		788
8.00%, 11/29/2024(a)(d)			253		220
Genesis Energy LP 6.00%, 5/15/2023			96		90
Halcon Resources Corp. 6.75%, 2/15/2025			835		641
Holly Energy Partners LP 6.00%, 8/1/2024(a)			60		59
Martin Midstream Partners LP 7.25%, 2/15/2021			91		88
MEG Energy Corp. (Canada)
6.38%, 1/30/2023(a)			1,500		1,399
6.50%, 1/15/2025(a)			207		211
MPLX LP
4.50%, 4/15/2038			1,760		1,522
5.20%, 3/1/2047			290		262
Noble Energy, Inc.
3.85%, 1/15/2028			1,500		1,368
5.25%, 11/15/2043			1,185		1,057
Oasis Petroleum, Inc.
6.88%, 3/15/2022			95		94
6.88%, 1/15/2023			1,110		1,093
Origin Energy Finance Ltd. (Australia)
(EUR Swap Annual 5 Year + 3.67%), 4.00%, 9/16/2074(c)(f)	EUR		800		916
Parsley Energy LLC
6.25%, 6/1/2024(a)			305		304
5.25%, 8/15/2025(a)			470		444
QEP Resources, Inc. 5.25%, 5/1/2023			397		378
Range Resources Corp. 5.00%, 3/15/2023			610		575
Repsol International Finance BV (Spain)
(EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075(c)(f)	EUR		2,161		2,479
SemGroup Corp. 5.63%, 7/15/2022			64		61
Southwestern Energy Co. 7.75%, 10/1/2027			1,220		1,234
State Oil Co. of the Azerbaijan Republic (Azerbaijan)
4.75%, 3/13/2023(c)			950		931
6.95%, 3/18/2030(c)			1,344		1,376
Summit Midstream Holdings LLC 5.50%, 8/15/2022			62		60
Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045			1,990		1,728
Tallgrass Energy Partners LP 5.50%, 9/15/2024(a)			60		60
Targa Resources Partners LP
4.25%, 11/15/2023			156		148
6.75%, 3/15/2024			950		987
TOTAL SA (France)
(EUR Swap Annual 5 Year + 3.78%), 3.88%, 5/18/2022(c)(f)(g)(h)	EUR		1,900		2,253
Transcanada Trust (Canada)
(ICE LIBOR USD 3 Month + 3.53%), 5.62%, 5/20/2075(f)			865		805
UGI International LLC 3.25%, 11/1/2025(a)	EUR		149		169
Western Gas Partners LP 5.45%, 4/1/2044			1,105		960
Whiting Petroleum Corp.
5.75%, 3/15/2021			885		874
6.63%, 1/15/2026			137		132
WPX Energy, Inc. 5.75%, 6/1/2026			2		2

					38,263

Paper & Forest Products — 0.1%
Smurfit Kappa Acquisitions ULC (Ireland) 2.38%, 2/1/2024(c)	EUR		1,100		1,264
WEPA Hygieneprodukte GmbH (Germany) 3.75%, 5/15/2024(c)	EUR		300		322

					1,586

Personal Products — 0.1%
Coty, Inc. 4.00%, 4/15/2023(c)	EUR		857		880
Revlon Consumer Products Corp. 6.25%, 8/1/2024			210		123

					1,003

Pharmaceuticals — 1.2%
Bausch Health Cos., Inc.
4.50%, 5/15/2023(c)	EUR		1,150		1,276
5.88%, 5/15/2023(a)			7,410		7,197
7.00%, 3/15/2024(a)			2,281		2,387
6.13%, 4/15/2025(a)			1,255		1,178
5.50%, 11/1/2025(a)			87		85
Concordia International Corp. (Canada) 8.00%, 9/6/2024			126		121
Endo Dac 6.00%, 7/15/2023(a)			325		270
Nidda BondCo GmbH (Germany) 5.00%, 9/30/2025(c)	EUR		1,025		1,040
Nidda Healthcare Holding GmbH (Germany) 3.50%, 9/30/2024(c)	EUR		1,000		1,071
Rossini SARL (Italy) 6.75%, 10/30/2025(a)	EUR		528		598

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Pharmaceuticals — continued
Shire Acquisitions Investments Ireland DAC 2.40%, 9/23/2021			3,095		2,967
Teva Pharmaceutical Finance Netherlands III BV (Israel) 3.15%, 10/1/2026			3,263		2,654

					20,844

Professional Services — 0.1%
AMN Healthcare, Inc. 5.13%, 10/1/2024(a)			200		192
La Financiere Atalian SASU (France)
4.00%, 5/15/2024(c)	EUR		750		705
5.13%, 5/15/2025(a)	EUR		133		128

					1,025

Road & Rail — 0.6%
Ashtead Capital, Inc. (United Kingdom) 5.63%, 10/1/2024(a)			734		745
Avis Budget Car Rental LLC
6.38%, 4/1/2024(a)			1,380		1,346
5.25%, 3/15/2025(a)			95		85
Avis Budget Finance plc 4.13%, 11/15/2024(c)	EUR		600		678
EC Finance plc (United Kingdom) 2.38%, 11/15/2022(c)	EUR		600		667
Europcar Mobility Group (France) 4.13%, 11/15/2024(c)	EUR		1,000		1,086
Herc Rentals, Inc. 7.75%, 6/1/2024(a)			1,120		1,184
Hertz Corp. (The)
7.63%, 6/1/2022(a)			1,865		1,837
6.25%, 10/15/2022			1,550		1,360
Hertz Holdings Netherlands BV 4.13%, 10/15/2021(c)	EUR		500		564
Loxam SAS (France)
4.25%, 4/15/2024(c)	EUR		425		494
6.00%, 4/15/2025(c)	EUR		600		689

					10,735

Semiconductors & Semiconductor Equipment — 0.2%
Entegris, Inc. 4.63%, 2/10/2026(a)			1,480		1,369
Intel Corp. 2.60%, 5/19/2026			772		714
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(a)			1,876		1,910

					3,993

Software — 0.3%
Infor US, Inc. 6.50%, 5/15/2022			4,450		4,428
Informatica LLC 7.13%, 7/15/2023(a)			890		894
j2 Cloud Services LLC 6.00%, 7/15/2025(a)			21		21

					5,343

Specialty Retail — 0.5%
Dufry One BV (Switzerland) 2.50%, 10/15/2024(c)	EUR		900		988
EVOCA SpA (Italy) 7.00%, 10/15/2023(c)	EUR		950		1,121
Hema Bondco I BV (Netherlands)
(EURIBOR 3 Month + 6.25%), 6.25%, 7/15/2022(c)(f)	EUR		900		894
Home Depot, Inc. (The) 3.90%, 12/6/2028			1,800		1,804
PetSmart, Inc.
7.13%, 3/15/2023(a)			1,750		1,173
5.88%, 6/1/2025(a)			1,855		1,419
Sonic Automotive, Inc. 6.13%, 3/15/2027			41		36
Staples, Inc. 8.50%, 9/15/2025(a)			1,605		1,420

					8,855

Technology Hardware, Storage & Peripherals — 0.2%
Dell International LLC 6.02%, 6/15/2026(a)			3,625		3,666

Textiles, Apparel & Luxury Goods — 0.1%
CBR Fashion Finance BV (Germany) 5.13%, 10/1/2022(c)	EUR		185		172
Eagle Intermediate Global Holding BV (China) 5.38%, 5/1/2023(c)	EUR		100		105
PVH Corp. 3.13%, 12/15/2027(c)	EUR		800		865
Samsonite Finco SARL (Luxembourg) 3.50%, 5/15/2026(c)	EUR		220		227

					1,369

Thrifts & Mortgage Finance — 0.2%
BPCE SA (France) 5.70%, 10/22/2023(a)			2,870		2,950
Ladder Capital Finance Holdings LLLP 5.25%, 3/15/2022(a)			232		230
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023(a)			114		115
9.13%, 7/15/2026(a)			112		113

					3,408

Tobacco — 0.5%
Altria Group, Inc.
2.85%, 8/9/2022			4,000		3,859
3.88%, 9/16/2046			1,545		1,242
BAT Capital Corp. (United Kingdom)
3.56%, 8/15/2027			975		868
4.39%, 8/15/2037			2,270		1,922

					7,891

Trading Companies & Distributors — 0.3%
Rexel SA (France)
2.63%, 6/15/2024(c)	EUR		1,000		1,125
2.13%, 6/15/2025(c)	EUR		500		537

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — continued
Trading Companies & Distributors — continued
United Rentals North America, Inc.
5.75%, 11/15/2024			795		790
5.88%, 9/15/2026			2,100		2,040
6.50%, 12/15/2026			64		64

					4,556

Wireless Telecommunication Services — 1.5%
Crystal Almond SARL (Greece) 10.00%, 11/1/2021(c)	EUR		638		764
Hughes Satellite Systems Corp.
5.25%, 8/1/2026			160		149
6.63%, 8/1/2026			57		53
Intelsat Connect Finance SA (Luxembourg) 9.50%, 2/15/2023(a)			200		187
Matterhorn Telecom Holding SA (Luxembourg) 4.88%, 5/1/2023(c)	EUR		300		324
Matterhorn Telecom SA (Luxembourg) 3.88%, 5/1/2022(c)	EUR		400		444
SoftBank Group Corp. (Japan)
4.00%, 7/30/2022(c)	EUR		301		361
5.25%, 7/30/2027(c)	EUR		350		399
Sprint Communications, Inc.
7.00%, 3/1/2020(a)			188		194
7.00%, 8/15/2020			126		131
6.00%, 11/15/2022			210		210
Sprint Corp.
7.25%, 9/15/2021			194		202
7.88%, 9/15/2023			5,439		5,711
7.13%, 6/15/2024			83		84
7.63%, 2/15/2025			940		967
Telefonica Europe BV (Spain)
(EUR Swap Annual 5 Year + 3.81%), 4.20%, 12/4/2019(c)(f)(g)(h)	EUR		1,700		1,965
(EUR Swap Annual 5 Year + 2.33%), 2.63%, 6/7/2023(c)(f)(g)(h)	EUR		2,500		2,604
(EUR Swap Annual 10 Year + 4.30%), 5.88%, 3/31/2024(c)(f)(g)(h)	EUR		1,900		2,302
T-Mobile US, Inc. 4.50%, 2/1/2026‡			96		—
T-Mobile USA, Inc.
6.50%, 1/15/2024‡			5,290		1,514
6.50%, 1/15/2026‡			6,230		3,232
4.50%, 2/1/2026			96		90
4.75%, 2/1/2028			96		89
4.75%, 2/1/2028‡			96		—
United States Cellular Corp. 6.70%, 12/15/2033			1,000		1,002
Wind Tre SpA (Italy)
2.63%, 1/20/2023(c)	EUR		855		879
3.13%, 1/20/2025(c)	EUR		800		806
5.00%, 1/20/2026(a)			1,545		1,278

					25,941

TOTAL CORPORATE BONDS (Cost $702,794)					664,749

ASSET-BACKED SECURITIES — 19.4%
5AIF Juniper 2 LLC
Series 2018-1, Class A, 5.45%, 8/15/2022‡(a)			6,875		6,875
ACE Securities Corp. Home Equity Loan Trust
Series 2004-FM1, Class M1, 3.21%, 9/25/2033‡(l)			1,367		1,357
ACIS CLO Ltd. (Cayman Islands)
Series 2017-7A, Class A1, 3.89%, 5/1/2027(a)(l)			1,950		1,953
AIMCO CLO (Cayman Islands)
Series 2017-AA, Class A, 3.73%, 7/20/2029(a)(l)			2,194		2,197
American Airlines Pass-Through Trust
Series 2013-2, Class A, 4.95%, 1/15/2023			1,626		1,660
Series 2013-1, Class A, 4.00%, 7/15/2025			2,598		2,565
American Credit Acceptance Receivables Trust
Series 2018-2, Class A, 2.94%, 1/10/2022(a)			1,304		1,302
Series 2016-4, Class D, 4.11%, 4/12/2023(a)			610		615
Series 2017-2, Class D, 3.69%, 6/12/2023(a)			1,680		1,674
Series 2017-2, Class E, 5.52%, 3/12/2024(a)			1,090		1,101
Series 2018-3, Class C, 3.75%, 10/15/2024(a)			690		689
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2003-12, Class M1, 3.44%, 1/25/2034‡(l)			693		690
Series 2004-R1, Class A1B, 3.11%, 2/25/2034‡(l)			828		824
Apidos CLO (Cayman Islands)
Series XXXA, Class A2, 4.02%, 10/18/2031(a)(l)			1,460		1,444
Series XXXA, Class C, 5.42%, 10/18/2031‡(a)(l)			991		985
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-W7, Class M2, 3.21%, 5/25/2034‡(l)			165		165
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2004-HE7, Class M2, 3.89%, 10/25/2034‡(l)			213		213
Benefit Street Partners CLO XI (Cayman Islands)
Series 2017-11A, Class A2A, 4.19%, 4/15/2029(a)(l)			600		600
BlueMountain CLO Ltd. (Cayman Islands)
Series 2014-2A, Class BR2, 4.22%, 10/20/2030‡(a)(l)			1,460		1,462

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
ASSET-BACKED SECURITIES — continued
BMW Vehicle Lease Trust
Series 2017-2, Class A3, 2.07%, 10/20/2020		1,925		1,907
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033(a)		1,031		1,030
Series 2018-1, Class B, 6.05%, 2/15/2033‡(a)		2,247		2,300
CarMax Auto Owner Trust
Series 2018-1, Class D, 3.37%, 7/15/2024		850		836
CFIP CLO Ltd. (Cayman Islands)
Series 2018-1A, Class A, 3.59%, 7/18/2031(a)(l)		590		587
Chase Funding Loan Acquisition Trust
Series 2004-OPT1, Class M2, 3.81%, 6/25/2034‡(l)		644		639
CHEC Loan Trust
Series 2004-1, Class A3, 3.31%, 7/25/2034‡(a)(l)		704		686
CIFC Funding Ltd. (Cayman Islands)
Series 2017-1A, Class A, 3.83%, 4/23/2029(a)(l)		3,889		3,892
Series 2017-1A, Class D, 5.97%, 4/23/2029‡(a)(l)		830		831
Series 2017-2A, Class A, 3.71%, 4/20/2030(a)(l)		5,859		5,867
Series 2014-5A, Class BR2, 4.23%, 10/17/2031‡(a)(l)		945		944
CIG Auto Receivables Trust
Series 2017-1A, Class A, 2.71%, 5/15/2023(a)		591		588
Series 2017-1A, Class B, 3.81%, 5/15/2023(a)		600		591
Citi Held For Asset Issuance
Series 2015-PM2, Class C, 5.96%, 3/15/2022‡(a)		561		561
Series 2015-PM3, Class C, 6.99%, 5/16/2022‡(a)		1,842		1,842
CLUB Credit Trust
Series 2017-NP1, Class C, 5.13%, 4/17/2023(a)		1,868		1,880
Series 2017-P1, Class A, 2.42%, 9/15/2023(a)		299		298
Series 2017-P1, Class B, 3.56%, 9/15/2023(a)		2,730		2,718
Series 2017-P2, Class A, 2.61%, 1/15/2024(a)		554		551
Series 2017-P2, Class B, 3.56%, 1/15/2024‡(a)		900		889
Series 2018-NP1, Class B, 3.67%, 5/15/2024‡(a)		1,190		1,187
Commonbond Student Loan Trust
Series 2018-AGS, Class B, 3.58%, 2/25/2044‡(a)		1,062		1,046
Series 2018-AGS, Class C, 3.82%, 2/25/2044‡(a)		685		682
Consumer Loan Underlying Bond Credit Trust
Series 2017-NP2, Class B, 3.50%, 1/16/2024‡(a)		560		560
Continental Airlines Pass-Through Trust
Series 2009-2, Class A, 7.25%, 11/10/2019		100		103
Series 2010-1, Class A, 4.75%, 1/12/2021		391		398
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 3.44%, 12/25/2032‡(l)		1,206		1,194
Series 2003-3, Class 3A, 2.85%, 11/25/2033‡(l)		683		656
Series 2004-2, Class M1, 3.06%, 5/25/2034‡(l)		91		91
Series 2004-3, Class M1, 3.06%, 6/25/2034‡(l)		590		570
Series 2004-ECC2, Class M2, 3.29%, 12/25/2034‡(l)		689		688
CPS Auto Receivables Trust
Series 2018-A, Class B, 2.77%, 4/18/2022(a)		1,970		1,951
CPS Auto Trust
Series 2018-C, Class C, 3.68%, 6/17/2024(a)		2,380		2,377
Series 2018-C, Class D, 4.40%, 6/17/2024(a)		810		817
Credit Acceptance Auto Loan Trust
Series 2018-1A, Class C, 3.77%, 6/15/2027(a)		2,330		2,311
Series 2018-2A, Class C, 4.16%, 9/15/2027(a)		2,665		2,672
Series 2018-3A, Class B, 3.89%, 10/15/2027(a)		580		579
Series 2018-3A, Class C, 4.04%, 12/15/2027(a)		670		669
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M2, 3.14%, 3/25/2034‡(l)		133		131
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M2, 3.32%, 7/25/2034‡(l)		256		255
Delta Air Lines Pass-Through Trust
Series 2009-1, Class A, 7.75%, 12/17/2019		96		99
Diamond Resorts Owner Trust
Series 2018-1, Class C, 4.53%, 1/21/2031‡(a)		3,792		3,781
Drive Auto Receivables Trust
Series 2018-3, Class D, 4.30%, 9/16/2024		2,704		2,719
Series 2018-4, Class C, 3.66%, 11/15/2024		2,760		2,769
Series 2018-4, Class D, 4.09%, 1/15/2026		6,030		6,010

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
ASSET-BACKED SECURITIES — continued
DT Auto Owner Trust
Series 2015-1A, Class D, 4.26%, 2/15/2022(a)		2,264		2,266
Series 2016-1A, Class D, 4.66%, 12/15/2022‡(a)		5,142		5,176
Series 2017-4A, Class D, 3.47%, 7/17/2023(a)		1,058		1,051
Series 2018-1A, Class C, 3.47%, 12/15/2023(a)		3,950		3,947
Series 2018-2A, Class D, 4.15%, 3/15/2024(a)		3,700		3,704
Series 2018-3A, Class C, 3.79%, 7/15/2024(a)		2,750		2,760
Series 2017-3A, Class E, 5.60%, 8/15/2024(a)		790		804
Series 2018-2A, Class E, 5.54%, 6/16/2025(a)		890		898
Equity One Mortgage Pass-Through Trust
Series 2004-2, Class M1, 5.69%, 7/25/2034‡(i)		277		281
Exeter Automobile Receivables Trust
Series 2015-3A, Class D, 6.55%, 10/17/2022(a)		2,340		2,426
Series 2018-3A, Class C, 3.71%, 6/15/2023(a)		1,008		1,008
Series 2018-1A, Class D, 3.53%, 11/15/2023(a)		2,535		2,507
Series 2018-2A, Class D, 4.04%, 3/15/2024(a)		2,030		2,024
Series 2018-3A, Class D, 4.35%, 6/17/2024(a)		2,230		2,240
Series 2018-3A, Class E, 5.43%, 8/15/2024(a)		550		553
First Franklin Mortgage Loan Trust
Series 2004-FF5, Class A1, 3.03%, 8/25/2034‡(l)		2,376		2,312
Flagship Credit Auto Trust
Series 2014-2, Class C, 3.95%, 12/15/2020(a)		2,099		2,104
Series 2018-3, Class A, 3.07%, 2/15/2023(a)		289		288
Series 2017-4, Class D, 3.58%, 1/15/2024(a)		1,900		1,872
Series 2018-3, Class C, 3.79%, 12/16/2024(a)		690		688
Series 2018-3, Class D, 4.15%, 12/16/2024(a)		450		450
Flatiron CLO Ltd. (Cayman Islands)
Series 2013-1A, Class A1R, 3.61%, 1/17/2026(a)(l)		8,134		8,136
FREED ABS Trust
Series 2018-1, Class A, 3.61%, 7/18/2024(a)		2,634		2,631
Series 2018-1, Class B, 4.56%, 7/18/2024‡(a)		2,390		2,389
GLS Auto Receivables Trust
Series 2018-2A, Class A, 3.25%, 4/18/2022(a)		3,385		3,379
Series 2018-2A, Class D, 5.46%, 3/17/2025(a)		1,470		1,478
GMAT Trust
Series 2013-1A, Class M, 5.00%, 11/25/2043‡(a)(l)		8,560		6,051
GoldentTree Loan Management US CLO 1 Ltd. (Cayman Islands)
Series 2017-1A, Class A, 3.69%, 4/20/2029(a)(l)		4,719		4,720
Grippen Park CLO Ltd. (Cayman Islands)
Series 2017-1A, Class A, 3.73%, 1/20/2030(a)(l)		4,229		4,232
GSAMP Trust
Series 2006-HE3, Class A2C, 2.47%, 5/25/2046(l)		3,897		3,848
HERO Funding (Cayman Islands)
Series 2017-3A, Class A1, 3.19%, 9/20/2048(a)		2,061		2,000
Hyundai Auto Lease Securitization Trust
Series 2016-C, Class A3, 1.49%, 2/18/2020(a)		285		284
ICG US CLO Ltd. (Cayman Islands)
Series 2016-1A, Class A2R, 4.21%, 7/29/2028(a)(l)		718		716
LCM XVI LP (Cayman Islands)
Series 16A, Class AR, 3.47%, 7/15/2026(a)(l)		3,971		3,971
Series 16A, Class A2R, 3.85%, 10/15/2031(a)(l)		4,300		4,300
Lendmark Funding Trust
Series 2017-1A, Class C, 5.41%, 12/22/2025‡(a)		720		728
Series 2017-2A, Class A, 2.80%, 5/20/2026(a)		2,538		2,504
LV Tower 52 Issuer
Series 2013-1, Class M, 7.75%, 7/15/2019‡(a)		7,243		7,243
Marlette Funding Trust
Series 2017-3A, Class C, 4.01%, 12/15/2024‡(a)		550		547
Series 2018-1A, Class B, 3.19%, 3/15/2028‡(a)		800		791
Series 2018-1A, Class C, 3.69%, 3/15/2028(a)		1,182		1,165
Series 2018-2A, Class B, 3.61%, 7/17/2028‡(a)		2,440		2,426
Series 2018-2A, Class C, 4.37%, 7/17/2028‡(a)		1,570		1,562
MFA LLC
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048‡(a)(i)		1,877		1,870
Mid-State Capital Corp. Trust
Series 2006-1, Class M2, 6.74%, 10/15/2040‡(a)		3,039		3,429

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
ASSET-BACKED SECURITIES — continued
Morgan Stanley ABS Capital I, Inc. Trust
Series 2004-HE1, Class M1, 3.17%, 1/25/2034‡(l)		899		889
Series 2004-NC7, Class M3, 3.29%, 7/25/2034‡(l)		122		121
Series 2004-HE7, Class M2, 3.26%, 8/25/2034‡(l)		74		75
Series 2004-HE7, Class M3, 3.34%, 8/25/2034‡(l)		93		92
Series 2004-HE8, Class M2, 3.33%, 9/25/2034‡(l)		149		150
Series 2004-OP1, Class M2, 3.23%, 11/25/2034‡(l)		153		150
Series 2005-NC1, Class M3, 3.08%, 1/25/2035‡(l)		347		330
Neuberger Berman CLO XIV Ltd. (Cayman Islands)
Series 2013-14A, Class AR, 3.76%, 1/28/2030(a)(l)		8,050		8,056
Neuberger Berman Loan Advisers CLO 24 Ltd. (Cayman Islands)
Series 2017-24A, Class A, 3.68%, 4/19/2030(a)(l)		3,581		3,587
New Century Home Equity Loan Trust
Series 2004-2, Class M2, 3.25%, 8/25/2034‡(l)		63		62
Series 2004-4, Class M2, 3.11%, 2/25/2035‡(l)		298		295
Octagon Investment Partners 30 Ltd. (Cayman Islands)
Series 2017-1A, Class A1, 3.79%, 3/17/2030(a)(l)		3,166		3,181
OneMain Direct Auto Receivables Trust
Series 2018-1A, Class B, 3.71%, 4/14/2025(a)		914		913
Series 2018-1A, Class D, 4.40%, 1/14/2028(a)		1,740		1,755
OneMain Financial Issuance Trust
Series 2015-1A, Class C, 5.12%, 3/18/2026(a)		2,650		2,675
Series 2018-2A, Class A, 3.57%, 3/14/2033(a)		5,136		5,114
Series 2018-1A, Class D, 4.08%, 3/14/2029‡(a)		860		850
Option One Mortgage Loan Trust
Series 2004-3, Class M3, 3.29%, 11/25/2034‡(l)		36		36
PNMAC FMSR Issuer Trust
Series 2018-FT1, Class A, 4.66%, 4/25/2023(a)(l)		1,210		1,217
Prestige Auto Receivables Trust
Series 2018-1A, Class C, 3.75%, 10/15/2024(a)		2,240		2,243
Series 2018-1A, Class D, 4.14%, 10/15/2024(a)		895		897
Pretium Mortgage Credit Partners I LLC
Series 2018-NPL1, Class A1, 3.38%, 1/27/2033‡(a)(i)		1,898		1,878
Series 2018-NPL4, Class A1, 4.83%, 9/27/2058(a)(i)		860		860
Progress Residential Trust
Series 2015-SFR2, Class D, 3.68%, 6/12/2032‡(a)		3,750		3,719
Series 2015-SFR3, Class D, 4.67%, 11/12/2032‡(a)		603		607
Series 2015-SFR3, Class E, 5.66%, 11/12/2032(a)		3,679		3,747
Series 2018-SFR3, Class E, 4.87%, 10/17/2035‡(a)		2,937		2,937
Prosper Marketplace Issuance Trust
Series 2018-1A, Class B, 3.90%, 6/17/2024(a)		701		699
Series 2018-1A, Class C, 4.87%, 6/17/2024(a)		1,180		1,177
Race Point VIII CLO Ltd. (Cayman Islands)
Series 2013-8A, Class AR, 3.98%, 2/20/2030(a)(l)		6,172		6,176
RASC Trust
Series 2005-EMX1, Class M1, 2.96%, 3/25/2035‡(l)		3,670		3,669
Renaissance Home Equity Loan Trust
Series 2003-3, Class M1, 3.41%, 12/25/2033‡(l)		423		413
Series 2004-1, Class M1, 3.18%, 5/25/2034‡(l)		91		88
Series 2005-1, Class AF6, 4.97%, 5/25/2035‡(i)		523		535
Series 2005-2, Class AV3, 2.68%, 8/25/2035‡(l)		2,305		2,210
Series 2005-2, Class M1, 5.05%, 8/25/2035‡(i)		1,990		2,019
Series 2005-4, Class A3, 5.56%, 2/25/2036(i)		128		127
Santander Drive Auto Receivables Trust
Series 2015-5, Class E, 4.67%, 2/15/2023(a)		3,600		3,632
Series 2016-2, Class E, 4.38%, 9/15/2023		2,500		2,525
Series 2018-4, Class D, 3.98%, 12/15/2025		1,890		1,889
Santander Prime Auto Issuance Notes Trust
Series 2018-A, Class F, 6.80%, 9/15/2025(a)		1,455		1,463
Saxon Asset Securities Trust
Series 2006-2, Class A3C, 2.46%, 9/25/2036‡(l)		101		100
Shackleton CLO Ltd. (Cayman Islands)
Series 2014-6RA, Class B, 4.07%, 7/17/2028‡(a)(l)		920		910
Series 2013-4RA, Class A2A, 4.04%, 4/13/2031(a)(l)		1,270		1,253
SoFi Consumer Loan Program LLC
Series 2017-6, Class A2, 2.82%, 11/25/2026(a)		1,850		1,825

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
ASSET-BACKED SECURITIES — continued
SoFi Consumer Loan Program Trust
Series 2018-1, Class A2, 3.14%, 2/25/2027(a)		334		332
Series 2018-2, Class B, 3.79%, 4/26/2027‡(a)		1,480		1,466
Springleaf Funding Trust
Series 2015-AA, Class C, 5.04%, 11/15/2024‡(a)		4,192		4,175
Series 2015-AA, Class D, 6.31%, 11/15/2024‡(a)		4,200		4,200
Series 2016-AA, Class B, 3.80%, 11/15/2029(a)		600		598
Series 2017-AA, Class C, 3.86%, 7/15/2030‡(a)		2,000		1,983
Stanwich Mortgage Loan Trust
Series 2018-NPB1, Class A1, 4.02%, 5/16/2023‡(a)(i)		2,417		2,399
Series 2018-NPB2, Class A1, 4.50%, 10/18/2023(a)(i)		1,452		1,452
Structured Asset Investment Loan Trust
Series 2004-1, Class M1, 3.29%, 2/25/2034‡(l)		332		323
Series 2004-7, Class M1, 3.36%, 8/25/2034‡(l)		669		651
Series 2004-8, Class M2, 3.24%, 9/25/2034‡(l)		329		324
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2005-WF2, Class M2, 2.95%, 5/25/2035‡(l)		119		116
THL Credit Wind River CLO Ltd. (Cayman Islands)
Series 2017-1A, Class A, 3.79%, 4/18/2029(a)(l)		2,598		2,598
TIAA CLO II Ltd. (Cayman Islands)
Series 2017-1A, Class A, 3.75%, 4/20/2029(a)(l)		4,802		4,804
TRESTLES CLO Ltd. (Cayman Islands)
Series 2017-1A, Class A1A, 3.78%, 7/25/2029(a)(l)		4,300		4,306
Tricolor Auto Securitization Trust
Series 2018-2A, Class A, 3.96%, 10/15/2021(a)		1,635		1,636
United Auto Credit Securitization Trust
Series 2018-1, Class D, 3.52%, 11/10/2022(a)		1,070		1,065
US Airways Pass-Through Trust
Series 2013-1, Class A, 3.95%, 11/15/2025		2,762		2,765
VOLT LXII LLC
Series 2017-NPL9, Class A1, 3.13%, 9/25/2047‡(a)(i)		945		936
VOLT LXIV LLC
Series 2017-NP11, Class A1, 3.38%, 10/25/2047‡(a)(i)		1,222		1,211
VOLT LXIX LLC
Series 2018-NPL5, Class A1B, 4.70%, 8/25/2048‡(a)(i)		1,251		1,243
VOLT LXVIII LLC
Series 2018-NPL4, Class A1B, 4.83%, 7/27/2048‡(a)(i)		1,490		1,482
VOLT LXX LLC
Series 2018-NPL6, Class A1B, 4.56%, 9/25/2048‡(a)(i)		3,521		3,514
Westlake Automobile Receivables Trust
Series 2018-1A, Class D, 3.41%, 5/15/2023(a)		1,035		1,021
Series 2018-3A, Class C, 3.61%, 10/16/2023(a)		1,360		1,353
Series 2018-3A, Class D, 4.00%, 10/16/2023(a)		860		856
Series 2018-3A, Class E, 4.90%, 12/15/2023(a)		490		490
Series 2018-2A, Class E, 4.86%, 1/16/2024(a)		730		726
Series 2018-1A, Class F, 5.60%, 7/15/2024(a)		2,900		2,901
Series 2018-2A, Class F, 6.04%, 1/15/2025(a)		1,701		1,706
Series 2018-3A, Class F, 6.02%, 2/18/2025(a)		1,000		998

TOTAL ASSET-BACKED SECURITIES (Cost $332,850)				332,658

COLLATERALIZED MORTGAGE OBLIGATIONS — 10.7%
Alternative Loan Trust
Series 2006-J3, Class 4A1, 5.75%, 5/25/2026		13		11
Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034		210		211
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035		330		323
Series 2004-28CB, Class 3A1, 6.00%, 1/25/2035		660		653
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		1,532		1,462
American Home Mortgage Assets Trust
Series 2006-6, Class A1A, 2.50%, 12/25/2046(l)		1,932		1,637
ARIVO 9/15/2019‡		1,038		1,038
Banc of America Alternative Loan Trust
Series 2006-2, Class 7A1, 6.00%, 3/25/2021		133		120
Banc of America Funding Trust
Series 2006-A, Class 1A1, 4.58%, 2/20/2036(l)		552		544
Banc of America Mortgage Trust
Series 2004-A, Class 2A2, 3.86%, 2/25/2034(l)		312		311

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 5.06%, 5/25/2023(a)(l)		1,670		1,671
Citigroup Mortgage Loan Trust, Inc.
Series 2005-9, Class 2A2, 5.50%, 11/25/2035		6		6
Civic Mortgage LLC
Series 2018-1, Class A1, 3.89%, 6/25/2022(a)(i)		734		733
CSMC Mortgage-Backed Trust
Series 2007-2, Class 3A13, 5.50%, 3/25/2037		490		411
FHLMC REMIC
Series 4043, Class PI, IO, 2.50%, 5/15/2027		6,618		460
Series 4056, Class BI, IO, 3.00%, 5/15/2027		1,432		116
Series 4086, Class AI, IO, 3.50%, 7/15/2027		2,766		252
Series 4120, Class UI, IO, 3.00%, 10/15/2027		1,840		164
Series 4136, Class IN, IO, 3.00%, 11/15/2027		1,002		88
Series 4216, Class MI, IO, 3.00%, 6/15/2028		1,086		95
Series 4178, Class BI, IO, 3.00%, 3/15/2033		1,807		218
Series 2936, Class AS, IF, IO, 3.79%, 2/15/2035(l)		437		46
Series 3174, Class SA, IF, IO, 5.39%, 4/15/2036(l)		360		57
Series 3716, Class PI, IO, 4.50%, 4/15/2038		3,289		296
Series 4119, Class LI, IO, 3.50%, 6/15/2039		15,294		1,552
Series 4323, Class CA, 4.00%, 3/15/2040		6,053		6,150
Series 3907, Class AI, IO, 5.00%, 5/15/2040		4,408		542
Series 4018, Class HI, IO, 4.50%, 3/15/2041		5,361		930
Series 4073, Class IQ, IO, 4.00%, 7/15/2042		1,785		403
Series 4173, Class I, IO, 4.00%, 3/15/2043		5,081		1,115
Series 4492, Class MA, 4.00%, 7/15/2043		14,928		15,249
Series 4612, Class QI, IO, 3.50%, 5/15/2044		9,126		1,242
Series 4372, Class SY, IF, IO, 3.79%, 8/15/2044(l)		8,397		1,239
Series 4687, Class SG, IF, IO, 3.84%, 1/15/2047(l)		7,488		1,396
Series 4654, Class SK, IF, IO, 3.69%, 2/15/2047(l)		11,166		1,749
Series 4681, Class SD, IF, IO, 3.84%, 5/15/2047(l)		18,203		3,020
Series 4707, Class SA, IF, IO, 3.84%, 8/15/2047(l)		9,930		1,809
FHLMC STRIPS
Series 304, Class C24, IO, 4.00%, 12/15/2042		15,669		3,353
Series 317, Class F3, 2.83%, 11/15/2043(l)		9,751		9,826
Series 326, Class F2, 2.86%, 3/15/2044(l)		9,942		10,042
FHLMC Structured Agency Credit Risk Debt Notes
Series 2018-HQA1, Class M2, 4.62%, 9/25/2030(l)		2,730		2,700
First Horizon Alternative Mortgage Securities Trust
Series 2005-FA1, Class 1A4, 5.50%, 3/25/2035		140		134
FNMA REMIC
Series 2011-68, Class AI, IO, 4.50%, 12/25/2020		128		2
Series 2012-25, Class AI, IO, 3.50%, 3/25/2027		1,967		189
Series 2012-107, Class GI, IO, 3.50%, 9/25/2027		3,615		303
Series 2012-109, Class WI, IO, 2.50%, 10/25/2027		2,760		205
Series 2012-145, Class EI, IO, 3.00%, 1/25/2028		4,772		402
Series 2012-149, Class MI, IO, 3.00%, 1/25/2028		3,009		266
Series 2013-9, Class YI, IO, 3.50%, 2/25/2028		2,394		216
Series 2013-31, Class YI, IO, 3.50%, 4/25/2028		9,218		850
Series 2012-120, Class DI, IO, 3.00%, 3/25/2031		1,010		86
Series 2003-130, Class NS, IF, IO, 4.68%, 1/25/2034(l)		952		117
Series 2005-67, Class SI, IF, IO, 4.38%, 8/25/2035(l)		638		70
Series 2005-69, Class AS, IF, IO, 4.38%, 8/25/2035(l)		183		20
Series 2006-24, Class QS, IF, IO, 4.88%, 4/25/2036(l)		633		97
Series 2008-67, Class FG, 3.32%, 7/25/2038(l)		977		998
Series 2009-93, Class SD, IF, IO, 3.88%, 11/25/2039(l)		1,057		119
Series 2012-148, Class JI, IO, 3.50%, 12/25/2039		3,591		450
Series 2009-105, Class SE, IF, IO, 3.83%, 12/25/2039(l)		694		70
Series 2010-102, Class IP, IO, 5.00%, 12/25/2039		1,622		98
Series 2012-118, Class DI, IO, 3.50%, 1/25/2040		7,696		809
Series 2013-5, Class BI, IO, 3.50%, 3/25/2040		7,182		779

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2010-68, Class SJ, IF, IO, 4.23%, 7/25/2040(l)			607		84
Series 2013-101, Class CF, 2.92%, 10/25/2043(l)			17,235		17,467
Series 2013-101, Class FE, 2.92%, 10/25/2043(l)			8,565		8,686
Series 2016-30, Class SA, IF, IO, 3.68%, 5/25/2046(l)			8,535		1,513
Series 2017-6, Class SB, IF, IO, 3.73%, 2/25/2047(l)			4,268		698
Series 2017-47, Class ST, IF, IO, 3.78%, 6/25/2047(l)			8,867		1,667
Series 2017-49, Class JA, 4.00%, 7/25/2053			11,514		11,817
FNMA STRIPS
Series 409, Class C19, IO, 4.00%, 4/25/2042			8,433		1,756
Series 409, Class C25, IO, 4.50%, 4/25/2042			6,961		1,605
FNMA, Connecticut Avenue Securities
Series 2018-C05, Class 1M2, 4.66%, 1/25/2031(l)			2,010		1,996
Series 2018-C06, Class 1M2, 4.31%, 3/25/2031(l)			1,360		1,331
Series 2018-C06, Class 2M2, 4.41%, 3/25/2031(l)			370		362
GNMA
Series 2014-36, Class WY, 2.00%, 3/16/2044			810		654
Series 2015-H13, Class GI, IO, 1.59%, 4/20/2065(l)			3,320		163
Series 2017-H14, Class FG, 3.53%, 6/20/2067(l)			1,221		1,253
GSR Mortgage Loan Trust
Series 2004-15F, Class 1A2, 5.50%, 12/25/2034			872		910
HarborView Mortgage Loan Trust
Series 2007-6, Class 2A1A, 2.49%, 8/19/2037(l)			5,082		4,830
Series 2005-11, Class 2A1A, 2.92%, 8/19/2045(l)			2,225		2,206
IndyMac INDX Mortgage Loan Trust
Series 2005-AR10, Class A1, 2.57%, 6/25/2035(l)			1,251		1,184
Intesa Sec Srl (Italy)
Series 3, Class B, 0.00%, 10/30/2033‡(c)(l)	EUR		1,200		1,352
JP Morgan Mortgage Trust
Series 2006-S2, Class 1A19, 6.00%, 7/25/2036			570		494
Lanark Master Issuer plc (United Kingdom)
Series 2018-1A, Class 1A, 3.10%, 12/22/2069(a)(l)			1,834		1,829
Lehman Mortgage Trust
Series 2005-2, Class 2A5, 5.50%, 12/25/2035			499		464
MASTR Alternative Loan Trust
Series 2004-12, Class 3A1, 6.00%, 12/25/2034			2,331		2,417
Morgan Stanley Mortgage Loan Trust
Series 2004-4, Class 2A, 6.36%, 9/25/2034(l)			502		548
Series 2004-9, Class 1A, 5.37%, 11/25/2034(l)			149		155
OBX Trust
Series 2018-EXP1, Class 2A1, 3.16%, 4/25/2048(a)(l)			1,673		1,667
Permanent Master Issuer plc (Netherlands)
Series 2018-1A, Class 1A1, 2.82%, 7/15/2058(a)(l)			5,330		5,313
PNMAC GMSR Issuer Trust
Series 2018-GT2, Class A, 4.96%, 8/25/2025(a)(l)			2,280		2,286
RALI Trust
Series 2006-QS4, Class A2, 6.00%, 4/25/2036			53		48
Residential Asset Securitization Trust
Series 2005-A3, Class A2, 5.50%, 4/25/2035			2,919		2,512
Series 2005-A8CB, Class A11, 6.00%, 7/25/2035			343		310
SART 4.75%, 7/15/2024			5,061		5,066
Sequoia Mortgage Trust
Series 2003-8, Class A1, 2.94%, 1/20/2034(l)			559		548
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-35, Class B1, 5.45%, 12/25/2033‡(l)			413		355
Structured Asset Securities Corp. Trust
Series 2005-1, Class 7A7, 5.50%, 2/25/2035			1,097		1,099
TDA CAM 4 FTA (Spain)
Series 4, Class A, 0.00%, 6/26/2039(c)(l)	EUR		1,021		1,145
Toorak Mortgage Corp. Ltd.
Series 2018-1, Class A1, 4.34%, 8/25/2021(a)(i)			2,600		2,600
Verus Securitization Trust
Series 2018-2, Class A1, 3.68%, 6/1/2058(a)(l)			2,260		2,248
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-S3, Class 3A2, 5.50%, 5/25/2033			174		175
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2006-3, Class 5A2, 5.50%, 3/25/2021			27		26
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-N, Class A6, 4.60%, 8/25/2034(l)			2,827		2,860

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2004-N, Class A7, 4.60%, 8/25/2034(l)		3,208		3,245
Series 2004-M, Class A1, 4.61%, 8/25/2034(l)		1,841		1,897
Series 2005-AR2, Class 2A2, 4.02%, 3/25/2035(l)		210		214
Series 2005-AR4, Class 2A2, 4.05%, 4/25/2035(l)		1,269		1,276
Series 2005-AR8, Class 1A1, 4.35%, 6/25/2035(l)		1,918		1,961

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $183,213)				183,812

MORTGAGE-BACKED SECURITIES — 8.5%
FHLMC Gold Pools, 15 Year, Single Family
Pool # G16507, 3.00%, 8/1/2032		15,867		15,631
Pool # G16448, 3.00%, 2/1/2033		16,944		16,693
Pool # G16501, 3.00%, 4/1/2033		11,152		10,989
FHLMC Gold Pools, 30 Year, Single Family
Pool # G60994, 3.50%, 1/1/2045		15,228		15,068
Pool # G67705, 4.00%, 10/1/2047		15,179		15,371
FNMA, 15 Year, Single Family
Pool # AS8395, 3.00%, 11/1/2031		17,144		16,939
Pool # 890789, 3.00%, 9/1/2032		22,317		22,049
Pool # BM3956, 3.00%, 12/1/2032		21,207		20,986
FNMA, 30 Year, Single Family
Pool # BM4026, 3.50%, 1/1/2044		12,571		12,443

TOTAL MORTGAGE-BACKED SECURITIES (Cost $147,551)				146,169

COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.6%
BANK
Series 2017-BNK9, Class D, 2.80%, 11/15/2054(a)		1,694		1,310
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW13, Class B, 5.66%, 9/11/2041‡(a)(l)		256		257
BHMS ATLS
Series 2018-ATLS, Class A, 3.56%, 7/15/2035(a)(l)		2,675		2,672
Braemar Hotels & Resorts Trust
Series 2018-PRME, Class C, 3.56%, 6/15/2035‡(a)(l)		1,200		1,196
BX Commercial Mortgage Trust
Series 2018-IND, Class A, 3.06%, 11/15/2035(a)(l)		3,335		3,329
BX Trust
Series 2018-MCSF, Class A, 2.88%, 4/15/2035(a)(l)		5,665		5,626
BXMT Ltd.
Series 2017-FL1, Class A, 3.17%, 6/15/2035(a)(l)		2,815		2,808
Series 2017-FL1, Class C, 4.25%, 6/15/2035‡(a)(l)		2,940		2,951
CD Mortgage Trust
Series 2006-CD3, Class AJ, 5.69%, 10/15/2048		606		301
CGDBB Commercial Mortgage Trust
Series 2017-BIOC, Class B, 3.28%, 7/15/2032(a)(l)		2,600		2,592
Series 2017-BIOC, Class C, 3.36%, 7/15/2032‡(a)(l)		1,710		1,705
Citigroup Commercial Mortgage Trust
Series 2015-P1, Class D, 3.23%, 9/15/2048‡(a)		2,765		2,286
Commercial Mortgage Trust
Series 2004-GG1, Class J, 5.45%, 6/10/2036‡(a)(l)		797		85
Credit Suisse Commercial Mortgage Trust
Series 2007-C1, Class AM, 5.42%, 2/15/2040		1,764		1,774
DBGS Mortgage Trust
Series 2018-5BP, Class A, 2.95%, 6/15/2033(a)(l)		7,220		7,188
Exantas Capital Corp. Ltd. (Cayman Islands)
Series 2018-RSO6, Class A, 3.13%, 6/15/2035(a)(l)		2,950		2,942
FHLMC Multifamily Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.42%, 7/25/2023(l)		44,115		563
Series K729, Class X1, IO, 0.49%, 10/25/2024(l)		21,927		402
Series K723, Class X3, IO, 1.98%, 10/25/2034(l)		9,280		758
Series K038, Class X3, IO, 2.57%, 6/25/2042(l)		10,700		1,226
Series K041, Class X3, IO, 1.70%, 11/25/2042(l)		13,061		1,092
Series K042, Class X3, IO, 1.66%, 1/25/2043(l)		22,120		1,812
Series K047, Class X3, IO, 1.55%, 6/25/2043(l)		18,000		1,462

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
Series K726, Class X3, IO, 2.20%, 7/25/2044(l)		3,760		376
Series K067, Class X3, IO, 2.19%, 9/25/2044(l)		15,993		2,302
Series K068, Class X3, IO, 2.13%, 10/25/2044(l)		4,540		644
Series K070, Class X3, IO, 2.11%, 12/25/2044(l)		16,328		2,313
Series K730, Class X3, IO, 2.10%, 2/25/2045(l)		13,820		1,459
Series K072, Class X3, IO, 2.21%, 12/25/2045(l)		3,940		601
FNMA ACES
Series 2014-M3, Class X2, IO, 0.15%, 1/25/2024(l)		40,264		103
FREMF
Series 2018-KF46, Class B, 4.26%, 3/25/2028(a)(l)		3,530		3,519
FREMF Mortgage Trust
Series 2017-KF29, Class B, 5.86%, 2/25/2024(a)(l)		542		561
Series 2017-KF31, Class B, 5.21%, 4/25/2024(a)(l)		560		560
Series 2017-KF36, Class B, 4.96%, 8/25/2024(a)(l)		1,465		1,476
Series 2017-KF35, Class B, 5.06%, 8/25/2024(a)(l)		1,690		1,737
Series 2018-KF45, Class B, 4.26%, 3/25/2025(a)(l)		605		608
Series 2018-KF47, Class B, 4.31%, 5/25/2025(a)(l)		536		530
Series 2018-KF48, Class B, 4.36%, 6/25/2028‡(a)(l)		1,670		1,666
Series 2012-K709, Class B, 3.88%, 4/25/2045(a)(l)		1,000		999
Series 2011-K12, Class B, 4.49%, 1/25/2046(a)(l)		700		711
Series 2011-K14, Class B, 5.35%, 2/25/2047(a)(l)		2,210		2,292
Series 2017-K726, Class C, 4.11%, 7/25/2049(a)(l)		725		700
Series 2017-K67, Class B, 4.08%, 9/25/2049(a)(l)		1,995		1,934
Series 2017-K729, Class B, 3.80%, 11/25/2049(a)(l)		880		849
Series 2017-K70, Class B, 3.93%, 12/25/2049(a)(l)		5,285		5,024
GNMA
Series 2012-89, IO, 0.76%, 12/16/2053(l)		8,064		224
Series 2017-9, IO, 0.77%, 1/16/2057(l)		13,140		840
Series 2017-23, IO, 0.73%, 5/16/2059(l)		11,795		707
Series 2017-69, IO, 0.80%, 7/16/2059(l)		10,025		676
GPMT Ltd. (Cayman Islands)
Series 2018-FL1, Class B, 3.85%, 11/21/2035‡(a)(l)		1,540		1,540
GS Mortgage Securities Trust
Series 2017-GS5, Class D, 3.51%, 3/10/2050‡(a)(l)		3,150		2,659
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2004-CBX, Class C, 5.07%, 1/12/2037‡(l)		2,735		2,756
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ, 5.45%, 9/15/2039‡(l)		5,236		3,613
LMREC, Inc.
Series 2016-CRE2, Class A, 3.99%, 11/24/2031(a)(l)		2,854		2,854
Morgan Stanley Capital Barclays Bank Trust
Series 2016-MART, Class D, 3.31%, 9/13/2031‡(a)		3,170		3,077
Morgan Stanley Capital I Trust
Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041(l)		913		911
Series 2006-HQ8, Class D, 5.79%, 3/12/2044‡(l)		103		103
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048(a)(l)		3,195		3,208
Wachovia Bank Commercial Mortgage Trust
Series 2005-C21, Class F, 3.30%, 10/15/2044‡(a)(l)		3,035		1,001
Series 2007-C34, Class AJ, 6.34%, 5/15/2046(l)		1,644		1,652
Series 2007-C33, Class AJ, 5.98%, 2/15/2051(l)		3,493		3,450
Series 2007-C33, Class B, 5.98%, 2/15/2051‡(l)		965		714
Series 2007-C33, Class C, 5.98%, 2/15/2051‡(l)		6,915		691
Wells Fargo Commercial Mortgage Trust
Series 2010-C1, Class C, 5.78%, 11/15/2043‡(a)(l)		2,655		2,708
Series 2016-BNK1, Class D, 3.00%, 8/15/2049‡(a)		2,783		2,263

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $124,981)				112,948

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
FOREIGN GOVERNMENT SECURITIES — 4.4%
Arab Republic of Egypt (Egypt) 5.88%, 6/11/2025(c)			1,950		1,777
Federal Republic of Nigeria (Nigeria) 8.75%, 1/21/2031(a)			1,620		1,557
Japan Government Bond (Japan) 0.10%, 3/10/2026	JPY		4,715,361		43,305
Kingdom of Jordan (Jordan) 7.38%, 10/10/2047(c)			1,000		881
Kingdom of Morocco (Morocco) 5.50%, 12/11/2042(c)			535		532
Kingdom of Saudi Arabia (Saudi Arabia)
4.63%, 10/4/2047(c)			925		842
5.00%, 4/17/2049(c)			910		875
Republic of Angola (Angola) 9.50%, 11/12/2025(c)			1,550		1,631
Republic of Belarus (Belarus) 6.20%, 2/28/2030(c)			2,888		2,592
Republic of El Salvador (El Salvador) 7.75%, 1/24/2023(c)			877		892
Republic of Iraq (Iraq) 5.80%, 1/15/2028(c)			2,000		1,810
Republic of Kenya (Kenya) 8.25%, 2/28/2048(c)			681		586
Republic of Peru (Peru) 5.94%, 2/12/2029(c)	PEN		14,430		4,264
Republic of Senegal (Senegal) 6.75%, 3/13/2048(c)			2,100		1,733
Republic of Serbia (Serbia) 4.88%, 2/25/2020(c)			3,600		3,627
Republic of South Africa (South Africa)
4.88%, 4/14/2026			1,900		1,774
6.50%, 2/28/2041	ZAR		49,300		2,493
Republic of Turkey (Turkey) 5.20%, 2/16/2026	EUR		1,710		1,897
Republic of Ukraine (Ukraine)
8.99%, 2/1/2024(a)			540		509
7.38%, 9/25/2032(c)			1,000		807
State of Qatar (Qatar) 3.88%, 4/23/2023(a)			1,800		1,804

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $77,135)					76,188

CONVERTIBLE BONDS — 3.2%
Auto Components — 0.0%(b)
Horizon Global Corp. 2.75%, 7/1/2022			950		580

Communications Equipment — 0.1%
Finisar Corp. 0.50%, 12/15/2036			2,360		2,267

Electronic Equipment, Instruments & Components — 0.4%
II-VI, Inc. 0.25%, 9/1/2022			3,310		3,373
Knowles Corp. 3.25%, 11/1/2021			2,230		2,429

					5,802

Energy Equipment & Services — 0.1%
Nabors Industries, Inc. 0.75%, 1/15/2024			1,615		1,074

Entertainment — 0.2%
Live Nation Entertainment, Inc. 2.50%, 3/15/2023(a)			3,475		3,710

Health Care Technology — 0.1%
Vocera Communications, Inc. 1.50%, 5/15/2023(a)			710		949

Hotels, Restaurants & Leisure — 0.2%
Huazhu Group Ltd. (China) 0.38%, 11/1/2022			2,545		2,541

Interactive Media & Services — 0.1%
Zillow Group, Inc. 2.00%, 12/1/2021			2,120		2,149

Internet & Direct Marketing Retail — 0.4%
Ctrip.com International Ltd. (China) 1.00%, 7/1/2020			3,170		2,955
Etsy, Inc. Zero Coupon, 3/1/2023(a)			1,310		2,087
Liberty Expedia Holdings, Inc. 1.00%, 6/30/2047(a)			2,310		2,233

					7,275

Media — 0.0%(b)
DISH Network Corp. 3.38%, 8/15/2026			675		593

Oil, Gas & Consumable Fuels — 0.2%
Oasis Petroleum, Inc. 2.63%, 9/15/2023			2,110		2,029
SM Energy Co. 1.50%, 7/1/2021			2,035		1,982

					4,011

Real Estate Management & Development — 0.1%
Redfin Corp. 1.75%, 7/15/2023			1,115		949

Semiconductors & Semiconductor Equipment — 0.8%
Cree, Inc. 0.88%, 9/1/2023(a)			915		899
Cypress Semiconductor Corp.
4.50%, 1/15/2022			2,565		3,156
2.00%, 2/1/2023			115		110
MagnaChip Semiconductor SA (South Korea) 5.00%, 3/1/2021			1,550		1,678
NXP Semiconductors NV (Netherlands) 1.00%, 12/1/2019			1,820		1,878
ON Semiconductor Corp. 1.00%, 12/1/2020			2,120		2,526

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
CONVERTIBLE BONDS — continued
Semiconductors & Semiconductor Equipment — continued
Teradyne, Inc. 1.25%, 12/15/2023		2,525		3,218

				13,465

Software — 0.5%
DocuSign, Inc. 0.50%, 9/15/2023(a)		510		476
Envestnet, Inc. 1.75%, 12/15/2019		1,990		2,072
FireEye, Inc. 0.88%, 6/1/2024(a)		1,240		1,371
Nuance Communications, Inc. 1.50%, 11/1/2035		3,370		3,306
Nutanix, Inc. Zero Coupon, 1/15/2023(a)		1,550		1,765

				8,990

TOTAL CONVERTIBLE BONDS (Cost $53,793)				54,355

U.S. TREASURY OBLIGATIONS — 2.9%
U.S. Treasury Inflation Indexed Bonds
1.00%, 2/15/2046		45,600		45,575
1.00%, 2/15/2048		4,650		4,454

TOTAL U.S. TREASURY OBLIGATIONS (Cost $56,117)				50,029

PRIVATE PLACEMENTS — 2.1%
Commercial Loans — 2.1%
Park West Shopping Center 5.75%, 1/6/2019‡		20,000		20,000
Truax Building Funding LLC 6.21%, 1/1/2020‡		16,000		15,520

TOTAL PRIVATE PLACEMENTS (Cost $36,000)				35,520

LOAN ASSIGNMENTS — 0.7%(m)
Aerospace & Defense — 0.0%(b)
MacDonald Dettwiler and Associates Ltd., Term Loan B
(ICE LIBOR USD 3 Month + 2.75%), 5.15%, 10/4/2024(f)		20		19

Chemicals — 0.0%(b)
Gemini HDPE LLC, Advance
(ICE LIBOR USD 3 Month + 2.50%), 5.03%, 8/7/2024(f)		325		323

Containers & Packaging — 0.0%(b)
Flex Acquisition Co., Inc., Term Loan
(ICE LIBOR USD 1 Month + 3.00%), 5.30%, 12/29/2023(f)		525		514

Diversified Consumer Services — 0.0%(b)
Spin Holdco, Inc., Term Loan B
(ICE LIBOR USD 3 Month + 3.25%), 5.69%, 11/14/2022(f)		621		608

Diversified Telecommunication Services — 0.0%(b)
Cincinnati Bell, Inc., Term Loan B
(ICE LIBOR USD 1 Month + 3.25%), 5.59%, 10/2/2024(f)		643		637
Consolidated Communications, Inc., Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.35%, 10/5/2023(f)		158		152

				789

Electric Utilities — 0.0%(b)
Lightstone Holdco LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.75%), 6.09%, 1/30/2024(f)		755		731
Lightstone Holdco LLC, 1st Lien Term Loan C
(ICE LIBOR USD 1 Month + 3.75%), 6.09%, 1/30/2024(f)		41		39

				770

Electrical Equipment — 0.1%
Brookfield WEC Holdings, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.75%), 6.09%, 8/1/2025(f)		961		958
Brookfield WEC Holdings, Inc., 2nd Lien Term Loan
(ICE LIBOR USD 1 Month + 6.75%), 9.09%, 8/3/2026(f)		325		327

				1,285

Food & Staples Retailing — 0.1%
Albertson’s LLC, 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 3.00%), 5.69%, 6/22/2023(f)		872		855
Moran Foods LLC, Term Loan B
(ICE LIBOR USD 1 Month + 6.00%), 8.34%, 12/5/2023(f)		467		243

				1,098

Food Products — 0.1%
Dole Food Co., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%; ICE LIBOR USD 3 Month US Prime Rate + 1.75%), 5.09%, 4/6/2024(f)		1,230		1,209

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LOAN ASSIGNMENTS — continued
Health Care Providers & Services — 0.1%
National Mentor Holdings, Inc., Tranche B Term Loan
(ICE LIBOR USD 3 Month + 3.00%), 5.39%, 1/31/2021(f)		659		656
Tennessee Merger Sub, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%), 5.09%, 2/6/2024(f)		150		139

				795

Hotels, Restaurants & Leisure — 0.0%(b)
Golden Nugget, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 5.23%, 10/4/2023(f)		106		104

Independent Power and Renewable Electricity Producers — 0.0%(b)
Talen Energy Supply, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 4.00%), 4.00%, 11/14/2025(f)(n)		71		70

Insurance — 0.0%(b)
Hub International Ltd., 1st Lien Term Loan B
(ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.49%, 4/25/2025(f)		263		258

IT Services — 0.1%
First Data Corp., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.00%), 4.32%, 4/26/2024(f)		1,237		1,213

Media — 0.1%
iHeartCommunications, Inc., Term Loan D
(ICE LIBOR USD 1 Month + 6.75%), 9.05%, 1/30/2019(f)		400		284
iHeartCommunications, Inc., Tranche E Term Loan
(ICE LIBOR USD 1 Month + 7.50%), 9.80%, 7/30/2019(f)		949		672
Tribune Media Co., Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.34%, 12/27/2020(f)		200		200
Univision Communications, Inc., 1st Lien Term Loan C-5
(ICE LIBOR USD 1 Month + 2.75%), 5.09%, 3/15/2024(f)		566		527

				1,683

Pharmaceuticals — 0.0%(b)
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada)
(ICE LIBOR USD 1 Month + 5.50%), 7.82%, 9/6/2024(f)		52		50

Specialty Retail — 0.1%
Claire’s Stores, Inc., 1st Lien Revolver Term Loan
(ICE LIBOR USD 3 Month + 2.50%), 2.50%, 9/15/2022‡(f)(n)		42		—
Claire’s Stores, Inc., 1st Lien Term Loan
(ICE LIBOR USD 6 Month + 7.25%), 6.25%, 9/15/2038‡(f)(n)		935		1,337
PetSmart, Inc., Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.32%, 3/11/2022(f)		614		513

				1,850

TOTAL LOAN ASSIGNMENTS (Cost $13,099)				12,638

SUPRANATIONAL — 0.4%
International Bank for Reconstruction & Development (Supranational)
(SOFRRATE + 0.22%), 2.46%, 8/21/2020(f)(Cost $6,500)		6,500		6,498

	Shares (000)
COMMON STOCKS — 0.3%
Capital Markets — 0.0%(b)
Goodman Private*‡		6		—	(k)
UCI Holdings LLC (New Zealand)*‡		24		464

				464

Equity Real Estate Investment Trusts (REITs) — 0.1%
VICI Properties, Inc.		64		1,404
VICI Properties, Inc.*‡		28		604

				2,008

Hotels, Restaurants & Leisure — 0.1%
Caesars Entertainment Corp.*(d)		78		663

Independent Power and Renewable Electricity Producers — 0.0%(b)
Vistra Energy Corp.*		20		479

Software — 0.0%(b)
Avaya Holdings Corp.*		11		169

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Shares (000)			Value (000)
COMMON STOCKS — continued
Specialty Retail — 0.1%
Claire’s Stores, Inc.*‡		1			878

Wireless Telecommunication Services — 0.0%(b)
NII Holdings, Inc.*(d)		27			147

TOTAL COMMON STOCKS (Cost $4,376)					4,808

PREFERRED STOCKS — 0.1%
Capital Markets — 0.0%(b)
Goodman Private Preferred Shares*‡		7			—	(k)

Insurance — 0.0%(b)
XLIT Ltd.
(Bermuda), Series D, (ICE LIBOR USD 3 Month + 3.12%), 5.56%, 1/7/2019 ($1,000 par value)(f)(o)		—	(k)		414

Specialty Retail — 0.1%
Claire’s Stores, Inc.*‡		1			871

TOTAL PREFERRED STOCKS (Cost $703)					1,285

	No. of Rights (000)
RIGHTS — 0.0%(b)
Independent Power and Renewable Electricity Producers — 0.0%(b)
Vistra Energy Corp., expiring 12/31/2049*‡ (Cost $—)		42			32

	Shares (000)
SHORT-TERM INVESTMENTS — 0.3%
INVESTMENT COMPANIES — 0.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.30%(p)(q)(r)(Cost $5,280)		5,280			5,280

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.16%(p)(q)(Cost $2,288)		2,288			2,288

Total Investments — 98.5% (Cost $1,746,680)					1,689,257
Other Assets Less Liabilities — 1.5%					25,371

Net Assets — 100.0%					1,714,628

Percentages indicated are based on net assets.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Abbreviations

ABS		Asset-backed securities
ACES		Alternative Credit Enhancement Securities
CIFC		Commercial Industrial Finance Corp.
CLO		Collateralized Loan Obligations
CSMC		Credit Suisse Mortgage Trust
EURIBOR		Euro Interbank Offered Rate
EURO		Euro
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GBP		British Pound
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
IF		Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2018. The rate may be subject to a cap and floor.
IO		Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JPY		Japanese Yen
LIBOR		London Interbank Offered Rate
PEN		Peruvian Nuevo SoI
REMIC		Real Estate Mortgage Investment Conduit
SCA		Limited partnership with share capital
SEK		Swedish Krona
SOFRRATE		SOFR Secured Overnight Financing Rate
STRIPS		Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
USD		United States Dollar
ZAR		South African Rand

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


(a)				Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)				Amount rounds to less than 0.1% of net assets.
(c)				Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(d)				The security or a portion of this security is on loan at November 30, 2018. The total value of securities on loan at November 30, 2018 was approximately $2,216,000.
(e)				Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(f)				Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(g)				Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2018.
(h)				Security is an interest bearing note with preferred security characteristics.
(i)				Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2018.
(j)				Defaulted security.
(k)				Amount rounds to less than one thousand.
(l)				Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2018.
(m)				Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(n)				All or a portion of this security is unsettled as of November 30, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(o)				The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of November 30, 2018.
(p)				The rate shown is the current yield as of November 30, 2018.
(q)				Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(r)				Approximately less than $1,000 of this investment is restricted as collateral for swaps to various brokers.
*				Non-income producing security.
‡				Value determined using significant unobservable inputs.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Futures contracts outstanding as of November 30, 2018 (amounts in thousands, except number of contracts):


Description	Number of Contracts			Expiration Date		Trading Currency	Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Euro-Bobl		169			12/2018	EUR		25,249			73
Euro-Bund		84			12/2018	EUR		15,362			114
Euro-Buxl		23			12/2018	EUR		4,650			50
Euro-Schatz		6			12/2018	EUR		761			1
U.S. Treasury 2 Year Note		2,092			03/2019	USD		441,445			290
U.S. Treasury 5 Year Note		61			03/2019	USD		6,893			9
U.S. Treasury 10 Year Note		22			03/2019	USD		2,630			11
U.S. Treasury Ultra Bond		2			03/2019	USD		305			1

											549

Short Contracts
Euro-Bobl		(432	)		12/2018	EUR		(64,542	)		(288	)
Euro-Bund		(238	)		12/2018	EUR		(43,526	)		(317	)
Japan 10 Year Bond		(34	)		12/2018	JPY		(45,278	)		(261	)
Long Gilt		(29	)		03/2019	GBP		(4,532	)		(12	)
U.S. Treasury 5 Year Note		(1,371	)		03/2019	USD		(154,923	)		(388	)
U.S. Treasury 10 Year Note		(48	)		03/2019	USD		(5,737	)		(20	)
U.S. Treasury Long Bond		(11	)		03/2019	USD		(1,541	)		(10	)
3 Month Eurodollar		(2,152	)		09/2019	USD		(522,048	)		(32	)

											(1,328	)

											(779	)


Abbreviations

EUR		Euro
GBP		British Pound
JPY		Japanese Yen
USD		United States Dollar

Forward foreign currency exchange contracts outstanding as of November 30, 2018 (amounts in thousands):


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
CNH	62,563		USD	8,997	Barclays Bank plc^**		12/5/2018		4
EUR	1,039		USD	1,174	Citibank, NA		12/5/2018		3
JPY	4,945,283		USD	43,564	Goldman Sachs International		12/5/2018		4
MXN	178,470		USD	8,703	Royal Bank of Canada		12/5/2018		64
USD	4,797		BRL	17,478	Goldman Sachs International^**		12/5/2018		278
USD	6,329		COP	20,063,896	Citibank, NA^**		12/5/2018		125
USD	4,089		EUR	3,590	Barclays Bank plc		12/5/2018		24
USD	44,282		JPY	4,945,283	National Australia Bank Ltd.		12/5/2018		714
USD	12,874		MXN	256,061	Citibank, NA		12/5/2018		295
EUR	300		USD	340	Goldman Sachs International		1/7/2019		1
EUR	305		USD	346	National Australia Bank Ltd.		1/7/2019		—	(a)
EUR	698		USD	791	State Street Corp.		1/7/2019		1
USD	415		EUR	362	Citibank, NA		1/7/2019		3
USD	2,719		EUR	2,391	Citibank, NA		1/7/2019		1
USD	289		EUR	252	Standard Chartered Bank		1/7/2019		3
USD	552		EUR	483	TD Bank Financial Group		1/7/2019		4
USD	139,112		EUR	121,935	Union Bank of Switzerland AG		1/7/2019		573
USD	5,518		GBP	4,318	Morgan Stanley		1/7/2019		3

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
USD	31,229	SEK	282,581	Goldman Sachs International		1/7/2019		70

Total unrealized appreciation								2,170

BRL	17,478	USD	4,685	BNP Paribas^**		12/5/2018		(166	)
CNH	33,645	USD	4,892	Merrill Lynch International^**		12/5/2018		(51	)
COP	20,063,896	USD	6,289	Goldman Sachs International^**		12/5/2018		(85	)
EUR	2,391	USD	2,709	Citibank, NA		12/5/2018		(2	)
EUR	160	USD	183	National Australia Bank Ltd.		12/5/2018		(2	)
MXN	77,591	USD	3,842	Goldman Sachs International		12/5/2018		(31	)
RUB	301,144	USD	4,576	Citibank, NA^**		12/5/2018		(82	)
SEK	282,581	USD	31,112	Goldman Sachs International		12/5/2018		(69	)
USD	13,804	CNH	96,207	HSBC Bank, NA^**		12/5/2018		(38	)
USD	4,429	RUB	301,144	Goldman Sachs International^**		12/5/2018		(65	)
USD	30,940	SEK	282,581	Goldman Sachs International		12/5/2018		(103	)
BRL	16,750	USD	4,444	Citibank, NA^**		1/7/2019		(120	)
EUR	310	USD	355	Australia & New Zealand Banking Group Ltd.		1/7/2019		(3	)
EUR	787	USD	901	National Australia Bank Ltd.		1/7/2019		(6	)
EUR	2,803	USD	3,207	State Street Corp.		1/7/2019		(22	)
EUR	553	USD	634	TD Bank Financial Group		1/7/2019		(6	)
GBP	2,013	USD	2,603	State Street Corp.		1/7/2019		(33	)
MXN	16,902	USD	830	Royal Bank of Canada		1/7/2019		(4	)
MXN	154,346	USD	7,560	State Street Corp.		1/7/2019		(17	)
USD	4,300	BRL	16,750	Citibank, NA^**		1/7/2019		(24	)
USD	8,987	CNH	62,563	Barclays Bank plc^**		1/7/2019		(4	)
USD	564	EUR	498	BNP Paribas		1/7/2019		(1	)
USD	1,178	EUR	1,039	Citibank, NA		1/7/2019		(3	)
USD	43,718	JPY	4,945,283	Goldman Sachs International		1/7/2019		(6	)
USD	8,657	MXN	178,470	Royal Bank of Canada		1/7/2019		(64	)
USD	2,552	ZAR	35,525	HSBC Bank, NA		1/7/2019		(1	)

Total unrealized depreciation								(1,008	)

Net unrealized appreciation								1,162


Abbreviations

BRL		Brazilian Real
CNH		China Renminbi
COP		Colombian Peso
EUR		Euro
GBP		British Pound
JPY		Japanese Yen
MXN		Mexican Peso
RUB		Russian Ruble
SEK		Swedish Krona
USD		United States Dollar
ZAR		South African Rand
(a)		Amount rounds to less than one thousand.
**		Non-deliverable forward.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Centrally Cleared Interest rate swap contracts outstanding as of November 30, 2018 (amounts in thousands):


Floating Rate Index^(a)	Fixed Rate	Pay/Receive Floating Rate	Maturity Date		Notional Amount		Upfront Payments (Receipts) ($)			Unrealized Appreciation (Depreciation) ($)			Value ($)
3 months LIBOR quarterly	2.60 semi-annually	Receive		1/23/2022		USD 1,341,200		—			14,729			14,729

								—			14,729			14,729

3 months LIBOR quarterly	2.56 semi-annually	Pay		1/23/2021		USD 1,990,800		—			(17,057	)		(17,057	)
3 months LIBOR quarterly	3.07 semi-annually	Receive		12/31/2020		USD 449,300		(105	)		(243	)		(348	)
3 months LIBOR quarterly	3.11 semi-annually	Receive		8/15/2028		USD 122,800		23			(602	)		(579	)
3 months LIBOR quarterly	3.20 semi-annually	Receive		2/15/2036		USD 46,700		—			(370	)		(370	)
3 months LIBOR quarterly	3.20 semi-annually	Receive		5/15/2044		USD 70,300		47			(606	)		(559	)

								(35	)		(18,878	)		(18,913	)

								(35	)		(4,149	)		(4,184	)

(a) Value of floating rate index at November 30, 2018 was as follows:


Floating Rate Index	Value
3 months LIBOR		2.74	%


Abbreviations

LIBOR		London Interbank Offered Rate
USD		United States Dollar

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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

Futures contracts are generally valued on the basis of available market quotations. Swaps and Forward Foreign Currency Contracts are valued utilizing market quotations from approved Pricing Services.

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.

•

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Capital Markets	$	—	$	—	$	464		$	464
Equity Real Estate Investment Trusts (REITs)		1,404		—		604			2,008
Specialty Retail		—		—		878			878
Other Common Stocks		1,458		—		—			1,458

Total Common Stocks		2,862		—		1,946			4,808

Preferred Stocks
Capital Markets		—		—		—	(a)		—	(a)
Specialty Retail		—		—		871			871
Other Preferred Stocks		—		414		—			414

Total Preferred Stocks		—		414		871			1,285

Debt Securities
Asset-Backed Securities		—		219,591		113,067			332,658
Collateralized Mortgage Obligations		—		181,067		2,745			183,812
Commercial Mortgage-Backed Securities		—		81,677		31,271			112,948
Convertible Bonds
Other Convertible Bonds		—		54,355		—			54,355
Corporate Bonds
Capital Markets		—		34,091		6,113			40,204
Commercial Services & Supplies		—		9,136		215			9,351
Communications Equipment		—		2,229		47			2,276
Consumer Finance		—		16,058		269			16,327
Electric Utilities		—		15,668		5			15,673
Wireless Telecommunication Services		—		25,941		—	(a)		25,941
Other Corporate Bonds	$	—	$	554,977	$	—		$	554,977

Total Corporate Bonds		—		658,100		6,649			664,749

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Foreign Government Securities		—			76,188			—		76,188
Mortgage-Backed Securities		—			146,169			—		146,169
Private Placements
Commercial Loans		—			—			35,520		35,520
Supranational		—			6,498			—		6,498
U.S. Treasury Obligations		—			50,029			—		50,029
Loan Assignments
Specialty Retail		—			513			1,337		1,850
Other Loan Assignments		—			10,788			—		10,788

Total Loan Assignments		—			11,301			1,337		12,638

Rights
Independent Power and Renewable Electricity Producers		—			—			32		32
Short-Term Investments
Investment Companies		5,280			—			—		5,280
Investments of cash collateral from securities loaned		2,288			—			—		2,288

Total Investments in Securities	$	10,430		$	1,485,389		$	193,438	$	1,689,257

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	2,170		$	—	$	2,170
Futures Contracts		549			—			—		549
Swaps		—			14,729			—		14,729

Total Appreciation in Other Financial Instruments	$	549		$	16,899		$	—	$	17,448

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(1,008	)	$	—	$	(1,008	)
Futures Contracts		(1,328	)		—			—		(1,328	)
Swaps		—			(18,878	)		—		(18,878	)

Total Depreciation in Other Financial Instruments	$	(1,328	)	$	(19,886	)	$	—	$	(21,214	)

(a)	Amount rounds to less than one thousand.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended November 30, 2018.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):


	Balance as of August 31, 2018		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2018
Investments in Securities
Asset-Backed Securities	$	82,693	$	859		$	(2,404	)	$	89		$	46,949	$	(31,744	)	$	16,625	$	—		$	113,067
Collateralized Mortgage Obligations		1,871		7			(147	)		8			1,076		(70	)		—		—			2,745
Commercial Mortgage-Backed Securities		52,525		(1,099	)		(6,697	)		36			5,134		(18,695	)		9,302		(9,235	)		31,271
Common Stocks — Capital Markets		434		—			30			—			—		—			—		—			464
Common Stocks — Equity Real Estate Investment Trusts (REITs)		—		—			604			—			—		—			—		—			604
Common Stocks — Specialty Retail		—		—			19			—			859		—			—		—			878
Corporate Bonds — Capital Markets		6,225		1			—	(a)		1			—		(114	)		—		—			6,113
Corporate Bonds — Commercial Services & Supplies		—		—			(37	)		—	(a)		—		—			252		—			215
Corporate Bonds — Communications Equipment		64		—	(a)		(19	)		1			1		—	(a)		—		—			47
Corporate Bonds — Consumer Finance		—		—			(50	)		—	(a)		—		—			319		—			269
Corporate Bonds — Electric Utilities		25		—			(20	)		—			—		—			—		—			5
Corporate Bonds — Wireless Telecommunication Services		—		—			—	(a)		—			—		—			—		—			—	(a)
Loan Assignments — Hotels, Restaurants & Leisure		2,496		89			(44	)		3			575		(3,119	)		—		—			—
Loan Assignments — Specialty Retail		—		—			402			—			935		—			—		—			1,337
Preferred Stocks — Capital Markets		23		—			(23	)		—			—		—			—		—			—	(a)
Preferred Stocks — Specialty Retail		—		—			535			—			336		—			—		—			871
Private Placements — Commercial Loanss		36,000		—			(480	)		—			—		—			—		—			35,520
Rights — Independent Power and Renewable Electricity Producers		30		—			2			—			—		—			—		—			32

	$	182,386	$	(143	)	$	(8,329	)	$	138		$	55,865	$	(53,742	)	$	26,498	$	(9,235	)	$	193,438

¹	Purchases include all purchases of securities and securities received in corporate actions.

²	Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a)	Amount rounds to less than one thousand.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)


	Fair Value at November 30, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	87,766		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 40.00% (14.40%)
					Constant Default Rate		0.00% - 6.91% (0.88%)
					Yield (Discount Rate of Cash Flows)		2.34% - 7.08% (4.47%)

Asset-Backed Securities		87,766

		355		Discounted Cash Flow	Constant Prepayment Rate		6.00% (6.00%)
					Constant Default Rate		1.66% (1.66%)
					Yield (Discount Rate of Cash Flows)		5.95% (5.95%)

Collateralized Mortgage Obligations		355

		28,235		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		(7.40%) - 199.00% (19.80%)

Commercial Mortgage-Backed Securities		28,235

		35,520		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		5.83% - 6.33% (6.05%)

Private Placements		35,520

		113		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.38% (4.38%)
					Liquidity Discount		0.38% (0.38%)
				Pending Distribution Amount	Expected Recovery		0.00% (0.00%)

Corporate		113

		—	(a)	Market Comparable Companies	EBITDA Multiple		5.0x (5.0x)
					Discount for Potential Outcome		30.00% (30.00%)

Preferred Stocks		—	(a)

		—	(a)	Market Comparable Companies	EBITDA Multiple		5.0x (5.0x)

Common Stocks		—	(a)

Total	$	151,989

The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2018, the value of these investments was approximately $41,449,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

(a)	Amount rounds to less than one thousand.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

B. Derivatives — The Fund used derivative instruments including futures, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (1) — (3) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used index, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(3). Swaps — The Fund engaged in various swap transactions, including interest rate, to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”), that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund and/or held as Restricted cash. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

The Fund may be required to post or receive collateral for OTC Swaps.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Interest Rate Swaps

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments(a)	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 95.1%
New York — 95.1%
Albany Industrial Development Agency, Civic Facility, Living Resources Corp. Project Series A, Rev., VRDO, LOC: HSBC Bank USA NA, 1.72%, 12/7/2018(b)		2,595		2,595
City of New York, Fiscal Year 2012 Series G, Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.73%, 12/3/2018(b)		3,415		3,415
City of New York, Fiscal Year 2014 Series D, Subseries D-5, GO, VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		2,200		2,200
City of New York, Fiscal Year 2017 Series A, Subseries A-7, GO, VRDO, LOC: Bank of the West, 1.76%, 12/3/2018(b)		10,395		10,395
City of New York, Fiscal Year 2018 Series B, Subseries B-5, GO, VRDO, 1.74%, 12/3/2018(b)		7,205		7,205
City of New York, Housing Development Corp., Multi-Family Rental Housing Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.70%, 12/7/2018(b)		7,320		7,320
Franklin County Civic Development Corp. Series A, Rev., VRDO, LOC: HSBC Bank USA NA, 1.74%, 12/7/2018(b)		4,345		4,345
Franklin County Industrial Development Agency, Civic Facility, Trudeau Institute, Inc. Project Rev., VRDO, LOC: HSBC Bank USA NA, 1.91%, 12/7/2018(b)		245		245
Metropolitan Transportation Authority
Series A-1, Rev., VRDO, LOC: TD Bank NA, 1.70%, 12/3/2018(b)		3,380		3,380
Subseries E-3, Rev., VRDO, LOC: Bank of America NA, 1.72%, 12/3/2018(b)		11,040		11,040
Subseries E-4, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		8,000		8,000
Subseries E-2, Rev., VRDO, LOC: Bank of America NA, 1.70%, 12/7/2018(b)		415		415
Nassau County Interim Finance Authority, A Public Benefit Corp. of the State of New York, Sales Tax Secured Series B, Rev., VRDO, 1.69%, 12/7/2018(b)		12,295		12,295
Nassau County Interim Finance Authority, Sales Tax Secured
Series C, Rev., VRDO, 1.68%, 12/7/2018(b)		6,450		6,450
Series A, Rev., VRDO, 1.72%, 12/7/2018(b)		5,525		5,525
Nassau Health Care Corp., Nassau County Guaranteed Subseries C1, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.69%, 12/7/2018(b)		19,155		19,155
New York City Housing Development Corp. Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.66%, 12/7/2018(b)		7,530		7,530
New York City Housing Development Corp., Multi-Family Mortgage, 245 East 124th Street Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.71%, 12/7/2018(b)		3,300		3,300
New York City Housing Development Corp., Multi-Family Mortgage, Bathgate Avenue Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.77%, 12/7/2018(b)		2,625		2,625
New York City Housing Development Corp., Multi-Family Mortgage, Boricua Village Apartments Site C Series C, Rev., VRDO, LOC: Citibank NA, 1.71%, 12/7/2018(b)		6,665		6,665
New York City Housing Development Corp., Multi-Family Mortgage, Bruckner by the Bridge Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.71%, 12/7/2018(b)		3,200		3,200

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
New York — continued
New York City Housing Development Corp., Multi-Family Rental Housing, 90 Washington Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.72%, 12/7/2018(b)		9,175		9,175
New York City Housing Development Corp., Multi-Family Rental Housing, Atlantic Court Apartments Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.75%, 12/7/2018(b)		13,500		13,500
New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.71%, 12/7/2018(b)		2,300		2,300
New York City Industrial Development Agency, 123 Washington LLC Project Series 2007, Rev., VRDO, LOC: Bank of China, 1.78%, 12/3/2018(b)		14,030		14,030
New York City Industrial Development Agency, Civic Facility, New York Congregational Nursing Center Project Series A, Rev., VRDO, LOC: HSBC Bank USA NA, 1.74%, 12/7/2018(b)		800		800
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012 Subseries A-2, Rev., VRDO, 1.70%, 12/3/2018(b)		16,215		16,215
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2015 Rev., VRDO, 1.75%, 12/3/2018(b)		6,800		6,800
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2019 Rev., VRDO, 1.73%, 12/7/2018(b)		8,000		8,000
New York City Transitional Finance Authority, Future Tax Secured Rev., VRDO, 1.72%, 12/3/2018(b)		12,900		12,900
Subseries C-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.70%, 12/7/2018(b)		5,200		5,200
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003
Subseries C4, Rev., VRDO, 1.67%, 12/3/2018(b)		4,300		4,300
Subseries A-3, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.69%, 12/7/2018(b)		1,600		1,600
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013
Subseries A-6, Rev., VRDO, 1.71%, 12/3/2018(b)		1,665		1,665
Subseries A-7, Rev., VRDO, 1.64%, 12/7/2018(b)		7,385		7,385
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Subseries B-5, Rev., VRDO, 1.71%, 12/3/2018(b)		1,450		1,450
New York City Trust for Cultural Resources, American Museum of Natural History Series B3, Rev., VRDO, 1.68%, 12/7/2018(b)		13,485		13,485
New York City Trust for Cultural Resources, Metropolitan Museum of Art
Subseries A-1, Rev., VRDO, 1.63%, 12/7/2018(b)		20,400		20,400
Subseries A-2, Rev., VRDO, 1.63%, 12/7/2018(b)		5,350		5,350
New York Liberty Development Corp.
Series 2015-XF2146, Rev., VRDO, LIQ: Citibank NA, 1.71%, 12/7/2018(b)(c)		15,525		15,525
Series 2015-XF2153, Rev., VRDO, LIQ: Citibank NA, 1.71%, 12/7/2018(b)(c)		7,500		7,500
New York Mortgage Agency, Homeowner Mortgage Series 207, Rev., VRDO, 1.69%, 12/7/2018(b)		10,000		10,000

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
New York — continued
New York State Dormitory Authority
Series B-1, Rev., VRDO, LOC: Barclays Bank plc, 1.67%, 12/7/2018(b)		1,925		1,925
Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.71%, 12/7/2018(b)		4,550		4,550
New York State Dormitory Authority, Catholic Health System Series 2006A, Rev., VRDO, LOC: HSBC Bank USA NA, 1.72%, 12/7/2018(b)		5,465		5,465
New York State Dormitory Authority, City University System, CONS Fifth General Resolution Series C, Rev., VRDO, LOC: Bank of America NA, 1.70%, 12/7/2018(b)		16,405		16,405
New York State Dormitory Authority, Fordham University Series A-1, Rev., VRDO, LOC: Bank of America NA, 1.70%, 12/7/2018(b)		3,805		3,805
New York State Dormitory Authority, Highland Community Development Corp. Series B, Rev., VRDO, LOC: HSBC Bank USA NA, 1.71%, 12/7/2018(b)		3,255		3,255
New York State Dormitory Authority, Museum of Art Series B, Rev., VRDO, 1.66%, 12/7/2018(b)		100		100
New York State Dormitory Authority, New York Fordham University Series A-2, Rev., VRDO, LOC: Bank of America NA, 1.70%, 12/7/2018(b)		7,370		7,370
New York State Dormitory Authority, Revenue Derivatives Series 2016-ZF2383, Rev., VRDO, 1.71%, 12/7/2018(b)		6,175		6,175
New York State Dormitory Authority, St. John’s University Series B-2, Rev., VRDO, LOC: U.S. Bank NA, 1.62%, 12/7/2018(b)		3,585		3,585
New York State Dormitory Authority, Teresian House Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 1.72%, 12/7/2018(b)		13,905		13,905
New York State Dormitory Authority, University of Rochester Series 2006A-1, Rev., VRDO, LOC: Barclays Bank plc, 1.67%, 12/7/2018(b)		6,830		6,830
New York State Energy Research and Development Authority, Consolidated Edison Co. of New York, Inc. Project
Series A, Subseries A-4, Rev., VRDO, LOC: Bank of Nova Scotia, 1.70%, 12/7/2018(b)		6,000		6,000
Series C, Subseries C-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.73%, 12/7/2018(b)		13,900		13,900
New York State Energy Research and Development Authority, Consolidated Edison Co., Inc. Project Series A, Subseries A-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.69%, 12/7/2018(b)		17,200		17,200
New York State Housing Finance Agency Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.77%, 12/3/2018(b)		16,275		16,275
New York State Housing Finance Agency, 188 Ludlow Street Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.77%, 12/7/2018(b)		3,000		3,000
New York State Housing Finance Agency, 222 East 44th Street Housing Series A, Rev., VRDO, LOC: Bank of China, 1.74%, 12/7/2018(b)		1,750		1,750
New York State Housing Finance Agency, 25 West 25th Street Housing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.75%, 12/7/2018(b)		4,700		4,700
New York State Housing Finance Agency, 363 West 30th Street Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.75%, 12/7/2018(b)		1,085		1,085

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
New York — continued
New York State Housing Finance Agency, 42nd and 10th Housing Series A, Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.72%, 12/7/2018(b)		13,375		13,375
New York State Housing Finance Agency, 42nd West 10th Street Housing Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.64%, 12/7/2018(b)		21,515		21,515
New York State Housing Finance Agency, 555 Tenth Avenue Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.73%, 12/7/2018(b)		26,800		26,800
New York State Housing Finance Agency, 600 West 42nd Street Housing
Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.72%, 12/7/2018(b)		8,400		8,400
Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.76%, 12/7/2018(b)		11,200		11,200
New York State Housing Finance Agency, Chelsea Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.72%, 12/7/2018(b)		4,650		4,650
New York State Housing Finance Agency, Historic Front Street Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.71%, 12/7/2018(b)		5,250		5,250
New York State Housing Finance Agency, Liberty Street Realty LLC Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.71%, 12/7/2018(b)		5,535		5,535
New York State Housing Finance Agency, Manhattan West Residential Housing
Series A, Rev., VRDO, LOC: Bank of China, 1.76%, 12/3/2018(b)		15,000		15,000
Series A, Rev., VRDO, LOC: Bank of China, 1.77%, 12/7/2018(b)		20,500		20,500
New York State Housing Finance Agency, Navy Pier Court Housing Rev., VRDO, LOC: PNC Bank NA, 1.69%, 12/7/2018(b)		2,300		2,300
New York State Housing Finance Agency, Tribeca Green Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.73%, 12/7/2018(b)		15,000		15,000
New York State Housing Finance Agency, West 23rd Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.71%, 12/7/2018(b)		1,600		1,600
New York State Housing Finance Agency, West Haverstraw Senior Citizens Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.73%, 12/7/2018(b)		6,700		6,700
New York State Thruway Authority, 2nd General Highway and Bridge Trust Fund Series 2016-XF2279, Rev., VRDO, LIQ: Citibank NA, 1.71%, 12/7/2018(b)(c)		4,800		4,800
Niagara Area Development Corp, University Project Series 2012A, Rev., VRDO, LOC: HSBC Bank USA NA, 1.70%, 12/7/2018(b)		4,405		4,405
Onondaga County Industrial Development Agency, Civic Facility, Syracuse Home Association Project Series 2007, Rev., VRDO, LOC: HSBC Bank USA NA, 1.74%, 12/7/2018(b)		4,345		4,345
Onondaga County Trust Cultural Resources, Syracuse University Project Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.64%, 12/7/2018(b)		12,190		12,190
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2018-G5, GO, VRDO, LOC: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		6,000		6,000
Rib Floater Trust Series 2018-023, Rev., VRDO, LIQ: Barclays Bank plc, 1.72%, 12/7/2018(b)(c)		3,295		3,295

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
New York — continued
Tender Option Bond Trust Receipts/Certificates
Series E-118, GO, VRDO, LIQ: Royal Bank of Canada, 1.78%, 12/3/2018(b)		11,300		11,300
Rev., VRDO, 1.71%, 12/7/2018(b)		4,000		4,000
Series 2016-ZF0275, Rev., VRDO, LIQ: TD Bank NA, 1.71%, 12/7/2018(b)(c)		4,770		4,770
Series 2016-ZF0381, Rev., VRDO, LIQ: TD Bank NA, 1.71%, 12/7/2018(b)(c)		4,015		4,015
Series 2017-ZM0513, Rev., VRDO, LIQ: Barclays Bank plc, 1.71%, 12/7/2018(b)(c)		7,500		7,500
Series 2018-XF0634, Rev., VRDO, LIQ: TD Bank NA, 1.71%, 12/7/2018(b)(c)		7,440		7,440
Series 2018-XF0635, Rev., VRDO, LIQ: TD Bank NA, 1.71%, 12/7/2018(b)(c)		6,185		6,185
Series 2018-XF0636, Rev., VRDO, LIQ: TD Bank NA, 1.71%, 12/7/2018(b)(c)		13,985		13,985
Series 2018-XF0697, Rev., VRDO, LIQ: Bank of America NA, 1.71%, 12/7/2018(b)(c)		1,955		1,955
Series 2018-XF2646, Rev., VRDO, 1.71%, 12/7/2018(b)		4,540		4,540
Series 2018-XF2647, Rev., VRDO, 1.71%, 12/7/2018(b)		8,940		8,940
Series 2018-XM0695, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.71%, 12/7/2018(b)(c)		5,000		5,000
Series 2018-ZM0682, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.71%, 12/7/2018(b)(c)		5,000		5,000
Rev., VRDO, 1.72%, 12/7/2018(b)		8,000		8,000
Rev., VRDO, 1.72%, 12/7/2018(b)		4,240		4,240
Series 2015-XF2107, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.72%, 12/7/2018(b)(c)		8,760		8,760
Series 2016-ZM0138, Rev., VRDO, LIQ: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		2,500		2,500
Series 2016-ZM0139, Rev., VRDO, LIQ: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		3,500		3,500
Series 2017-XF0593, Rev., VRDO, LIQ: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		4,355		4,355
Series 2017-XF0598, Rev., VRDO, LIQ: TD Bank NA, 1.72%, 12/7/2018(b)(c)		3,000		3,000
Series 2017-XG0112, Rev., VRDO, LIQ: Barclays Bank plc, 1.72%, 12/7/2018(b)(c)		5,600		5,600
Series 2017-XM0505, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.72%, 12/7/2018(b)(c)		10,000		10,000
Series 2018-ZF0271, Rev., VRDO, 1.72%, 12/7/2018(b)		3,170		3,170
Series 2018-ZF2740, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.72%, 12/7/2018(b)(c)		2,600		2,600
Series 2018-ZM0600, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.72%, 12/7/2018(b)(c)		7,500		7,500
Series 2018-ZM0661, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.72%, 12/7/2018(b)(c)		5,000		5,000
Series ZM0544, Rev., VRDO, LIQ: Bank of America NA, 1.72%, 12/7/2018(b)(c)		2,220		2,220
Series XF2481, Rev., VRDO, LIQ: Barclays Bank plc, 1.73%, 12/7/2018(b)(c)		2,160		2,160
Series 2016-ZF0464, Rev., VRDO, LOC: Royal Bank of Canada, 1.74%, 12/7/2018(b)(c)		23,000		23,000
Series 2018-XL0063, Rev., VRDO, 1.74%, 12/7/2018(b)		4,500		4,500

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
New York — continued
Series 2016-Zf0269, Rev., VRDO, LIQ: TD Bank NA, 1.76%, 12/7/2018(b)(c)		2,000		2,000
Series 2018-XF0683, Rev., VRDO, LIQ: TD Bank NA, 1.76%, 12/7/2018(b)(c)		2,000		2,000
Triborough Bridge and Tunnel Authority Subseries B-4C, Rev., VRDO, LOC: U.S. Bank NA, 1.71%, 12/3/2018(b)		10,000		10,000

				833,755

TOTAL MUNICIPAL BONDS (Cost $833,755)				833,755


	Shares (000)
VARIABLE RATE DEMAND PREFERRED SHARES — 4.8%
New York — 4.8%
Nuveen New York AMT-Free Quality Municipal Income Fund
Series 2, LIQ: Citibank NA, 1.75%, 12/7/2018 #(c)		4,200		4,200
Series 3, LIQ: Citibank NA, 1.75%, 12/7/2018 #(c)		17,700		17,700
Nuveen New York Quality Municipal Income Fund Series 1, LIQ: TD Bank NA, 1.80%, 12/7/2018 #(c)		20,300		20,300

				42,200

TOTAL VARIABLE RATE DEMAND PREFERRED SHARES (Cost $42,200)				42,200

Total Investments — 99.9% (Cost $875,955)*				875,955
Other Assets Less Liabilities — 0.1%				831

Net Assets — 100.0%				876,786

Percentages indicated are based on net assets.

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Abbreviations

AMT		Alternative Minimum Tax
CONS		Consolidated Bonds
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GO		General Obligation
LIQ		Liquidity Agreement
LOC		Letter of Credit
Rev.		Revenue
VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2018.
(a)		The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2018.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
#		Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of November 30, 2018.
*		The cost of securities is substantially the same for federal income tax purposes.

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

•

Level 1 – Quoted prices in active markets for identical securities.

•

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The following is a summary of the inputs used as of November 30, 2018, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	875,955	$	—	$	875,955

(a)	All portfolio holdings designated as level 2 are disclosed individually on the Schedule of Portfolio Investments (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 98.0%(a)
New York — 98.0%
Education — 6.5%
Erie County Industrial Development Agency, School District Project Series A, Rev., 5.00%, 5/1/2023		2,000		2,193
New York State Dormitory Authority Series A, Rev., NATL-RE-IBC, 5.00%, 7/1/2020		205		205
Rev., 5.00%, 10/1/2027		2,000		2,351
New York State Dormitory Authority, Consolidated City University System Series A, Rev., NATL-RE-IBC, 6.00%, 7/1/2020		2,160		2,251
New York State Dormitory Authority, Hospitals Center Rev., 5.00%, 7/1/2026		3,360		3,776
New York State Dormitory Authority, New York University
Series 1, Rev., AMBAC, 5.50%, 7/1/2021		1,730		1,886
Series 1, Rev., AMBAC, 5.50%, 7/1/2022		1,000		1,121
Series 1, Rev., AMBAC, 5.50%, 7/1/2023		2,900		3,335
Series 1, Rev., AMBAC, 5.50%, 7/1/2024		1,570		1,844
Series 1, Rev., AMBAC, 5.50%, 7/1/2025		2,280		2,725
New York State Dormitory Authority, School Districts Financing Program Rev., AGC, 5.00%, 10/1/2024		50		51
New York State Dormitory Authority, School Districts, Building Finance Program Series F, Rev., NATL-RE, 6.50%, 10/1/2020		175		185
New York State Dormitory Authority, State University Educational Facilities Series A, Rev., NATL-RE-IBC, 5.25%, 5/15/2021		1,050		1,112

				23,035

General Obligation — 13.4%
City of Buffalo Series B, GO, 5.00%, 11/15/2022		1,000		1,106
City of New York, Fiscal Year 2009
Subseries H-1, GO, 5.13%, 3/1/2024		2,000		2,016
Subseries J-1, GO, 5.00%, 5/15/2024		1,000		1,014
City of New York, Fiscal Year 2012 Series A-1, GO, 5.00%, 8/1/2028		7,600		8,172
City of New York, Fiscal Year 2014 Subseries D-1, GO, 5.00%, 8/1/2028		2,000		2,233
City of New York, Fiscal Year 2018 Subseries F-1, GO, 5.00%, 4/1/2034		2,500		2,878
City of White Plains, Public Improvement
GO, 4.00%, 9/15/2028		705		775
GO, 4.00%, 9/15/2029		1,100		1,204
County of Onondaga
Series A, GO, 5.00%, 3/1/2019		3,050		3,074
GO, 4.00%, 4/15/2029		2,760		2,980
County of Suffolk, Town of Brookhaven GO, 5.00%, 5/1/2027		2,000		2,321
Dutchess County, Arlington Central School District Series A, GO, 5.00%, 5/15/2019		2,380		2,414
Monroe County, Greece Central School District
Series B, GO, 4.50%, 12/15/2021		880		942
Series B, GO, 5.00%, 12/15/2022		765		849
Series B, GO, 5.00%, 12/15/2023		500		554
Nassau County, General Improvement
Series C, GO, AGC, 5.00%, 10/1/2019		4,220		4,330
Series A, GO, 5.00%, 1/1/2025		1,000		1,133
Nassau County, Mineola Village GO, 5.00%, 8/15/2023		1,350		1,418
Nassau County, Unrefunded Balance, General Improvement Series C, GO, AGC, 5.00%, 10/1/2019		60		62
Orange County, Goshen Central School District GO, NATL-RE, 5.00%, 6/15/2019		1,000		1,016
Orchard Park Central School District GO, 4.00%, 4/1/2029		1,685		1,824
State of New York Series A, GO, 5.00%, 2/15/2027		5,000		5,033

				47,348

Hospital — 1.3%
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center Rev., NATL-RE, 5.75%, 7/1/2019		370		378

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Hospital — continued
Rev., NATL-RE, 5.50%, 7/1/2023		1,000		1,112
New York State Dormitory Authority, Mental Health Services, Facilities Improvement Series A-1, Rev., 5.38%, 2/15/2021		1,000		1,007
New York State Dormitory Authority, Mt. Sinai Hospital Obligated Group Series A, Rev., 5.00%, 7/1/2026		2,000		2,092

				4,589

Housing — 2.2%
New York City Transitional Finance Authority Building Aid, Fiscal Year 2019
Series S-2A, Rev., 5.00%, 7/15/2026		1,900		2,241
Series S-2A, Rev., 5.00%, 7/15/2034		2,000		2,302
Series S-3A, Rev., 5.00%, 7/15/2034		2,000		2,302
New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044		1,125		1,153

				7,998

Industrial Development Revenue/Pollution Control Revenue — 1.2%
New York City Industrial Development Agency, New York Stock Exchange Project Series A, Rev., 5.00%, 5/1/2023		4,290		4,343

Other Revenue — 26.1%
Hudson Yards Infrastructure Corp., Second Indenture
Series A, Rev., 5.00%, 2/15/2029		3,500		4,071
Series A, Rev., 5.00%, 2/15/2034		1,115		1,265
Series A, Rev., 5.00%, 2/15/2035		1,750		1,980
Series A, Rev., 5.00%, 2/15/2036		3,500		3,947
Nassau County Interim Finance Authority, Sales Tax Secured Series A, Rev., 5.00%, 11/15/2020		65		66
New York City Transitional Finance Authority Future Tax Secured
Rev., 5.00%, 8/1/2034		1,500		1,725
Rev., 5.00%, 8/1/2035		1,000		1,146
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009
Series S-5, Rev., 5.00%, 1/15/2019		4,875		4,892
Series S-4, Rev., 5.13%, 1/15/2019		1,500		1,506
Series S-3, Rev., 5.25%, 1/15/2019		2,800		2,811
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015 Series S-1, Rev., 5.00%, 7/15/2028		3,000		3,409
New York City Transitional Finance Authority, Future Tax Secured
Series D, Rev., 5.00%, 11/1/2025		2,570		2,679
Series E, Subseries E-1, Rev., 5.00%, 2/1/2034		2,260		2,571
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Series E, Subseries E-1, Rev., 5.00%, 2/1/2032		2,000		2,294
New York City Transitional Finance Authority, Future Tax Secured, Taxable Subordinate Series I, Subseries I-2, Rev., 5.00%, 11/1/2026		1,400		1,453
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt Multi-Modal Series B, Rev., 5.00%, 2/1/2027		2,500		2,656
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt Subordinate
Series D, Subseries D-1, Rev., 5.00%, 11/1/2026		1,000		1,082
Series D, Subseries D-1, Rev., 5.00%, 11/1/2027		1,000		1,082
New York City Transitional Finance Authority, Unrefunded Balance, Future Tax Secured Rev., 5.25%, 11/1/2019		210		213
New York Convention Center Development Corp., Capital Appreciation Subordinated Lien, Hotel Unit fee Secured
Series B, Rev., Zero Coupon, 11/15/2031		2,090		1,293
Series B, Rev., Zero Coupon, 11/15/2033		2,000		1,120
New York Convention Center Development Corporation, Hotel Unit fee Secured Rev., 5.00%, 11/15/2030		2,000		2,280
New York State Dormitory Authority, Court Facilities Series A, Rev., AMBAC, 5.50%, 5/15/2026		5,000		6,017

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Industrial Development Revenue/Pollution Control Revenue — continued
New York State Dormitory Authority, State Sales Tax
Series A, Rev., 5.00%, 3/15/2029		2,500		2,819
Series A, Rev., 5.00%, 3/15/2031		5,100		5,774
Series A, Rev., 5.00%, 3/15/2032		2,000		2,236
Series B, Rev., 5.00%, 3/15/2032		2,500		2,837
Series B, Rev., 5.00%, 3/15/2033		2,500		2,827
Series E, Rev., 5.00%, 3/15/2033		2,000		2,326
Series A, Rev., 5.00%, 3/15/2034		2,000		2,282
New York State Environmental Facilities Corp., Master Financing Program Series C, Rev., 5.00%, 10/15/2027		2,550		2,654
New York State Urban Development Corp., Service Contract Series D, Rev., 5.38%, 1/1/2021		1,500		1,504
Sales Tax Asset Receivable Corp. Series A, Rev., 5.00%, 10/15/2029		5,000		5,688
Sales Tax Asset Receivable Corp., Fiscal Year 2015 Series A, Rev., 5.00%, 10/15/2030		2,500		2,835
United Nations Development Corp., Senior Lien
Series A, Rev., 5.00%, 7/1/2022		2,000		2,031
Series A, Rev., 5.00%, 7/1/2023		1,000		1,015
Westchester Tobacco Asset Securitization Corp.
Series B, Rev., 5.00%, 6/1/2033		1,775		1,907
Series B, Rev., 5.00%, 6/1/2034		2,000		2,141

				92,434

Prerefunded — 8.9%
Long Island Power Authority, Electric System Series B, Rev., 5.63%, 4/1/2019(b)		2,000		2,025
Metropolitan Transportation Authority, Dedicated Tax Fund Series B, Rev., 5.25%, 11/15/2019(b)		3,000		3,097
Nassau County Interim Finance Authority, Sales Tax Secured Series A, Rev., 5.00%, 5/15/2019(b)		935		948
New York City Transitional Finance Authority, Future Tax Secured
Subseries A-1, Rev., 5.00%, 5/1/2019(b)		1,545		1,565
Rev., 5.25%, 5/1/2019(b)		15		15
Series D, Rev., 5.00%, 5/1/2020(b)		680		709
New York State Dormitory Authority, School Districts Financing Program
Rev., AGC, 5.00%, 10/1/2019(b)		85		87
Series A, Rev., AGC, 5.00%, 10/1/2019(b)		865		888
New York State Dormitory Authority, State Personal Income Tax
Series A, Rev., 5.25%, 2/15/2019(b)		3,820		3,845
Series B, Rev., 5.00%, 3/15/2019(b)		2,000		2,018
New York State Housing Finance Agency, State Personal Income Tax, Economic Development and Housing Series A, Rev., 5.00%, 3/15/2019(b)		6,890		6,954
New York State Thruway Authority, 2nd General Highway and Bridge Trust Fund
Series A-1, Rev., 5.00%, 4/1/2019(b)		3,000		3,031
Series A, Rev., 5.00%, 4/1/2020(b)		6,000		6,240

				31,422

Special Tax — 6.0%
New York State Dormitory Authority, State Personal Income Tax Series A, Rev., 5.25%, 2/15/2023		180		181
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series E, Rev., 5.00%, 2/15/2029		1,715		1,868
New York State Environmental Facilities Corp., State Personal Income Tax Series A, Rev., 5.00%, 12/15/2018		10		10
New York State Thruway Authority, State Personal Income Tax, Transportation Series A, Rev., 5.00%, 3/15/2028		2,000		2,101

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Special Tax — continued
New York State Urban Development Corp., State Personal Income Tax
Series A, Rev., 5.00%, 3/15/2027		2,500		2,823
Series A, Rev., 5.00%, 3/15/2031		3,000		3,356
Series A, Rev., 5.00%, 3/15/2032		2,500		2,830
New York State Urban Development Corp., State Personal Income Tax, State Facilities and Equipment
Series A-2, Rev., NATL-RE, 5.50%, 3/15/2023		2,000		2,270
Series A-2, Rev., NATL-RE, 5.50%, 3/15/2025		5,000		5,929

				21,368

Transportation — 17.5%
Metropolitan Transportation Authority, Dedicated Tax Fund
Series A, Rev., Zero Coupon, 11/15/2030		4,000		2,618
Series A, Rev., 5.25%, 11/15/2034		1,020		1,181
Metropolitan Transportation Authority, Dedicated Tax Fund, Green Bonds Series B-2, Rev., 5.25%, 11/15/2033		1,000		1,170
Metropolitan Transportation Authority, Transportation
Subseries C-1, Rev., 5.25%, 11/15/2030		1,500		1,699
Series B, Rev., 5.00%, 11/15/2031		2,000		2,216
Subseries D-1, Rev., 5.00%, 11/15/2031		2,000		2,226
Series A-1, Rev., 5.00%, 11/15/2032		2,000		2,226
Series A-1, Rev., 4.00%, 11/15/2033		2,000		2,054
Metropolitan Transportation Authority, Transportation, Green Bonds Series A-1, Rev., 5.00%, 11/15/2031		2,500		2,794
New York State Thruway Authority
Series K, Rev., 5.00%, 1/1/2028		1,000		1,139
Series K, Rev., 5.00%, 1/1/2030		2,500		2,822
Series L, Rev., 5.00%, 1/1/2032		2,250		2,586
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project
Rev., AMT, 5.00%, 1/1/2026		2,000		2,240
Rev., AMT, 5.00%, 1/1/2027		2,000		2,234
Port Authority of New York and New Jersey, Consolidated
Series 186, Rev., AMT, 5.00%, 10/15/2027		2,000		2,248
Series 185, Rev., AMT, 5.00%, 9/1/2028		1,000		1,119
Series 184, Rev., 5.00%, 9/1/2030		2,020		2,277
Series 185, Rev., AMT, 5.00%, 9/1/2030		2,000		2,222
Series 207, Rev., AMT, 5.00%, 9/15/2031		2,335		2,675
Rev., AMT, 5.00%, 9/1/2032		1,750		1,934
Series 207, Rev., AMT, 5.00%, 9/15/2032		3,000		3,419
Series 205, Rev., 5.00%, 11/15/2032		1,000		1,157
Triborough Bridge and Tunnel Authority Series B, Rev., 5.00%, 11/15/2029		1,600		1,950
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Series B, Rev., 5.00%, 11/15/2029		2,500		2,938
Series B, Rev., 5.00%, 11/15/2030		4,000		4,786
Series A, Rev., 5.00%, 11/15/2031		1,000		1,150
Series B, Rev., 5.00%, 11/15/2031		1,100		1,278
Series B, Rev., 5.00%, 11/15/2033		1,500		1,726
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Capital Appreciation Subseries A, Rev., Zero Coupon, 11/15/2032		3,000		1,808

				61,892

Utility — 6.2%
Long Island Power Authority, Electric System Series A, Rev., AGM, Zero Coupon, 6/1/2021		5,000		4,720
New York State Power Authority Series C, Rev., NATL-RE, 5.00%, 11/15/2020		2,500		2,506
Utility Debt Securitization Authority
Series TE, Rev., 5.00%, 12/15/2030		1,000		1,116
Rev., 5.00%, 12/15/2032		2,500		2,839
Series A, Rev., 5.00%, 12/15/2033		3,000		3,415
Series A, Rev., 5.00%, 12/15/2034		4,000		4,543

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Utility — continued
Series B, Rev., 5.00%, 12/15/2034		2,450		2,785

				21,924

Water & Sewer — 8.7%
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2010 Series FF, Rev., 5.00%, 6/15/2025		1,000		1,048
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2011 Series HH, Rev., 5.00%, 6/15/2026		6,600		7,105
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2012 Series EE, Rev., 5.00%, 6/15/2028		4,000		4,412
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015
Series EE, Rev., 5.00%, 6/15/2028		2,000		2,270
Series DD, Rev., 5.00%, 6/15/2029		2,000		2,264
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Second Resolution
Series B, Rev., 5.50%, 10/15/2025(b)		4,175		4,999
Series A, Rev., 5.00%, 6/15/2027		1,500		1,708
Series A, Rev., 5.00%, 6/15/2031		2,150		2,482
Series A, Rev., 5.00%, 6/15/2032		2,000		2,300
Series A, Rev., 5.00%, 6/15/2033		2,000		2,269

				30,857

Total New York				347,210

TOTAL MUNICIPAL BONDS (Cost $342,351)				347,210

	Shares (000)
SHORT-TERM INVESTMENTS — 0.7%
INVESTMENT COMPANIES — 0.7%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.60%(c)(d)(Cost $2,442)		2,442		2,442

Total Investments — 98.7% (Cost $344,793)				349,652
Other Assets Less Liabilities — 1.3%				4,587

Net Assets — 100.0%				354,239

Percentages indicated are based on net assets.

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations


AGC		Insured by Assured Guaranty Corp.
AGM		Insured by Assured Guaranty Municipal Corp.
AMBAC		Insured by American Municipal Bond Assurance Corp.
AMT		Alternative Minimum Tax
GO		General Obligation
IBC		Insured Bond Certificates
MTA		Metropolitan Transportation Authority
NATL		Insured by National Public Finance Guarantee Corp.
RE		Reinsured
Rev.		Revenue
(a)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)		Security is prerefunded or escrowed to maturity.
(c)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of November 30, 2018.

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

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.

•

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,442	$	347,210	$	—	$	349,652

(a)	All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments(a)	Principal Amount ($000)		Value ($000)
REPURCHASE AGREEMENTS — 30.5%
Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 2.29% - 2.30%, dated 11/30/2018, due 12/3/18, repurchase price $1,539,290. ^[1]		1,538,996		1,538,996
Barclays Capital, Inc., 2.38%, dated 11/30/2018, due 12/6/2018, repurchase price $190,075, collateralized by Asset-Backed Securities, 0.00% - 7.37%, due 1/25/2022 - 6/25/2048, Collateralized Mortgage Obligations, 0.27% - 8.06%, due 10/25/2021 - 2/25/2055, FHLMC, 4.71% - 9.47%, due 7/25/2023 - 10/26/2048, and FNMA Connecticut Avenue Securities, 6.47% - 8.07%, due 7/25/2029 - 1/27/2031, with a value of $206,780.		190,000		190,000
Barclays Capital, Inc., 2.65%, dated 11/30/2018, due 1/4/2019, repurchase price $401,030, collateralized by Asset-Backed Securities, 0.00% - 33.59%, due 3/15/2022 - 7/19/2117, Collateralized Mortgage Obligations, 0.00% - 31.35%, due 10/27/2025 - 5/17/2061, FHLMC, 4.00% - 10.07%, due 12/26/2029 - 8/25/2056, and FNMA Connecticut Avenue Securities, 5.87% - 7.82%, due 9/25/2029 - 3/25/2031, with a value of $434,588.		400,000		400,000
BMO Capital Markets Corp., 2.29%, dated 11/30/2018, due 12/3/2018, repurchase price $110,021, collateralized by Corporate Bonds, 3.35%, due 10/22/2022, FHLMC, 4.50%, due 11/1/2048, FNMA, 0.00% - 6.50%, due 12/1/2036 - 12/1/2048, and GNMA, 4.50% - 5.50%, due 6/20/2048 - 10/20/2068, with a value of $112,253.		110,000		110,000
BMO Capital Markets Corp., 2.29%, dated 11/30/2018, due 12/3/2018, repurchase price $340,065, collateralized by Asset-Backed Securities, 0.00% - 6.15%, due 5/20/2020 - 5/25/2066, Collateralized Mortgage Obligations, 0.00% - 3.81%, due 2/18/2030 - 8/12/2043, Corporate Bonds, 1.25% - 10.00%, due 5/30/2019 - 12/31/2099, Corporate Notes, 1.50% - 7.30%, due 1/15/2019 - 11/29/2023, and Sovereign Government Securities, 1.63% - 6.05%, due 12/3/2019 - 1/11/2040, with a value of $360,599.		340,000		340,000
BMO Capital Markets Corp., 2.35%, dated 11/30/2018, due 12/7/2018, repurchase price $370,169, collateralized by Asset-Backed Securities, 1.41% - 4.40%, due 7/10/2019 - 11/25/2065, Collateralized Mortgage Obligations, 3.81% - 4.87%, due 7/19/2034 - 2/18/2044, Corporate Bonds, 1.65% - 8.50%, due 5/15/2019 - 2/15/2049, Corporate Notes, 1.70% - 3.15%, due 2/22/2019 - 10/5/2023, FNMA, 2.10%, due 4/25/2025, and Sovereign Government Securities, 1.25% - 5.00%, due 9/20/2019 - 1/23/2046, with a value of $389,409.		370,000		370,000
BMO Capital Markets Corp., 2.40%, dated 11/30/2018, due 12/20/2018, repurchase price $25,033, collateralized by Asset-Backed Securities, 2.60% - 4.04%, due 6/25/2034 - 11/25/2036, Collateralized Mortgage Obligations, 3.99% - 4.87%, due 6/25/2035 - 2/18/2044, Corporate Bonds, 2.20% - 5.90%, due 2/12/2021 - 11/6/2028, Corporate Notes, 2.50%, due 1/8/2021, and FNMA, 2.10%, due 4/25/2025, with a value of $27,107.		25,000		25,000
BNP Paribas SA, 2.36%, dated 11/30/2018, due 12/4/2018, repurchase price $135,035, collateralized by Asset-Backed Securities, 2.83% - 5.01%, due 7/17/2023 - 3/25/2028, Corporate Bonds, 0.00% - 9.63%, due 4/15/2019 - 1/1/2049, FHLMC, 6.12%, due 3/25/2029, and FNMA Connecticut Avenue Securities, 4.92% - 6.82%, due 5/28/2024 - 3/25/2031, with a value of $145,745.		135,000		135,000

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
REPURCHASE AGREEMENTS — continued
BNP Paribas SA, 2.36%, dated 11/30/2018, due 12/6/2018, repurchase price $200,079, collateralized by Asset-Backed Securities, 0.00% - 3.55%, due 1/15/2021 - 12/15/2038, Collateralized Mortgage Obligations, 2.48% - 6.00%, due 6/25/2034 - 4/25/2057, Corporate Bonds, 0.00% - 8.75%, due 4/15/2019 - 1/1/2099, Corporate Notes, 3.80% - 4.25%, due 9/14/2023 - 4/1/2028, FHLMC, 4.00%, due 8/25/2056, FNMA Connecticut Avenue Securities, 4.32% - 8.32%, due 11/25/2024 - 4/25/2031 and U.S. Treasury Securities, 0.00% - 8.13%, due 4/30/2019 - 11/15/2047, with a value of $210,927.		200,000		200,000
Citigroup Global Markets Holdings, Inc., 2.75%, dated 11/30/2018, due 1/18/2019, repurchase price $238,589, collateralized by Asset-Backed Securities, 0.00% - 4.51%, due 7/20/2021 - 7/26/2066, Collateralized Mortgage Obligations, 0.06% - 4.51%, due 10/15/2032 - 6/25/2057, Corporate Bonds, 3.65% - 8.25%, due 11/15/2020 - 12/1/2048, and Municipal Debt Securities, 2.52% - 7.47%, due 3/26/2029 - 6/1/2047, with a value of $254,314.		237,700		237,700
Citigroup Global Markets Holdings, Inc., 3.34%, dated 11/30/2018, due 3/5/2019, repurchase price $229,200, collateralized by Asset-Backed Securities, 0.00% - 6.00%, due 12/15/2038 - 7/26/2045, Collateralized Mortgage Obligations, 3.00% - 5.06%, due 11/25/2028 - 11/25/2058, Corporate Bonds, 3.65% - 5.55%, due 11/30/2020 - 11/30/2048, FHLMC, 2.50% - 4.35%, due 9/25/2020 - 6/25/2057, FNMA, 7.00% - 10.00%, due 5/17/2024 - 10/25/2041, GNMA, 0.00% - 4.00%, due 11/20/2048 - 12/20/2063, and U.S. Treasury Securities, 2.38%, due 1/31/2023, with a value of $240,824.		227,200		227,200
Credit Suisse Securities USA LLC, 2.39%, dated 11/30/2018, due 12/6/2018, repurchase price $75,030, collateralized by Asset-Backed Securities, 0.30% - 4.79%, due 5/15/2024 - 9/25/2056, and Collateralized Mortgage Obligations, 0.00% - 6.00%, due 1/25/2035 - 5/25/2045, with a value of $81,176.		75,000		75,000
Fixed Income Clearing Corp., 2.28%, dated 11/30/2018, due 12/3/2018, repurchase price $1,500,285, collateralized by U.S. Treasury Securities, 0.13% - 2.88%, due 5/31/2020 - 11/15/2025, with a value of $1,530,000.		1,500,000		1,500,000
Fixed Income Clearing Corp., 2.28%, dated 11/30/2018, due 12/3/2018, repurchase price $2,000,380, collateralized by U.S. Treasury Securities, 1.63% - 3.63%, due 12/31/2019 - 5/15/2028, with a value of $2,040,000.		2,000,000		2,000,000
HSBC Securities USA, Inc., 2.45%, dated 11/30/2018, due 12/3/2018, repurchase price $106,022, collateralized by Corporate Bonds, 4.75% - 10.75%, due 2/15/2020 - 6/1/2027, and Municipal Debt Securities, 5.35%, due 8/1/2031, with a value of $114,503.		106,000		106,000
HSBC Securities USA, Inc., 2.30%, dated 11/30/2018, due 12/3/2018, repurchase price $245,047, collateralized by Asset-Backed Securities, 1.66% - 5.00%, due 6/21/2021 - 12/15/2027, Corporate Bonds, 3.40% - 4.75%, due 12/6/2027 - 10/7/2044, Corporate Notes, 3.25%, due 1/11/2028, and Municipal Debt Securities, 3.00% - 5.50%, due 8/1/2031 - 2/1/2037, with a value of $259,549.		245,000		245,000
HSBC Securities USA, Inc., 2.30%, dated 11/30/2018, due 12/3/2018, repurchase price $288,055, collateralized by Corporate Bonds, 2.13% - 8.75%, due 11/9/2020 - 1/1/2099,Corporate Notes, 2.25% - 8.13%, due 12/10/2018 - 11/17/2045, and Sovereign Government Securities, 2.50% - 7.13%, due 9/6/2023 - 4/23/2048, with a value of $302,495.		288,000		288,000

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
REPURCHASE AGREEMENTS — continued
ING Financial Markets LLC, 2.29%, dated 11/30/2018, due 12/3/2018, repurchase price $30,006, collateralized by Corporate Bonds, 3.90% - 5.55%, due 3/11/2024 - 8/15/2041, and Sovereign Government Securities, 5.50%, due 7/12/2020, with a value of $32,406.		30,000		30,000
ING Financial Markets LLC, 2.29%, dated 11/30/2018, due 12/3/2018, repurchase price $73,014, collateralized by Corporate Bonds, 2.25% - 5.32%, due 6/12/2020 - 2/1/2049, Corporate Notes, 2.65% - 3.13%, due 4/5/2020 - 6/24/2024, and Sovereign Government Securities, 5.50% - 5.75%, due 7/12/2020 - 9/26/2023, with a value of $76,936.		73,000		73,000
ING Financial Markets LLC, 2.30%, dated 11/30/2018, due 12/3/2018, repurchase price $200,038, collateralized by Corporate Bonds, 2.58% - 7.88%, due 6/11/2019 - 8/16/2077, Corporate Notes, 2.20% - 2.65%, due 7/23/2019 - 6/24/2024, and Sovereign Government Securities, 2.50% - 5.75%, due 11/15/2020 - 1/15/2045, with a value of $212,909.		200,000		200,000
ING Financial Markets LLC, 2.34%, dated 11/30/2018, due 12/3/2018, repurchase price $52,010, collateralized by Corporate Bonds, 2.58% - 8.50%, due 7/1/2020 - 2/1/2044, Corporate Notes, 1.90% - 3.88%, due 9/21/2020 - 4/8/2021, and Sovereign Government Securities, 5.50%, due 7/12/2020, with a value of $55,013.		52,000		52,000
ING Financial Markets LLC, 2.35%, dated 11/30/2018, due 12/3/2018, repurchase price $150,029, collateralized by Corporate Bonds, 1.25% - 8.50%, due 5/15/2019 - 3/15/2077, Corporate Notes, 1.90% - 3.50%, due 9/15/2019 - 2/15/2028, and Sovereign Government Securities, 4.00% - 5.50%, due 7/12/2020 - 1/15/2045, with a value of $157,925.		150,000		150,000
ING Financial Markets LLC, 2.39%, dated 11/30/2018, due 12/3/2018, repurchase price $70,014, collateralized by Corporate Bonds, 5.17% - 5.75%, due 7/16/2020 - 8/1/2044, FHLMC, 2.40% - 4.43%, due 8/1/2037 - 5/1/2047, and FNMA, 3.67% - 3.85%, due 8/1/2028 - 9/1/2028, with a value of $72,781.		70,000		70,000
ING Financial Markets LLC, 2.39%, dated 11/30/2018, due 12/3/2018, repurchase price $134,027, collateralized by Corporate Bonds, 1.25% - 5.75%, due 5/15/2019 - 2/19/2046, Corporate Notes, 2.40% - 4.25%, due 9/15/2019 - 2/15/2028, and FHLMC, 2.64% - 4.50%, due 11/1/2039 - 7/1/2046, with a value of $141,477.		134,000		134,000
ING Financial Markets LLC, 2.30%, dated 11/30/2018, due 12/4/2018, repurchase price $200,051, collateralized by Corporate Bonds, 2.58% - 7.88%, due 6/11/2019 - 8/16/2077, Corporate Notes, 2.20% - 2.65%, due 7/23/2019 - 6/24/2024, and Sovereign Government Securities, 2.50% - 5.75%, due 11/15/2020 - 1/15/2045, with a value of $212,909.		200,000		200,000
ING Financial Markets LLC, 2.35%, dated 11/30/2018, due 12/4/2018, repurchase price $150,039, collateralized by Corporate Bonds, 1.25% - 8.50%, due 5/15/2019 - 3/15/2077, Corporate Notes, 1.90% - 3.50%, due 9/15/2019 - 2/15/2028, GNMA, 3.65%, due 11/1/2024, and Sovereign Government Securities, 4.00% - 5.50%, due 7/12/2020 - 1/15/2045, with a value of $157,925.		150,000		150,000
Merrill Lynch PFS, Inc., 2.39%, dated 11/30/2018, due 12/3/2018, repurchase price $175,035, collateralized by Asset-Backed Securities, 2.91% - 3.53%, due 5/20/2024 - 2/15/2051, and Collateralized Mortgage Obligations, 2.93% - 5.50%, due 6/6/2031 - 5/10/2058, with a value of $187,484.		175,000		175,000
Merrill Lynch PFS, Inc., 2.44%, dated 11/30/2018, due 12/3/2018, repurchase price $400,081, collateralized by Corporate Bonds, 0.00% - 13.70%, due 12/1/2018 - 12/31/2099, Corporate Notes, 3.37% - 8.63%, due 5/7/2021 - 7/15/2041, and GNMA, 6.50%, due 2/1/2024, with a value of $426,217.		400,000		400,000

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
REPURCHASE AGREEMENTS — continued
Merrill Lynch PFS, Inc., 2.60%, dated 11/30/2018, due 1/3/2019, repurchase price $280,688, collateralized by Asset-Backed Securities, 1.40% - 4.03%, due 11/15/2021 - 2/25/2070, and Collateralized Mortgage Obligations, 0.56% - 5.07%, due 8/12/2030 - 9/17/2060, with a value of $299,329.		280,000		280,000
Merrill Lynch PFS, Inc., 2.65%, dated 11/30/2018, due 1/3/2019, repurchase price $272,681, collateralized by Asset-Backed Securities, 0.00% - 12.00%, due 12/15/2018 - 5/28/2069, Collateralized Mortgage Obligations, 0.00% - 25.69%, due 12/25/2018 - 11/15/2061, Commercial Paper, 0.00%, due 12/17/2018 - 3/8/2019, and Corporate Bonds, 0.00% - 12.00%, due 10/15/2021 - 11/18/2048, with a value of $293,995.		272,000		272,000
Societe Generale SA, 2.32%, dated 11/30/2018, due 12/3/2018, repurchase price $375,073, collateralized by Corporate Bonds, 1.63% - 6.63%, due 3/16/2020 - 12/31/2099, Corporate Notes, 0.00% - 5.38%, due 11/19/2019 - 11/20/2048, Sovereign Government Securities, 3.30% - 6.75%, due 2/7/2022 - 3/1/2041, and U.S. Treasury Securities, 1.63% - 6.25%, due 7/31/2019 - 8/15/2023, with a value of $393,644.		375,000		375,000
Societe Generale SA, 2.42%, dated 11/30/2018, due 12/3/2018, repurchase price $680,137, collateralized by Corporate Bonds, 3.38% - 11.25%, due 10/7/2019 - 12/31/2099,Corporate Notes, 0.00% - 8.00%, due 11/19/2019 - 1/11/2028, and Sovereign Government Securities, 0.00% - 7.50%, due 11/7/2019 - 2/17/2045, with a value of $733,998.		680,000		680,000
Societe Generale SA, 2.47%, dated 11/30/2018, due 12/4/2018, repurchase price $865,237, collateralized by Corporate Bonds, 1.70% - 12.75%, due 1/24/2019 - 6/5/2115, Corporate Notes, 3.30% - 9.38%, due 1/14/2020 - 8/1/2033, and Sovereign Government Securities, 4.88% - 10.13%, due 10/14/2019 - 5/11/2047, with a value of $931,893.		865,000		865,000
UBS AG, 2.40%, dated 11/30/2018, due 12/7/2018, repurchase price $300,140, collateralized by Asset-Backed Securities, 4.75%, due 10/11/2023, Corporate Bonds, 2.20% - 9.00%, due 2/10/2020 - 1/24/2077, Corporate Notes, 2.15% - 4.63%, due 12/19/2018 - 5/1/2042, and Sovereign Government Securities, 0.00%, due 6/29/2037, with a value of $315,000.		300,000		300,000
Wells Fargo Securities LLC, 2.34%, dated 11/30/2018, due 12/6/2018, repurchase price $200,078, collateralized by Commercial Paper, 0.00%, due 12/3/2018 - 12/5/2018, with a value of $210,096.		200,000		200,000
Wells Fargo Securities LLC, 2.34%, dated 11/30/2018, due 12/7/2018, repurchase price $230,105, collateralized by Commercial Paper, 0.00%, due 12/5/2018 - 12/14/2018, with a value of $241,610.		230,000		230,000
Wells Fargo Securities LLC, 2.34%, dated 11/30/2018, due 12/6/2018, repurchase price $531,207, collateralized by Commercial Paper, 0.00%, due 12/3/2018 - 1/8/2019,Corporate Bonds, 3.95% - 4.25%, due 10/31/2026 - 4/15/2045, and Corporate Notes, 1.63% - 7.30%, due 1/14/2019 - 9/15/2046, with a value of $557,804.		531,000		531,000

TOTAL REPURCHASE AGREEMENTS (Cost 13,354,896)				13,354,896

MUNICIPAL BONDS — 0.3%
Alaska — 0.2%
Alaska Housing Finance Corp., State Capital Project Series A, Rev., VRDO, 2.26%, 12/7/2018(b)		90,000		90,000

California — 0.1%
City and County of San Francisco, Multifamily Housing, Taxable, Transbay Block 8 Tower Apartments
Series H-4, Rev., VRDO, LOC: Bank of China, 2.33%, 12/7/2018(b)		24,190		24,190
Series H-3, Rev., VRDO, LOC: Bank of China, 2.35%, 12/7/2018(b)		15,190		15,190

				39,380

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
New York — 0.0%(c)
New York State Housing Finance Agency, 572 11th Avenue Housing Series A, Rev., VRDO, LOC: Bank of China, 2.45%, 12/3/2018(b)		18,350		18,350

TOTAL MUNICIPAL BONDS (Cost $147,730)				147,730

SHORT-TERM INVESTMENTS — 69.1%
CERTIFICATES OF DEPOSIT — 34.3%
Banco Del Estado De Chile (Chile) 2.40%, 12/28/2018		75,000		75,005
Bank of Montreal (Canada)
(ICE LIBOR USD 3 Month + 0.08%), 2.41%, 12/7/2018(d)		150,000		149,940
2.38%, 12/26/2018		80,002		80,002
2.63%, 2/5/2019		100,000		100,007
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 1 Month + 0.23%), 2.53%, 12/4/2018(d)		75,000		74,972
(ICE LIBOR USD 1 Month + 0.32%), 2.62%, 12/19/2018(d)		97,000		97,030
(ICE LIBOR USD 1 Month + 0.27%), 2.58%, 8/2/2019(d)		75,000		75,000
BNP Paribas SA (France)
(ICE LIBOR USD 3 Month + 0.25%), 2.62%, 12/21/2018(d)		137,000		137,018
(ICE LIBOR USD 3 Month + 0.25%), 2.63%, 12/27/2018(d)		100,000		100,018
(ICE LIBOR USD 3 Month + 0.02%), 2.61%, 2/6/2019(d)		109,000		108,989
(ICE LIBOR USD 1 Month + 0.18%), 2.50%, 4/9/2019(d)		39,998		39,998
(ICE LIBOR USD 1 Month + 0.30%), 2.61%, 5/16/2019(d)		80,000		80,000
Canadian Imperial Bank of Commerce (Canada)
(ICE LIBOR USD 1 Month + 0.20%), 2.50%, 12/4/2018(d)		150,000		149,987
Chiba Bank Ltd.
2.78%, 2/14/2019		30,001		30,001
2.78%, 2/19/2019		38,000		38,000
China Construction Bank Corp. (China) 2.50%, 12/3/2018		70,002		70,002
2.50%, 12/11/2018		110,000		110,007
2.50%, 12/14/2018		40,000		40,003
2.50%, 12/18/2018		100,000		100,008
2.50%, 12/19/2018		100,000		100,008
2.53%, 12/21/2018		125,000		125,013
2.53%, 12/27/2018		45,000		45,005
2.80%, 2/15/2019		80,000		80,003
2.95%, 2/28/2019		50,000		50,006
Commonwealth Bank of Australia (Australia)
(ICE LIBOR USD 1 Month + 0.22%), 2.54%, 12/6/2018(d)		50,000		50,000
(ICE LIBOR USD 3 Month + 0.21%), 2.72%, 1/28/2019(d)		125,000		125,027
(ICE LIBOR USD 3 Month + 0.25%), 2.65%, 4/3/2019(d)		50,000		50,020
Cooperatieve Rabobank UA (Netherlands)
(ICE LIBOR USD 3 Month + 0.07%), 2.42%, 12/21/2018(d)		219,000		218,905
(ICE LIBOR USD 1 Month + 0.22%), 2.53%, 12/27/2018(d)		200,000		200,000
(ICE LIBOR USD 3 Month + 0.08%), 2.67%, 2/6/2019(d)		200,000		199,985
2.91%, 5/20/2019(e)		150,000		148,020
Credit Agricole Corporate and Investment Bank (France) 2.45%, 1/25/2019		65,000		65,007
Credit Industriel et Commercial (France)
(ICE LIBOR USD 1 Month + 0.29%), 2.59%, 12/3/2018(d)		46,000		46,021
(ICE LIBOR USD 1 Month + 0.30%), 2.62%, 12/8/2018(d)		200,000		200,053
(ICE LIBOR USD 1 Month + 0.30%), 2.61%, 12/16/2018(d)		450,000		450,196
(ICE LIBOR USD 1 Month + 0.32%), 2.66%, 12/30/2018(d)		100,000		99,993
2.52%, 1/28/2019(e)		300,000		298,904
2.50%, 2/11/2019(e)		120,000		119,431
(ICE LIBOR USD 3 Month + 0.07%), 2.75%, 2/23/2019(d)		50,000		50,004

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — continued
CERTIFICATES OF DEPOSIT — continued
Dexia Credit Local SA (France) (ICE LIBOR USD 1 Month + 0.18%), 2.49%, 12/10/2018(d)		29,998		29,998
DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.07%), 2.46%, 12/31/2018(d)		244,000		243,930
Erste Group Bank AG (Austria) 2.43%, 1/4/2019		250,000		250,014
Industrial & Commercial Bank of China Ltd. (China) 2.50%, 12/7/2018		233,000		233,010
2.85%, 2/22/2019		22,999		22,999
2.93%, 3/1/2019		190,500		190,504
2.95%, 3/1/2019		180,000		180,013
ING Bank NV (Netherlands) 2.50%, 12/27/2018		155,000		155,000
(ICE LIBOR USD 3 Month + 0.20%), 2.61%, 1/4/2019(d)		200,000		200,000
2.51%, 1/31/2019		270,000		270,000
(ICE LIBOR USD 3 Month + 0.11%), 2.71%, 2/9/2019(d)		200,000		200,000
(ICE LIBOR USD 3 Month + 0.12%), 2.77%, 2/21/2019(d)		150,000		150,000
Landesbank Hessen-Thueringen 2.22%, 12/6/2018		350,000		350,000
Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.62%, 12/7/2018		140,000		140,010
(ICE LIBOR USD 1 Month + 0.19%), 2.51%, 12/9/2018(d)		195,000		195,033
(ICE LIBOR USD 1 Month + 0.30%), 2.61%, 12/16/2018(d)		75,000		75,029
(ICE LIBOR USD 1 Month + 0.30%), 2.61%, 12/16/2018(d)		150,000		150,000
(ICE LIBOR USD 1 Month + 0.23%), 2.55%, 12/22/2018(d)		50,000		50,015
2.49%, 1/22/2019(e)		140,000		139,487
Mizuho Bank Ltd. (Japan)
(ICE LIBOR USD 1 Month + 0.20%), 2.52%, 12/9/2018(d)		190,000		190,039
(ICE LIBOR USD 1 Month + 0.20%), 2.51%, 12/13/2018(d)		50,000		50,004
(ICE LIBOR USD 1 Month + 0.19%), 2.49%, 12/19/2018(d)		40,000		40,003
(ICE LIBOR USD 1 Month + 0.19%), 2.50%, 12/25/2018(d)		200,000		200,008
(ICE LIBOR USD 1 Month + 0.20%), 2.52%, 12/28/2018(d)		384,999		384,999
(ICE LIBOR USD 1 Month + 0.19%), 2.53%, 12/28/2018(d)		49,502		49,502
MUFG Bank Ltd. (Japan) (ICE LIBOR USD 1 Month + 0.30%), 2.61%, 12/17/2018(d)		150,000		150,000
Natixis SA (France)
(ICE LIBOR USD 1 Month + 0.25%), 2.56%, 12/10/2018(d)		200,000		200,018
(ICE LIBOR USD 1 Month + 0.22%), 2.52%, 12/21/2018(d)		250,000		250,037
2.50%, 2/7/2019		120,000		119,990
(ICE LIBOR USD 3 Month + 0.10%), 2.74%, 2/19/2019(d)		100,000		99,977
(ICE LIBOR USD 3 Month + 0.18%), 2.85%, 3/6/2019(d)		109,998		109,998
Nordea Bank AB (Finland)
(ICE LIBOR USD 1 Month + 0.17%), 2.48%, 12/15/2018(d)		100,000		99,951
Oversea-Chinese Banking Corp. Ltd. (Singapore)
(ICE LIBOR USD 1 Month + 0.21%), 2.52%, 12/24/2018(d)		100,000		99,977
Royal Bank of Canada (Canada)
(ICE LIBOR USD 1 Month + 0.23%), 2.55%, 12/23/2018(d)		75,000		75,004
(ICE LIBOR USD 1 Month + 0.25%), 2.56%, 12/24/2018(d)		30,000		29,995
(ICE LIBOR USD 1 Month + 0.23%), 2.54%, 12/28/2018(d)		10,000		9,997
(ICE LIBOR USD 3 Month + 0.08%), 2.64%, 2/2/2019(d)		145,000		144,913

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — continued
CERTIFICATES OF DEPOSIT — continued
Skandinaviska Enskilda Banken AB (Sweden)
(ICE LIBOR USD 1 Month + 0.28%), 2.60%, 12/7/2018(d)		70,000		70,005
(ICE LIBOR USD 1 Month + 0.14%), 2.45%, 12/10/2018(d)		75,000		74,984
(ICE LIBOR USD 1 Month + 0.19%), 2.49%, 12/19/2018(d)		80,000		79,994
Societe Generale SA (France)
(ICE LIBOR USD 3 Month + 0.16%), 2.64%, 1/23/2019(d)		29,999		29,999
2.46%, 1/31/2019		100,000		99,993
Standard Chartered Bank (United Kingdom)
(ICE LIBOR USD 1 Month + 0.20%), 2.51%, 12/24/2018(d)		124,500		124,509
2.48%, 1/25/2019		200,000		200,003
(ICE LIBOR USD 3 Month + 0.05%), 2.74%, 2/25/2019(d)		14,999		14,999
(ICE LIBOR USD 3 Month + 0.08%), 2.79%, 2/28/2019(d)		135,000		135,000
State Street Bank and Trust Co. (ICE LIBOR USD 1 Month + 0.25%), 2.57%, 4/23/2019(d)		120,000		119,995
Sumitomo Mitsui Banking Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.20%), 2.51%, 12/3/2018(d)		170,000		169,987
(ICE LIBOR USD 1 Month + 0.23%), 2.54%, 12/4/2018(d)		100,000		100,026
(ICE LIBOR USD 1 Month + 0.31%), 2.63%, 12/7/2018(d)		150,000		150,011
(ICE LIBOR USD 1 Month + 0.18%), 2.50%, 12/10/2018(d)		100,000		100,015
(ICE LIBOR USD 1 Month + 0.26%), 2.57%, 12/16/2018(d)		50,000		50,015
(ICE LIBOR USD 1 Month + 0.22%), 2.54%, 12/23/2018(d)		100,000		100,014
(ICE LIBOR USD 1 Month + 0.21%), 2.53%, 12/28/2018(d)		150,000		150,017
(ICE LIBOR USD 1 Month + 0.22%), 2.53%, 12/28/2018(d)		200,000		200,026
(ICE LIBOR USD 1 Month + 0.20%), 2.54%, 12/28/2018(d)		150,000		149,989
(ICE LIBOR USD 3 Month + 0.15%), 2.62%, 1/23/2019(d)		49,998		49,998
Sumitomo Mitsui Trust Bank Ltd. (Japan)
(ICE LIBOR USD 1 Month + 0.25%), 2.56%, 12/4/2018(d)		100,000		100,004
(ICE LIBOR USD 1 Month + 0.27%), 2.59%, 12/23/2018(d)		65,000		64,997
(ICE LIBOR USD 1 Month + 0.16%), 2.47%, 12/24/2018(d)		92,000		92,011
(ICE LIBOR USD 1 Month + 0.24%), 2.58%, 12/30/2018(d)		100,000		99,997
2.47%, 1/28/2019(e)		20,000		19,917
2.64%, 2/1/2019(e)		50,000		49,775

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — continued
CERTIFICATES OF DEPOSIT — continued
Svenska Handelsbanken AB (Sweden)
(ICE LIBOR USD 1 Month + 0.16%), 2.48%, 12/8/2018(d)		100,000		100,009
(ICE LIBOR USD 1 Month + 0.17%), 2.48%, 12/15/2018(d)		75,000		74,945
(ICE LIBOR USD 1 Month + 0.27%), 2.58%, 12/15/2018(d)		325,000		325,133
(ICE LIBOR USD 1 Month + 0.22%), 2.52%, 12/18/2018(d)		200,000		199,987
(ICE LIBOR USD 1 Month + 0.21%), 2.53%, 12/23/2018(d)		135,000		134,997
(ICE LIBOR USD 3 Month + 0.07%), 2.46%, 12/28/2018(d)		100,000		99,960
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 3 Month + 0.11%), 2.43%, 12/6/2018(d)		125,000		124,916
(ICE LIBOR USD 1 Month + 0.23%), 2.55%, 12/9/2018(d)		60,000		59,950
(ICE LIBOR USD 3 Month + 0.12%), 2.51%, 12/27/2018(d)		100,000		99,935
Wells Fargo Bank N.A. (SOFRRATE + 0.35%), 2.59%, 12/3/2018(d)		84,250		84,163
Wells Fargo Bank NA
(ICE LIBOR USD 1 Month + 0.37%), 2.69%, 12/6/2018(d)		200,000		200,000
(ICE LIBOR USD 1 Month + 0.35%), 2.66%, 12/11/2018(d)		100,000		100,052
(ICE LIBOR USD 1 Month + 0.25%), 2.57%, 12/22/2018(d)		250,000		250,083
(ICE LIBOR USD 1 Month + 0.28%), 2.59%, 12/28/2018(d)		375,000		375,016
(ICE LIBOR USD 1 Month + 0.27%), 2.61%, 12/28/2018(d)		195,000		195,079
Westpac Banking Corp. (Australia) (ICE LIBOR USD 1 Month + 0.23%), 2.53%, 12/20/2018(d)		100,000		100,030

TOTAL CERTIFICATES OF DEPOSIT (Cost $15,027,101)				15,027,577

COMMERCIAL PAPER — 22.7%
ABN AMRO Funding USA LLC (Netherlands) 2.36%, 1/7/2019(e)(f)		48,500		48,375
Alpine Securitization Ltd. (Switzerland)
(ICE LIBOR USD 1 Month + 0.21%), 2.53%, 12/10/2018(d)(f)		25,000		25,005
2.50%, 1/22/2019(f)		102,000		102,000
2.57%, 2/15/2019(e)(f)		126,300		125,571
Antalis SA (Jersey) 2.49%, 1/17/2019(e)(f)		35,970		35,851
Atlantic Asset Securitization LLC
(ICE LIBOR USD 1 Month + 0.18%), 2.50%, 12/6/2018(d)(f)		20,000		20,000
Australia & New Zealand Banking Group Ltd. (Australia)
(ICE LIBOR USD 3 Month + 0.21%), 2.72%, 1/28/2019(d)		175,000		175,046
(ICE LIBOR USD 3 Month + 0.19%), 2.87%, 2/26/2019(d)(f)		99,999		99,999
Bank of China Ltd. (China) 2.69%, 1/22/2019(e)		250,000		249,050
2.70%, 1/22/2019(e)(f)		45,000		44,829
2.69%, 1/25/2019(e)		25,000		24,899
2.78%, 2/4/2019(e)		200,000		199,015
2.96%, 3/1/2019(e)(f)		166,000		164,794
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 1 Month + 0.22%), 2.54%, 12/9/2018(d)(f)		90,000		89,933
(ICE LIBOR USD 3 Month + 0.07%), 2.41%, 12/14/2018(d)(f)		60,000		60,000
(ICE LIBOR USD 1 Month + 0.30%), 2.60%, 12/19/2018(d)(f)		165,000		165,027
(ICE LIBOR USD 3 Month + 0.11%), 2.50%, 12/27/2018(d)(f)		150,000		149,891
(ICE LIBOR USD 3 Month + 0.08%), 2.67%, 2/8/2019(d)(f)		65,000		64,952
Barton Capital LLC 2.53%, 1/24/2019(e)(f)		28,200		28,091

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — continued
COMMERCIAL PAPER — continued
Bedford Row Funding Corp.
(ICE LIBOR USD 1 Month + 0.46%), 2.77%, 12/4/2018(d)(f)		50,000		50,046
(ICE LIBOR USD 1 Month + 0.26%), 2.58%, 12/8/2018(d)(f)		100,000		100,031
(ICE LIBOR USD 1 Month + 0.29%), 2.61%, 12/8/2018(d)(f)		20,000		20,009
(ICE LIBOR USD 1 Month + 0.34%), 2.66%, 12/10/2018(d)(f)		103,000		103,044
(ICE LIBOR USD 1 Month + 0.27%), 2.58%, 12/26/2018(d)(f)		69,000		69,026
(ICE LIBOR USD 3 Month + 0.11%), 2.80%, 2/26/2019(d)(f)		35,000		34,982
BNG Bank NV (Netherlands) 2.21%, 12/6/2018(e)(f)		100,000		99,963
Caisse des Depots et Consignations (France) 2.60%, 4/3/2019(e)(f)		500,000		495,662
Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 1 Month + 0.33%), 2.65%, 12/3/2018(d)(f)		100,000		100,030
Cedar Springs Capital Company LLC 2.25%, 12/3/2018(e)		48,300		48,291
China Construction Bank Corp. (China) 2.57%, 1/10/2019(e)(f)		125,000		124,648
Commonwealth Bank of Australia (Australia)
(ICE LIBOR USD 1 Month + 0.23%), 2.55%, 12/7/2018(d)(f)		50,000		50,003
(ICE LIBOR USD 1 Month + 0.21%), 2.52%, 12/16/2018(d)(f)		29,000		28,973
(ICE LIBOR USD 1 Month + 0.28%), 2.58%, 12/19/2018(d)(f)		160,000		159,924
(ICE LIBOR USD 1 Month + 0.26%), 2.56%, 12/21/2018(d)(f)		125,000		125,021
Cooperative Centrale (ICE LIBOR USD 3 Month + 0.06%), 2.75%, 2/26/2019(d)		35,000		34,985
DBS Bank Ltd. (Singapore) 2.45%, 1/23/2019(e)(f)		85,000		84,685
Erste Abwicklungsanstalt (Germany) 2.60%, 1/31/2019(e)(f)		150,000		149,353
Fairway Finance Co. LLC (ICE LIBOR USD 1 Month + 0.18%), 2.49%, 12/9/2018(d)(f)		20,000		19,995
First Abu Dhabi Bank PJSC (United Arab Emirates) 2.45%, 1/7/2019(e)(f)		122,000		121,684
2.56%, 1/18/2019(e)(f)		180,000		179,385
2.69%, 2/4/2019(e)(f)		100,000		99,516
Gotham Funding Corp.
2.30%, 12/6/2018(e)(f)		39,197		39,182
2.30%, 12/10/2018(e)(f)		50,000		49,969
HSBC Bank plc (United Kingdom)
(ICE LIBOR USD 1 Month + 0.19%), 2.51%, 12/9/2018(d)(f)		100,000		99,910
(ICE LIBOR USD 1 Month + 0.20%), 2.51%, 12/13/2018(d)(f)		113,000		112,902
(ICE LIBOR USD 1 Month + 0.30%), 2.60%, 12/19/2018(d)(f)		100,000		99,972
(ICE LIBOR USD 3 Month + 0.17%), 2.57%, 1/3/2019(d)(f)		210,000		210,022
ING US Funding LLC (Netherlands)
(ICE LIBOR USD 3 Month + 0.08%), 2.40%, 12/3/2018(d)		50,000		49,988
(ICE LIBOR USD 1 Month + 0.30%), 2.61%, 12/16/2018(d)		90,000		90,039
Kells Funding LLC 2.62%, 4/1/2019(e)(f)		150,000		148,560
LMA-Americas LLC
2.56%, 2/15/2019(e)(f)		25,000		24,855
2.94%, 5/9/2019(e)		125,000		123,398
Macquarie Bank Ltd. (Australia) 2.70%, 2/7/2019(e)(f)		71,325		70,963
National Australia Bank Ltd. (Australia)
(ICE LIBOR USD 1 Month + 0.31%), 2.63%, 12/11/2018(d)(f)		80,000		80,022
(ICE LIBOR USD 1 Month + 0.17%), 2.48%, 12/15/2018(d)(f)		100,000		99,940
(ICE LIBOR USD 1 Month + 0.23%), 2.54%, 12/28/2018(d)(f)		75,000		74,979
Natixis SA (France)
(ICE LIBOR USD 1 Month + 0.36%), 2.67%, 12/15/2018(d)		73,000		73,044
(ICE LIBOR USD 1 Month + 0.30%), 2.60%, 12/21/2018(d)		125,000		125,024
Nestle Capital Corp. (Switzerland) 2.40%, 12/19/2018(e)(f)		125,000		124,851

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — continued
COMMERCIAL PAPER — continued
Old Line Funding LLC
(ICE LIBOR USD 1 Month + 0.30%), 2.59%, 12/6/2018(d)(f)		150,000		150,000
(ICE LIBOR USD 1 Month + 0.15%), 2.47%, 12/11/2018(d)(f)		100,000		100,004
(ICE LIBOR USD 1 Month + 0.17%), 2.48%, 12/16/2018(d)(f)		155,000		155,000
Oversea-Chinese Banking Corp. Ltd. (Singapore)
(ICE LIBOR USD 1 Month + 0.25%), 2.57%, 12/9/2018(d)(f)		150,000		150,031
2.44%, 1/23/2019(e)(f)		65,000		64,768
Royal Bank of Canada (Canada) 2.41%, 1/4/2019(e)		100,000		99,767
Standard Chartered Bank (United Kingdom) 2.46%, 1/25/2019(e)(f)		15,000		14,943
Starbird Funding Corp. 2.94%, 5/9/2019(e)(f)		110,000		108,590
Sumitomo Mitsui Trust Bank Ltd. (Japan) 2.30%, 12/4/2018(e)		25,000		24,994
Swedbank AB (Sweden)
2.47%, 2/4/2019(e)		85,000		84,615
2.47%, 2/5/2019(e)		40,000		39,816
2.47%, 2/7/2019(e)		50,000		49,762
2.47%, 2/8/2019(e)		50,000		49,758
Thunder Bay Funding LLC
(ICE LIBOR USD 1 Month + 0.20%), 2.51%, 12/3/2018(d)(f)		250,000		249,909
(ICE LIBOR USD 1 Month + 0.30%), 2.61%, 12/16/2018(d)(f)		90,000		90,032
(ICE LIBOR USD 1 Month + 0.17%), 2.48%, 12/22/2018(d)(f)		70,000		70,000
(ICE LIBOR USD 1 Month + 0.24%), 2.55%, 12/27/2018(d)(f)		150,000		150,000
2.59%, 3/22/2019(e)(f)		39,500		39,160
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 1 Month + 0.27%), 2.59%, 12/8/2018(d)		150,000		150,047
(ICE LIBOR USD 1 Month + 0.37%), 2.69%, 12/11/2018(d)(f)		200,000		200,059
(ICE LIBOR USD 1 Month + 0.27%), 2.58%, 12/14/2018(d)(f)		200,000		200,066
(ICE LIBOR USD 1 Month + 0.21%), 2.52%, 12/15/2018(d)(f)		60,000		59,948
(ICE LIBOR USD 1 Month + 0.37%), 2.67%, 12/20/2018(d)(f)		200,000		199,975
(ICE LIBOR USD 1 Month + 0.25%), 2.56%, 12/22/2018(d)(f)		240,000		240,065
(ICE LIBOR USD 3 Month + 0.27%), 2.64%, 12/26/2018(d)(f)		130,000		130,076
(ICE LIBOR USD 3 Month + 0.07%), 2.63%, 2/2/2019(d)(f)		175,000		174,860
(ICE LIBOR USD 3 Month + 0.06%), 2.75%, 2/26/2019(d)(f)		130,000		129,939
Toyota Credit Canada, Inc. (Canada) 2.56%, 12/16/2018		50,000		50,014
Toyota Motor Corp. (Japan) (ICE LIBOR USD 1 Month + 0.23%), 2.54%, 12/28/2018(d)		70,000		70,006
Toyota Motor Credit Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.23%), 2.54%, 12/28/2018(d)		135,000		135,012
(ICE LIBOR USD 3 Month + 0.08%), 2.64%, 2/2/2019(d)		35,000		35,000
Toyota Motor Finance Netherlands BV (Japan) (ICE LIBOR USD 1 Month + 0.30%), 2.64%, 12/31/2018(d)		30,000		30,000
UBS AG (Switzerland)
(ICE LIBOR USD 1 Month + 0.30%), 2.61%, 12/16/2018(d)(f)		100,000		100,016
(ICE LIBOR USD 1 Month + 0.30%), 2.60%, 12/21/2018(d)(f)		90,000		90,018
(ICE LIBOR USD 3 Month + 0.09%), 2.72%, 2/16/2019(d)(f)		135,000		134,963
United Overseas Bank Ltd. (Singapore) 2.91%, 5/21/2019(e)		50,000		49,329

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — continued
COMMERCIAL PAPER — continued
Versailles Commercial Paper LLC 2.42%, 1/7/2019(e)(f)		40,000		39,897
Westpac Banking Corp. (Australia)
(ICE LIBOR USD 1 Month + 0.23%), 2.54%, 12/14/2018(d)(f)		100,000		100,029
(ICE LIBOR USD 3 Month + 0.10%), 2.47%, 12/20/2018(d)(f)		100,000		99,960

TOTAL COMMERCIAL PAPER (Cost $9,979,998)				9,979,632

TIME DEPOSITS — 12.1%
Australia & New Zealand Banking Group Ltd.
2.25%, 12/3/2018		500,000		500,000
2.25%, 12/6/2018		475,000		475,000
2.25%, 12/7/2018		800,000		800,000
Chiba Bank Ltd. 2.19%, 12/3/2018		100,000		100,000
China Construction Bank Corp. 2.19%, 12/3/2018		510,000		510,000
Citibank NA 2.22%, 12/6/2018		800,000		800,000
Credit Agricole Corporate and Investment Bank 2.19%, 12/3/2018		500,000		500,000
Industrial & Commercial Bank of China Ltd.
2.19%, 12/3/2018		250,000		250,000
2.19%, 12/3/2018		350,000		350,000
KBC Bank NV 2.19%, 12/3/2018		500,000		500,000
Mizuho Bank Ltd. 2.23%, 12/3/2018		250,000		250,000
Standard Chartered Bank 2.22%, 12/6/2018		250,000		250,000

TOTAL TIME DEPOSITS (Cost $5,285,000)				5,285,000

TOTAL SHORT-TERM INVESTMENTS (COST $30,292,099)				30,292,209

Total Investments — 99.9% (Cost $43,794,725)				43,794,835
Other Assets Less Liabilities — 0.1%				33,372

Net Assets — 100.0%				43,828,207

Percentages indicated are based on net assets.

Abbreviations


FFCB				Federal Farm Credit Bank
FHLB				Federal Home Loan Bank
FHLMC				Federal Home Loan Mortgage Corp.
FNMA				Federal National Mortgage Association
GNMA				Government National Mortgage Association
ICE				Intercontinental Exchange
LIBOR				London Interbank Offered Rate
LOC				Letter of Credit
Rev.				Revenue
USD				United States Dollar
VRDO				Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2018.
(a)				The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)				Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2018.
(c)				Amount rounds to less than 0.1% of net assets.
(d)				Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(e)				The rate shown is the effective yield as of November 30, 2018.
(f)				Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.

Additional Investment Information:

[1] Agency Joint Trading Account I — At November 30, 2018, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity date of December 03, 2018, as follows (amounts in thousands):


Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan Prime Money Market Fund	$ 1,538,996	$	1,539,290	$	1,570,420

Repurchase Agreements — At November 30, 2018, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account I were as follows (amounts in thousands):


Counterparty	Interest Rate			JPMorgan Prime Money Market Fund
BNP Paribas SA		2.30	%	$	321,018
MUFG Securities Americas, Inc.		2.29	%		273,809
TD Securities (USA) LLC		2.29	%		94,417
Wells Fargo Securities LLC		2.29	%		849,752
Total				$	1,538,996

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

At November 30, 2018, the Agency Joint Trading Account I was fully collateralized by:


Issuer	Interest Rates	Maturity Dates
FFCB	2.89% - 2.89%		6/19/2023 - 6/19/2023
FHLB	1.13% - 3.00%		12/21/2018 - 9/13/2024
FHLMC	0.00% - 7.00%		7/1/2019 - 11/15/2048
FNMA	0.00% - 7.00%		12/25/2018 - 6/25/2053
GNMA	2.00% - 8.50%		11/20/2023 - 9/20/2068
Tennessee Valley Authority	0.00% - 2.88%		11/1/2025 - 2/1/2027
U.S. Treasury Securities	0.00% - 2.38%		12/26/2018 - 11/15/2025

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value of the Fund. 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.

For the fixed income instruments for which market quotations are not readily available are fair 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.

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

•

Level 1 – Quoted prices in active markets for identical securities.

•

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The following is a summary of the inputs used as of November 30, 2018, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):


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

Total Investments in Securities (a)	$	—	$	43,794,835	$	—	$	43,794,835

(a)	All portfolio holdings designated as level 2 are disclosed individually on the Schedule of Portfolio Investments (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
U.S. TREASURY OBLIGATIONS — 30.7%
U.S. Treasury Inflation Indexed Notes
0.13%, 4/15/2019		1,020		1,085
0.13%, 1/15/2023		8,000		8,426
U.S. Treasury Notes
1.38%, 9/15/2020		88		86
2.25%, 2/15/2021		5,700		5,631
2.38%, 3/15/2021		3,460		3,427
2.38%, 4/15/2021		5,850		5,791
2.63%, 5/15/2021		4,885		4,863
2.63%, 6/15/2021		7,495		7,459
2.63%, 7/15/2021		7,010		6,975
2.75%, 8/15/2021		4,775		4,766
2.75%, 9/15/2021		7,825		7,810
2.88%, 10/15/2021		6,640		6,648
2.88%, 11/15/2021		5,100		5,107
2.88%, 11/30/2023		470		471

TOTAL U.S. TREASURY OBLIGATIONS (Cost $68,772)				68,545

CORPORATE BONDS — 29.6%
Aerospace & Defense — 0.6%
General Dynamics Corp. 3.00%, 5/11/2021		210		209
L3 Technologies, Inc. 3.85%, 6/15/2023		180		179
Northrop Grumman Corp. 2.55%, 10/15/2022		425		406
Rockwell Collins, Inc.
3.10%, 11/15/2021		100		98
2.80%, 3/15/2022		50		49
3.20%, 3/15/2024		62		59
TransDigm, Inc. 6.50%, 7/15/2024		125		125
United Technologies Corp. 3.65%, 8/16/2023		225		222

				1,347

Airlines — 0.0%(a)
Continental Airlines Pass-Through Trust
Series 2012-2, Class A, 4.00%, 10/29/2024		75		75

Automobiles — 0.3%
BMW US Capital LLC (Germany) 3.10%, 4/12/2021(b)		180		177
Daimler Finance North America LLC (Germany) 3.35%, 2/22/2023(b)		150		147
Volkswagen Group of America Finance LLC (Germany)
4.00%, 11/12/2021(b)		255		254
4.25%, 11/13/2023(b)		200		197

				775

Banks — 7.2%
ABN AMRO Bank NV (Netherlands)
2.45%, 6/4/2020(b)		200		197
2.65%, 1/19/2021(b)		200		196
3.40%, 8/27/2021(b)		400		397
ANZ New Zealand Int’l Ltd. (New Zealand)
2.20%, 7/17/2020(b)		200		196
2.75%, 1/22/2021(b)		200		196
Australia & New Zealand Banking Group Ltd. (Australia)
2.13%, 8/19/2020		250		244
4.50%, 3/19/2024(b)		200		198
Bank of America Corp.
2.15%, 11/9/2020		200		195
(ICE LIBOR USD 3 Month + 0.66%), 2.37%, 7/21/2021(c)		650		636
(ICE LIBOR USD 3 Month + 0.65%), 3.02%, 6/25/2022(c)		215		214
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(c)		320		312
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(c)		340		326
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024(c)		240		238
Bank of Montreal (Canada) 2.35%, 9/11/2022		65		62
Bank of Nova Scotia (The) (Canada) 3.13%, 4/20/2021		160		159
Banque Federative du Credit Mutuel SA (France) 2.70%, 7/20/2022(b)		230		221
Barclays Bank plc (United Kingdom) 2.65%, 1/11/2021		200		195
Capital One Bank USA NA 3.38%, 2/15/2023		500		480
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023(c)		630		615
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(c)		575		551
(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024(c)		145		144
Citizens Bank NA 2.25%, 3/2/2020		500		493
Commonwealth Bank of Australia (Australia) 1.75%, 11/7/2019(b)		400		395
Compass Bank 3.50%, 6/11/2021		250		247
Cooperatieve Rabobank UA (Netherlands) 3.88%, 9/26/2023(b)		250		248
Credit Agricole SA (France)
2.75%, 6/10/2020(b)		250		247
3.75%, 4/24/2023(b)		250		243
Danske Bank A/S (Denmark) 2.20%, 3/2/2020(b)		285		279

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Banks — continued
Discover Bank 3.10%, 6/4/2020		250		248
Fifth Third Bancorp 2.60%, 6/15/2022		100		96
HSBC Holdings plc (United Kingdom) 2.95%, 5/25/2021		200		195
(ICE LIBOR USD 3 Month + 0.65%), 2.98%, 9/11/2021(c)		300		298
(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023(c)		200		195
(USD ICE Swap Rate 5 Year + 4.37%), 6.38%, 3/30/2025(c)(d)(e)		200		191
Huntington Bancshares, Inc. 2.30%, 1/14/2022		165		158
Huntington National Bank (The) 2.50%, 8/7/2022		250		239
Lloyds Bank plc (United Kingdom) 3.30%, 5/7/2021		200		198
Mitsubishi UFJ Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.65%), 3.16%, 7/26/2021(c)		85		85
3.54%, 7/26/2021		145		145
Mizuho Financial Group, Inc. (Japan) 2.63%, 4/12/2021(b)		400		391
National Australia Bank Ltd. (Australia)
2.50%, 1/12/2021		500		490
3.70%, 11/4/2021		250		250
National Bank of Canada (Canada) 2.15%, 6/12/2020		250		245
Nordea Bank AB (Finland) 2.50%, 9/17/2020(b)		200		196
Regions Financial Corp. 3.20%, 2/8/2021		100		99
Royal Bank of Canada (Canada) 3.70%, 10/5/2023		140		139
Royal Bank of Scotland Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024(c)		200		195
Santander UK plc (United Kingdom)
2.13%, 11/3/2020		400		387
2.50%, 1/5/2021		385		374
Skandinaviska Enskilda Banken AB (Sweden) 2.45%, 5/27/2020(b)		200		197
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023(b)(c)		200		198
Sumitomo Mitsui Banking Corp. (Japan) 2.51%, 1/17/2020		250		248
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.93%, 3/9/2021		100		99
2.78%, 10/18/2022		65		62
3.10%, 1/17/2023		75		73
(ICE LIBOR USD 3 Month + 0.80%), 3.24%, 10/16/2023(c)		100		100
SunTrust Bank
(ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022(c)		285		282
SunTrust Banks, Inc. 2.90%, 3/3/2021		200		197
Svenska Handelsbanken AB (Sweden) 5.13%, 3/30/2020(b)		250		256
UBS Group Funding Switzerland AG (Switzerland)
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023(b)(c)		400		382
Wells Fargo & Co. 3.07%, 1/24/2023		375		362
Series M, 3.45%, 2/13/2023		80		78
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024(c)(d)(e)		150		150
Wells Fargo Bank NA
(ICE LIBOR USD 3 Month + 0.49%), 3.33%, 7/23/2021(c)		250		249
Westpac Banking Corp. (Australia) 2.60%, 11/23/2020		150		148

				16,019

Beverages — 0.4%
Anheuser-Busch InBev Finance, Inc. (Belgium) 3.30%, 2/1/2023		670		649
Constellation Brands, Inc.
2.70%, 5/9/2022		50		48
2.65%, 11/7/2022		65		62
Molson Coors Brewing Co. 2.10%, 7/15/2021		75		72

				831

Biotechnology — 0.1%
Amgen, Inc. 2.65%, 5/11/2022		85		82
Celgene Corp. 2.75%, 2/15/2023		145		138

				220

Capital Markets — 1.9%
Credit Suisse AG (Switzerland) 3.00%, 10/29/2021		250		245
Credit Suisse Group AG (Switzerland) 3.57%, 1/9/2023(b)		250		243
(ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024(b)(c)		250		247
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/2021		670		640
3.00%, 4/26/2022		300		290
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022(c)		310		299
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(c)(d)(e)		170		150

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Capital Markets — continued
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023(c)		245		235
ING Bank NV (Netherlands)
2.45%, 3/16/2020(b)		200		198
2.70%, 8/17/2020(b)		200		197
Macquarie Group Ltd. (Australia)
(ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023(b)(c)		135		128
Morgan Stanley
2.50%, 4/21/2021		200		194
2.63%, 11/17/2021		200		193
3.13%, 1/23/2023		215		208
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024(c)		535		527
UBS AG (Switzerland) 2.45%, 12/1/2020(b)		200		196

				4,190

Chemicals — 0.6%
Air Liquide Finance SA (France) 1.75%, 9/27/2021(b)		200		190
CF Industries, Inc.
3.40%, 12/1/2021(b)		185		182
3.45%, 6/1/2023		125		117
Chevron Phillips Chemical Co. LLC
2.45%, 5/1/2020(b)		200		198
3.30%, 5/1/2023(b)		60		59
CVR Partners LP 9.25%, 6/15/2023(b)		125		131
Dow Chemical Co. (The) 4.13%, 11/15/2021		150		151
DowDuPont, Inc. 3.77%, 11/15/2020		120		121
Mosaic Co. (The) 3.25%, 11/15/2022		260		252

				1,401

Commercial Services & Supplies — 0.2%
Garda World Security Corp. (Canada) 7.25%, 11/15/2021(b)		175		172
Nielsen Finance LLC 5.00%, 4/15/2022(b)		300		293

				465

Construction & Engineering — 0.1%
MasTec, Inc. 4.88%, 3/15/2023		250		242
Tutor Perini Corp. 6.88%, 5/1/2025(b)		75		72

				314

Construction Materials — 0.2%
Cemex SAB de CV (Mexico) 7.75%, 4/16/2026(b)		400		419
Union Andina de Cementos SAA (Peru) 5.88%, 10/30/2021(f)		71		72

				491

Consumer Finance — 1.0%
AerCap Ireland Capital DAC (Ireland) 3.50%, 1/15/2025		155		142
American Express Co.
2.20%, 10/30/2020		200		195
3.40%, 2/27/2023		265		259
(ICE LIBOR USD 3 Month + 0.75%), 3.33%, 8/3/2023(c)		35		35
3.70%, 8/3/2023		35		35
Capital One Financial Corp. 2.50%, 5/12/2020		150		148
Caterpillar Financial Services Corp.
(ICE LIBOR USD 3 Month + 0.28%), 2.60%, 9/7/2021(c)		100		100
3.45%, 5/15/2023		75		74
General Motors Financial Co., Inc.
4.20%, 11/6/2021		210		209
3.45%, 1/14/2022		100		96
3.70%, 5/9/2023		125		119
HSBC USA, Inc. 2.75%, 8/7/2020		250		247
John Deere Capital Corp.
(ICE LIBOR USD 3 Month + 0.26%), 2.59%, 9/10/2021(c)		225		224
3.65%, 10/12/2023		90		90
Springleaf Finance Corp. 7.75%, 10/1/2021		125		131
Synchrony Financial 4.25%, 8/15/2024		100		92
Toyota Motor Credit Corp. 2.95%, 4/13/2021		75		74

				2,270

Containers & Packaging — 0.1%
OI European Group BV 4.00%, 3/15/2023(b)		12		11
Reynolds Group Issuer, Inc.
(ICE LIBOR USD 3 Month + 3.50%), 5.94%, 7/15/2021(b)(c)		200		202

				213

Distributors — 0.1%
Global Partners LP 6.25%, 7/15/2022		200		197

Diversified Financial Services — 0.6%
Federation des Caisses Desjardins du Quebec (Canada) 2.25%, 10/30/2020(b)		200		195
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		400		380
GTP Acquisition Partners I LLC 2.35%, 6/15/2020(b)		600		588
National Rural Utilities Cooperative Finance Corp. 2.90%, 3/15/2021		100		99
Shell International Finance BV (Netherlands) 3.50%, 11/13/2023		130		130

				1,392

Diversified Telecommunication Services — 0.8%
AT&T, Inc.
3.80%, 3/15/2022		150		149
3.40%, 5/15/2025		310		289

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Diversified Telecommunication Services — continued
CCO Holdings LLC 5.88%, 4/1/2024(b)		100		101
CenturyLink, Inc.
Series W, 6.75%, 12/1/2023		45		45
Series Y, 7.50%, 4/1/2024		250		256
Cincinnati Bell, Inc. 7.00%, 7/15/2024(b)		270		237
Deutsche Telekom International Finance BV (Germany) 2.23%, 1/17/2020(b)		150		148
DKT Finance ApS (Denmark) 9.38%, 6/17/2023(b)		200		208
Level 3 Financing, Inc.
5.63%, 2/1/2023		160		160
5.38%, 5/1/2025		80		78
Verizon Communications, Inc. 3.50%, 11/1/2024		125		122

				1,793

Electric Utilities — 1.5%
American Electric Power Co., Inc.
Series I, 3.65%, 12/1/2021		145		145
American Transmission Systems, Inc. 5.25%, 1/15/2022(b)		200		209
Duke Energy Corp. 1.80%, 9/1/2021		350		333
Duke Energy Florida LLC 3.10%, 8/15/2021		100		99
Emera US Finance LP (Canada) 2.70%, 6/15/2021		150		145
Enel Finance International NV (Italy)
2.88%, 5/25/2022(b)		200		187
4.25%, 9/14/2023(b)		200		191
Eskom Holdings SOC Ltd. (South Africa) 5.75%, 1/26/2021(f)		200		188
Eversource Energy Series K, 2.75%, 3/15/2022		150		146
Exelon Corp. 3.50%, 6/1/2022(g)		175		170
Fortis, Inc. (Canada) 2.10%, 10/4/2021		380		363
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		20		20
ITC Holdings Corp. 2.70%, 11/15/2022		305		291
LG&E & KU Energy LLC 3.75%, 11/15/2020		122		122
PNM Resources, Inc. 3.25%, 3/9/2021		69		68
PPL Capital Funding, Inc. 3.50%, 12/1/2022		100		99
Southern California Edison Co.
Series B, 2.40%, 2/1/2022		100		95
Series D, 3.40%, 6/1/2023		70		69
Terraform Global Operating LLC 6.13%, 3/1/2026(b)		337		316
Xcel Energy, Inc. 4.70%, 5/15/2020		150		152

				3,408

Energy Equipment & Services — 0.4%
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		50		47
Nabors Industries, Inc. 4.63%, 9/15/2021		275		256
Noble Holding International Ltd. 7.88%, 2/1/2026(b)		100		93
Schlumberger Holdings Corp. 3.63%, 12/21/2022(b)		75		74
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025(b)		123		116
Transocean Guardian Ltd. 5.88%, 1/15/2024(b)		40		39
Transocean Proteus Ltd. 6.25%, 12/1/2024(b)		240		235

				860

Equity Real Estate Investment Trusts (REITs) — 0.4%
American Tower Corp.
5.90%, 11/1/2021		75		79
3.00%, 6/15/2023		110		106
Crown Castle International Corp. 4.88%, 4/15/2022		100		103
Equinix, Inc. 5.38%, 4/1/2023		150		151
HCP, Inc. 4.00%, 12/1/2022		75		74
Simon Property Group LP 2.63%, 6/15/2022		150		145
Ventas Realty LP 4.25%, 3/1/2022		147		149
Welltower, Inc. 4.95%, 1/15/2021		150		153

				960

Food & Staples Retailing — 0.4%
Safeway, Inc. 3.95%, 8/15/2020		475		461
Seven & i Holdings Co. Ltd. (Japan) 3.35%, 9/17/2021(b)		408		408

				869

Food Products — 0.6%
Bunge Ltd. Finance Corp. 3.00%, 9/25/2022		100		96
Cargill, Inc.
3.05%, 4/19/2021(b)		105		104
3.25%, 3/1/2023(b)		20		20
Conagra Brands, Inc. 3.80%, 10/22/2021		195		194
JBS USA LUX SA 5.88%, 7/15/2024(b)		350		344
McCormick & Co., Inc. 2.70%, 8/15/2022		50		48
Pilgrim’s Pride Corp. 5.75%, 3/15/2025(b)		400		389
Unilever Capital Corp. (United Kingdom) 3.25%, 3/7/2024		100		98

				1,293

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Health Care Equipment & Supplies — 0.3%
Abbott Laboratories 2.90%, 11/30/2021		125		122
Becton Dickinson and Co. (ICE LIBOR USD 3 Month + 0.88%), 3.26%, 12/29/2020(c)		200		199
2.89%, 6/6/2022		150		145
Mallinckrodt International Finance SA 4.88%, 4/15/2020(b)		200		197
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		20		20

				683

Health Care Providers & Services — 0.6%
Aetna, Inc. 2.80%, 6/15/2023		60		57
Anthem, Inc. 2.95%, 12/1/2022		75		72
Centene Corp. 5.63%, 2/15/2021		150		152
CVS Health Corp.
3.70%, 3/9/2023		540		532
4.10%, 3/25/2025		68		67
Halfmoon Parent, Inc. 3.40%, 9/17/2021(b)		90		89
HCA, Inc. 5.38%, 2/1/2025		200		201
Tenet Healthcare Corp. 4.38%, 10/1/2021		250		246

				1,416

Hotels, Restaurants & Leisure — 0.5%
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(b)		12		12
Enterprise Development Authority (The) 12.00%, 7/15/2024(b)		35		33
Jack Ohio Finance LLC 6.75%, 11/15/2021(b)		250		256
Scientific Games International, Inc. 5.00%, 10/15/2025(b)		569		533
Seminole Hard Rock Entertainment, Inc. 5.88%, 5/15/2021(b)		125		126
Wyndham Destinations, Inc. 3.90%, 3/1/2023		200		189

				1,149

Household Products — 0.2%
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022(b)		400		382

Independent Power and Renewable Electricity Producers — 0.5%
Calpine Corp. 6.00%, 1/15/2022(b)		400		401
Exelon Generation Co. LLC
2.95%, 1/15/2020		300		298
3.40%, 3/15/2022		380		374

				1,073

Industrial Conglomerates — 0.3%
General Electric Co. 2.20%, 1/9/2020		200		195
2.70%, 10/9/2022		480		433

				628

Insurance — 0.9%
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025(b)		143		140
Jackson National Life Global Funding
2.25%, 4/29/2021(b)		115		112
3.30%, 6/11/2021(b)		250		248
Lincoln National Corp. 4.00%, 9/1/2023		15		15
MassMutual Global Funding II 2.35%, 4/9/2019(b)		285		284
MetLife, Inc. Series C, (ICE LIBOR USD 3 Month + 3.58%), 5.25%, 6/15/2020(c)(d)(e)		150		150
Metropolitan Life Global Funding I 3.00%, 1/10/2023(b)		100		97
Pricoa Global Funding I 3.45%, 9/1/2023(b)		150		148
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023(c)(d)(e)		60		59
Protective Life Global Funding 2.16%, 9/25/2020(b)		150		147
(ICE LIBOR USD 3 Month + 0.52%), 2.91%, 6/28/2021(b)(c)		150		150
Reliance Standard Life Global Funding II
2.50%, 4/24/2019(b)		295		294
3.85%, 9/19/2023(b)		45		45
Suncorp-Metway Ltd. (Australia) 2.38%, 11/9/2020(b)		105		102

				1,991

IT Services — 0.1%
Alliance Data Systems Corp. 5.88%, 11/1/2021(b)		250		253

Media — 0.9%
Charter Communications Operating LLC
Series USD, 4.50%, 2/1/2024		110		109
4.91%, 7/23/2025		145		144
Clear Channel Worldwide Holdings, Inc.
Series B, 6.50%, 11/15/2022		250		254
Comcast Corp.
3.45%, 10/1/2021		215		215
3.00%, 2/1/2024		85		82
3.60%, 3/1/2024		40		40
3.70%, 4/15/2024		145		144
3.95%, 10/15/2025		90		90
CSC Holdings LLC
5.25%, 6/1/2024		260		247
5.38%, 2/1/2028(b)		200		188
DISH DBS Corp. 5.00%, 3/15/2023		250		219

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Media — continued
Interpublic Group of Cos., Inc. (The)
3.50%, 10/1/2020		65		65
3.75%, 10/1/2021		90		90
Sirius XM Radio, Inc. 5.38%, 7/15/2026(b)		80		78

				1,965

Metals & Mining — 0.5%
AK Steel Corp. 7.63%, 10/1/2021		200		191
Cleveland-Cliffs, Inc. 5.75%, 3/1/2025		200		184
FMG Resources August 2006 Pty. Ltd. (Australia) 4.75%, 5/15/2022(b)		215		206
Glencore Funding LLC (Switzerland) 3.00%, 10/27/2022(b)		75		71
Indonesia Asahan Aluminium Persero PT (Indonesia) 5.71%, 11/15/2023(b)		440		448

				1,100

Multi-Utilities — 0.9%
Ameren Corp. 2.70%, 11/15/2020		500		490
Berkshire Hathaway Energy Co. 2.40%, 2/1/2020		100		99
CenterPoint Energy, Inc. 3.60%, 11/1/2021		395		393
CMS Energy Corp. 5.05%, 3/15/2022		100		104
Consolidated Edison, Inc. 2.00%, 5/15/2021		150		145
NiSource, Inc. 2.65%, 11/17/2022		10		10
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		75		72
Sempra Energy 2.40%, 3/15/2020		350		344
(ICE LIBOR USD 3 Month + 0.45%), 2.78%, 3/15/2021(c)		195		194
2.90%, 2/1/2023		40		38
WEC Energy Group, Inc. 3.38%, 6/15/2021		100		99

				1,988

Oil, Gas & Consumable Fuels — 2.1%
Antero Resources Corp. 5.13%, 12/1/2022		125		122
Boardwalk Pipelines LP 4.95%, 12/15/2024		50		51
BP Capital Markets America, Inc. 3.79%, 2/6/2024		145		145
BP Capital Markets plc (United Kingdom) 2.52%, 9/19/2022		200		192
Buckeye Partners LP 4.35%, 10/15/2024		50		49
California Resources Corp. 8.00%, 12/15/2022(b)		150		114
Canadian Natural Resources Ltd. (Canada) 2.95%, 1/15/2023		295		282
Chesapeake Energy Corp. 6.63%, 8/15/2020		5		5
Delek Logistics Partners LP 6.75%, 5/15/2025		200		196
Enbridge, Inc. (Canada) 2.90%, 7/15/2022		75		72
Energy Transfer Operating LP 5.20%, 2/1/2022		165		169
Eni SpA (Italy) Series X-R, 4.00%, 9/12/2023(b)		200		195
Enterprise Products Operating LLC
2.85%, 4/15/2021		200		196
4.05%, 2/15/2022		150		151
EP Energy LLC 7.75%, 5/15/2026(b)		145		140
EQT Corp. 2.50%, 10/1/2020		125		121
MPLX LP 4.88%, 12/1/2024		50		51
Oasis Petroleum, Inc. 6.88%, 1/15/2023		125		123
PBF Logistics LP 6.88%, 5/15/2023		200		199
Petroleos Mexicanos (Mexico) 4.88%, 1/24/2022		350		337
QEP Resources, Inc. 5.25%, 5/1/2023		150		143
SemGroup Corp. 5.63%, 7/15/2022		200		191
Summit Midstream Holdings LLC 5.50%, 8/15/2022		200		194
Sunoco Logistics Partners Operations LP
4.65%, 2/15/2022		150		152
4.25%, 4/1/2024		95		93
Sunoco LP 5.50%, 2/15/2026(b)		65		62
TerraForm Power Operating LLC 4.25%, 1/31/2023(b)		149		142
Total Capital Canada Ltd. (France) 2.75%, 7/15/2023		225		216
Total Capital International SA (France) 2.70%, 1/25/2023		120		116
Ultra Resources, Inc. 6.88%, 4/15/2022‡(b)		270		165
W&T Offshore, Inc. 9.75%, 11/1/2023(b)		122		109
Williams Cos., Inc. (The) 4.50%, 11/15/2023		100		100

				4,593

Paper & Forest Products — 0.1%
Clearwater Paper Corp. 4.50%, 2/1/2023		150		136

Pharmaceuticals — 1.0%
Allergan Funding SCS 3.45%, 3/15/2022		300		293
Bausch Health Cos., Inc.
5.63%, 12/1/2021(b)		150		150

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Pharmaceuticals — continued
5.50%, 11/1/2025(b)		225		221
Bayer US Finance II LLC (Germany) 3.50%, 6/25/2021(b)		400		396
Elanco Animal Health, Inc. 3.91%, 8/27/2021(b)		75		75
EMD Finance LLC (Germany)
2.40%, 3/19/2020(b)		150		148
2.95%, 3/19/2022(b)		150		146
Mylan NV 2.50%, 6/7/2019		110		109
Sanofi (France) 3.38%, 6/19/2023		75		75
Shire Acquisitions Investments Ireland DAC
2.40%, 9/23/2021		300		288
2.88%, 9/23/2023		155		145
Zoetis, Inc. (ICE LIBOR USD 3 Month + 0.44%), 3.08%, 8/20/2021(c)		185		184

				2,230

Road & Rail — 0.3%
DAE Funding LLC (United Arab Emirates) 4.50%, 8/1/2022(b)		125		118
Hertz Corp. (The) 7.38%, 1/15/2021		250		247
Park Aerospace Holdings Ltd. (Ireland) 5.25%, 8/15/2022(b)		205		205
Ryder System, Inc. 3.50%, 6/1/2021		15		15

				585

Semiconductors & Semiconductor Equipment — 0.0%(a)
Analog Devices, Inc. 2.50%, 12/5/2021		75		73
QUALCOMM, Inc. 2.90%, 5/20/2024		50		47

				120

Software — 0.1%
Oracle Corp. 2.50%, 5/15/2022		270		262

Specialty Retail — 0.1%
Group 1 Automotive, Inc. 5.25%, 12/15/2023(b)		200		193

Technology Hardware, Storage & Peripherals — 0.4%
Dell International LLC
4.42%, 6/15/2021(b)		350		350
5.88%, 6/15/2021(b)		185		188
5.45%, 6/15/2023(b)		165		169
Hewlett Packard Enterprise Co. 3.50%, 10/5/2021		115		114
Western Digital Corp. 4.75%, 2/15/2026		200		183

				1,004

Thrifts & Mortgage Finance — 0.5%
BPCE SA (France) 2.65%, 2/3/2021		500		490
(ICE LIBOR USD 3 Month + 1.24%), 3.57%, 9/12/2023(b)(c)		250		248
Ladder Capital Finance Holdings LLLP 5.25%, 3/15/2022(b)		210		208
Nationstar Mortgage LLC 6.50%, 7/1/2021		210		209

				1,155

Tobacco — 1.0%
Altria Group, Inc.
2.63%, 1/14/2020		350		347
2.85%, 8/9/2022		175		169
2.95%, 5/2/2023		100		96
BAT Capital Corp. (United Kingdom) 2.76%, 8/15/2022		530		502
Imperial Brands Finance plc (United Kingdom)
2.95%, 7/21/2020(b)		200		197
3.75%, 7/21/2022(b)		200		196
Philip Morris International, Inc.
2.38%, 8/17/2022		425		404
2.50%, 11/2/2022		95		90
Reynolds American, Inc. (United Kingdom) 4.00%, 6/12/2022		150		148

				2,149

Trading Companies & Distributors — 0.4%
Air Lease Corp.
2.50%, 3/1/2021		160		155
3.00%, 9/15/2023		75		71
Aviation Capital Group LLC 2.88%, 1/20/2022(b)		100		96
United Rentals North America, Inc. 6.50%, 12/15/2026		200		201
WESCO Distribution, Inc. 5.38%, 12/15/2021		400		400

				923

Wireless Telecommunication Services — 0.4%
Sprint Communications, Inc. 6.00%, 11/15/2022		175		175
Sprint Corp. 7.63%, 3/1/2026		280		287
T-Mobile US, Inc. 4.50%, 2/1/2026‡		78		—
T-Mobile USA, Inc.
6.50%, 1/15/2024		200		103
4.50%, 2/1/2026		78		73
4.75%, 2/1/2028		156		72
Vodafone Group plc (United Kingdom)
3.75%, 1/16/2024		75		73
4.13%, 5/30/2025		45		44

				827

TOTAL CORPORATE BONDS (Cost $67,514)				66,188

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 10.9%
Alternative Loan Trust
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		337		334
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		325		323
Angel Oak Mortgage Trust I LLC
Series 2018-2, Class A1, 3.67%, 7/27/2048(b)(h)		463		462
CHL Mortgage Pass-Through Trust
Series 2006-HYB2, Class 2A1B, 3.64%, 4/20/2036(h)		267		244
FHLMC REMIC
Series 3558, Class G, 4.00%, 8/15/2024		377		381
Series 3841, Class GW, 3.50%, 4/15/2026		1,500		1,517
Series 4533, Class KA, 3.00%, 11/15/2026		626		621
Series 3703, Class DY, 4.00%, 8/15/2030		300		306
Series 4120, Class JS, IF, IO, 3.89%, 10/15/2032(h)		989		127
Series 3036, Class NE, 5.00%, 9/15/2035		277		293
Series 3294, Class NE, 5.50%, 3/15/2037		464		503
Series 4284, Class EJ, 3.00%, 10/15/2038		276		271
Series 3820, Class GJ, 3.50%, 12/15/2039		190		190
Series 3904, Class EC, 2.00%, 8/15/2040		126		123
Series 4012, Class JD, 1.75%, 12/15/2040		251		244
Series 4776, Class DJ, 4.00%, 4/15/2041		88		89
Series 4091, Class TA, 3.00%, 5/15/2041		188		186
Series 4048, Class CA, 2.00%, 9/15/2041		535		513
Series 4537, Class HA, 3.50%, 9/15/2041		206		207
Series 4454, Class B, 3.00%, 10/15/2041		99		98
Series 4467, Class DA, 3.00%, 11/15/2041		387		380
Series 4183, Class PA, 3.50%, 1/15/2043		976		980
Series 4800, Class PA, 3.50%, 7/15/2043		437		438
Series 4239, Class LD, 3.00%, 8/15/2043		179		176
Series 4480, Class QA, 3.00%, 11/15/2043		223		220
Series 4711, Class HA, 3.00%, 12/15/2043		147		144
Series 4623, Class EB, 2.50%, 12/15/2044		423		405
Series 4681, Class SD, IF, IO, 3.84%, 5/15/2047(h)		975		162
FHLMC Structured Agency Credit Risk Debt Notes
Series 2017-DNA3, Class M1, 3.07%, 3/25/2030(h)		231		231
Series 2017-DNA3, Class M2, 4.82%, 3/25/2030(h)		250		255
Series 2018-HQA1, Class M2, 4.62%, 9/25/2030(h)		400		396
FNMA REMIC
Series 2014-3, Class AM, 2.50%, 1/25/2032		2,786		2,731
Series 2013-55, Class AI, IO, 3.00%, 6/25/2033		2,768		348
Series 2015-80, Class CA, 3.00%, 4/25/2040		859		844
Series 2014-84, Class KA, 3.00%, 11/25/2040		939		927
Series 2015-55, Class QA, 3.50%, 10/25/2042		391		390
Series 2018-18, Class P, 3.50%, 4/25/2043		1,882		1,891
Series 2015-2, Class PA, 2.25%, 3/25/2044		256		244
Series 2016-63, Class JA, 2.50%, 12/25/2044		506		494
Series 2015-54, Class FA, 2.67%, 7/25/2045(h)		152		152
Series 2016-40, Class FA, 2.97%, 7/25/2046(h)		45		45
Series 2017-13, Class AS, IF, IO, 3.73%, 2/25/2047(h)		989		179
Series 2017-47, Class ST, IF, IO, 3.78%, 6/25/2047(h)		929		175
Series 2017-69, Class SH, IF, IO, 3.88%, 9/25/2047(h)		1,008		182
Series 2018-27, Class SE, IF, IO, 3.88%, 5/25/2048(h)		1,898		337
Series 2017-46, Class LB, 3.50%, 12/25/2052		823		824
Series 2017-49, Class JA, 4.00%, 7/25/2053		422		433
Series 2017-96, Class KA, 3.00%, 1/25/2055		870		855
GNMA
Series 2013-180, Class VM, 3.00%, 8/16/2036		1,000		983
Series 2010-101, Class LE, 3.00%, 8/20/2039		231		229
Series 2010-166, Class SD, IF, IO, 3.72%, 12/20/2040(h)		1,583		234
Series 2012-39, Class MI, IO, 4.00%, 3/16/2042		617		138
Series 2017-117, Class SB, IF, IO, 3.90%, 8/20/2047(h)		1,342		253
Series 2018-36, Class SG, IF, IO, 3.90%, 3/20/2048(h)		1,921		338

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
LSTAR Securities Investment Ltd. (Cayman Islands)
Series 2017-7, Class A, 4.05%, 10/1/2022(b)(h)		54		54
RALI Trust
Series 2003-QS12, Class A4, 3.35%, 6/25/2018		19		19
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR5, Class A6, 3.90%, 5/25/2035(h)		236		238

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $24,771)				24,356

COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.8%
Ashford Hospitality Trust
Series 2018-KEYS, Class B, 3.61%, 5/15/2035‡(b)(h)		600		599
BHMS ATLS
Series 2018-ATLS, Class A, 3.56%, 7/15/2035(b)(h)		500		499
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 4.01%, 11/15/2035(b)(h)		350		350
BXMT Ltd.
Series 2017-FL1, Class B, 3.80%, 6/15/2035‡(b)(h)		500		500
Series 2017-FL1, Class D, 5.00%, 6/15/2035‡(b)(h)		300		302
CGBAM Commercial Mortgage Trust
Series 2015-SMRT, Class B, 3.21%, 4/10/2028‡(b)		324		323
Series 2015-SMRT, Class C, 3.52%, 4/10/2028‡(b)		243		243
Series 2015-SMRT, Class D, 3.77%, 4/10/2028‡(b)		206		205
CGDBB Commercial Mortgage Trust
Series 2017-BIOC, Class C, 3.36%, 7/15/2032‡(b)(h)		400		399
Cold Storage Trust
Series 2017-ICE3, Class A, 3.31%, 4/15/2036(b)(h)		700		699
Commercial Mortgage Trust
Series 2015-CR23, Class CME, 3.81%, 5/10/2048(b)(h)		477		471
DBGS Mortgage Trust
Series 2018-5BP, Class D, 3.66%, 6/15/2033‡(b)(h)		300		299
DBUBS Mortgage Trust
Series 2011-LC1A, Class C, 5.88%, 11/10/2046(b)(h)		245		255
FHLMC Multifamily Structured Pass-Through Certificates
Series K018, Class X1, IO, 1.50%, 1/25/2022(h)		5,748		191
Series K721, Class X3, IO, 1.34%, 9/25/2022(h)		6,071		271
Series K027, Class X1, IO, 0.90%, 1/25/2023(h)		11,037		290
Series K033, Class X1, IO, 0.42%, 7/25/2023(h)		53,286		680
Series K723, Class X3, IO, 1.98%, 10/25/2034(h)		7,410		606
Series K025, Class X3, IO, 1.81%, 11/25/2040(h)		3,360		211
Series K042, Class X3, IO, 1.66%, 1/25/2043(h)		6,375		522
Series K054, Class X3, IO, 1.65%, 4/25/2043(h)		3,700		352
Series K068, Class X3, IO, 2.13%, 10/25/2044(h)		3,368		478
Series K061, Class X3, IO, 2.04%, 12/25/2044(h)		2,775		361
Series K070, Class X3, IO, 2.11%, 12/25/2044(h)		2,537		359
Series K072, Class X3, IO, 2.21%, 12/25/2045(h)		1,200		183
FREMF
Series 2018-KF46, Class B, 4.26%, 3/25/2028(b)(h)		500		499
FREMF Mortgage Trust
Series 2017-KF36, Class B, 4.96%, 8/25/2024(b)(h)		293		295
Series 2017-KF38, Class B, 4.81%, 9/25/2024(b)(h)		253		254
Series 2017-KF39, Class B, 4.81%, 11/25/2024(b)(h)		279		282
Series 2018-KF42, Class B, 4.51%, 12/25/2024(b)(h)		300		303
Series 2010-K8, Class B, 5.44%, 9/25/2043‡(b)(h)		1,050		1,076
Series 2011-K15, Class B, 5.12%, 8/25/2044(b)(h)		135		140
Series 2012-K17, Class B, 4.48%, 12/25/2044(b)(h)		280		286
Series 2012-K18, Class B, 4.40%, 1/25/2045(b)(h)		385		393
Series 2012-K709, Class B, 3.88%, 4/25/2045(b)(h)		325		325
Series 2012-K19, Class B, 4.17%, 5/25/2045(b)(h)		300		301
Series 2012-K21, Class B, 4.07%, 7/25/2045(b)(h)		530		535
Series 2012-K22, Class B, 3.81%, 8/25/2045(b)(h)		190		190
Series 2011-K12, Class B, 4.49%, 1/25/2046(b)(h)		500		508
Series 2011-K14, Class B, 5.35%, 2/25/2047(b)(h)		1,100		1,141
Series 2014-K716, Class B, 4.08%, 8/25/2047(b)(h)		250		252
Series 2011-K13, Class B, 4.77%, 1/25/2048‡(b)(h)		600		613
Series 2011-K11, Class B, 4.57%, 12/25/2048(b)(h)		305		311
Series 2017-K729, Class B, 3.80%, 11/25/2049(b)(h)		200		193

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
GNMA
Series 2015-115, IO, 0.56%, 7/16/2057(h)		2,968		130
Series 2017-23, IO, 0.73%, 5/16/2059(h)		3,659		219
GPMT Ltd. (Cayman Islands)
Series 2018-FL1, Class A, 3.20%, 11/21/2035(b)(h)		390		390
GRACE Mortgage Trust
Series 2014-GRCE, Class B, 3.52%, 6/10/2028‡(b)		500		498
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2004-CBX, Class C, 5.07%, 1/12/2037‡(h)		300		302
LB-UBS Commercial Mortgage Trust
Series 2007-C6, Class AJ, 6.48%, 7/15/2040(h)		300		305
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C15, Class C, 5.06%, 4/15/2047(h)		300		303
Morgan Stanley Capital I Trust
Series 2014-MP, Class B, 3.69%, 8/11/2033(b)		400		404
Series 2018-SUN, Class B, 3.51%, 7/15/2035‡(b)(h)		250		250
Nationslink Funding Corp.
Series 1999-LTL1, Class E, 5.00%, 1/22/2026‡(b)		500		507
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class B, 5.46%, 12/15/2043(h)		400		404
Series 2007-C30, Class C, 5.48%, 12/15/2043‡(h)		300		301
Series 2007-C33, Class AJ, 5.98%, 2/15/2051(h)		126		124
WFRBS Commercial Mortgage Trust
Series 2013-C11, Class B, 3.71%, 3/15/2045‡(h)		150		148
Series 2013-C12, Class B, 3.86%, 3/15/2048(h)		150		148

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $22,215)				21,978

ASSET-BACKED SECURITIES — 8.5%
American Credit Acceptance Receivables Trust
Series 2016-4, Class D, 4.11%, 4/12/2023(b)		600		605
Series 2017-2, Class D, 3.69%, 6/12/2023(b)		600		598
Series 2018-3, Class C, 3.75%, 10/15/2024(b)		500		499
AmeriCredit Automobile Receivables Trust
Series 2017-2, Class D, 3.42%, 4/18/2023		160		159
Series 2017-3, Class D, 3.18%, 7/18/2023		500		492
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033(b)		161		161
Citi Held For Asset Issuance
Series 2015-PM1, Class C, 5.01%, 12/15/2021‡(b)		121		121
CLUB Credit Trust
Series 2017-P1, Class B, 3.56%, 9/15/2023(b)		500		498
Series 2017-P2, Class A, 2.61%, 1/15/2024(b)		116		115
Series 2017-P2, Class B, 3.56%, 1/15/2024‡(b)		250		247
CNH Equipment Trust
Series 2018-A, Class A2, 2.78%, 8/16/2021		490		489
Continental Airlines Pass-Through Trust
Series 2012-1, Class A, 4.15%, 4/11/2024		73		74
CPS Auto Receivables Trust
Series 2017-D, Class C, 3.01%, 10/17/2022(b)		500		496
CPS Auto Trust
Series 2016-D, Class D, 4.53%, 1/17/2023(b)		130		132
Series 2018-C, Class D, 4.40%, 6/17/2024(b)		500		504
Credit Acceptance Auto Loan Trust
Series 2018-3A, Class B, 3.89%, 10/15/2027(b)		350		349
Series 2018-3A, Class C, 4.04%, 12/15/2027(b)		350		350
Dell Equipment Finance Trust
Series 2017-2, Class A3, 2.19%, 10/24/2022(b)		273		271
Delta Air Lines Pass-Through Trust
Series 2015-1, Class B, 4.25%, 7/30/2023		120		120
Drive Auto Receivables Trust
Series 2017-3, Class C, 2.80%, 7/15/2022		500		498
Series 2018-3, Class D, 4.30%, 9/16/2024		500		503
Series 2018-4, Class D, 4.09%, 1/15/2026		500		498
DT Auto Owner Trust
Series 2015-3A, Class D, 4.53%, 10/17/2022(b)		349		351
Series 2017-3A, Class D, 3.58%, 5/15/2023(b)		350		348
Series 2017-4A, Class D, 3.47%, 7/17/2023(b)		300		298
Exeter Automobile Receivables Trust
Series 2018-3A, Class C, 3.71%, 6/15/2023(b)		540		540
Flagship Credit Auto Trust
Series 2018-3, Class A, 3.07%, 2/15/2023(b)		722		720

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Series 2017-4, Class D, 3.58%, 1/15/2024(b)		300		296
Ford Credit Auto Owner Trust
Series 2016-B, Class A3, 1.33%, 10/15/2020		243		242
FREED ABS Trust
Series 2018-1, Class A, 3.61%, 7/18/2024(b)		138		138
Series 2018-1, Class B, 4.56%, 7/18/2024‡(b)		200		200
GLS Auto Receivables Trust
Series 2018-2A, Class C, 4.17%, 4/15/2024(b)		300		300
LendingClub Issuance Trust
Series 2016-NP2, Class B, 6.00%, 1/17/2023‡(b)		225		226
Lendmark Funding Trust
Series 2017-2A, Class A, 2.80%, 5/20/2026(b)		250		247
Series 2017-2A, Class B, 3.38%, 5/20/2026(b)		400		392
Series 2017-2A, Class C, 4.33%, 5/20/2026(b)		150		149
Marlette Funding Trust
Series 2017-3A, Class A, 2.36%, 12/15/2024(b)		109		109
Series 2017-3A, Class B, 3.01%, 12/15/2024(b)		250		248
Series 2017-3A, Class C, 4.01%, 12/15/2024‡(b)		200		199
Morgan Stanley ABS Capital I, Inc. Trust
Series 2004-SD1, Class A, 3.12%, 8/25/2034‡(h)		783		783
Nissan Auto Lease Trust
Series 2016-B, Class A3, 1.50%, 7/15/2019		26		26
Oak Hill Advisors Residential Loan Trust
Series 2017-NPL2, Class A1, 3.00%, 7/25/2057‡(b)(g)		263		257
Prestige Auto Receivables Trust
Series 2018-1A, Class C, 3.75%, 10/15/2024(b)		500		501
Series 2018-1A, Class D, 4.14%, 10/15/2024(b)		500		501
Prosper Marketplace Issuance Trust
Series 2017-3A, Class A, 2.36%, 11/15/2023(b)		92		92
Series 2017-3A, Class B, 3.36%, 11/15/2023(b)		300		298
RASC Trust
Series 2006-KS4, Class A4, 2.55%, 6/25/2036‡(h)		923		918
Santander Drive Auto Receivables Trust
Series 2018-4, Class D, 3.98%, 12/15/2025		500		500
SoFi Consumer Loan Program LLC
Series 2017-6, Class B, 3.52%, 11/25/2026‡(b)		192		188
Series 2017-6, Class C, 4.02%, 11/25/2026‡(b)		300		294
Springleaf Funding Trust
Series 2016-AA, Class B, 3.80%, 11/15/2029(b)		500		498
United Airlines Pass-Through Trust
Series 2016-2, Class B, 3.65%, 10/7/2025		27		26
US Airways Pass-Through Trust
Series 2012-2, Class A, 4.63%, 6/3/2025		103		106
Veros Automobile Receivables Trust
Series 2017-1, Class A, 2.84%, 4/17/2023(b)		102		102
Volvo Financial Equipment LLC
Series 2017-1A, Class A2, 1.55%, 10/15/2019(b)		97		97
Westlake Automobile Receivables Trust
Series 2016-2A, Class D, 4.10%, 6/15/2021(b)		500		503
Series 2018-3A, Class D, 4.00%, 10/16/2023(b)		500		498

TOTAL ASSET-BACKED SECURITIES (Cost $19,065)				18,970

MORTGAGE-BACKED SECURITIES — 5.6%
FHLMC Gold Pools, 15 Year, Single Family
Pool # J16679, 3.00%, 9/1/2026		193		191
Pool # J17232, 3.00%, 11/1/2026		277		275
Pool # J17506, 3.00%, 12/1/2026		138		137
Pool # G14700, 3.00%, 1/1/2028		282		279
Pool # J24740, 3.00%, 7/1/2028		118		117
Pool # G15655, 3.00%, 10/1/2028		309		307
Pool # G15147, 3.00%, 8/1/2029		1,664		1,647
Pool # G15561, 3.00%, 9/1/2030		1,190		1,177
Pool # G16255, 2.50%, 7/1/2032		591		569
Pool # G16407, 2.50%, 1/1/2033		378		365
FHLMC Gold Pools, 20 Year, Single Family Pool # C91649, 3.00%, 4/1/2033		83		82
FNMA, 15 Year, Single Family
Pool # 890395, 3.50%, 2/1/2026		231		232
Pool # AL9552, 3.50%, 8/1/2031		795		800
Pool # AL9994, 2.50%, 4/1/2032		2,070		1,998

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
Pool # AS9697, 3.50%, 5/1/2032		330		331
FNMA, 20 Year, Single Family
Pool # MA1446, 3.50%, 5/1/2033		421		424
Pool # MA1527, 3.00%, 8/1/2033		260		254
GNMA II, 30 Year, Single Family
Pool # MA5597, 5.00%, 11/20/2048(i)		3,080		3,222

TOTAL MORTGAGE-BACKED SECURITIES (Cost $12,500)				12,407

FOREIGN GOVERNMENT SECURITIES — 0.9%
Arab Republic of Egypt (Egypt) 5.88%, 6/11/2025(f)		200		182
Instituto Costarricense de Electricidad (Costa Rica) 6.95%, 11/10/2021(f)		200		194
Provincia de Buenos Aires (Argentina)
5.75%, 6/15/2019(f)		200		198
10.88%, 1/26/2021(f)		300		300
Republic of Belarus (Belarus) 6.88%, 2/28/2023(f)		200		201
Republic of El Salvador (El Salvador) 7.38%, 12/1/2019(f)		350		352
Republic of Iraq (Iraq) 6.75%, 3/9/2023(f)		200		192
Republic of Ukraine (Ukraine)
7.75%, 9/1/2019(f)		100		99
7.75%, 9/1/2020(f)		100		97
Ukreximbank Via Biz Finance plc (Ukraine) 9.63%, 4/27/2022(f)		150		146

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $2,070)				1,961


	Shares (000)
SHORT-TERM INVESTMENTS — 2.8%
INVESTMENT COMPANIES — 2.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.10%(j)(k) (Cost $5,258)		5,258		5,258


	Principal Amount ($000)
U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bills
2.48%, 5/9/2019(l)		295		292
2.67%, 11/7/2019(l)		700		683

TOTAL U.S. TREASURY OBLIGATIONS (Cost $974)				975

TOTAL SHORT-TERM INVESTMENTS (Cost $6,232)				6,233

Total Investments — 98.8% (Cost $223,139)				220,638
Other Assets Less Liabilities — 1.2%				2,702

Net Assets — 100.0%				223,340

Percentages indicated are based on net assets.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations


ABS		Asset-backed securities
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
IF		Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2018. The rate may be subject to a cap and floor.
IO		Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR		London Interbank Offered Rate
PT		Limited liability company
REMIC		Real Estate Mortgage Investment Conduit
USD		United States Dollar
(a)		Amount rounds to less than 0.1% of net assets.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(c)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(d)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2018.
(e)		Security is an interest bearing note with preferred security characteristics.
(f)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(g)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2018.
(h)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2018.
(i)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(j)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)		The rate shown is the current yield as of November 30, 2018.
(l)		The rate shown is the effective yield as of November 30, 2018.
‡		Value determined using significant unobservable inputs.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Futures contracts outstanding as of November 30, 2018 (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		3			03/2019		USD		359			1
U.S. Treasury 10 Year Ultra Note		2			03/2019		USD		253			1
U.S. Treasury 2 Year Note		263			03/2019		USD		55,497			37
U.S. Treasury Ultra Bond		1			03/2019		USD		153			—	(a)

												39

Short Contracts
U.S. Treasury 10 Year Note		(75	)		03/2019		USD		(8,964	)		(37	)
U.S. Treasury 10 Year Ultra Note		(44	)		03/2019		USD		(5,571	)		(31	)
U.S. Treasury 5 Year Note		(36	)		03/2019		USD		(4,068	)		(8	)

												(76	)

												(37	)

Abbreviations


USD		United States Dollar
(a)		Amount rounds to less than one thousand.

Centrally Cleared Interest rate swap contracts outstanding as of November 30, 2018 (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) ($)

3 months LIBOR quarterly

3.07 semi-annually

Receive

12/31/2020

USD 12,961

—

(10

)

—

(10

)

(a)	Value of floating rate index at November 30, 2018 was 2.74%.

Abbreviations


LIBOR		London Interbank Offered Rate
USD		United States Dollar

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments in open-end investment companies (the “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. Swaps are valued utilizing market quotations from approved Pricing Services.

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.

•

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	15,537	$	3,433	$	18,970
Collateralized Mortgage Obligations		—		24,356		—		24,356

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Commercial Mortgage-Backed Securities	$	—		$	15,413		$	6,565		$	21,978
Corporate Bonds
Oil, Gas & Consumable Fuels		—			4,428			165			4,593
Wireless Telecommunication Services		—			827			—	(a)		827
Other Corporate Bonds		—			60,768			—			60,768

Total Corporate Bonds		—			66,023			165			66,188

Foreign Government Securities		—			1,961			—			1,961
Mortgage-Backed Securities		—			12,407			—			12,407
U.S. Treasury Obligations		—			68,545			—			68,545
Short-Term Investments
Investment Companies		5,258			—			—			5,258
U.S. Treasury Obligations		—			975			—			975

Total Investments in Securities	$	5,258		$	205,217		$	10,163		$	220,638

Appreciation in Other Financial Instruments
Futures Contracts	$	39		$	—		$	—		$	39

Depreciation in Other Financial Instruments
Futures Contracts	$	(76	)	$	—		$	—		$	(76	)
Swaps		—			(10	)		—			(10	)

Total Depreciation in Other Financial Instruments	$	(76	)	$	(10	)	$	—		$	(86	)

(a)	Value is zero.

Transfers from level 3 to level 2 are due to an increase in market activity (e.g. frequency of trades), which resulted in an increase of available market inputs to determine the price for the period ended November 30, 2018.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):


	Balance as of February 28, 2018		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2018
Investments in Securities:
Asset-Backed Securities	$	2,130	$	—	$	(18	)	$	(1	)	$	1,952	$	(740	)	$	457	$	(347	)	$	3,433
Commercial Mortgage-Backed Securities		3,833		13		(25	)		(1	)		5,434		(286	)		—		(2,403	)		6,565
Corporate Bonds — Oil, Gas & Consumable Fuels		—		—		(105	)		—	(a)		270		—			—		—			165
Corporate Bonds — Wireless Telecommunication Services		—		—		—			—			—		—			—		—			—	(b)

	$	5,963	$	13	$	(148	)	$	(2	)	$	7,656	$	(1,026	)	$	457	$	(2,750	)	$	10,163

¹	Purchases include all purchases of securities and securities received in corporate actions.

²	Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a)	Amount rounds to less than one thousand.

(b)	Value iz zero.

The change in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2018, which were valued using significant unobservable inputs (level 3), amounted to approximately $(146,000).

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)


	Fair Value at November 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	3,433	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (13.14	%)
				Constan Default Rate		0.00% - 3.45% (1.62	%)
				Yield (Discount Rate of Cash Flows)		3.58% - 4.63% (4.04	%)

Asset-Backed Securities		3,433

		5,763	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.50% - 4.52% (5.21	%)
Collateralized Mortgage Obligations		5,763

Total	$	9,196

The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2018, the value of these investments was approximately $967,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (1) — (2) below describe the various derivatives used by the Fund, tailor lettering for notes used.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Swaps — The Fund engaged in various swap transactions, including interest rate, to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”), that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund and/or held as Restricted cash. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

The Fund may be required to post or receive collateral for OTC Swaps.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Interest Rate Swaps

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LONG POSITIONS — 100.0%
CORPORATE BONDS — 26.6%
Aerospace & Defense — 0.3%
Arconic, Inc. 5.90%, 2/1/2027		2,937		2,820
Bombardier, Inc. (Canada)
7.75%, 3/15/2020(a)		1,022		1,042
7.50%, 3/15/2025(a)		4,080		3,876
BWX Technologies, Inc. 5.38%, 7/15/2026(a)		570		553
KLX, Inc. 5.88%, 12/1/2022(a)		7,095		7,303
TransDigm UK Holdings plc 6.88%, 5/15/2026(a)		949		937
TransDigm, Inc. 6.50%, 5/15/2025		4,769		4,751
Triumph Group, Inc.
4.88%, 4/1/2021		1,866		1,731
7.75%, 8/15/2025		2,385		2,194
United Technologies Corp. (ICE LIBOR USD 3 Month + 0.65%), 3.28%, 8/16/2021(b)		10,260		10,266

				35,473

Air Freight & Logistics — 0.0%(c)
XPO Logistics, Inc.
6.50%, 6/15/2022(a)		2,876		2,927
6.13%, 9/1/2023(a)		1,970		1,982

				4,909

Airlines — 0.0%(c)
United Continental Holdings, Inc. 4.25%, 10/1/2022		1,427		1,407

Auto Components — 0.4%
Adient Global Holdings Ltd. 4.88%, 8/15/2026(a)		3,790		3,041
American Axle & Manufacturing, Inc.
6.63%, 10/15/2022		1,820		1,816
6.25%, 4/1/2025		6,582		6,121
6.25%, 3/15/2026		2,455		2,228
6.50%, 4/1/2027		2,170		1,969
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(a)		5,357		4,875
Dana, Inc. 6.00%, 9/15/2023		9,189		9,327
Delphi Technologies plc 5.00%, 10/1/2025(a)		6,156		5,333
Icahn Enterprises LP
6.00%, 8/1/2020		1,500		1,513
6.25%, 2/1/2022		1,405		1,428
6.38%, 12/15/2025		4,215		4,162
IHO Verwaltungs GmbH (Germany) 4.50% (cash), 9/15/2023(a)(d)		2,400		2,232
Tenneco, Inc. 5.38%, 12/15/2024		2,705		2,401

				46,446

Automobiles — 1.7%
BMW US Capital LLC (Germany)
(ICE LIBOR USD 3 Month + 0.50%), 3.12%, 8/13/2021(a)(b)		31,530		31,240
Daimler Finance North America LLC (Germany)
(ICE LIBOR USD 3 Month + 0.55%), 3.13%, 5/4/2021(a)(b)		58,500		58,363
(ICE LIBOR USD 3 Month + 0.67%), 3.25%, 11/5/2021(a)(b)		10,000		9,971
General Motors Co.
(ICE LIBOR USD 3 Month + 0.90%), 3.23%, 9/10/2021(b)		28,420		28,195
Hyundai Capital America
(ICE LIBOR USD 3 Month + 0.94%), 3.35%, 7/8/2021(a)(b)		31,340		31,395
Nissan Motor Acceptance Corp.
(ICE LIBOR USD 3 Month + 0.63%), 2.98%, 9/21/2021(a)(b)		19,750		19,638
Volkswagen Group of America Finance LLC (Germany)
(ICE LIBOR USD 3 Month + 0.77%), 3.39%, 11/13/2020(a)(b)		16,750		16,710
(ICE LIBOR USD 3 Month + 0.94%), 3.56%, 11/12/2021(a)(b)		23,950		23,811

				219,323

Banks — 4.6%
ABN AMRO Bank NV (Netherlands) (ICE LIBOR USD 3 Month + 0.57%), 3.26%, 8/27/2021(a)(b)		15,820		15,807
Australia & New Zealand Banking Group Ltd. (Australia)
(ICE LIBOR USD 3 Month + 0.46%), 3.10%, 5/17/2021(a)(b)		21,925		21,863
Bank of America Corp. (ICE LIBOR USD 3 Month + 0.65%), 3.02%, 6/25/2022(b)		58,830		58,465
Barclays plc (United Kingdom) (USD Swap Semi 5 Year + 6.71%), 8.25%, 12/15/2018(b)(e)(f)		2,000		2,002
(ICE LIBOR USD 3 Month + 2.11%), 4.73%, 8/10/2021(b)		50,595		52,188
(ICE LIBOR USD 3 Month + 1.43%), 4.05%, 2/15/2023(b)		15,950		15,632
Citibank NA
(ICE LIBOR USD 3 Month + 0.57%), 3.05%, 7/23/2021(b)		15,720		15,692

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LONG POSITIONS — continued
CORPORATE BONDS — continued
Banks — continued
Citigroup Inc.
Series N, (ICE LIBOR USD 3 Month + 4.09%), 5.80%, 11/15/2019(b)(e)(f)		1,980		1,995
Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 3/27/2020(b)(e)(f)		1,280		1,287
(ICE LIBOR USD 3 Month + 1.19%), 3.75%, 8/2/2021(b)		36,290		36,616
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025(b)(e)(f)		505		485
Credit Agricole Corporate & Investment Bank SA (France)
(ICE LIBOR USD 3 Month + 0.63%), 3.02%, 10/3/2021(b)		15,850		15,801
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.60%), 3.24%, 5/18/2021(b)		30,880		30,701
(ICE LIBOR USD 3 Month + 1.66%), 4.35%, 5/25/2021(b)		8,460		8,624
(ICE LIBOR USD 3 Month + 0.65%), 2.98%, 9/11/2021(b)		24,640		24,457
(ICE LIBOR USD 3 Month + 1.50%), 3.91%, 1/5/2022(b)		17,320		17,531
Industrial & Commercial Bank of China Ltd. (China)
(ICE LIBOR USD 3 Month + 0.75%), 3.40%, 2/21/2020(b)(g)		6,070		6,068
Lloyds Bank plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.49%), 3.08%, 5/7/2021(b)		20,380		20,252
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.80%), 3.15%, 6/21/2021(b)		2,100		2,095
Mitsubishi UFJ Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.65%), 3.16%, 7/26/2021(b)		31,420		31,468
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 1.14%), 3.47%, 9/13/2021(b)		45,940		46,505
National Australia Bank Ltd. (Australia)
(ICE LIBOR USD 3 Month + 0.58%), 2.92%, 9/20/2021(a)(b)		17,260		17,251
(ICE LIBOR USD 3 Month + 0.71%), 2.62%, 11/4/2021(a)(b)		20,450		20,467
Santander UK plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.62%), 2.94%, 6/1/2021(b)		26,760		26,646
(ICE LIBOR USD 3 Month + 0.66%), 3.28%, 11/15/2021(b)		18,360		18,244
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 3.56%, 1/20/2023(a)(b)		7,850		7,791
Sumitomo Mitsui Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 1.11%), 3.55%, 7/14/2021(b)		5,076		5,133
(ICE LIBOR USD 3 Month + 1.14%), 3.59%, 10/19/2021(b)		24,098		24,472
UBS Group Funding Switzerland AG (Switzerland)
(ICE LIBOR USD 3 Month + 1.78%), 4.22%, 4/14/2021(a)(b)		3,680		3,762
Wells Fargo & Co.
(ICE LIBOR USD 3 Month + 0.93%), 3.55%, 2/11/2022(b)		15,321		15,345
Wells Fargo Bank NA
(ICE LIBOR USD 3 Month + 0.50%), 2.98%, 7/23/2021(b)		39,660		39,422

				604,067

Building Products — 0.1%
American Woodmark Corp. 4.88%, 3/15/2026(a)		2,620		2,378
James Hardie International Finance DAC (Ireland) 4.75%, 1/15/2025(a)		1,025		948
JELD-WEN, Inc.
4.63%, 12/15/2025(a)		1,465		1,311
4.88%, 12/15/2027(a)		715		624
Standard Industries, Inc. 4.75%, 1/15/2028(a)		3,420		2,992
				8,253

Capital Markets — 1.3%
Deutsche Bank AG (Germany)
(ICE LIBOR USD 3 Month + 0.97%), 3.41%, 7/13/2020(b)		33,723		33,176
(ICE LIBOR USD 3 Month + 1.31%), 3.95%, 8/20/2020(b)		17,223		17,012
(ICE LIBOR USD 3 Month + 1.29%), 3.77%, 2/4/2021(b)		13,350		12,883
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 1.11%), 3.62%, 4/26/2022(b)		51,571		51,540
Macquarie Bank Ltd. (Australia)
(ICE LIBOR USD 3 Month + 1.12%), 3.63%, 7/29/2020(a)(b)		4,000		4,044
Morgan Stanley
(ICE LIBOR USD 3 Month + 1.18%), 3.65%, 1/20/2022(b)		46,825		46,971

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LONG POSITIONS — continued
CORPORATE BONDS — continued
Capital Markets — continued
MSCI, Inc. 5.38%, 5/15/2027(a)		1,680		1,665
TD Ameritrade Holding Corp.
(ICE LIBOR USD 3 Month + 0.43%), 2.97%, 11/1/2021(b)		7,980		7,978

				175,269

Chemicals — 0.5%
Chemours Co. (The) 6.63%, 5/15/2023		2,420		2,456
Cornerstone Chemical Co. 6.75%, 8/15/2024(a)		991		936
CVR Partners LP 9.25%, 6/15/2023(a)		7,965		8,366
DowDuPont, Inc.
(ICE LIBOR USD 3 Month + 0.71%), 3.42%, 11/15/2020(b)		16,020		16,026
FXI Holdings, Inc. 7.88%, 11/1/2024(a)		2,470		2,208
Gates Global LLC 6.00%, 7/15/2022(a)		2,544		2,531
GCP Applied Technologies, Inc. 5.50%, 4/15/2026(a)		1,970		1,886
Hexion, Inc. 6.63%, 4/15/2020		5,090		4,206
Huntsman International LLC 5.13%, 11/15/2022		4,602		4,685
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024(a)		8,980		8,351
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024(a)		2,640		2,455
5.25%, 6/1/2027(a)		2,105		1,929
Nufarm Australia Ltd. (Australia) 5.75%, 4/30/2026(a)		128		120
Rain CII Carbon LLC 7.25%, 4/1/2025(a)		5,670		5,245
Reichhold Industries, Inc. 11.03%, 5/1/2018‡(a)(h)		5,673		—	(i)
Scotts Miracle-Gro Co. (The) 6.00%, 10/15/2023		3,995		4,045
Starfruit Finco BV (Netherlands) 8.00%, 10/1/2026(a)		1,940		1,862
Trinseo Materials Operating SCA 5.38%, 9/1/2025(a)		2,095		1,849

				69,156

Commercial Services & Supplies — 0.4%
Aramark Services, Inc. 5.00%, 2/1/2028(a)		1,560		1,482
Clean Harbors, Inc. 5.13%, 6/1/2021		1,780		1,783
Garda World Security Corp. (Canada) 8.75%, 5/15/2025(a)		11,475		10,471
ILFC E-Capital Trust I
(USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.78%, 12/21/2065‡(a)(b)		21,560		18,181
Nielsen Finance LLC 4.50%, 10/1/2020		5,931		5,900
Prime Security Services Borrower LLC 9.25%, 5/15/2023(a)		9,039		9,581

				47,398

Communications Equipment — 0.1%
Avaya, Inc. 7.00%, 4/1/2019‡(h)		4,452		—	(i)
CommScope Technologies LLC 6.00%, 6/15/2025(a)		9,197		8,519
Goodman Networks, Inc. 8.00%, 5/11/2022‡		3,383		1,692

				10,211

Construction Materials — 0.1%
CEMEX Finance LLC (Mexico) 6.00%, 4/1/2024(a)		3,000		2,946
Cemex SAB de CV (Mexico)
6.13%, 5/5/2025(a)		1,299		1,250
7.75%, 4/16/2026(a)		1,308		1,369
US Concrete, Inc. 6.38%, 6/1/2024		2,708		2,566

				8,131

Consumer Finance — 1.4%
Ally Financial, Inc.
4.13%, 2/13/2022		6,550		6,452
4.63%, 5/19/2022		3,920		3,920
4.63%, 3/30/2025		4,451		4,373
5.75%, 11/20/2025		3,995		4,080
American Express Co.
(ICE LIBOR USD 3 Month + 0.53%), 3.17%, 5/17/2021(b)		24,720		24,687
(ICE LIBOR USD 3 Month + 0.60%), 3.20%, 11/5/2021(b)		20,040		20,008
Ford Motor Credit Co. LLC
(ICE LIBOR USD 3 Month + 0.79%), 3.12%, 6/12/2020(b)		7,850		7,798
(ICE LIBOR USD 3 Month + 0.81%), 3.22%, 4/5/2021(b)		23,155		22,694
(ICE LIBOR USD 3 Month + 0.88%), 3.31%, 10/12/2021(b)		41,890		41,067
General Motors Financial Co., Inc.
(ICE LIBOR USD 3 Month + 0.85%), 3.26%, 4/9/2021(b)		26,100		25,923
(ICE LIBOR USD 3 Month + 1.10%), 3.69%, 11/6/2021(b)		12,550		12,488
Harley-Davidson Financial Services, Inc.
(ICE LIBOR USD 3 Month + 0.50%), 3.15%, 5/21/2020(a)(b)		3,853		3,856
(ICE LIBOR USD 3 Month + 0.94%), 3.66%, 3/2/2021(a)(b)		8,200		8,200
ILFC E-Capital Trust II

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LONG POSITIONS — continued
CORPORATE BONDS — continued
Consumer Finance — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 5.03%, 12/21/2065‡(a)(b)		4,654		3,851

				189,397

Containers & Packaging — 0.3%
Ardagh Packaging Finance plc (Ireland)
7.25%, 5/15/2024(a)		6,535		6,600
6.00%, 2/15/2025(a)		4,205		3,916
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		19,515		19,491
6.88%, 2/15/2021(j)		1,767		1,776
7.00%, 7/15/2024(a)		5,501		5,487

				37,270

Distributors — 0.0%(c)
Core & Main LP 6.13%, 8/15/2025(a)		6,653		6,071

Diversified Consumer Services — 0.1%
Service Corp. International
5.38%, 5/15/2024		120		120
7.50%, 4/1/2027		8,100		8,809

				8,929

Diversified Financial Services — 0.4%
ACE Cash Express, Inc. 12.00%, 12/15/2022(a)		2,529		2,491
AIG Global Funding
(ICE LIBOR USD 3 Month + 0.46%), 2.83%, 6/25/2021(a)(b)		7,840		7,855
CNG Holdings, Inc. 9.38%, 5/15/2020(a)		11,976		11,137
Refinitiv US Holdings, Inc. 6.25%, 5/15/2026(a)		1,220		1,204
Synchrony Bank
(ICE LIBOR USD 3 Month + 0.63%), 3.01%, 3/30/2020(b)		31,000		30,930

				53,617

Diversified Telecommunication Services — 1.5%
Altice France SA (France)
6.25%, 5/15/2024(a)		2,666		2,576
7.38%, 5/1/2026(a)		760		729
8.13%, 2/1/2027(a)		3,409		3,341
CCO Holdings LLC
5.13%, 2/15/2023		3,575		3,548
5.88%, 4/1/2024(a)		25,940		26,167
5.38%, 5/1/2025(a)		810		796
5.75%, 2/15/2026(a)		9,220		9,220
5.50%, 5/1/2026(a)		11,815		11,505
5.13%, 5/1/2027(a)		11,505		10,901
5.00%, 2/1/2028(a)		385		358
CenturyLink, Inc.
Series W, 6.75%, 12/1/2023		2,765		2,772
Series Y, 7.50%, 4/1/2024		2,745		2,817
Cincinnati Bell, Inc. 7.00%, 7/15/2024(a)		4,996		4,381
Cogent Communications Finance, Inc. 5.63%, 4/15/2021(a)		8,651		8,673
Consolidated Communications, Inc. 6.50%, 10/1/2022		979		913
DKT Finance ApS (Denmark) 9.38%, 6/17/2023(a)		1,340		1,394
Embarq Corp. 8.00%, 6/1/2036		12,413		11,653
Frontier Communications Corp.
10.50%, 9/15/2022		2,129		1,703
6.88%, 1/15/2025		3,560		1,931
11.00%, 9/15/2025		8,046		5,672
8.50%, 4/1/2026(a)		6,465		5,868
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023		14,248		12,574
8.00%, 2/15/2024(a)		1,562		1,634
8.50%, 10/15/2024(a)		12,350		12,228
9.75%, 7/15/2025(a)		7,170		7,403
Intelsat Luxembourg SA (Luxembourg)
7.75%, 6/1/2021		280		264
8.13%, 6/1/2023		1,698		1,401
Level 3 Financing, Inc.
5.63%, 2/1/2023		5,568		5,565
5.38%, 1/15/2024		4,444		4,362
5.38%, 5/1/2025		2,015		1,962
Qwest Capital Funding, Inc. 7.75%, 2/15/2031		2,987		2,546
Sprint Capital Corp. 8.75%, 3/15/2032		13,195		14,333
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		1,740		1,549
7.20%, 7/18/2036		1,185		1,127
Telecom Italia SpA (Italy) 5.30%, 5/30/2024(a)		1,740		1,633
Virgin Media Secured Finance plc (United Kingdom) 5.25%, 1/15/2026(a)		705		660
Windstream Services LLC 9.00%, 6/30/2025(a)		24,089		17,585

				203,744

Electric Utilities — 0.5%
Mississippi Power Co.
(ICE LIBOR USD 3 Month + 0.65%), 3.03%, 3/27/2020(b)		2,450		2,450
NextEra Energy Capital Holdings, Inc.
(ICE LIBOR USD 3 Month + 0.55%), 3.26%, 8/28/2021(b)		27,650		27,668
NextEra Energy Operating Partners LP
4.25%, 9/15/2024(a)		1,187		1,119
4.50%, 9/15/2027(a)		807		740
Southern Co. (The)

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LONG POSITIONS — continued
CORPORATE BONDS — continued
Electric Utilites — continued
(iCE LIBOR USD 3 Month + 0.49%), 3.10%, 2/14/2020(a)(b)		31,590		31,442
Texas Competitive Electric Holdings Co. LLC
8.50%, 5/1/2020‡(h)		62,006		124
11.50%, 10/1/2020‡		5,000		20

				63,563

Electrical Equipment — 0.1%
Energizer Gamma Acquisition, Inc. 6.38%, 7/15/2026(a)		390		367
Vertiv Group Corp. 9.25%, 10/15/2024(a)		8,645		8,429

				8,796

Electronic Equipment, Instruments & Components — 0.1%
Tyco Electronics Group SA (Switzerland)
(ICE LIBOR USD 3 Month + 0.45%), 3.19%, 6/5/2020(b)		8,020		8,017

Energy Equipment & Services — 0.3%
Calfrac Holdings LP (Canada) 8.50%, 6/15/2026(a)		1,785		1,482
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		666		594
Ensco plc
5.20%, 3/15/2025		848		635
5.75%, 10/1/2044		116		71
KCA Deutag UK Finance plc (United Kingdom)
9.88%, 4/1/2022(a)		1,894		1,553
9.63%, 4/1/2023(a)		317		251
Nabors Industries, Inc.
5.50%, 1/15/2023		3,665		3,225
5.75%, 2/1/2025		3,315		2,704
Noble Holding International Ltd. 7.88%, 2/1/2026(a)		1,472		1,373
Rowan Cos., Inc. 4.88%, 6/1/2022		2,241		2,017
SESI LLC 7.13%, 12/15/2021		2,638		2,493
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025(a)		3,388		3,193
Telford Offshore Ltd. (United Arab Emirates)
Series B, 14.00% (Blend (cash 1.00% + PIK 13.00%)), 2/12/2024‡(d)		3,865		1,906
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)		1,583		1,543
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		906		883
Transocean Proteus Ltd. 6.25%, 12/1/2024(a)		4,000		3,920
Transocean, Inc.
9.00%, 7/15/2023(a)		1,423		1,454
7.25%, 11/1/2025(a)		1,655		1,531
7.50%, 1/15/2026(a)		2,283		2,123
6.80%, 3/15/2038		3,569		2,552
9.35%, 12/15/2041(j)		1,413		1,272
Weatherford International Ltd.
4.50%, 4/15/2022		1,237		816
9.88%, 2/15/2024		1,525		1,022
6.50%, 8/1/2036		3,005		1,683

				40,296

Entertainment — 0.1%
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		2,170		1,964
5.88%, 11/15/2026		169		150
Cinemark USA, Inc. 4.88%, 6/1/2023		3,525		3,428
Live Nation Entertainment, Inc. 4.88%, 11/1/2024‡(a)		1,000		968
Netflix, Inc. 5.88%, 11/15/2028(a)		3,668		3,631
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 2/28/2057(b)		826		794
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(b)		474		454

				11,389

Equity Real Estate Investment Trusts (REITs) — 0.4%
CoreCivic, Inc. 4.63%, 5/1/2023		3,980		3,686
Equinix, Inc. 5.75%, 1/1/2025		790		804
GEO Group, Inc. (The)
5.88%, 1/15/2022		5,270		5,169
5.13%, 4/1/2023		305		275
5.88%, 10/15/2024		3,880		3,492
6.00%, 4/15/2026		500		444
GLP Capital LP
5.25%, 6/1/2025		3,120		3,100
5.75%, 6/1/2028		3,120		3,112
Iron Mountain, Inc. 6.00%, 8/15/2023		3,065		3,130
MGM Growth Properties Operating Partnership LP 5.63%, 5/1/2024		2,085		2,106
RHP Hotel Properties LP 5.00%, 4/15/2023		3,350		3,308
Sabra Health Care LP 5.13%, 8/15/2026		2,960		2,810
SBA Communications Corp.
4.00%, 10/1/2022		237		229
4.88%, 9/1/2024		2,905		2,825
Uniti Group LP
6.00%, 4/15/2023(a)		2,200		2,096
8.25%, 10/15/2023		2,830		2,621
7.13%, 12/15/2024(a)		1,675		1,482

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LONG POSITIONS — continued
CORPORATE BONDS — continued
Equity Real Estate Investment Trusts (REITs) — continued
VICI Properties 1 LLC 8.00%, 10/15/2023		6,302		6,853

				47,542

Food & Staples Retailing — 0.2%
Albertsons Cos. LLC
6.63%, 6/15/2024		8,553		8,243
5.75%, 3/15/2025		2,257		2,015
New Albertsons LP
7.75%, 6/15/2026		940		827
8.70%, 5/1/2030		5,840		5,110
Rite Aid Corp. 6.13%, 4/1/2023(a)		7,034		6,049

				22,244

Food Products — 0.9%
B&G Foods, Inc. 5.25%, 4/1/2025		2,181		2,061
Campbell Soup Co.
(ICE LIBOR USD 3 Month + 0.50%), 2.83%, 3/16/2020(b)		19,817		19,754
(ICE LIBOR USD 3 Month + 0.63%), 2.96%, 3/15/2021(b)		28,120		27,895
Conagra Brands, Inc.
(ICE LIBOR USD 3 Month + 0.75%), 3.22%, 10/22/2020(b)		2,390		2,385
Dean Foods Co. 6.50%, 3/15/2023(a)		1,356		1,190
General Mills, Inc.
(ICE LIBOR USD 3 Month + 0.54%), 2.98%, 4/16/2021(b)		30,592		30,459
JBS USA LUX SA
5.88%, 7/15/2024(a)		8,000		7,862
6.75%, 2/15/2028(a)		2,685		2,584
Kraft Heinz Foods Co.
(ICE LIBOR USD 3 Month + 0.57%), 3.19%, 2/10/2021(b)		11,870		11,832
Pilgrim’s Pride Corp. 5.75%, 3/15/2025(a)		397		386
Post Holdings, Inc.
5.50%, 3/1/2025(a)		1,255		1,197
5.00%, 8/15/2026(a)		5,102		4,681
5.75%, 3/1/2027(a)		1,015		952
5.63%, 1/15/2028(a)		1,400		1,298
TreeHouse Foods, Inc. 6.00%, 2/15/2024(a)		2,615		2,586

				117,122

Gas Utilities — 0.0%(c)
AmeriGas Partners LP 5.50%, 5/20/2025		3,700		3,427

Health Care Equipment & Supplies — 0.2%
DJO Finance LLC 8.13%, 6/15/2021(a)		8,605		8,917
Hologic, Inc. 4.38%, 10/15/2025(a)		1,570		1,492
Kinetic Concepts, Inc. 7.88%, 2/15/2021(a)		3,720		3,785
Mallinckrodt International Finance SA
4.88%, 4/15/2020(a)		4,645		4,585
5.75%, 8/1/2022(a)		1,808		1,645
5.63%, 10/15/2023(a)		1,565		1,344
5.50%, 4/15/2025(a)		9,780		7,787

				29,555

Health Care Providers & Services — 1.5%
21st Century Oncology, Inc.
Series AI, + 0.00%), 12.00% (PIK), 4/30/2023‡(b)(d)		3,942		3,486
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(a)		7,708		6,398
Community Health Systems, Inc.
5.13%, 8/1/2021		2,002		1,896
6.88%, 2/1/2022		3,855		1,909
6.25%, 3/31/2023		1,083		1,004
8.63%, 1/15/2024(a)		2,365		2,403
8.13%, 6/30/2024(a)		4,831		3,684
DaVita, Inc.
5.13%, 7/15/2024		2,000		1,925
5.00%, 5/1/2025		4,820		4,531
Encompass Health Corp.
5.75%, 11/1/2024		3,980		3,985
5.75%, 9/15/2025		1,695		1,680
Envision Healthcare Corp.
8.75%, 10/15/2026(a)		4,800		4,500
Halfmoon Parent, Inc.
(ICE LIBOR USD 3 Month + 0.65%), 2.98%, 9/17/2021(a)(b)		42,230		41,916
HCA, Inc.
7.50%, 2/15/2022		7,406		7,999
5.38%, 2/1/2025		36,675		36,904
5.88%, 2/15/2026		22,340		23,010
5.25%, 6/15/2026		325		327
5.63%, 9/1/2028		2,700		2,656
Syneos Health, Inc.
7.50%, 10/1/2024(a)		2,250		2,362
Tenet Healthcare Corp.
6.75%, 2/1/2020		1,000		1,023
4.75%, 6/1/2020		1,850		1,845
6.00%, 10/1/2020		7,110		7,252
4.50%, 4/1/2021		1,525		1,510
7.50%, 1/1/2022(a)		2,080		2,158
8.13%, 4/1/2022		8,957		9,282
6.75%, 6/15/2023		13,380		13,213
4.63%, 7/15/2024		1,250		1,199
7.00%, 8/1/2025		1,520		1,482

				191,539

Health Care Technology — 0.0%(c)
IQVIA, Inc. 5.00%, 10/15/2026(a)		915		881

Hotels, Restaurants & Leisure — 0.9%
Boyd Gaming Corp. 6.88%, 5/15/2023		1,932		2,004

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LONG POSITIONS — continued
CORPORATE BONDS — continued
Hotels, Restaurants & Leisure — continued
Boyne USA, Inc. 7.25%, 5/1/2025(a)		915		952
Chukchansi Economic Development Authority 9.75%, 5/30/2020(a)(h)		11,740		6,809
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(a)		3,340		3,165
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(a)		3,199		3,231
Enterprise Development Authority (The) 12.00%, 7/15/2024(a)		4,485		4,283
Gateway Casinos & Entertainment Ltd. (Canada) 8.25%, 3/1/2024(a)		1,689		1,757
Golden Nugget, Inc. 6.75%, 10/15/2024(a)		1,933		1,894
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/2024		305		291
5.13%, 5/1/2026(a)		4,827		4,730
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		2,275		2,196
4.88%, 4/1/2027		1,140		1,087
International Game Technology plc
6.50%, 2/15/2025(a)		1,800		1,837
6.25%, 1/15/2027(a)		1,938		1,939
Jack Ohio Finance LLC 6.75%, 11/15/2021(a)		4,950		5,074
LTF Merger Sub, Inc. 8.50%, 6/15/2023(a)		6,220		6,375
Marriott International, Inc. Series Y, (ICE LIBOR USD 3 Month + 0.60%), 3.27%, 12/1/2020(b)		16,020		16,017
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026(a)		3,725		3,716
Merlin Entertainments plc (United Kingdom) 5.75%, 6/15/2026(a)		1,305		1,294
MGM Resorts International
7.75%, 3/15/2022		3,237		3,480
6.00%, 3/15/2023		7,875		8,003
5.75%, 6/15/2025		5,800		5,706
4.63%, 9/1/2026		1,509		1,371
Sabre GLBL, Inc.
5.38%, 4/15/2023(a)		4,025		4,005
5.25%, 11/15/2023‡(a)		3,285		3,260
Scientific Games International, Inc. 10.00%, 12/1/2022		10,500		10,899
Seminole Hard Rock Entertainment, Inc. 5.88%, 5/15/2021(a)		7,660		7,693
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026(a)		3,386		3,373
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		5,510		5,248

				121,689

Household Durables — 0.1%
Tempur Sealy International, Inc.
5.63%, 10/15/2023		4,315		4,240
5.50%, 6/15/2026		4,555		4,293

				8,533

Household Products — 0.1%
Central Garden & Pet Co.
6.13%, 11/15/2023		2,625		2,666
5.13%, 2/1/2028		1,735		1,570
Energizer Holdings, Inc. 5.50%, 6/15/2025(a)		5,885		5,403
Kronos Acquisition Holdings, Inc. (Canada) 9.00%, 8/15/2023(a)		1,545		1,329
Spectrum Brands Holdings, Inc. 7.75%, 1/15/2022		8,603		8,775

				19,743

Independent Power and Renewable Electricity Producers — 0.0%(c)
Calpine Corp. 5.25%, 6/1/2026(a)		3,796		3,530
Vistra Energy Corp. 7.38%, 11/1/2022		1,165		1,209

				4,739

Insurance — 0.2%
AIA Group Ltd. (Hong Kong)
(ICE LIBOR USD 3 Month + 0.52%), 2.86%, 9/20/2021(a)(b)		15,830		15,839
AmWINS Group, Inc. 7.75%, 7/1/2026(a)		1,444		1,437
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025(a)		975		955
Protective Life Global Funding
(ICE LIBOR USD 3 Month + 0.52%), 2.91%, 6/28/2021(a)(b)		11,740		11,743

				29,974

Interactive Media & Services — 0.0%(c)
Rackspace Hosting, Inc. 8.63%, 11/15/2024(a)		1,068		905

IT Services — 0.5%
Alliance Data Systems Corp. 5.38%, 8/1/2022(a)		1,534		1,526
First Data Corp.
5.38%, 8/15/2023(a)		11,654		11,727
5.75%, 1/15/2024(a)		19,782		19,856
GCI LLC
6.75%, 6/1/2021		17,843		17,843
6.88%, 4/15/2025		600		599
Zayo Group LLC
6.00%, 4/1/2023		8,875		8,831
6.38%, 5/15/2025		5,210		5,112
5.75%, 1/15/2027(a)		6,600		6,303

				71,797

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LONG POSITIONS — continued
CORPORATE BONDS — continued
Leisure Products — 0.1%
Mattel, Inc.
3.15%, 3/15/2023		775		659
6.75%, 12/31/2025(a)		10,254		9,664
Vista Outdoor, Inc. 5.88%, 10/1/2023		8,909		8,441

				18,764

Machinery — 0.1%
Hillman Group, Inc. (The) 6.38%, 7/15/2022(a)		3,680		3,128
Novelis Corp.
6.25%, 8/15/2024(a)		2,155		2,134
5.88%, 9/30/2026(a)		2,770		2,583
RBS Global, Inc. 4.88%, 12/15/2025(a)		1,050		996
Terex Corp. 5.63%, 2/1/2025(a)		2,195		2,020
Welbilt, Inc. 9.50%, 2/15/2024		2,480		2,663

				13,524

Media — 2.1%
Altice Financing SA (Luxembourg)
6.63%, 2/15/2023(a)		495		489
7.50%, 5/15/2026(a)		14,186		13,335
Altice Luxembourg SA (Luxembourg)
7.75%, 5/15/2022(a)		10,303		9,814
7.63%, 2/15/2025(a)		2,008		1,626
AMC Networks, Inc. 5.00%, 4/1/2024		1,517		1,458
CBS Radio, Inc. 7.25%, 11/1/2024(a)		1,580		1,513
Charter Communications Operating LLC
(ICE LIBOR USD 3 Month + 1.65%), 4.19%, 2/1/2024(b)		3,825		3,828
Clear Channel Worldwide Holdings, Inc.
Series A, 7.63%, 3/15/2020		1,185		1,182
Series B, 7.63%, 3/15/2020		24,777		24,746
Series A, 6.50%, 11/15/2022		11,360		11,466
Series B, 6.50%, 11/15/2022		29,718		30,173
Comcast Corp.
(ICE LIBOR USD 3 Month + 0.44%), 2.85%, 10/1/2021(b)		7,940		7,940
CSC Holdings LLC
10.13%, 1/15/2023(a)		3,756		4,066
6.63%, 10/15/2025(a)		2,475		2,574
10.88%, 10/15/2025(a)		28,110		32,397
DISH DBS Corp.
6.75%, 6/1/2021		3,975		4,040
5.88%, 7/15/2022		6,324		6,031
5.00%, 3/15/2023		7,270		6,361
5.88%, 11/15/2024		32,558		27,756
7.75%, 7/1/2026		18,320		16,248
Gray Escrow, Inc. 7.00%, 5/15/2027(a)		726		737
iHeartCommunications, Inc.
9.00%, 3/1/2021(h)		950		669
10.63%, 3/15/2023(h)		3,855		2,718
Meredith Corp. 6.88%, 2/1/2026(a)		2,795		2,858
Nexstar Broadcasting, Inc.
6.13%, 2/15/2022(a)		2,940		2,976
5.88%, 11/15/2022		5,081		5,132
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		5,125		5,233
Sinclair Television Group, Inc.
6.13%, 10/1/2022		6,225		6,311
5.13%, 2/15/2027(a)		1,295		1,152
Sirius XM Radio, Inc.
6.00%, 7/15/2024(a)		18,480		18,919
5.38%, 4/15/2025(a)		5,831		5,743
5.38%, 7/15/2026(a)		495		482
TEGNA, Inc. 6.38%, 10/15/2023		2,620		2,679
Unitymedia GmbH (Germany) 6.13%, 1/15/2025(a)		1,401		1,429
UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025(a)		2,440		2,341
Videotron Ltd. (Canada)
5.38%, 6/15/2024(a)		6,285		6,269
5.13%, 4/15/2027(a)		235		223

				272,914

Metals & Mining — 0.4%
AK Steel Corp. 7.50%, 7/15/2023		4,855		4,891
Alcoa Nederland Holding BV
6.75%, 9/30/2024(a)		7,986		8,245
6.13%, 5/15/2028(a)		610		595
ArcelorMittal (Luxembourg) 6.25%, 2/25/2022(j)		11,165		11,761
Constellium NV
5.75%, 5/15/2024(a)		1,080		1,010
6.63%, 3/1/2025(a)		330		316
Freeport-McMoRan, Inc.
3.55%, 3/1/2022		500		476
3.88%, 3/15/2023		2,205		2,053
4.55%, 11/14/2024		1,920		1,783
5.40%, 11/14/2034		631		532
5.45%, 3/15/2043		12,149		9,932
Hecla Mining Co. 6.88%, 5/1/2021		10,635		10,582
Noranda Aluminum Acquisition Corp. 11.00%, 6/1/2019‡(h)		2,180		—	(i)
Zekelman Industries, Inc. 9.88%, 6/15/2023(a)		4,863		5,167

				57,343

Multiline Retail — 0.1%
JC Penney Corp., Inc. 6.38%, 10/15/2036		3,800		1,368

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LONG POSITIONS — continued
CORPORATE BONDS — continued
Multiline Retail — continued
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/2021(a)		7,304		3,542
8.75% (cash), 10/15/2021(a)(d)		9,140		4,457

				9,367

Multi-Utilities — 0.2%
Sempra Energy
(ICE LIBOR USD 3 Month + 0.50%), 2.94%, 1/15/2021(b)		3,073		3,048
(ICE LIBOR USD 3 Month + 0.45%), 2.78%, 3/15/2021(b)		29,380		29,265

				32,313

Oil, Gas & Consumable Fuels — 1.3%
Andeavor Logistics LP
6.25%, 10/15/2022		2,472		2,534
6.38%, 5/1/2024		440		460
Antero Midstream Partners LP 5.38%, 9/15/2024		2,555		2,492
Antero Resources Corp.
5.13%, 12/1/2022		4,915		4,816
5.63%, 6/1/2023		35		35
Athabasca Oil Corp. (Canada) 9.88%, 2/24/2022(a)		137		121
Baytex Energy Corp. (Canada) 5.63%, 6/1/2024(a)		1,118		962
Blue Racer Midstream LLC 6.13%, 11/15/2022(a)		5,185		5,133
Buckeye Partners LP
(ICE LIBOR USD 3 Month + 4.02%), 6.38%, 1/22/2078(b)		725		628
California Resources Corp. 8.00%, 12/15/2022(a)		2,078		1,579
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		4,199		4,000
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		4,150		4,275
5.13%, 6/30/2027		570		552
Chesapeake Energy Corp.
8.00%, 1/15/2025		5,875		5,655
8.00%, 6/15/2027		2,290		2,175
CITGO Petroleum Corp. 6.25%, 8/15/2022(a)		1,615		1,601
Covey Park Energy LLC 7.50%, 5/15/2025(a)		2,285		2,148
Crestwood Midstream Partners LP 6.25%, 4/1/2023(j)		4,290		4,258
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.37%, 12/15/2022(b)(e)(f)		1,545		1,423
Denbury Resources, Inc. 9.25%, 3/31/2022(a)		2,626		2,619
Diamondback Energy, Inc.
4.75%, 11/1/2024(a)		4,029		3,908
5.38%, 5/31/2025		110		109
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022(b)(e)(f)		1,490		1,192
4.40%, 4/1/2024		1,995		1,904
4.85%, 7/15/2026		1,040		951
EP Energy LLC
9.38%, 5/1/2024(a)		13,097		7,203
8.00%, 11/29/2024(a)		6,080		5,290
8.00%, 2/15/2025(a)		4,004		2,002
7.75%, 5/15/2026(a)		11,730		11,290
Gulfport Energy Corp.
6.00%, 10/15/2024		3,647		3,337
6.38%, 5/15/2025		310		281
Halcon Resources Corp. 6.75%, 2/15/2025		3,160		2,425
Hilcorp Energy I LP 5.00%, 12/1/2024(a)		1,057		959
Jagged Peak Energy LLC 5.88%, 5/1/2026(a)		265		252
Kinder Morgan, Inc. 3.05%, 12/1/2019		1,458		1,447
MEG Energy Corp. (Canada)
6.38%, 1/30/2023(a)		2,556		2,384
7.00%, 3/31/2024(a)		7,446		6,971
6.50%, 1/15/2025(a)		3,854		3,931
MPLX LP 5.50%, 2/15/2023		3,985		4,059
Oasis Petroleum, Inc.
6.88%, 1/15/2023		5,493		5,411
6.25%, 5/1/2026(a)		1,680		1,554
Parsley Energy LLC
5.25%, 8/15/2025(a)		1,700		1,607
5.63%, 10/15/2027(a)		2,220		2,109
PBF Holding Co. LLC 7.00%, 11/15/2023		2,051		2,051
Penn Virginia Corp.
7.25%, 4/15/2019‡(h)		4,881		17
8.50%, 5/1/2020‡(h)		9,129		32
Range Resources Corp.
5.00%, 8/15/2022		925		876
5.00%, 3/15/2023		975		920
4.88%, 5/15/2025		1,230		1,119
Sanchez Energy Corp. 6.13%, 1/15/2023		2,980		745
SM Energy Co.
6.13%, 11/15/2022		1,069		1,053
5.00%, 1/15/2024		2,000		1,858
5.63%, 6/1/2025		2,535		2,332
Southwestern Energy Co.
4.10%, 3/15/2022		1,085		1,044
6.20%, 1/23/2025(j)		3,450		3,308
7.50%, 4/1/2026		1,463		1,474
Summit Midstream Holdings LLC 5.75%, 4/15/2025		2,835		2,679
Sunoco LP
4.88%, 1/15/2023(a)		690		673

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LONG POSITIONS — continued
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
5.50%, 2/15/2026(a)		965		919
Targa Resources Partners LP
6.75%, 3/15/2024		6,405		6,653
5.88%, 4/15/2026(a)		710		707
Tullow Oil plc (Ghana) 7.00%, 3/1/2025(a)		1,390		1,272
Ultra Resources, Inc. 6.88%, 4/15/2022‡(a)		4,435		2,705
W&T Offshore, Inc. 9.75%, 11/1/2023(a)		1,695		1,521
Whiting Petroleum Corp.
5.75%, 3/15/2021		2,740		2,706
6.25%, 4/1/2023		60		59
6.63%, 1/15/2026		740		712
WildHorse Resource Development Corp. 6.88%, 2/1/2025		2,990		2,915
Williams Cos., Inc. (The) 7.88%, 9/1/2021		3,520		3,838
WPX Energy, Inc.
6.00%, 1/15/2022		264		265
8.25%, 8/1/2023		3,190		3,485
5.25%, 9/15/2024		360		342

				166,322

Personal Products — 0.1%
Coty, Inc. 6.50%, 4/15/2026(a)		4,990		4,392
High Ridge Brands Co. 8.88%, 3/15/2025(a)		3,888		1,730
Prestige Brands, Inc. 6.38%, 3/1/2024(a)		2,225		2,204

				8,326

Pharmaceuticals — 0.8%
Bausch Health Cos., Inc.
5.88%, 5/15/2023(a)		34,998		33,992
7.00%, 3/15/2024(a)		16,596		17,363
6.13%, 4/15/2025(a)		19,843		18,627
9.00%, 12/15/2025(a)		6,219		6,561
Bayer US Finance II LLC (Germany)
(ICE LIBOR USD 3 Month + 0.63%), 3.00%, 6/25/2021(a)(b)		7,780		7,733
Concordia International Corp. (Canada) 8.00%, 9/6/2024		1,573		1,514
Endo Dac
6.00%, 7/15/2023(a)		6,715		5,574
5.88%, 10/15/2024(a)		1,345		1,336
Endo Finance LLC
5.75%, 1/15/2022(a)		7,616		6,778
5.38%, 1/15/2023(a)(j)		2,204		1,813
Valeant Pharmaceuticals International, Inc.
8.50%, 1/31/2027(a)		1,338		1,385
Zoetis, Inc.
(ICE LIBOR USD 3 Month + 0.44%), 3.08%, 8/20/2021(b)		5,500		5,469

				108,145

Real Estate Management & Development — 0.0%(c)
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		1,000		949

Road & Rail — 0.3%
Avis Budget Car Rental LLC 6.38%, 4/1/2024(a)		8,155		7,958
Herc Rentals, Inc.
7.50%, 6/1/2022(a)		1,865		1,953
7.75%, 6/1/2024(a)		3,062		3,236
Hertz Corp. (The)
7.38%, 1/15/2021		2,025		2,003
7.63%, 6/1/2022(a)		10,101		9,949
6.25%, 10/15/2022		1,585		1,391
5.50%, 10/15/2024(a)		10,588		8,391
Park Aerospace Holdings Ltd. (Ireland) 4.50%, 3/15/2023(a)		4,469		4,346

				39,227

Semiconductors & Semiconductor Equipment — 0.2%
Amkor Technology, Inc. 6.38%, 10/1/2022		9,862		9,911
Entegris, Inc. 4.63%, 2/10/2026(a)		2,700		2,498
MagnaChip Semiconductor Corp. (South Korea) 6.63%, 7/15/2021(j)		4,462		4,217
NXP BV (Netherlands) 4.63%, 6/1/2023(a)		708		694
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(a)		7,310		7,443

				24,763

Software — 0.3%
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024(a)		3,320		3,586
Infor Software Parent LLC 7.13% (cash), 5/1/2021(a)(d)		4,773		4,761
Infor US, Inc. 6.50%, 5/15/2022		24,620		24,497
Informatica LLC 7.13%, 7/15/2023(a)		4,465		4,487

				37,331

Specialty Retail — 0.1%
L Brands, Inc. 6.75%, 7/1/2036		2,155		1,794
PetSmart, Inc.
7.13%, 3/15/2023(a)		7,706		5,163
5.88%, 6/1/2025(a)		3,205		2,452
8.88%, 6/1/2025(a)		3,663		2,482
Staples, Inc. 8.50%, 9/15/2025(a)		7,797		6,900

				18,791

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LONG POSITIONS — continued
CORPORATE BONDS — continued
Technology Hardware, Storage & Peripherals — 0.2%
Dell International LLC 5.88%, 6/15/2021(a)		2,270		2,302
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		3,230		1,995
Hewlett Packard Enterprise Co.
(ICE LIBOR USD 3 Month + 0.72%), 3.06%, 10/5/2021(b)		16,289		16,190

				20,487

Thrifts & Mortgage Finance — 0.1%
Nationstar Mortgage Holdings, Inc. 8.13%, 7/15/2023(a)		1,571		1,587
Nationstar Mortgage LLC 6.50%, 7/1/2021		7,522		7,512

				9,099

Trading Companies & Distributors — 0.1%
Aviation Capital Group LLC
(ICE LIBOR USD 3 Month + 0.95%), 3.67%, 6/1/2021(a)(b)		8,020		8,022
United Rentals North America, Inc.
5.88%, 9/15/2026		3,835		3,725
6.50%, 12/15/2026		2,850		2,860
5.50%, 5/15/2027		2,275		2,147
4.88%, 1/15/2028		865		780

				17,534

Wireless Telecommunication Services — 0.8%
Intelsat Connect Finance SA (Luxembourg) 9.50%, 2/15/2023(a)		2,746		2,568
Sprint Communications, Inc. 11.50%, 11/15/2021		7,576		8,754
Sprint Corp.
7.88%, 9/15/2023		20,175		21,184
7.13%, 6/15/2024		1,335		1,355
7.63%, 2/15/2025		33,995		34,972
7.63%, 3/1/2026		1,012		1,037
Syniverse Holdings, Inc. 9.13%, 1/15/2019		233		231
T-Mobile USA, Inc.
6.50%, 1/15/2024		3,170		1,633
6.38%, 3/1/2025		29,775		14,212
6.50%, 1/15/2026		12,520		7,615
4.75%, 2/1/2028		7,823		5,939
United States Cellular Corp. 6.70%, 12/15/2033		3,715		3,724
Wind Tre SpA (Italy) 5.00%, 1/20/2026(a)		4,455		3,685

				106,909

TOTAL CORPORATE BONDS (Cost $3,561,831)				3,492,930

U.S. GOVERNMENT AGENCY SECURITIES — 15.4%
FHLB
DN, 2.20%, 12/11/2018(k)		300,000		299,849
DN, 2.13%, 12/12/2018		185,000		184,895
DN, 2.20%, 12/17/2018(k)		677,126		676,528
DN, 2.20%, 12/18/2018		280,000		279,735
DN, 2.20%, 12/21/2018(k)		585,000		584,336

TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $2,025,154)				2,025,343

COLLATERALIZED MORTGAGE OBLIGATIONS — 9.4%
Adjustable Rate Mortgage Trust
Series 2005-5, Class 5A1, 4.38%, 9/25/2035(l)		4,779		4,278
Series 2005-10, Class 1A21, 4.31%, 1/25/2036(l)		1,268		1,172
Alternative Loan Trust
Series 2004-5CB, Class 2A1, 5.00%, 5/25/2019		108		109
Series 2005-20CB, Class 4A1, 5.25%, 7/25/2020		673		664
Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020		359		358
Series 2005-J11, Class 5A1, 5.50%, 11/25/2020		695		686
Series 2006-J3, Class 2A1, 4.75%, 12/25/2020		161		140
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025		1,254		1,206
Series 2005-J3, Class 3A1, 6.50%, 9/25/2034		118		115
Series 2006-J2, Class A1, 2.81%, 4/25/2036(l)		3,968		2,410
Series 2006-24CB, Class A1, 6.00%, 8/1/2036		1,435		1,216
Series 2006-24CB, Class A23, 6.00%, 8/1/2036		2,586		2,191
Series 2006-25CB, Class A9, 6.00%, 10/25/2036		3,627		3,098
Series 2006-28CB, Class A17, 6.00%, 10/25/2036		631		499
Series 2006-31CB, Class A3, 6.00%, 11/25/2036		2,215		1,871
Series 2006-41CB, Class 2A17, 6.00%, 1/25/2037		501		424
Series 2007-5CB, Class 1A31, 5.50%, 4/25/2037		729		581
American Home Mortgage Assets Trust
Series 2006-2, Class 2A1, 2.50%, 9/25/2046(l)		1,673		1,571

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Angel Oak Mortgage Trust I LLC
Series 2018-1, Class A2, 3.31%, 4/27/2048(a)(l)		10,225		10,167
Series 2018-2, Class A2, 3.78%, 7/27/2048(a)(l)		5,823		5,812
Antler Mortgage Trust
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022(a)		9,177		9,166
Arroyo Mortgage Trust
Series 2018-1, Class A1, 3.76%, 4/25/2048(a)(l)		34,717		34,565
Banc of America Alternative Loan Trust
Series 2006-4, Class 2A1, 6.00%, 5/25/2021		1,077		1,026
Series 2004-12, Class 2CB1, 6.00%, 1/25/2035		1,730		1,694
Series 2005-2, Class 2CB1, 6.00%, 3/25/2035		1,611		1,458
Banc of America Funding Trust
Series 2005-1, Class 1A1, 5.50%, 2/25/2035		1,673		1,655
Series 2006-1, Class 2A1, 5.50%, 1/25/2036		567		547
Series 2006-D, Class 5A2, 3.85%, 5/20/2036(l)		1,301		1,227
Series 2014-R7, Class 1A1, 2.46%, 5/26/2036(a)(l)		8,138		7,830
Series 2014-R7, Class 2A1, 2.45%, 9/26/2036(a)(l)		1,940		1,895
Series 2015-R4, Class 5A1, 2.43%, 10/25/2036(a)(l)		14,750		14,233
Banc of America Mortgage Trust
Series 2005-11, Class 2A1, 5.25%, 12/25/2020		248		245
Series 2007-3, Class 1A1, 6.00%, 9/25/2037		3,786		3,591
Bear Stearns ARM Trust
Series 2005-12, Class 22A1, 4.27%, 2/25/2036(l)		6,561		6,540
Bear Stearns Asset-Backed Securities I Trust
Series 2004-AC5, Class A1, 5.75%, 10/25/2034(j)		3,523		3,557
Chase Mortgage Finance Trust
Series 2005-S1, Class 1A15, 6.00%, 5/25/2035		1,191		1,237
CHL Mortgage Pass-Through Trust
Series 2005-21, Class A2, 5.50%, 10/25/2035		545		501
Series 2006-15, Class A1, 6.25%, 10/25/2036		1,549		1,257
Series 2006-20, Class 1A36, 5.75%, 2/25/2037		693		559
Series 2007-5, Class A6, 2.66%, 5/25/2037(l)		2,036		1,457
Citicorp Mortgage Securities Trust
Series 2007-5, Class 1A9, 6.00%, 6/25/2037		2,610		2,618
Citigroup Mortgage Loan Trust
Series 2006-4, Class 1A1, 5.50%, 12/25/2035		420		421
Series 2014-11, Class 4A1, 2.38%, 7/25/2036(a)(l)		3,686		3,537
Series 2014-10, Class 3A1, 2.48%, 7/25/2036(a)(l)		5,747		5,563
Series 2014-12, Class 1A4, 2.41%, 8/25/2036(a)(l)		14,394		13,994
Series 2014-10, Class 1A1, 2.42%, 11/25/2036(a)(l)		4,234		4,074
Series 2014-10, Class 4A1, 2.61%, 2/25/2037(a)(l)		6,995		6,578
Series 2014-12, Class 2A4, 3.46%, 2/25/2037(a)(l)		2,287		2,252
Series 2014-C, Class A, 3.25%, 2/25/2054(a)(l)		8,794		8,684
COLT Mortgage Loan Trust
Series 2017-2, Class A2A, 2.57%, 10/25/2047(a)(l)		3,933		3,909
Series 2018-1, Class A2, 2.98%, 2/25/2048(a)(l)		1,305		1,291
Series 2018-2, Class A2, 3.54%, 7/27/2048(a)(l)		8,579		8,509
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-5, Class 1A1, 5.00%, 7/25/2020		210		209
Series 2005-7, Class 3A1, 5.00%, 8/25/2020		57		55
Series 2004-5, Class 4A1, 6.00%, 9/25/2034		1,550		1,569
CSMC
Series 2011-12R, Class 3A1, 3.82%, 7/27/2036(a)(l)		1,411		1,415
Series 2014-11R, Class 9A1, 2.42%, 10/27/2036(a)(l)		4,435		4,414
Series 2014-10R, Class 4A1, 2.45%, 12/27/2036(a)(l)		974		968
Series 2014-11R, Class 8A1, 2.43%, 4/27/2037(a)(l)		1,458		1,436
Deephaven Residential Mortgage Trust
Series 2017-2A, Class A1, 2.45%, 6/25/2047(a)(l)		4,009		3,929
Series 2018-2A, Class A2, 3.53%, 4/25/2058(a)(l)		8,752		8,678
Series 2018-3A, Class A2, 3.89%, 8/25/2058(a)(l)		5,220		5,197
Series 2018-4A, Class A2, 4.18%, 10/25/2058(a)(l)		11,652		11,652
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 2A1, 5.41%, 2/25/2020(l)		383		381

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Series 2005-1, Class 1A1, 2.81%, 2/25/2035(l)		1,925		1,903
Ellington Financial Mortgage Trust
Series 2017-1, Class A3, 2.84%, 10/25/2047(a)(l)		2,497		2,449
FHLMC Stacr Trust
Series 2018-HQA2, Class M1, 3.06%, 10/25/2048(a)(l)		19,246		19,216
FHLMC Structured Agency Credit Risk Debt Notes
Series 2014-DN1, Class M2, 4.52%, 2/25/2024(l)		29,683		30,323
Series 2014-DN2, Class M2, 3.97%, 4/25/2024(l)		15,655		15,786
Series 2014-DN3, Class M3, 6.32%, 8/25/2024‡(l)		2,925		3,163
Series 2014-DN4, Class M3, 6.87%, 10/25/2024(l)		5,840		6,414
Series 2015-DNA1, Class M2, 4.17%, 10/25/2027(l)		6,976		7,073
Series 2015-DNA2, Class M2, 4.92%, 12/25/2027(l)		11,817		12,008
Series 2015-DNA3, Class M2, 5.17%, 4/25/2028(l)		9,193		9,460
Series 2016-DNA1, Class M2, 5.22%, 7/25/2028(l)		3,935		4,013
Series 2016-HQA2, Class M2, 4.57%, 11/25/2028(l)		9,410		9,579
Series 2016-DNA3, Class M2, 4.32%, 12/25/2028(l)		17,093		17,254
Series 2016-DNA4, Class M1, 3.12%, 3/25/2029(l)		738		738
Series 2016-HQA3, Class M1, 3.12%, 3/25/2029(l)		2,457		2,458
Series 2017-DNA1, Class M1, 3.51%, 7/25/2029(l)		23,440		23,536
Series 2017-HQA1, Class M1, 3.52%, 8/25/2029(l)		16,664		16,736
Series 2017-DNA2, Class M1, 3.52%, 10/25/2029(l)		46,809		47,076
Series 2017-HQA2, Class M1, 3.12%, 12/25/2029(l)		41,775		41,778
Series 2017-DNA3, Class M1, 3.07%, 3/25/2030(l)		40,493		40,486
Series 2017-HQA3, Class M1, 2.87%, 4/25/2030(l)		2,589		2,586
Series 2018-HQA1, Class M1, 3.02%, 9/25/2030(l)		9,454		9,437
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA7, Class A1, 5.75%, 12/25/2036		1,683		1,325
FNMA, Connecticut Avenue Securities
Series 2014-C01, Class M1, 3.91%, 1/25/2024‡(l)		3,302		3,314
Series 2014-C02, Class 1M1, 3.26%, 5/25/2024(l)		3,673		3,676
Series 2014-C03, Class 1M2, 5.31%, 7/25/2024(l)		47,210		49,967
Series 2015-C04, Class 1M2, 8.01%, 4/25/2028(l)		32,824		37,530
Series 2016-C01, Class 1M1, 4.26%, 8/25/2028(l)		511		512
Series 2016-C02, Class 1M1, 4.46%, 9/25/2028(l)		4,048		4,056
Series 2016-C03, Class 1M1, 4.32%, 10/25/2028(l)		3,519		3,553
Series 2016-C03, Class 2M1, 4.52%, 10/25/2028(l)		84		84
Series 2016-C05, Class 2M1, 3.66%, 1/25/2029(l)		9,334		9,348
Series 2016-C04, Class 1M1, 3.77%, 1/25/2029(l)		17,056		17,146
Series 2016-C06, Class 1M1, 3.61%, 4/25/2029(l)		26,144		26,291
Series 2017-C01, Class 1M1, 3.62%, 7/25/2029(l)		22,127		22,224
Series 2017-C02, Class 2M1, 3.46%, 9/25/2029(l)		34,160		34,280
Series 2017-C03, Class 1M1, 3.26%, 10/25/2029(l)		30,819		30,872
Series 2017-C04, Class 2M1, 3.16%, 11/25/2029(l)		31,040		31,067
Series 2017-C05, Class 1M1, 2.86%, 1/25/2030(l)		47,813		47,741
Series 2017-C06, Class 1M1, 3.06%, 2/25/2030(l)		23,434		23,417
Series 2017-C06, Class 2M1, 3.06%, 2/25/2030(l)		8,030		8,030
Series 2017-C07, Class 1M1, 2.96%, 5/25/2030(l)		11,017		10,993
Series 2017-C07, Class 2M1, 2.96%, 5/25/2030(l)		4,559		4,552
Series 2018-C01, Class 1M1, 2.91%, 7/25/2030(l)		36,675		36,559
Series 2018-C04, Class 2M1, 3.06%, 12/25/2030(l)		5,102		5,102
Series 2018-C05, Class 1M1, 3.03%, 1/25/2031(l)		9,217		9,205
Series 2018-C06, Class 1M1, 2.86%, 3/25/2031(l)		11,470		11,439
Series 2018-C06, Class 2M1, 2.86%, 3/25/2031(l)		10,537		10,512
GSMSC Resecuritization Trust
Series 2014-1R, Class 1A, 2.45%, 4/26/2037(a)(l)		1,527		1,497
GSR Mortgage Loan Trust
Series 2006-9F, Class 9A1, 6.00%, 8/25/2021		217		210
Series 2006-2F, Class 2A1, 5.75%, 2/25/2036		1,902		1,804
Series 2006-3F, Class 2A7, 5.75%, 3/25/2036		1,607		1,614

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
HarborView Mortgage Loan Trust
Series 2004-9, Class 2A, 3.84%, 12/19/2034(l)		2,494		2,226
Series 2006-9, Class 2A1A, 2.51%, 11/19/2036(l)		6,149		5,427
HomeBanc Mortgage Trust
Series 2005-4, Class A1, 2.58%, 10/25/2035(l)		10,946		10,909
Homeward Opportunities Fund I Trust
Series 2018-1, Class A2, 3.90%, 6/25/2048(a)(l)		8,905		8,865
Impac CMB Trust
Series 2004-6, Class 1A2, 3.09%, 10/25/2034(l)		1,808		1,759
Series 2005-1, Class 2A1, 2.82%, 4/25/2035(l)		12,052		11,787
JP Morgan Mortgage Trust
Series 2005-S2, Class 4A3, 5.50%, 9/25/2020		947		871
JP Morgan Seasoned Mortgage Trust
Series 2014-1, Class A2, 2.81%, 5/25/2033(a)(l)		11,494		11,481
Lehman Mortgage Trust
Series 2006-4, Class 3A1, 5.00%, 8/25/2021		347		344
LSTAR Securities Investment Ltd.
Series 2017-6, Class A, 4.05%, 9/1/2022(a)(l)		8,838		8,849
Series 2017-9, Class A, 3.85%, 12/1/2022(a)(l)		4,188		4,193
LSTAR Securities Investment Ltd. LLC (Cayman Islands)
Series 2017-8, Class A, 0.04%, 11/1/2022(a)(l)		3,493		3,494
MASTR Alternative Loan Trust
Series 2004-7, Class 10A1, 6.00%, 6/25/2034		965		966
Series 2005-5, Class 3A1, 5.75%, 8/25/2035		2,625		2,174
NACC Reperforming Loan REMIC Trust
Series 2004-R1, Class A1, 6.50%, 3/25/2034(a)		1,449		1,351
New Residential Mortgage Loan Trust
Series 2018-NQM1, Class A2, 4.09%, 11/25/2048(a)(l)		7,709		7,746
Nomura Resecuritization Trust
Series 2015-2R, Class 4A1, 2.86%, 12/26/2036(a)(l)		3,807		3,690
Prime Mortgage Trust
Series 2005-2, Class 2A1, 6.51%, 10/25/2032(l)		1,627		1,653
RALI Trust
Series 2003-QS16, Class A1, 5.00%, 8/25/2018		143		143
Series 2005-QS3, Class 2A1, 5.00%, 3/25/2020		172		170
Series 2006-QS18, Class 3A3, 5.75%, 12/25/2021		249		234
Series 2007-QS4, Class 5A2, 5.50%, 4/25/2022		56		56
RBSSP Resecuritization Trust
Series 2012-6, Class 10A2, 2.43%, 8/26/2036(a)(l)		7,965		7,701
Series 2010-10, Class 2A1, 2.41%, 9/26/2036(a)(l)		327		327
Residential Asset Securitization Trust
Series 2004-A6, Class A1, 5.00%, 8/25/2019		61		61
Series 2006-R1, Class A2, 2.72%, 1/25/2046(l)		19,036		9,439
RFMSI Trust
Series 2005-SA2, Class 2A2, 4.25%, 6/25/2035(l)		3,036		2,887
Series 2006-S9, Class A1, 6.25%, 9/25/2036		2,959		2,835
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		2,479		2,325
Series 2006-SA4, Class 2A1, 5.28%, 11/25/2036(l)		1,663		1,571
Series 2006-S12, Class 3A9, 5.75%, 12/25/2036		3,583		3,305
Series 2007-S2, Class A4, 6.00%, 2/25/2037		1,013		938
SG Residential Mortgage Trust
Series 2018-1, Class A2, 3.58%, 4/27/2048(a)(l)		2,964		2,950
STACR Trust
Series 2018-HRP1, Class M2, 3.96%, 4/25/2043(a)(l)		14,092		14,134
Series 2018-HRP2, Class M1, 3.16%, 2/25/2047(a)(l)		8,538		8,538
Series 2018-HRP2, Class M2, 3.56%, 2/25/2047(a)(l)		14,357		14,322
Starwood Mortgage Residential Trust
Series 2018-IMC1, Class A2, 3.89%, 3/25/2048(a)(l)		8,856		8,810
Series 2018-IMC2, Class A2, 4.22%, 10/25/2048(a)(l)		7,125		7,125
Structured Asset Securities Corp. Trust
Series 2005-17, Class 4A5, 5.50%, 10/25/2035		825		831
Thornburg Mortgage Securities Trust
Series 2007-4, Class 3A1, 4.22%, 9/25/2037(l)		1,441		1,441
Series 2002-4, Class 3A, 4.25%, 12/25/2042(l)		1,355		1,357
Toorak Mortgage Corp. Ltd.
Series 2018-1, Class A1, 4.34%, 8/25/2021(a)(j)		5,310		5,309
Towd Point Mortgage Trust
Series 2015-4, Class A1B, 2.75%, 4/25/2055(a)(l)		935		921

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Verus Securitization Trust
Series 2017-1A, Class A2, 3.16%, 1/25/2047(a)(l)		1,079		1,067
Series 2017-2A, Class A2, 2.64%, 7/25/2047(a)(l)		4,437		4,352
Series 2017-SG1A, Class A2, 2.77%, 11/25/2047(a)(j)		2,401		2,366
Series 2018-1, Class A2, 3.03%, 2/25/2048(a)(l)		2,349		2,313
Series 2018-INV1, Class B1, 4.55%, 3/25/2058‡(a)(l)		5,320		5,283
Series 2018-2, Class A2, 3.78%, 6/1/2058(a)(l)		6,078		6,046
Series 2018-3, Class A2, 4.18%, 10/25/2058(a)(l)		9,081		9,031
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-7, Class 1A2, 2.76%, 9/25/2035(l)		1,720		1,431
Series 2005-8, Class 1A8, 5.50%, 10/25/2035		140		133
Wells Fargo Alternative Loan Trust
Series 2005-1, Class 1A2, 5.50%, 2/25/2035		962		973
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-17, Class A1, 5.50%, 11/25/2021		180		179
Series 2007-3, Class 3A1, 5.50%, 4/25/2022		116		117
Series 2005-16, Class A8, 5.75%, 12/25/2035		416		439
Series 2006-11, Class A4, 5.00%, 9/25/2036		1,383		1,268
Series 2006-11, Class A13, 6.00%, 9/25/2036		3		3
Series 2006-11, Class A8, 6.00%, 9/25/2036		1,676		1,585
Series 2006-11, Class A9, 6.50%, 9/25/2036		946		908
Series 2007-10, Class 1A5, 6.00%, 7/25/2037		1,473		1,453
Series 2007-11, Class A85, 6.00%, 8/25/2037		662		637
Series 2007-11, Class A96, 6.00%, 8/25/2037		133		130

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,224,780)				1,230,762

ASSET-BACKED SECURITIES — 8.2%
ABFC Trust
Series 2006-OPT2, Class A2, 2.45%, 10/25/2036‡(l)		21,270		20,338
Accredited Mortgage Loan Trust
Series 2003-3, Class A1, 5.21%, 1/25/2034‡(j)		2,082		2,131
ACE Securities Corp. Home Equity Loan Trust
Series 2006-FM1, Class A2B, 2.40%, 7/25/2036‡(l)		29,347		10,255
Ally Auto Receivables Trust
Series 2017-5, Class A3, 1.99%, 3/15/2022		17,933		17,711
American Express Credit Account Master Trust
Series 2014-1, Class A, 2.68%, 12/15/2021(l)		8,643		8,652
Series 2017-8, Class A, 2.43%, 5/16/2022(l)		23,504		23,495
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2003-7, Class M1, 3.59%, 8/25/2033‡(l)		645		641
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2003-HE7, Class M2, 4.05%, 12/15/2033‡(l)		921		914
Bear Stearns Asset-Backed Securities Trust
Series 2004-SD1, Class M2, 5.82%, 12/25/2042‡(j)		1,324		1,272
Capital One Multi-Asset Execution Trust
Series 2014-A3, Class A3, 2.69%, 1/18/2022(l)		19,145		19,157
Series 2016-A1, Class A1, 2.76%, 2/15/2022(l)		15,774		15,788
Series 2014-A4, Class A4, 2.67%, 6/15/2022(l)		34,007		34,038
Carrington Mortgage Loan Trust
Series 2005-NC5, Class M1, 2.80%, 10/25/2035‡(l)		22,988		22,941
Series 2006-NC2, Class A3, 2.46%, 6/25/2036‡(l)		26,185		25,714
Series 2007-RFC1, Class A2, 2.41%, 12/25/2036‡(l)		3,329		3,308
Series 2007-FRE1, Class A2, 2.51%, 2/25/2037(l)		6,765		6,720
Centex Home Equity Loan Trust
Series 2005-A, Class M2, 3.06%, 1/25/2035‡(l)		2,652		2,572
Citibank Credit Card Issuance Trust
Series 2017-A1, Class A1, 2.55%, 1/19/2021(l)		9,669		9,672
Series 2017-A9, Class A9, 1.80%, 9/20/2021		26,596		26,343
Series 2017-A4, Class A4, 2.54%, 4/7/2022(l)		22,786		22,802

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
ASSET-BACKED SECURITIES — continued
Countrywide Asset-Backed Certificates
Series 2006-8, Class 2A3, 2.47%, 12/25/2035‡(l)		9,633		9,457
Series 2006-BC3, Class 2A3, 2.55%, 2/25/2037‡(l)		8,089		8,042
Series 2007-2, Class 2A3, 2.45%, 8/25/2037‡(l)		8,354		8,195
Credit-Based Asset Servicing & Securitization LLC
Series 2006-CB8, Class A1, 2.45%, 10/25/2036‡(l)		12,692		11,533
CWABS Asset-Backed Certificates Trust
Series 2006-14, Class 2A2, 2.46%, 2/25/2037‡(l)		2,084		2,077
Series 2006-18, Class 2A2, 2.47%, 3/25/2037‡(l)		16,649		16,431
Series 2006-11, Class 3AV2, 2.47%, 9/25/2046‡(l)		7,748		7,588
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M2, 3.14%, 3/25/2034‡(l)		558		549
Discover Card Execution Note Trust
Series 2014-A1, Class A1, 2.74%, 7/15/2021(l)		33,537		33,547
Series 2017-A1, Class A1, 2.80%, 7/15/2024(l)		5,750		5,786
Ellington Loan Acquisition Trust
Series 2007-2, Class A2E, 3.41%, 5/25/2037‡(a)(l)		2,669		2,692
FBR Securitization Trust
Series 2005-5, Class M1, 3.00%, 11/25/2035‡(l)		9,932		9,843
Fieldstone Mortgage Investment Trust
Series 2006-2, Class 2A3, 2.58%, 7/25/2036‡(l)		3,723		2,116
First Franklin Mortgage Loan Trust
Series 2006-FF8, Class IA1, 2.46%, 7/25/2036‡(l)		15,368		15,129
Series 2006-FF12, Class A4, 2.45%, 9/25/2036‡(l)		1,827		1,803
Series 2006-FF14, Class A5, 2.47%, 10/25/2036(l)		27,291		26,579
Ford Credit Auto Owner Trust
Series 2016-A, Class A3, 1.39%, 7/15/2020		1,762		1,757
Series 2015-B, Class B, 2.04%, 10/15/2020		21,113		21,015
Series 2017-C, Class A3, 2.01%, 3/15/2022		22,893		22,581
FREED ABS Trust
Series 2018-1, Class B, 4.56%, 7/18/2024‡(a)		4,084		4,082
Fremont Home Loan Trust
Series 2005-1, Class M4, 3.33%, 6/25/2035‡(l)		4,938		4,939
Series 2006-1, Class 1A1, 2.47%, 4/25/2036(l)		12,148		11,977
GSAA Home Equity Trust
Series 2007-5, Class 1AV1, 2.41%, 5/25/2037‡(l)		7,714		3,973
GSAMP Trust
Series 2002-HE2, Class A2, 3.34%, 10/20/2032‡(a)(l)		3,392		3,407
Series 2005-WMC1, Class M1, 3.05%, 9/25/2035‡(l)		4,297		4,234
Series 2006-FM1, Class A1, 2.48%, 4/25/2036‡(l)		13,815		10,825
Series 2006-HE3, Class A2C, 2.47%, 5/25/2046(l)		14,020		13,840
Series 2007-HE1, Class A2C, 2.46%, 3/25/2047‡(l)		21,592		21,015
Home Equity Asset Trust
Series 2005-9, Class 2A4, 2.65%, 4/25/2036‡(l)		2,108		2,108
Home Equity Mortgage Loan Asset-Backed Trust
Series 2004-B, Class M2, 3.44%, 11/25/2034‡(l)		923		914
Series 2006-C, Class 2A, 2.44%, 8/25/2036‡(l)		15,412		14,403
Series 2006-C, Class 3A3, 2.46%, 8/25/2036‡(l)		5,025		4,823
JP Morgan Mortgage Acquisition Trust
Series 2006-CW2, Class AV4, 2.46%, 8/25/2036‡(l)		2,207		2,193
Series 2007-CH3, Class A1A, 2.48%, 3/25/2037‡(l)		34,949		34,611
Long Beach Mortgage Loan Trust
Series 2004-3, Class M1, 3.17%, 7/25/2034‡(l)		1,017		1,009
MASTR Asset-Backed Securities Trust
Series 2006-HE4, Class A2, 2.42%, 11/25/2036‡(l)		6,464		2,965
Series 2006-HE4, Class A3, 2.46%, 11/25/2036‡(l)		8,287		3,825
Merrill Lynch First Franklin Mortgage Loan Trust
Series 2007-H1, Class 1A1, 3.31%, 10/25/2037‡(l)		14,334		14,421
Morgan Stanley ABS Capital I, Inc. Trust
Series 2004-SD3, Class M1, 3.37%, 6/25/2034‡(a)(l)		1,437		1,441
Series 2005-HE3, Class M4, 3.29%, 7/25/2035‡(l)		3,561		3,562
Series 2007-HE7, Class A2B, 3.31%, 7/25/2037‡(l)		3,963		3,900
Nationstar Home Equity Loan Trust
Series 2007-C, Class 2AV3, 2.49%, 6/25/2037‡(l)		4,700		4,664
New Century Home Equity Loan Trust
Series 2003-5, Class AI7, 5.08%, 11/25/2033(l)		7		7
Series 2006-2, Class A2B, 2.48%, 8/25/2036‡(l)		14,496		13,690

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
ASSET-BACKED SECURITIES — continued
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
Series 2006-HE1, Class M1, 2.72%, 2/25/2036‡(l)		2,862		2,866
NovaStar Mortgage Funding Trust
Series 2006-4, Class A2C, 2.47%, 9/25/2036‡(l)		13,136		7,207
Series 2006-4, Class A2D, 2.57%, 9/25/2036‡(l)		4,970		2,732
Series 2007-1, Class A1A, 2.44%, 3/25/2037‡(l)		20,826		15,497
OneMain Financial Issuance Trust
Series 2015-2A, Class D, 5.64%, 7/18/2025‡(a)		15,224		15,325
Series 2016-2A, Class C, 5.67%, 3/20/2028‡(a)(j)		6,153		6,223
Series 2016-1A, Class B, 4.57%, 2/20/2029‡(a)		6,352		6,408
Series 2018-1A, Class C, 3.77%, 3/14/2029‡(a)		6,713		6,622
Series 2018-1A, Class D, 4.08%, 3/14/2029‡(a)		3,336		3,299
Series 2017-1A, Class A2, 3.11%, 9/14/2032(a)(l)		9,141		9,163
Series 2017-1A, Class C, 3.35%, 9/14/2032‡(a)		3,761		3,660
Series 2017-1A, Class D, 4.52%, 9/14/2032‡(a)		35,917		35,076
Option One Mortgage Loan Trust
Series 2004-3, Class M2, 3.17%, 11/25/2034‡(l)		804		800
Series 2005-3, Class M2, 3.05%, 8/25/2035(l)		3,394		3,382
Ownit Mortgage Loan Trust
Series 2006-1, Class AV, 2.54%, 12/25/2035‡(l)		8,309		8,211
People’s Choice Home Loan Securities Trust
Series 2005-4, Class 1A2, 2.83%, 12/25/2035‡(l)		2,987		2,920
Popular ABS Mortgage Pass-Through Trust
Series 2005-4, Class M1, 2.77%, 9/25/2035‡(l)		8,297		8,280
RAAC Trust
Series 2007-SP2, Class A2, 2.71%, 6/25/2047‡(l)		2,508		2,500
RASC Trust
Series 2005-KS2, Class M1, 2.96%, 3/25/2035‡(l)		2,233		2,227
Series 2005-KS8, Class M2, 2.76%, 8/25/2035‡(l)		231		231
Series 2007-KS3, Class AI3, 2.56%, 4/25/2037‡(l)		5,658		5,584
Regional Management Issuance Trust
Series 2018-1, Class A, 3.83%, 7/15/2027(a)		7,550		7,532
Renaissance Home Equity Loan Trust
Series 2005-4, Class A3, 5.56%, 2/25/2036(j)		76		75
Saxon Asset Securities Trust
Series 2002-3, Class AF6, 5.41%, 5/25/2031‡(j)		1,353		1,394
Series 2001-3, Class AV1, 2.85%, 9/25/2031‡(l)		3,217		3,206
Series 2005-4, Class A2D, 2.62%, 11/25/2037‡(l)		2,342		2,340
Series 2007-1, Class A2C, 2.46%, 1/25/2047‡(l)		8,003		7,862
Securitized Asset-Backed Receivables LLC Trust
Series 2006-NC3, Class A1, 2.45%, 9/25/2036‡(l)		13,767		9,714
Series 2007-NC2, Class A2B, 2.46%, 1/25/2037‡(l)		4,318		3,211
Soundview Home Loan Trust
Series 2005-2, Class M5, 3.30%, 7/25/2035‡(l)		4,065		4,091
Series 2005-OPT3, Class A1, 2.58%, 11/25/2035‡(l)		8,387		8,369
Series 2006-1, Class A4, 2.61%, 2/25/2036‡(l)		5,846		5,833
Series 2006-OPT1, Class 1A1, 2.49%, 3/25/2036‡(l)		22,650		22,453
Series 2006-OPT2, Class A3, 2.49%, 5/25/2036‡(l)		3,982		3,966
Series 2006-OPT4, Class 1A1, 2.46%, 6/25/2036‡(l)		18,638		18,368
Series 2006-OPT3, Class 1A1, 2.47%, 6/25/2036‡(l)		31,939		31,666
Series 2006-EQ1, Class A3, 2.47%, 10/25/2036‡(l)		9,652		9,559
Series 2007-1, Class 2A3, 2.48%, 3/25/2037‡(l)		5,752		5,707
Series 2007-OPT3, Class 2A3, 2.49%, 8/25/2037‡(l)		4,724		4,597
Springleaf Funding Trust
Series 2017-AA, Class B, 3.10%, 7/15/2030(a)		7,463		7,286
Series 2017-AA, Class C, 3.86%, 7/15/2030‡(a)		1,943		1,927
Structured Asset Investment Loan Trust
Series 2005-4, Class M3, 3.03%, 5/25/2035‡(l)		4,167		4,168
Series 2006-2, Class A3, 2.67%, 4/25/2036(l)		12,798		12,673
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC5, Class A4, 2.48%, 12/25/2036‡(l)		2,753		2,666
Series 2007-WF1, Class A4, 2.52%, 2/25/2037‡(l)		9,977		9,885
Terwin Mortgage Trust
Series 2006-3, Class 2A2, 2.52%, 4/25/2037(a)(l)		5,747		5,625

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)			Value (000)
ASSET-BACKED SECURITIES — continued
Towd Point Mortgage Trust
Series 2015-3, Class A4B, 3.50%, 3/25/2054‡(a)(l)		8,207			8,152
Series 2016-4, Class A1, 2.25%, 7/25/2056‡(a)(l)		13,122			12,734
Series 2017-6, Class A1, 2.75%, 10/25/2057‡(a)(l)		7,986			7,746
Velocity Commercial Capital Loan Trust
Series 2016-2, Class AFX, 3.00%, 10/25/2046(l)		7,927			7,866
Series 2016-2, Class M2, 4.46%, 10/25/2046‡(l)		1,188			1,187
Series 2017-1, Class AFL, 3.56%, 5/25/2047(a)(l)		10,190			10,249
Series 2017-1, Class M3, 5.35%, 5/25/2047‡(a)(l)		2,802			2,861
Series 2017-1, Class M4, 6.40%, 5/25/2047‡(a)(l)		3,231			3,373
Series 2017-1, Class M5, 7.95%, 5/25/2047‡(a)(l)		2,039			2,164
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2006-3, Class A2, 2.46%, 1/25/2037‡(l)		3,220			3,199

TOTAL ASSET-BACKED SECURITIES (Cost $1,066,521)					1,069,929

LOAN ASSIGNMENTS — 7.0%(m)
Aerospace & Defense — 0.0%(c)
MacDonald Dettwiler and Associates Ltd., Term Loan B
(ICE LIBOR USD 3 Month + 2.75%), 5.15%, 10/4/2024(b)		866			822

Auto Components — 0.1%
USI, Inc., Term Loan
(ICE LIBOR USD 3 Month + 3.00%), 5.39%, 5/16/2024(b)		7,955			7,746

Building Products — 0.1%
Continental Building Products, 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.00%), 4.34%, 8/18/2023(b)		6,310			6,194
Unifrax LLC, Senior Secured Term Loan
(ICE LIBOR USD 3 Month + 3.50%), 5.89%, 4/4/2024(b)		4,539			4,535

					10,729

Capital Markets — 0.0%(c)
Duff & Phelps Corp., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.25%), 5.59%, 2/13/2025(b)		2,468			2,433

Chemicals — 0.0%(c)
Starfruit US Holdco, 1st Lien Senior Secured Term Loan
(ICE LIBOR USD 3 Month + 4.00%), 5.55%, 10/1/2025(b)(n)		3,985			3,925

Commercial Services & Supplies — 0.1%
Camelot Finance LP, 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.25%), 5.59%, 10/3/2023(b)		4,721			4,665
Garda World Security, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.50%), 5.82%, 5/24/2024(b)		1,308			1,293
Prime Security Services Borrower LLC, Term B-1 Loan
(ICE LIBOR USD 1 Month + 2.75%), 5.09%, 5/2/2022(b)		1,407			1,390

					7,348

Communications Equipment — 0.1%
Aspect Software, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 11.00%), 13.34%, 5/25/2020‡(b)		1			1
Avaya, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 4.25%; ICE LIBOR USD 2 Month + 4.25%), 6.61%, 12/15/2024(b)		5,737			5,653
Plantronics, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.50%), 4.84%, 7/2/2025(b)		5,160			5,070
Riverbed Technology, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.25%), 5.60%, 4/24/2022(b)(n)		—	(i)		—	(i)

					10,724

Consumer Finance — 0.1%
Flying Fortress Holdings LLC, Term Loan B
(ICE LIBOR USD 3 Month + 1.75%), 4.14%, 10/30/2022(b)		11,801			11,753

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LOAN ASSIGNMENTS — continued
Containers & Packaging — 0.3%
Berry Plastics Corp., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.00%), 4.32%, 1/19/2024(b)		2,529		2,500
Bway Holding Co., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 3.25%), 5.66%, 4/3/2024(b)		15,824		15,367
Consolidated Container, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%), 5.09%, 5/22/2024(b)		4,643		4,588
Crown Americas, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.00%), 4.32%, 4/3/2025(b)		1,064		1,061
Flex Acquisition Co., Inc., Term Loan
(ICE LIBOR USD 1 Month + 3.00%), 5.30%, 12/29/2023(b)		5,053		4,949
Reynolds Group Holdings, Inc., Term Loan
(ICE LIBOR USD 1 Month + 2.75%), 5.09%, 2/5/2023(b)		10,896		10,752
Viskase Corp., Inc., Initial Term Loan
(ICE LIBOR USD 3 Month + 3.25%), 5.64%, 1/30/2021(b)		2,897		2,872

				42,089

Diversified Consumer Services — 0.1%
Spin Holdco, Inc., Term Loan B
(ICE LIBOR USD 3 Month + 3.25%), 5.69%, 11/14/2022(b)		14,755		14,442
St George’S University Scholastic Services LLC, Term Loan B
(ICE LIBOR USD 1 Month + 3.50%), 5.85%, 7/17/2025(b)		3,146		3,130

				17,572

Diversified Financial Services — 0.0%(c)
Quidditch Acquisition, Inc., 1st Lien Cov-Lite Term Loan
(ICE LIBOR USD 1 Month + 7.00%), 9.30%, 3/21/2025(b)		896		898

Diversified Telecommunication Services — 0.5%
Centurylink, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%), 5.09%, 1/31/2025(b)		19,244		18,678
Cincinnati Bell, Inc., Term Loan B
(ICE LIBOR USD 1 Month + 3.25%), 5.59%, 10/2/2024(b)		15,723		15,586
Consolidated Communications, Inc., Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.35%, 10/5/2023(b)		1,986		1,904
Dawn Acquisition LLC, 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 3.75%), 3.75%, 10/25/2025(b)(n)		3,253		3,196
Hargray Communications Group, Inc., Senior Secured Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.34%, 5/16/2024(b)		1,204		1,192
Intelsat Jackson Holdings, 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.75%), 6.07%, 11/27/2023(b)		5,900		5,858
Level 3 Financing, Inc., Tranche B Term Loan
(ICE LIBOR USD 1 Month + 2.25%), 4.56%, 2/22/2024(b)		9,825		9,696
Securus Technologies Holdings, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 4.50%), 6.84%, 11/1/2024(b)		2,401		2,362
Zayo Group LLC, Term B-2 Loan
(ICE LIBOR USD 1 Month + 2.25%), 4.59%, 1/19/2024(b)		5,700		5,643

				64,115

Electric Utilities — 0.1%
Lightstone Holdco LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.75%), 6.09%, 1/30/2024(b)		6,236		6,036
Lightstone Holdco LLC, 1st Lien Term Loan C
(ICE LIBOR USD 1 Month + 3.75%), 6.09%, 1/30/2024(b)		335		324
Vistra Operations Co. LLC, Term Loan
(ICE LIBOR USD 1 Month + 2.00%), 4.34%, 8/4/2023(b)		4,596		4,527

				10,887

Electrical Equipment — 0.1%
Brookfield WEC Holdings, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.75%), 6.09%, 8/1/2025(b)		6,522		6,499
Brookfield WEC Holdings, Inc., 2nd Lien Term Loan
(ICE LIBOR USD 1 Month + 6.75%), 9.09%, 8/3/2026(b)		3,380		3,401

				9,900

Electronic Equipment, Instruments & Components — 0.0%(c)
Celestica, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.13%), 4.45%, 6/27/2025(b)		1,088		1,072
VeriFone Systems, Inc., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 4.00%), 6.64%, 8/20/2025(b)		1,922		1,903

				2,975

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LOAN ASSIGNMENTS — continued
Energy Equipment & Services — 0.1%
Keane Group Holdings LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.75%), 6.13%, 5/25/2025(b)		1,965		1,871
Vistra Operations Co. LLC, Term Loan B-2
(ICE LIBOR USD 1 Month + 2.25%), 4.59%, 12/14/2023(b)		11,672		11,534

				13,405

Entertainment — 0.0%(c)
WMG Acquisition Corp., 1st Lien Term Loan F
(ICE LIBOR USD 1 Month + 2.13%), 4.47%, 11/1/2023(b)		4,957		4,863

Equity Real Estate Investment Trusts (REITs) — 0.1%
GGP, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.50%), 4.85%, 8/27/2025(b)		10,185		9,850

Food & Staples Retailing — 0.2%
Albertson’s LLC, 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 3.00%), 5.38%, 12/21/2022(b)		9,648		9,487
(ICE LIBOR USD 3 Month + 3.00%), 5.69%, 6/22/2023(b)		2,850		2,794
Albertson’s LLC, 1st Lien Term Loan B-7
(ICE LIBOR USD 2 Month + 3.00%), 5.45%, 10/29/2025(b)		2,522		2,465
Moran Foods LLC, Term Loan B
(ICE LIBOR USD 1 Month + 6.00%), 8.34%, 12/5/2023(b)		14,738		7,663
United Natural Foods, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.75%), 6.59%, 10/22/2025(b)		7,030		6,406

				28,815

Food Products — 0.3%
Dole Food Co., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 1.75%; ICE LIBOR USD 3 Month + 2.75%), 5.09%, 4/6/2024(b)		19,236		18,895
Hearthside Group Holdings LLC, 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.69%), 6.03%, 5/23/2025(b)		2,359		2,295
JBS USA, Inc., Term Loan B
(ICE LIBOR USD 3 Month + 2.50%), 4.84%, 10/30/2022(b)		15,958		15,729
Mastronardi Produce Ltd., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.25%), 5.55%, 5/1/2025(b)		649		649

				37,568

Health Care Equipment & Supplies — 0.0%(c)
Mallinckrodt International Finance, Term Loan
(ICE LIBOR USD 3 Month + 3.00%), 5.62%, 2/24/2025(b)		2,579		2,479

Health Care Providers & Services — 0.6%
21st Century Oncology, Inc., 1st Lien Revolver Term Loan
(ICE LIBOR USD 3 Month + 6.13%), 7.44%, 1/14/2022‡(b)		678		678
Air Medical Group Holdings, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 4.25%), 6.56%, 3/14/2025(b)		10,052		9,744
CHG Healthcare Services, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.46%, 6/7/2023(b)		9,380		9,345
Community Health Systems, Inc., Incremental 2021 Term H Loan
(ICE LIBOR USD 3 Month + 3.25%), 5.96%, 1/27/2021(b)		6,761		6,593
Envision Healthcare Corp., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.75%), 6.09%, 10/10/2025(b)		22,610		21,701
Medical Developers LLC, Term Loan
(ICE LIBOR USD 3 Month + 8.00%), 8.00%, 10/15/2021‡(b)		955		955
MultiPlan, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 2.75%), 5.14%, 6/7/2023(b)		3,906		3,829
National Mentor Holdings, Inc., Tranche B Term Loan
(ICE LIBOR USD 3 Month + 3.00%), 5.39%, 1/31/2021(b)		18,958		18,875
Sound Inpatient Physicians Holdings LLC, 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.00%), 5.34%, 6/27/2025(b)		2,424		2,411
Sound Inpatient Physicians Holdings LLC, 2nd Lien Term Loan
(ICE LIBOR USD 1 Month + 6.75%), 9.09%, 6/26/2026(b)		537		537
Tennessee Merger Sub, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%), 5.09%, 2/6/2024(b)		7,757		7,224

				81,892

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LOAN ASSIGNMENTS — continued
Hotels, Restaurants & Leisure — 0.3%
1011778 BC ULC, 1st Lien Term Loan B (Canada)
(ICE LIBOR USD 1 Month + 2.25%), 4.59%, 2/16/2024(b)		29,549		28,936
24 Hour Fitness Worldwide, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.50%), 5.84%, 5/30/2025(b)		2,218		2,198
Club Corp Holdings, Inc., Term Loan B
(ICE LIBOR USD 3 Month + 2.75%), 5.14%, 9/18/2024(b)		7,279		7,021
Golden Nugget, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 5.23%, 10/4/2023(b)		1,724		1,695
Hilton Worldwide Finance LLC, Series B-2 Term Loan
(ICE LIBOR USD 1 Month + 1.75%), 4.07%, 10/25/2023(b)		2,815		2,786
Las Vegas Sands Corp., 1st Lien Senior Secured Term Loan
(ICE LIBOR USD 1 Month + 1.75%), 4.09%, 3/27/2025(b)		2,592		2,550

				45,186

Household Durables — 0.0%(c)
American Greetings Corp., Term Loan B
(ICE LIBOR USD 1 Month + 4.50%), 6.84%, 4/6/2024(b)		1,044		1,042

Household Products — 0.1%
Clover Merger Sub, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.50%), 5.84%, 9/26/2024(b)		7,209		6,741
KIK Custom Products, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 4.00%), 6.34%, 5/15/2023(b)		2,470		2,353

				9,094

Independent Power and Renewable Electricity Producers — 0.2%
ExGen Renewables IV LLC, 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 3.00%), 5.71%, 11/28/2024(b)		3,632		3,450
Invenergy LLC, Term Loan
(ICE LIBOR USD 1 Month + 3.50%), 5.84%, 8/28/2025(b)		3,473		3,477
Talen Energy Supply, Term Loan B-1
(ICE LIBOR USD 1 Month + 4.00%), 6.34%, 7/15/2023(b)		1,724		1,720
Talen Energy Supply, Term Loan B-2
(ICE LIBOR USD 1 Month + 4.00%), 6.34%, 4/15/2024(b)		12,894		12,867

				21,514

Insurance — 0.1%
Alliant Holdings I, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%), 5.06%, 5/9/2025(b)		4,850		4,758
Asurion LLC, 2nd Lien Term Loan
(ICE LIBOR USD 1 Month + 6.50%), 8.84%, 8/4/2025(b)		1,862		1,896
Asurion LLC, Term Loan B-7
(ICE LIBOR USD 1 Month + 3.00%), 5.34%, 11/3/2024(b)		8,126		8,035
Hub International Ltd., 1st Lien Term Loan B
(ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.49%, 4/25/2025(b)		2,609		2,561

				17,250

Internet & Direct Marketing Retail — 0.1%
Hoya Midco LLC, 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.50%), 5.84%, 6/30/2024(b)		6,014		5,909

IT Services — 0.5%
BMC Software Finance, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 4.25%), 6.65%, 10/2/2025(b)(n)		6,350		6,263
Ensono LP, 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 5.25%), 7.59%, 6/27/2025(b)		939		939
Evergreen Skills Lux SARL, 1st Lien Initial Term Loan
(ICE LIBOR USD 1 Month + 4.75%), 7.09%, 4/28/2021(b)		3,797		3,458
Exela Intermediate LLC, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 6.50%), 8.83%, 7/12/2023(b)		6,104		6,105
First Data Corp., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.00%), 4.32%, 7/8/2022(b)		2,569		2,530
(ICE LIBOR USD 1 Month + 2.00%), 4.32%, 4/26/2024(b)		11,117		10,902
Go Daddy Group, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.25%), 4.59%, 2/15/2024(b)		8,385		8,287
GTT Communications, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%), 5.09%, 5/31/2025(b)		3,659		3,540

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LOAN ASSIGNMENTS — continued
IT Services — continued
Optiv Security, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.25%), 5.59%, 2/1/2024(b)		4,664		4,443
Optiv Security, Inc., 2nd Lien Term Loan
(ICE LIBOR USD 1 Month + 7.25%), 9.59%, 1/31/2025(b)		5,350		5,143
Rackspace Hosting, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.58%, 11/3/2023(b)		5,034		4,600
Web.com Group, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 4.00%), 6.17%, 10/10/2025(b)		2,903		2,870

				59,080

Leisure Products — 0.1%
Delta 2 SARL, 1st Lien Term loan B
(ICE LIBOR USD 1 Month + 2.50%), 4.84%, 2/1/2024(b)		3,515		3,392
FGI Operating Co. LLC, 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 10.00%), 12.62%, 5/15/2022‡(b)		3,180		3,175
Steinway Musical Instruments, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.75%), 6.06%, 2/14/2025(b)		10,219		10,142

				16,709

Machinery — 0.2%
Accudyne Industries LLC, Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.34%, 8/18/2024(b)		6,083		5,987
Rexnord LLC/RBS Global Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.00%), 4.35%, 8/21/2024(b)		4,124		4,093
Titan Acquisition Ltd., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.34%, 3/28/2025(b)		10,119		9,485

				19,565

Media — 0.6%
AMC Entertainment, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.25%), 4.56%, 12/15/2022(b)		2,859		2,820
Cineworld Finance US Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.50%), 4.84%, 2/28/2025(b)		7,548		7,401
iHeartCommunications, Inc., Term Loan D
(ICE LIBOR USD 1 Month + 6.75%), 9.05%, 1/30/2019(b)		7,542		5,345
iHeartCommunications, Inc., Tranche E Term Loan
(ICE LIBOR USD 1 Month + 7.50%), 9.80%, 7/30/2019(b)		15,935		11,316
Sinclair Broadcast Group, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.25%), 4.60%, 1/3/2024(b)		3,994		3,941
Tribune Media Co., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.34%, 1/26/2024(b)		2,242		2,232
Tribune Media Co., Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.34%, 12/27/2020(b)		2,804		2,799
Unitymedia Finance LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.00%), 4.31%, 6/1/2023(b)		2,625		2,597
Univision Communications, Inc., 1st Lien Term Loan C-5
(ICE LIBOR USD 1 Month + 2.75%), 5.09%, 3/15/2024(b)		36,667		34,120
Zuffa LLC, 1st Lien Guaranteed Senior Secured Term Loan
(ICE LIBOR USD 1 Month + 3.25%), 5.60%, 8/18/2023(b)		6,640		6,618
Zuffa LLC, 2nd Lien Guaranteed Senior Secured Term Loan
(ICE LIBOR USD 1 Month + 7.50%), 9.84%, 8/18/2024(b)		4,769		4,757

				83,946

Multiline Retail — 0.1%
Neiman Marcus Group, Inc., Other Term Loan
(ICE LIBOR USD 1 Month + 3.25%), 5.57%, 10/25/2020(b)		15,865		13,728

Oil, Gas & Consumable Fuels — 0.4%
California Resources Corp., 1st Lien Second Out Term Loan
(ICE LIBOR USD 1 Month + 10.38%), 12.72%, 12/31/2021(b)		6,630		7,056
California Resources Corp., Senior Secured First Out
(ICE LIBOR USD 1 Month + 4.75%), 7.07%, 12/31/2022(b)		4,139		4,163
Encino Acquisition Partners Holdings, 2nd Lien Term Loan
(ICE LIBOR USD 1 Month + 6.75%), 9.09%, 9/21/2025(b)		2,147		2,152

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
LOAN ASSIGNMENTS — continued
Oil, Gas & Consumable Fuels — continued
Gulf Finance LLC, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 5.25%), 7.64%, 8/25/2023(b)		14,843		11,825
MEG Energy Corp., 1st Lien Term B Loan
(ICE LIBOR USD 1 Month + 3.50%), 5.85%, 12/31/2023(b)		2,689		2,669
Stetson Midstream, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 4.25%), 6.69%, 7/18/2025(b)		4,690		4,631
Ultra Resources, Inc., Term Loan
(ICE LIBOR USD 1 Month + 3.00%), 5.47%, 4/12/2024(b)		23,133		21,311

				53,807

Personal Products — 0.0%(c)
Revlon Consumer Products Corp., Term Loan B
(ICE LIBOR USD 3 Month + 3.50%), 6.21%, 9/7/2023(b)		2,429		1,787

Pharmaceuticals — 0.1%
Grifols Worldwide Operations Ltd., Term Loan B (1 Week LIBOR + 2.25%), 4.47%, 1/31/2025(b)		12,697		12,586

Real Estate Management & Development — 0.1%
CityCenter Holdings LLC, Term Loan B
(ICE LIBOR USD 1 Month + 2.25%), 4.59%, 4/18/2024(b)		7,891		7,743

Road & Rail — 0.0%(c)
URS Merger Sub Corp., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 5.25%), 7.59%, 9/1/2024(b)		1,308		1,299

Semiconductors & Semiconductor Equipment — 0.0%(c)
ON Semiconductor Corp., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 1.75%), 4.09%, 3/31/2023(b)		2,417		2,390
Versum Materials, Inc., Senior Secured Term Loan B
(ICE LIBOR USD 3 Month + 2.00%), 4.39%, 9/29/2023(b)		2,874		2,863

				5,253

Software — 0.4%
Ascend Learning LLC, Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.34%, 7/12/2024(b)		3,138		3,096
Barracuda Networks, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.25%), 5.55%, 2/12/2025(b)		1,620		1,601
Barracuda Networks, Inc., 2nd Lien Term Loan
(ICE LIBOR USD 1 Month + 7.25%), 9.55%, 2/12/2026(b)		355		357
Greeneden US Holdings II LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.25%), 5.59%, 12/1/2023(b)		3,053		3,021
Infor US, Inc., Tranche B-6 Term Loan
(ICE LIBOR USD 3 Month + 2.75%), 5.14%, 2/1/2022(b)		5,160		5,083
Landesk Software Group, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 4.25%), 6.55%, 1/20/2024(b)		8,734		8,627
Landesk Software Group, Inc., 2nd Lien Term Loan
(ICE LIBOR USD 1 Month + 9.00%), 11.30%, 1/20/2025(b)		2,820		2,701
Misys, Term Loan B
(ICE LIBOR USD 3 Month + 3.50%), 5.89%, 6/13/2024(b)		13,692		13,225
Qlik Technologies, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.50%), 5.94%, 4/26/2024(b)		9,263		9,130
SolarWinds Holdings, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%), 5.09%, 2/5/2024(b)		2,581		2,561
Sonicwall, Inc., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 3.50%), 6.14%, 5/16/2025(b)		1,065		1,053
Sonicwall, Inc., 2nd Lien Term Loan
(ICE LIBOR USD 3 Month + 7.50%), 10.14%, 5/18/2026(b)		700		696

				51,151

Specialty Retail — 0.5%
Claire’s Stores, Inc., 1st Lien Term Loan
(ICE LIBOR USD 6 Month + 7.25%), 6.25%, 9/15/2022‡(b)(n)		398		—
(ICE LIBOR USD 6 Month + 7.25%), 6.25%, 9/15/2038‡(b)(n)		4,510		6,450
Culligan Holding, Inc., 1st Lien Term Loan B-1
(ICE LIBOR USD 1 Month + 3.25%), 5.59%, 12/13/2023(b)		501		495
Michaels Stores, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.50%), 4.83%, 1/30/2023(b)		4,805		4,694

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
LOAN ASSIGNMENTS — continued
Specialty Retail — continued
Party City Holdings, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.75%), 5.10%, 8/19/2022(b)			1,987		1,963
Petco Animal Supplies, Inc., 1st Lien Term Loan B-1
(ICE LIBOR USD 3 Month + 3.25%), 5.78%, 1/26/2023(b)			11,808		8,821
PetSmart, Inc., Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.32%, 3/11/2022(b)			12,521		10,447
Staples, Inc., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 4.00%), 6.54%, 9/12/2024(b)			29,046		28,544

					61,414

Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.00%), 4.35%, 9/7/2023(b)			4,499		4,441
Mitel Networks, 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 4.50%), 4.50%, 7/11/2025(b)(n)			265		264
Quest Software US Holdings, Inc., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 4.25%), 6.78%, 5/16/2025(b)			5,270		5,237
Quest Software US Holdings, Inc., 2nd Lien Term Loan
(ICE LIBOR USD 3 Month + 8.25%), 10.78%, 5/18/2026(b)			1,104		1,095
Radiate Holdco LLC, Term Loan
(ICE LIBOR USD 1 Month + 3.00%), 5.34%, 2/1/2024(b)			3,556		3,485

					14,522

Transportation Infrastructure — 0.0%(c)
SIRVA Worldwide, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 5.50%; ICE LIBOR USD 2 Month + 5.50%; ICE LIBOR USD 3 Month + 5.50%), 7.93%, 8/4/2025(b)			2,200		2,184
SIRVA Worldwide, Inc., 2nd Lien Term Loan
(ICE LIBOR USD 2 Month + 9.50%; ICE LIBOR USD 3 Month + 9.50%), 12.04%, 8/3/2026(b)			800		712

					2,896

Wireless Telecommunication Services — 0.2%
A2Z Wireless Holdings, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 6.00%), 8.32%, 5/1/2023(b)			13,311		12,736
Syniverse Holdings, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 5.00%), 7.31%, 3/9/2023(b)			10,730		10,247
Syniverse Holdings, Inc., 2nd Lien Term Loan
(ICE LIBOR USD 1 Month + 9.00%), 11.31%, 3/11/2024(b)			1,520		1,428

					24,411

TOTAL LOAN ASSIGNMENTS (Cost $949,995)					912,680

CONVERTIBLE BONDS — 1.4%
Biotechnology — 0.1%
BioMarin Pharmaceutical, Inc. 0.60%, 8/1/2024			2,383		2,503
Exact Sciences Corp. 1.00%, 1/15/2025			3,122		3,822

					6,325

Capital Markets — 0.1%
Ares Capital Corp. 3.75%, 2/1/2022			4,889		4,908
Deutsche Bank AG (Germany) 1.00%, 5/1/2023			2,770		2,498
Orpar SA (France) Zero Coupon, 6/20/2024(g)	EUR		1,100		1,293
SBI Holdings, Inc. (Japan) Zero Coupon, 9/14/2020(g)	JPY		190,000		2,776

					11,475

Communications Equipment — 0.1%
Finisar Corp. 0.50%, 12/15/2036			3,541		3,402
Palo Alto Networks, Inc. 0.75%, 7/1/2023(a)			5,116		4,881
Viavi Solutions, Inc. 1.00%, 3/1/2024			2,482		2,474

					10,757

Construction & Engineering — 0.0%(c)
Dycom Industries, Inc. 0.75%, 9/15/2021			1,204		1,190

Construction Materials — 0.0%(c)
Cemex SAB de CV (Mexico) 3.72%, 3/15/2020			1,980		1,934

Electronic Equipment, Instruments & Components — 0.0%(c)
Vishay Intertechnology, Inc. 2.25%, 6/15/2025(a)			2,711		2,545

Energy Equipment & Services — 0.1%
Ensco Jersey Finance Ltd. 3.00%, 1/31/2024			4,715		3,718
Nabors Industries, Inc. 0.75%, 1/15/2024			3,105		2,065

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments		Principal Amount (000)		Value (000)
CONVERTIBLE BONDS — continued
Energy Equipment & Services — continued
TechnipFMC plc (United Kingdom) 0.88%, 1/25/2021(g)	EUR		1,500		1,821
Transocean, Inc. 0.50%, 1/30/2023			1,991		2,172

					9,776

Entertainment — 0.0%(c)
Live Nation Entertainment, Inc. 2.50%, 3/15/2023(a)			2,288		2,443

Health Care Equipment & Supplies — 0.0%(c)
Wright Medical Group, Inc. 1.63%, 6/15/2023(a)			2,490		2,575

Hotels, Restaurants & Leisure — 0.0%(c)
Caesars Entertainment Corp. 5.00%, 10/1/2024			1,650		2,332
Huazhu Group Ltd. (China) 0.38%, 11/1/2022			2,564		2,560

					4,892

Household Durables — 0.0%(c)
Sony Corp. (Japan) Series 6, Zero Coupon, 9/30/2022	JPY		429,000		4,896

Interactive Media & Services — 0.1%
Momo, Inc. (China) 1.25%, 7/1/2025(a)			2,798		2,399
Twitter, Inc. 1.00%, 9/15/2021			6,038		5,531
Weibo Corp. (China) 1.25%, 11/15/2022(a)			5,474		5,063
Yandex NV (Russia) 1.13%, 12/15/2018			1,260		1,255

					14,248

Internet & Direct Marketing Retail — 0.2%
Booking Holdings, Inc. 0.35%, 6/15/2020			6,601		9,587
Ctrip.com International Ltd. (China)
1.00%, 7/1/2020			2,600		2,424
1.99%, 7/1/2025			5,038		4,874
IAC FinanceCo, Inc. 0.88%, 10/1/2022(a)			1,891		2,449
Liberty Expedia Holdings, Inc. 1.00%, 6/30/2047(a)			1,235		1,194

					20,528

IT Services — 0.1%
Akamai Technologies, Inc. 0.13%, 5/1/2025(a)			1,941		1,849
Euronet Worldwide, Inc. 1.50%, 10/1/2044			1,630		2,655
Square, Inc. 0.50%, 5/15/2023(a)			4,412		5,077
Twilio, Inc. 0.25%, 6/1/2023(a)			851		1,259

					10,840

Life Sciences Tools & Services — 0.0%(c)
Illumina, Inc. 0.50%, 6/15/2021			3,485		4,961

Media — 0.1%
DISH Network Corp.
2.38%, 3/15/2024			5,834		4,849
3.38%, 8/15/2026			2,799		2,457
Liberty Interactive LLC 1.75%, 9/30/2046(a)			1,117		1,242
Liberty Media Corp. 1.38%, 10/15/2023			4,350		4,842

					13,390

Metals & Mining — 0.0%(c)
Bekaert SA (Belgium) Zero Coupon, 6/9/2021(g)	EUR		1,600		1,600

Multi-Utilities — 0.0%(c)
CenterPoint Energy, Inc. 4.47%, 9/15/2029(j)			28,598 Units		1,258

Oil, Gas & Consumable Fuels — 0.1%
Chesapeake Energy Corp. 5.50%, 9/15/2026(j)			5,690		4,925
Golar LNG Ltd. (Bermuda) 2.75%, 2/15/2022			944		956
TOTAL SA (France) 0.50%, 12/2/2022(g)			1,600		1,680

					7,561

Pharmaceuticals — 0.0%(c)
Jazz Investments I Ltd. 1.88%, 8/15/2021			2,320		2,391
Medicines Co. (The) 2.75%, 7/15/2023			2,627		2,156

					4,547

Real Estate Management & Development — 0.1%
CapitaLand Ltd. (Singapore) 2.80%, 6/8/2025(g)	SGD		9,000		6,428

Semiconductors & Semiconductor Equipment — 0.2%
Advanced Micro Devices, Inc. 2.13%, 9/1/2026			1,256		3,455
Intel Corp. 3.25%, 8/1/2039			1,812		4,351
Microchip Technology, Inc.
1.63%, 2/15/2025			2,934		4,285
1.63%, 2/15/2027			3,611		3,644
2.25%, 2/15/2037			1,155		1,181
Micron Technology, Inc. Series G, 3.00%, 11/15/2043			1,777		2,354
NXP Semiconductors NV (Netherlands) 1.00%, 12/1/2019			2,416		2,493
ON Semiconductor Corp. 1.00%, 12/1/2020			2,164		2,578

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)		Value (000)
CONVERTIBLE BONDS — continued
Semiconductors & Semiconductor Equipment — continued
Silicon Laboratories, Inc. 1.38%, 3/1/2022		2,286		2,552

				26,893

Software — 0.1%
FireEye, Inc. 0.88%, 6/1/2024(a)		1,147		1,268
Series B, 1.63%, 6/1/2035		1,358		1,243
New Relic, Inc. 0.50%, 5/1/2023(a)		1,153		1,183
Nuance Communications, Inc. 1.00%, 12/15/2035		3,962		3,601
ServiceNow, Inc. Zero Coupon, 6/1/2022		1,253		1,813
Splunk, Inc. 1.13%, 9/15/2025(a)		1,480		1,477
Workday, Inc. 0.25%, 10/1/2022		2,184		2,723

				13,308

Technology Hardware, Storage & Peripherals — 0.0%(c)
Western Digital Corp. 1.50%, 2/1/2024(a)		1,831		1,521

TOTAL CONVERTIBLE BONDS (Cost $191,130)				185,891

	Shares (000)
CLOSED END FUNDS — 0.9%
Advent Claymore Convertible Securities and Income Fund		171		2,385
BlackRock Corporate High Yield Fund, Inc.		3,340		32,402
BlackRock Debt Strategies Fund, Inc.		1,149		11,930
Blackstone/GSO Strategic Credit Fund		1,229		17,987
Eaton Vance Floating-Rate Income Trust		557		7,475
Eaton Vance Senior Income Trust		727		4,456
Invesco Dynamic Credit Opportunities Fund		803		8,801
Invesco Senior Income Trust		450		1,851
Nuveen Credit Strategies Income Fund		1,670		12,643
Nuveen Floating Rate Income Opportunity Fund		499		4,848
PGIM Global Short Duration High Yield Fund, Inc.		807		10,693
Voya Prime Rate Trust		452		2,127

TOTAL CLOSED END FUNDS (Cost $116,364)				117,598

	Principal Amount (000)
PRIVATE PLACEMENTS — 0.8%
Commercial Loans — 0.5%
Doubletree Orlando
(ICE LIBOR USD 1 Month + 8.00%), 8.28%, 5/31/2019‡(b)		62,000		62,000

Residential Loans — 0.3%
8995 Collins Funding LLC
(ICE LIBOR USD 1 Month + 7.50%), 9.78%, 2/4/2019‡(b)		40,600		40,600

TOTAL PRIVATE PLACEMENTS (Cost $102,600)				102,600

	Shares (000)
COMMON STOCKS — 0.5%
Aerospace & Defense — 0.0%(c)
Remington Outdoor Co., Inc.*‡		310		2,552

Capital Markets — 0.1%
Goodman Private*‡		213		—	(i)
UCI Holdings LLC (New Zealand)*‡		273		5,324

				5,324

Chemicals — 0.1%
Reichhold , Inc.*‡		9		8,158

Commercial Services & Supplies — 0.0%(c)
Quad/Graphics, Inc.		1		9
Remington LLC*‡		10,415		—	(i)

				9

Communications Equipment — 0.0%(c)
Aspect Software, Class CR2*‡		111		—	(i)
Aspect Software, Inc., Class CR1*‡		275		—	(i)

				—	(i)

Energy Equipment & Services — 0.0%(c)
Telford Offshore Holdings Ltd. (Cayman Islands)*‡		204		306

Equity Real Estate Investment Trusts (REITs) — 0.2%
VICI Properties, Inc.		1,093		23,784

Health Care Providers & Services — 0.0%(c)
21st Century Oncology, Inc.*‡		13		477

Hotels, Restaurants & Leisure — 0.0%(c)
Caesars Entertainment Corp.*		249		2,124

Independent Power and Renewable Electricity Producers — 0.1%
Vistra Energy Corp.*		281		6,604

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Shares (000)		Value (000)
COMMON STOCKS — continued
Mortgage Real Estate Investment Trusts (REITs) — 0.0%(c)
Ready Capital Corp.		56		830

Oil, Gas & Consumable Fuels — 0.0%(c)
Halcon Resources Corp.*		489		1,369
Nine Point Energy Holdings, Inc.*‡		87		1,049
Penn Virginia Corp.*		36		2,107
Ultra Petroleum Corp.*		95		121

				4,646

Software — 0.0%(c)
Avaya Holdings Corp.*		294		4,582
Digital Turbine, Inc.*‡		1		—	(i)

				4,582

Specialty Retail — 0.0%(c)
Claire’s Stores, Inc.*‡		6		5,073

Wireless Telecommunication Services — 0.0%(c)
NII Holdings, Inc.*		777		4,201

TOTAL COMMON STOCKS (Cost $69,433)				68,670

CONVERTIBLE PREFERRED STOCKS — 0.5%
Automobiles — 0.0%(c)
General Motors Co. 5.25%, 3/6/2032‡		1,533		—	(i)

Banks — 0.1%
Bank of America Corp. Series L, 7.25% ($1,000 par value)		5		6,602
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		7		8,236

				14,838

Capital Markets — 0.2%
Mandatory Exchangeable Trust (China) 5.75%, 6/1/2019 ($100 par value)(a)		132		23,701

Chemicals — 0.0%(c)
International Flavors & Fragrances, Inc. 6.00%, 9/15/2021 ($50 par value)		66		3,690

Electric Utilities — 0.1%
NextEra Energy, Inc. 6.12%, 9/1/2019 ($50 par value)		87		5,167

Equity Real Estate Investment Trusts (REITs) — 0.0%(c)
Crown Castle International Corp.
Series A, 6.88%, 8/1/2020 ($1,000 par value)		3		2,879

Food Products — 0.0%(c)
Bunge Ltd. 4.88% ($100 par value)		24		2,422

Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co. Series A, 6.13%, 5/1/2020 ($50 par value)		105		6,653

Machinery — 0.0%(c)
Stanley Black & Decker, Inc. 5.38%, 5/15/2020 ($100 par value)		13		1,277

Multi-Utilities — 0.0%(c)
Sempra Energy Series A, 6.00%, 1/15/2021 ($100 par value)		49		4,950

TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $64,048)				65,577

PREFERRED STOCKS — 0.4%
Aerospace & Defense — 0.1%
Rolls-Royce Holdings plc (United Kingdom)*‡		20		5,403

Automobiles — 0.0%(c)
General Motors Co.
6.25%, 7/15/2033‡		1,545		—	(i)
7.25%, 4/15/2041‡		170		—	(i)
7.38%, 5/15/2048‡		581		—	(i)
0.68%, 6/1/2049‡		175		—	(i)
7.38%, 10/1/2051‡		51		—	(i)
7.25%, 2/15/2052‡		687		—	(i)
Motors Liquidation Co. 7.25%, 7/15/2041‡		505		—	(i)

				—	(i)

Banks — 0.0%(c)
GMAC Capital Trust I
Series 2, (ICE LIBOR USD 3 Month + 5.79%), 8.40%, 2/15/2040 ($25 par value)(b)		156		3,968

Capital Markets — 0.0%(c)
Goodman Private Preferred Shares *‡		253		3

Insurance — 0.2%
XLIT Ltd. (Bermuda), Series D, (ICE LIBOR USD 3 Month + 3.12%), 5.56%, 7/1/2019 ($1,000 par value)(b)(o)		27		27,582

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Shares (000)		Value (000)
PREFERRED STOCKS — continued
Oil, Gas & Consumable Fuels — 0.0%(c)
Nine Point Energy Holdings, Inc. *‡		2		1,901

Specialty Retail — 0.1%
Claire’s Stores, Inc. *‡		3		5,257

TOTAL PREFERRED STOCKS (Cost $32,347)				44,114

EXCHANGE TRADED FUNDS — 0.3%
Fixed Income — 0.3%
SPDR Bloomberg Barclays Convertible Securities ETF (Cost$43,016)		851		43,761

	Principal Amount (000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%
Lehman Brothers Small Balance Commercial Mortgage Trust
Series 2007-2A, Class 1A3, 2.58%, 6/25/2037(a)(l)		6,067		5,983
Velocity Commercial Capital Loan Trust
Series 2014-1, Class M6, 8.47%, 9/25/2044‡(a)(l)		774		834
Series 2015-1, Class M3, 7.05%, 6/25/2045(a)(l)		7,372		7,834
Series 2015-1, Class M4, 7.40%, 6/25/2045(a)(l)		387		416
Series 2015-1, Class M5, 7.86%, 6/25/2045‡(a)(l)		2,924		3,149
Series 2016-1, Class M3, 6.81%, 4/25/2046‡(a)(l)		5,668		6,177
Series 2016-1, Class M5, 8.18%, 4/25/2046‡(a)(l)		2,718		2,979
Series 2016-2, Class M3, 5.50%, 10/25/2046‡(l)		1,360		1,375
Series 2016-2, Class M4, 7.23%, 10/25/2046‡(l)		1,774		1,830
Series 2017-2, Class M4, 5.00%, 11/25/2047‡(a)(l)		4,319		4,208
Series 2018-1, Class M3, 4.41%, 4/25/2048‡(a)		1,477		1,465
Series 2018-1, Class M4, 5.01%, 4/25/2048‡(a)		938		931
Series 2018-1, Class M5, 6.26%, 4/25/2048‡(a)		454		450
Series 2018-2, Class M2, 4.51%, 10/26/2048‡(a)(l)		1,519		1,527
Series 2018-2, Class M3, 4.72%, 10/26/2048‡(a)(l)		1,438		1,447
Series 2018-2, Class M4, 5.32%, 10/26/2048‡(a)(l)		3,094		3,112

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $43,140)				43,717

FOREIGN GOVERNMENT SECURITIES — 0.1%
Export-Import Bank of Korea (South Korea)
(ICE LIBOR USD 3 Month + 0.58%), 2.90%, 6/1/2021(b)(Cost $15,470)		15,470		15,465

	No. of Rights (000)
RIGHTS — 0.0%(c)
Independent Power and Renewable Electricity Producers — 0.0%(c)
Vistra Energy Corp., expiring 12/31/2049*‡ (Cost $—)		1,110		860

	No. of Contracts
OPTIONS PURCHASED — 0.0%(c)
CALL OPTIONS PURCHASED — 0.0%(c)
Foreign Exchange Currency Options — 0.0%(c)
Foreign Exchange KRW/USD 3/6/2019 at USD 1,150.00, Vanilla, American Style Notional Amount: USD 19,177 Counterparty: Citibank, NA*		19,177		154

TOTAL CALL OPTIONS PURCHASED				154

TOTAL OPTIONS PURCHASED (Cost $184)				154

	No. of Warrants (000)
WARRANTS — 0.0%(c)
Aerospace & Defense — 0.0%(c)
Remington Outdoor Co., Inc.expiring 5/15/2022, price 1.00*‡		108		—	(i)

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	No. of Warrants (000)		Value (000)
WARRANTS — continued
Road & Rail — 0.0%(c)
Jack Cooper Enterprises, Inc.expiring 4/26/2027, price 1.00*‡		18		—	(i)
expiring 10/29/2027, price 1.00*‡		18		—	(i)

				—	(i)

TOTAL WARRANTS (Cost $1)				—	(i)

	Principal Amount (000)
SHORT-TERM INVESTMENTS — 28.2%
CERTIFICATES OF DEPOSIT — 7.1%
Barclays Bank plc (United Kingdom) 2.69%, 2/13/2019		100,000		100,020
BNP Paribas SA (France)
(ICE LIBOR USD 1 Month + 0.30%), 2.61%, 5/13/2019(b)		100,000		100,000
China Construction Bank Corp. (China) 2.57%, 1/3/2019		25,000		25,003
Credit Agricole Corporate and Investment Bank (France)
(ICE LIBOR USD 1 Month + 0.30%), 2.65%, 5/2/2019(b)		250,000		250,000
Credit Industriel et Commercial (France)
(ICE LIBOR USD 1 Month + 0.29%), 2.59%, 3/1/2019(b)		50,000		50,023
Credit Suisse AG (Switzerland) (SOFRRATE + 0.27%), 2.51%, 4/4/2019(b)		50,000		49,978
Nordea Bank AB (Finland)
(ICE LIBOR USD 1 Month + 0.17%), 2.48%, 6/13/2019(b)		110,000		109,947
Societe Generale SA (France)
(ICE LIBOR USD 1 Month + 0.30%), 2.61%, 5/13/2019(b)		50,000		50,000
Sumitomo Mitsui Banking Corp. (Japan) 2.76%, 3/6/2019		73,500		73,508
Svenska Handelsbanken AB (Sweden)
(ICE LIBOR USD 1 Month + 0.26%), 2.60%, 2/28/2019(b)		50,000		50,019
(ICE LIBOR USD 1 Month + 0.17%), 2.48%, 6/13/2019(b)		50,000		49,963
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 1 Month + 0.23%), 2.55%, 10/9/2019(b)		25,000		24,979

TOTAL CERTIFICATES OF DEPOSIT (Cost $933,500)				933,440

COMMERCIAL PAPER — 8.0%
ABN AMRO Funding USA LLC (Netherlands) 2.35%, 1/4/2019(a)(k)		50,000		49,882
Barton Capital LLC 2.49%, 1/9/2019(a)(k)		48,250		48,118
China Construction Bank Corp. (China)
2.57%, 1/2/2019(a)(k)		90,000		89,801
2.57%, 1/3/2019(a)(k)		50,000		49,886
Cooperatieve Rabobank UA (Netherlands)
(ICE LIBOR USD 1 Month + 0.20%), 2.51%, 12/24/2018(b)		49,000		49,007
Industrial & Commercial Bank of China Ltd. (China) 2.57%, 12/27/2018(a)(k)		275,000		274,505
Liberty Street Funding LLC
2.43%, 1/3/2019(a)(k)		45,000		44,898
2.46%, 1/24/2019(k)		50,000		49,807
2.46%, 1/28/2019(k)		7,000		6,971
Macquarie Bank Ltd. (Australia) 2.70%, 2/8/2019(a)(k)		190,000		189,020
Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.43%, 1/9/2019(a)(k)		69,900		69,718
Nieuw Amsterdam Receivables Corp. 2.72%, 3/1/2019(a)		35,000		34,753
Sumitomo Mitsui Trust Bank Ltd. (Japan) 2.43%, 1/2/2019(a)(k)		25,000		24,948
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 1 Month + 0.21%), 2.52%, 9/13/2019(a)(b)		70,000		69,939

TOTAL COMMERCIAL PAPER (Cost $1,051,322)				1,051,253

	Shares (000)
INVESTMENT COMPANIES — 6.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.10%(p)(q) (Cost $871,932)		871,932		871,932

	Principal Amount (000)
REPURCHASE AGREEMENTS — 2.7%
Citigroup Global Markets Holdings, Inc., 2.75%, dated 11/30/2018, due 1/18/2019, repurchase price $31,116, collateralized by Corporate Notes and Bonds, 4.19% - 10.50%, due 9/15/2020 - 4/1/2045, with the value of $33,481.		31,000		31,000
Citigroup Global Markets Holdings, Inc., 3.34%, dated 11/30/2018, due 3/27/2019, repurchase price $31,336, collateralized by Collateralized Mortgage Obligations, 1.62% - 5.97%, due 4/25/2034 - 1/26/2051, with the value of $33,480.		31,000		31,000

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)


Investments	Principal Amount (000)			Value (000)
REPURCHASE AGREEMENTS — continued
Merrill Lynch PFS, Inc., 2.65%, dated 11/30/2018, due 1/3/2019, repurchase price $65,163, collateralized by Municipal Bonds, 0.00% - 6.25%, due 2/1/2019 - 8/1/2042 and Sovereign Government Securities, 6.88%, due 1/26/2027, with the value of $70,200.		65,000			65,000
Societe Generale SA, 2.32%, dated 11/30/2018, due 12/3/2018, repurchase price $230,044, collateralized by Corporate Notes and Bonds, 1.88% - 9.50%, due 6/15/2019 - 9/15/2056, Sovereign Government Securities, 2.88% - 10.63%, due 3/26/2019 - 3/14/2037, U.S. Government Securities, 0.00% - 1.13%, due 11/15/2019 - 11/15/2046, U.S. Treasury Securities, 0.00% - 6.25%, due 12/6/2018 - 8/15/2023, with the value of $241,280.		230,000			230,000

TOTAL REPURCHASE AGREEMENTS (Cost $357,000)					357,000

U.S. TREASURY OBLIGATIONS — 3.8%
U.S. Treasury Bills
2.20%, 12/11/2018		465,000			464,778
2.48%, 5/9/2019(k)(r)		24,390			24,129

TOTAL U.S. TREASURY OBLIGATIONS (Cost $488,842)					488,907

TOTAL SHORT-TERM INVESTMENTS (Cost $3,702,596)					3,702,532

TOTAL LONG POSITIONS (Cost $13,208,610)					13,122,583

SHORT POSITIONS — (0.1)%
CORPORATE BONDS — (0.1)%
Food Products — (0.1)%
Darling Ingredients, Inc. 5.38%, 1/15/2022		(10,000	)		(10,038	)

Health Care Equipment & Supplies — (0.0)%(c)
Mallinckrodt International Finance SA 4.75%, 4/15/2023		(5,000	)		(4,100	)

Media — (0.0)%(c)
Cablevision Systems Corp. 8.00%, 4/15/2020		(2,000	)		(2,090	)

TOTAL CORPORATE BONDS (Proceeds $(16,243))					(16,228	)

TOTAL SHORT POSITIONS (Proceeds $(16,243))					(16,228	)

Total Investments — 99.9% (Cost $13,192,367)					13,106,355
Other Assets Less Liabilities — 0.1%					22,267

Net Assets — 100.0%					13,128,622

Percentages indicated are based on net assets.

Abbreviations


ABS		Asset-backed securities
CSMC		Credit Suisse Mortgage Trust
DN		Discount Notes
EUR		Euro
ETF		Exchange Traded Fund
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
ICE		Intercontinental Exchange
JPY		Japanese Yen
LIBOR		London Interbank Offered Rate
MSCI		Morgan Stanley Capital International
REMIC		Real Estate Mortgage Investment Conduit
SCA		Limited partnership with share capital
SPDR		Standard & Poor’s Depository Receipts
SGD		Singapore Dollar
USD		United States Dollar


(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(c)		Amount rounds to less than 0.1% of net assets.
(d)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


(e)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2018.
(f)		Security is an interest bearing note with preferred security characteristics.
(g)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(h)		Defaulted security.
(i)		Amount rounds to less than one thousand.
(j)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2018.
(k)		The rate shown is the effective yield as of November 30, 2018.
(l)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2018.
(m)		Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(n)		All or a portion of this security is unsettled as of November 30, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(o)		The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of November 30, 2018.
(p)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(q)		The rate shown is the current yield as of November 30, 2018.
(r)		All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Futures contracts outstanding as of November 30, 2018 (amounts in thousands, except number of contracts):


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
3 Month Eurodollar		85			03/2019		USD		20,646			(13	)
U.S. Treasury 5 Year Note		1,243			03/2019		USD		140,459			328

												315

Short Contracts
3 Month Eurodollar		(190	)		12/2018		USD		(46,171	)		58
Euro-Bobl		(8,093	)		03/2019		EUR		(1,211,411	)		(1,155	)
U.S. Treasury 2 Year Note		(572	)		03/2019		USD		(120,701	)		(82	)
U.S. Treasury 5 Year Note		(208	)		03/2019		USD		(23,504	)		(57	)
U.S. Treasury 10 Year Note		(4,219	)		03/2019		USD		(504,236	)		(1,588	)
U.S. Treasury Ultra Bond		(233	)		03/2019		USD		(35,562	)		(104	)
3 Month Eurodollar		(27	)		06/2019		USD		(6,554	)		11
3 Month Eurodollar		(240	)		09/2019		USD		(58,221	)		44
3 Month Eurodollar		(644	)		12/2019		USD		(156,130	)		746
3 Month Eurodollar		(108	)		06/2020		USD		(26,193	)		5

												(2,122	)

												(1,807	)

Abbreviations


EUR		Euro
USD		United States Dollar

Forward foreign currency exchange contracts outstanding as of November 30, 2018 (amounts in thousands):


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	16,461		USD	18,605	Morgan Stanley		12/4/2018		31
HKD	91,511		USD	11,695	Barclays Bank plc		12/4/2018		2
JPY	355,236		USD	3,124	Australia & New Zealand Banking Group Ltd.		12/4/2018		6
JPY	556,532		USD	4,893	BNP Paribas		12/4/2018		9
JPY	62,844		USD	552	National Australia Bank Ltd.		12/4/2018		1
SGD	8,127		USD	5,909	Australia & New Zealand Banking Group Ltd.		12/4/2018		15
USD	23,259		EUR	20,396	TD Bank Financial Group		12/4/2018		168
USD	11,789		GBP	9,238	TD Bank Financial Group		12/4/2018		17
USD	958		GBP	739	Union Bank of Switzerland AG		12/4/2018		16
USD	16,071		JPY	1,810,928	National Australia Bank Ltd.		12/4/2018		118
USD	40,848		EUR	34,647	State Street Corp.		12/20/2018		1,562
USD	22,492		EUR	19,178	TD Bank Financial Group		12/20/2018		746
USD	33,103		JPY	3,669,450	National Australia Bank Ltd.		12/20/2018		725
USD	26,689		JPY	2,928,420	State Street Corp.		12/20/2018		851
USD	4,474		EUR	3,935	TD Bank Financial Group		1/7/2019		4
USD	6,696		JPY	757,262	Goldman Sachs International		1/7/2019		1
USD	68,328		EUR	59,000	State Street Corp.		2/12/2019		1,092
ZAR	109,740		USD	7,457	National Australia Bank Ltd.		4/26/2019		323

Total unrealized appreciation									5,687

EUR	3,935		USD	4,459	TD Bank Financial Group		12/4/2018		(4	)
GBP	925		USD	1,212	National Australia Bank Ltd.		12/4/2018		(33	)
GBP	9,053		USD	11,681	TD Bank Financial Group		12/4/2018		(146	)

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
JPY	757,262		USD	6,672	Goldman Sachs International		12/4/2018		(1	)
JPY	79,054		USD	700	National Australia Bank Ltd.		12/4/2018		(4	)
USD	10,674		HKD	83,661	Citibank, NA		12/4/2018		(19	)
USD	1,003		HKD	7,850	State Street Corp.		12/4/2018		–	(a)
USD	5,873		SGD	8,127	Citibank, NA		12/4/2018		(51	)
EUR	15,342		USD	17,668	National Australia Bank Ltd.		12/20/2018		(272	)
EUR	15,470		USD	17,708	Royal Bank of Canada		12/20/2018		(167	)
EUR	23,013		USD	26,486	Union Bank of Switzerland AG		12/20/2018		(391	)
JPY	6,597,870		USD	60,206	State Street Corp.		12/20/2018		(1,989	)
USD	5,913		SGD	8,127	Australia & New Zealand Banking Group Ltd.		1/7/2019		(15	)
JPY	7,790,800		USD	69,393	State Street Corp.		2/12/2019		(313	)
USD	26,714		ZAR	391,940	State Street Corp.		4/26/2019		(1,073	)
ZAR	282,200		USD	20,333	TD Bank Financial Group		4/26/2019		(326	)

Total unrealized depreciation									(4,804	)

Net unrealized appreciation									883

Abbreviations


EUR		Euro
GBP		British Pound
HKD		Hong Kong Dollar
JPY		Japanese Yen
SGD		Singapore Dollar
USD		United States Dollar
ZAR		South African Rand
(a)		Amount rounds to less than one thousand.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Over the Counter (“OTC”) Credit default swap contracts outstanding—buy protection⁽¹⁾ as of November 30, 2018 (amounts in thousands):


Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Counterparty		Maturity Date		Implied Credit Spread (%)⁽³⁾		Notional Amount⁽⁴⁾		Upfront Payments (Receipts) ($)⁽⁵⁾			Unrealized Appreciation (Depreciation) ($)			Value ($)
ABX.HE.AAA.06-2‡		0.11		Monthly		Bank of America NA		5/25/2046		0.52	USD	14,170		2,771			(2,153	)		618
ABX.HE.AAA.06-2‡		0.11		Monthly		Bank of America NA		5/25/2046		0.52	USD	6,970		1,309			(1,005	)		304
ABX.HE.AAA.06-2‡		0.11		Monthly		Barclays Bank plc		5/25/2046		0.52	USD	13,370		3,973			(3,390	)		583
ABX.HE.AAA.06-2‡		0.11		Monthly		Credit Suisse International		5/25/2046		0.52	USD	6,600		1,840			(1,552	)		288
ABX.HE.AAA.06-2‡		0.11		Monthly		Credit Suisse International		5/25/2046		0.52	USD	13,380		3,405			(2,821	)		584
CMBX.NA.A.6		2.00		Monthly		Barclays Bank plc		5/11/2063		2.50	USD	7,270		(118	)		347			229
CMBX.NA.A.6		2.00		Monthly		Citibank, NA		5/11/2063		2.50	USD	7,000		(56	)		277			221
CMBX.NA.A.6		2.00		Monthly		Goldman Sachs International		5/11/2063		2.50	USD	7,230		(108	)		336			228
CMBX.NA.A.6		2.00		Monthly		Goldman Sachs International		5/11/2063		2.50	USD	7,220		(129	)		356			227
CMBX.NA.A.6		2.00		Monthly		Morgan Stanley		5/11/2063		2.50	USD	7,260		(112	)		340			228
CMBX.NA.AA.3		0.27		Monthly		Barclays Bank plc		12/13/2049		58.22	USD	14,100		8,000			(4,531	)		3,469
CMBX.NA.AA.3		0.27		Monthly		Morgan Stanley		12/13/2049		58.22	USD	7,050		4,088			(2,353	)		1,735
CMBX.NA.BBB-.4		5.00		Monthly		Citibank, NA		2/17/2051		44.31	USD	6,900		5,854			(5,759	)		95
CMBX.NA.BBB-.4		5.00		Monthly		Citibank, NA		2/17/2051		44.31	USD	10,550		8,435			(8,289	)		146

														39,152			(30,197	)		8,955

OTC Credit default swap contracts outstanding—sell protection⁽²⁾ as of November 30, 2018 (amounts in thousands):


Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Counterparty		Maturity Date		Implied Credit Spread (%)⁽³⁾		Notional Amount⁽⁴⁾		Upfront Payments (Receipts) ($)⁽⁵⁾			Unrealized Appreciation (Depreciation) ($)		Value ($)
CMBX.NA.A.3		0.62		Monthly		Barclays Bank plc		12/13/2049		172.99	USD	14,100		(9,829	)		7,693		(2,136	)
CMBX.NA.A.3		0.62		Monthly		Morgan Stanley		12/13/2049		172.99	USD	7,050		(4,933	)		3,864		(1,069	)

														(14,762	)		11,557		(3,205	)

Centrally Cleared Credit default swap contracts outstanding—buy protection⁽¹⁾ as of November 30, 2018 (amounts in thousands):


Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency	Maturity Date	Implied Credit Spread (%)⁽³⁾		Notional Amount⁽⁴⁾		Upfront Payments (Receipts) ($)⁽⁵⁾			Unrealized Appreciation (Depreciation) ($)			Value ($)
CDX.EM.30-V1		1.00	Quarterly	12/20/2023		2.07	USD	118,970		5,541			(132	)		5,409
Republic of Turkey, 11.88%, 1/15/2030		1.00	Quarterly	12/20/2023		3.88	USD	14,770		1,984			(214	)		1,770
United Mexican States, 4.15%, 3/28/2027		1.00	Quarterly	12/20/2023		1.49	USD	136,080		1,326			1,454			2,780

										8,851			1,108			9,959

CDX.NA.HY.31-V1		5.00	Quarterly	12/20/2023		3.92	USD	38,000		(2,780	)		701			(2,079	)
CDX.NA.IG.25-V1		1.00	Quarterly	12/20/2020		0.41	USD	134,240		(1,775	)		(75	)		(1,850	)

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Maturity Date		Implied Credit Spread (%)⁽³⁾		Notional Amount⁽⁴⁾		Upfront Payments (Receipts) ($)⁽⁵⁾			Unrealized Appreciation (Depreciation) ($)			Value ($)
CDX.NA.IG.31-V1		1.00		Quarterly		12/20/2023		0.76	USD	175,780		(3,411	)		1,087			(2,324	)
iTraxx Europe 30.1		1.00		Quarterly		12/20/2023		0.81	EUR	175,000		(3,118	)		840			(2,278	)
People’s Republic of China, 7.50%, 10/28/2027		1.00		Quarterly		12/20/2023		0.69	USD	780		(13	)		—	(a)		(13	)
People’s Republic of China, 7.50%, 10/28/2027		1.00		Quarterly		12/20/2023		0.69	USD	115,860		(1,965	)		70			(1,895	)

												(13,062	)		2,623			(10,439	)

												(4,211	)		3,731			(480	)

(1)

(2)

The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

(3)

(4)	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

(5)	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

OTC Total return swap contracts outstanding as of November 30, 2018 (amounts in thousands):

Reference Entity

Payments
Made by
Fund

Payments Received
by Fund

Frequency of
Payments
Made/
Received

Counterparty

Maturity
Date

Notional
Amount

Upfront
Payments
(Receipts)
($)

Unrealized
Appreciation
(Depreciation)
($)

Value
($)

IOS Index 4.00% 30 year Fannie Mae Pools (2011)‡

4.00% and increases in total return of index

1 month USD LIBOR and decreases in total return of index

Monthly

Bank of
America
NA

1/12/2042

USD

73,590

(283

)

317

IOS Index 4.00% 30 year Fannie Mae Pools (2011)‡

4.00% and increases in total return of index

1 month USD LIBOR and decreases in total return of index

Monthly

Citibank,
NA

1/12/2042

USD

71,780

(51

)

IOS Index 5.00% 30 year Fannie Mae Pools (2010)‡

5.00% and increases in total return of index

1 month USD LIBOR and decreases in total return of index

Monthly

Citibank,
NA

1/12/2041

USD

93,720

(311

)

394

IOS Index 5.00% 30 year Fannie Mae Pools (2010)‡

5.00% and increases in total return of index

1 month USD LIBOR and decreases in total return of index

Monthly

Credit
Suisse
International

1/12/2041

USD

109,972

(206

)

303

(851

)

1,098

247

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Summary of total swap contracts outstanding as of November 30, 2018 (amounts in thousands):


	Net Upfront Payments (Receipts) ($)			Value ($)
Assets
OTC Credit default swap contracts outstanding - buy protection		39,152			8,955
OTC Total return swap contracts outstanding		(851	)		247

Total OTC swap contracts outstanding		38,301			9,202

Liabilities
OTC Credit default swap contracts outstanding - sell protection		(14,762	)		(3,205	)

Total OTC swap contracts outstanding		(14,762	)		(3,205	)


Abbreviations
ABX		Asset-Backed Securities Index
CDX		Credit Default Swap Index
CMBX		Commercial Mortgage-Backed Securities Index
EUR		Euro
LIBOR		London Interbank Offered Rate
USD		United States Dollar
(a)		Amount rounds to less than one thousand.
‡		Value determined using significant unobservable inputs.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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

Futures contracts and options are generally valued on the basis of available market quotations. Swaps and Forward Foreign Currency Contracts are valued utilizing market quotations from approved Pricing Services.

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.

•

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	—	$	—	$	2,552		$	2,552
Capital Markets		—		—		5,324			5,324
Chemicals		—		—		8,158			8,158
Commercial Services & Supplies		9		—		—	(a)		9
Communications Equipment		—		—		—	(a)		—	(a)
Energy Equipment & Services		—		—		306			306
Health Care Providers & Services		—		—		477			477
Oil, Gas & Consumable Fuels		3,597		—		1,049			4,646
Software		4,582		—		—	(a)		4,582
Specialty Retail		—		—		5,073			5,073
Other Common Stocks		37,543		—		—			37,543

Total Common Stocks		45,731		—		22,939			68,670

Preferred Stocks
Aerospace & Defense		—		—		5,403			5,403
Automobiles		—		—		—	(a)		—	(a)
Banks		3,968		—		—			3,968

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Capital Markets		—		—		3			3
Oil, Gas & Consumable Fuels		—		—		1,901			1,901
Specialty Retail		—		—		5,257			5,257
Other Preferred Stocks		—		27,582		—			27,582

Total Preferred Stocks		3,968		27,582		12,564			44,114

Convertible Preferred Stocks
Automobiles		—		—		—	(a)		—	(a)
Banks		14,838		—		—			14,838
Chemicals		3,690		—		—			3,690
Electric Utilities		5,167		—		—			5,167
Equity Real Estate Investment Trusts (REITs)		2,879		—		—			2,879
Food Products		2,422		—		—			2,422
Health Care Equipment & Supplies		6,653		—		—			6,653
Machinery		1,277		—		—			1,277
Multi-Utilities		4,950		—		—			4,950
Other Convertible Preferred Stocks		—		23,701		—			23,701

Total Convertible Preferred Stocks		41,876		23,701		—	(a)		65,577

Debt Securities
Asset-Backed Securities		—		385,318		684,611			1,069,929
Collateralized Mortgage Obligations		—		1,219,002		11,760			1,230,762
Commercial Mortgage-Backed Securities		—		14,233		29,484			43,717
Convertible Bonds
Other Convertible Bonds		—		185,891		—			185,891
Corporate Bonds
Chemicals		—		69,156		— (a	)		69,156
Commercial Services & Supplies		—		29,217		18,181			47,398
Communications Equipment		—		8,519		1,692			10,211
Consumer Finance		—		185,546		3,851			189,397
Electric Utilities		—		63,419		144			63,563
Energy Equipment & Services		—		38,390		1,906			40,296
Entertainment	$	—	$	10,421	$	968		$	11,389
Health Care Providers & Services		—		188,053		3,486			191,539
Hotels, Restaurants & Leisure		—		118,429		3,260			121,689
Metals & Mining		—		57,343		—	(a)		57,343
Oil, Gas & Consumable Fuels		—		163,568		2,754			166,322
Wireless Telecommunication Services		—		106,909		—	(a)		106,909
Other Corporate Bonds		—		2,417,718		—			2,417,718

Total Corporate Bonds		—		3,456,688		36,242			3,492,930

Foreign Government Securities		—		15,465		—			15,465
Private Placements
Commercial Loans		—		—		62,000			62,000
Residential Loans		—		—		40,600			40,600

Total Private Placements		—		—		102,600			102,600

Closed End Funds		117,598		—		—			117,598
U.S. Government Agency Securities		—		2,025,343		—			2,025,343
Exchange Traded Fund		43,761		—		—			43,761
Loan Assignments
Communications Equipment		—		10,723		1			10,724
Health Care Providers & Services		—		80,259		1,633			81,892
Leisure Products		—		13,534		3,175			16,709
Specialty Retail		—		54,964		6,450			61,414

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Other Loan Assignments		—			741,941			—			741,941

Total Loan Assignments		—			901,421			11,259			912,680

Options Purchased
Call Options Purchased		—			154			—			154
Warrants
Aerospace & Defense		—			—			—	(a)		—	(a)
Road & Rail		—			—			—	(a)		—	(a)

Total Warrants	$	—		$	—		$	—	(a)	$	—	(a)

Rights
Independent Power and Renewable Electricity Producers		—			—			860			860
Short-Term Investments
Certificates of Deposit		—			933,440			—			933,440
Commercial Paper		—			1,051,253			—			1,051,253
Investment Companies		871,932			—			—			871,932
Repurchase Agreements		—			357,000			—			357,000
U.S. Treasury Obligations		—			488,907			—			488,907

Total Short-Term Investments		871,932			2,830,600			—			3,702,532

Total Investments in Securities	$	1,124,866		$	11,085,398		$	912,319		$	13,122,583

Liabilities
Debt Securities
Corporate Bonds
Other Corporate Bonds	$	—		$	(16,228	)	$	—		$	(16,228	)

Total Liabilities for Securities Sold Short	$	—		$	(16,228	)	$	—		$	(16,228	)

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	5,687		$	—		$	5,687
Futures Contracts		1,192			—			—			1,192
Swaps		—			17,365			1,098			18,463

Total Appreciation in Other Financial Instruments	$	1,192		$	23,052		$	1,098		$	25,342

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(4,804	)	$	—		$	(4,804	)
Futures Contracts		(2,999	)		—			—			(2,999	)
Swaps		—			(21,353	)		(10,921	)		(32,274	)

Total Depreciation in Other Financial Instruments	$	(2,999	)	$	(26,157	)	$	(10,921	)	$	(40,077	)

(a)	Amount rounds to less than one thousand.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):


	Balance as of February 28, 2018			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases¹		Sales²			Transfers into Level 3			Transfers out of Level 3			Balance as of November 30, 2018
Investments in Securities
Asset-Backed Securities	$	634,213		$	2,860		$	(7,243	)	$	2,493		$	184,231	$	(145,781	)	$	36,108		$	(22,270	)	$	684,611
Collateralized Mortgage Obligations		84,727			1,257			(1,144	)		(237	)		5,320		(42,283	)		—			(35,880	)		11,760
Commercial Mortgage-Backed Securities		46,450			(2,896	)		7,268			2			9,087		(25,906	)		3,257			(7,778	)		29,484
Common Stocks — Aerospace & Defense		—			—			(664	)		—			3,216		—			—			—			2,552
Common Stocks — Capital Markets		4,982			—			342			—			—		—			—			—			5,324
Common Stocks — Chemicals		8,167			—			(9	)		—			—		—			—			—			8,158
Common Stocks — Commercial Services & Supplies		—			—			—	(a)		—			—		—			—			—			—	(a)
Common Stocks — Communications Equipment		2,988			—			(2,988	)		—			—		—			—			—			—	(a)
Common Stocks — Energy Equipment & Services		—			—			306			—			—		—			—			—			306
Common Stocks — Health Care Providers & Services		617			—			(140	)		—			—		—			—			—			477
Common Stocks — Oil, Gas & Consumable Fuels		842			—			207			—			—		—			—			—			1,049
Common Stocks — Software		—	(a)		—			—	(a)		—			—		—			—			—			—	(a)
Common Stocks — Specialty Retail		2			(326	)		424			—			4,973		—	(a)		—			—			5,073
Convertible Bonds — Specialty Retail		—	(a)		(283	)		325			—			—		(42	)		—			—			—
Convertible Preferred Stocks — Automobiles		—	(a)		—			—			—			—		—			—			—			—	(a)
Corporate Bonds — Auto Components		—	(a)		16			—	(a)		—			—		(16	)		—			—			—
Corporate Bonds — Building Products		7,493			(520	)		353			28			—		(7,354	)		—			—			—
Corporate Bonds — Chemicals		—	(a)		—	(a)		—	(a)		—			—		—	(a)		—			—			—	(a)
Corporate Bonds — Commercial Services & Supplies		—			—			(3,117	)		7			—		—			21,291			—			18,181
Corporate Bonds — Communications Equipment		2,317			—			(669	)		44			—		—			—			—			1,692
Corporate Bonds — Consumer Finance		—			—			(722	)		1			—		—			4,572			—			3,851
Corporate Bonds — Electric Utilities		670			—			(526	)		—			—		—			—			—			144
Corporate Bonds — Energy Equipment & Services		3,012			—			(1,459	)		63			290		—			—			—			1,906
Corporate Bonds — Entertainment		—			—			(26	)		—			—		—			994			—			968
Corporate Bonds — Health Care Providers & Services		3,556			—	(a)		(394	)		—			324		—			—			—			3,486
Corporate Bonds — Hotels, Restaurants & Leisure		—			—			(49	)		—			—		—			3,309			—			3,260
Corporate Bonds — Metals & Mining		—	(a)		—			—			—			—		—			—			—			—	(a)
Corporate Bonds — Oil, Gas & Consumable Fuels		18			—			(1,522	)		10			4,248		—			—			—			2,754
Corporate Bonds — Wireless Telecommunication Services		—			—			—	(a)		—			—		—			—			—			—	(a)
Loan Assignments — Communications Equipment		—			—			—	(a)		—			—		—	(a)		1			—			1
Loan Assignments — Health Care Providers & Services		1,307			—			49			2			946		(671	)		—			—			1,633
Loan Assignments — Leisure Products		—			—			—			—			3,175		—			—			—			3,175
Loan Assignments — Media		—	(a)		(10,307	)		10,307			—			—		—			—			—			—
Loan Assignments — Oil, Gas & Consumable Fuels		2,014			(2,928	)		2,670			—			—		(1,756	)		—			—			—
Loan Assignments — Specialty Retail		—			—			1,939			—			4,511		—			—			—			6,450
Preferred Stocks — Aerospace & Defense		5,058			—			345			—			—		—			—			—			5,403
Preferred Stocks — Automobiles		—	(a)		—			—			—			—		—			—			—			—	(a)
Preferred Stocks — Capital Markets		843			—			(840	)		—			—		—			—			—			3
Preferred Stocks — Oil, Gas & Consumable Fuels		1,583			—			318			—			—		—			—			—			1,901
Preferred Stocks — Specialty Retail		—			—			3,316			—			1,941	#	—			—	#		—			5,257
Private Placements — Commercial Loans		102,168			—			1,332			—			—	#		(41,500)		—	#		—			62,000
Private Placements — Residential Loans		72,735			—			—			—			—	#		(32,135)		—	#		—			40,600
Rights — Independent Power and Renewable Electricity Producers		805			—			55			—			—	#	—			—	#		—			860
Swaps		(183	)		—			(112	)		—			—	#	—			2,919	#		—			2,624
Warrants — Aerospace & Defense		—			—			(1	)		—			1	#	—			—	#		—			—	(a)
Warrants — Road & Rail		—	(a)		—			—			—			—	#	—			—	#		—			—	(a)
Warrants — Specialty Retail		—	(a)		(2	)		2			—			—	#	—	(a)		—	#		—			—

Total	$	986,384		$	(13,129	)	$	7,933		$	2,413		$	222,263	$	(297,444	)	$	72,451		$	(65,928	)	$	914,943

¹	Purchases include all purchases of securities and securities received in corporate actions.

²	Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a)	Amount rounds to less than one thousand.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)


	Fair Value at November 30, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	8,158		Market Comparable Companies	EBITDA Multiple (a)	5.0x — 6.7x (6.7x)
		5,324		Comparable Transaction	Transaction Price	$19.50 ($19.50)
		3,600		Terms of Exchange Offer / Restructuring	Expected Recovery	$0.00 — $8.23 ($8.23)
					Liquidity Discount	20.00% (20.00%)

Common Stocks		17,082

		1,901		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	15.00% (15.00%)
		3		Market Comparable Companies	EBITDA Multiple (a)	6.7x (6.7x)
					Discount for potential outcome (b)	30.00% (30.00%)
		—	(c)	Pending Distibution Amount	Discount for potential outcome (b)	100.00% (100.00%)

Preferred Stocks		1,904

		9,468		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	5.42% — 33.57% (14.10%)
		—	(c)	Market Comparable Companies	EBITDA Multiple (a)	6.7x (6.7x)
		—	(c)	Pending Distibution Amount	Discount for potential outcome (b)	100.00% (100.00%)

Corporate Bonds		9,468

		102,600		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	8.38% — 9.88% (8.97%)

Private Placements		102,600

		684,611		Discounted Cash Flow	Constant Prepayment Rate	1.00% — 100.00% (9.25%)
					Constant Default Rate	0.00% — 6.60% (3.31%)
					Yield (Discount Rate of Cash Flows)	2.77% — 6.75% (3.97%)

Asset-Backed Securities		684,611

		6,477		Discounted Cash Flow	Constant Prepayment Rate	10.00% (10.00%)
					Yield (Discount Rate of Cash Flows)	2.91% — 3.98% (3.43%)
Collateralized Mortgage Obligations		6,477

		18,118		Discounted Cash Flow	Constant Prepayment Rate	100.00% (100.00%)
					Constant Default Rate	0.00% — 3.00% (1.40%)
					Yield (Discount Rate of Cash Flows)	4.28% — 7.03% (5.57%)

Commercial Mortgage-Backed Securities		18,118

		1,633		Pending Distribution Amount	Expected Recovery	0.00% — 100.00% (100.00%)

Loan Assignments		1,633

		—	(c)	Pending Distribution Amount	Expected Recovery	0.00% (0.00%)
Warrants		—	(c)

Total	$	841,893

The table above does not include certain level 3 securities that are valued by brokers and pricing services. At November 30, 2018, the value of these securities was $73,050,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

(a)	Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(b)	Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(c)	Amount rounds to less than one thousand.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The Fund utilizes internal pricing matrices to derive a fair value for privately-placed mortgage loans on commercial, multi-family and cooperative apartment properties. These matrices utilize third-party broker indications of a yield spread over several maturities of Treasuries. Each mortgage loan is aligned with the appropriate pricing matrix based on sector, credit quality and average life. The daily fair value for these mortgage loans is calculated using the loan’s cash flows, discounted by a rate, which is compromised of the Treasury yield curve point plus the corresponding matrix yield spread. As of November 30, 2018, the total market value of matrix-priced securities represents 0.8% of the Fund’s net assets.

B. Derivatives — The Fund used derivative instruments including futures, forward foreign currency exchange contracts, options and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (1) — (4) below describe the various derivatives used by the Fund, tailor lettering for notes used.

(1). Options — The Fund purchased and sold (“wrote”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its fund and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and records a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will nonoffset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

The Fund’s exchange traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). The Fund’s over the counter (“OTC”) options are subject to master netting agreements.

The Fund may be required to post or receive collateral for over the counter options. Cash collateral posted by the Fund is considered restricted.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(3). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

(4). Swaps — The Fund engaged in various swap transactions, including interest rate, credit default and total return swaps, to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”), that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund and/or held as Restricted cash. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Return Swaps

The Fund used total return swaps to gain long and/or short exposure to an underlying index. To the extent the total return of the index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. These arrangements involve the periodic exchange of cash flows based on the total return of the underlying index and interest rate obligations.

JPMorgan High Yield Municipal Fund

(Formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 94.6%(a)
Alaska — 0.3%
Housing — 0.0%(b)
Alaska Housing Finance Corp., General Mortgage Series A, Rev., 4.00%, 12/1/2018		20		20

Industrial Development Revenue/Pollution Control Revenue — 0.3%
Alaska Industrial Development and Export Authority, Providence Health and Services Series A, Rev., 5.50%, 10/1/2041		325		354

Total Alaska				374

Arizona — 2.3%
Education — 1.1%
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project
Rev., 5.00%, 7/1/2032		350		383
Rev., 5.00%, 7/1/2033		150		164
Rev., 5.00%, 7/1/2037		200		214
La Paz County Industrial Development Authority, Charter School Solutions-Harmony Public Schools Project
Rev., 5.00%, 2/15/2028		200		219
Rev., 5.00%, 2/15/2038		405		430

				1,410

Industrial Development Revenue/Pollution Control Revenue — 1.0%
Glendale Industrial Development Authority, Terraces of Phoenix Project Rev., 4.00%, 7/1/2028		450		441
Rev., 5.00%, 7/1/2033		600		634
Rev., 5.00%, 7/1/2038		300		311

				1,386

Utility — 0.2%
City of Mesa, Utility System Rev., AGM, 5.25%, 7/1/2029(c)		200		247

Total Arizona				3,043

California — 6.3%
Education — 1.9%
California Community College Financing Authority, Orange Coast Properties LLC - Orange Coast College Project
Rev., 5.00%, 5/1/2037		750		816
Rev., 5.00%, 5/1/2038		400		434
California Municipal Finance Authority, Charter School, The Palmdale Aerospace Academy Project Series 2018-A, Rev., 5.00%, 7/1/2038(d)		1,050		1,086
California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series A, Rev., AGM, Zero Coupon, 8/1/2030		200		135

				2,471

General Obligation — 0.4%
Pomona Unified School District Series C, GO, 6.00%, 8/1/2029(c)		160		212
San Mateo Union High School District, Capital Appreciation, Election of 2006 Series A, GO, Zero Coupon, 9/1/2028		100		68
Sunnyvale Elementary School District, Election 2004 Series C, GO, 5.50%, 9/1/2034		175		226

				506

Hospital — 2.5%
California Health Facilities Financing Authority, Children’s Hospital Series A, Rev., 5.00%, 8/15/2047		500		546
California Municipal Finance Authority, Eisenhower Medical Center Series B, Rev., 5.00%, 7/1/2047		200		216
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2029		200		220
California Statewide Communities Development Authority, Adventist Health System Rev., 3.50%, 3/1/2038		2,000		1,849
Palomar Health Rev., 5.00%, 11/1/2039		500		530

				3,361

Housing — 0.4%
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien
Rev., AMT, AGM, 3.25%, 12/31/2032		245		235
Rev., AMT, AGM, 3.50%, 12/31/2035		240		231

				466

Industrial Development Revenue/Pollution Control Revenue — 0.2%
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project Series B-2, Rev., AMT, 3.13%, 11/3/2025(e)		250		247

JPMorgan High Yield Municipal Fund

(Formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — (continued)
Other Revenue — 0.7%
Golden State Tobacco Securitization Corp., Tobacco Settlement Series A-1, Rev., 3.50%, 6/1/2036		1,000		986

Utility — 0.2%
Los Angeles Department of Water and Power, Water System Series A, Rev., 5.25%, 7/1/2039		250		268

Total California				8,305

Colorado — 5.8%
Education — 1.2%
Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project
Rev., 5.00%, 12/1/2032		500		554
Rev., 5.00%, 12/1/2033		500		550
Rev., 4.00%, 12/1/2048		500		459

				1,563

General Obligation — 3.7%
Bradburn Metropolitan District No. 2
Series A, GO, 5.00%, 12/1/2038		500		509
Subseries B, GO, 7.25%, 12/15/2047		500		481
Cross Creek Metropolitan District No. 2, Unlimited Tax GO, AGM, 4.00%, 12/1/2045		2,000		1,966
Painted Prairie Metropolitain District No. 2 GO, 5.25%, 12/1/2048		2,000		1,957

				4,913

Hospital — 0.8%
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series A, Rev., 5.25%, 5/15/2028		1,000		1,094

Utility — 0.1%
Public Authority for Colorado Energy, Natural Gas Purchase Series 2008, Rev., 6.13%, 11/15/2023		110		125

Total Colorado				7,695

Connecticut — 1.0%
Education — 0.2%
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series A, Rev., 5.25%, 11/15/2024		200		212

General Obligation — 0.8%
State of Connecticut Series A, GO, 5.00%, 4/15/2037		1,000		1,086

Total Connecticut				1,298

Delaware — 0.7%
Housing — 0.2%
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		225		230

Industrial Development Revenue/Pollution Control Revenue — 0.5%
Delaware Economic Development Authority, Acts Retirement-Life Communities, Inc. Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048		700		752

Total Delaware				982

Florida — 5.2%
Education — 0.4%
Lakeland Educational Facilities, Southern College Project Series A, Rev., 5.00%, 9/1/2025		500		541

Hospital — 1.3%
Miami Beach Health Facilities Authority, Mount Sinai Medical Center Rev., 5.00%, 11/15/2029		545		594
Sarasota County Health Facilities Authority, Sunnyside Village Project Rev., 5.00%, 5/15/2038		1,050		1,132

				1,726

Housing — 0.1%
Florida Housing Finance Corp., Homeowner Mortgage Series 1, Rev., 5.00%, 7/1/2041		25		26
Florida Housing Finance Corp., Homeowner Mortgage Special Program Series A-1, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2028		55		55

				81

Other Revenue — 1.2%
Capital Trust Agency Inc., H-Bay Ministries, Inc., Superior Residences Project
Rev., 3.75%, 7/1/2023		190		191
Rev., 4.00%, 7/1/2028		375		363
Rev., 4.25%, 7/1/2033		610		580
Rev., 4.50%, 7/1/2038		500		471

				1,605

Prerefunded — 0.1%
City of Charlotte Rev., AGM, 5.25%, 10/1/2021(c)		70		76

JPMorgan High Yield Municipal Fund

(Formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — (continued)
Utility — 2.1%
City of Charlotte Rev., AGM, 5.25%, 10/1/2024		130		141
County of Palm Beach Series 2018-A, Rev., 4.25%, 4/2/2022(e)		1,000		1,003
County of Palm Beach, Tuscan Gardens of Delray Beach Project Series 2018-C, Rev., 6.25%, 4/2/2022(e)		1,000		1,003
JEA Electric System Series B, Rev., 5.00%, 10/1/2034		25		27
Tampa Bay Water Utility System, Revenue Refunding and Improvement Series A, Rev., NATL-RE, 6.00%, 10/1/2029		500		646

				2,820

Total Florida				6,849

Georgia — 1.2%
Housing — 0.0%(b)
Georgia Housing and Finance Authority, Single Family Mortgage Series B, Rev., 4.00%, 12/1/2029		30		31

Other Revenue — 0.2%
Downtown Smyrna Development Authority Rev., 5.25%, 2/1/2028		240		276

Transportation — 0.4%
City of Atlanta, Airport Series C, Rev., 5.00%, 1/1/2042		500		528

Utility — 0.6%
Burke County Development Authority, Oglethorpe Power Corp., Vogtle Project Rev., 4.13%, 11/1/2045		750		715

Total Georgia				1,550

Guam — 0.2%
Water & Sewer — 0.2%
Guam Government Waterworks Authority, Water and Wastewater System (Guam) Rev., 5.00%, 7/1/2019		200		203

Idaho — 0.7%
Education — 0.7%
Idaho Housing and Finance Association, Compass Public Charter School, Inc. Project
Series A, Rev., 4.63%, 7/1/2029(d)		180		180
Series A, Rev., 6.00%, 7/1/2039(d)		730		760

Total Idaho				940

Illinois — 5.1%
General Obligation — 2.7%
Chicago Board of Education Series A, GO, AGM, 5.00%, 12/1/2035		250		271
Des Plaines Valley Public Library District GO, 5.50%, 1/1/2030		125		129
Greater Chicago Metropolitan Water Reclamation District Series C, GO, 5.25%, 12/1/2027		50		59
State of Illinois
Series A, GO, 5.00%, 10/1/2026		1,000		1,057
Series D, GO, 5.00%, 11/1/2028		1,500		1,578
Series A, GO, 5.00%, 5/1/2030		395		414

				3,508

Other Revenue — 1.5%
Metropolitan Pier and Exposition Authority, Mccormick Place Expansion Project Series B, Rev., 5.00%, 12/15/2028		1,610		1,687
Railsplitter Tobacco Settlement Authority
Rev., 5.13%, 6/1/2019		180		183
Rev., 5.25%, 6/1/2021		130		139

				2,009

Prerefunded — 0.1%
Lake County Community Consolidated School District No. 50 Woodland Series C, GO, 5.25%, 1/1/2021(c)		150		160

Transportation — 0.6%
Chicago O’Hare International Airport, Transportation Infrastructure Properties LLC (TRIPS) Obligated Group Rev., AMT, 5.00%, 7/1/2038		500		545
Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024		250		291

				836

Water & Sewer — 0.2%
City of Chicago, Waterworks, Second Lien Rev., AMBAC, BHAC-CR, 5.75%, 11/1/2030		150		177

Total Illinois				6,690

JPMorgan High Yield Municipal Fund

(Formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — (continued)
Indiana — 1.4%
Education — 1.2%
City of Anderson, Economic Development, Anderson University Rev., 6.00%, 10/1/2042		1,500		1,557

Housing — 0.0%(b)
Indiana Housing and Community Development Authority, Home First Mortgage
Series C, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/1/2027		40		41
Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2028		15		15

				56

Water & Sewer — 0.2%
Indiana State Finance Authority, Wastewater Utility, First Lien Series A, Rev., 5.25%, 10/1/2031		250		271

Total Indiana				1,884

Iowa — 1.4%
Education — 0.4%
Iowa Student Loan Liquidity Corp., Student Loan Series A, Rev., AMT, 3.75%, 12/1/2033		550		537

Utility — 1.0%
Iowa Finance Authority, Phs Council Bluffs, Inc. Project
Rev., 3.95%, 8/1/2023		150		151
Rev., 4.45%, 8/1/2028		250		250
Rev., 5.00%, 8/1/2033		485		490
Rev., 5.00%, 8/1/2038		370		367

				1,258

Total Iowa				1,795

Kansas — 1.8%
Hospital — 1.8%
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc.
Series A, Rev., 5.00%, 5/15/2032		500		528
Series A, Rev., 5.00%, 5/15/2039		850		866
City of Wichita, Health Care Facilities, Presbyterian Manors, Inc.
Series I, Rev., 5.00%, 5/15/2033		500		513
Series I, Rev., 5.00%, 5/15/2038		500		505

Total Kansas				2,412

Kentucky — 1.1%
Hospital — 1.1%
City of Ashland, Kings Daughters Medical Center
Rev., 4.00%, 2/1/2036		1,000		967
Rev., 5.00%, 2/1/2040		500		522

Total Kentucky				1,489

Louisiana — 0.7%
Hospital — 0.4%
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2042		500		536

Housing — 0.0%(b)
East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program
Series A-2, Rev., GNMA/FNMA/FHLMC, 3.90%, 4/1/2019		15		15
Series A-2, Rev., GNMA/FNMA/FHLMC, 4.75%, 10/1/2029		40		40

				55

Transportation — 0.3%
New Orleans Aviation Board, General Airport, North Terminal Project Series B, Rev., AMT, 5.00%, 1/1/2048		250		269
New Orleans Aviation Board, Gulf Opportunity Zone, Consolidated Rental Car Series A, Rev., 5.50%, 1/1/2019(c)		125		125

				394

Total Louisiana				985

Maine — 0.0%(b)
Prerefunded — 0.0%(b)
Maine Health and Higher Educational Facilities Authority Series A, Rev., 5.00%, 7/1/2023(c)		25		28

Maryland — 1.6%
Education — 1.2%
County of Frederick, Educational Facilities, Mount St. Mary’s University Series A, Rev., 5.00%, 9/1/2037(d)		1,500		1,564

JPMorgan High Yield Municipal Fund

(Formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — (continued)
Hospital — 0.4%
Maryland Health and Higher Educational Facilities Authority, Broadmead Issue Series A, Rev., 5.00%, 7/1/2032		500		553

Transportation — 0.0%(b)
Maryland Economic Development Corp. Series A, Rev., 5.13%, 6/1/2020(c)		65		67

Total Maryland				2,184

Massachusetts — 4.7%
Education — 2.6%
Massachusetts Development Finance Agency, Emerson College
Rev., 5.00%, 1/1/2037		500		538
Rev., 5.00%, 1/1/2038		405		434
Rev., 5.00%, 1/1/2043		500		532
Massachusetts Development Finance Agency, Emmanuel College Series A, Rev., 5.00%, 10/1/2043		500		525
Massachusetts Educational Financing Authority Series B, Rev., AMT, 3.63%, 7/1/2034		1,000		972
Massachusetts State College Building Authority Series B, Rev., XLCA, 5.50%, 5/1/2028		350		417

				3,418

Other Revenue — 1.3%
Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Rev., 4.13%, 10/1/2042(d)		2,000		1,767

Transportation — 0.7%
Massachusetts Bay Transportation Authority Series B, Rev., NATL-RE, 5.50%, 7/1/2028		300		374
Massachusetts Port Authority Series A, Rev., 5.00%, 7/1/2044		500		545

				919

Water & Sewer — 0.1%
Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2032		100		125

Total Massachusetts				6,229

Michigan — 0.4%
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020		85		88

Transportation — 0.3%
Wayne County Airport Authority, Detroit Metropolitan Airport Series B, Rev., AMT, 5.00%, 12/1/2021		400		430

Total Michigan				518

Minnesota — 2.4%
General Obligation — 1.2%
Windom Independent School District No. 177, School Building Bond Series A, GO, 3.13%, 2/1/2034		1,680		1,562

Hospital — 0.6%
City of Minneapolis, Health Care System, Fairview Health Services Series A, Rev., 4.00%, 11/15/2038		750		747

Housing — 0.6%
City of Apple Valley, Minnesota Senior Housing, Orchard Path Project Rev., 4.25%, 9/1/2038		750		717
Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs
Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040		7		7
Series A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		105		107
Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program Series A, Rev., GNMA/FNMA/FHLMC, 4.25%, 7/1/2028		15		15
Minnesota Housing Finance Agency, Residential Housing Finance Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		15		15

				861

Total Minnesota				3,170

Mississippi — 0.2%
Other Revenue — 0.2%
Mississippi Development Bank, Harrison County, Coliseum and Convention Center Series A, Rev., 5.25%, 1/1/2030		160		188
Series A, Rev., 5.25%, 1/1/2034		100		116

Total Mississippi				304

JPMorgan High Yield Municipal Fund

(Formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — (continued)
Missouri — 1.1%
General Obligation — 0.2%
Independence School District, Direct Deposit Program Series A, GO, 5.25%, 3/1/2031		250		267

Housing — 0.1%
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program
Series E-3, Rev., GNMA/FNMA/FHLMC, 4.63%, 5/1/2028		55		57
Series E-4, Rev., GNMA/FNMA/FHLMC, 4.25%, 11/1/2030		50		51

				108

Industrial Development Revenue/Pollution Control Revenue — 0.5%
St Louis County Industrial Development Authority, Friendship Village Series 2018-A, Rev., 5.00%, 9/1/2028		630		660

Transportation — 0.3%
Bi-State Development Agency, Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2025		400		464

Total Missouri				1,499

Montana — 1.2%
General Obligation — 0.3%
Cascade County Elementary School District No. 1 Great Falls, School Building GO, 3.63%, 7/1/2038		335		328

Hospital — 0.7%
Montana Facility Finance Authority, Bozeman Deaconess Health Services Obligated Group Rev., 3.63%, 6/1/2043		1,000		948

Housing — 0.1%
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038		150		154

Transportation — 0.1%
City of Billings, Airport Series A, Rev., AMT, 5.00%, 7/1/2020		100		104

Total Montana				1,534

Nevada — 0.3%
Transportation — 0.3%
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Rev., AGM, 4.00%, 6/1/2048		375		359

New Hampshire — 0.3%
Education — 0.3%
City of Manchester, School Facilities
Rev., NATL-RE, 5.50%, 6/1/2026		200		237
Rev., NATL-RE, 5.50%, 6/1/2027		100		120

				357

Housing — 0.0%(b)
New Hampshire Housing Finance Authority, Single Family Mortgage Series A, Rev., 5.25%, 7/1/2028		40		41

Total New Hampshire				398

New Jersey — 6.4%
Education — 1.6%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan
Series A, Rev., AMT, 3.75%, 12/1/2031		750		738
Series A, Rev., AMT, 4.00%, 12/1/2032		400		403
Series A, Rev., AMT, 4.00%, 12/1/2033		500		501
Series A, Rev., AMT, 4.00%, 12/1/2034		300		297
Series A, Rev., AMT, 4.00%, 12/1/2035		200		199

				2,138

Hospital — 1.2%
New Jersey Health Care Facilities Financing Authority, St. Josephs Healthcare System Rev., 5.00%, 7/1/2041		1,500		1,577

Industrial Development Revenue/Pollution Control Revenue — 2.2%
New Jersey Economic Development Authority, Charter School, Golden Door Charter School Project
Series 2018-A, Rev., 5.13%, 11/1/2029(d)		210		210
Series 2018-A, Rev., 6.25%, 11/1/2038(d)		525		554
New Jersey Economic Development Authority, Charter School, Marion P. Thomas Charter School, Inc. Project Series 2018-A, Rev., 5.00%, 10/1/2033(d)		1,000		974
New Jersey Economic Development Authority, State House Project Series B, Rev., 4.13%, 6/15/2039		1,200		1,204

				2,942

JPMorgan High Yield Municipal Fund

(Formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Transportation — 1.4%
New Jersey EDA, Motor Vehicle Surplus Series A, Rev., NATL-RE, 5.25%, 7/1/2024		380		427
New Jersey Transportation Trust Fund Authority, Transportation Program Series AA, Rev., 5.25%, 6/15/2033		1,335		1,429

				1,856

Total New Jersey				8,513

New Mexico — 0.1%
Housing — 0.1%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program
Series B, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 3/1/2028		70		72
Series A, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 9/1/2030		35		36
Series B-2, Class I, Rev., GNMA/FNMA/FHLMC, 5.65%, 9/1/2039		5		5

Total New Mexico				113

New York — 4.2%
Education — 1.4%
Build Resource Corp., Inwood Academy for Leadership Charter School Project
Rev., 4.88%, 5/1/2031(d)		500		501
Rev., 5.13%, 5/1/2038(d)		250		246
Onondaga Civic Development Corp., Le Moyne College Project
Rev., 5.00%, 1/1/2037		300		324
Rev., 5.00%, 1/1/2038		200		216
Rev., 5.00%, 1/1/2043		500		535

				1,822

Hospital — 0.7%
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Rev., 4.00%, 11/1/2042		1,000		957

Other Revenue — 0.8%
New York Liberty Development Corp., Goldman Sachs Headquarters Rev., 5.25%, 10/1/2035		525		626
New York State Environmental Facilities Corp., Revolving Funds, Pooled Financing Series B, Rev., 5.50%, 10/15/2030(c)		390		496

				1,122

Transportation — 0.7%
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project
Rev., AMT, 4.00%, 1/1/2036		500		489
Rev., AMT, 5.00%, 1/1/2036		375		406

				895

Water & Sewer — 0.6%
New York City Municipal Water Finance Authority, Second General Resolution
Series EE, Rev., 5.38%, 6/15/2043		440		471
Series BB, Rev., 5.25%, 6/15/2044		250		271

				742

Total New York				5,538

North Dakota — 0.2%
Housing — 0.0%(b)
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series A, Rev., 3.75%, 7/1/2042		70		71

Utility — 0.2%
McLean County, Solid Waste Facilities, Great River Energy Project Series A, Rev., 4.88%, 7/1/2026		210		217

Total North Dakota				288

Ohio — 4.5%
Education — 1.1%
Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project
Rev., 5.00%, 12/1/2028		500		518
Rev., 5.00%, 12/1/2033		270		272
Rev., 5.00%, 12/1/2038		685		674

				1,464

General Obligation — 0.2%
County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction and Improvement GO, NATL-RE, 5.25%, 12/1/2025		185		220
Greene County Series A, GO, AMBAC, 5.25%, 12/1/2028		45		54

				274

JPMorgan High Yield Municipal Fund

(Formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Hospital — 1.5%
City of Centerville, Graceworks Lutheran Services Rev., 5.00%, 11/1/2027		380		406
County of Cuyahoga, Metrohealth System Rev., 5.00%, 2/15/2042		1,500		1,532
Franklin County Health Care Improvement, Presbyterian Services Series A, Rev., 5.00%, 7/1/2020		100		100

				2,038

Housing — 0.1%
Ohio Housing Finance Agency, Single Family Mortgage
Series 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2028		30		31
Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2028		30		30

				61

Transportation — 1.6%
Cleveland-Cuyahoga County, Port Authority, Cultural Facility, Playhouse Square Foundation Project
Rev., 5.00%, 12/1/2033		1,000		1,075
Rev., 5.25%, 12/1/2038		500		537
Rev., 5.50%, 12/1/2043		500		542

				2,154

Total Ohio				5,991

Oklahoma — 1.6%
Hospital — 0.8%
Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series B, Rev., 5.00%, 8/15/2038		1,000		1,057

Transportation — 0.6%
Tulsa Airports Improvement Trust
Series A, Rev., AMT, 5.00%, 6/1/2024		300		334
Series A, Rev., AMT, 5.00%, 6/1/2025		420		467

				801

Water & Sewer — 0.2%
Oklahoma City Water Utilities Trust, Water and Sewer System Rev., 5.38%, 7/1/2040		220		237

Total Oklahoma				2,095

Oregon — 1.5%
General Obligation — 0.2%
Clackamas County School District No. 7J, Lake Oswego GO, AGM, 5.25%, 6/1/2025		165		192
Linn County Community School District No. 9 Lebanon GO, NATL-RE, 5.50%, 6/15/2030		20		25

				217

Hospital — 1.2%
Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project
Rev., 5.00%, 5/15/2038		220		230
Rev., 5.00%, 5/15/2043		310		320
Salem Hospital Facility Authority, Capital Manor Project Rev., 5.00%, 5/15/2038		1,000		1,083

				1,633

Housing — 0.0%(b)
Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030		35		36

Prerefunded — 0.1%
State of Oregon, University Systems Projects Series G, GO, 5.25%, 8/2/2021(c)		105		114

Total Oregon				2,000

Pennsylvania — 8.9%
Education — 1.6%
Allegheny County Higher Education Building Authority, Duquesne University Series A, Rev., 5.00%, 3/1/2020		160		165
Chambersburg Area Municipal Authority, Wilson College Rev., 5.50%, 10/1/2033		2,000		1,988

				2,153

General Obligation — 3.4%
Aliquippa School District
GO, 3.75%, 12/1/2033		2,000		2,014
GO, 3.88%, 12/1/2037		1,250		1,253
The School Board of Philadelphia County Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,250

				4,517

Hospital — 2.6%
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Rev., 4.00%, 4/1/2038		500		489
Berks County Industrial Development Authority, Healthcare Facilities
Rev., 5.00%, 5/15/2033		500		542
Rev., 5.00%, 5/15/2038		500		533

JPMorgan High Yield Municipal Fund

(Formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Hospital — continued
Berks County Industrial Development Authority, Healthcare Facilities, The Highlands at Wyomissing Series 2017-A, Rev., 5.00%, 5/15/2037		250		267
DuBois Hospital Authority, Penn Highlands Healthcare Rev., 4.00%, 7/15/2048		800		768
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038		750		803

				3,402

Housing — 0.0%(b)
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 112, Rev., 5.00%, 4/1/2028		60		62

Industrial Development Revenue/Pollution Control Revenue — 0.6%
Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018-A, Rev., 4.50%, 6/1/2029(d)		780		771

Other Revenue — 0.4%
Allentown Neighborhood Improvement Zone Development Authority, City Center Project
Rev., 5.00%, 5/1/2033(d)		250		269
Rev., 5.00%, 5/1/2042(d)		250		261

				530

Transportation — 0.3%
Allegheny County Airport Authority, Pittsburgh International Airport Series A-1, Rev., 5.00%, 1/1/2026		350		373

Total Pennsylvania				11,808

Rhode Island — 0.3%
Education — 0.1%
Rhode Island Student Loan Authority, Senior Series A, Rev., AMT, 5.00%, 12/1/2024		100		110

Transportation — 0.2%
Rhode Island Economic Development Corp. Series B, Rev., 5.00%, 7/1/2022		250		271

Total Rhode Island				381

South Dakota — 0.5%
Education — 0.4%
South Dakota State Health and Educational Facilities Authority, Sanford Health Rev., 5.00%, 11/1/2045		500		530

Housing — 0.1%
South Dakota Housing Development Authority, Homeownership Mortgage Series A, Rev., AMT, 4.50%, 5/1/2031		75		78

Total South Dakota				608

Tennessee — 0.8%
Housing — 0.8%
Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project
4.50%, 6/1/2028(d)		500		505
5.13%, 6/1/2036(d)		425		441
Tennessee Housing Development Agency, Homeownership Program
Series A, Rev., AMT, 4.50%, 7/1/2031		50		51
Series 1A, Rev., AMT, 4.50%, 1/1/2038		100		103

Total Tennessee				1,100

Texas — 4.5%
Education — 2.6%
New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series A, Rev., 5.50%, 7/1/2054		1,000		992
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039		1,000		985
Newark Higher Education Finance Corp., Austin Achieve Public Schools, Inc.
Rev., 4.25%, 6/15/2028		150		148
Rev., 5.00%, 6/15/2033		150		152
Rev., 5.00%, 6/15/2038		250		252
Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center Series A, Rev., 5.25%, 12/1/2039		170		187
University of Texas System
Series B, Rev., 5.25%, 7/1/2028		140		171
Series B, Rev., 5.25%, 7/1/2030		395		491

				3,378

General Obligation — 0.2%
North East Independent School District GO, PSF-GTD, 5.25%, 2/1/2027		200		239

JPMorgan High Yield Municipal Fund

(Formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Hospital — 0.7%
Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project Rev., 4.00%, 7/15/2045		940		868

Housing — 0.0%(b)
Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029		45		47

Other Revenue — 0.8%
City of Temple,Reinvestment Zone Series A, 5.00%, 8/1/2028(d)		1,000		1,059

Prerefunded — 0.1%
La Vernia Higher Education Finance Corp., Lifeschool of Dallas Series A, Rev., 6.25%, 8/15/2019(c)		60		62
Texas State Public Finance Authority Charter School Finance Corp., Cosmos Foundation, Inc. Series A, Rev., 6.00%, 2/15/2020(c)		100		104

				166

Transportation — 0.1%
Dallas Area Rapid Transit, Senior Lien Rev., AMBAC, 5.25%, 12/1/2029		130		159

Water & Sewer — 0.0%(b)
City of Houston, Capital Appreciation Series A, Rev., AGM, Zero Coupon, 12/1/2027(c)		30		23

Total Texas				5,939

Utah — 0.5%
Other Revenue — 0.5%
Utah Transit Authority, Sales Tax
Series C, Rev., AGM, 5.25%, 6/15/2025		40		47
Series C, Rev., AGM, 5.25%, 6/15/2032		450		552

Total Utah				599

Vermont — 0.5%
Education — 0.5%
Vermont Student Assistance Corp., Education Loan
Series A, Rev., AMT, 4.00%, 6/15/2032		200		198
Series A, Rev., AMT, 4.00%, 6/15/2033		250		247
Series A, Rev., AMT, 4.00%, 6/15/2034		200		197

Total Vermont				642

Virginia — 0.6%
Education — 0.6%
Danville Industrial Development Authority, Averett University Series A, Rev., 4.75%, 10/1/2032		760		744

Prerefunded — 0.0%(b)
Virginia Resources Authority, Infrastructure, Pooled Financing Program Series A, Rev., 5.00%, 11/1/2021(c)		70		76

Total Virginia				820

Washington — 7.2%
General Obligation — 1.8%
Pend Oreille County, Public Hospital District No. 1
GO, 5.00%, 12/1/2033		1,000		1,085
GO, 5.00%, 12/1/2038		1,255		1,338

				2,423

Housing — 1.4%
Washington State Housing Finance Commission, Homeownership Program Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 4/1/2029		45		46
Washington State Housing Finance Commission, The Heart Stone Project
Rev., 4.50%, 7/1/2028(d)		965		987
Rev., 5.00%, 7/1/2038(d)		825		852

				1,885

Other Revenue — 1.1%
Washington State Housing Finance Commission, Judson Park Project
Rev., 4.00%, 7/1/2028(d)		535		521
Rev., 5.00%, 7/1/2033(d)		535		558
Rev., 5.00%, 7/1/2038(d)		300		307

				1,386

Utility — 2.9%
Pend Oreille County, Public Utility District No. 1, Box Canyon Production System Rev., 5.00%, 1/1/2039		3,605		3,843

Total Washington				9,537

Wisconsin — 4.9%
Education — 3.5%
Public Finance Authority, Community School of Davidson Project
Rev., 3.75%, 10/1/2023		365		365
Rev., 5.00%, 10/1/2033		775		784

JPMorgan High Yield Municipal Fund

(Formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Education — continued
Wisconsin Health and Educational Facilities Authority, Beloit College
Rev., 5.00%, 7/1/2036		615		602
Rev., 5.00%, 7/1/2039		1,540		1,474
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc. Project Series A, Rev., 4.25%, 9/15/2035		1,500		1,429

				4,654

Other Revenue — 1.4%
Public Finance Authority Rev., 4.25%, 10/1/2038(d)		2,000		1,886

Total Wisconsin				6,540

Wyoming — 0.0%(b)
Housing — 0.0%(b)
Wyoming Community Development Authority Housing Series 1, Rev., AMT, 4.00%, 6/1/2032		15		15

TOTAL MUNICIPAL BONDS (Cost $125,587)				125,244

LOAN ASSIGNMENTS — 3.3%(f)
Chemicals — 0.2%
Gemini HDPE LLC, Advance (ICE LIBOR USD 3 Month + 2.50%), 5.03%, 8/7/2024(g)		210		209

Diversified Consumer Services — 0.2%
Spin Holdco, Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.69%, 11/14/2022(g)		236		231

Diversified Telecommunication Services — 0.1%
Intelsat Jackson Holdings SA, 1st Lien Term Loan (Luxembourg) (ICE LIBOR USD 1 Month + 3.75%), 6.07%, 11/27/2023(g)		150		149
Securus Technologies Holdings, Inc., 1st Lien, Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.84%, 11/1/2024(g)(h)		20		20

				169

Electric Utilities — 0.6%
Vistra Operations Co. LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.34%, 8/4/2023(g)		800		788

Food & Staples Retailing — 0.6%
Albertson’s LLC, 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 3.00%), 5.38%, 12/21/2022(g)		735		723
(ICE LIBOR USD 3 Month + 3.00%), 5.69%, 6/22/2023(g)		97		95

				818

Hotels, Restaurants & Leisure — 0.0%(b)
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.57%, 2/5/2025(g)		42		41

IT Services — 0.4%
First Data Corp., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.00%), 4.32%, 7/8/2022(g)		36		35
(ICE LIBOR USD 1 Month + 2.00%), 4.32%, 4/26/2024(g)		472		463

				498

Media — 0.1%
Tribune Media Co., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.34%, 12/27/2020(g)		100		100
Univision Communications, Inc., 1st Lien Term Loan C-5 (ICE LIBOR USD 1 Month + 2.75%), 5.09%, 3/15/2024(g)		53		49

				149

Oil, Gas & Consumable Fuels — 0.7%
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 7.64%, 8/25/2023(g)		1,118		891

Pharmaceuticals — 0.2%
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 1 Month + 5.50%), 7.82%, 9/6/2024(g)		258		249

Semiconductors & Semiconductor Equipment — 0.2%
Versum Materials, Inc., Senior Secured Term Loan B (ICE LIBOR USD 3 Month + 2.00%), 4.39%, 9/29/2023(g)		323		322

Textiles, Apparel & Luxury Goods — 0.0%(b)
Nine West Holdings, Inc., Initial Loan (1-MONTH PRIME + 2.75%), 8.00%, 10/8/2019(g)		64		62

TOTAL LOAN ASSIGNMENTS (Cost $4,673)				4,427

JPMorgan High Yield Municipal Fund

(Formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)			Value ($000)
U.S. TREASURY OBLIGATIONS — 1.5%
U.S. Treasury Notes 2.88%, 8/15/2028 (Cost $2,010)		2,000			1,977


	Shares (000)
COMMON STOCKS — 0.0%(b)
Oil, Gas & Consumable Fuels — 0.0%(b)
Southcross Holdco Equity*‡ (Cost $11)		—	(i)		31

Total Investments — 99.4% (Cost $132,281)					131,679
Other Assets Less Liabilities — 0.6%					764

Net Assets — 100.0%					132,443

Percentages indicated are based on net assets.

JPMorgan High Yield Municipal Fund

(Formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Abbreviations

AGM		Insured by Assured Guaranty Municipal Corp.
AMBAC		Insured by American Municipal Bond Assurance Corp.
AMT		Alternative Minimum Tax
BHAC		Insured by Berkshire Hathaway Assurance Corp.
CHESLA		Connecticut Higher Education Supplemental Loan Authority
CR		Custodial Receipts
EDA		Economic Development Authority
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
ICE		Intercontinental Exchange
IRB		Interest Rate Reduction Bond
LIBOR		London Interbank Offered Rate
NATL		Insured by National Public Finance Guarantee Corp.
PSF-GTD		Permanent School Fund Guaranteed
RE		Reinsured
Rev.		Revenue
USD		United States Dollar
XLCA		Insured by XL Capital Assurance
(a)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Security is prerefunded or escrowed to maturity.
(d)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(e)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2018.
(f)		Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(g)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(h)		All or a portion of this security is unsettled as of November 30, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(i)		Amount rounds to less than one thousand.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

JPMorgan High Yield Municipal Fund

(Formerly JPMorgan Tax Aware High Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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.

•

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Municipal Bonds	$	—	$	125,244	$	—	$	125,244
Common Stocks
Oil, Gas & Consumable Fuels		—		—		31		31
U.S. Treasury Obligations		—		1,977		—		1,977
Loan Assignments
Other Loan Assignments		—		4,427		—		4,427

Total Investments in Securities	$	—	$	131,648	$	31	$	131,679

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments(a)	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 81.6%
Alabama — 0.3%
East Alabama Health Care Authority Series B, Rev., VRDO, 1.72%, 12/7/2018(b)		29,745		29,745
Mobile County IDA, PCR, ExxonMobil Project Rev., VRDO, 1.70%, 12/3/2018(b)		2,575		2,575
Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project
Series A, Rev., VRDO, LOC: Bank of America NA, 1.73%, 12/7/2018(b)(c)		6,970		6,970
Series B, Rev., VRDO, LOC: Societe Generale, 1.76%, 12/7/2018(b)(c)		4,970		4,970

				44,260

Alaska — 1.3%
Alaska Housing Finance Corp. Series B, Rev., VRDO, 1.73%, 12/7/2018(b)		9,700		9,700
Alaska Housing Finance Corp., Home Mortgage
Series A, Rev., VRDO, 1.66%, 12/7/2018(b)		52,765		52,765
Series B, Rev., VRDO, BAN, 1.66%, 12/7/2018(b)		19,265		19,265
Series D, Rev., VRDO, 1.66%, 12/7/2018(b)		42,395		42,395
Series A, Rev., VRDO, 1.69%, 12/7/2018(b)		14,440		14,440
Series B, Rev., VRDO, 1.69%, 12/7/2018(b)		14,420		14,420
Series D, Rev., VRDO, 1.73%, 12/7/2018(b)		35,640		35,640
Alaska Housing Finance Corp., Various, Governmental Purpose Series A, Rev., VRDO, 1.65%, 12/7/2018(b)		20,155		20,155
City of Valdez, Exxon Pipeline Co. Project
Series A, Rev., VRDO, 1.70%, 12/3/2018(b)		2,525		2,525
Series B, Rev., VRDO, 1.70%, 12/3/2018(b)		4,750		4,750
Series C, Rev., VRDO, 1.70%, 12/3/2018(b)		11,280		11,280

				227,335

Arizona — 0.9%
Arizona Health Facilities Authority, Banner Health
Series G, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.71%, 12/7/2018(b)		16,590		16,590
Series H, Rev., VRDO, LOC: Northern Trust Co., 1.74%, 12/7/2018(b)		40,315		40,315
Arizona Health Facilities Authority, Catholic Healthcare West Loan 2008 Series B, Rev., VRDO, LOC: Barclays Bank plc, 1.69%, 12/7/2018(b)		3,200		3,200
Arizona State University Series A, Rev., VRDO, 1.65%, 12/7/2018(b)		15,350		15,350
Industrial Development Authority of the City of Phoenix (The), Arizona Health Care Facilities, Mayo Clinic Series A, Rev., VRDO, 1.66%, 12/3/2018(b)		19,475		19,475
Maricopa County Industrial Development Authority, Multifamily Housing, San Clemente Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.73%, 12/7/2018(b)		18,200		18,200
Phoenix City IDA, Multi-Family Housing, Del Mar Terrace Apartments Project Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.75%, 12/7/2018(b)		2,000		2,000
Salt River Pima-Maricopa Indian Community Rev., VRDO, LOC: Bank of America NA, 1.72%, 12/7/2018(b)		34,655		34,655

				149,785

California — 1.9%
California Pollution Control Financing Authority, Solid Waste Disposal, Recology, Inc. Project Series A, Rev., VRDO, LOC: Bank of America NA, 1.64%, 12/7/2018(b)		11,385		11,385
California Statewide Communities Development Authority, Multi-Family Housing, Bay Vista Meadow Park Series NN-1, Rev., VRDO, FNMA, LOC: FNMA, 1.74%, 12/7/2018(b)		26,145		26,145
California Statewide Communities Development Authority, Multi-Family Housing, Canyon Creek Apartments Rev., VRDO, FNMA, LOC: FNMA, 1.73%, 12/7/2018(b)		19,800		19,800

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
California — continued
City & County of San Francisco, Multifamily Housing, Taxable, Transbay Block 8 Tower Apartments Series H-1, Rev., VRDO, LOC: Bank of China, 1.63%, 12/7/2018(b)		83,940		83,940
City and County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments Series H-2, Rev., VRDO, LOC: Bank of China, 1.70%, 12/7/2018(b)		41,230		41,230
City of San Jose, Multifamily Housing, Almaden Lake Village Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.76%, 12/7/2018(b)		8,500		8,500
County of Sacramento, Special Facilities Apartment Rev., VRDO, LOC: Bank of America NA, 1.72%, 12/7/2018(b)		5,800		5,800
San Diego Community College District Series 2016-ZF2382, GO, VRDO, LIQ: Citibank NA, 1.65%, 12/7/2018(b)(c)		9,000		9,000
Tender Option Bond Trust Receipts/Certificates
Series 2015-XM0075, Rev., VRDO, LIQ: Bank of America NA, 1.68%, 12/7/2018(b)(c)		7,260		7,260
Series 2016-XM0230, Rev., VRDO, LIQ: Bank of America NA, 1.68%, 12/7/2018(b)(c)		14,250		14,250
Series XF0568, Rev., VRDO, LIQ: Bank of America NA, 1.68%, 12/7/2018(b)(c)		14,400		14,400
GO, VRDO, 1.69%, 12/7/2018(b)		2,500		2,500
Series 2016-XF0431, GO, VRDO, LIQ: Bank of America NA, 1.69%, 12/7/2018(b)(c)		48,260		48,260
Series 2018-BAML0005, Rev., VRDO, FHLMC, LIQ: Bank of America NA, 1.76%, 12/7/2018(b)(c)		35,480		35,480

				327,950

Colorado — 3.2%
City of Colorado Springs, Utilities System Improvement
Series A, Rev., VRDO, 1.67%, 12/7/2018(b)		41,635		41,635
Series C, Rev., VRDO, 1.68%, 12/7/2018(b)		18,335		18,335
Series A, Rev., VRDO, 1.70%, 12/7/2018(b)		9,900		9,900
City of Colorado Springs, Utilities System, Sub Lien
Series A, Rev., VRDO, 1.72%, 12/7/2018(b)		65,630		65,630
Series A, Rev., VRDO, 1.74%, 12/7/2018(b)		88,280		88,280
Colorado Educational and Cultural Facilities Authority, Nature Conservancy Project Series 2012, Rev., VRDO, 1.70%, 12/7/2018(b)		92,390		92,390
Colorado Health Facilities Authority, SCL Health System Series A, Rev., VRDO, 1.73%, 12/7/2018(b)		30,045		30,045
Colorado Housing and Finance Authority, Single Family Mortgage Series B-2, Class 1, Rev., VRDO, AMT, 1.73%, 12/7/2018(b)		16,595		16,595
County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Project Rev., VRDO, FHLMC, LOC: FHLMC, 1.69%, 12/7/2018(b)		14,135		14,135
State of Colorado Rev., 4.00%, 6/26/2019		14,330		14,502
University of Colorado Hospital Authority
Rev., VRDO, 1.66%, 12/7/2018(b)		75,265		75,265
Rev., VRDO, 1.66%, 12/7/2018(b)		65,700		65,700

				532,412

Connecticut — 1.5%
Connecticut Housing Finance Authority Subseries A-3, Rev., VRDO, 1.69%, 12/7/2018(b)		22,335		22,335
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Subseries B-3, Rev., VRDO, 1.68%, 12/7/2018(b)		10,000		10,000
Subseries E-2, Rev., VRDO, 1.69%, 12/7/2018(b)		38,100		38,100
Subseries A-3, Rev., VRDO, 1.70%, 12/7/2018(b)		20,335		20,335
Subseries C-3, Rev., VRDO, AMT, 1.72%, 12/7/2018(b)		20,000		20,000
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds
Subseries E-3, Rev., VRDO, 1.67%, 12/7/2018(b)		23,370		23,370
Subseries F-5, Rev., VRDO, 1.68%, 12/7/2018(b)		48,200		48,200

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Connecticut — continued
Series D, Subseries D-3, Rev., VRDO, AMT, 1.75%, 12/7/2018(b)		28,300		28,300
State of Connecticut, Health and Educational Facility Authority Series D, Rev., VRDO, LOC: Bank of America NA, 1.70%, 12/7/2018(b)		42,770		42,770

				253,410

Delaware — 0.2%
Delaware State Health Facilities Authority, Christiana Care Health Services Series B, Rev., VRDO, 1.67%, 12/7/2018(b)		18,105		18,105
University of Delaware Series C, Rev., VRDO, 1.71%, 12/3/2018(b)		21,000		21,000

				39,105

District of Columbia — 2.1%
District of Columbia, Georgetown University Series 2007 C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.67%, 12/7/2018(b)		28,725		28,725
District of Columbia, Georgetown University Issue Series C, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.70%, 12/7/2018(b)		33,055		33,055
District of Columbia, Medlantic/Helix Issue, Tranche II Series A, Rev., VRDO, LOC: TD Bank NA, 1.64%, 12/7/2018(b)		22,385		22,385
District of Columbia, Pew Charitable Trust Series A, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		80,020		80,020
District of Columbia, Water and Sewer Authority, Public Utility Subordinated Lien Multimodal, Weekly Rate Period Series B, Subseries B-1, Rev., VRDO, 1.72%, 12/7/2018(b)		22,510		22,510
Metropolitan Washington Airports Authority
Series A, Subseries A-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.72%, 12/7/2018(b)		52,040		52,040
Series D, Subseries D-2, Rev., VRDO, LOC: TD Bank NA, 1.72%, 12/7/2018(b)		17,310		17,310
Metropolitan Washington Airports Authority Series D-1, Rev., VRDO, AMT, LOC: TD Bank NA, 1.72%, 12/7/2018(b)		20,000		20,000
Metropolitan Washington Airports Authority, Remarketing Subseries A-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.72%, 12/7/2018(b)		30,770		30,770
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-108, GO, VRDO, LIQ: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		50,000		50,000

				356,815

Florida — 2.0%
City of Gainesville, Utilities System Series B, Rev., VRDO, 1.73%, 12/7/2018(b)		30,000		30,000
County of Miami-Dade, Juvenile Courthouse Series B, Rev., VRDO, AMBAC, LOC: TD Bank NA, 1.61%, 12/7/2018(b)		5,000		5,000
County of Miami-Dade, Seaport Department Series A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.69%, 12/7/2018(b)		11,050		11,050
Florida Department of Environmental Protection Series A, Rev., VRDO, AGC, 1.64%, 12/7/2018(b)		4,565		4,565
Florida Gulf Coast University Financing Corp., Housing Project Series A, Rev., VRDO, LOC: BMO Harris Bank NA, 1.69%, 12/7/2018(b)		17,160		17,160
Florida Keys Aqueduct Authority Rev., VRDO, LOC: TD Bank NA, 1.68%, 12/7/2018(b)		23,100		23,100
Highlands County Health Facilities Authority, Hospital, Adventist Health System/Sunbelt Obligated Group
Series I-2, Rev., VRDO, 1.65%, 12/7/2018(b)		49,100		49,100
Series I-1, Rev., VRDO, 1.67%, 12/7/2018(b)		26,770		26,770
Series 2012I, Rev., VRDO, 1.68%, 12/7/2018(b)		30,000		30,000
Series A, Rev., VRDO, 1.68%, 12/7/2018(b)		30,950		30,950
Hillsborough County, Housing Finance Authority, Multifamily Housing, Brandywine Apartments Rev., VRDO, LOC: Citibank NA, 1.78%, 12/7/2018(b)		2,845		2,845

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Florida — continued
JEA, Water and Sewer System Series A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.67%, 12/7/2018(b)		46,670		46,670
Orange County Health Facilities Authority, The Nemours Foundation Project Series B, Rev., VRDO, LOC: Northern Trust Co., 1.66%, 12/7/2018(b)		26,410		26,410
Orange County Housing Finance Authority, Multifamily, Post Fountains Project Rev., VRDO, FNMA, LIQ: FNMA, 1.67%, 12/7/2018(b)		14,000		14,000
Osceola County Multi-Family Housing Finance Authority, Regatta Bay Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.78%, 12/7/2018(b)		10,400		10,400
Palm Beach County Multi-Family Housing Finance Authority, Renaissance Apartments Series A, Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.78%, 12/7/2018(b)		8,715		8,715

				336,735

Georgia — 0.8%
DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta, Inc. Project Rev., VRDO, 1.68%, 12/7/2018(b)		82,590		82,590
Griffin-Spaulding County Development Authority, Industrial Development, Norcom, Inc. Project Rev., VRDO, LOC: Bank of America NA, 1.84%, 12/7/2018(b)		2,130		2,130
Henry County Water and Sewer Authority, EAGLE Series 2005-0008, Class A, Rev., VRDO, BHAC, FSA-CR, NATL-RE , LIQ: Citibank NA, 1.72%, 12/7/2018(b)		5,940		5,940
Rib Floater Trust Various Series 2018-016, Rev., VRDO, LIQ: Barclays Bank plc, 1.72%, 12/7/2018(b)(c)		20,000		20,000
State of Georgia Series A, GO, 5.00%, 2/1/2019		13,625		13,699
Tender Option Bond Trust Receipts/Certificates Series 2018-ZF0656, Rev., VRDO, LIQ: Bank of America NA, 1.73%, 12/7/2018(b)(c)		7,500		7,500

				131,859

Hawaii — 0.1%
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-13, GO, VRDO, LOC: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		20,000		20,000

Idaho — 0.3%
Coeur d’Alene Tribe Rev., VRDO, LOC: Bank of America NA, 1.85%, 12/7/2018(b)		4,775		4,775
Idaho Health Facilities Authority, St. Luke’s Health System Project Series C, Rev., VRDO, LOC: U.S. Bank NA, 1.70%, 12/3/2018(b)		35,250		35,250
Idaho Health Facilities Authority, Trinity Health Credit Group Series 2013ID, Rev., VRDO, 1.80%, 2/1/2019(b)		11,000		11,000

				51,025

Illinois — 4.6%
Chicago O’Hare International Airport, Third Lien
Series C, Rev., VRDO, LOC: Bank of America NA, 1.74%, 12/7/2018(b)		20,700		20,700
Rev., VRDO, LOC: Barclays Bank plc, 1.75%, 12/7/2018(b)		96,600		96,600
City of Galesburg, Knox College Project Series 1996, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		4,300		4,300
County of Cook, Illinois, Catholic Theological Union Project Series 2005, Rev., VRDO, LOC: U.S. Bank NA, 1.64%, 12/7/2018(b)		23,256		23,256
County of Cook, Village of Justice, Multi-Family Housing, Candlewood Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.75%, 12/7/2018(b)		9,500		9,500
County of Lake, A L Hansen Manufacturing Co. Project Rev., VRDO, LOC: BMO Harris Bank NA, 1.74%, 12/7/2018(b)		835		835

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Illinois — continued
County of Lake, Multifamily Housing, Whispering Oaks Apartments Project Rev., VRDO, FHLMC, LIQ: FHLMC, 1.72%, 12/7/2018(b)		21,500		21,500
Illinois Educational Facilities Authority, Adler Planetarium Series 1997, Rev., VRDO, LOC: PNC Bank NA, 1.69%, 12/7/2018(b)		8,000		8,000
Illinois Educational Facilities Authority, Columbia College Chicago Rev., VRDO, LOC: BMO Harris Bank NA, 1.68%, 12/7/2018(b)		11,790		11,790
Illinois Finance Authority, Advocate Healthcare Network
Subseries C-2A, Rev., VRDO, 1.68%, 12/7/2018(b)		48,730		48,730
Subseries C-3A, Rev., VRDO, 1.68%, 12/7/2018(b)		17,150		17,150
Illinois Finance Authority, Bradley University
Series A, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		28,385		28,385
Series B, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		12,790		12,790
Illinois Finance Authority, Chicago Symphony Orchestra Series 2008, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		83,015		83,015
Illinois Finance Authority, Elmhurst Memorial Healthcare Series D, Rev., VRDO, LOC: Bank of America NA, 1.68%, 12/7/2018(b)		25,500		25,500
Illinois Finance Authority, Hospital Sisters Services, Inc. Series 2012-G, Rev., VRDO, LOC: Bank of Montreal, 1.67%, 12/7/2018(b)		20,945		20,945
Illinois Finance Authority, Mccormick Theological Seminary Project Rev., VRDO, LOC: Northern Trust Co., 1.66%, 12/7/2018(b)		15,250		15,250
Illinois Finance Authority, OSF Healthcare System Series C, Rev., VRDO, LOC: PNC Bank NA, 1.71%, 12/3/2018(b)		15,420		15,420
Illinois Finance Authority, The University of Chicago Medical Center
Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.70%, 12/3/2018(b)		5,955		5,955
Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.69%, 12/7/2018(b)		38,820		38,820
Illinois Finance Authority, University of Chicago Series B, Rev., VRDO, 1.68%, 12/7/2018(b)		20,358		20,358
Illinois Housing Development Authority, Homeowner Mortgage
Rev., VRDO, GNMA/FNMA/FHLMC, 1.65%, 12/7/2018(b)		12,500		12,500
Series C-3, Rev., VRDO, AMT, 1.73%, 12/7/2018(b)		5,600		5,600
Illinois Housing Development Authority, Multifamily Housing, Foxview I and II Apartments Rev., VRDO, FHLMC, LOC: FHLMC, 1.69%, 12/7/2018(b)		19,000		19,000
Illinois Housing Development Authority, Multifamily Housing, Prairie Station Apartments Rev., VRDO, FNMA, LOC: FNMA, 1.73%, 12/7/2018(b)		17,900		17,900
Illinois State Toll Highway Authority
Series A-1B, Rev., VRDO, LOC: Bank of America NA, 1.72%, 12/7/2018(b)		20,000		20,000
Series A-2B, Rev., VRDO, LOC: PNC Bank NA, 1.74%, 12/7/2018(b)		1,000		1,000
Series A-2A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.75%, 12/7/2018(b)		51,900		51,900
Series A-2C, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.75%, 12/7/2018(b)		26,700		26,700
Illinois State Toll Highway Authority, Variable Rate Senior Priority Series A-1B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.75%, 12/7/2018(b)		74,510		74,510

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Illinois — continued
Jackson-Union Counties Regional Port District, Port Facility, Enron Transportation Services, LP Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.74%, 12/7/2018(b)		21,300		21,300
Regional Transportation Authority Series SGC-55, Class A, Rev., VRDO, FGIC, LOC: Societe Generale, 1.70%, 12/7/2018(b)(c)		3,400		3,400

				782,609

Indiana — 1.7%
City of Rockport, PCR, AEP Generating Co. Project Series A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.70%, 12/7/2018(b)		9,100		9,100
Indiana Finance Authority, Ascention Health SR Credit Group Series E-8, Rev., VRDO, 1.76%, 12/7/2018(b)		39,525		39,525
Indiana Finance Authority, Duke Energy Indiana, Inc. Project Series A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.70%, 12/7/2018(b)		30,610		30,610
Indiana Finance Authority, Educational Facilities Series A, Rev., VRDO, LOC: Northern Trust Co., 1.68%, 12/7/2018(b)		21,145		21,145
Indiana Finance Authority, Parkview Health System, Inc. Series C, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.69%, 12/7/2018(b)		65,870		65,870
Indiana Finance Authority, Trinity Health Credit Group Series D-1, Rev., VRDO, 1.71%, 12/7/2018(b)		73,415		73,415
Indiana Health and Educational Facility Financing Authority, Community Hospital of Lagrange County, Inc. Project Series A, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		17,095		17,095
Indiana Health Facility Financing Authority, Ascension Health Series A-2, Rev., VRDO, 1.70%, 12/7/2018(b)		21,420		21,420
Indiana State Finance Authority, Lease Appropriation, Stadium Project Series A, Rev., VRDO, 1.66%, 12/7/2018(b)		14,265		14,265

				292,445

Iowa — 0.4%
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project Rev., VRDO, 1.80%, 12/7/2018(b)		27,635		27,635
Iowa Finance Authority, Midwestern Disaster Area, Chrisbro III, Inc. Project
Series 2011, Rev., VRDO, LOC: U.S. Bank NA, 1.71%, 12/7/2018(b)		6,490		6,490
Rev., VRDO, 1.75%, 12/7/2018(b)		20,750		20,750
Iowa Finance Authority, Trinity Health Series D, Rev., VRDO, 1.72%, 12/7/2018(b)		7,230		7,230

				62,105

Kansas — 0.1%
City of Mission, Multi-Family Housing, Silverwood Apartment Project Rev., VRDO, FNMA, LOC: FNMA, 1.74%, 12/7/2018(b)		11,000		11,000

Kentucky — 1.1%
Boyle County, Centre College Project Series A, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		34,035		34,035
County of Carroll, Kentucky Environmental Facilities, Utilities Co. Project Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.78%, 12/7/2018(b)		70,147		70,147
Louisville Regional Airport Authority, Special Facilities, BT-OH, LLC Project Series A, Rev., VRDO, 1.76%, 12/3/2018(b)		37,600		37,600
Louisville Regional Airport Authority, Special Facilities, UPS Worldwide Forwarding Series A, Rev., VRDO, 1.81%, 12/3/2018(b)		40,200		40,200

				181,982

Louisiana — 1.9%
Consolidated Government of the City of Baton Rouge and Parish of East Baton Rouge Rev., VRDO, 1.71%, 12/3/2018(b)		60,875		60,875
East Baton Rouge Parish Industrial Development Board, Inc., Exxon Mobil Corp., Gulf Opportunity Zone Series B, Rev., VRDO, 1.61%, 12/3/2018(b)		39,200		39,200

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Louisiana — continued
East Baton Rouge Parish Industrial Development Board, Inc., ExxonMobil Project Series A, Rev., VRDO, 1.71%, 12/3/2018(b)		155,300		155,300
Louisiana Public Facilities Authority, Multifamily Housing, River View Rev., VRDO, FHLMC, LOC: FHLMC, 1.70%, 12/7/2018(b)		11,200		11,200
Parish of St Charles, Pollution Control, Shell Oil Co., Norco Project Rev., VRDO, 1.80%, 12/3/2018(b)		50,000		50,000
State of Louisiana, Gas and Fuels Tax Series 2016-XG0035, Rev., VRDO, LIQ: Citibank NA, 1.72%, 12/7/2018(b)(c)		7,240		7,240

				323,815

Maryland — 0.9%
County of Montgomery, CHE Trinity Health Credit Group Series MD, Rev., VRDO, 1.75%, 3/1/2019(b)		26,000		26,000
Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family Housing, Barrington Apartments Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.73%, 12/7/2018(b)		5,265		5,265
Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family Housing, MonteVerde Apartments Series E, Rev., VRDO, FHLMC, LOC: FHLMC, 1.72%, 12/7/2018(b)		7,200		7,200
Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family Housing, Walker Mews Apartments Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.76%, 12/7/2018(b)		11,700		11,700
Maryland Economic Development Corp., Howard Hughes Medical Institute Series B, Rev., VRDO, 1.75%, 12/7/2018(b)		46,685		46,685
Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program
Series B, Rev., VRDO, LOC: TD Bank NA, 1.64%, 12/7/2018(b)		6,300		6,300
Series D, Rev., VRDO, LOC: Bank of America NA, 1.84%, 12/7/2018(b)		1,354		1,354
Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System Issue Series D, Rev., VRDO, LOC: TD Bank NA, 1.70%, 12/3/2018(b)		1,100		1,100
Maryland Stadium Authority, Sports Facilities, Football Stadium Issue Series 2007, Rev., VRDO, 1.68%, 12/7/2018(b)		25,655		25,655
Montgomery County Housing Opportunities Commission, Oakfield Apartments Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.76%, 12/7/2018(b)		2,000		2,000
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series B, Rev., VRDO, AMT, LOC: PNC Bank NA, 1.69%, 12/7/2018(b)		8,450		8,450
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2581, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.72%, 12/7/2018(b)(c)		18,000		18,000

				159,709

Massachusetts — 1.7%
Massachusetts Bay Transportation Authority, General Transportation System
Series A-1, Rev., VRDO, 1.65%, 12/7/2018(b)		28,855		28,855
Subseries A-2, Rev., VRDO, 1.72%, 12/7/2018(b)		20,000		20,000
Massachusetts Bay Transportation Authority, Sales Tax Subseries A-1, Rev., VRDO, 1.72%, 12/7/2018(b)		45,255		45,255
Massachusetts Department of Transportation Series A-6, Rev., VRDO, 1.74%, 12/7/2018(b)		21,265		21,265
Massachusetts Department of Transportation, Metropolitan Highway System, Senior Series A, Rev., VRDO, LOC: Barclays Bank plc, 1.67%, 12/7/2018(b)		34,575		34,575

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Massachusetts — continued
Massachusetts Health and Educational Facilities Authority, Museum of Fine Arts Series A-1, Rev., VRDO, 1.62%, 12/3/2018(b)		56,785		56,785
Massachusetts Health and Educational Facilities Authority, Partners Healthcare System Series F3, Rev., VRDO, LOC: TD Bank NA, 1.65%, 12/7/2018(b)		14,865		14,865
Massachusetts State Development Finance Agency, First Mortgage Brookhaven Series B, Rev., VRDO, LOC: Bank of America NA, 1.77%, 12/7/2018(b)		1,700		1,700
Massachusetts State Health and Educational Facilities Authority, Capital Asset Program
Series M-2, Rev., VRDO, LOC: Bank of America NA, 1.72%, 12/7/2018(b)		15,520		15,520
Series M-4A, Rev., VRDO, LOC: Bank of America NA, 1.76%, 12/7/2018(b)		1,900		1,900
Massachusetts Water Resources Authority Series A-3, Rev., VRDO, 1.62%, 12/7/2018(b)		22,000		22,000
Rib Floater Trust Series 2018-012, Rev., VRDO, LIQ: Barclays Bank plc, 1.72%, 12/7/2018(b)(c)		11,870		11,870
Tender Option Bond Trust Receipts/Certificates Rev., VRDO, 1.71%, 12/7/2018(b)		4,190		4,190

				278,780

Michigan — 1.1%
Kent Hospital Finance Authority, Spectrum Health System Series C, Rev., VRDO, LOC: Bank of New York Mellon, 1.72%, 12/7/2018(b)		1,320		1,320
Michigan State Housing Development Authority, Rental Housing
Series C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 1.72%, 12/7/2018(b)		33,420		33,420
Series D, Rev., VRDO, AMT, 1.78%, 12/7/2018(b)		48,175		48,175
Michigan State Housing Development Authority, Single-Family Mortgage
Series D, Rev., VRDO, 1.68%, 12/7/2018(b)		11,555		11,555
Series B, Rev., VRDO, AMT, 1.76%, 12/7/2018(b)		50,070		50,070
Tender Option Bond Trust Receipts/Certificates
Series 2018-XG0186, Rev., VRDO, LIQ: Bank of America NA, 1.71%, 12/7/2018(b)(c)		21,540		21,540
Series 2016-XF0394, Rev., VRDO, LIQ: Bank of America NA, 1.74%, 12/7/2018(b)(c)		11,580		11,580

				177,660

Minnesota — 1.3%
City of Oak Park Heights, Multi-Family Rev., VRDO, FHLMC, LIQ: FHLMC, 1.70%, 12/7/2018(b)		22,145		22,145
City of Rochester, Health Care Facilities, Mayo Clinic Series B, Rev., VRDO, 1.66%, 12/7/2018(b)		32,000		32,000
County of Hennepin Series B, GO, VRDO, 1.69%, 12/7/2018(b)		16,635		16,635
Midwest Consortium of Municipal Utilities, Draw Down Association Financing Project Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.67%, 12/7/2018(b)		8,010		8,010
Minneapolis and St Paul Housing and Redevelopment Authority, Health Care System, Allina Health System
Series C-1, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.69%, 12/7/2018(b)		42,875		42,875
Series C-2, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.69%, 12/7/2018(b)		36,900		36,900
Minnesota Housing Finance Agency, Residential Housing Finance
Series F, Rev., VRDO, GNMA/FNMA/FHLMC, 1.68%, 12/7/2018(b)		37,800		37,800
Series F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, 1.72%, 12/7/2018(b)		23,000		23,000

				219,365

Mississippi — 4.7%
County of Jackson, Port Facility, Chevron USA, Inc. Project Rev., VRDO, 1.71%, 12/3/2018(b)		37,200		37,200

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Mississippi — continued
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project
Series A, Rev., VRDO, 1.62%, 12/3/2018(b)		83,695		83,695
Series D, Rev., VRDO, 1.62%, 12/3/2018(b)		69,050		69,050
Series C, Rev., VRDO, 1.64%, 12/3/2018(b)		2,820		2,820
Series B, Rev., VRDO, 1.66%, 12/3/2018(b)		59,725		59,725
Series A, Rev., VRDO, 1.71%, 12/3/2018(b)		9,990		9,990
Series D, Rev., VRDO, CHEVRON CORP (GTD) / CHEVRON U S A INC (OBLI), 1.71%, 12/3/2018(b)		16,965		16,965
Series E, Rev., VRDO, 1.71%, 12/3/2018(b)		1,950		1,950
Series G, Rev., VRDO, 1.71%, 12/3/2018(b)		21,530		21,530
Series G, Rev., VRDO, 1.71%, 12/3/2018(b)		19,825		19,825
Series J, Rev., VRDO, 1.71%, 12/3/2018(b)		49,540		49,540
Series E, Rev., VRDO, 1.72%, 12/3/2018(b)		46,765		46,765
Series G, Rev., VRDO, 1.72%, 12/3/2018(b)		23,200		23,200
Series H, Rev., VRDO, 1.72%, 12/3/2018(b)		44,770		44,770
Series K, Rev., VRDO, 1.72%, 12/3/2018(b)		60,825		60,825
Series L, Rev., VRDO, 1.72%, 12/3/2018(b)		40,200		40,200
Series E, Rev., VRDO, 1.70%, 12/7/2018(b)		9,500		9,500
Series A, Rev., VRDO, 1.72%, 12/7/2018(b)		78,430		78,430
Series C, Rev., VRDO, 1.75%, 12/7/2018(b)		23,790		23,790
Mississippi Development Bank Special Obligation, Harrison County Coliseum Series B, Rev., VRDO, LOC: Bank of America NA, 1.77%, 12/7/2018(b)		38,900		38,900
Mississippi Development Bank Special Obligation, Jackson County, Industrial Water System Project Series 2009, Rev., VRDO, 1.71%, 12/3/2018(b)		10,850		10,850
Mississippi Hospital Equipment and Facilities Authority, North Mississippi Health Services
Rev., VRDO, 1.71%, 12/7/2018(b)		8,390		8,390
Series 1, Rev., VRDO, 1.71%, 12/7/2018(b)		32,912		32,912

				790,822

Missouri — 2.7%
City of Kansas Series E, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.70%, 12/7/2018(b)		59,075		59,075
Health and Educational Facilities Authority of the State of Missouri
Series A, Rev., VRDO, LIQ: BJC Health System, 1.65%, 12/7/2018(b)		56,500		56,500
Series C, Rev., VRDO, LIQ: BJC Health System, 1.65%, 12/7/2018(b)		77,075		77,075
Series D, Rev., VRDO, 1.65%, 12/7/2018(b)		64,230		64,230
Series E, Rev., VRDO, 1.66%, 12/7/2018(b)		38,295		38,295
Series F, Rev., VRDO, 1.66%, 12/7/2018(b)		49,750		49,750
Health and Educational Facilities Authority of the State of Missouri, SSM Health
Series E, Rev., VRDO, 1.71%, 12/7/2018(b)		9,975		9,975
Series F, Rev., VRDO, 1.74%, 12/3/2018(b)		7,255		7,255
Kansas City IDA, Livers Bronze Co. Project Rev., VRDO, LOC: Bank of America NA, 1.93%, 12/7/2018(b)		250		250
Missouri Development Finance Board, Cultural Facilities, The Nelson Gallery Foundation Series A, Rev., VRDO, 1.70%, 12/3/2018(b)		14,740		14,740
Missouri State Health and Educational Facilities Authority Series B, Rev., VRDO, LIQ: BJC Health System, 1.65%, 12/7/2018(b)		61,810		61,810
Missouri State Health and Educational Facilities Authority, Health Facilities, SSM Health Care Series G, Rev., VRDO, 1.66%, 12/7/2018(b)		13,100		13,100
Tender Option Bond Trust Receipts/Certificates Rev., VRDO, 1.72%, 12/7/2018(b)		8,000		8,000

				460,055

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Nebraska — 0.2%
County of Lancaster, Hospital Authority No. 1, BryanLGH Medical Center Series B-2, Rev., VRDO, LOC: U.S. Bank NA, 1.68%, 12/7/2018(b)		26,645		26,645

Nevada — 1.4%
City of Reno, Hospital, Renown Regional Medical Center Project Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.69%, 12/7/2018(b)		32,925		32,925
Clark County, Nevada Airport System, Sub Lien
Series C-1, Rev., VRDO, AMT, LOC: Bank of America NA, 1.74%, 12/7/2018(b)		63,810		63,810
Series C-3, Rev., VRDO, AMT, LOC: Sumitomo Mitsui Banking Corp., 1.75%, 12/7/2018(b)		9,175		9,175
County of Clark, Airport Series A, GO, VRDO, AMT, 1.74%, 12/7/2018(b)		40,105		40,105
County of Clark, Department of Aviation, Nevada Airport System Series B-2, Rev., VRDO, AMT, LOC: State Street Bank & Trust, 1.73%, 12/7/2018(b)		32,235		32,235
County of Clark, Passenger Facility Charge, Mccarran International Airport Series F-2, Rev., VRDO, LOC: MUFG Union Bank NA, 1.70%, 12/7/2018(b)		31,015		31,015
Nevada Housing Division, Multi-Unit Housing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.72%, 12/7/2018(b)		7,950		7,950
Tender Option Bond Trust Receipts/Certificates Series 2018-ZF2733, GO, VRDO, LIQ: Morgan Stanley Bank, 1.72%, 12/7/2018(b)(c)		15,000		15,000

				232,215

New Hampshire — 0.1%
New Hampshire Health and Education Facilities Authority, Dartmouth College Series B, Rev., VRDO, 1.70%, 12/3/2018(b)		23,685		23,685

New Jersey — 0.2%
Rib Floater Trust
Series 2018-019, Rev., VRDO, LIQ: Barclays Bank plc, 1.72%, 12/7/2018(b)(c)		10,820		10,820
Series 2018-020, Rev., VRDO, LIQ: Barclays Bank plc, 1.74%, 12/7/2018(b)(c)		17,495		17,495

				28,315

New Mexico — 0.1%
University of New Mexico, Subordinate Lien System Series B, Rev., VRDO, 1.65%, 12/7/2018(b)		14,205		14,205

New York — 20.5%
City of New York
Subseries L-5, GO, VRDO, 1.73%, 12/3/2018(b)		17,750		17,750
Series D, Subseries D-3A, GO, VRDO, 1.74%, 12/3/2018(b)		49,155		49,155
Subseries J-6, GO, VRDO, LOC: Landesbank Hessen-Thueringen, 1.76%, 12/3/2018(b)		55,310		55,310
City of New York, Fiscal Year 2006
Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 1.58%, 12/3/2018(b)		60,345		60,345
Series I, Subseries I-5, GO, VRDO, LOC: Bank of New York Mellon, 1.74%, 12/3/2018(b)		26,880		26,880
Series F, Subseries F-3, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.70%, 12/7/2018(b)		36,400		36,400
City of New York, Fiscal Year 2008
Subseries J-5, GO, VRDO, 1.73%, 12/3/2018(b)		26,830		26,830
Subseries D-3, GO, VRDO, 1.68%, 12/7/2018(b)		24,700		24,700
City of New York, Fiscal Year 2012
Series G, Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.73%, 12/3/2018(b)		32,250		32,250
Series G, Subseries G-6, GO, VRDO, LOC: Mizuho Bank Ltd., 1.76%, 12/3/2018(b)		15,800		15,800
City of New York, Fiscal Year 2013
Series A, Subseries A-2, GO, VRDO, LOC: Mizuho Bank Ltd., 1.77%, 12/3/2018(b)		28,100		28,100
Series A, Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 1.77%, 12/3/2018(b)		3,400		3,400

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
New York — continued
City of New York, Fiscal Year 2014
Subseries D-4, GO, VRDO, LOC: TD Bank NA, 1.70%, 12/3/2018(b)		32,375		32,375
Series D, Subseries D-5, GO, VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		61,550		61,550
City of New York, Fiscal Year 2015 Series F, Subseries F-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.71%, 12/7/2018(b)		14,200		14,200
City of New York, Fiscal Year 2016 Series I, Subseries I-6, GO, VRDO, LOC: Bank of New York Mellon, 1.74%, 12/3/2018(b)		10,225		10,225
City of New York, Fiscal Year 2017 Series A, Subseries A-6, GO, VRDO, 1.77%, 12/3/2018(b)		35,345		35,345
City of New York, Fiscal Year 2018 Series B, Subseries B-5, GO, VRDO, 1.74%, 12/3/2018(b)		50,000		50,000
City of New York, Housing Development Corp. Series A, Rev., VRDO, FNMA, LIQ: FNMA, 1.75%, 12/7/2018(b)		19,600		19,600
City of New York, Housing Development Corp., State Renaissance Court Rev., VRDO, FHLMC, LIQ: FHLMC, 1.76%, 12/7/2018(b)		35,200		35,200
County of Erie GO, 3.50%, 6/30/2019		29,255		29,514
County of Nassau Series A, GO, 3.00%, 12/7/2018		110,000		110,022
Metropolitan Transportation Authority
Series A-1, Rev., VRDO, LOC: TD Bank NA, 1.70%, 12/3/2018(b)		8,415		8,415
Subseries E-1, Rev., VRDO, LOC: U.S. Bank NA, 1.71%, 12/3/2018(b)		1,615		1,615
Subseries G-2, Rev., VRDO, LOC: TD Bank NA, 1.65%, 12/7/2018(b)		54,525		54,525
Subseries E-1, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		45,685		45,685
Rev., 4.00%, 2/15/2019		85,770		86,140
Series C-1A, Rev., 4.00%, 2/15/2019		14,500		14,562
Subseries 1C, Rev., 4.00%, 2/15/2019		21,950		22,046
Nassau County Interim Finance Authority, A Public Benefit Corp. of the State of New York, Sales Tax Secured Series B, Rev., VRDO, 1.69%, 12/7/2018(b)		43,460		43,460
Nassau County Interim Finance Authority, Sales Tax Secured Series A, Rev., VRDO, 1.72%, 12/7/2018(b)		19,350		19,350
Nassau Health Care Corp., Nassau County Guaranteed
Subseries B-1, Rev., VRDO, LOC: TD Bank NA, 1.64%, 12/7/2018(b)		9,345		9,345
Subseries B-2, Rev., VRDO, LOC: TD Bank NA, 1.73%, 12/7/2018(b)		18,750		18,750
New York City Health and Hospital Corp., Health System Series C, Rev., VRDO, LOC: TD Bank NA, 1.69%, 12/7/2018(b)		36,100		36,100
New York City Housing Development Corp., Multi-Family Housing, Ogden Ave. Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.77%, 12/7/2018(b)		4,760		4,760
New York City Housing Development Corp., Multi-Family Mortgage, 245 East 124th Street Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.71%, 12/7/2018(b)		2,800		2,800
New York City Housing Development Corp., Multi-Family Mortgage, Highbridge Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.76%, 12/7/2018(b)		13,600		13,600
New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.71%, 12/7/2018(b)		10,630		10,630
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2003 Subseries F-1-A, Rev., VRDO, 1.67%, 12/7/2018(b)		13,780		13,780

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
New York — continued
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2008 Subseries B-1A, Rev., VRDO, 1.69%, 12/7/2018(b)		64,400		64,400
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012
Series B, Subseries B-2, Rev., VRDO, 1.60%, 12/3/2018(b)		14,200		14,200
Series B, Subseries B-4, Rev., VRDO, 1.71%, 12/3/2018(b)		5,240		5,240
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2013 Series AA, Subseries AA-1, Rev., VRDO, 1.72%, 12/3/2018(b)		33,665		33,665
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2015 Rev., VRDO, 1.75%, 12/3/2018(b)		21,515		21,515
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Subseries AA-4, Rev., VRDO, 1.73%, 12/3/2018(b)		39,660		39,660
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2001 Subseries F-1, Rev., VRDO, 1.77%, 12/3/2018(b)		32,250		32,250
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2011 Series DD-1, Rev., VRDO, 1.70%, 12/3/2018(b)		64,450		64,450
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2013 Subseries AA-2, Rev., VRDO, 1.65%, 12/7/2018(b)		37,700		37,700
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014
Series AA, Subseries AA1-AA6, Rev., VRDO, 1.70%, 12/3/2018(b)		72,995		72,995
Series AA, Subseries AA-5, Rev., VRDO, 1.77%, 12/3/2018(b)		74,815		74,815
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Subseries BB-1, Rev., VRDO, 1.73%, 12/3/2018(b)		23,000		23,000
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2016
Series AA-2, Rev., VRDO, 1.72%, 12/3/2018(b)		68,740		68,740
Rev., VRDO, 1.73%, 12/3/2018(b)		10,000		10,000
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2017
Series BB-1B, Rev., VRDO, 1.73%, 12/3/2018(b)		56,850		56,850
Subseries BB-3, Rev., VRDO, 1.69%, 12/7/2018(b)		37,500		37,500
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2019 Rev., VRDO, 1.73%, 12/7/2018(b)		24,300		24,300
New York City Transitional Finance Authority, Future Tax Secured
Rev., VRDO, 1.72%, 12/3/2018(b)		36,935		36,935
Subseries A-4, Rev., VRDO, 1.73%, 12/3/2018(b)		34,910		34,910
Subseries E-4, Rev., VRDO, 1.73%, 12/3/2018(b)		7,000		7,000
Subseries C-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.70%, 12/7/2018(b)		32,325		32,325
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2001 Series C, Rev., VRDO, 1.67%, 12/7/2018(b)		50,510		50,510
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003
Subseries A-4, Rev., VRDO, 1.58%, 12/3/2018(b)		52,765		52,765
Subseries C4, Rev., VRDO, 1.67%, 12/3/2018(b)		1,100		1,100

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
New York — continued
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010 Subseries F-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.68%, 12/7/2018(b)		41,340		41,340
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013
Subseries A-7, Rev., VRDO, 1.64%, 12/7/2018(b)		35,735		35,735
Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.66%, 12/7/2018(b)		32,300		32,300
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries D-3, Rev., VRDO, 1.77%, 12/3/2018(b)		83,190		83,190
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 Subseries A-3, Rev., VRDO, 1.75%, 12/3/2018(b)		76,365		76,365
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Subseries B-5, Rev., VRDO, 1.71%, 12/3/2018(b)		50,000		50,000
New York City Transitional Finance Authority, New York City Recovery
Subseries 2-F, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.65%, 12/7/2018(b)		9,110		9,110
Series 1, Subseries 1A, Rev., VRDO, LIQ: Landesbank Hessen-Thuringen, 1.67%, 12/7/2018(b)		1,445		1,445
Series 3, Subseries 3-G, Rev., VRDO, 1.68%, 12/7/2018(b)		12,070		12,070
New York City Transitional Finance Authority, Recovery Series 1, Subseries 1D, Rev., VRDO, 1.79%, 12/3/2018(b)		6,795		6,795
New York City Water and Sewer System, Water and Sewer System Subseries B, Rev., VRDO, 1.71%, 12/3/2018(b)		14,390		14,390
New York Liberty Development Corp. Series 2015-XF2146, Rev., VRDO, LIQ: Citibank NA, 1.71%, 12/7/2018(b)(c)		3,160		3,160
New York State Dormitory Authority
Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.71%, 12/7/2018(b)		37,405		37,405
Series 2016-XF2282, Rev., VRDO, LIQ: Citibank NA, 1.72%, 12/7/2018(b)(c)		7,400		7,400
New York State Dormitory Authority, City University System, CONS Fifth General Resolution Series D, Rev., VRDO, LOC: TD Bank NA, 1.65%, 12/7/2018(b)		42,730		42,730
New York State Dormitory Authority, Court Facilities Lease Series B, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.77%, 12/7/2018(b)		69,525		69,525
New York State Energy Research and Development Authority, Consolidated Edison Co. of New York, Inc. Project Series C, Subseries C-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.73%, 12/7/2018(b)		12,700		12,700
New York State Energy Research and Development Authority, Consolidated Edison Co., Inc. Project
Series A, Subseries A-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.69%, 12/7/2018(b)		11,400		11,400
Series A, Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.72%, 12/7/2018(b)		14,920		14,920
New York State Housing Finance Agency Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.75%, 12/7/2018(b)		46,900		46,900
New York State Housing Finance Agency, 10 Barclay Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.69%, 12/7/2018(b)		2,755		2,755
New York State Housing Finance Agency, 222 East 44th Street Housing Series A, Rev., VRDO, LOC: Bank of China, 1.74%, 12/7/2018(b)		23,250		23,250
New York State Housing Finance Agency, 240 East 39th Street Housing Series A, Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.75%, 12/7/2018(b)		14,500		14,500

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
New York — continued
New York State Housing Finance Agency, 25 West 25th Street Housing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.75%, 12/7/2018(b)		56,500		56,500
New York State Housing Finance Agency, 350 West 43rd Street Housing
Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.82%, 12/3/2018(b)		29,500		29,500
Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.82%, 12/3/2018(b)		17,200		17,200
New York State Housing Finance Agency, 360 West 43rd Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.71%, 12/7/2018(b)		2,400		2,400
New York State Housing Finance Agency, 363 West 30th Street Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.75%, 12/7/2018(b)		9,000		9,000
New York State Housing Finance Agency, 42nd and 10th Housing Series A, Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.72%, 12/7/2018(b)		65,180		65,180
New York State Housing Finance Agency, 455 West 37th Street Housing Series A, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thueringen, 1.82%, 12/3/2018(b)		55,520		55,520
New York State Housing Finance Agency, 505 West 37th Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.82%, 12/3/2018(b)		58,310		58,310
New York State Housing Finance Agency, 555 Tenth Avenue Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.73%, 12/7/2018(b)		37,450		37,450
New York State Housing Finance Agency, 606 West 57th Street Housing Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.68%, 12/7/2018(b)		13,715		13,715
New York State Housing Finance Agency, Clinton Park Phase II Series A-1, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.72%, 12/7/2018(b)		3,900		3,900
New York State Housing Finance Agency, Manhattan West Residential Housing Series A, Rev., VRDO, LOC: Bank of China, 1.77%, 12/7/2018(b)		42,750		42,750
New York State Housing Finance Agency, North End Series A, Rev., VRDO , FNMA, LOC: FNMA, 1.65%, 12/7/2018(b)		7,050		7,050
New York State Housing Finance Agency, Service Contract Series M-1, Rev., VRDO, LOC: Bank of America NA, 1.69%, 12/7/2018(b)		10,995		10,995
New York State Housing Finance Agency, Theater Row Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.71%, 12/7/2018(b)		11,300		11,300
New York State Housing Finance Agency, Tribeca Landing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.71%, 12/7/2018(b)		1,800		1,800
New York State Housing Finance Agency, Union Square South Housing Rev., VRDO, FNMA, LOC: FNMA, 1.75%, 12/7/2018(b)		41,950		41,950
New York State Housing Finance Agency, West 23rd Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.71%, 12/7/2018(b)		2,100		2,100
New York State Housing Finance Agency, Weyant Green Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.69%, 12/7/2018(b)		100		100
New York State Housing Finance Agency, Worth Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.71%, 12/7/2018(b)		3,400		3,400
RBC Municipal Products, Inc. Trust, Floater Certificates
Series E-121, Rev., VRDO, LOC: Royal Bank of Canada, 1.78%, 12/3/2018(b)(c)		28,600		28,600
Series E-99, Rev., VRDO, LIQ: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		27,000		27,000

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
New York — continued
Tender Option Bond Trust Receipts/Certificates
Rev., VRDO, 1.78%, 12/3/2018(b)		12,200		12,200
Series E-118, GO, VRDO, LIQ: Royal Bank of Canada, 1.78%, 12/3/2018(b)		50,000		50,000
Series 2018-XM0695, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.71%, 12/7/2018(b)(c)		15,000		15,000
Rev., VRDO, 1.72%, 12/7/2018(b)		35,000		35,000
Series 2016-XG0018, Rev., VRDO, LIQ: Bank of America NA, 1.72%, 12/7/2018(b)(c)		11,250		11,250
Series 2018-XF0685, Rev., VRDO, LIQ: TD Bank NA, 1.72%, 12/7/2018(b)(c)		20,000		20,000
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Subseries B-3, Rev., VRDO, LOC: State Street Bank & Trust, 1.73%, 12/3/2018(b)		40,000		40,000
Series A, Rev., VRDO, LOC: TD Bank NA, 1.64%, 12/7/2018(b)		25,460		25,460

				3,461,354

North Carolina — 2.5%
Buncombe County Metropolitan Sewerage District Series A, Rev., VRDO, 1.67%, 12/7/2018(b)		23,960		23,960
Charlotte-Mecklenburg Hospital Authority, Health Care Series F, Rev., VRDO, 1.70%, 12/7/2018(b)		61,000		61,000
City of Charlotte, 2003 Governmental Facilities Projects Series G, COP, VRDO, LIQ: Wells Fargo Bank NA, 1.68%, 12/7/2018(b)		46,860		46,860
City of Charlotte, Governmental Facilities Series F, COP, VRDO, 1.73%, 12/7/2018(b)		7,675		7,675
City of Greensboro, Combined Enterprise System Series A, Rev., VRDO, 1.70%, 12/7/2018(b)		19,580		19,580
City of Raleigh, Combined Enterprise System Series B, Rev., VRDO, 1.72%, 12/7/2018(b)		28,300		28,300
City of Raleigh, Downtown Improvement Projects
Series A, COP, VRDO, 1.68%, 12/7/2018(b)		40,900		40,900
Series B-1, COP, VRDO, 1.68%, 12/7/2018(b)		60,040		60,040
City of Raleigh, Enterprise System Series A, Rev., VRDO, 1.72%, 12/7/2018(b)		41,710		41,710
Durham County Industrial Facilities and Pollution Control Financing Authority, Research Triangle Institute Series 2007, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.68%, 12/7/2018(b)		17,260		17,260
Forsyth County Series A, GO, VRDO, 1.65%, 12/7/2018(b)		5,635		5,635
North Carolina Capital Facilities Finance Agency, NCCU Real Estate Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.69%, 12/7/2018(b)		14,600		14,600
North Carolina Medical Care Commission, Health Care Facilities, WakeMed Series C, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.65%, 12/7/2018(b)		12,385		12,385
North Carolina Medical Care Commission, Moses Cone Health System Series B, Rev., VRDO, 1.72%, 12/3/2018(b)		2,450		2,450
Person County Industrial Facilities and Pollution Control Financing Authority, Recovery Zone Facility, CertainTeed Gypsum NC, Inc. Series 2010, Rev., VRDO, LOC: Credit Industriel et Commercial, 1.77%, 12/7/2018(b)		14,800		14,800
University of North Carolina, University Hospital at Chapel Hill
Series A, Rev., VRDO, 1.69%, 12/3/2018(b)		12,390		12,390
Series A, Rev., VRDO, 1.66%, 12/7/2018(b)		10,870		10,870

				420,415

Ohio — 1.2%
City of Blue Ash, Economic Development, Ursuline Academy of Cincinnati Project Series 2008, Rev., VRDO, LOC: PNC Bank NA, 1.69%, 12/7/2018(b)		300		300
City of Cleveland, Airport System Series D, Rev., VRDO, LOC: U.S. Bank NA, 1.68%, 12/7/2018(b)		5,175		5,175
Columbus Regional Airport Authority, Airport Facility, Flightsafety International Inc. Rev., VRDO, AMT, 1.71%, 12/7/2018(b)		22,170		22,170

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Ohio — continued
County of Allen, Hospital Facilities, Catholic Healthcare Partners Series C, Rev., VRDO, LOC: MUFG Union Bank NA, 1.71%, 12/3/2018(b)		19,825		19,825
County of Cleveland-Cuyahoga, Port Authority Cultural Facility, Museum of Art Project Series B, Rev., VRDO, 1.68%, 12/7/2018(b)		20,000		20,000
County of Franklin, Hospital Facilities, OhioHealth Corp.
Series C, Rev., VRDO, 1.67%, 12/7/2018(b)		7,100		7,100
Series D, Rev., VRDO, 1.67%, 12/7/2018(b)		16,000		16,000
County of Franklin, Ohio Hospital Facilities Rev., VRDO, 1.67%, 12/7/2018(b)		19,970		19,970
County of Franklin, Trinity Health Credit Group Rev., 1.80%, 2/1/2019(b)		10,000		10,000
County of Hamilton, Hospital Facilities Series B, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		10,500		10,500
County of Hamilton, Hospital Facilities, Elizabeth Gamble Deaconess Home Association Series A, Rev., VRDO, LOC: Northern Trust Co., 1.68%, 12/7/2018(b)		14,550		14,550
County of Montgomery, Hospital Facilities, Premier Health Partners Obligated Group Rev., VRDO, LOC: Barclays Bank plc, 1.73%, 12/3/2018(b)		18,915		18,915
Hamilton County, Sewer System, Metropolitan Sewer District of Greater Cincinnati Rev., VRDO, 1.68%, 12/7/2018(b)		20,000		20,000
Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System Rev., VRDO, LIQ: Bank of New York Mellon, 1.64%, 12/3/2018(b)		6,550		6,550
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-119, Rev., VRDO, LOC: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		15,000		15,000

				206,055

Oregon — 0.3%
Clackamas County Hospital Facility Authority, Legacy Health System Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.63%, 12/7/2018(b)		15,450		15,450
Oregon Health and Science University Series B-3, Rev., VRDO, LOC: U.S. Bank NA, 1.70%, 12/3/2018(b)		7,500		7,500
State of Oregon, Facilities Authority, PeaceHealth Series B, Rev., VRDO, LOC: TD Bank NA, 1.69%, 12/3/2018(b)		29,900		29,900

				52,850

Other — 0.9%
FHLMC, Multi-Family Housing
Series M015, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.74%, 12/7/2018(b)		5,770		5,770
Series M019, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.74%, 12/7/2018(b)		33,680		33,680
Series M020, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.74%, 12/7/2018(b)		17,657		17,657
Series M021, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.74%, 12/7/2018(b)		46,570		46,570
Series M024, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.74%, 12/7/2018(b)		12,415		12,415
Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.79%, 12/7/2018(b)		20,110		20,110
Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.79%, 12/7/2018(b)		11,155		11,155
SunAmerica Taxable Trust Series 2, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.75%, 12/7/2018(b)		2,290		2,290

				149,647

Pennsylvania — 3.5%
Bucks County IDA, Grand View Hospital
Series A, Rev., VRDO, LOC: TD Bank NA, 1.65%, 12/7/2018(b)		400		400
Series B, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		20,300		20,300

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Pennsylvania — continued
City of Philadelphia, Gas Works, 1998 General Ordinance, Eight
Series E, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		24,770		24,770
Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.69%, 12/7/2018(b)		18,115		18,115
Series D, Rev., VRDO, LOC: Royal Bank of Canada, 1.69%, 12/7/2018(b)		12,900		12,900
County of Allegheny
Series C, GO, VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		33,775		33,775
Series C-51, GO, VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		12,000		12,000
County of Montour, Geisinger Health System Series A, Rev., VRDO, 1.68%, 12/3/2018(b)		28,630		28,630
Fayette County Hospital Authority, Regional Health System Series A, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		25,895		25,895
Geisinger Authority, Geisinger Health System Series A, Rev., VRDO, 1.68%, 12/3/2018(b)		62,600		62,600
Lackawanna County Multi-Purpose Stadium Authority, Hotel Room Rental Tax Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		15,540		15,540
Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project
Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.69%, 12/7/2018(b)		18,910		18,910
Series A-T2, Rev., VRDO, FNMA, LOC: FNMA, 1.69%, 12/7/2018(b)		1,690		1,690
Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.75%, 12/7/2018(b)		17,080		17,080
Pennsylvania Higher Educational Facilities Authority, Susquehanna University Rev., VRDO, LOC: PNC Bank NA, 1.68%, 12/7/2018(b)		2,400		2,400
Philadelphia Authority, Industrial Development Multi-Modal Lease Series B-3, Rev., VRDO, LOC: PNC Bank NA, 1.67%, 12/7/2018(b)		28,305		28,305
RBC Municipal Products, Inc. Trust, Floater Certificates
Series E-110, Rev., VRDO, LIQ: Royal Bank of Canada, 1.78%, 12/3/2018(b)(c)		40,000		40,000
Series E-111, Rev., VRDO, LOC: Royal Bank of Canada, 1.78%, 12/3/2018(b)(c)		160,095		160,095
Series E-101, Rev., VRDO, LIQ: Royal Bank of Canada, 1.72%, 12/7/2018(b)(c)		72,250		72,250

				595,655

Rhode Island — 0.3%
Rhode Island Health and Educational Building Corp., Educational Institution, International Institute of Rhode Island Rev., VRDO, LOC: Bank of America NA, 1.82%, 12/7/2018(b)		1,475		1,475
Rhode Island Health and Educational Building Corp., Higher Education Facilities, Roger Williams University Issue Series 2008 B, Rev., VRDO, LOC: U.S. Bank NA, 1.68%, 12/7/2018(b)		31,210		31,210
Rhode Island Health and Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue Series 2008 B, Rev., VRDO, LOC: TD Bank NA, 1.64%, 12/7/2018(b)		7,045		7,045
Rhode Island Housing and Mortgage Finance Corp., Multi-Family Housing, Sutterfield Project Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.76%, 12/7/2018(b)		7,000		7,000
Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project Rev., VRDO, 1.70%, 12/3/2018(b)		450		450
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2559, Rev., VRDO, 1.72%, 12/7/2018(b)		9,000		9,000

				56,180

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
South Carolina — 0.3%
Greenville County School District Series C, GO, SCSDE, 5.00%, 6/1/2019		56,675		57,555

Tennessee — 0.9%
Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund Rev., VRDO, LOC: Bank of America NA, 1.64%, 12/3/2018(b)		39,030		39,030
Greeneville Health and Educational Facilities Board, Ballad Health Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.68%, 12/7/2018(b)		100,000		100,000
Metropolitan Government of Nashville and Davidson County Industrial Development Board, Multifamily Housing, Arbor Knoll Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.69%, 12/7/2018(b)		13,400		13,400

				152,430

Texas — 8.2%
Bexar County Housing Finance Authority, Multi-Family Housing, Altamonte Apartment Projects Rev., VRDO, FNMA, LOC: FNMA, 1.74%, 12/7/2018(b)		8,400		8,400
City of Austin, Airport System Subseries 2005-4, Rev., VRDO, AMT, AGM, LOC: Sumitomo Mitsui Banking Corp., 1.75%, 12/7/2018(b)		21,760		21,760
City of Austin, Texas Hotel Occupancy Tax Series A, Rev., VRDO, LOC: Citibank NA, 1.69%, 12/7/2018(b)		17,425		17,425
City of Austin, Water and Wastewater System Rev., VRDO, LOC: Barclays Bank plc, 1.71%, 12/7/2018(b)		48,000		48,000
City of Houston, Combined Utility System, First Lien
Series B-2, Rev., VRDO, LOC: Citibank NA, 1.71%, 12/7/2018(b)		21,000		21,000
Series 2004B-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.72%, 12/7/2018(b)		10,600		10,600
Series B-4, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.72%, 12/7/2018(b)		24,450		24,450
County of Harris, Cultural Education Facilities Finance Corp., Hospital, Memorial Hermann Health System Rev., VRDO, 1.70%, 12/7/2018(b)		25,000		25,000
County of Harris, Industrial Development Corp., Pollution Control Rev., VRDO, 1.71%, 12/3/2018(b)		17,700		17,700
County of Harris, Industrial Development Corp., Pollution Control, Exxon Corp. Rev., VRDO, 1.71%, 12/3/2018(b)		16,200		16,200
County of Jefferson, Port of Port Arthur Navigation District, Fina Oil and Chemical Co. Project Rev., VRDO, 1.77%, 12/7/2018(b)		10,600		10,600
Gulf Coast Waste Disposal Authority, Environmental Facilities, American Acryl LP Project Series 2003, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.75%, 12/7/2018(b)		12,000		12,000
Gulf Coast Waste Disposal Authority, Environmental Facilities, ExxonMobil Project
Rev., VRDO, 1.73%, 12/3/2018(b)		1,780		1,780
Series B, Rev., VRDO, 1.73%, 12/3/2018(b)		2,950		2,950
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System
Rev., VRDO, 1.63%, 12/7/2018(b)		26,365		26,365
Series D, Rev., VRDO, 1.63%, 12/7/2018(b)		18,500		18,500
Harris County Industrial Development Corp., Pollution Control, Exxon Corp. Series 1987, Rev., VRDO, 1.73%, 12/3/2018(b)		15,300		15,300
Lower Neches Valley Authority Industrial Development Corp. Subseries B-2, Rev., VRDO, 1.73%, 12/3/2018(b)		5,400		5,400
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project
Series A, Rev., VRDO, 1.70%, 12/3/2018(b)		30,400		30,400
Series A-2, Rev., VRDO, 1.70%, 12/3/2018(b)		1,300		1,300
Subseries A-3, Rev., VRDO, 1.70%, 12/3/2018(b)		100		100
Series 2011, Rev., VRDO, 1.71%, 12/3/2018(b)		12,000		12,000

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Texas — continued
North Texas Tollway Authority Series 2016-XG0036, Rev., VRDO, LIQ: Citibank NA, 1.72%, 12/7/2018(b)(c)		6,750		6,750
State of Texas
Series 2016, GO, VRDO, 1.72%, 12/7/2018(b)		43,495		43,495
GO, VRDO, LIQ: FHLB, 1.74%, 12/7/2018(b)		69,905		69,905
Rev., TRAN, 4.00%, 8/29/2019		247,890		251,594
State of Texas, Transportation Commission, Multi Mode Mobility Fund Series B, GO, VRDO, LIQ: Texas Comptroller of Public Accounts, 1.67%, 12/7/2018(b)		29,705		29,705
State of Texas, Veterans Bonds
GO, VRDO, LIQ: State Street Bank & Trust, 1.67%, 12/7/2018(b)		13,520		13,520
Series A, GO, VRDO, 1.75%, 12/7/2018(b)		53,410		53,410
Series A, GO, VRDO, 1.75%, 12/7/2018(b)		68,330		68,330
State of Texas, Veterans Housing Assistance Program
GO, VRDO, LIQ: State Street Bank & Trust, 1.70%, 12/7/2018(b)		27,705		27,705
GO, VRDO, 1.80%, 12/7/2018(b)		29,415		29,415
GO, VRDO, 1.80%, 12/7/2018(b)		23,670		23,670
GO, VRDO, AMT, 1.80%, 12/7/2018(b)		27,930		27,930
GO, VRDO, AMT, 1.80%, 12/7/2018(b)		21,315		21,315
Tarrant County Cultural Education Facilities Finance Corp.
Series B, Rev., VRDO, LOC: TD Bank NA, 1.69%, 12/3/2018(b)		15,950		15,950
Rev., VRDO, 1.69%, 12/7/2018(b)		18,000		18,000
Series C-2, Rev., VRDO, LOC: Bank of New York Mellon, 1.72%, 12/7/2018(b)		20,200		20,200
Rev., VRDO, 1.73%, 12/7/2018(b)		55,735		55,735
Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project Series A, Rev., VRDO, LOC: TD Bank NA, 1.70%, 12/3/2018(b)		27,910		27,910
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System
Rev., VRDO, 1.70%, 12/7/2018(b)		35,900		35,900
Series 2012-B, Rev., VRDO, 1.70%, 12/7/2018(b)		34,000		34,000
Series A, Rev., VRDO, 1.70%, 12/7/2018(b)		46,860		46,860
Tender Option Bond Trust Receipts/Certificates
Rev., VRDO, 1.71%, 12/7/2018(b)		30,940		30,940
Rev., VRDO, 1.72%, 12/7/2018(b)		25,000		25,000
Rev., VRDO, GNMA COLL, 1.72%, 12/7/2018(b)		4,000		4,000
Series 2018-XF2669, Rev., VRDO, 1.72%, 12/7/2018(b)		17,820		17,820
Series 2015-XM0071, Rev., VRDO, AGM, LIQ: Bank of America NA, 1.74%, 12/7/2018(b)(c)		1,360		1,360
Texas Department of Housing and Community Affairs, Multi-Family Housing, Terraces at Cibolo Rev., VRDO, LOC: Citibank NA, 1.76%, 12/7/2018(b)		4,600		4,600
Texas Department of Housing and Community Affairs, Multi-Family Housing, Timber Point Apartments Project Series A-1, Rev., VRDO, FHLMC, LOC: FHLMC, 1.78%, 12/7/2018(b)		740		740
Texas Transportation Commission, State Highway Fund, First Tier Series B1, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.72%, 12/7/2018(b)		30,000		30,000

				1,382,989

Utah — 1.5%
Central Utah Water Conservancy District Series A, Rev., VRDO, 1.72%, 12/7/2018(b)		23,700		23,700
County of Utah Hospital, IHC Health Services, Inc.
Series C, Rev., VRDO, 1.68%, 12/3/2018(b)		16,700		16,700
Series B, Rev., VRDO, 1.65%, 12/7/2018(b)		8,425		8,425
Series C, Rev., VRDO, 1.65%, 12/7/2018(b)		95,440		95,440
Series C, Rev., VRDO, 1.65%, 12/7/2018(b)		27,650		27,650
Series D, Rev., VRDO, 1.65%, 12/7/2018(b)		30,000		30,000
Series C, Rev., VRDO, 1.69%, 12/7/2018(b)		10,100		10,100

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Utah — continued
Utah Housing Finance Agency, Single Family Mortgage
Series F-2, Class I, Rev., VRDO, 1.69%, 12/7/2018(b)		2,945		2,945
Series D-1, Rev., VRDO, AMT, 1.72%, 12/7/2018(b)		2,715		2,715
Series E-1, Class I, Rev., VRDO, AMT, 1.72%, 12/7/2018(b)		2,820		2,820
Utah Water Finance Agency Series B-2, Rev., VRDO, 1.72%, 12/7/2018(b)		25,000		25,000

				245,495

Vermont — 0.3%
Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health, Hospital Series A, Rev., VRDO, LOC: TD Bank NA, 1.69%, 12/7/2018(b)		45,070		45,070

Virginia — 0.9%
Albermarle County Economic Development Authority, Virginia Hospital Facilities, Sentara Martha Jefferson Hospital
Series A, Rev., VRDO, 1.68%, 12/3/2018(b)		34,900		34,900
Series A, Rev., VRDO, 1.69%, 12/7/2018(b)		15,880		15,880
County of Loudon, IDA, Multi-Modal, Howard Huges Medical Institute Series B, Rev., VRDO, 1.75%, 12/7/2018(b)		300		300
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project Rev., VRDO, 1.69%, 12/7/2018(b)		25,000		25,000
Loudoun County Economic Development Authority Series C, Rev., VRDO, 1.75%, 12/7/2018(b)		18,570		18,570
Loudoun County IDA, Howard Hughes Medical Institute
Series E, Rev., VRDO, 1.71%, 12/7/2018(b)		20,500		20,500
Series D, Rev., VRDO, 1.75%, 12/7/2018(b)		21,350		21,350
Loudoun County Sanitation Authority, Water and Sewer System Rev., VRDO, 1.69%, 12/7/2018(b)		6,410		6,410
Tender Option Bond Trust Receipts/Certificates Series 2018-ZF2714, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.72%, 12/7/2018(b)(c)		7,000		7,000
Virginia College Building Authority, Educational Facilities, University of Richmond Project Series 2004, Rev., VRDO, 1.66%, 12/7/2018(b)		9,975		9,975

				159,885

Washington — 1.1%
Chelan County Public Utility District No.1 Series B, Rev., VRDO, 1.69%, 12/7/2018(b)		17,000		17,000
County of King, Sewer Series B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.69%, 12/7/2018(b)		22,000		22,000
Port of Seattle, Subordinate Lien Series 1997, Rev., VRDO, LOC: Bank of America NA, 1.74%, 12/7/2018(b)		7,330		7,330
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2718, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.72%, 12/7/2018(b)(c)		8,800		8,800
Washington State Housing Finance Commission, Local 82 - JATC Educational Development Trust Project Rev., VRDO, LOC: U.S. Bank NA, 1.78%, 12/3/2018(b)		1,375		1,375
Washington State Housing Finance Commission, Multi-Family Housing, Barkley Ridge Apartments Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.75%, 12/7/2018(b)		9,985		9,985
Washington State Housing Finance Commission, Multi-Family Housing, Merrill Gardens at University Village Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.73%, 12/7/2018(b)		23,540		23,540
Washington State Housing Finance Commission, Multi-Family Housing, Queen Anne Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.73%, 12/7/2018(b)		27,180		27,180

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — continued
Washington — continued
Washington State Housing Finance Commission, Multi-Family Housing, Seasons Apartments Project Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.74%, 12/7/2018(b)		13,375		13,375
Washington State Housing Finance Commission, Multi-Family Housing, The New Haven Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.70%, 12/7/2018(b)		17,400		17,400
Washington State Housing Finance Commission, Multi-Family Housing, Urban Center Apartments Project Series 2012, Rev., VRDO, FHLMC, LOC: FHLMC, 1.70%, 12/7/2018(b)		24,305		24,305
Washington State Housing Finance Commission, Vintage Spokane Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.73%, 12/7/2018(b)		15,095		15,095

				187,385

Wisconsin — 0.2%
Wisconsin Health and Educational Facilities Authority, Medical College Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.70%, 12/3/2018(b)		24,800		24,800
Wisconsin Housing and EDA, Home Ownership Series C, Rev., VRDO, 1.69%, 12/7/2018(b)		11,205		11,205

				36,005

Wyoming — 0.2%
County of Sublette, Wyoming Pollution Control, Exxonmobile Project Rev., VRDO, 1.71%, 12/3/2018(b)		28,015		28,015
Wyoming Community Development Authority Housing Series 2, Rev., VRDO, 1.69%, 12/7/2018(b)		9,750		9,750

				37,765

TOTAL MUNICIPAL BONDS (Cost $13,782,838)				13,782,838


Investments(a)	Shares (000)
VARIABLE RATE DEMAND PREFERRED SHARES — 6.4%
California — 1.9%
Nuveen California AMT-Free Quality Municipal Income Fund
Series 6, LIQ: Sumitomo Mitsui Banking Corp., 1.70%, 12/7/2018 #(c)		30,000		30,000
Series 3, LIQ: TD Bank NA, 1.72%, 12/7/2018 #(c)		26,500		26,500
Nuveen California Quality Municipal Income Fund
Series 3, LIQ: TD Bank NA, 1.78%, 12/7/2018 #(c)		26,800		26,800
Series 4, LIQ: Royal Bank of Canada, 1.83%, 12/7/2018 #(c)		58,500		58,500
Series 7, LIQ: Royal Bank of Canada, 1.83%, 12/7/2018 #(c)		21,000		21,000
Series 2, LIQ: Citibank NA, 1.84%, 12/7/2018 #(c)		27,500		27,500
Series 6, LIQ: Citibank NA, 1.84%, 12/7/2018 #(c)		67,600		67,600
Series 1, LIQ: Societe Generale, 1.85%, 12/7/2018 #(c)		59,200		59,200

				317,100

Illinois — 0.5%
Nuveen AMT-Free Municipal Credit Income Fund Series 4, LIQ: Citibank NA, 1.77%, 12/7/2018 #(c)		95,000		95,000

New York — 0.7%
Nuveen New York AMT-Free Quality Municipal Income Fund
Series 5, LIQ: TD Bank NA, 1.73%, 12/7/2018 #(c)		40,000		40,000
Series 1, LIQ: Citibank NA, 1.75%, 12/7/2018 #(c)		28,600		28,600
Series 2, LIQ: Citibank NA, 1.75%, 12/7/2018 #(c)		47,400		47,400
Series 3, LIQ: Citibank NA, 1.75%, 12/7/2018 #(c)		8,500		8,500

				124,500

Other — 3.3%
Nuveen AMT-Free Municipal Credit Income Fund
Series 5, LIQ: Societe Generale, 1.77%, 12/7/2018 #(c)		147,000		147,000
Series 6, LIQ: Sumitomo Mitsui Banking Corp., 1.77%, 12/7/2018 #(c)		133,300		133,300
Nuveen AMT-Free Quality Municipal Income Fund
Series 3, LIQ: TD Bank NA, 1.74%, 12/7/2018 #(c)		153,500		153,500
Series 2, LIQ: Citibank NA, 1.77%, 12/7/2018 #(c)		92,000		92,000
Series 5, LOC: Sumitomo Mitsui Banking Corp., 1.78%, 12/7/2018 #(c)		30,000		30,000

				555,800

TOTAL VARIABLE RATE DEMAND PREFERRED SHARES (Cost $1,092,400)				1,092,400

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
SHORT-TERM INVESTMENTS — 11.9%
COMMERCIAL PAPER — 11.9%
Alachua County Health Facilities Authority 1.71%, 12/6/2018		31,240		31,240
California Statewide Communities Development Authority
1.86%, 3/13/2019		48,750		48,750
1.86%, 3/13/2019		6,250		6,250
City of Houston 1.76%, 12/18/2018		10,000		10,000
City of Memphis 1.71%, 12/6/2018		19,000		19,000
City of Rochester 1.73%, 12/6/2018		20,000		20,000
City of Rochester, Health Care Facilities
1.73%, 12/6/2018		68,000		68,000
1.82%, 2/5/2019		90,000		90,000
City of Rochester, Health Care Facilities, Mayo Clinic 1.83%, 1/30/2019		50,000		50,000
City of San Antonio, Electric & Gas Systems 1.81%, 2/5/2019		54,500		54,500
County of Harris 1.71%, 12/6/2018		17,750		17,750
County of Hillsborough 1.74%, 1/3/2019		10,000		10,000
County of Miami-Dade, Aviation 1.85%, 2/5/2019		68,000		68,000
County of York SC, National Rural Utilities Cooperative Finance Corp., Pollution Control
1.75%, 12/3/2018		35,000		35,000
1.75%, 12/3/2018		22,500		22,500
Curators of University of Missouri 1.76%, 2/4/2019		34,640		34,640
District of Columbia 1.83%, 12/4/2018		54,000		54,000
Health and Educational Facilities Authority of the State of Missouri
1.75%, 12/13/2018		50,000		50,000
1.80%, 1/15/2019		50,000		50,000
1.80%, 1/15/2019		50,000		50,000
Indiana State Finance Authority 1.76%, 1/3/2019		86,570		86,570
Jacksonville Health Care Authority 1.80%, 1/30/2019		105,000		105,000
Las Vegas Valley Water District 1.74%, 12/4/2018		135,000		135,000
Maryland Health & Higher Educational Facilities Authority
1.73%, 12/3/2018		17,708		17,708
1.70%, 12/6/2018		17,861		17,861
1.80%, 2/5/2019		19,000		19,000
Metropolitan Government of Nashville and Davidson County, Water and Sewer 1.74%, 12/7/2018		25,000		25,000
Missouri State Health and Educational Facilities Authority 1.74%, 12/3/2018		50,000		50,000
Permanent University Fund - University of Texas System
1.72%, 12/6/2018		25,000		25,000
1.72%, 12/12/2018		25,000		25,000
Private Colleges & Universities Authority 1.78%, 1/17/2019		25,500		25,500
Regents of the University of Minnesota 1.70%, 12/4/2018		37,000		37,000
Southwestern Illinois Development Authority, Health Facilities Authority Series 2017-B, 1.73%, 12/11/2018		39,870		39,870
State of California Department of Water Resources
1.70%, 12/11/2018		24,345		24,345
1.81%, 1/17/2019		10,000		10,000
State Of California Department Of Water Resources 1.70%, 12/6/2018		20,000		20,000
State of California, Department of Water Resources 1.71%, 12/4/2018		36,517		36,517
State of Texas, Public Finance Authority
1.72%, 12/6/2018		35,710		35,710
1.80%, 1/17/2019		21,965		21,965
State of Wisconsin
1.80%, 2/4/2019		10,635		10,635
1.81%, 2/4/2019		20,000		20,000
1.84%, 3/5/2019		18,230		18,230
University of Massachusetts Building Authority 1.77%, 12/11/2018		21,585		21,585
University of Michigan 1.80%, 2/5/2019		39,760		39,760
University of Minnesota
1.71%, 12/6/2018		22,750		22,750
1.78%, 2/4/2019		24,800		24,800
1.78%, 2/4/2019		13,300		13,300
University of Texas System
1.70%, 12/6/2018		25,000		25,000
1.72%, 12/6/2018		25,000		25,000
1.70%, 12/7/2018		25,000		25,000
1.72%, 12/10/2018		25,000		25,000
1.71%, 12/18/2018		25,000		25,000
1.72%, 12/19/2018		22,336		22,336
1.77%, 1/14/2019		12,740		12,740
1.80%, 1/16/2019		25,000		25,000
1.80%, 1/17/2019		25,000		25,000
1.80%, 1/18/2019		20,000		20,000
1.80%, 1/30/2019		25,000		25,000
1.79%, 2/4/2019		22,520		22,520
University of Texas System (The) 1.80%, 1/14/2019		15,000		15,000

TOTAL COMMERCIAL PAPER (Cost $2,010,332)				2,010,332

TOTAL SHORT-TERM INVESTMENTS (COST $2,010,332)				2,010,332

Total Investments — 99.9% (Cost $16,885,570)*				16,885,570
Other Assets Less Liabilities — 0.1%				9,903

Net Assets — 100.0%				16,895,473

Percentages indicated are based on net assets.

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Abbreviations

AGC				Insured by Assured Guaranty Corp.
AGM				Insured by Assured Guaranty Municipal Corp.
AMBAC				Insured by American Municipal Bond Assurance Corp.
AMT				Alternative Minimum Tax
BHAC				Insured by Berkshire Hathaway Assurance Corp.
COLL				Collateral
CONS				Consolidated Bonds
COP				Certificate of Participation
CR				Custodial Receipts
EAGLE				Earnings of accrual generated on local tax-exempt securities
EDA				Economic Development Authority
FGIC				Insured by Financial Guaranty Insurance Co.
FHLB				Federal Home Loan Bank
FHLMC				Federal Home Loan Mortgage Corp.
FNMA				Federal National Mortgage Association
FSA				Insured by Financial Security Assurance, Inc.
GNMA				Government National Mortgage Association
GO				General Obligation
IDA				Industrial Development Authority
LIQ				Liquidity Agreement
LOC				Letter of Credit
MTA				Metropolitan Transportation Authority
NATL				Insured by National Public Finance Guarantee Corp.
PCR				Pollution Control Revenue
RE				Reinsured
Rev.				Revenue
VRDO				Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2018.
SCSDE				South Carolina School District Enhancement

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


(a)				The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)				Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2018.
(c)				Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
#				Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of November 30, 2018.
*				The cost of securities is substantially the same for federal income tax purposes.

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

A. Valuation of Investments — The valuation of investments is 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 (the “Board”), which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met, with the exception of the Prime Money Market Fund and the Institutional Tax Free Money Market Fund.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value of the Fund. 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.

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

•

Level 1 – Quoted prices in active markets for identical securities.

•

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The following is a summary of the inputs used as of November 30, 2018, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	16,885,570	$	—	$	16,885,570

(a)	All portfolio holdings designated as level 2 are disclosed individually on the Schedule of Portfolio Investments (“SOI”). Please refer to the SOI for specifics of the major categories of portfolio holdings.

There were no transfers among any levels during the period ended November 30, 2018.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2018 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 58.1%
Aerospace & Defense — 1.0%
Airbus SE (France) 3.15%, 4/10/2027(a)		500		475
Boeing Co. (The)
2.35%, 10/30/2021		1,000		979
3.55%, 3/1/2038		500		460
KLX, Inc. 5.88%, 12/1/2022(a)		450		463
Lockheed Martin Corp. 3.80%, 3/1/2045		300		267
Northrop Grumman Corp.
3.25%, 8/1/2023		520		507
3.85%, 4/15/2045		250		219
TransDigm, Inc. 6.50%, 5/15/2025		550		548
United Technologies Corp.
2.80%, 5/4/2024		750		707
4.15%, 5/15/2045		300		268

				4,893

Air Freight & Logistics — 0.4%
FedEx Corp.
3.40%, 2/15/2028		500		467
4.10%, 2/1/2045		500		428
United Parcel Service, Inc. 2.80%, 11/15/2024		1,000		956

				1,851

Airlines — 0.5%
Delta Air Lines, Inc.
2.60%, 12/4/2020		1,000		978
3.80%, 4/19/2023		500		489
Southwest Airlines Co.
2.75%, 11/6/2019		500		497
3.00%, 11/15/2026		500		461

				2,425

Auto Components — 0.3%
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		82		76
6.25%, 3/15/2026		15		14
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(a)		25		23
Dana, Inc.
6.00%, 9/15/2023		500		508
5.50%, 12/15/2024		415		395
Delphi Technologies plc 5.00%, 10/1/2025(a)		25		21
Schaeffler Finance BV (Germany) 4.75%, 5/15/2023(a)		600		585

				1,622

Automobiles — 1.7%
BMW US Capital LLC (Germany) 3.10%, 4/12/2021(a)		1,000		987
Daimler Finance North America LLC (Germany)
2.25%, 3/2/2020(a)		750		739
2.20%, 10/30/2021(a)		750		717
2.85%, 1/6/2022(a)		500		485
3.35%, 2/22/2023(a)		500		489
Fiat Chrysler Automobiles NV (United Kingdom) 5.25%, 4/15/2023		500		501
General Motors Co. 4.88%, 10/2/2023		1,000		1,001
Hyundai Capital America 2.55%, 4/3/2020(a)		1,000		983
Nissan Motor Acceptance Corp.
2.15%, 9/28/2020(a)		1,000		970
1.90%, 9/14/2021(a)		750		711
2.65%, 7/13/2022(a)		750		713
3.45%, 3/15/2023(a)		500		490

				8,786

Banks — 6.6%
Australia & New Zealand Banking Group Ltd. (Australia) 2.13%, 8/19/2020		1,000		978
Banco Santander SA (Spain)
3.85%, 4/12/2023		400		386
4.38%, 4/12/2028		400		369
Bank of America Corp.
Series L, 2.25%, 4/21/2020		500		492
4.20%, 8/26/2024		750		740
4.00%, 1/22/2025		750		728
Series L, 3.95%, 4/21/2025		500		483
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026(b)		750		715
(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038(b)		500		467
(ICE LIBOR USD 3 Month + 1.99%), 4.44%, 1/20/2048(b)		250		235
(ICE LIBOR USD 3 Month + 1.19%), 3.95%, 1/23/2049(b)		400		345
Barclays Bank plc (United Kingdom) 2.65%, 1/11/2021		1,500		1,460
Barclays plc (United Kingdom)
2.75%, 11/8/2019		1,500		1,484
3.65%, 3/16/2025		750		689
BNP Paribas SA (France)
2.38%, 5/21/2020		1,000		987
2.95%, 5/23/2022(a)		200		191
3.50%, 3/1/2023(a)		1,000		964
Citigroup, Inc.
2.40%, 2/18/2020		500		494
2.70%, 10/27/2022		1,000		955
4.40%, 6/10/2025		500		491
5.50%, 9/13/2025		1,000		1,042
6.63%, 6/15/2032		320		367
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039(b)		500		439
(ICE LIBOR USD 3 Month + 1.84%), 4.28%, 4/24/2048(b)		300		270
Discover Bank 3.35%, 2/6/2023		1,000		962

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Banks — continued
HSBC Holdings plc (United Kingdom)
2.65%, 1/5/2022		1,000		963
3.60%, 5/25/2023		750		735
4.25%, 3/14/2024		400		392
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028(b)		500		473
Lloyds Banking Group plc (United Kingdom) 4.38%, 3/22/2028		750		705
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.67%, 7/25/2022		750		724
Mizuho Bank Ltd. (Japan) 2.40%, 3/26/2020(a)		1,000		988
Mizuho Financial Group, Inc. (Japan)
2.95%, 2/28/2022		750		730
2.84%, 9/13/2026		750		689
Royal Bank of Scotland Group plc (United Kingdom) 3.88%, 9/12/2023		1,000		947
Santander Holdings USA, Inc. 2.65%, 4/17/2020		1,000		986
Santander UK plc (United Kingdom) 2.38%, 3/16/2020		750		738
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.78%, 7/12/2022		1,000		968
3.54%, 1/17/2028		500		479
SunTrust Bank 3.00%, 2/2/2023		750		727
SunTrust Banks, Inc. 2.70%, 1/27/2022		750		726
Toronto-Dominion Bank (The) (Canada) 2.55%, 1/25/2021		1,500		1,477
UBS Group Funding Switzerland AG (Switzerland)
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023(a)(b)		1,000		955
Wells Fargo & Co.
3.00%, 2/19/2025		500		468
3.55%, 9/29/2025		1,000		957
Wells Fargo Bank NA
3.55%, 8/14/2023		1,000		983
6.60%, 1/15/2038		300		361

				33,904

Beverages — 1.4%
Anheuser-Busch Cos. LLC (Belgium) 4.70%, 2/1/2036(a)		1,000		942
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
6.88%, 11/15/2019		700		723
2.50%, 7/15/2022		500		475
Bacardi Ltd. (Bermuda) 5.15%, 5/15/2038(a)		500		463
Constellation Brands, Inc. 3.70%, 12/6/2026		500		470
Keurig Dr Pepper, Inc.
4.06%, 5/25/2023(a)		500		493
3.40%, 11/15/2025		500		463
2.55%, 9/15/2026		750		637
Molson Coors Brewing Co. 2.25%, 3/15/2020		1,500		1,474
PepsiCo, Inc.
2.25%, 1/7/2019		250		250
3.00%, 10/15/2027		500		469
4.25%, 10/22/2044		446		441

				7,300

Biotechnology — 0.5%
AbbVie, Inc. 4.30%, 5/14/2036		500		447
Amgen, Inc. 4.40%, 5/1/2045		1,000		917
Celgene Corp.
2.25%, 5/15/2019		400		399
2.88%, 8/15/2020		500		494
Gilead Sciences, Inc. 3.50%, 2/1/2025		500		484

				2,741

Building Products — 0.2%
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027(a)		500		458
JELD-WEN, Inc. 4.63%, 12/15/2025(a)		15		14
Johnson Controls International plc 4.50%, 2/15/2047		350		316
Owens Corning 4.40%, 1/30/2048		400		310

				1,098

Capital Markets — 4.4%
Ameriprise Financial, Inc. 2.88%, 9/15/2026		500		457
Apollo Management Holdings LP 5.00%, 3/15/2048(a)		500		472
Bank of New York Mellon Corp. (The)
3.55%, 9/23/2021		500		500
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023(b)		750		724
Blackstone Holdings Finance Co. LLC 4.00%, 10/2/2047(a)		300		250
Brookfield Finance, Inc. (Canada) 3.90%, 1/25/2028		500		466
Cboe Global Markets, Inc. 3.65%, 1/12/2027		1,000		959
CME Group, Inc. 3.00%, 3/15/2025		500		479
Credit Suisse AG (Switzerland)
3.00%, 10/29/2021		700		685
3.63%, 9/9/2024		1,000		973
Credit Suisse Group AG (Switzerland)
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029(a)(b)		500		461
Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032		300		377
Deutsche Bank AG (Germany)
2.70%, 7/13/2020		1,000		972
3.15%, 1/22/2021		1,500		1,447

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Capital Markets — continued
3.38%, 5/12/2021		500		484
3.95%, 2/27/2023		1,000		940
E*TRADE Financial Corp. 2.95%, 8/24/2022		750		723
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023(b)		500		479
4.25%, 10/21/2025		1,500		1,447
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029(b)		750		697
6.45%, 5/1/2036		750		836
5.15%, 5/22/2045		300		287
Jefferies Group LLC 4.15%, 1/23/2030		750		650
Lehman Brothers Holdings, Inc.
0.00%, 8/21/2009(c)		1,350		27
0.00%, 5/25/2049(c)		850		18
5.86%, 12/31/2049‡(c)		3,795		—	(d)
Moody’s Corp.
2.75%, 7/15/2019		500		499
2.63%, 1/15/2023		750		714
Morgan Stanley
5.50%, 1/26/2020		395		404
3.70%, 10/23/2024		750		730
3.95%, 4/23/2027		500		469
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029(b)		750		708
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038(b)		500		447
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039(b)		400		381
Neuberger Berman Group LLC 4.88%, 4/15/2045(a)		300		259
Northern Trust Corp.
(ICE LIBOR USD 3 Month + 1.13%), 3.37%, 5/8/2032(b)		500		464
S&P Global, Inc. 4.50%, 5/15/2048		300		292
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		500		490
UBS AG (Switzerland) 2.20%, 6/8/2020(a)		1,000		981

				22,648

Chemicals — 1.1%
Ashland LLC 4.75%, 8/15/2022(e)		500		496
Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023(a)		750		736
Dow Chemical Co. (The)
4.13%, 11/15/2021		500		505
3.50%, 10/1/2024		500		480
4.38%, 11/15/2042		250		215
Hexion, Inc. 6.63%, 4/15/2020		930		768
Huntsman International LLC
4.88%, 11/15/2020		700		707
5.13%, 11/15/2022		150		153
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024(a)		200		186
LyondellBasell Industries NV 4.63%, 2/26/2055		250		206
PPG Industries, Inc. 3.20%, 3/15/2023		750		733
Reichhold Industries, Inc. 11.03%, 5/1/2018‡(a)(c)		283		—
Sherwin-Williams Co. (The) 2.75%, 6/1/2022		500		480

				5,665

Commercial Services & Supplies — 0.2%
ADT Security Corp. (The) 3.50%, 7/15/2022		350		328
Nielsen Finance LLC
4.50%, 10/1/2020		135		134
5.00%, 4/15/2022(a)		500		489

				951

Communications Equipment — 0.6%
Cisco Systems, Inc.
2.20%, 9/20/2023		1,000		945
5.50%, 1/15/2040		300		346
CommScope Technologies LLC 6.00%, 6/15/2025(a)		1,750		1,621

				2,912

Consumer Finance — 4.1%
AerCap Ireland Capital DAC (Ireland) 3.30%, 1/23/2023		500		476
Ally Financial, Inc.
4.13%, 3/30/2020		500		499
4.13%, 2/13/2022		105		103
4.63%, 5/19/2022		25		25
4.63%, 3/30/2025		395		388
American Express Co.
3.40%, 2/27/2023		750		733
3.00%, 10/30/2024		750		708
American Express Credit Corp. 2.38%, 5/26/2020		750		739
American Honda Finance Corp. 3.38%, 12/10/2021		500		499
Capital One Financial Corp.
2.50%, 5/12/2020		1,000		985
3.20%, 1/30/2023		500		483
3.30%, 10/30/2024		750		700
3.75%, 7/28/2026		500		454
3.80%, 1/31/2028		500		460
Caterpillar Financial Services Corp. 2.85%, 6/1/2022		500		490
Discover Financial Services 4.10%, 2/9/2027		500		465
Ford Motor Credit Co. LLC
2.60%, 11/4/2019		1,000		988
2.43%, 6/12/2020		1,000		969
3.22%, 1/9/2022		750		706
2.98%, 8/3/2022		750		692
4.38%, 8/6/2023		500		474
3.81%, 1/9/2024		500		455

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Consumer Finance — continued
3.82%, 11/2/2027		500		421
General Motors Financial Co., Inc.
3.15%, 6/30/2022		1,000		949
4.00%, 1/15/2025		1,000		939
3.85%, 1/5/2028		750		659
Harley-Davidson Financial Services, Inc.
2.15%, 2/26/2020(a)		750		737
2.40%, 6/15/2020(a)		1,000		980
HSBC USA, Inc. 2.35%, 3/5/2020		1,500		1,481
Hyundai Capital Services, Inc. (South Korea) 3.00%, 3/6/2022(a)		500		483
John Deere Capital Corp.
3.35%, 6/12/2024		500		493
2.65%, 6/24/2024		500		474
Synchrony Financial 2.70%, 2/3/2020		1,000		982

				21,089

Containers & Packaging — 0.3%
Bemis Co., Inc. 3.10%, 9/15/2026		500		453
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		785		784
7.00%, 7/15/2024(a)		110		110

				1,347

Distributors — 0.0%(f)
Core & Main LP 6.13%, 8/15/2025(a)		164		150

Diversified Consumer Services — 0.1%
Service Corp. International 7.50%, 4/1/2027		310		337

Diversified Financial Services — 0.2%
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		500		403
Siemens Financieringsmaatschappij NV (Germany)
3.13%, 3/16/2024(a)		500		485
4.20%, 3/16/2047(a)		300		290

				1,178

Diversified Telecommunication Services — 2.6%
AT&T, Inc.
3.20%, 3/1/2022		750		736
3.90%, 3/11/2024		600		589
3.95%, 1/15/2025		500		483
4.50%, 5/15/2035		500		443
6.00%, 8/15/2040		300		303
5.35%, 9/1/2040		850		802
CCO Holdings LLC
5.88%, 4/1/2024(a)		345		348
5.50%, 5/1/2026(a)		245		238
5.13%, 5/1/2027(a)		705		668
CenturyLink, Inc. Series T, 5.80%, 3/15/2022		700		696
Deutsche Telekom International Finance BV (Germany) 2.23%, 1/17/2020(a)		1,000		988
Frontier Communications Corp.
11.00%, 9/15/2025		740		522
8.50%, 4/1/2026(a)		65		59
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023		1,431		1,263
8.50%, 10/15/2024(a)		35		34
Level 3 Financing, Inc.
5.63%, 2/1/2023		750		750
5.38%, 1/15/2024		31		30
Sprint Capital Corp. 8.75%, 3/15/2032		730		793
Verizon Communications, Inc.
4.15%, 3/15/2024		500		505
3.38%, 2/15/2025		514		495
4.50%, 8/10/2033		500		488
4.40%, 11/1/2034		500		474
4.27%, 1/15/2036		577		529
5.01%, 4/15/2049		500		486
Windstream Services LLC 9.00%, 6/30/2025(a)		946		691

				13,413

Electric Utilities — 1.7%
AEP Transmission Co. LLC 3.75%, 12/1/2047		300		266
Alabama Power Co. 3.75%, 3/1/2045		300		264
Appalachian Power Co. 6.38%, 4/1/2036		300		347
Commonwealth Edison Co. 3.70%, 3/1/2045		300		266
DTE Electric Co. 3.70%, 3/15/2045		300		269
Duke Energy Carolinas LLC
6.00%, 1/15/2038		435		517
3.75%, 6/1/2045		300		266
Duke Energy Corp.
1.80%, 9/1/2021		750		714
2.65%, 9/1/2026		500		446
Entergy Arkansas, Inc. 3.75%, 2/15/2021		535		539
Eversource Energy Series M, 3.30%, 1/15/2028		500		469
Gulf Power Co. Series A, 3.30%, 5/30/2027		500		476
MidAmerican Energy Co. 3.10%, 5/1/2027		500		476
Nevada Power Co. 7.13%, 3/15/2019		1,010		1,022
NSTAR Electric Co. 3.20%, 5/15/2027		500		474
Potomac Electric Power Co. 4.15%, 3/15/2043		250		238
Public Service Electric & Gas Co. 3.00%, 5/15/2027		500		469

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Electric Utilities — continued
Xcel Energy, Inc.
4.70%, 5/15/2020		730		738
3.35%, 12/1/2026		500		478

				8,734

Electrical Equipment — 0.0%(f)
Energizer Gamma Acquisition, Inc. 6.38%, 7/15/2026(a)		10		9

Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 4.00%, 4/1/2025		500		481

Energy Equipment & Services — 0.1%
Calfrac Holdings LP (Canada) 8.50%, 6/15/2026(a)		5		4
Halliburton Co. 3.50%, 8/1/2023		250		245
Nabors Industries, Inc. 5.75%, 2/1/2025		15		12
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)		12		12
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		4		4

				277

Entertainment — 0.8%
21st Century Fox America, Inc. 6.40%, 12/15/2035		525		646
Activision Blizzard, Inc. 2.60%, 6/15/2022		250		240
AMC Entertainment Holdings, Inc. 5.75%, 6/15/2025		200		181
NBCUniversal Media LLC 4.38%, 4/1/2021		1,065		1,086
Netflix, Inc. 5.88%, 11/15/2028(a)		24		24
Viacom, Inc. 4.25%, 9/1/2023		1,250		1,257
Warner Media LLC
3.60%, 7/15/2025		500		469
5.35%, 12/15/2043		330		309

				4,212

Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp.
2.80%, 6/1/2020		500		494
3.45%, 9/15/2021		500		497
AvalonBay Communities, Inc. 3.45%, 6/1/2025		500		486
Boston Properties LP
3.20%, 1/15/2025		250		236
2.75%, 10/1/2026		500		447
CoreCivic, Inc. 4.63%, 5/1/2023		525		486
Crown Castle International Corp. 3.15%, 7/15/2023		1,000		958
GEO Group, Inc. (The)
5.88%, 1/15/2022		215		211
5.13%, 4/1/2023		400		361
5.88%, 10/15/2024		230		207
GLP Capital LP
5.25%, 6/1/2025		20		20
5.75%, 6/1/2028		20		20
Kimco Realty Corp. 4.25%, 4/1/2045		350		300
RHP Hotel Properties LP 5.00%, 4/15/2023		200		198
Uniti Group LP 8.25%, 10/15/2023		500		463
VICI Properties 1 LLC 8.00%, 10/15/2023		107		116

				5,500

Food & Staples Retailing — 0.7%
Costco Wholesale Corp. 2.75%, 5/18/2024		500		483
CVS Pass-Through Trust 7.51%, 1/10/2032(a)		616		712
Kroger Co. (The) 2.65%, 10/15/2026		750		661
Rite Aid Corp. 6.13%, 4/1/2023(a)		40		35
Sysco Corp. 3.55%, 3/15/2025		500		483
Walgreens Boots Alliance, Inc.
3.80%, 11/18/2024		500		489
4.65%, 6/1/2046		350		316
Walmart, Inc. 4.05%, 6/29/2048		350		336

				3,515

Food Products — 1.3%
B&G Foods, Inc. 5.25%, 4/1/2025		51		48
Campbell Soup Co. 3.95%, 3/15/2025		500		473
Conagra Brands, Inc. 4.30%, 5/1/2024		500		498
General Mills, Inc.
3.20%, 2/10/2027		500		452
4.70%, 4/17/2048		500		447
Grupo Bimbo SAB de CV (Mexico) 4.88%, 6/30/2020(a)		495		502
Hershey Co. (The) 3.38%, 8/15/2046		350		302
JM Smucker Co. (The) 4.38%, 3/15/2045		300		262
Kellogg Co. 3.40%, 11/15/2027		500		456
Mondelez International Holdings Netherlands BV 2.00%, 10/28/2021(a)		750		713
Mondelez International, Inc. 3.63%, 5/7/2023		500		494
Post Holdings, Inc. 5.00%, 8/15/2026(a)		105		96
Smithfield Foods, Inc. 3.35%, 2/1/2022(a)		1,000		969
Tyson Foods, Inc. 3.95%, 8/15/2024		250		247

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Food Products — continued
Unilever Capital Corp. (United Kingdom) 2.60%, 5/5/2024		500		476

				6,435

Gas Utilities — 0.1%
KeySpan Gas East Corp. 2.74%, 8/15/2026(a)		500		457

Health Care Equipment & Supplies — 0.8%
Abbott Laboratories 3.88%, 9/15/2025		1,000		1,002
Becton Dickinson and Co. 2.40%, 6/5/2020		1,000		982
Boston Scientific Corp. 4.13%, 10/1/2023		250		251
DJO Finance LLC 8.13%, 6/15/2021(a)		550		570
Hill-Rom Holdings, Inc. 5.75%, 9/1/2023(a)		255		259
Medtronic, Inc. 2.50%, 3/15/2020		500		496
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		750		740

				4,300

Health Care Providers & Services — 3.0%
Aetna, Inc. 3.50%, 11/15/2024		500		482
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(a)		451		374
AmerisourceBergen Corp. 4.30%, 12/15/2047		300		250
Community Health Systems, Inc. 8.63%, 1/15/2024(a)		15		15
CVS Health Corp.
2.80%, 7/20/2020		1,000		987
4.10%, 3/25/2025		1,000		985
5.05%, 3/25/2048		500		484
DaVita, Inc. 5.00%, 5/1/2025		535		503
Encompass Health Corp. 5.75%, 11/1/2024		410		411
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		25		23
Express Scripts Holding Co. 2.25%, 6/15/2019		750		747
Halfmoon Parent, Inc. 4.13%, 11/15/2025(a)		500		494
HCA, Inc.
7.50%, 2/15/2022		1,300		1,404
5.38%, 2/1/2025		2,405		2,420
Humana, Inc. 3.95%, 3/15/2027		500		487
Laboratory Corp. of America Holdings 3.20%, 2/1/2022		500		492
Quest Diagnostics, Inc.
2.70%, 4/1/2019		1,000		999
3.50%, 3/30/2025		500		479
Tenet Healthcare Corp.
4.50%, 4/1/2021		250		247
8.13%, 4/1/2022		2,279		2,362
6.75%, 6/15/2023		80		79
UnitedHealth Group, Inc.
4.63%, 7/15/2035		250		259
4.75%, 7/15/2045		500		518

				15,501

Hotels, Restaurants & Leisure — 1.8%
Boyne USA, Inc. 7.25%, 5/1/2025(a)		5		5
Enterprise Development Authority (The) 12.00%, 7/15/2024(a)		25		24
Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026(a)		27		26
Hyatt Hotels Corp. 4.38%, 9/15/2028		500		479
International Game Technology plc 6.25%, 2/15/2022(a)		750		772
Marriott International, Inc. 2.30%, 1/15/2022		1,000		955
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026(a)		20		20
McDonald’s Corp.
3.38%, 5/26/2025		500		484
3.50%, 3/1/2027		500		479
4.60%, 5/26/2045		300		285
4.88%, 12/9/2045		300		299
MGM Resorts International 6.00%, 3/15/2023		1,475		1,499
Royal Caribbean Cruises Ltd. 2.65%, 11/28/2020		1,500		1,468
Sabre GLBL, Inc. 5.38%, 4/15/2023(a)		300		299
Starbucks Corp.
2.20%, 11/22/2020		1,500		1,467
3.75%, 12/1/2047		300		246
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026(a)		9		9
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		500		476

				9,292

Household Durables — 0.1%
Tempur Sealy International, Inc. 5.63%, 10/15/2023		600		589

Household Products — 0.1%
Kimberly-Clark Corp. 3.90%, 5/4/2047		350		330
Procter & Gamble Co. (The) 3.50%, 10/25/2047		350		317
Spectrum Brands Holdings, Inc. 7.75%, 1/15/2022		88		90

				737

Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. 4.88%, 5/15/2023		700		696
Calpine Corp. 5.25%, 6/1/2026(a)		66		61

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Independent Power and Renewable Electricity Producers — continued
NRG Energy, Inc. 6.63%, 1/15/2027		700		713

				1,470

Industrial Conglomerates — 0.2%
Honeywell International, Inc.
1.85%, 11/1/2021		500		479
2.50%, 11/1/2026		400		368

				847

Insurance — 1.4%
Aflac, Inc. 3.63%, 6/15/2023		400		398
Allstate Corp. (The)
3.28%, 12/15/2026		500		480
5.55%, 5/9/2035		400		449
American International Group, Inc.
3.88%, 1/15/2035		500		429
4.50%, 7/16/2044		500		433
Aon plc 4.25%, 12/12/2042		275		237
Chubb INA Holdings, Inc. 3.15%, 3/15/2025		500		480
Liberty Mutual Group, Inc. 6.50%, 5/1/2042(a)		400		467
Lincoln National Corp.
4.00%, 9/1/2023		250		252
3.80%, 3/1/2028		500		473
MetLife, Inc. 4.05%, 3/1/2045		300		270
New York Life Global Funding 1.95%, 2/11/2020(a)		750		739
Nuveen Finance LLC 4.13%, 11/1/2024(a)		1,000		1,005
Travelers Cos., Inc. (The) 4.00%, 5/30/2047		350		322
Willis North America, Inc. 3.60%, 5/15/2024		1,000		962

				7,396

Interactive Media & Services — 0.3%
Alphabet, Inc. 2.00%, 8/15/2026		900		804
Baidu, Inc. (China) 2.88%, 7/6/2022		1,000		964

				1,768

Internet & Direct Marketing Retail — 1.1%
Alibaba Group Holding Ltd. (China)
2.50%, 11/28/2019		1,000		993
4.00%, 12/6/2037		500		438
Amazon.com, Inc.
1.90%, 8/21/2020		1,000		982
2.80%, 8/22/2024		500		478
3.88%, 8/22/2037		400		379
4.95%, 12/5/2044		400		429
4.25%, 8/22/2057		400		375
eBay, Inc. 3.60%, 6/5/2027		500		461
Expedia Group, Inc. 4.50%, 8/15/2024		1,000		987

				5,522

IT Services — 1.1%
Cogent Communications Group, Inc. 5.38%, 3/1/2022(a)		650		651
First Data Corp. 5.75%, 1/15/2024(a)		914		918
GCI LLC 6.75%, 6/1/2021		241		241
International Business Machines Corp. 1.88%, 8/1/2022		750		703
Mastercard, Inc.
2.95%, 11/21/2026		500		471
3.95%, 2/26/2048		500		479
Visa, Inc.
2.15%, 9/15/2022		1,000		958
4.30%, 12/14/2045		300		300
Zayo Group LLC
6.00%, 4/1/2023		750		746
5.75%, 1/15/2027(a)		175		167

				5,634

Leisure Products — 0.1%
Hasbro, Inc. 3.50%, 9/15/2027		500		459
Mattel, Inc. 6.75%, 12/31/2025(a)		46		43
Vista Outdoor, Inc. 5.88%, 10/1/2023		77		73

				575

Life Sciences Tools & Services — 0.1%
Agilent Technologies, Inc. 3.05%, 9/22/2026		750		693

Machinery — 0.2%
CNH Industrial Capital LLC 4.88%, 4/1/2021		500		502
Snap-on, Inc. 3.25%, 3/1/2027		500		475

				977

Media — 3.6%
Altice Financing SA (Luxembourg)
6.63%, 2/15/2023(a)		750		741
7.50%, 5/15/2026(a)		200		188
Altice Luxembourg SA (Luxembourg) 7.75%, 5/15/2022(a)		600		571
AMC Networks, Inc. 5.00%, 4/1/2024		41		39
CBS Corp. 2.90%, 1/15/2027		1,000		875
Charter Communications Operating LLC
4.46%, 7/23/2022		1,000		1,002
(ICE LIBOR USD 3 Month + 1.65%), 4.19%, 2/1/2024(b)		85		85
Clear Channel Worldwide Holdings, Inc.
Series B, 7.63%, 3/15/2020		898		897
Series A, 6.50%, 11/15/2022		201		203
Series B, 6.50%, 11/15/2022		1,583		1,607

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Media — continued
Comcast Corp.
1.63%, 1/15/2022		1,000		949
3.38%, 2/15/2025		500		484
3.15%, 2/15/2028		500		460
4.40%, 8/15/2035		400		382
6.95%, 8/15/2037		350		426
4.50%, 1/15/2043		250		235
4.00%, 3/1/2048		400		352
Cox Communications, Inc.
3.85%, 2/1/2025(a)		500		485
3.50%, 8/15/2027(a)		500		459
CSC Holdings LLC 10.88%, 10/15/2025(a)		694		800
Discovery Communications LLC
2.75%, 11/15/2019(a)		250		248
3.50%, 6/15/2022(a)		500		489
3.45%, 3/15/2025		500		466
DISH DBS Corp.
5.88%, 7/15/2022		60		57
5.00%, 3/15/2023		735		643
5.88%, 11/15/2024		1,900		1,620
7.75%, 7/1/2026		200		177
Gray Escrow, Inc. 7.00%, 5/15/2027(a)		15		15
Nexstar Broadcasting, Inc.
6.13%, 2/15/2022(a)		400		405
5.88%, 11/15/2022		113		114
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		300		306
Sinclair Television Group, Inc. 6.13%, 10/1/2022		500		507
Sirius XM Radio, Inc.
6.00%, 7/15/2024(a)		605		619
5.38%, 4/15/2025(a)		500		493
UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025(a)		400		384
Videotron Ltd. (Canada) 5.38%, 6/15/2024(a)		550		549

				18,332

Metals & Mining — 0.3%
Alcoa Nederland Holding BV 6.75%, 9/30/2024(a)		200		207
Gold Fields Orogen Holdings BVI Ltd. (South Africa) 4.88%, 10/7/2020(a)		1,005		990
Zekelman Industries, Inc. 9.88%, 6/15/2023(a)		99		105

				1,302

Multiline Retail — 0.3%
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/2021(a)		40		19
8.75% (cash), 10/15/2021(a)(g)		549		268
Target Corp.
2.30%, 6/26/2019		500		498
2.50%, 4/15/2026		750		687
3.90%, 11/15/2047		300		267

				1,739

Multi-Utilities — 0.9%
Berkshire Hathaway Energy Co. 3.80%, 7/15/2048		500		431
Consolidated Edison Co. of New York, Inc.
4.45%, 3/15/2044		250		243
4.63%, 12/1/2054		350		332
Dominion Energy, Inc.
5.20%, 8/15/2019		630		638
2.58%, 7/1/2020(e)		1,000		983
Series C, 4.90%, 8/1/2041		250		246
4.70%, 12/1/2044		250		241
DTE Energy Co. Series C, 3.50%, 6/1/2024		300		292
Sempra Energy 3.80%, 2/1/2038		500		422
TECO Finance, Inc. 5.15%, 3/15/2020		560		571

				4,399

Oil, Gas & Consumable Fuels — 3.0%
Anadarko Petroleum Corp. 3.45%, 7/15/2024		500		477
BP Capital Markets plc (United Kingdom)
2.52%, 1/15/2020		750		745
3.81%, 2/10/2024		500		498
3.02%, 1/16/2027		500		461
ConocoPhillips 6.50%, 2/1/2039		475		580
Denbury Resources, Inc. 9.25%, 3/31/2022(a)		181		181
Energy Transfer Operating LP 5.15%, 3/15/2045		300		258
Enterprise Products Operating LLC 7.55%, 4/15/2038		385		475
EP Energy LLC 9.38%, 5/1/2024(a)		1,010		555
Exxon Mobil Corp. 3.57%, 3/6/2045		300		265
Hilcorp Energy I LP 5.00%, 12/1/2024(a)		15		14
Jagged Peak Energy LLC 5.88%, 5/1/2026(a)		5		5
Kinder Morgan Energy Partners LP 2.65%, 2/1/2019		350		349
Kinder Morgan, Inc.
3.05%, 12/1/2019		135		134
3.15%, 1/15/2023		750		719
5.05%, 2/15/2046		300		271
Marathon Petroleum Corp. 3.63%, 9/15/2024		1,000		961
MEG Energy Corp. (Canada)
6.38%, 1/30/2023(a)		300		280
7.00%, 3/31/2024(a)		562		526
Oasis Petroleum, Inc. 6.88%, 1/15/2023		41		40
Parsley Energy LLC 5.63%, 10/15/2027(a)		60		57

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — continued
Oil, Gas & Consumable Fuels — continued
Petroleos Mexicanos (Mexico)
5.38%, 3/13/2022		500		489
6.50%, 3/13/2027		1,000		935
Phillips 66 4.65%, 11/15/2034		250		240
Phillips 66 Partners LP
3.61%, 2/15/2025		500		472
3.75%, 3/1/2028		500		461
4.90%, 10/1/2046		300		273
Reliance Industries Ltd. (India) 4.13%, 1/28/2025(a)		500		483
Sabine Pass Liquefaction LLC 5.75%, 5/15/2024		500		527
Southwestern Energy Co. 7.50%, 4/1/2026		41		41
Sunoco Logistics Partners Operations LP 4.00%, 10/1/2027		500		454
Targa Resources Partners LP 5.88%, 4/15/2026(a)		15		15
TransCanada PipeLines Ltd. (Canada) 6.10%, 6/1/2040		345		372
Valero Energy Corp. 3.40%, 9/15/2026		750		683
Valero Energy Partners LP 4.50%, 3/15/2028		500		490
Western Gas Partners LP 4.50%, 3/1/2028		500		469
WildHorse Resource Development Corp. 6.88%, 2/1/2025		30		29
Williams Cos., Inc. (The)
7.88%, 9/1/2021		20		22
4.00%, 9/15/2025		500		481
5.75%, 6/24/2044		500		492

				15,279

Paper & Forest Products — 0.1%
Georgia-Pacific LLC 3.16%, 11/15/2021(a)		500		493

Personal Products — 0.0%(f)
Coty, Inc. 6.50%, 4/15/2026(a)		165		145
High Ridge Brands Co. 8.88%, 3/15/2025(a)		41		18

				163

Pharmaceuticals — 1.2%
Bausch Health Cos., Inc.
5.88%, 5/15/2023(a)		660		641
7.00%, 3/15/2024(a)		284		297
6.13%, 4/15/2025(a)		177		166
9.00%, 12/15/2025(a)		46		49
Bayer US Finance II LLC (Germany)
3.38%, 7/15/2024(a)		500		472
4.20%, 7/15/2034(a)		400		346
Eli Lilly & Co. 3.70%, 3/1/2045		300		273
Endo Dac 6.00%, 7/15/2023(a)		200		166
GlaxoSmithKline Capital, Inc. (United Kingdom) 2.80%, 3/18/2023		750		722
Merck & Co., Inc. 2.75%, 2/10/2025		500		478
Mylan NV 3.15%, 6/15/2021		1,000		976
Teva Pharmaceutical Finance Netherlands III BV (Israel) 1.70%, 7/19/2019		655		643
Zoetis, Inc. 3.45%, 11/13/2020		750		750

				5,979

Road & Rail — 1.1%
Avis Budget Car Rental LLC
5.50%, 4/1/2023		550		543
6.38%, 4/1/2024(a)		200		195
Burlington Northern Santa Fe LLC 5.75%, 5/1/2040		500		567
CSX Corp. 3.40%, 8/1/2024		750		736
Herc Rentals, Inc.
7.50%, 6/1/2022(a)		91		95
7.75%, 6/1/2024(a)		94		100
Hertz Corp. (The)
7.38%, 1/15/2021		550		544
7.63%, 6/1/2022(a)		82		81
6.25%, 10/15/2022		950		834
5.50%, 10/15/2024(a)		56		44
Norfolk Southern Corp. 3.15%, 6/1/2027		500		471
Penske Truck Leasing Co. LP 3.38%, 2/1/2022(a)		500		491
Ryder System, Inc. 2.65%, 3/2/2020		500		495
Union Pacific Corp. 3.38%, 2/1/2035		250		214

				5,410

Semiconductors & Semiconductor Equipment — 1.2%
Amkor Technology, Inc. 6.38%, 10/1/2022		1,325		1,332
Broadcom Corp. 3.63%, 1/15/2024		1,000		946
Intel Corp.
2.45%, 7/29/2020		1,000		991
2.88%, 5/11/2024		1,000		961
QUALCOMM, Inc. 2.90%, 5/20/2024		1,000		944
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(a)		910		926

				6,100

Software — 0.9%
CA, Inc. 4.50%, 8/15/2023		250		252
Infor Software Parent LLC 7.13% (cash), 5/1/2021(a)(g)		500		499

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)			Value ($000)
CORPORATE BONDS — continued
Software — continued
Infor US, Inc. 6.50%, 5/15/2022		1,165			1,159
Microsoft Corp.
2.88%, 2/6/2024		1,000			971
4.10%, 2/6/2037		500			501
4.00%, 2/12/2055		350			330
Oracle Corp.
3.40%, 7/8/2024		500			492
3.80%, 11/15/2037		300			275
4.38%, 5/15/2055		300			283

					4,762

Specialty Retail — 0.5%
Home Depot, Inc. (The)
2.00%, 6/15/2019		500			497
2.63%, 6/1/2022		500			490
3.90%, 6/15/2047		350			320
Michaels Stores, Inc. 5.88%, 12/15/2020(a)		500			500
PetSmart, Inc.
7.13%, 3/15/2023(a)		505			338
8.88%, 6/1/2025(a)		41			28
Staples, Inc. 8.50%, 9/15/2025(a)		60			53
Tiffany & Co. 3.80%, 10/1/2024		500			505

					2,731

Technology Hardware, Storage & Peripherals — 0.3%
Dell International LLC 6.02%, 6/15/2026(a)		475			480
Hewlett Packard Enterprise Co. 4.40%, 10/15/2022(e)		1,000			1,016
Xerox Corp. 4.07%, 3/17/2022		200			190

					1,686

Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc. 3.88%, 11/1/2045		300			278
Under Armour, Inc. 3.25%, 6/15/2026		500			435

					713

Tobacco — 0.7%
Altria Group, Inc.
2.63%, 1/14/2020		500			495
2.63%, 9/16/2026		750			671
3.88%, 9/16/2046		400			322
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		1,000			925
Philip Morris International, Inc.
2.38%, 8/17/2022		500			475
2.75%, 2/25/2026		500			464

					3,352

Trading Companies & Distributors — 0.2%
Air Lease Corp. 3.25%, 3/1/2025		500			460
International Lease Finance Corp. 6.25%, 5/15/2019		750			758

					1,218

Water Utilities — 0.1%
Aquarion Co. 4.00%, 8/15/2024(a)		500			500

Wireless Telecommunication Services — 0.9%
America Movil SAB de CV (Mexico) 5.00%, 3/30/2020		675			685
Sprint Communications, Inc. 11.50%, 11/15/2021		161			186
Sprint Corp.
7.88%, 9/15/2023		2,450			2,572
7.63%, 2/15/2025		900			926
T-Mobile USA, Inc.
6.38%, 3/1/2025		120			124
6.38%, 3/1/2025‡		120			—

					4,493

TOTAL CORPORATE BONDS (Cost $312,952)					297,882

MORTGAGE-BACKED SECURITIES — 26.6%
FHLMC Gold Pools, 20 Year, Single Family
Pool # G30450, 6.00%, 1/1/2029		8			9
FHLMC Gold Pools, 30 Year, Single Family
Pool # C80364, 7.00%, 12/1/2025		3			3
Pool # D68081, 7.00%, 2/1/2026		—	(d)		—	(d)
Pool # C00464, 8.00%, 5/1/2026		1			2
Pool # C80409, 8.00%, 6/1/2026		—	(d)		—	(d)
Pool # D72441, 8.00%, 6/1/2026		1			1
Pool # D72330, 8.00%, 7/1/2026		2			2
Pool # D75499, 7.50%, 10/1/2026		4			4
Pool # D78618, 7.50%, 2/1/2027		13			13
Pool # G02125, 6.00%, 2/1/2036		4			4
Pool # A53165, 6.00%, 10/1/2036		64			69
Pool # A56599, 6.00%, 1/1/2037		12			13
Pool # G08205, 6.00%, 6/1/2037		1			1
Pool # G03362, 6.00%, 9/1/2037		98			108
Pool # G03819, 6.00%, 1/1/2038		13			15
Pool # G08276, 6.00%, 6/1/2038		19			20
Pool # A80908, 6.00%, 8/1/2038		246			271
TBA, 3.00%, 9/15/2044(h)		7,300			6,957
TBA, 3.50%, 12/15/2048(h)		13,900			13,630

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — continued
TBA, 4.50%, 12/15/2048(h)		2,000		2,057
TBA, 4.00%, 12/31/2049(h)		10,900		10,965
FNMA, 15 Year, Single Family
TBA, 2.50%, 12/15/2031(h)		3,600		3,472
TBA, 3.00%, 12/25/2033(h)		5,100		5,034
TBA, 3.50%, 12/25/2033(h)		5,100		5,115
FNMA, 30 Year, Single Family
Pool # 505614, 6.50%, 7/1/2029		1		1
Pool # 508677, 6.50%, 8/1/2029		5		6
Pool # 520792, 6.50%, 11/1/2029		6		7
Pool # 787555, 6.50%, 2/1/2035		18		20
Pool # 787556, 7.00%, 2/1/2035		23		25
Pool # 787563, 6.50%, 3/1/2035		71		81
Pool # 787564, 7.00%, 3/1/2035		19		21
Pool # 787565, 7.50%, 3/1/2035		5		5
Pool # 924041, 6.00%, 5/1/2037		268		290
TBA, 4.50%, 4/25/2041(h)		6,600		6,786
Pool # AY3845, 4.00%, 5/1/2045		2,977		3,031
Pool # AY8492, 4.00%, 6/1/2045		2,984		3,037
Pool # AZ0913, 4.00%, 6/1/2045		1,559		1,587
TBA, 3.00%, 12/15/2046(h)		11,800		11,248
TBA, 3.50%, 12/15/2046(h)		16,800		16,477
TBA, 4.00%, 12/25/2048(h)		5,880		5,914
TBA, 5.50%, 12/25/2048(h)		2,000		2,129
GNMA I, 30 Year, Single Family
Pool # 550851, 7.00%, 9/15/2031		125		143
GNMA, 30 Year, Single Family
TBA, 3.00%, 12/15/2048(h)		11,350		10,930
TBA, 3.50%, 12/15/2048(h)		15,900		15,716
TBA, 4.00%, 12/15/2048(h)		10,960		11,095

TOTAL MORTGAGE-BACKED SECURITIES (Cost $135,242)				136,314

U.S. GOVERNMENT AGENCY SECURITIES — 9.0%
FHLB
DN, 2.20%, 12/12/2018(i)		15,000		14,992
DN, 2.20%, 12/17/2018(i)		10,000		9,991
DN, 2.20%, 12/21/2018(i)		15,000		14,983
1.75%, 6/12/2020		2,600		2,557
2.88%, 9/13/2024		1,500		1,482
FNMA 1.88%, 9/24/2026		2,000		1,824

TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $46,131)				45,829

COLLATERALIZED MORTGAGE OBLIGATIONS — 5.2%
Alternative Loan Trust
Series 2005-J3, Class 3A1, 6.50%, 9/25/2034		112		109
Series 2006-J2, Class A1, 2.81%, 4/25/2036(j)		90		55
Angel Oak Mortgage Trust I LLC
Series 2018-1, Class A2, 3.31%, 4/27/2048(a)(j)		309		307
Series 2018-2, Class A2, 3.78%, 7/27/2048(a)(j)		283		283
Antler Mortgage Trust
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022(a)		382		381
Arroyo Mortgage Trust
Series 2018-1, Class A1, 3.76%, 4/25/2048(a)(j)		1,458		1,451
Banc of America Funding Trust
Series 2014-R7, Class 1A1, 2.46%, 5/26/2036(a)(j)		80		77
Series 2014-R7, Class 2A1, 2.45%, 9/26/2036(a)(j)		51		50
Series 2015-R4, Class 5A1, 2.43%, 10/25/2036(a)(j)		331		320
Banc of America Mortgage Trust
Series 2005-A, Class 3A1, 3.87%, 2/25/2035(j)		6		6
Series 2007-3, Class 1A1, 6.00%, 9/25/2037		141		134
CHL Mortgage Pass-Through Trust
Series 2007-5, Class A6, 2.66%, 5/25/2037(j)		20		14
Citigroup Mortgage Loan Trust
Series 2014-12, Class 1A4, 2.41%, 8/25/2036(a)(j)		176		171
Series 2014-10, Class 1A1, 2.42%, 11/25/2036(a)(j)		57		55
Series 2014-10, Class 4A1, 2.61%, 2/25/2037(a)(j)		76		72
Series 2014-12, Class 2A4, 3.46%, 2/25/2037(a)(j)		57		57
Series 2014-C, Class A, 3.25%, 2/25/2054(a)(j)		192		190
COLT Mortgage Loan Trust
Series 2017-2, Class A2A, 2.57%, 10/25/2047(a)(j)		105		104
Series 2018-1, Class A2, 2.98%, 2/25/2048(a)(j)		58		58

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-5, Class 4A1, 6.00%, 9/25/2034		143		145
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-29, Class 7A1, 6.50%, 12/25/2033		31		33
CSMC
Series 2011-12R, Class 3A1, 3.82%, 7/27/2036(a)(j)		12		12
Series 2014-11R, Class 9A1, 2.42%, 10/27/2036(a)(j)		47		47
Series 2014-10R, Class 4A1, 2.45%, 12/27/2036(a)(j)		8		8
Series 2014-11R, Class 8A1, 2.43%, 4/27/2037(a)(j)		15		15
Deephaven Residential Mortgage Trust
Series 2018-3A, Class A2, 3.89%, 8/25/2058(a)(j)		218		217
Series 2018-4A, Class A2, 4.18%, 10/25/2058(a)(j)		459		459
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 1A1, 2.81%, 2/25/2035(j)		8		8
Ellington Financial Mortgage Trust
Series 2017-1, Class A3, 2.84%, 10/25/2047(a)(j)		67		66
FHLMC REMIC Series 2980, Class QB, 6.50%, 5/15/2035		40		44
FHLMC Stacr Trust Series 2018-HQA2, Class M1, 3.06%, 10/25/2048(a)(j)		838		837
FHLMC Structured Agency Credit Risk Debt Notes
Series 2017-DNA1, Class M1, 3.51%, 7/25/2029(j)		208		208
Series 2017-HQA1, Class M1, 3.52%, 8/25/2029(j)		570		573
Series 2017-HQA2, Class M1, 3.12%, 12/25/2029(j)		188		188
Series 2017-DNA3, Class M1, 3.07%, 3/25/2030(j)		231		231
Series 2018-HQA1, Class M1, 3.02%, 9/25/2030(j)		387		386
FNMA Trust Series 2003-W3, Class 2A5, 5.36%, 6/25/2042		19		20
FNMA, Connecticut Avenue Securities
Series 2014-C02, Class 1M1, 3.26%, 5/25/2024(j)		147		146
Series 2014-C03, Class 1M2, 5.31%, 7/25/2024(j)		2,301		2,435
Series 2015-C04, Class 1M2, 8.01%, 4/25/2028(j)		710		811
Series 2016-C06, Class 1M1, 3.61%, 4/25/2029(j)		1,156		1,163
Series 2017-C01, Class 1M1, 3.62%, 7/25/2029(j)		212		213
Series 2017-C03, Class 1M1, 3.26%, 10/25/2029(j)		1,118		1,120
Series 2017-C05, Class 1M1, 2.86%, 1/25/2030(j)		344		344
Series 2017-C06, Class 1M1, 3.06%, 2/25/2030(j)		1,439		1,438
Series 2017-C06, Class 2M1, 3.06%, 2/25/2030(j)		202		202
Series 2017-C07, Class 1M1, 2.96%, 5/25/2030(j)		469		468
Series 2017-C07, Class 2M1, 2.96%, 5/25/2030(j)		811		809
Series 2018-C01, Class 1M1, 2.91%, 7/25/2030(j)		1,638		1,633
Series 2018-C04, Class 2M1, 3.06%, 12/25/2030(j)		203		203
Series 2018-C05, Class 1M1, 3.03%, 1/25/2031(j)		367		367
Series 2018-C06, Class 1M1, 2.86%, 3/25/2031(j)		469		468
Series 2018-C06, Class 2M1, 2.86%, 3/25/2031(j)		431		430
GSMSC Resecuritization Trust
Series 2014-1R, Class 1A, 2.45%, 4/26/2037(a)(j)		40		39
GSR Mortgage Loan Trust
Series 2006-3F, Class 2A7, 5.75%, 3/25/2036		149		150
HarborView Mortgage Loan Trust
Series 2004-9, Class 2A, 3.84%, 12/19/2034(j)		9		8
Series 2006-9, Class 2A1A, 2.51%, 11/19/2036(j)		74		65
Homeward Opportunities Fund I Trust
Series 2018-1, Class A2, 3.90%, 6/25/2048(a)(j)		354		353
Impac CMB Trust
Series 2005-1, Class 2A1, 2.82%, 4/25/2035(j)		271		265
JP Morgan Mortgage Trust
Series 2005-S2, Class 4A3, 5.50%, 9/25/2020		151		139
LSTAR Securities Investment Ltd.
Series 2017-6, Class A, 4.05%, 9/1/2022(a)(j)		293		293
Series 2017-9, Class A, 3.85%, 12/1/2022(a)(j)		115		116
LSTAR Securities Investment Ltd. LLC (Cayman Islands)
Series 2017-8, Class A, 0.04%, 11/1/2022(a)(j)		94		94
MASTR Alternative Loan Trust
Series 2005-5, Class 3A1, 5.75%, 8/25/2035		137		113
New Residential Mortgage Loan Trust
Series 2018-NQM1, Class A2, 4.09%, 11/25/2048(a)(j)		311		313
Nomura Resecuritization Trust
Series 2015-2R, Class 4A1, 2.86%, 12/26/2036(a)(j)		53		51

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
RALI Trust
Series 2006-QS11, Class 1A1, 6.50%, 8/25/2036		712		643
RBSSP Resecuritization Trust
Series 2012-6, Class 10A2, 2.43%, 8/26/2036(a)(j)		263		254
RESI Finance LP (Cayman Islands)
Series 2003-D, Class B3, 3.61%, 12/10/2035‡(a)(j)		60		29
Residential Asset Securitization Trust
Series 2005-A15, Class 1A7, 6.00%, 2/25/2036		175		174
Series 2006-R1, Class A2, 2.72%, 1/25/2046(j)		211		104
RFMSI Trust
Series 2006-S9, Class A1, 6.25%, 9/25/2036		149		143
SG Residential Mortgage Trust
Series 2018-1, Class A2, 3.58%, 4/27/2048(a)(j)		89		89
STACR Trust
Series 2018-HRP1, Class M2, 3.96%, 4/25/2043(a)(j)		557		558
Series 2018-HRP2, Class M1, 3.16%, 2/25/2047(a)(j)		341		341
Series 2018-HRP2, Class M2, 3.56%, 2/25/2047(a)(j)		574		573
Starwood Mortgage Residential Trust
Series 2018-IMC1, Class A2, 3.89%, 3/25/2048(a)(j)		382		380
Series 2018-IMC2, Class A2, 4.22%, 10/25/2048(a)(j)		280		280
Thornburg Mortgage Securities Trust
Series 2007-4, Class 3A1, 4.22%, 9/25/2037(j)		8		8
Toorak Mortgage Corp. Ltd.
Series 2018-1, Class A1, 4.34%, 8/25/2021(a)(e)		230		230
Verus Securitization Trust
Series 2017-2A, Class A2, 2.64%, 7/25/2047(a)(j)		117		115
Series 2017-SG1A, Class A2, 2.77%, 11/25/2047(a)(e)		65		64
Series 2018-1, Class A2, 3.03%, 2/25/2048(a)(j)		69		68
Series 2018-INV1, Class B1, 4.55%, 3/25/2058‡(a)(j)		158		157
Series 2018-2, Class A2, 3.78%, 6/1/2058(a)(j)		243		242
Series 2018-3, Class A2, 4.18%, 10/25/2058(a)(j)		371		369
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-7, Class 1A2, 2.76%, 9/25/2035(j)		15		13
Wells Fargo Mortgage-Backed Securities Trust
Series 2005-16, Class A8, 5.75%, 12/25/2035		23		24

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,295)				26,498

ASSET-BACKED SECURITIES — 1.9%
ABFC Trust
Series 2006-OPT2, Class A2, 2.45%, 10/25/2036‡(j)		251		240
ACE Securities Corp. Home Equity Loan Trust
Series 2006-FM1, Class A2B, 2.40%, 7/25/2036‡(j)		223		78
American Airlines Pass-Through Trust
Series 2017-1, Class AA, 3.65%, 2/15/2029		462		454
Carrington Mortgage Loan Trust
Series 2005-NC5, Class M1, 2.80%, 10/25/2035‡(j)		201		201
Series 2007-RFC1, Class A2, 2.41%, 12/25/2036‡(j)		87		87
Citibank Credit Card Issuance Trust
Series 2017-A4, Class A4, 2.54%, 4/7/2022(j)		163		163
Countrywide Asset-Backed Certificates
Series 2007-2, Class 2A3, 2.45%, 8/25/2037‡(j)		189		186
Credit-Based Asset Servicing & Securitization LLC
Series 2006-CB8, Class A1, 2.45%, 10/25/2036‡(j)		138		125
CWABS Asset-Backed Certificates Trust
Series 2006-18, Class 2A2, 2.47%, 3/25/2037‡(j)		414		409
CWABS Revolving Home Equity Loan Trust
Series 2004-I, Class A, 2.60%, 2/15/2034‡(j)		15		15
Series 2004-K, Class 2A, 2.61%, 2/15/2034‡(j)		15		15
CWABS, Inc. Asset-Backed Certificates
Series 2003-5, Class MF1, 5.14%, 1/25/2034‡(j)		266		268
Series 2004-1, Class M1, 3.06%, 3/25/2034‡(j)		216		216
Series 2004-1, Class M2, 3.14%, 3/25/2034‡(j)		44		44
Series 2004-1, Class 3A, 2.87%, 4/25/2034‡(j)		10		9
Discover Card Execution Note Trust
Series 2017-A1, Class A1, 2.80%, 7/15/2024(j)		255		257
First Franklin Mortgage Loan Trust
Series 2006-FF14, Class A5, 2.47%, 10/25/2036(j)		644		627

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
ASSET-BACKED SECURITIES — continued
Fremont Home Loan Trust
Series 2005-1, Class M4, 3.33%, 6/25/2035‡(j)		213		213
GSAMP Trust
Series 2005-WMC1, Class M1, 3.05%, 9/25/2035‡(j)		95		94
Series 2006-FM1, Class A1, 2.48%, 4/25/2036‡(j)		173		136
Series 2006-HE3, Class A2C, 2.47%, 5/25/2046(j)		161		159
Series 2007-HE1, Class A2C, 2.46%, 3/25/2047‡(j)		236		229
Home Equity Mortgage Loan Asset-Backed Trust
Series 2006-C, Class 3A3, 2.46%, 8/25/2036‡(j)		115		111
JP Morgan Mortgage Acquisition Trust
Series 2006-CW2, Class AV4, 2.46%, 8/25/2036‡(j)		50		50
Long Beach Mortgage Loan Trust
Series 2004-1, Class M2, 3.14%, 2/25/2034‡(j)		44		44
MASTR Asset-Backed Securities Trust
Series 2006-HE4, Class A2, 2.42%, 11/25/2036‡(j)		86		40
Series 2006-HE4, Class A3, 2.46%, 11/25/2036‡(j)		111		51
Morgan Stanley ABS Capital I, Inc. Trust
Series 2005-HE3, Class M4, 3.29%, 7/25/2035‡(j)		145		145
Series 2007-HE7, Class A2B, 3.31%, 7/25/2037‡(j)		91		90
New Century Home Equity Loan Trust
Series 2005-1, Class M1, 2.99%, 3/25/2035‡(j)		700		697
Series 2006-2, Class A2B, 2.48%, 8/25/2036‡(j)		110		104
NovaStar Mortgage Funding Trust
Series 2006-4, Class A2C, 2.47%, 9/25/2036‡(j)		159		87
Series 2006-4, Class A2D, 2.57%, 9/25/2036‡(j)		17		9
Series 2007-1, Class A1A, 2.44%, 3/25/2037‡(j)		277		206
OneMain Financial Issuance Trust
Series 2015-2A, Class D, 5.64%, 7/18/2025‡(a)		606		610
Series 2018-1A, Class C, 3.77%, 3/14/2029‡(a)		198		196
Series 2017-1A, Class C, 3.35%, 9/14/2032‡(a)		110		107
Series 2017-1A, Class D, 4.52%, 9/14/2032‡(a)		1,100		1,074
Ownit Mortgage Loan Trust
Series 2006-1, Class AV, 2.54%, 12/25/2035‡(j)		184		182
RASC Trust
Series 2007-KS3, Class AI3, 2.56%, 4/25/2037‡(j)		129		127
Regional Management Issuance Trust
Series 2018-1, Class A, 3.83%, 7/15/2027(a)		372		371
Securitized Asset-Backed Receivables LLC Trust
Series 2006-NC3, Class A1, 2.45%, 9/25/2036‡(j)		125		88
Soundview Home Loan Trust
Series 2007-OPT3, Class 2A3, 2.49%, 8/25/2037‡(j)		130		127
Springleaf Funding Trust
Series 2017-AA, Class B, 3.10%, 7/15/2030(a)		224		219
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC5, Class A4, 2.48%, 12/25/2036‡(j)		62		60
Towd Point Mortgage Trust
Series 2017-6, Class A1, 2.75%, 10/25/2057‡(a)(j)		354		343
Velocity Commercial Capital Loan Trust
Series 2017-1, Class AFL, 3.56%, 5/25/2047(a)(j)		412		414
Series 2017-1, Class M3, 5.35%, 5/25/2047‡(a)(j)		100		102

TOTAL ASSET-BACKED SECURITIES (Cost $9,760)				9,879

U.S. TREASURY OBLIGATIONS — 1.2%
U.S. Treasury Bonds
4.50%, 2/15/2036		1,300		1,540
3.00%, 2/15/2048		4,730		4,456

TOTAL U.S. TREASURY OBLIGATIONS (Cost $6,233)				5,996

COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.8%
Commercial Mortgage Trust
Series 2012-CR3, Class A3, 2.82%, 10/15/2045		1,225		1,196
Series 2012-CR5, Class A3, 2.54%, 12/10/2045		815		790
Lehman Brothers Small Balance Commercial Mortgage Trust
Series 2007-2A, Class 1A3, 2.58%, 6/25/2037(a)(j)		299		295
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4, 3.09%, 8/10/2049		730		719
Velocity Commercial Capital Loan Trust
Series 2015-1, Class M3, 7.05%, 6/25/2045(a)(j)		131		139

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)			Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
Series 2015-1, Class M5, 7.86%, 6/25/2045‡(a)(j)		100			108
Series 2016-1, Class M3, 6.81%, 4/25/2046‡(a)(j)		104			113
Series 2016-1, Class M5, 8.18%, 4/25/2046‡(a)(j)		61			67
Series 2016-2, Class M3, 5.50%, 10/25/2046‡(j)		100			101
Series 2017-2, Class M4, 5.00%, 11/25/2047‡(a)(j)		89			87
Series 2018-2, Class M2, 4.51%, 10/26/2048‡(a)(j)		99			100
Series 2018-2, Class M3, 4.72%, 10/26/2048‡(a)(j)		99			100
Series 2018-2, Class M4, 5.32%, 10/26/2048‡(a)(j)		127			128

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $3,945)					3,943

FOREIGN GOVERNMENT SECURITIES — 0.5%
Export-Import Bank of Korea (South Korea) 2.25%, 1/21/2020		750			742
Israel Government AID Bond (Israel) 3.25%, 1/17/2028		1,000			956
Korea Development Bank (The) (South Korea) 3.38%, 3/12/2023		750			741

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $2,490)					2,439


	Shares (000)
EXCHANGE TRADED FUNDS — 0.4%
SPDR Bloomberg Barclays Convertible Securities ETF (Cost $1,996)		39			2,017

CLOSED END FUNDS — 0.3%
BlackRock Corporate High Yield Fund, Inc.		50			484
BlackRock Debt Strategies Fund, Inc.		18			187
Blackstone/GSO Strategic Credit Fund		16			239
Eaton Vance Floating-Rate Income Trust		8			105
Eaton Vance Senior Income Trust		10			61
Invesco Dynamic Credit Opportunities Fund		11			125
Nuveen Credit Strategies Income Fund		15			113
Nuveen Floating Rate Income Opportunity Fund		7			70
PGIM Global Short Duration High Yield Fund, Inc.		11			150

TOTAL CLOSED END FUNDS (Cost $1,562)					1,534

COMMON STOCKS — 0.2%
Chemicals — 0.1%
Reichhold , Inc.*‡		—	(d)		408

Equity Real Estate Investment Trusts (REITs) — 0.1%
VICI Properties, Inc.		24			514

Hotels, Restaurants & Leisure — 0.0%(f)
Caesars Entertainment Corp.*		14			118

Specialty Retail — 0.0%(f)
Claire’s Stores, Inc.*‡		—	(d)		216

TOTAL COMMON STOCKS (Cost $930)					1,256


	Principal Amount ($000)
LOAN ASSIGNMENTS — 0.2%(k)
Health Care Providers & Services — 0.0%(f)
Air Medical Group Holdings, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 4.25%), 6.56%, 3/14/2025(b)		105			102

Media — 0.1%
Zuffa LLC, 1st Lien Guaranteed Senior Secured Term Loan
(ICE LIBOR USD 1 Month + 3.25%), 5.60%, 8/18/2023(b)		138			137
Zuffa LLC, 2nd Lien Guaranteed Senior Secured Term Loan
(ICE LIBOR USD 1 Month + 7.50%), 9.84%, 8/18/2024(b)		100			100

					237

Oil, Gas & Consumable Fuels — 0.0%(f)
MEG Energy Corp., 1st Lien Term B Loan (Canada)
(ICE LIBOR USD 1 Month + 3.50%), 5.85%, 12/31/2023(b)		20			20

Specialty Retail — 0.1%
Claire’s Stores, Inc., 1st Lien Term Loan
(ICE LIBOR USD 6 Month + 7.25%), 6.25%, 9/15/2038‡(b)(l)		252			361
Petco Animal Supplies, Inc., 1st Lien Term Loan B-1
(ICE LIBOR USD 3 Month + 3.25%), 5.78%, 1/26/2023(b)		64			47

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)			Value ($000)
LOAN ASSIGNMENTS — continued
Specialty Retail — continued
PetSmart, Inc., Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.32%, 3/11/2022(b)		210			175
Staples, Inc., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 4.00%), 6.54%, 9/12/2024(b)		79			78

					661

TOTAL LOAN ASSIGNMENTS (Cost $943)					1,020


	Shares (000)
PREFERRED STOCKS — 0.0%(f)
Specialty Retail — 0.0%(f)
Claire’s Stores, Inc. *‡ (Cost $82)		—	(d)		223


	Principal Amount ($000)
CONVERTIBLE BONDS — 0.0%(f)
Oil, Gas & Consumable Fuels — 0.0%(f)
Chesapeake Energy Corp. 5.50%, 9/15/2026(e)(Cost $130)		130			113


	No. of Contracts
OPTIONS PURCHASED — 0.0%(f)
CALL OPTIONS PURCHASED — 0.0%(f)
Foreign Exchange Currency Options — 0.0%(f)
Foreign Exchange KRW/USD 3/6/2019 at USD 1,150.00, Vanilla, American Style Notional Amount: USD 492 Counterparty: Citibank NA* (Cost $5)		492			4


	No. of Warrants (000)
WARRANTS — 0.0%
Road & Rail — 0.0%
Jack Cooper Enterprises, Inc. expiring 10/29/2027, price 1.00*‡ (Cost $—)		—	(d)		—


	Principal Amount ($000)
SHORT-TERM INVESTMENTS — 20.2%
CERTIFICATES OF DEPOSIT — 4.7%
Credit Agricole Corporate and Investment Bank (France)
(ICE LIBOR USD 1 Month + 0.30%), 2.65%, 5/2/2019(b)		10,000			10,000
Credit Industriel et Commercial (France)
(ICE LIBOR USD 1 Month + 0.29%), 2.59%, 3/1/2019(b)		4,000			4,002
Nordea Bank AB (Finland)
(ICE LIBOR USD 1 Month + 0.17%), 2.48%, 6/13/2019(b)		2,000			1,999
Sumitomo Mitsui Banking Corp. (Japan) 2.76%, 3/6/2019		3,000			3,000
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 1 Month + 0.23%), 2.55%, 10/9/2019(b)		5,000			4,996

TOTAL CERTIFICATES OF DEPOSIT (Cost $24,000)					23,997

COMMERCIAL PAPER — 6.8%
ABN AMRO Funding USA LLC (Netherlands) 2.35%, 1/4/2019(a)(i)		5,000			4,988
China Construction Bank Corp. (China) 2.57%, 1/2/2019(a)(i)		10,000			9,978
Industrial & Commercial Bank of China Ltd. (China) 2.57%, 12/27/2018(a)(i)		2,500			2,495
Liberty Street Funding LLC 2.43%, 1/3/2019(a)(i)		5,000			4,989
Macquarie Bank Ltd. (Australia) 2.70%, 2/8/2019(a)(i)		10,000			9,948
Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.43%, 1/9/2019(a)(i)		2,500			2,494

TOTAL COMMERCIAL PAPER (Cost $34,893)					34,892


	Shares (000)
INVESTMENT COMPANIES — 5.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.10%(m)(n) (Cost $27,128)		27,128			27,128

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($000)		Value ($000)
REPURCHASE AGREEMENTS — 1.1%
Citigroup Global Markets Holdings, Inc., 3.34%, dated 11/30/2018, due 3/27/2019, repurchase price $1,820, collateralized by Collateralized Mortgage Obligations, 0.00% - 8.03%, due 11/25/2032 - 11/25/2056, with the value of $1,944.		1,800		1,800
Citigroup Global Markets Holdings, Inc., 2.75%, dated 11/30/2018, due 1/18/2019, repurchase price $1,305, collateralized by Corporate Notes and Bonds, 6.25% - 8.25%, due 5/1/2021 - 8/1/2024, with the value of $1,405.		1,300		1,300
Merrill Lynch PFS, Inc., 2.65%, dated 11/30/2018, due 12/4/2018, repurchase price $2,501, collateralized by Municipal Bonds, 6.71%, due 6/1/2046, with the value of $2,700.		2,500		2,500

TOTAL REPURCHASE AGREEMENTS (Cost $5,600)				5,600

U.S. TREASURY OBLIGATIONS — 2.3%
U.S. Treasury Bills
2.20%, 12/11/2018(i)		10,000		9,995
2.48%, 5/9/2019(i)(o)		1,805		1,786

TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,779)				11,781

TOTAL SHORT-TERM INVESTMENTS (Cost $103,400)				103,398

Total Investments — 124.6% (Cost $652,096)				638,345
Liabilities in Excess of Other Assets — (24.6%)				(126,035	)

Net Assets — 100.0%				512,310

Percentages indicated are based on net assets.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Abbreviations
ABS		Asset-backed securities
CSMC		Credit Suisse Mortgage Trust
DN		Discount Notes
ETF		Exchange Traded Fund
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
KRW		Korean Republic Won
LIBOR		London Interbank Offered Rate
REMIC		Real Estate Mortgage Investment Conduit
SPDR		Standard & Poor’s Depository Receipts
TBA		To Be Announced; Security is subject to delayed delivery
USD		United States Dollar

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2018.
(c)		Defaulted security.
(d)		Amount rounds to less than one thousand.
(e)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2018.
(f)		Amount rounds to less than 0.1% of net assets.
(g)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(h)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)		The rate shown is the effective yield as of November 30, 2018.
(j)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2018.
(k)		Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(l)		All or a portion of this security is unsettled as of November 30, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(m)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(n)		The rate shown is the current yield as of November 30, 2018.
(o)		All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Futures contracts outstanding as of November 30, 2018 (amounts in thousands, except number of contracts):


Description	Number of Contracts			Expiration Date		Trading Currency	Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
3 Month Eurodollar		2			03/2019	USD		486			(1	)
U.S. Treasury 5 Year Note		25			03/2019	USD		2,825			7
U.S. Treasury 10 Year Ultra Note		110			03/2019	USD		13,927			73
U.S. Treasury Long Bond		70			03/2019	USD		9,807			57
U.S. Treasury Ultra Bond		141			03/2019	USD		21,520			58
3 Month Eurodollar		3			12/2019	USD		727			(1	)

											193

Short Contracts
Euro-Bobl		(161	)		03/2019	EUR		(24,099	)		(23	)
U.S. Treasury 2 Year Note		(114	)		03/2019	USD		(24,056	)		(16	)
U.S. Treasury 5 Year Note		(92	)		03/2019	USD		(10,396	)		(25	)
U.S. Treasury 10 Year Note		(34	)		03/2019	USD		(4,064	)		(12	)
U.S. Treasury Ultra Bond		(5	)		03/2019	USD		(763	)		(2	)

											(78	)

											115


Abbreviations
EUR				Euro
USD				United States Dollar

Forward foreign currency exchange contracts outstanding as of November 30, 2018 (amounts in thousands):


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
USD	956	EUR	811	State Street Corp.		12/20/2018		37
USD	559	EUR	477	TD Bank Financial Group		12/20/2018		19
USD	773	JPY	85,634	National Australia Bank Ltd.		12/20/2018		17
USD	664	JPY	72,840	State Street Corp.		12/20/2018		21
USD	1,390	EUR	1,200	State Street Corp.		2/12/2019		22
ZAR	2,220	USD	151	National Australia Bank Ltd.		4/26/2019		7

Total unrealized appreciation								123

EUR	382	USD	440	National Australia Bank Ltd.		12/20/2018		(7	)
EUR	334	USD	382	Royal Bank of Canada		12/20/2018		(4	)
EUR	572	USD	658	Union Bank of Switzerland AG		12/20/2018		(10	)
JPY	158,474	USD	1,447	State Street Corp.		12/20/2018		(48	)
JPY	154,900	USD	1,380	State Street Corp.		2/12/2019		(6	)
USD	540	ZAR	7,920	State Street Corp.		4/26/2019		(22	)
ZAR	5,700	USD	411	TD Bank Financial Group		4/26/2019		(7	)

Total unrealized depreciation								(104	)

Net unrealized appreciation								19

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Over the Counter (“OTC”) Credit default swap contracts outstanding - buy protection⁽¹⁾ as of November 30, 2018 (amounts in thousands):


Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Counterparty		Maturity Date		Implied Credit Spread (%)⁽³⁾		Notional Amount⁽⁴⁾		Upfront Payments (Receipts) ($)⁽⁵⁾			Unrealized Appreciation (Depreciation) ($)			Value ($)
ABX.HE.AAA.06-2‡		0.11		Monthly		Bank of America NA		5/25/2046		0.52		USD 60		12			(9	)		3
ABX.HE.AAA.06-2‡		0.11		Monthly		Bank of America NA		5/25/2046		0.52		USD 40		8			(6	)		2
ABX.HE.AAA.06-2‡		0.11		Monthly		Barclays Bank plc		5/25/2046		0.52		USD 60		18			(15	)		3
ABX.HE.AAA.06-2‡		0.11		Monthly		Credit Suisse International		5/25/2046		0.52		USD 30		8			(7	)		1
ABX.HE.AAA.06-2‡		0.11		Monthly		Credit Suisse International		5/25/2046		0.52		USD 60		15			(13	)		2
CMBX.NA.A.6		2.00		Monthly		Barclays Bank plc		5/11/2063		2.50		USD 80		(1	)		4			3
CMBX.NA.A.6		2.00		Monthly		Citibank, NA		5/11/2063		2.50		USD 90		(1	)		4			3
CMBX.NA.A.6		2.00		Monthly		Goldman Sachs International		5/11/2063		2.50		USD 90		(1	)		4			3
CMBX.NA.A.6		2.00		Monthly		Goldman Sachs International		5/11/2063		2.50		USD 90		(2	)		4			2
CMBX.NA.A.6		2.00		Monthly		Morgan Stanley		5/11/2063		2.50		USD 80		(1	)		4			3
CMBX.NA.AA.3		0.27		Monthly		Barclays Bank plc		12/13/2049		58.22		USD 260		148			(83	)		65
CMBX.NA.AA.3		0.27		Monthly		Morgan Stanley		12/13/2049		58.22		USD 140		81			(47	)		34
CMBX.NA.BBB-.4		5.00		Monthly		Citibank, NA		2/17/2051		44.31		USD 180		152			(150	)		2
CMBX.NA.BBB-.4		5.00		Monthly		Citibank, NA		2/17/2051		44.31		USD 210		168			(165	)		3

														604			(475	)		129

OTC Credit default swap contracts outstanding - sell protection⁽²⁾ as of November 30, 2018 (amounts in thousands):


Reference Obligation/Index	Financing Rate Received by the Fund (%)		Payment Frequency		Counterparty		Maturity Date		Implied Credit Spread (%)⁽³⁾		Notional Amount⁽⁴⁾		Upfront Payments (Receipts) ($)⁽⁵⁾			Unrealized Appreciation (Depreciation) ($)		Value ($)
CMBX.NA.A.3		0.62		Monthly		Barclays Bank plc		12/13/2049		172.99		USD 260		(181	)		142		(39	)
CMBX.NA.A.3		0.62		Monthly		Morgan Stanley		12/13/2049		172.99		USD 140		(98	)		77		(21	)

														(279	)		219		(60	)

Centrally Cleared Credit default swap contracts outstanding - buy protection⁽¹⁾ as of November 30, 2018 (amounts in thousands):


Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Maturity Date		Implied Credit Spread (%)⁽³⁾		Notional Amount⁽⁴⁾		Upfront Payments (Receipts) ($)⁽⁵⁾			Unrealized Appreciation (Depreciation) ($)			Value ($)
CDX.EM.30-V1		1.00		Quarterly		12/20/2023		2.07		USD 2,470		115			(3	)		112
Republic of Turkey, 11.88%, 1/15/2030		1.00		Quarterly		12/20/2023		3.88		USD 310		42			(4	)		38
United Mexican States, 4.15%, 3/28/2027		1.00		Quarterly		12/20/2023		1.49		USD 2,840		28			30			58

												185			23			208

CDX.NA.HY.31-V1		5.00		Quarterly		12/20/2023		3.92		USD 800		(59	)		15			(44	)
CDX.NA.IG.25-V1		1.00		Quarterly		12/20/2020		0.41		USD 2,620		(35	)		(1	)		(36	)
CDX.NA.IG.31-V1		1.00		Quarterly		12/20/2023		0.76		USD 3,600		(70	)		22			(48	)
iTraxx Europe 30.1		1.00		Quarterly		12/20/2023		0.81		EUR 3,610		(64	)		17			(47	)

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Maturity Date		Implied Credit Spread (%)⁽³⁾		Notional Amount⁽⁴⁾		Upfront Payments (Receipts) ($)⁽⁵⁾			Unrealized Appreciation (Depreciation) ($)			Value ($)
People’s Republic of China, 7.50%, 10/28/2027		1.00		Quarterly		12/20/2023		0.69		USD 20		—	(a)		—	(a)		—	(a)
People’s Republic of China, 7.50%, 10/28/2027		1.00		Quarterly		12/20/2023		0.69		USD 2,410		(41	)		1			(40	)

												(269	)		54			(215	)

												(84	)		77			(7	)

(1)

(2)

(3)

(4)	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

(5)	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

OTC Total return swap contracts outstanding as of November 30, 2018 (amounts in thousands):

Reference Entity

Payments
Made by
Fund

Payments
Received by
Fund

Frequency
of
Payments
Made/Received

Counterparty

Maturity
Date

Notional
Amount

Upfront
Payments
(Receipts)
($)

Unrealized
Appreciation
(Depreciation)
($)

Value
($)

IOS Index 4.00% 30 year Fannie Mae Pools (2011)‡

4.00% and increases in total return of index

1 month USD LIBOR and decreases in total return of index

Monthly

Bank of America NA

1/12/2042

USD 1,700

)

IOS Index 4.00% 30 year Fannie Mae Pools (2011)‡

4.00% and increases in total return of index

1 month USD LIBOR and decreases in total return of index

Monthly

Citibank, NA

1/12/2042

USD 1,540

)

IOS Index 5.00% 30 year Fannie Mae Pools (2010)‡

5.00% and increases in total return of index

1 month USD LIBOR and decreases in total return of index

Monthly

Citibank, NA

1/12/2041

USD 2,020

)

IOS Index 5.00% 30 year Fannie Mae Pools (2010)‡

5.00% and increases in total return of index

1 month USD LIBOR and decreases in total return of index

Monthly

Credit Suisse International

1/12/2041

USD 704

)

(15

)

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Summary of total swap contracts outstanding as of November 30, 2018 (amounts in thousands):


	Net Upfront Payments (Receipts) ($)			Value ($)
Assets
OTC Credit default swap contracts outstanding - buy protection		604			129
OTC Total return swap contracts outstanding		(15	)		4

Total OTC swap contracts outstanding		589			133

Liabilities
OTC Credit default swap contracts outstanding - sell protection		(279	)		(60	)

Total OTC swap contracts outstanding		(279	)		(60	)


Abbreviations
ABX		Asset-Backed Securities Index
CDX		Credit Default Swap Index
CMBX		Commercial Mortgage-Backed Securities Index
EUR		Euro
LIBOR		London Interbank Offered Rate
USD		United States Dollar

(a)		Amount rounds to less than one thousand.
‡		Value determined using significant unobservable inputs.

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

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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.

•

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Chemicals	$	—	$	—	$	408		$	408
Specialty Retail		—		—		216			216
Other Common Stocks		632		—		—			632

Total Common Stocks		632		—		624			1,256

Preferred Stocks
Specialty Retail		—		—		223			223
Closed End Funds		1,534		—		—			1,534
Exchange Traded Fund		2,017		—		—			2,017
Debt Securities
Asset-Backed Securities		—		2,664		7,215			9,879
Collateralized Mortgage Obligations		—		26,312		186			26,498
Commercial Mortgage-Backed Securities		—		3,139		804			3,943
Convertible Bonds
Other Convertible Bonds		—		113		—			113
Corporate Bonds
Capital Markets		—		22,648		—	(a)		22,648
Chemicals		—		5,665		—	(b)		5,665
Wireless Telecommunication Services		—		4,493		—	(b)		4,493
Other Corporate Bonds		—		265,076		—			265,076

Total Corporate Bonds		—		297,882		—	(a)		297,882

Foreign Government Securities		—		2,439		—			2,439
Mortgage-Backed Securities		—		136,314		—			136,314
U.S. Government Agency Securities		—		45,829		—			45,829
U.S. Treasury Obligations		—		5,996		—			5,996
Loan Assignments
Specialty Retail		—		300		361			661
Other Loan Assignments		—		359		—			359

Total Loan Assignments		—		659		361			1,020

Options Purchased
Call Options Purchased		—		4		—			4
Warrants
Road & Rail		—		—		—	(b)		—	(b)

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Short-Term Investments
Certificates of Deposit	$	—		$	23,997		$	—		$	23,997
Commercial Paper		—			34,892			—			34,892
Investment Companies		27,128			—			—			27,128
Repurchase Agreements		—			5,600			—			5,600
U.S. Treasury Obligations		—			11,781			—			11,781

Total Short-Term Investments		27,128			76,270			—			103,398

Total Investments in Securities	$	31,311		$	597,621		$	9,413		$	638,345

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	123		$	—		$	123
Futures Contracts		195			—			—			195
Swaps		—			324			19			343

Total Appreciation in Other Financial Instruments	$	195		$	447		$	19		$	661

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(104	)	$	—		$	(104	)
Futures Contracts		(80	)		—			—			(80	)
Swaps		—			(453	)		(50	)		(503	)

Total Depreciation in Other Financial Instruments	$	(80	)	$	(557	)	$	(50	)	$	(687	)

(a)	Amount rounds to less than one thousand.

(b)	Value is zero.

There were no significant transfers among any levels during the period ended November 30, 2018.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):


JPMorgan Total Return Fund	Balance as of February 28, 2018			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2018
Investments in Securities:
Asset-Backed Securities	$	5,409		$	2		$	(106	)	$	24		$	2,670	$	(866	)	$	307	$	(225	)	$	7,215
Collateralized Mortgage Obligations		1,732			37			(25	)		(8	)		808		(1,639	)		—		(719	)		186
Commercial Mortgage-Backed Securities		858			(49	)		120			—	(a)		329		(419	)		111		(146	)		804
Common Stocks — Chemicals		408			—			—	(a)		—			—		—			—		—			408
Common Stocks — Specialty Retail		—			—			5			—			211		—			—		—			216
Corporate Bonds — Auto Components		—	(a)		—	(a)		—	(a)		—			—		—	(a)		—		—			—
Corporate Bonds — Capital Markets		—	(a)		—			—	(a)		—			—		—			—		—			—	(a)
Corporate Bonds — Chemicals		—	(b)		—			—			—			—		—			—		—			—	(b)
Corporate Bonds — Wireless Telecommunication Services		—	(b)		—			—			—			—		—			—		—			—	(b)
Loan Assignments — Specialty Retail		—			—			109			—			252		—			—		—			361
Preferred Stocks — Specialty Retail		—			—			140			—			83		—			—		—			223
Swaps		(3	)		—			5			—			—		—			13		—			15
Warrants — Road & Rail		—	(b)		—			—			—			—		—			—		—			—	(b)

	$	8,404		$	(10	)	$	248		$	16		$	4,353	$	(2,924	)	$	431	$	(1,090	)	$	9,428

¹	Purchases include all purchases of securities and securities received in corporate actions.

²	Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a)	Amount rounds to less than one thousand.

(b)	Value is zero.

Total Return Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)


	Fair Value at November 30, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	407		Market Comparable Companies	EBITDA Multiple (a)	6.7x (6.7x)

Common Stock		407

		—	(c)	Market Comparable Companies	Discount for lack of marketability (b)	100.00% (100.00%)

Corporate Bond		—

		7,215		Discounted Cash Flow	Constant Prepayment Rate	1.73% — 100.00% (13.96%)
					Constant Default Rate	0.00% — 6.21% (2.48%)
					Yield (Discount Rate of Cash Flows)	3.17% — 5.34% (4.27%)

Asset-Backed Securities		7,215

		624		Discounted Cash Flow	Constant Prepayment Rate	100.00% (100.00%)
					Yield (Discount Rate of Cash Flows)	0.00% — 7.03% (4.44%)

Commercial Mortgage-Backed Securities		624

		—	(d)	Terms of Exchange Offer	Expected Recovery	0.00% (0.00%)

Warrants		—	(d)

Total	$	8,246

The table above does not include level 3 securities that are valued by brokers and pricing services. At November 30, 2018, the value of these securities was $1,180,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

(a)	Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(b)	Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(c)	Securities senior in the issuing entity capital structure result in this security being valued at zero.

(d)	Value is zero.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (1) — (4) below describe the various derivatives used by the Fund.

(1). Options — The Fund purchased and sold (“wrote”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Options Purchased — Premiums paid by the Fund for options purchased are included as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and records a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

The Fund may be required to post or receive collateral for over the counter options. Cash collateral posted by the Fund is considered restricted.

(2). Futures Contracts — The Fund used treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(4). Swaps — The Fund engaged in various swap transactions, including credit default to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”), that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund and/or held as Restricted cash. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

The Fund may be required to post or receive collateral for OTC Swaps.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

Return Swaps

ITEM 2. CONTROLS AND PROCEDURES.

(a)

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)

There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

ITEM 3. EXHIBITS.

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I


By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		January 28, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		January 28, 2019


By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		January 28, 2019