JPMorgan Trust I

NPORT-EX 1 PortfolioHoldings.htm JPMorgan Trust I

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 98.0%(a)
California — 98.0%
Certificate of Participation/Lease — 1.0%
City and County of San Francisco, Multiple Capital Improvement Projects Series 2009A, COP, 5.00%, 4/1/2022		1,250		1,253
County of Monterey, 2009 Refinancing Project COP, AGM, 5.00%, 8/1/2020		1,500		1,537

				2,790

Education — 3.6%
California Educational Facilities Authority, Stanford University
Series T-5, Rev., 5.00%, 3/15/2023		1,500		1,711
Series U-2, Rev., 5.00%, 10/1/2032		1,500		2,064
University of California
Series AB, Rev., 5.00%, 5/15/2026		570		611
Series AM, Rev., 5.00%, 5/15/2028		1,500		1,761
Series AR, Rev., 5.00%, 5/15/2035		1,500		1,802
University of California, Limited Project Series O, Rev., 5.00%, 5/15/2034		1,500		1,850

				9,799

General Obligation — 30.2%
Counties of Santa Barbara, San Luis Obispo and Ventura, Allan Hancock Joint Community College District GO, 5.00%, 8/1/2030		1,250		1,469
Counties of Sonoma, Mendocino and Marin, Sonoma County Junior College District GO, 5.00%, 8/1/2027		1,000		1,148
County of Contra Costa, Mount Diablo Unified School District, Election of 2010 Series 2012E, GO, 5.00%, 8/1/2026		1,210		1,351
County of Los Angeles, Beverly Hills Unified School District, Election of 2008, Capital Appreciation GO, Zero Coupon, 8/1/2023		1,500		1,413
County of Napa, Napa Valley Unified School District, Election of 2006, Capital Appreciation Series A, GO, Zero Coupon, 8/1/2027		2,000		1,713
County of Riverside, Murrieta Valley Unified School District, Election of 2006, Capital Appreciation GO, AGM, Zero Coupon, 9/1/2024		1,000		908
County of Sacramento, San Juan Unified School District, Election of 2002 GO, 5.00%, 8/1/2029		1,000		1,143
County of San Mateo, South San Francisco Unified School District, Capital Appreciation Series C, GO, Zero Coupon, 9/1/2028		1,800		1,461
County of Santa Clara, Campbell Union High School District GO, 5.00%, 8/1/2027		1,700		2,005
County of Santa Clara, Campbell Union High School District, Election 2016
Series B, GO, 5.00%, 8/1/2033		370		451
Series B, GO, 5.00%, 8/1/2035		2,000		2,425
County of Santa Clara, Evergreen Elementary School District, Election of 2006, Capital Appreciation Series B, GO, AGC, Zero Coupon, 8/1/2024		1,915		1,750
County of Santa Clara, Palo Alto Unified School District, Election of 2008, Capital Appreciation
GO, Zero Coupon, 8/1/2022		1,500		1,436
GO, Zero Coupon, 8/1/2025		1,015		922
GO, Zero Coupon, 8/1/2026		1,500		1,323
County of Santa Clara, San Jose Unified School District
GO, 5.00%, 8/1/2028		1,750		2,011
Series C, GO, 5.00%, 8/1/2030		900		1,060
Series C, GO, 5.00%, 8/1/2031		1,560		1,836
Cupertino Union School District Series A, GO, 5.00%, 8/1/2027		1,000		1,151
East Side Union High School District Series B, GO, NATL-RE, 5.25%, 2/1/2026		2,000		2,417
Escondido Union High School District, Election of 2008, Capital Appreciation
Series A, GO, AGC, Zero Coupon, 8/1/2025		1,500		1,338
Series 2009A, GO, AGC, Zero Coupon, 8/1/2029		1,000		793
Los Angeles Community College District Series A, GO, 5.00%, 8/1/2031		1,500		1,762

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Los Angeles Unified School District Series 2019A, GO, 5.00%, 7/1/2032		1,500		1,909
Los Angeles Unified School District, Election of 2004 Series I, GO, 5.00%, 7/1/2025		1,000		1,003
Menlo Park City School District, Crossover Capital Appreciation
GO, Zero Coupon, 7/1/2031		500		348
GO, Zero Coupon, 7/1/2032		880		583
Mount San Antonio Community College District, Election of 2008, Capital Appreciation Series 2013A, GO, Zero Coupon, 8/1/2030		3,205		1,980
San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Election of 2018 Series 2019A, GO, 5.00%, 7/1/2021		2,065		2,225
San Diego Unified School District, Election of 1998
Series 1998C-2, GO, AGM, 5.50%, 7/1/2024		2,010		2,416
Series F-1, GO, AGM, 5.25%, 7/1/2028		2,500		3,263
San Francisco Bay Area Rapid Transit District, Election of 2004 Series D, GO, 5.00%, 8/1/2032		2,000		2,400
San Mateo County Community College District
Series A, GO, NATL-RE, Zero Coupon, 9/1/2029		2,000		1,605
Series B, GO, 5.00%, 9/1/2033		1,000		1,257
Series B, GO, NATL-RE, Zero Coupon, 9/1/2034		1,000		664
San Mateo County Community College District, Election of 2001 Series 2005B, GO, NATL-RE, Zero Coupon, 9/1/2027		1,130		966
San Mateo Union High School District, Capital Appreciation, Election of 2006 Series A, GO, 5.00%, 9/1/2030		1,005		1,154
San Rafael City Elementary School District, Election of 2002 Series 2004B, GO, NATL-RE, Zero Coupon, 8/1/2029		2,000		1,587
Santa Monica Community College District, Election of 2004 Series 2009C, GO, Zero Coupon, 8/1/2027		1,000		854
State of California
GO, NATL-RE-IBC, 6.25%, 10/1/2019		30		30
GO, 5.00%, 9/1/2021		1,000		1,083
GO, 5.25%, 9/1/2027		1,575		1,710
State of California, School Facilities GO, 4.00%, 9/1/2032		2,000		2,258
State of California, Various Purpose
GO, 5.25%, 10/1/2022		2,310		2,340
GO, 5.50%, 4/1/2023		500		502
GO, 5.00%, 8/1/2026		1,320		1,636
GO, 5.00%, 8/1/2027		2,000		2,532
GO, 5.00%, 12/1/2029		2,000		2,308
GO, 5.00%, 8/1/2030		2,000		2,492
GO, 5.00%, 9/1/2030		1,000		1,079
GO, 5.00%, 8/1/2031		1,500		1,767
GO, 5.00%, 10/1/2032		3,000		3,520
GO, 5.00%, 8/1/2033		1,000		1,212
GO, 5.00%, 4/1/2036		1,000		1,252

				83,221

Hospital — 8.8%
ABAG Finance Authority for Nonprofit Corps., Sharp Healthcare Series 2014A, Rev., 5.00%, 8/1/2031		1,000		1,142
California Health Facilities Financing Authority, Adventist Health System
Series 2013A, Rev., 5.00%, 3/1/2026		1,500		1,678
Series 2016A, Rev., 4.00%, 3/1/2029		2,380		2,664
California Health Facilities Financing Authority, Cedars-Sinai Medical Center
Rev., 5.00%, 11/15/2030		250		300
Rev., 5.00%, 11/15/2032		400		479
Series 2016A, Rev., 5.00%, 8/15/2033		3,500		4,216
Series 2016B, Rev., 5.00%, 8/15/2035		1,500		1,800
California Health Facilities Financing Authority, Lucile Salter Packard Children’s Hospital at Stanford
Series 2014A, Rev., 5.00%, 8/15/2027		580		670
Series 2014A, Rev., 5.00%, 8/15/2028		850		982
Series 2014A, Rev., 5.00%, 8/15/2030		655		754
Series A, Rev., 5.00%, 8/15/2030		1,000		1,191
California Health Facilities Financing Authority, St. Joseph Health System Series 2013A, Rev., 5.00%, 7/1/2028		1,000		1,141

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
California Health Facilities Financing Authority, Sutter Health
Series 2011D, Rev., 5.00%, 8/15/2025		1,000		1,081
Series 2018A, Rev., 5.00%, 11/15/2025		500		610
Series 2016A, Rev., 5.00%, 11/15/2031		1,500		1,798
Series 2016A, Rev., 5.00%, 11/15/2032		1,150		1,376
Series 2017A, Rev., 5.00%, 11/15/2034		1,500		1,829
California Statewide Communities Development Authority, Sutter Health Series 2011A, Rev., 5.00%, 8/15/2019		515		519

				24,230

Housing — 0.9%
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien Series 2018A, Rev., AMT, 5.00%, 12/31/2028		1,750		2,130
City of San Bernardino, Single Family Mortgage, GNMA Mortgage-Backed Securities Series A, Rev., GNMA COLL, 7.50%, 5/1/2023(b)		350		394

				2,524

Industrial Development Revenue/Pollution Control Revenue — 0.6%
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project Series 2015B-1, Rev., AMT, 3.00%, 11/1/2025		1,500		1,574

Other Revenue — 7.5%
Anaheim Public Financing Authority, Anaheim Public Improvements Project, Capital Appreciation Series C, Rev., AGM, Zero Coupon, 9/1/2019		1,000		997
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Refunding, Kern County Tobacco Funding Corporation Rev., 5.00%, 6/1/2020		1,000		1,024
California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Series 2014A, Rev., 5.00%, 10/1/2028		1,000		1,156
California State Public Works Board, Department of General Services Series F, Rev., 5.00%, 5/1/2030		1,000		1,186
Contra Costa County Transportation Authority, Sales Tax Series A, Rev., 5.00%, 3/1/2032		2,000		2,399
Golden State Tobacco Securitization Corp., Tobacco Settlement Series 2017A-1, Rev., 5.00%, 6/1/2024		2,500		2,829
Los Angeles County Public Works Financing Authority, Los Angeles County Regional Park and Open Space Series 2007A, Rev., NATL-RE, 5.00%, 10/1/2019		1,500		1,518
Midpeninsula Regional Open Space District, 2004 Project Lease
Rev., 5.00%, 9/1/2030		500		603
Rev., 5.00%, 9/1/2031		270		325
Riverside Public Financing Authority, Main Library Project Series 2019A, Rev., 5.00%, 11/1/2034(c)		450		556
San Diego Regional Building Authority, County Operations Center Series 2016A, Rev., 5.00%, 10/15/2033		2,370		2,817
San Mateo Joint Powers Financing Authority, Capital Projects Program Series 2009A, Rev., 5.25%, 7/15/2021		2,190		2,243
Santa Ana Financing Authority, Police Administration and Holding Facility Lease
Series A, Rev., NATL-RE, 6.25%, 7/1/2024(b)		750		861
Series A, Rev., NATL-RE, 6.25%, 7/1/2024		750		857
Ventura County Public Financing Authority Series A, Rev., 5.00%, 11/1/2029		1,000		1,122

				20,493

Prerefunded — 5.9%
California State Department of Water Resources, Central Valley Project, Water System Series 2009AG, Rev., 5.00%, 12/1/2019(b)		145		148
County of Los Angeles, Torrance Unified School District, Election of 2008 GO, 5.38%, 8/1/2019(b)		1,500		1,510
County of Santa Clara, San Jose Unified School District GO, 5.00%, 8/1/2021(b)		1,610		1,738
East Bay Municipal Utility District, Water System Series A, Rev., 5.00%, 6/1/2020(b)		1,500		1,555
Irvine Ranch Water District COP, 5.00%, 3/1/2020(b)		2,500		2,569

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Los Angeles Department of Water & Power, Power System Series B, Rev., 5.25%, 7/1/2019(b)		20		20
San Diego Community College District, Election of 2006 GO, 5.00%, 8/1/2021(b)		1,000		1,080
San Diego Public Facilities Financing Authority, Sewer Waste Water System Series B, Rev., 5.00%, 8/1/2019(b)		2,000		2,012
San Francisco Bay Area Rapid Transit District, Sales Tax Rev., 5.00%, 7/1/2020(b)		1,500		1,559
San Francisco City and County Public Utilities Commission, Water Series 2010A, Rev., 5.00%, 5/1/2020(b)		2,380		2,460
San Mateo Union High School District, Capital Appreciation, Election of 2006 Series A, GO, 5.00%, 9/1/2023(b)		1,030		1,186
University of California Series AB, Rev., 5.00%, 5/15/2021(b)		430		460

				16,297

Transportation — 18.1%
Alameda Corridor Transportation Authority, Tax-Exempt Second Subordinate Lien Series 2016B, Rev., AGM, 5.00%, 10/1/2035		2,000		2,350
Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area
Series F-1, Rev., 5.00%, 4/1/2027		1,175		1,292
Series F-1, Rev., 5.00%, 4/1/2029		1,855		2,037
City of Long Beach Harbor
Series 2014B, Rev., 5.00%, 5/15/2024		250		294
Series A, Rev., 5.00%, 5/15/2025		1,000		1,034
Series 2014B, Rev., 5.00%, 5/15/2026		250		293
Series B, Rev., 5.00%, 5/15/2026		1,500		1,552
Series B, Rev., 5.00%, 5/15/2027		225		263
Series A, Rev., AMT, 5.00%, 5/15/2033		500		600
City of Los Angeles, Department of Airports
Series A, Rev., 5.00%, 5/15/2026		2,000		2,071
Series A, Rev., 5.00%, 5/15/2027		1,000		1,036
Series B, Rev., AMT, 5.00%, 5/15/2027		2,000		2,491
Series A, Rev., AMT, 5.00%, 5/15/2029		2,000		2,198
Series A, Rev., AMT, 5.00%, 5/15/2030		1,475		1,841
Series C, Rev., 5.00%, 5/15/2031		1,250		1,499
Series 2018C, Rev., AMT, 5.00%, 5/15/2034		1,250		1,517
City of Los Angeles, Harbor Department
Series 2011A, Rev., AMT, 5.00%, 8/1/2021		1,000		1,072
Series B, Rev., 5.00%, 8/1/2025		1,000		1,077
Series 2014A, Rev., AMT, 5.00%, 8/1/2031		1,500		1,736
Foothill Eastern Transportation Corridor Agency, Senior Lien, Capital Appreciation Series 1995A, Rev., Zero Coupon, 1/1/2026(b)		1,795		1,599
Los Angeles County, Metropolitan Transportation Authority
Series A, Rev., 5.25%, 7/1/2023		2,000		2,086
Series 2019-B, Rev., 5.00%, 7/1/2035		2,000		2,499
San Bernardino County Transportation Authority Series A, Rev., 5.00%, 3/1/2029		2,000		2,181
San Diego County Regional Airport Authority, Senior Airport Series B, Rev., AMT, 5.00%, 7/1/2028		1,000		1,123
San Diego County Regional Airport Authority, Subordinate Airport
Series B, Rev., AMT, 5.00%, 7/1/2034		755		904
Series A, Rev., 5.00%, 7/1/2035		1,000		1,216
San Francisco City and County, Airport Commission, San Francisco International Airport
Series 2019A, Rev., AMT, 5.00%, 1/1/2025		1,790		2,090
Series 2017D, Rev., AMT, 5.00%, 5/1/2025		2,000		2,382
Series 2019A, Rev., AMT, 5.00%, 5/1/2034		2,000		2,455
Series 2019A, Rev., AMT, 5.00%, 5/1/2035		1,000		1,224

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
San Francisco City and County, Airport Commission, San Francisco International Airport, Second Series
Series 2011D, Rev., 5.00%, 5/1/2026		1,615		1,729
Series 2012A, Rev., AMT, 5.00%, 5/1/2029		2,000		2,193

				49,934

Utility — 6.3%
City of Burbank, Water and Power Electric Series 2010A, Rev., 5.00%, 6/1/2022		2,860		2,965
Long Beach Bond Finance Authority, Natural Gas Series A, Rev., 5.25%, 11/15/2020		1,500		1,572
Los Angeles Department of Water & Power, Power System
Series B, Rev., 5.00%, 7/1/2023		1,500		1,504
Series B, Rev., 5.25%, 7/1/2023		1,500		1,505
Series B, Rev., 5.25%, 7/1/2024		1,480		1,485
Series 2013A, Rev., 5.00%, 7/1/2027		2,165		2,445
Series C, Rev., 5.00%, 7/1/2027		1,500		1,767
Series 2019A, Rev., 5.00%, 7/1/2036		1,825		2,282
Southern California Public Power Authority, Apex Power Project Series 2014A, Rev., 5.00%, 7/1/2030		1,000		1,181
Southern California Public Power Authority, Canyon Power Project Series 2016A, Rev., 5.00%, 7/1/2025		500		538

				17,244

Water & Sewer — 15.1%
California State Department of Water Resources, Central Valley Project, Water System
Series 2019BA, Rev., 5.00%, 12/1/2024		1,500		1,801
Series 2019BA, Rev., 5.00%, 12/1/2026		1,500		1,899
Series AW, Rev., 5.00%, 12/1/2032		2,600		3,219
Series 2019BA, Rev., 5.00%, 12/1/2033		1,500		1,917
City of Bakersfield, Wastewater Series 2015A, Rev., 5.00%, 9/15/2031		2,000		2,420
City of Los Angeles, Wastewater System Series B, Rev., 5.00%, 6/1/2033		1,500		1,797
City of Los Angeles, Wastewater System, Green Bonds
Series A, Rev., 5.00%, 6/1/2028		1,825		2,205
Series A, Rev., 5.00%, 6/1/2034		1,000		1,242
Series 2018A, Rev., 5.00%, 6/1/2035		1,500		1,858
City of Santa Rosa, Wastewater, Capital Appreciation Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023		1,500		1,402
County of Marin, Marin Water District Financing Authority, Sub Lien Series 2012A, Rev., 5.00%, 7/1/2028		1,185		1,320
County of San Mateo, Silicon Valley Clean Water Rev., 5.00%, 2/1/2030		790		921
Eastern Municipal Water District Financing Authority, Water and Wastewater Series 2016B, Rev., 5.00%, 7/1/2033		3,000		3,654
Metropolitan Water District of Southern California, Water
Series D, Rev., 5.00%, 7/1/2020		1,000		1,003
Series 2012F, Rev., 5.00%, 7/1/2028		2,000		2,227
Series A, Rev., 5.00%, 10/1/2029		1,500		1,655
San Francisco City and County Public Utilities Commission, Water Series D, Rev., 5.00%, 11/1/2034		2,710		3,345
Santa Clara Valley Water District, Water System Series 2016A, Rev., 5.00%, 6/1/2030		1,600		1,933
Southern California Water Replenishment District Financing Authority, Replenishment Assessment
Rev., 5.00%, 8/1/2030		1,050		1,263
Rev., 5.00%, 8/1/2031		1,420		1,704
Rev., 5.00%, 8/1/2032		2,410		2,884

				41,669

Total California				269,775

TOTAL MUNICIPAL BONDS (Cost $255,057)				269,775

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Shares (000)		Value ($000)
SHORT-TERM INVESTMENTS — 1.1%
INVESTMENT COMPANIES — 1.1%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.51% (d)(e)(Cost $3,044)		3,044		3,044

Total Investments — 99.1% (Cost $258,101)				272,819
Other Assets Less Liabilities — 0.9%				2,519

Net Assets — 100.0%				275,338

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)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of May 31, 2019.

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

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

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

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

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

•

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

•

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

•

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“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)	$	3,044	$	269,775	$	—	$	272,819

(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.

There were no transfers into and out of level 3 for the period ended May 31, 2019.

B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser or its affiliates. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the Underlying Funds. Amounts in the table below are in thousands.


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.51%(a)(b)	$	9,248	$	21,374	$	27,577	$	(1	)	$	—	$	3,044		3,044	$	27	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)

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


Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — 94.2%
Aerospace & Defense — 2.6%
Boeing Co. (The)
3.10%, 5/1/2026		204		207
3.60%, 5/1/2034		215		218
Harris Corp. 3.83%, 4/27/2025		305		316
L3 Technologies, Inc.
3.85%, 12/15/2026		325		337
4.40%, 6/15/2028		140		151
Rockwell Collins, Inc. 3.20%, 3/15/2024		489		495
Textron, Inc. 3.90%, 9/17/2029		385		394
United Technologies Corp.
3.95%, 8/16/2025		100		106
4.13%, 11/16/2028		110		117
3.75%, 11/1/2046		335		319

				2,660

Auto Components — 0.4%
Allison Transmission, Inc. 5.00%, 10/1/2024(a)		50		50
American Axle & Manufacturing, Inc. 6.25%, 4/1/2025		75		72
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(a)		50		52
IHO Verwaltungs GmbH (Germany) 4.50% (cash), 9/15/2023(a)(b)		200		205

				379

Automobiles — 0.9%
Daimler Finance North America LLC (Germany) 3.40%, 2/22/2022(a)		320		324
Ford Motor Co. 4.75%, 1/15/2043		45		37
General Motors Co. 5.00%, 4/1/2035		410		402
Volkswagen Group of America Finance LLC (Germany) 4.75%, 11/13/2028(a)		200		209

				972

Banks — 21.0%
ANZ New Zealand Int’l Ltd. (New Zealand) 3.40%, 3/19/2024(a)		200		205
Australia & New Zealand Banking Group Ltd. (Australia) (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026(a)(c)(d)(e)		200		215
Bank of America Corp.
2.50%, 10/21/2022		1,223		1,216
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024(d)		110		112
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024(d)		300		311
3.25%, 10/21/2027		615		611
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028(c)(d)(e)		165		170
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028(d)		505		513
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028(d)		500		499
(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 2/7/2030(d)		40		42
(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038(d)		75		79
Bank of Montreal (Canada) (USD Swap Semi 5 Year + 1.43%), 3.80%, 12/15/2032(d)		230		227
Bank of Nova Scotia (The) (Canada) 3.40%, 2/11/2024		405		416
Barclays plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.36%), 4.34%, 5/16/2024(d)		400		407
BNP Paribas SA (France)
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025(a)(d)		200		210
(ICE LIBOR USD 3 Month + 2.57%), 5.20%, 1/10/2030(a)(d)		200		220
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024		335		339
Capital One Bank USA NA 3.38%, 2/15/2023		250		252
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023(c)(d)(e)		225		231
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(d)		330		329
(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024(d)		1,760		1,829
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028(d)		575		592
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028(d)		400		400
Citizens Bank NA 3.70%, 3/29/2023		500		517
Commonwealth Bank of Australia (Australia) 3.45%, 3/16/2023(a)		205		211
Cooperatieve Rabobank UA (Netherlands) 3.75%, 7/21/2026		250		250
Credit Agricole SA (France)
3.75%, 4/24/2023(a)		250		256
4.38%, 3/17/2025(a)		200		205
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(a)(c)(d)(e)		200		223

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Danske Bank A/S (Denmark)
2.20%, 3/2/2020(a)		475		473
5.00%, 1/12/2022(a)		405		419
2.70%, 3/2/2022(a)		200		199
Fifth Third Bank 3.85%, 3/15/2026		270		282
HSBC Holdings plc (United Kingdom)
4.25%, 3/14/2024		250		258
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024(d)		650		670
(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025(d)		625		638
(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030(d)		225		227
Huntington National Bank (The) 3.55%, 10/6/2023		510		528
Lloyds Banking Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.21%), 3.57%, 11/7/2028(d)		265		256
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.76%, 7/26/2023		265		275
3.41%, 3/7/2024		155		159
National Australia Bank Ltd. (Australia) 3.70%, 11/4/2021		250		256
NatWest Markets plc (United Kingdom) 3.63%, 9/29/2022(a)		235		237
Regions Bank (ICE LIBOR USD 3 Month + 0.50%), 3.37%, 8/13/2021(d)		500		504
Royal Bank of Scotland Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024(d)		1,125		1,154
Santander UK Group Holdings plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.08%), 3.37%, 1/5/2024(d)		400		397
Societe Generale SA (France)
3.88%, 3/28/2024(a)		200		203
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025(a)(c)(d)(e)		200		214
SunTrust Bank
(ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022(d)		470		479
(ICE LIBOR USD 3 Month + 0.74%), 3.69%, 8/2/2024(d)		225		233
3.30%, 5/15/2026		200		201
UBS Group Funding Switzerland AG (Switzerland)
3.49%, 5/23/2023(a)		400		405
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025(c)(d)(e)(f)		200		212
Wells Fargo & Co.
3.07%, 1/24/2023		995		1,002
3.75%, 1/24/2024		95		99
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024(c)(d)(e)		140		144
4.15%, 1/24/2029		185		195
4.40%, 6/14/2046		215		222
Westpac Banking Corp. (Australia) (USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031(d)		235		239

				21,867

Beverages — 1.7%
Anheuser-Busch Cos. LLC (Belgium) 4.90%, 2/1/2046		60		62
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.15%, 1/23/2025		50		53
4.38%, 4/15/2038		580		575
4.60%, 4/15/2048		100		100
4.44%, 10/6/2048		445		432
Keurig Dr Pepper, Inc. 2.55%, 9/15/2026		635		593

				1,815

Biotechnology — 1.1%
AbbVie, Inc. 4.25%, 11/14/2028		315		326
Celgene Corp.
3.88%, 8/15/2025		152		160
3.45%, 11/15/2027		290		295
4.55%, 2/20/2048		75		82
Gilead Sciences, Inc.
4.00%, 9/1/2036		125		128
4.15%, 3/1/2047		140		139

				1,130

Building Products — 0.1%
Owens Corning 4.30%, 7/15/2047		35		29
Standard Industries, Inc. 4.75%, 1/15/2028(a)		75		72

				101

Capital Markets — 7.3%
Bank of New York Mellon Corp. (The) (ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023(d)		140		140
Credit Suisse Group AG (Switzerland) (ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024(a)(d)		1,000		1,035
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/2021		830		822

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(c)(d)(e)			124		117
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023(d)			300		300
3.50%, 11/16/2026			1,055		1,058
3.85%, 1/26/2027			845		863
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038(d)			150		149
ING Bank NV (Netherlands) 2.05%, 8/15/2021(a)			355		351
Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028(a)(d)			215		214
Morgan Stanley
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024(d)			1,240		1,278
1.88%, 4/27/2027	EUR		200		236
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028(d)			490		495
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029(d)			260		265
(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 1/23/2030(d)			105		113
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038(d)			70		70
State Street Corp. (ICE LIBOR USD 3 Month + 0.64%), 2.65%, 5/15/2023(d)			79		79

					7,585

Chemicals — 0.9%
Celanese US Holdings LLC 3.50%, 5/8/2024			195		197
Mosaic Co. (The) 4.05%, 11/15/2027			331		334
Nutrien Ltd. (Canada) 3.00%, 4/1/2025			425		419

					950

Commercial Services & Supplies — 0.5%
Aramark Services, Inc. 5.00%, 2/1/2028(a)			50		49
Waste Management, Inc.
2.95%, 6/15/2024			200		203
3.20%, 6/15/2026			115		117
3.45%, 6/15/2029			195		199

					568

Communications Equipment — 0.2%
CommScope Technologies LLC 6.00%, 6/15/2025(a)			100		91
Plantronics, Inc. 5.50%, 5/31/2023(a)			100		99

					190

Construction Materials — 0.1%
Martin Marietta Materials, Inc. 4.25%, 12/15/2047			85		77

Consumer Finance — 1.2%
AerCap Ireland Capital DAC (Ireland)
3.50%, 1/15/2025			265		261
3.65%, 7/21/2027			300		288
American Express Co.
3.40%, 2/27/2023			205		210
3.70%, 8/3/2023			115		119
General Motors Financial Co., Inc.
3.85%, 1/5/2028			155		145
5.65%, 1/17/2029			185		194

					1,217

Containers & Packaging — 0.0%(g)
International Paper Co. 4.35%, 8/15/2048			50		46

Diversified Financial Services — 2.2%
EDP Finance BV (Portugal) 3.63%, 7/15/2024(a)			200		201
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/2020			270		268
3.37%, 11/15/2025			245		243
4.42%, 11/15/2035			400		380
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 3.41%, 2/28/2022(a)			305		310
National Rural Utilities Cooperative Finance Corp. 4.30%, 3/15/2049			105		116
Shell International Finance BV (Netherlands)
2.88%, 5/10/2026			189		189
3.75%, 9/12/2046			60		61
Siemens Financieringsmaatschappij NV (Germany) 3.25%, 5/27/2025(a)			500		509

					2,277

Diversified Telecommunication Services — 3.8%
AT&T, Inc.
4.35%, 3/1/2029			160		167
4.30%, 2/15/2030			140		145
4.30%, 12/15/2042			510		484
4.35%, 6/15/2045			295		279
4.75%, 5/15/2046			105		105
Bell Canada, Inc. (Canada) 4.30%, 7/29/2049			130		135
CCO Holdings LLC 5.13%, 5/1/2027(a)			200		200
Deutsche Telekom International Finance BV (Germany) 4.38%, 6/21/2028(a)			150		159
Sprint Capital Corp. 8.75%, 3/15/2032			200		229
Telefonica Emisiones SA (Spain) 4.67%, 3/6/2038			325		319
Verizon Communications, Inc. 4.33%, 9/21/2028			550		595

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
4.02%, 12/3/2029(a)		345		365
4.40%, 11/1/2034		85		90
4.27%, 1/15/2036		101		105
3.85%, 11/1/2042		445		431
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 8/15/2026(a)		200		201

				4,009

Electric Utilities — 7.4%
Cleveland Electric Illuminating Co. (The) 4.55%, 11/15/2030(a)		105		113
Commonwealth Edison Co.
3.70%, 3/1/2045		65		64
3.65%, 6/15/2046		220		219
Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		60		64
Duke Energy Indiana LLC 3.75%, 5/15/2046		288		287
Duke Energy Ohio, Inc. 4.30%, 2/1/2049		70		76
Duke Energy Progress LLC 3.45%, 3/15/2029		60		62
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027(a)		237		236
Electricite de France SA (France) 4.50%, 9/21/2028(a)		280		297
Emera US Finance LP (Canada)
2.70%, 6/15/2021		530		528
3.55%, 6/15/2026		265		267
Emera, Inc. (Canada) Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076(d)		200		215
Enel Finance International NV (Italy) 3.50%, 4/6/2028(a)		320		298
Entergy Louisiana LLC
2.40%, 10/1/2026		200		192
4.20%, 9/1/2048		95		102
Entergy Mississippi LLC 2.85%, 6/1/2028		225		223
Entergy Texas, Inc. 4.00%, 3/30/2029		140		148
Exelon Corp.
3.50%, 6/1/2022(h)		58		59
3.40%, 4/15/2026		390		394
FirstEnergy Transmission LLC 4.55%, 4/1/2049(a)		120		126
Fortis, Inc. (Canada) 3.06%, 10/4/2026		103		100
ITC Holdings Corp. 3.25%, 6/30/2026		475		478
Jersey Central Power & Light Co. 4.30%, 1/15/2026(a)		345		365
MidAmerican Energy Co. 4.25%, 7/15/2049		80		88
NextEra Energy Capital Holdings, Inc.
3.15%, 4/1/2024		270		273
3.50%, 4/1/2029		120		123
Ohio Power Co. 4.00%, 6/1/2049		110		114
PacifiCorp 4.13%, 1/15/2049		175		186
Pennsylvania Electric Co. 3.60%, 6/1/2029(a)		280		283
Potomac Electric Power Co. 3.60%, 3/15/2024		120		125
Sierra Pacific Power Co. 2.60%, 5/1/2026		520		508
Southern California Edison Co.
Series D, 3.40%, 6/1/2023		220		223
Series E, 3.70%, 8/1/2025		225		230
Series A, 4.20%, 3/1/2029		65		68
Series C, 3.60%, 2/1/2045		135		122
Southwestern Electric Power Co. Series J, 3.90%, 4/1/2045		180		178
Southwestern Public Service Co. 3.70%, 8/15/2047		110		111
Tampa Electric Co. 4.45%, 6/15/2049		45		48
Union Electric Co. 3.50%, 3/15/2029		135		140

				7,733

Electronic Equipment, Instruments & Components — 0.1%
Anixter, Inc. 6.00%, 12/1/2025(a)		100		106

Energy Equipment & Services — 1.0%
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027		375		368
Halliburton Co. 4.85%, 11/15/2035		145		155
Schlumberger Holdings Corp.
4.00%, 12/21/2025(a)		21		22
3.90%, 5/17/2028(a)		475		479

				1,024

Entertainment — 0.7%
TWDC Enterprises 18 Corp. 3.00%, 7/30/2046		125		113
Viacom, Inc. 4.38%, 3/15/2043		80		74
Warner Media LLC
2.95%, 7/15/2026		170		165
3.80%, 2/15/2027		325		332

				684

Equity Real Estate Investment Trusts (REITs) — 2.4%
Alexandria Real Estate Equities, Inc. 3.80%, 4/15/2026		30		31
American Tower Corp.
3.13%, 1/15/2027		327		318
3.60%, 1/15/2028		143		143
3.95%, 3/15/2029		150		152
AvalonBay Communities, Inc. 3.45%, 6/1/2025		180		185

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
EPR Properties 4.95%, 4/15/2028		185		198
ESH Hospitality, Inc. 5.25%, 5/1/2025(a)		75		75
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(a)		200		200
HCP, Inc. 4.20%, 3/1/2024		270		282
Liberty Property LP 4.38%, 2/1/2029		95		101
UDR, Inc. 2.95%, 9/1/2026		170		166
Welltower, Inc.
3.63%, 3/15/2024		440		453
4.00%, 6/1/2025		165		173

				2,477

Food & Staples Retailing — 0.4%
Kroger Co. (The) 3.88%, 10/15/2046		309		268
Walmart, Inc. 3.63%, 12/15/2047		110		112

				380

Food Products — 0.6%
Campbell Soup Co. 3.80%, 8/2/2042		225		189
Kraft Heinz Foods Co.
5.20%, 7/15/2045		65		64
4.38%, 6/1/2046		225		198
Tyson Foods, Inc. 4.55%, 6/2/2047		150		149

				600

Gas Utilities — 0.6%
KeySpan Gas East Corp. 2.74%, 8/15/2026(a)		280		271
Piedmont Natural Gas Co., Inc. 3.50%, 6/1/2029		230		233
Southern California Gas Co. Series VV, 4.30%, 1/15/2049		90		100

				604

Health Care Equipment & Supplies — 1.6%
Becton Dickinson and Co. 3.36%, 6/6/2024		775		786
Boston Scientific Corp.
3.75%, 3/1/2026		290		301
4.55%, 3/1/2039		90		96
4.70%, 3/1/2049		115		126
Hill-Rom Holdings, Inc. 5.75%, 9/1/2023(a)		75		77
Medtronic, Inc. 4.38%, 3/15/2035		255		284

				1,670

Health Care Providers & Services — 3.4%
Aetna, Inc.
2.75%, 11/15/2022		163		163
3.88%, 8/15/2047		150		130
Anthem, Inc.
3.50%, 8/15/2024		100		102
3.65%, 12/1/2027		360		363
4.38%, 12/1/2047		190		190
Cigna Corp.
3.40%, 9/17/2021(a)		222		225
4.38%, 10/15/2028(a)		445		467
CVS Health Corp.
4.10%, 3/25/2025		30		31
2.88%, 6/1/2026		315		302
4.30%, 3/25/2028		240		247
4.78%, 3/25/2038		150		150
5.05%, 3/25/2048		145		147
HCA, Inc.
5.88%, 2/15/2026		175		185
4.50%, 2/15/2027		205		212
5.50%, 6/15/2047		110		116
Tenet Healthcare Corp. 4.63%, 7/15/2024		160		159
UnitedHealth Group, Inc. 3.10%, 3/15/2026		335		339

				3,528

Health Care Technology — 0.2%
IQVIA, Inc. 5.00%, 10/15/2026(a)		200		204

Hotels, Restaurants & Leisure — 0.7%
Darden Restaurants, Inc. 4.55%, 2/15/2048		25		25
Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026		100		100
McDonald’s Corp.
3.70%, 2/15/2042		90		85
3.63%, 5/1/2043		310		289
MGM Resorts International 4.63%, 9/1/2026		175		170
Starbucks Corp. 3.75%, 12/1/2047		105		98

				767

Household Products — 0.3%
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022(a)		270		268
Spectrum Brands, Inc. 5.75%, 7/15/2025		75		76

				344

Independent Power and Renewable Electricity Producers — 0.1%
NRG Energy, Inc. 4.45%, 6/15/2029(a)		120		123

Industrial Conglomerates — 0.7%
General Electric Co.
2.70%, 10/9/2022		130		129
3.10%, 1/9/2023		125		125
4.13%, 10/9/2042		485		432
4.50%, 3/11/2044		30		28

				714

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Insurance — 3.9%
American International Group, Inc. 3.88%, 1/15/2035		360		346
Berkshire Hathaway Finance Corp.
4.20%, 8/15/2048		175		187
4.25%, 1/15/2049		80		86
Harborwalk Funding Trust (ICE LIBOR USD 3 Month + 3.19%), 5.08%, 2/15/2069(a)(d)		155		169
Jackson National Life Global Funding 3.88%, 6/11/2025(a)		200		212
Lincoln National Corp. 3.80%, 3/1/2028		230		237
MetLife, Inc.
6.40%, 12/15/2036		150		166
4.13%, 8/13/2042		35		36
Metropolitan Life Global Funding I 3.45%, 10/9/2021(a)		550		560
Pricoa Global Funding I 3.45%, 9/1/2023(a)		590		610
Protective Life Global Funding 2.16%, 9/25/2020(a)		495		493
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043(d)		200		207
3.91%, 12/7/2047		35		35
Reliance Standard Life Global Funding II 3.85%, 9/19/2023(a)		390		402
Swiss Re Finance Luxembourg SA (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049(a)(d)		200		207
Travelers Cos., Inc. (The) 4.10%, 3/4/2049		90		96

				4,049

Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc.
3.15%, 8/22/2027		155		159
4.05%, 8/22/2047		80		87

				246

IT Services — 1.4%
Fidelity National Information Services, Inc. 3.75%, 5/21/2029		360		368
International Business Machines Corp.
2.80%, 5/13/2021		265		266
2.85%, 5/13/2022		360		363
3.00%, 5/15/2024		225		227
Mastercard, Inc.
2.95%, 6/1/2029		120		121
3.65%, 6/1/2049		65		66

				1,411

Life Sciences Tools & Services — 0.2%
Thermo Fisher Scientific, Inc. 2.95%, 9/19/2026		205		202

Media — 2.8%
CBS Corp. 3.38%, 2/15/2028		116		112
Charter Communications Operating LLC
3.75%, 2/15/2028		130		127
5.75%, 4/1/2048		75		79
Clear Channel Worldwide Holdings, Inc. Series B, 6.50%, 11/15/2022		200		204
Comcast Corp.
2.35%, 1/15/2027		705		673
3.20%, 7/15/2036		495		462
3.90%, 3/1/2038		190		193
3.40%, 7/15/2046		340		309
Cox Communications, Inc.
4.60%, 8/15/2047(a)		145		144
Discovery Communications LLC
5.30%, 5/15/2049		80		80
DISH DBS Corp.
5.88%, 11/15/2024		100		90
Fox Corp.
4.03%, 1/25/2024(a)		56		59
5.48%, 1/25/2039(a)		60		68
Time Warner Cable LLC
5.50%, 9/1/2041		130		130
4.50%, 9/15/2042		195		173

				2,903

Metals & Mining — 0.4%
Glencore Funding LLC (Switzerland)
4.13%, 3/12/2024(a)		140		143
4.88%, 3/12/2029(a)		145		147
Newcrest Finance Pty. Ltd. (Australia) 4.20%, 10/1/2022(a)		150		155

				445

Multi-Utilities — 0.8%
Berkshire Hathaway Energy Co. 4.45%, 1/15/2049		70		76
Consolidated Edison Co. of New York, Inc. 3.85%, 6/15/2046		45		45
Dominion Energy, Inc.
3.90%, 10/1/2025		230		242
Series D, 2.85%, 8/15/2026		279		272
San Diego Gas & Electric Co. Series TTT, 4.10%, 6/15/2049		170		170

				805

Oil, Gas & Consumable Fuels — 6.4%
Apache Corp. 4.38%, 10/15/2028		155		158
Boardwalk Pipelines LP 4.80%, 5/3/2029		150		151
BP Capital Markets America, Inc.
3.41%, 2/11/2026		185		190
3.02%, 1/16/2027		587		582

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Buckeye Partners LP 5.60%, 10/15/2044		115		101
Canadian Natural Resources Ltd. (Canada) 3.85%, 6/1/2027		465		470
Cenovus Energy, Inc. (Canada) 5.25%, 6/15/2037		105		103
Columbia Pipeline Group, Inc. 4.50%, 6/1/2025		390		417
Enbridge, Inc. (Canada) 3.50%, 6/10/2024		200		205
Energy Transfer Operating LP
4.75%, 1/15/2026		145		151
4.20%, 4/15/2027		220		223
5.15%, 2/1/2043		190		183
Eni SpA (Italy)
Series X-R, 4.75%, 9/12/2028(a)		205		218
4.25%, 5/9/2029(a)		200		204
Enterprise Products Operating LLC 4.25%, 2/15/2048		150		147
EQM Midstream Partners LP 4.00%, 8/1/2024		140		137
Kinder Morgan, Inc. 5.30%, 12/1/2034		240		262
Marathon Petroleum Corp. 4.75%, 9/15/2044		143		144
MPLX LP
4.50%, 4/15/2038		120		114
4.70%, 4/15/2048		125		119
Noble Energy, Inc.
3.90%, 11/15/2024		145		149
3.85%, 1/15/2028		261		262
5.25%, 11/15/2043		95		98
Occidental Petroleum Corp. 3.00%, 2/15/2027		410		398
ONEOK Partners LP 4.90%, 3/15/2025		245		263
Phillips 66 4.88%, 11/15/2044		119		130
Phillips 66 Partners LP 4.90%, 10/1/2046		120		123
Spectra Energy Partners LP 3.50%, 3/15/2025		110		112
Sunoco Logistics Partners Operations LP
4.00%, 10/1/2027		105		104
5.35%, 5/15/2045		135		135
TransCanada PipeLines Ltd. (Canada)
4.25%, 5/15/2028		265		278
5.10%, 3/15/2049		220		240
Western Midstream Operating LP
5.45%, 4/1/2044		85		80
5.30%, 3/1/2048		30		28

				6,679

Pharmaceuticals — 4.3%
Allergan Funding SCS 3.80%, 3/15/2025		185		186
AstraZeneca plc (United Kingdom)
3.50%, 8/17/2023		115		119
4.00%, 1/17/2029		105		111
4.38%, 11/16/2045		45		47
Bausch Health Cos., Inc. 5.50%, 11/1/2025(a)		170		171
Bristol-Myers Squibb Co.
2.90%, 7/26/2024(a)		185		187
3.40%, 7/26/2029(a)		190		195
4.13%, 6/15/2039(a)		75		78
4.25%, 10/26/2049(a)		65		69
Elanco Animal Health, Inc. 3.91%, 8/27/2021(a)		75		77
Eli Lilly & Co.
3.88%, 3/15/2039		140		148
3.95%, 3/15/2049		110		115
GlaxoSmithKline Capital plc (United Kingdom) 3.00%, 6/1/2024		430		436
Johnson & Johnson 3.40%, 1/15/2038		110		110
Merck & Co., Inc. 3.40%, 3/7/2029		115		119
Mylan, Inc. 5.20%, 4/15/2048		40		36
Novartis Capital Corp. (Switzerland)
3.40%, 5/6/2024		110		114
4.00%, 11/20/2045		115		123
Pfizer, Inc.
3.45%, 3/15/2029		520		541
4.00%, 3/15/2049		130		138
Roche Holdings, Inc. (Switzerland) 3.35%, 9/30/2024(a)		200		207
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		655		645
Zoetis, Inc.
4.50%, 11/13/2025		225		242
3.00%, 9/12/2027		230		226

				4,440

Road & Rail — 1.8%
Avis Budget Car Rental LLC 6.38%, 4/1/2024(a)		75		77
Avolon Holdings Funding Ltd. (Ireland)
3.95%, 7/1/2024(a)		69		69
4.38%, 5/1/2026(a)		65		65
Burlington Northern Santa Fe LLC 3.90%, 8/1/2046		270		276
CSX Corp.
3.25%, 6/1/2027		440		442
3.80%, 11/1/2046		210		203
Hertz Corp. (The) 5.50%, 10/15/2024(a)		50		42

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Norfolk Southern Corp.
2.90%, 6/15/2026		125		125
4.15%, 2/28/2048		175		181
Park Aerospace Holdings Ltd. (Ireland) 5.50%, 2/15/2024(a)		70		74
Union Pacific Corp.
3.60%, 9/15/2037		70		68
3.35%, 8/15/2046		175		158
4.30%, 3/1/2049		50		53

				1,833

Semiconductors & Semiconductor Equipment — 0.7%
Broadcom Corp.
3.13%, 1/15/2025		240		228
3.88%, 1/15/2027		125		119
3.50%, 1/15/2028		130		119
Entegris, Inc. 4.63%, 2/10/2026(a)		100		99
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(a)		200		208

				773

Software — 1.7%
Microsoft Corp.
3.50%, 2/12/2035		270		279
3.45%, 8/8/2036		435		444
3.70%, 8/8/2046		120		125
Oracle Corp.
2.65%, 7/15/2026		215		212
3.90%, 5/15/2035		235		243
3.80%, 11/15/2037		170		171
4.00%, 11/15/2047		300		303

				1,777

Specialty Retail — 0.5%
Home Depot, Inc. (The) 3.90%, 6/15/2047		110		114
Lowe’s Cos., Inc.
3.65%, 4/5/2029		120		121
3.70%, 4/15/2046		165		148
4.05%, 5/3/2047		165		155

				538

Technology Hardware, Storage & Peripherals — 0.8%
Apple, Inc.
2.50%, 2/9/2025		82		81
3.45%, 2/9/2045		215		204
3.75%, 11/13/2047		270		270
Dell International LLC
6.02%, 6/15/2026(a)		87		94
4.90%, 10/1/2026(a)		171		175

				824

Thrifts & Mortgage Finance — 0.8%
BPCE SA (France) 3.25%, 1/11/2028(a)		250		249
Nationwide Building Society (United Kingdom)
(ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023(a)(d)		360		364
(ICE LIBOR USD 3 Month + 1.39%), 4.36%, 8/1/2024(a)(d)		200		205

				818

Tobacco — 2.0%
Altria Group, Inc.
4.80%, 2/14/2029		415		434
3.88%, 9/16/2046		170		142
BAT Capital Corp. (United Kingdom)
3.56%, 8/15/2027		130		125
4.39%, 8/15/2037		415		379
4.54%, 8/15/2047		110		99
Philip Morris International, Inc.
2.13%, 5/10/2023		535		524
3.38%, 8/15/2029		175		176
3.88%, 8/21/2042		165		158

				2,037

Trading Companies & Distributors — 0.4%
Air Lease Corp. 3.63%, 12/1/2027		365		352
United Rentals North America, Inc. 5.50%, 5/15/2027		100		101

				453

Wireless Telecommunication Services — 0.9%
America Movil SAB de CV (Mexico) 3.63%, 4/22/2029		235		239
T-Mobile USA, Inc. 6.50%, 1/15/2026		100		105
Vodafone Group plc (United Kingdom)
4.38%, 5/30/2028		470		490
5.25%, 5/30/2048		95		99

				933

TOTAL CORPORATE BONDS (Cost $94,445)				97,967

U.S. TREASURY OBLIGATIONS — 0.8%
U.S. Treasury Bonds
3.38%, 11/15/2048		728		849
3.00%, 2/15/2049		7		8

TOTAL U.S. TREASURY OBLIGATIONS (Cost $796)				857

ASSET-BACKED SECURITIES — 0.3%
Air Canada Pass-Through Trust (Canada) Series 2017-1, Class AA, 3.30%, 1/15/2030(a)		136		137
Delta Air Lines Pass-Through Trust Series 2019-1, Class AA, 3.20%, 4/25/2024		160		164

TOTAL ASSET-BACKED SECURITIES (Cost $291)				301

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Shares (000)		Value (000)
SHORT-TERM INVESTMENTS — 7.4%
INVESTMENT COMPANIES — 7.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43%(i)(j) (Cost $7,371)		7,369		7,371


	Principal Amount (000)
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills 2.38%, 8/8/2019(k)(l) (Cost $283)		284		283

TOTAL SHORT-TERM INVESTMENTS (Cost $7,654)				7,654

Total Investments — 102.7% (Cost $103,186)				106,779
Liabilities in Excess of Other Assets — (2.7%)				(2,783	)

Net Assets — 100.0%				103,996

Percentages indicated are based on net assets.


Abbreviations

EUR		Euro
ICE		Intercontinental Exchange
LIBOR		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.
(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 May 31, 2019.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2019.
(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)		Amount rounds to less than 0.1% of net assets.
(h)		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 May 31, 2019.
(i)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(j)		The rate shown is the current yield as of May 31, 2019.
(k)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(l)		The rate shown is the effective yield as of May 31, 2019.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Futures contracts outstanding as of May 31, 2019 (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		34			09/2019		USD		7,300			30
U.S. Treasury Long Bond		15			09/2019		USD		2,308			52
U.S. Treasury Ultra Bond		27			09/2019		USD		4,756			152

												234

Short Contracts
Euro-Bund		(1	)		09/2019		EUR		(191	)		—	(a)
U.S. Treasury 5 Year Note		(23	)		09/2019		USD		(2,700	)		(14	)
U.S. Treasury 10 Year Note		(59	)		09/2019		USD		(7,481	)		(83	)
U.S. Treasury 10 Year Ultra Note		(29	)		09/2019		USD		(3,962	)		(54	)

												(151	)

												83


Abbreviations

EUR		Euro
USD		United States Dollar

(a)		Amount rounds to less than one thousand.

Forward foreign currency exchange contracts outstanding as of May 31, 2019 (amounts in thousands):

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation) ($)

EUR

212

USD

237

Citibank, NA

6/5/2019

—

(a)

USD

242

EUR

216

Goldman Sachs International

6/5/2019

—

(a)

USD

EUR

TD Bank Financial Group

6/5/2019

—

(a)

Total unrealized appreciation

—

(a)

EUR

USD

TD Bank Financial Group

6/5/2019

—

(a)

USD

237

EUR

212

Citibank, NA

7/3/2019

—

(a)

USD

EUR

State Street Corp.

7/3/2019

—

(a)

Total unrealized depreciation

—

(a)

Net unrealized appreciation

—

(a)


Abbreviations

EUR		Euro
USD		United States Dollar

(a)		Amount rounds to less than one thousand.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Centrally Cleared Interest rate swap contracts outstanding as of May 31, 2019 (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		2.30 semi-annually		Pay		4/19/2024		USD 5,140		—		38

										—		38

3 month LIBOR quarterly		2.63 semi-annually		Receive		4/19/2032		USD 1,120		—		(36	)

										—		(36	)

										—		2


Abbreviations

LIBOR		London Interbank Offered Rate
USD		United States Dollar

(a)		Value of floating rate index at May 31, 2019 was 2.50%.

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 and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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 (“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)	$	7,371		$	99,408		$	—	$	106,779

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts(a)	$	—		$	—	(b)	$	—	$	—	(b)
Futures Contracts(a)		234			—			—		234
Swaps(a)		—			38			—		38

Total Appreciation in Other Financial Instruments	$	234		$	38		$	—	$	272

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts(a)	$	—		$	—	(b)	$	—	$	—	(b)
Futures Contracts(a)		(151	)		—			—		(151	)
Swaps(a)		—			(36	)		—		(36	)

Total Depreciation in Other Financial Instruments	$	(151	)	$	(36	)	$	—	$	(187	)

(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. Level 2 consists of U.S. Treasury Bills held as initial margin for futures contracts.

(b)	Amount rounds to less than one thousand.

There were no transfers into and out of level 3 for the period ended May 31, 2019.


Corporate Bond Fund

For the period ended May 31, 2019

Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43%(a)(b)	$	2,766	$	23,304	$	18,699	$	—	(c)	$	—	$	7,371		7,369	$	18	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

(c)	Amount rounds to less than one thousand.

C. 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.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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.

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, while 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.

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 U.S. Dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange 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 interest rate, to manage interest rate (e.g., duration, yield curve) 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 by the Fund 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, 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.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

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

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 Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)

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


Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — 89.5%
Argentina — 1.8%
Aeropuertos Argentina 2000 SA 6.88%, 2/1/2027(a)		591		566
Agua y Saneamientos Argentinos SA 6.63%, 2/1/2023(b)		2,180		1,388
Arcor SAIC 6.00%, 7/6/2023(a)		1,099		1,050
Pampa Energia SA 7.50%, 1/24/2027(b)		515		451
YPF SA
8.50%, 3/23/2021(b)		240		234
6.95%, 7/21/2027(b)		665		570

				4,259

Bahrain — 0.6%
Batelco International Finance No. 1 Ltd. 4.25%, 5/1/2020(b)		1,300		1,294

Brazil — 8.3%
Banco ABC Brasil SA 7.88%, 4/8/2020(b)		990		1,024
Banco do Brasil SA 5.88%, 1/26/2022(b)		370		387
(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.40%), 6.25%, 4/15/2024(b)(c)(d)(e)		889		799
(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 6.36%), 9.00%, 6/18/2024(b)(c)(d)(e)		1,330		1,417
4.63%, 1/15/2025(b)		921		932
Braskem America Finance Co. 7.13%, 7/22/2041(b)		1,062		1,204
Cemig Geracao e Transmissao SA 9.25%, 12/5/2024(a)		3,100		3,437
Hidrovias International Finance SARL 5.95%, 1/24/2025(a)		730		718
Itau Unibanco Holding SA
6.20%, 12/21/2021(b)		1,070		1,131
5.13%, 5/13/2023(b)		470		490
JSL Europe SA 7.75%, 7/26/2024(a)		1,090		1,079
Klabin Austria GmbH 7.00%, 4/3/2049(a)		1,110		1,111
Light Servicos de Eletricidade SA 7.25%, 5/3/2023(a)		386		392
Petrobras Global Finance BV
6.25%, 3/17/2024		1,060		1,148
5.30%, 1/27/2025		630		654
6.00%, 1/27/2028		1,074		1,106
7.25%, 3/17/2044		120		127
6.85%, 6/5/2115		570		556
Suzano Austria GmbH 7.00%, 3/16/2047(a)		330		355
Votorantim Cimentos International SA 7.25%, 4/5/2041(b)		991		1,117

				19,184

Canada — 0.4%
Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025(a)		960		910

Chile — 1.5%
Celulosa Arauco y Constitucion SA
5.50%, 11/2/2047		400		407
5.50%, 4/30/2049(a)		750		755
Cencosud SA 4.38%, 7/17/2027(b)		600		575
Corp. Nacional del Cobre de Chile 3.63%, 8/1/2027(b)		430		437
Empresa Electrica Angamos SA 4.88%, 5/25/2029(b)		630		640
Empresa Nacional del Petroleo 5.25%, 11/6/2029(b)		380		416
SACI Falabella 4.38%, 1/27/2025(b)		219		226

				3,456

China — 12.2%
Agile Group Holdings Ltd. 6.70%, 3/7/2022(b)		1,110		1,129
Alibaba Group Holding Ltd.
3.60%, 11/28/2024		250		254
4.20%, 12/6/2047		260		260
Azure Orbit IV International Finance Ltd. 3.75%, 1/25/2023(b)		1,170		1,186
Bluestar Finance Holdings Ltd. 4.38%, 6/11/2020(b)		1,370		1,385
CCB Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 4.50%, 4/21/2077(b)(d)		1,909		1,799
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		1,327
CDBL Funding 1 4.25%, 12/2/2024(b)		431		447
CDBL Funding 2 3.00%, 8/1/2022(b)		1,406		1,399
China Aoyuan Group Ltd. 8.50%, 1/23/2022(b)		1,080		1,126
China Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.29%), 4.00%, 7/3/2075(b)(d)		1,611		1,599
Chouzhou International Investment Ltd. 4.00%, 12/5/2020(b)		1,060		1,051

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
CIFI Holdings Group Co. Ltd. 6.38%, 5/2/2020(b)		550		556
CNAC HK Finbridge Co. Ltd. 4.88%, 3/14/2025(b)		1,030		1,088
Country Garden Holdings Co. Ltd. 7.25%, 4/4/2021(b)		200		203
GCL New Energy Holdings Ltd. 7.10%, 1/30/2021(b)		2,300		2,051
Greenland Global Investment Ltd. 7.88%, 10/24/2020(b)		660		677
Haitian BVI International Investment Development Ltd. 3.88%, 12/12/2020(b)		1,040		1,029
Hong Kong Red Star Macalline Universal Home Furnishings Ltd. 3.38%, 9/21/2022(b)		1,186		1,093
Hongkong International Qingdao Co. Ltd. 4.25%, 12/4/2022(b)		1,720		1,640
Huarong Finance 2017 Co. Ltd. 4.25%, 11/7/2027(b)		250		247
Huarong Finance II Co. Ltd. 5.50%, 1/16/2025(b)		742		799
Hubei Science & Technology Investment Group Hong Kong Ltd. 4.38%, 3/5/2021(b)		1,040		1,031
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)		770		669
Tencent Holdings Ltd.
3.60%, 1/19/2028(b)		290		286
3.98%, 4/11/2029(a)		690		696
Times China Holdings Ltd.
6.25%, 1/17/2021(b)		870		870
7.63%, 2/21/2022(b)		1,100		1,128
Yuzhou Properties Co. Ltd. 8.63%, 1/23/2022(b)		1,080		1,118

				28,143

Colombia — 4.3%
Banco GNB Sudameris SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.56%), 6.50%, 4/3/2027(a)(d)		114		119
Bancolombia SA 5.95%, 6/3/2021(f)		1,070		1,123
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.93%), 4.88%, 10/18/2027(d)		870		878
Ecopetrol SA
5.38%, 6/26/2026		2,600		2,770
7.38%, 9/18/2043		30		36
5.88%, 5/28/2045		1,921		1,966
Geopark Ltd. 6.50%, 9/21/2024(a)		1,230		1,236
Millicom International Cellular SA 6.25%, 3/25/2029(a)		870		909
Transportadora de Gas Internacional SA ESP 5.55%, 11/1/2028(a)		720		787

				9,824

Congo, Democratic Republic of the — 0.6%
HTA Group Ltd. 9.13%, 3/8/2022(a)		1,352		1,410

El Salvador — 0.3%
AES El Salvador Trust II 6.75%, 3/28/2023(b)		801		775

				775

Guatemala — 1.0%
Comunicaciones Celulares SA 6.88%, 2/6/2024(b)		1,600		1,653
Energuate Trust
5.88%, 5/3/2027(a)		470		472
5.88%, 5/3/2027(b)		200		201

				2,326

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)(d)		1,580		1,593
China CITIC Bank International Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.25%), 4.62%, 2/28/2029(b)(d)		1,230		1,260
CK Hutchison Capital Securities Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.07%), 4.00%, 5/12/2022(b)(c)(d)(e)		850		838
CK Hutchison International Ltd. 3.63%, 4/11/2029(a)		1,620		1,646
CMB Wing Lung Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.75%), 3.75%, 11/22/2027(b)(d)		690		682
LS Finance Ltd. 4.25%, 10/16/2022(b)		1,630		1,619
Nan Fung Treasury Ltd.
4.50%, 9/20/2022(b)		440		456
3.88%, 10/3/2027(b)		1,180		1,154
RKPF Overseas Ltd. 7.75%, 4/18/2021(b)		1,090		1,134
Sun Hung Kai Properties Capital Market Ltd. 3.75%, 2/25/2029(b)		1,130		1,173
WTT Investment Ltd. 5.50%, 11/21/2022(a)		2,090		2,143

				13,698

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
India — 4.1%
ABJA Investment Co. Pte. Ltd. 5.45%, 1/24/2028(b)		1,090		1,003
Azure Power Energy Ltd. 5.50%, 11/3/2022(a)		1,125		1,106
Canara Bank 3.88%, 3/28/2024(b)		1,150		1,158
Greenko Dutch BV 5.25%, 7/24/2024(a)		1,013		965
Indian Oil Corp. Ltd. 5.75%, 8/1/2023(b)		620		673
JSW Steel Ltd. 5.25%, 4/13/2022(b)		1,640		1,649
NTPC Ltd.
3.75%, 4/3/2024(b)		570		573
4.38%, 11/26/2024(b)		680		705
Oil India International Pte. Ltd. 4.00%, 4/21/2027(b)		1,180		1,174
Vedanta Resources Ltd. 6.38%, 7/30/2022(a)		390		374

				9,380

Indonesia — 2.0%
Indonesia Asahan Aluminium Persero PT 5.71%, 11/15/2023(a)		1,180		1,269
Listrindo Capital BV 4.95%, 9/14/2026(b)		200		192
LLPL Capital Pte. Ltd. 6.88%, 2/4/2039(a)		600		651
Medco Platinum Road Pte. Ltd. 6.75%, 1/30/2025(a)		590		572
Minejesa Capital BV 5.63%, 8/10/2037(a)		458		453
Pertamina Persero PT 6.45%, 5/30/2044(a)		600		686
SSMS Plantation Holdings Pte. Ltd. 7.75%, 1/23/2023(b)		910		839

				4,662

Israel — 2.9%
Israel Electric Corp. Ltd. 6.88%, 6/21/2023(b)		510		577
Series 6, 5.00%, 11/12/2024(b)		1,437		1,537
4.25%, 8/14/2028(b)		1,026		1,057
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/2026		3,156		2,399
4.10%, 10/1/2046		1,610		1,044

				6,614

Jamaica — 0.1%
Digicel Group One Ltd. 8.25%, 12/30/2022(a)		459		284

Kazakhstan — 0.3%
Nostrum Oil & Gas Finance BV
8.00%, 7/25/2022(a)		870		595
7.00%, 2/16/2025(b)		280		183

				778

Kuwait — 0.9%
Al Ahli Bank of Kuwait KSCP (USD Swap Semi 5 Year + 4.17%), 7.25%, 9/26/2023(b)(c)(d)(e)		910		948
Kuwait Projects Co. SPC Ltd. 4.50%, 2/23/2027(b)		1,162		1,128

				2,076

Luxembourg — 1.1%
Altice Financing SA 7.50%, 5/15/2026(b)		2,600		2,555

Macau — 1.7%
Sands China Ltd.
5.13%, 8/8/2025		1,080		1,134
5.40%, 8/8/2028		1,920		2,004
Studio City Co. Ltd. 7.25%, 11/30/2021(b)		720		744

				3,882

Malaysia — 0.9%
Gohl Capital Ltd. 4.25%, 1/24/2027(b)		920		933
RHB Bank Bhd. 3.77%, 2/19/2024(b)		1,130		1,161

				2,094

Mauritius — 0.3%
Neerg Energy Ltd. 6.00%, 2/13/2022(b)		800		774

Mexico — 6.5%
Alfa SAB de CV 6.88%, 3/25/2044(b)		630		685
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)		1,012		1,032
BBVA Bancomer SA 6.50%, 3/10/2021(b)		1,960		2,050
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033(a)(d)		1,520		1,417
Cometa Energia SA de CV 6.38%, 4/24/2035(a)		1,092		1,097
Controladora Mabe SA de CV 5.60%, 10/23/2028(a)		780		808
Elementia SAB de CV
5.50%, 1/15/2025(b)		750		735
5.50%, 1/15/2025(a)		200		196
Fresnillo plc 5.50%, 11/13/2023(b)		690		738
Grupo KUO SAB de CV 5.75%, 7/7/2027(a)		930		908

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Grupo Televisa SAB 5.25%, 5/24/2049		1,180		1,166
Nemak SAB de CV 4.75%, 1/23/2025(b)		1,160		1,147
Petroleos Mexicanos
5.50%, 1/21/2021		2,220		2,281
6.38%, 2/4/2021		250		260
6.75%, 9/21/2047		450		406

				14,926

Morocco — 0.8%
OCP SA 6.88%, 4/25/2044(b)		1,600		1,782

Nigeria — 0.9%
IHS Netherlands Holdco BV 9.50%, 10/27/2021(a)		1,330		1,372
United Bank for Africa plc 7.75%, 6/8/2022(b)		722		753

				2,125

Norway — 0.3%
DNO ASA 8.75%, 5/31/2023(b)		800		813

Oman — 2.2%
Bank Muscat SAOG 3.75%, 5/3/2021(b)		1,700		1,673
National Bank of Oman SAOG 5.63%, 9/25/2023(b)		1,150		1,156
Oztel Holdings SPC Ltd. 6.63%, 4/24/2028(b)		2,300		2,229

				5,058

Panama — 0.5%
Banistmo SA 3.65%, 9/19/2022(a)		1,076		1,072

Paraguay — 0.2%
Telefonica Celular del Paraguay SA 5.88%, 4/15/2027(a)		560		576

Peru — 3.3%
Banco de Credito del Peru (ICE LIBOR USD 3 Month + 7.04%), 6.13%, 4/24/2027(b)(d)		530		568
Consorcio Transmantaro SA 4.70%, 4/16/2034(a)		1,184		1,218
Inkia Energy Ltd. 5.88%, 11/9/2027(a)		1,025		1,025
Nexa Resources SA 5.38%, 5/4/2027(a)		3,020		3,074
Southern Copper Corp. 5.88%, 4/23/2045		370		408
Transportadora de Gas del Peru SA 4.25%, 4/30/2028(b)		1,300		1,330

				7,623

Philippines — 0.5%
Rizal Commercial Banking Corp. 4.13%, 3/16/2023(b)		1,120		1,137

Qatar — 3.0%
ABQ Finance Ltd.
3.63%, 4/13/2021(b)		1,630		1,630
3.50%, 2/22/2022(b)		1,700		1,695
IBQ Finance Ltd. 3.50%, 11/25/2020(b)		1,020		1,019
Ooredoo International Finance Ltd. 3.25%, 2/21/2023(b)		240		241
QNB Finance Ltd. 2.13%, 9/7/2021(b)		2,410		2,359

				6,944

Saudi Arabia — 0.3%
Dar Al-Arkan Sukuk Co. Ltd. 6.88%, 4/10/2022(b)		640		623

Singapore — 2.2%
DBS Group Holdings Ltd. (USD ICE Swap Rate 5 Year + 1.59%), 4.52%, 12/11/2028(b)(d)		1,640		1,725
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)		761		750
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)		1,450		1,419
United Overseas Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.50%), 3.75%, 4/15/2029(a)(d)		1,110		1,131

				5,025

South Africa — 1.4%
Eskom Holdings SOC Ltd. 5.75%, 1/26/2021(b)		810		808
FirstRand Bank Ltd. (USD Swap Semi 5 Year + 3.56%), 6.25%, 4/23/2028(b)(d)		550		566
Liquid Telecommunications Financing plc
8.50%, 7/13/2022(b)		670		648
8.50%, 7/13/2022(a)		448		434
SASOL Financing USA LLC 5.88%, 3/27/2024		750		790

				3,246

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
South Korea — 1.7%
Heungkuk Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2022(b)(c)(d)(e)		2,080		1,978
KEB Hana Bank 4.25%, 10/14/2024(b)		705		739
Shinhan Bank Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.15%), 3.88%, 12/7/2026(b)(d)		635		645
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)		640		669

				4,031

Spain — 1.1%
AI Candelaria Spain SLU 7.50%, 12/15/2028(a)		1,260		1,328
International Airport Finance SA 12.00%, 3/15/2033(a)		1,060		1,147

				2,475

Taiwan — 0.8%
Competition Team Technologies Ltd. 3.75%, 3/12/2024(b)		1,820		1,840

Thailand — 1.3%
Siam Commercial Bank PCL
3.90%, 2/11/2024(b)		780		807
4.40%, 2/11/2029(b)		990		1,055
Thaioil Treasury Center Co. Ltd. 4.63%, 11/20/2028(b)		1,080		1,161

				3,023

Turkey — 4.0%
Akbank T.A.S.
5.00%, 10/24/2022(b)		1,120		1,021
(USD Swap Semi 5 Year + 4.03%), 6.80%, 4/27/2028(a)(d)		298		227
Coca-Cola Icecek A/S 4.22%, 9/19/2024(b)		740		706
KOC Holding A/S
5.25%, 3/15/2023(a)		880		834
5.25%, 3/15/2023(b)		600		568
Petkim Petrokimya Holding A/S 5.88%, 1/26/2023(a)		1,162		1,072
Ronesans Gayrimenkul Yatirim A/S 7.25%, 4/26/2023(a)(f)		1,567		1,303
Turk Telekomunikasyon A/S 6.88%, 2/28/2025(a)		1,242		1,172
Turkiye Garanti Bankasi A/S
5.25%, 9/13/2022(b)		880		822
(USD Swap Semi 5 Year + 4.22%), 6.13%, 5/24/2027(b)(d)		215		168
Turkiye Is Bankasi A/S
6.00%, 10/24/2022(b)		443		377
6.13%, 4/25/2024(b)		839		713
Turkiye Vakiflar Bankasi TAO 5.75%, 1/30/2023(b)		200		171

				9,154

Ukraine — 0.6%
Metinvest BV 8.50%, 4/23/2026(a)		1,390		1,382

United Arab Emirates — 6.7%
Abu Dhabi Crude Oil Pipeline LLC 3.65%, 11/2/2029(b)		210		215
Abu Dhabi National Energy Co. PJSC
3.63%, 1/12/2023(b)		200		203
3.88%, 5/6/2024(b)		2,180		2,221
ADCB Finance Cayman Ltd. 4.00%, 3/29/2023(a)		2,362		2,430
DP World plc 6.85%, 7/2/2037(b)		100		122
EA Partners I BV 6.88%, 9/28/2020(b)		1,620		664
EA Partners II BV 6.75%, 6/1/2021(b)(g)		1,551		673
Emirates NBD PJSC
3.25%, 11/14/2022(b)		880		877
(USD Swap Semi 6 Year + 3.66%), 6.13%, 3/20/2025(b)(c)(d)(e)		1,120		1,151
First Abu Dhabi Bank PJSC 3.00%, 3/30/2022(b)		260		260
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)		2,100		2,034
Mashreqbank PSC 4.25%, 2/26/2024(b)		2,240		2,271
Union National Bank PJSC 4.00%, 3/13/2023(b)		2,270		2,301

				15,422

TOTAL CORPORATE BONDS (Cost $206,972)				206,655

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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

Investments

Principal
Amount
(000)

Value
(000)

SUPRANATIONAL — 2.1%

Africa Finance Corp. 4.38%, 4/17/2026(a)

1,390

1,397

African Export-Import Bank (The)

5.25%, 10/11/2023(b)

1,070

1,126

4.13%, 6/20/2024(b)

1,240

1,242

Arab Petroleum Investments Corp. 4.13%, 9/18/2023(a)

1,020

1,057

TOTAL SUPRANATIONAL

(Cost $4,710)

4,822

FOREIGN GOVERNMENT SECURITIES — 1.1%

Argentina — 0.8%

Provincia de Buenos Aires 9.95%, 6/9/2021(b)

740

627

Republic of Argentina

5.63%, 1/26/2022

503

390

4.63%, 1/11/2023

323

240

6.88%, 1/26/2027

810

581

1,838

India — 0.3%

Indian Railway Finance Corp. Ltd. 3.73%, 3/29/2024(b)

800

810

TOTAL FOREIGN GOVERNMENT SECURITIES

(Cost $2,866)

2,648

CONVERTIBLE BONDS — 0.5%

United Arab Emirates — 0.5%

Aabar Investments PJSC 1.00%, 3/27/2022(b)

(Cost $1,072)

EUR

1,100

Shares
(000)

COMMON STOCKS — 0.3%

Colombia — 0.3%

Frontera Energy Corp.*

441

Frontera Energy Corp.

233

Frontera Energy Corp.

TOTAL COMMON STOCKS

(Cost $1,325)

690

Principal
Amount
(000)

U.S. TREASURY OBLIGATIONS — 0.1%

U.S. Treasury Notes 1.38%, 9/30/2019(h)

(Cost $264)

265

264

SHORT-TERM INVESTMENTS — 5.3%

Shares
(000)

INVESTMENT COMPANIES — 5.3%

JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43%(i)(j)

(Cost $12,125)

12,122

12,126

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.4%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.33%(i)(j)

(Cost $966)

966

Total Investments — 99.3%

(Cost $230,300)

229,271

Other Assets Less Liabilities — 0.7%

1,530

Net Assets — 100.0%

230,801

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Abbreviations


EUR		Euro
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
PJSC		Public Joint Stock Company
PT		Limited liability company
SPC		Special purpose 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.
(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)		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 May 31, 2019.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2019.
(e)		Security is an interest bearing note with preferred security characteristics.
(f)		The security or a portion of this security is on loan at May 31, 2019. The total value of securities on loan at May 31, 2019 is approximately $936,000.
(g)		Defaulted security.
(h)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(i)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(j)		The rate shown is the current yield as of May 31, 2019.
*		Non-income producing security.

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Futures contracts outstanding as of May 31, 2019 (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		38			09/2019		USD		8,159			31
U.S. Treasury 5 Year Note		82			09/2019		USD		9,628			74
U.S. Treasury 10 Year Note		79			09/2019		USD		10,017			113

												218

Short Contracts
U.S. Treasury Long Bond		(18	)		09/2019		USD		(2,770	)		(57	)

												(57	)

												161

Abbreviations


USD		United States Dollar

Forward foreign currency exchange contracts outstanding as of May 31, 2019 (amounts in thousands):

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation) ($)

USD

899

EUR

800

Barclays Bank plc

6/17/2019

Net unrealized appreciation

Abbreviations


EUR		Euro
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.

Equities 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.

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. Forward foreign currency exchange 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.

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

•

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)	$	13,782		$	215,489	$	—	$	229,271

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts (a)	$	—		$	5	$	—	$	5
Futures Contracts (a)		218			—		—		218

Total Appreciation in Other Financial Instruments	$	218		$	5	$	—	$	223

Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(57	)	$	—	$	—	$	(57	)

(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.

There were no transfers into and out of level 3 for the period ended May 31, 2019.

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43% (a)(b)	$	17,971	$	33,068	$	38,913	$	1	$	(1	)	$	12,126		12,122	$	78	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.33% (a)(b)		1,063		1,961		2,058		—		—			966		966		10		—

Total	$	19,034	$	35,029	$	40,971	$	1	$	(1	)	$	13,092			$	88	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

C. Derivatives — The Fund used derivative instruments including futures and forward foreign currency exchange contracts 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.

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

(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.

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).

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)

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


Investments		Principal Amount (000)		Value (000)
FOREIGN GOVERNMENT SECURITIES — 71.8%
Albania — 0.2%
Republic of Albania 3.50%, 10/9/2025(a)	EUR		1,943		2,288

Angola — 1.5%
Republic of Angola
7.00%, 8/17/2019(b)			564		566
9.50%, 11/12/2025(b)			4,600		5,014
8.25%, 5/9/2028(b)			6,800		6,834
9.38%, 5/8/2048(b)			4,900		4,923

					17,337

Argentina — 2.2%
Provincia de Buenos Aires
5.75%, 6/15/2019(b)			1,450		1,448
9.95%, 6/9/2021(b)			1,608		1,363
Republic of Argentina
6.88%, 4/22/2021			3,800		3,145
5.88%, 1/11/2028			5,800		4,027
6.63%, 7/6/2028			6,350		4,472
8.28%, 12/31/2033			4,875		3,683
7.13%, 7/6/2036			1,349		924
7.63%, 4/22/2046			6,675		4,679
6.88%, 1/11/2048			2,531		1,693
7.13%, 6/28/2117			630		423

					25,857

Azerbaijan — 0.6%
Republic of Azerbaijan
4.75%, 3/18/2024(b)			4,055		4,213
3.50%, 9/1/2032(b)			2,900		2,620

					6,833

Bahrain — 0.3%
Kingdom of Bahrain
7.00%, 10/12/2028(b)			2,900		3,057
6.00%, 9/19/2044(b)			994		882

					3,939

Belarus — 0.2%
Republic of Belarus
6.88%, 2/28/2023(b)			1,239		1,298
6.20%, 2/28/2030(b)			1,500		1,498

					2,796

Bermuda — 0.3%
Government of Bermuda
4.85%, 2/6/2024(b)			1,529		1,637
3.72%, 1/25/2027(b)			1,800		1,807

					3,444

Bolivia, Plurinational State of — 0.4%
Plurinational State of Bolivia 4.50%, 3/20/2028(b)			4,400		4,189

Brazil — 2.7%
Federative Republic of Brazil
6.00%, 4/7/2026			619		689
4.63%, 1/13/2028			13,000		13,192
8.25%, 1/20/2034			3,350		4,293
5.00%, 1/27/2045			10,484		9,740
5.63%, 2/21/2047			3,800		3,804

					31,718

Chile — 0.2%
Republic of Chile 3.86%, 6/21/2047			2,200		2,274

Colombia — 2.5%
Republic of Colombia
8.13%, 5/21/2024			1,100		1,333
3.88%, 4/25/2027			7,100		7,196
4.50%, 3/15/2029			1,084		1,140
10.38%, 1/28/2033			673		1,039
5.00%, 6/15/2045			13,184		13,777
5.20%, 5/15/2049			4,300		4,588

					29,073

Costa Rica — 2.0%
Instituto Costarricense de Electricidad
6.95%, 11/10/2021(b)			900		904
6.38%, 5/15/2043(b)			3,072		2,454
Republic of Costa Rica
4.25%, 1/26/2023(b)			3,800		3,651
4.25%, 1/26/2023(b)			686		659
4.38%, 4/30/2025(b)			3,428		3,191
5.63%, 4/30/2043(b)			1,700		1,406
7.00%, 4/4/2044(b)			6,238		5,907
7.00%, 4/4/2044(b)			774		733
7.16%, 3/12/2045(b)			3,946		3,783

					22,688

Croatia — 1.8%
Republic of Croatia
5.50%, 4/4/2023(b)			3,487		3,782
6.00%, 1/26/2024(b)			14,984		16,808

					20,590

Dominican Republic — 4.1%
Government of Dominican Republic
5.88%, 4/18/2024(b)			10,312		10,833
6.88%, 1/29/2026(b)			7,446		8,256
9.75%, 6/5/2026(a)	DOP		299,550		5,927
5.95%, 1/25/2027(b)			3,700		3,894
6.00%, 7/19/2028(b)			3,357		3,536
7.45%, 4/30/2044(b)			4,307		4,818
6.85%, 1/27/2045(b)			7,377		7,783
6.50%, 2/15/2048(b)			2,400		2,435

					47,482

Ecuador — 2.7%
Republic of Ecuador
10.75%, 3/28/2022(b)			4,300		4,780
7.95%, 6/20/2024(b)			2,500		2,525
9.65%, 12/13/2026(b)			600		629
9.63%, 6/2/2027(b)			478		497
8.88%, 10/23/2027(b)			5,100		5,117
7.88%, 1/23/2028(b)			16,747		16,003
10.75%, 1/31/2029(b)			1,180		1,290

					30,841

Egypt — 1.8%
Arab Republic of Egypt
5.88%, 6/11/2025(b)			4,919		4,765
4.75%, 4/16/2026(b)	EUR		1,555		1,663
7.50%, 1/31/2027(b)			5,500		5,576
8.50%, 1/31/2047(b)			3,069		3,012
7.90%, 2/21/2048(b)			6,559		6,116

					21,132

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
El Salvador — 1.5%
Republic of El Salvador
7.38%, 12/1/2019(b)			4,622		4,671
7.75%, 1/24/2023(b)			2,550		2,684
5.88%, 1/30/2025(b)			5,150		4,977
6.38%, 1/18/2027(b)			2,384		2,305
8.25%, 4/10/2032(b)			1,695		1,805
8.25%, 4/10/2032(b)			374		398
7.65%, 6/15/2035(b)			1,100		1,110

					17,950

Ethiopia — 0.8%
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024(b)			8,675		8,761

Gabon — 1.0%
Gabonese Republic
6.38%, 12/12/2024(b)			7,100		6,772
6.95%, 6/16/2025(b)			4,500		4,325

					11,097

Georgia — 0.1%
Republic of Georgia 6.88%, 4/12/2021(b)			1,000		1,052

Ghana — 1.1%
Republic of Ghana
7.88%, 8/7/2023(b)			4,450		4,650
7.88%, 3/26/2027(b)			1,500		1,494
7.63%, 5/16/2029(b)			6,600		6,287

					12,431

Guatemala — 0.6%
Republic of Guatemala
4.90%, 6/1/2030(a)			2,470		2,434
6.13%, 6/1/2050(a)			4,430		4,416

					6,850

Honduras — 0.9%
Republic of Honduras
8.75%, 12/16/2020(b)			528		562
7.50%, 3/15/2024(b)			1,900		2,070
6.25%, 1/19/2027(b)			7,413		7,793

					10,425

Hungary — 1.9%
Republic of Hungary
5.75%, 11/22/2023			7,544		8,415
5.38%, 3/25/2024			12,540		13,879

					22,294

Indonesia — 1.1%
Republic of Indonesia
3.38%, 4/15/2023(b)			1,300		1,304
4.13%, 1/15/2025(b)			2,100		2,168
6.63%, 2/17/2037(b)			5,300		6,638
6.75%, 1/15/2044(b)			2,449		3,196

					13,306

Iraq — 0.2%
Republic of Iraq 5.80%, 1/15/2028(b)			3,000		2,814

Ivory Coast — 1.1%
Republic of Cote d’Ivoire
6.38%, 3/3/2028(b)			7,300		6,862
5.75%, 12/31/2032(b)(c)			3,870		3,551
6.13%, 6/15/2033(b)			2,777		2,428

					12,841

Jamaica — 1.2%
Jamaica Government International Bond
8.00%, 6/24/2019			1,088		1,087
9.25%, 10/17/2025			1,759		2,185
6.75%, 4/28/2028			3,900		4,342
8.00%, 3/15/2039			2,959		3,571
7.88%, 7/28/2045			1,800		2,167

					13,352

Jordan — 0.2%
Kingdom of Jordan
6.13%, 1/29/2026(b)			1,400		1,403
5.75%, 1/31/2027(b)			1,364		1,332

					2,735

Kazakhstan — 0.4%
Republic of Kazakhstan
5.13%, 7/21/2025(b)			3,200		3,516
5.13%, 7/21/2025(b)			1,400		1,538

Kenya — 1.0%
Republic of Kenya
6.88%, 6/24/2024(b)			5,600		5,698
7.00%, 5/22/2027(a)			3,050		3,004
8.00%, 5/22/2032(a)			2,840		2,776

					11,478

Lebanon — 2.3%
Republic of Lebanon
5.45%, 11/28/2019(b)			500		491
6.38%, 3/9/2020			2,286		2,236
8.25%, 4/12/2021(b)			4,099		3,874
6.00%, 1/27/2023(b)			2,664		2,215
6.65%, 4/22/2024(b)			1,852		1,503
6.60%, 11/27/2026(b)			1,930		1,499
6.85%, 3/23/2027(b)			6,425		4,992
6.65%, 11/3/2028(b)			9,919		7,532
6.65%, 2/26/2030(b)			820		603
7.25%, 3/23/2037(b)			2,410		1,794

					26,739

Macedonia, the Former Yugoslav Republic of — 0.6%
Republic of Macedonia
2.75%, 1/18/2025(b)	EUR		4,350		5,036
2.75%, 1/18/2025(a)	EUR		1,603		1,856

					6,892

Malaysia — 0.4%
1MDB Global Investments Ltd. 4.40%, 3/9/2023(b)			4,600		4,325

Mexico — 0.9%
United Mexican States
3.38%, 2/23/2031	EUR		2,060		2,583
4.60%, 1/23/2046			2,000		1,943
4.60%, 2/10/2048			5,700		5,572

					10,098

Mongolia — 0.6%
Mongolia Government International Bond
10.88%, 4/6/2021(b)			4,783		5,253
8.75%, 3/9/2024(b)			1,900		2,094

					7,347

Morocco — 0.4%
Kingdom of Morocco 5.50%, 12/11/2042(b)			4,600		5,014

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Nigeria — 1.7%
Federal Republic of Nigeria
7.63%, 11/21/2025(b)			3,800		3,976
7.63%, 11/21/2025(a)			1,740		1,820
6.50%, 11/28/2027(b)			5,600		5,292
7.88%, 2/16/2032(b)			877		857
7.70%, 2/23/2038(a)			4,578		4,295
7.70%, 2/23/2038(b)			1,600		1,501
9.25%, 1/21/2049(b)			2,100		2,163

					19,904

Oman — 1.7%
Oman Government International Bond
4.75%, 6/15/2026(b)			7,700		6,892
5.38%, 3/8/2027(b)			1,748		1,586
5.63%, 1/17/2028(b)			5,553		5,053
6.75%, 1/17/2048(b)			6,774		5,741

					19,272

Pakistan — 1.3%
Republic of Pakistan
8.25%, 4/15/2024(b)			2,300		2,448
6.88%, 12/5/2027(b)			12,697		12,287

					14,735

Panama — 2.0%
Republic of Panama
3.75%, 4/17/2026(a)			5,770		5,842
9.38%, 4/1/2029			4,450		6,553
6.70%, 1/26/2036			2,500		3,306
4.30%, 4/29/2053			7,450		7,792

					23,493

Paraguay — 1.4%
Paraguay Government International Bond
4.70%, 3/27/2027(b)			8,950		9,352
5.60%, 3/13/2048(b)			395		422
5.40%, 3/30/2050(a)			297		312
Republic of Paraguay
4.63%, 1/25/2023(b)			1,600		1,654
6.10%, 8/11/2044(b)			4,052		4,575

					16,315

Peru — 1.1%
Republic of Peru
4.13%, 8/25/2027			7,400		8,111
5.94%, 2/12/2029(b)	PEN		9,090		2,856
5.63%, 11/18/2050			1,800		2,355

					13,322

Philippines — 1.8%
Republic of Philippines
0.88%, 5/17/2027	EUR		2,600		2,912
7.75%, 1/14/2031			4,392		6,277
7.75%, 1/14/2031			1,958		2,798
3.70%, 2/2/2042			8,200		8,509

					20,496

Qatar — 1.7%
State of Qatar
4.50%, 4/23/2028(b)			10,900		11,895
4.82%, 3/14/2049(b)			2,700		2,970
4.82%, 3/14/2049(a)			4,110		4,521

					19,386

Romania — 0.5%
Republic of Romania 4.63%, 4/3/2049(a)	EUR		4,400		5,315

Russia — 2.3%
Russian Federation
4.88%, 9/16/2023(b)			6,000		6,366
12.75%, 6/24/2028(b)			3,000		4,882
5.88%, 9/16/2043(b)			13,400		15,457

					26,705

Saudi Arabia — 0.8%
Kingdom of Saudi Arabia
5.00%, 4/17/2049(b)			3,700		3,922
5.25%, 1/16/2050(b)			4,700		5,177

					9,099

Serbia — 0.9%
Republic of Serbia
4.88%, 2/25/2020(b)			2,100		2,121
7.25%, 9/28/2021(b)			7,400		8,047

					10,168

South Africa — 2.0%
Republic of South Africa
5.50%, 3/9/2020			1,830		1,856
5.50%, 3/9/2020			1,570		1,592
4.67%, 1/17/2024			900		913
4.88%, 4/14/2026			2,080		2,082
4.30%, 10/12/2028			10,600		9,979
5.38%, 7/24/2044			1,200		1,128
5.00%, 10/12/2046			5,600		5,033
5.00%, 10/12/2046			200		180

					22,763

Sri Lanka — 2.3%
Republic of Sri Lanka
5.88%, 7/25/2022(b)			3,100		3,049
5.75%, 4/18/2023(b)			6,500		6,297
6.85%, 11/3/2025(b)			3,800		3,704
6.83%, 7/18/2026(b)			4,460		4,288
6.20%, 5/11/2027(b)			4,500		4,126
6.75%, 4/18/2028(b)			3,377		3,183
7.85%, 3/14/2029(a)			1,510		1,509

					26,156

Tajikistan — 0.1%
Republic of Tajikistan International Bond 7.13%, 9/14/2027(b)			1,000		932

Turkey — 1.7%
Export Credit Bank of Turkey 8.25%, 1/24/2024(a)			610		595
Republic of Turkey
3.25%, 3/23/2023			13,352		11,650
5.20%, 2/16/2026	EUR		2,680		2,867
4.88%, 4/16/2043			6,000		4,403

					19,515

Ukraine — 2.7%
Republic of Ukraine
7.75%, 9/1/2022(b)			5,447		5,433
7.75%, 9/1/2024(b)			3,100		2,968
7.75%, 9/1/2025(b)			1,998		1,894
7.38%, 9/25/2032(b)			13,184		11,702
0.00%, 5/31/2040(b)(d)			14,600		9,172

					31,169

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
United Arab Emirates — 0.8%
Abu Dhabi Government Bond 4.13%, 10/11/2047(b)		8,600		8,987

Uruguay — 2.2%
Republic of Uruguay
7.88%, 1/15/2033		5,246		7,263
7.63%, 3/21/2036		3,200		4,402
4.98%, 4/20/2055		13,440		14,159

				25,824

Uzbekistan — 0.1%
Republic of Uzbekistan 5.38%, 2/20/2029(b)		500		507
Republic of Uzbekistan Bond 5.38%, 2/20/2029(a)		646		656

				1,163

Venezuela, Bolivarian Republic of — 0.4%
Republic of Venezuela
7.75%, 10/13/2019(b)(e)		1,572		421
6.00%, 12/9/2020(b)(e)		1,300		354
12.75%, 8/23/2022(b)(e)		1,900		560
9.00%, 5/7/2023(b)(e)		1,437		400
8.25%, 10/13/2024(b)(e)		2,590		719
7.65%, 4/21/2025(b)(e)		2,013		549
11.75%, 10/21/2026(b)(e)		1,940		572
9.25%, 5/7/2028(b)(e)		4,130		1,146

				4,721

Vietnam — 0.2%
Republic of Vietnam 4.80%, 11/19/2024(b)		2,000		2,100

Zambia — 0.3%
Republic of Zambia 8.97%, 7/30/2027(b)		6,116		3,884

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $828,143)				830,760

CORPORATE BONDS — 23.8%
Azerbaijan — 1.4%
Southern Gas Corridor CJSC 6.88%, 3/24/2026(b)		4,067		4,626
State Oil Co. of the Azerbaijan Republic 6.95%, 3/18/2030(b)		10,316		11,847

				16,473

Bahrain — 0.5%
Oil and Gas Holding Co. BSCC (The)
7.63%, 11/7/2024(a)		2,100		2,250
7.63%, 11/7/2024(b)		600		643
8.38%, 11/7/2028(a)		2,200		2,423
8.38%, 11/7/2028(b)		400		440

				5,756

Belarus — 0.1%
Development Bank of the Republic of Belarus JSC 6.75%, 5/2/2024(a)		1,540		1,561

Brazil — 1.2%
Caixa Economica Federal (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.55%), 7.25%, 7/23/2024(b)(f)		7,700		7,729
Cemig Geracao e Transmissao SA
9.25%, 12/5/2024(a)		2,800		3,104
9.25%, 12/5/2024(b)		1,300		1,441
Votorantim Cimentos International SA 7.25%, 4/5/2041(b)		937		1,056

				13,330

Cayman Islands — 0.5%
Bioceanico Sovereign Certificate Ltd.Zero Coupon, 6/5/2034(a)		9,775		6,344

Chile — 2.2%
Celulosa Arauco y Constitucion SA 4.25%, 4/30/2029(a)		2,810		2,810
Corp. Nacional del Cobre de Chile
4.38%, 2/5/2049(a)		9,400		9,670
4.38%, 2/5/2049(b)		3,100		3,189
Empresa de Transporte de Pasajeros Metro SA 5.00%, 1/25/2047(b)		470		506
Empresa Nacional del Petroleo
3.75%, 8/5/2026(b)		3,000		2,997
5.25%, 11/6/2029(a)		3,230		3,534
5.25%, 11/6/2029(b)		1,300		1,423
4.50%, 9/14/2047(b)		900		865

				24,994

China — 1.2%
Chinalco Capital Holdings Ltd. 4.00%, 8/25/2021(b)		3,700		3,661
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027(b)		3,500		3,535
Minmetals Bounteous Finance BVI Ltd. 4.20%, 7/27/2026(b)		3,700		3,801
Sinopec Group Overseas Development Ltd.
5.38%, 10/17/2043(b)		1,419		1,759
4.60%, 9/12/2048(b)		750		844

				13,600

Colombia — 0.8%
Ecopetrol SA
5.88%, 9/18/2023		5,250		5,717
5.38%, 6/26/2026		3,200		3,408

				9,125

Croatia — 0.2%
Hrvatska Elektroprivreda 5.88%, 10/23/2022(b)		2,000		2,146

Ecuador — 0.5%
Petroamazonas EP
4.63%, 2/16/2020(b)		2,025		2,009
4.63%, 11/6/2020(a)		3,480		3,383

				5,392

Georgia — 0.1%
Georgian Railway JSC 7.75%, 7/11/2022(b)		1,600		1,726

Hong Kong — 0.4%
King Power Capital Ltd. 5.63%, 11/3/2024(b)		3,900		4,329

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Hungary — 0.2%
MFB Magyar Fejlesztesi Bank Zrt. 6.25%, 10/21/2020(b)			2,000		2,086

Indonesia — 2.1%
Indonesia Asahan Aluminium Persero PT
5.71%, 11/15/2023(a)			4,300		4,625
5.71%, 11/15/2023(b)			1,200		1,291
6.53%, 11/15/2028(a)			1,975		2,229
6.53%, 11/15/2028(b)			600		683
6.76%, 11/15/2048(a)			2,849		3,244
6.76%, 11/15/2048(b)			600		682
Minejesa Capital BV
4.63%, 8/10/2030(a)			3,373		3,267
4.63%, 8/10/2030(b)			1,100		1,066
Pertamina Persero PT
6.45%, 5/30/2044(b)			1,800		2,057
6.50%, 11/7/2048(b)			600		698
Perusahaan Listrik Negara PT
4.13%, 5/15/2027(b)			2,600		2,571
6.15%, 5/21/2048(a)			1,700		1,879

					24,292

Kazakhstan — 1.8%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042(b)			1,969		2,351
Kazakhstan Temir Zholy National Co. JSC
4.85%, 11/17/2027(a)			3,629		3,779
4.85%, 11/17/2027(b)			1,800		1,875
KazMunayGas National Co. JSC
3.88%, 4/19/2022(b)			800		809
4.40%, 4/30/2023(b)			3,491		3,601
4.75%, 4/19/2027(b)			3,300		3,466
5.75%, 4/19/2047(b)			3,800		4,047
6.38%, 10/24/2048(b)			600		677
6.38%, 10/24/2048(a)			410		463

					21,068

Malaysia — 0.5%
Petronas Capital Ltd. 4.50%, 3/18/2045(b)			5,200		5,891

Mexico — 3.8%
Banco Mercantil del Norte SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 7/6/2022(a)(f)(g)(h)			2,294		2,340
Banco Nacional de Comercio Exterior SNC 4.38%, 10/14/2025(b)			2,000		2,012
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 8/11/2026(a)(f)			2,910		2,885
Cometa Energia SA de CV
6.38%, 4/24/2035(a)			2,096		2,105
6.38%, 4/24/2035(b)			488		489
Petroleos Mexicanos 5.50%, 1/21/2021			900		925
(ICE LIBOR USD 3 Month + 3.65%), 6.25%, 3/11/2022(f)			3,771		3,917
5.38%, 3/13/2022			4,300		4,420
6.50%, 3/13/2027			7,935		7,988
6.50%, 1/23/2029			2,710		2,672
5.50%, 6/27/2044			5,000		4,033
6.75%, 9/21/2047			8,513		7,685
6.35%, 2/12/2048			3,460		3,020

					44,491

Panama — 0.4%
Aeropuerto Internacional de Tocumen SA 6.00%, 11/18/2048(a)			1,950		2,212
Empresa de Transmision Electrica SA 5.13%, 5/2/2049(a)			2,240		2,288

					4,500

Peru — 2.3%
Consorcio Transmantaro SA 4.38%, 5/7/2023(b)			1,400		1,433
Corp. Financiera de Desarrollo SA 4.75%, 7/15/2025(b)			1,200		1,259
Fondo MIVIVIENDA SA 3.50%, 1/31/2023(b)			3,700		3,698
Nexa Resources Peru SAA
4.63%, 3/28/2023(b)			3,221		3,295
4.63%, 3/28/2023(b)			1,300		1,330
Petroleos del Peru SA
4.75%, 6/19/2032(b)			7,350		7,593
4.75%, 6/19/2032(a)			3,700		3,822
5.63%, 6/19/2047(b)			4,333		4,631

					27,061

Russia — 0.6%
Russian Agricultural Bank OJSC 8.50%, 10/16/2023(b)			2,790		2,951
Vnesheconombank Via VEB Finance plc 5.94%, 11/21/2023(b)			3,697		3,854

					6,805

Saudi Arabia — 0.4%
Saudi Arabian Oil Co. 4.38%, 4/16/2049(a)			4,950		4,828

South Africa — 1.1%
Eskom Holdings SOC Ltd.
5.75%, 1/26/2021(b)			3,355		3,347
6.75%, 8/6/2023(b)			1,500		1,537
8.45%, 8/10/2028(b)			5,761		6,296
Transnet SOC Ltd. 4.00%, 7/26/2022(b)			1,300		1,274

					12,454

Spain — 0.5%
AI Candelaria Spain SLU 7.50%, 12/15/2028(b)			5,300		5,585

Trinidad and Tobago — 0.4%
Petroleum Co. of Trinidad & Tobago Ltd. 9.75%, 8/14/2019(b)			4,681		4,615

					4,615

Tunisia — 0.2%
Banque Centrale de Tunisie International Bond 6.75%, 10/31/2023(a)	EUR		1,600		1,769

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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

Investments

Principal
Amount
(000)

Value
(000)

Ukraine — 0.1%

State Savings Bank of Ukraine 9.63%, 3/20/2025(b)(c)

1,500

1,514

Venezuela, Bolivarian Republic of — 0.3%

Petroleos de Venezuela SA

8.50%, 10/27/2020(b)(e)

1,123

974

9.00%, 11/17/2021(b)(e)

1,510

374

12.75%, 2/17/2022(b)(e)

1,900

465

5.38%, 4/12/2027(b)(e)

5,758

1,155

9.75%, 5/17/2035(b)(e)

1,880

470

5.50%, 4/12/2037(b)(e)

980

192

3,630

TOTAL CORPORATE BONDS

(Cost $270,852)

275,365

U.S. TREASURY OBLIGATIONS — 0.9%

NGO 13.80%, 2/27/2020(i)

NGN

3,684,800

9,347

U.S. Treasury Notes 1.38%, 9/30/2019

1,558

1,553

TOTAL U.S. TREASURY OBLIGATIONS

(Cost $10,846)

10,900

SHORT-TERM INVESTMENTS — 4.7%

FOREIGN GOVERNMENT TREASURY BILLS — 0.3%

Nigeria OMO Bill 13.60%, 2/27/2020(i)

(Cost $2,777)

NGN

1,100,000

2,790

Shares
(000)

INVESTMENT COMPANIES — 4.4%

JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43%(j)(k)

(Cost $50,915)

50,901

50,916

TOTAL SHORT-TERM INVESTMENTS

(Cost $53,692)

53,706

Total Investments — 101.2%

(Cost $1,163,533)

1,170,731

Liabilities in Excess of Other Assets — (1.2)%

(13,948

)

Net Assets — 100.0%

1,156,783

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Abbreviations


CJSC		Closed Joint Stock Company
DOP		Dominican Republic Peso
EUR		Euro
ICE		Intercontinental Exchange
JSC		Joint Stock Company
LIBOR		London Interbank Offered Rate
NGN		Nigerian Naira
OJSC		Open Joint Stock Company
PEN		Peruvian Nuevo Sol
PT		Limited liability 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.
(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 May 31, 2019.
(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 May 31, 2019.
(e)		Defaulted security.
(f)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2019.
(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 May 31, 2019.
(h)		Security is an interest bearing note with preferred security characteristics.
(i)		The rate shown is the effective yield as of May 31, 2019.
(j)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(k)		The rate shown is the current yield as of May 31, 2019.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Forward foreign currency exchange contracts outstanding as of May 31, 2019 (amounts in thousands):


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
AUD	8,519		USD	5,910	Citibank, NA		6/25/2019		4
BRL	18,210		USD	4,560	Goldman Sachs International^**		6/25/2019		71
IDR	11,147,136		USD	763	Citibank, NA^**		6/25/2019		13
IDR	30,707,259		USD	2,100	Goldman Sachs International^**		6/25/2019		39
INR	203,921		USD	2,922	Citibank, NA^**		6/25/2019		2
TRY	17,997		USD	2,949	Barclays Bank plc		6/25/2019		102
USD	4,594		AUD	6,555	Goldman Sachs International		6/25/2019		44
USD	5,850		CLP	4,100,098	Goldman Sachs International^**		6/25/2019		73
USD	5,783		CZK	133,153	Citibank, NA		6/25/2019		23
USD	485		EUR	429	Citibank, NA		6/25/2019		4
USD	6,844		EUR	6,072	Goldman Sachs International		6/25/2019		48
USD	1,869		EUR	1,665	Merrill Lynch International		6/25/2019		6
USD	2,767		EUR	2,466	TD Bank Financial Group		6/25/2019		7
USD	2,896		EUR	2,582	Union Bank of Switzerland AG		6/25/2019		6
USD	5,894		RUB	381,576	Goldman Sachs International^**		6/25/2019		77
USD	593		THB	18,719	HSBC Bank, NA		6/25/2019		1
USD	20,154		EUR	17,531	Barclays Bank plc		6/28/2019		529
USD	1,694		EUR	1,498	State Street Corp.		6/28/2019		17

Total unrealized appreciation									1,066

CLP	567,049		USD	814	Citibank, NA^**		6/25/2019		(15	)
CLP	3,533,050		USD	5,102	Goldman Sachs International^**		6/25/2019		(125	)
CZK	136,463		USD	5,916	Citibank, NA		6/25/2019		(13	)
EUR	5,280		USD	5,920	Citibank, NA		6/25/2019		(10	)
USD	1,360		AUD	1,964	Merrill Lynch International		6/25/2019		(3	)
USD	4,522		BRL	18,210	Goldman Sachs International^**		6/25/2019		(109	)
USD	143		CZK	3,310	Barclays Bank plc		6/25/2019		(1	)
USD	2,864		IDR	41,854,395	Citibank, NA^**		6/25/2019		(52	)
USD	632		INR	44,718	Citibank, NA^**		6/25/2019		(9	)
USD	2,248		INR	159,203	Goldman Sachs International^**		6/25/2019		(34	)
USD	2,288		THB	72,414	Goldman Sachs International		6/25/2019		(2	)
USD	2,916		THB	92,636	HSBC Bank, NA		6/25/2019		(12	)
USD	3,217		TRY	20,239	Citibank, NA		6/25/2019		(215	)
USD	2,297		TRY	14,654	HSBC Bank, NA		6/25/2019		(188	)
USD	2,918		ZAR	43,466	Goldman Sachs International		6/25/2019		(58	)
ZAR	75,995		USD	5,330	Barclays Bank plc		6/25/2019		(127	)
ZAR	6,638		USD	460	Citibank, NA		6/25/2019		(5	)
BRL	15,999		USD	4,084	Barclays Bank plc^**		6/28/2019		(16	)
EUR	1,197		USD	1,352	BNP Paribas		6/28/2019		(12	)
USD	3,907		BRL	15,999	Goldman Sachs International^**		6/28/2019		(161	)
USD	8,462		ZAR	124,885	Barclays Bank plc		6/28/2019		(85	)
ZAR	62,309		USD	4,345	Citibank, NA		6/28/2019		(81	)
ZAR	62,576		USD	4,345	Goldman Sachs International		6/28/2019		(62	)

Total unrealized depreciation									(1,395	)

Net unrealized depreciation									(329	)

Abbreviations


AUD		Australian Dollar
BRL		Brazilian Real
CLP		Chilean Peso
CZK		Czech Republic Koruna
EUR		Euro
IDR		Indonesian Rupiah
INR		India Rupee
RUB		Russian Ruble
THB		Thai Baht
TRY		Turkish Lira
USD		United States Dollar
ZAR		South African Rand

**	Non-deliverable forward.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Over- the- Counter (“OTC”) Credit default swap contracts outstanding - buy protection⁽¹⁾ as of May 31, 2019 (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
($)

Republic of South Africa, 5.50%, 3/09/2020

1.00

Quarterly

Citibank, NA

6/20/2024

2.02

USD 7,526

313

340

Republic of South Africa, 5.50%, 3/09/2020

1.00

Quarterly

Citibank, NA

6/20/2024

2.02

USD 3,763

158

169

471

509

OTC Credit default swap contracts outstanding - sell protection⁽²⁾ as of May 31, 2019 (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 ($)
Republic of Argentina, 7.50%, 4/22/2026		5.00		Quarterly		Citibank, NA		6/20/2024		12.20		USD 5,138		(738	)		(396	)		(1,134	)

														(738	)		(396	)		(1,134	)


(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

Summary of total swap contracts outstanding as of May 31, 2019 (amounts in thousands):


	Net Upfront Payments (Receipts) ($)			Value ($)
Assets
OTC Credit default swap contracts outstanding - buy protection		471			509

Total OTC swap contracts outstanding		471			509

Liabilities
OTC Credit default swap contracts outstanding - sell protection		(738	)		(1,134	)

Total OTC swap contracts outstanding		(738	)		(1,134	)

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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.

•

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)	$	50,916		1,119,815			—	$	1,170,731

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts (a)	$	—	$	1,066		$	—	$	1,066
Swaps (a)		—		38			—		38

Total Appreciation in Other Financial Instruments	$	—	$	1,104		$	—	$	1,104

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts (a)	$	—	$	(1,395	)	$	—	$	(1,395	)
Swaps (a)		—		(396	)		—		(396	)

Total Depreciation in Other Financial Instruments	$	—	$	(1,791	)	$	—	$	(1,791	)

(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.

There were no transfers into and out of level 3 for the period ended May 31, 2019.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43% (a)(b)	$	19,718	$	579,070	$	547,869.00	($	4	)	$	1	$	50,916		50,901	$	299	$	—

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

C. 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 U.S. Dollar without the delivery of foreign currency.

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 credit default swaps, to manage credit 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 MAY 31, 2019 (Unaudited) (continued)

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, 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

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 Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
LOAN ASSIGNMENTS — 81.7%(a)
Aerospace & Defense — 1.5%
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 10/4/2024(b)		11,131		9,767
TransDigm Group, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 6/9/2023(b)		15,356		15,078
TransDigm Group, Inc., Term Loan G (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 8/22/2024(b)		990		970

				25,815

Air Freight & Logistics — 0.1%
XPO Logistics, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 2/24/2025(b)		2,098		2,078

Airlines — 0.5%
American Airlines, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 12/14/2023(b)		8,577		8,443

Auto Components — 0.4%
USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.60%, 5/16/2024(b)		6,405		6,220

Automobiles — 0.2%
Bombardier Recreational Products, Inc., 1st Lien Term Loan B (Canada) (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 5/23/2025(b)		2,838		2,797

Building Products — 0.5%
Continental Building Products, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 8/18/2023(b)		4,496		4,466
Summit Materials LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 11/21/2024(b)		4,476		4,448

				8,914

Chemicals — 2.1%
Momentive Performance, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 5.65%, 5/15/2024(b)(c)		12,785		12,729
Pelican Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.97%, 5/1/2025(b)		4,455		4,366
Pelican Products, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 7.75%), 10.22%, 5/1/2026(b)		2,205		2,106
Trinseo Materials Operating SCA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 9/6/2024(b)		6,894		6,808
Tronox Finance LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.44%, 9/23/2024(b)		6,178		6,095
(ICE LIBOR USD 1 Month + 3.00%), 5.49%, 9/23/2024(b)		3,009		2,968

				35,072

Commercial Services & Supplies — 1.9%
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.12%, 5/24/2024(b)		13,311		13,192
Prime Security Services Borrower LLC, Term Loan B-1 (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 5/2/2022(b)(c)		19,788		19,574

				32,766

Communications Equipment — 1.6%
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.69%, 12/15/2024(b)		9,623		9,413
CommScope, Inc., 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 4/6/2026(b)		9,087		9,041
Lumentum Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 12/10/2025(b)		1,440		1,430
Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 7/2/2025(b)		7,097		7,052

				26,936

Containers & Packaging — 2.8%
Berry Global, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.00%), 4.45%, 10/1/2022(b)		1,427		1,416
(ICE LIBOR USD 1 Month + 2.00%), 4.45%, 1/19/2024(b)		3,712		3,674
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 4/3/2024(b)		4,976		4,840
Consolidated Container, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 5/22/2024(b)		7,944		7,865
Flex Acquisition Co., Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.63%, 12/29/2023(b)		1,896		1,817
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 2/5/2023(b)		9,370		9,282

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Ring Container Technologies LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 10/31/2024(b)		7,386		7,327
Viskase Cos., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 1/30/2021(b)		11,775		11,216

				47,437

Diversified Consumer Services — 1.5%
Capital Vision Services Holdings, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 2/6/2025(b)		5,683		5,574
Capital Vision Services Holdings, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.19%, 2/6/2026(b)		2,475		2,449
Spin Holdco, Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 11/14/2022(b)		8,974		8,792
St George’s University Scholastic Services LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.94%, 7/17/2025(b)		8,840		8,854

				25,669

Diversified Financial Services — 0.7%
Advisor Group, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 8/15/2025(b)		4,035		4,035
Quidditch Acquisition, Inc., 1st Lien Cov-Lite Term Loan (ICE LIBOR USD 1 Month + 7.00%), 9.43%, 3/21/2025(b)		1,604		1,604
Telenet Financing LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 8/15/2026(b)(c)		6,245		6,159

				11,798

Diversified Telecommunication Services — 8.0%
Centurylink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 1/31/2025(b)		28,112		27,315
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 10/2/2024(b)(c)		19,728		19,683
Consolidated Communications, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 10/5/2023(b)		5,083		4,962
Dawn Acquisition LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 6.35%, 12/31/2025(b)(c)		5,430		5,219
Frontier Communications Corp., Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 6/15/2024(b)		5,820		5,701
Getty Images, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 7.00%, 2/19/2026(b)(c)		7,282		7,251
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 5/16/2024(b)(c)		19,340		19,146
Intelsat Jackson Holdings, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.18%, 11/27/2023(b)		30,096		29,657
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.94%, 11/1/2024(b)(c)		9,010		8,605
Securus Technologies Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 8.25%), 10.69%, 11/1/2025(b)		1,153		1,101
Windstream Corp., 1st Lien Term Loan B (3-MONTH PRIME + 5.00%), 10.50%, 3/29/2021(b)		7,643		7,784

				136,424

Electric Utilities — 1.9%
Calpine Construction Finance Co. LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 1/15/2025(b)		18,066		17,897
Carroll County Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.60%, 2/16/2026(b)		3,911		3,931
Edgewater Generation LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 12/13/2025(b)		6,096		6,085
Frontera Generation Holdings LLC, 1st Lien Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.72%, 5/2/2025(b)		3,077		3,048
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 1/30/2024(b)(c)		1,004		992
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 1/30/2024(b)		218		215

				32,168

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Electrical Equipment — 1.7%
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.94%, 8/1/2025(b)		13,150		13,113
Cortes NP Acquisition Corp., Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 6.44%, 11/30/2023(b)(c)		17,797		16,729

				29,842

Electronic Equipment, Instruments & Components — 0.4%
II-VI, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.00%, 5/8/2026(b)(c)		2,473		2,453
VeriFone Systems, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.52%, 8/20/2025(b)		4,328		4,268

				6,721

Entertainment — 0.6%
AMC Entertainment Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 4/22/2026(b)		10,345		10,297

Equity Real Estate Investment Trusts (REITs) — 1.1%
ESH Hospitality, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 8/30/2023(b)		497		495
GGP, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 8/27/2025(b)(c)		18,396		17,878

				18,373

Food & Staples Retailing — 3.5%
Albertson’s LLC, 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 3.00%), 5.61%, 12/21/2022(b)		11,326		11,290
(ICE LIBOR USD 1 Month + 3.00%), 5.44%, 6/22/2023(b)		14,096		14,023
Albertson’s LLC, 1st Lien Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 11/17/2025(b)		10,016		9,942
BJ’s Wholesale Club, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.45%, 2/3/2024(b)		6,641		6,639
Moran Foods LLC, Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.60%, 12/5/2023(b)		17,082		8,861
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.69%, 10/22/2025(b)		10,219		8,737

				59,492

Food Products — 2.2%
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.75%), 5.22%, 4/6/2024(b)(c)		17,767		17,294
Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.69%), 6.13%, 5/23/2025(b)		5,614		5,478
JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.50%), 5.03%, 5/1/2026(b)		14,807		14,767

				37,539

Health Care Equipment & Supplies — 0.9%
Mallinckrodt International Finance, Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.35%, 9/24/2024(b)		17,211		15,117

Health Care Providers & Services — 6.8%
CHG Healthcare Services, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 6/7/2023(b)		9,971		9,933
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 10/10/2025(b)		23,736		21,550
MedRisk, Inc., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 12/27/2024(b)		3,743		3,631
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.35%, 6/7/2023(b)		22,424		21,906
NVA Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 2/2/2025(b)		23,970		23,160
Pearl Intermediate Parent LLC, 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.75%), 5.18%, 2/14/2025(b)		10,519		10,151
(ICE LIBOR USD 1 Month + 3.25%), 5.68%, 2/14/2025(b)		767		751
Pearl Intermediate Parent LLC, Delayed Draw (ICE LIBOR USD 1 Month + 2.75%), 3.95%, 2/14/2025(b)		2,370		2,287
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 2/6/2024(b)		25,020		22,502

				115,871

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Hotels, Restaurants & Leisure — 5.4%
1011778 BC ULC, 1st Lien Term Loan B (Canada) (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 2/16/2024(b)		15,681		15,470
CEOC LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 10/7/2024(b)		24,274		23,995
Club Corp Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.35%, 9/18/2024(b)		6,810		6,539
Equinox Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 3/8/2024(b)		7,780		7,747
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.60%, 12/1/2023(b)		10,616		10,599
Hanjin International Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.93%, 10/19/2020(b)		7,687		7,591
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 2/5/2025(b)		11,345		11,220
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%), 5.22%, 8/14/2024(b)(c)		8,355		8,214

				91,375

Household Products — 0.5%
Clover Merger Sub, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.94%, 9/26/2024(b)		8,623		8,256

Independent Power and Renewable Electricity Producers — 1.5%
ExGen Renewables IV LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.53%, 11/28/2024(b)		8,693		8,245
Invenergy LLC, Term Loan (ICE LIBOR USD 3 Month + 3.50%), 6.10%, 8/28/2025(b)		7,255		7,297
Talen Energy Supply LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.61%, 12/3/2025(b)		9,758		9,746

				25,288

Insurance — 1.2%
Asurion LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.50%), 8.94%, 8/4/2025(b)		4,275		4,341
Asurion LLC, Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 11/3/2024(b)		8,856		8,810
HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.34%, 4/25/2025(b)		7,699		7,491

				20,642

IT Services — 2.1%
Carbonite, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.18%, 3/26/2026(b)		2,565		2,569
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 7.43%, 2/6/2026(b)		4,126		4,116
Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 9.38%, 7/12/2023(b)		12,897		10,769
Optiv Security, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 2/1/2024(b)(c)		2,809		2,609
Optiv Security, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 7.25%), 9.69%, 1/31/2025(b)		4,000		3,660
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%), 5.58%, 11/3/2023(b)		8,838		8,166
Web.Com Group, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.20%, 10/10/2025(b)(c)		4,794		4,735

				36,624

Leisure Products — 1.1%
Delta 2 SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 2/1/2024(b)		14,721		14,361
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.62%, 5/15/2022‡(b)		4,763		4,735

				19,096

Life Sciences Tools & Services — 0.2%
Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 8/30/2024(b)		3,862		3,761

Machinery — 0.3%
Zodiac Pool Solutions LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 7/2/2025(b)		4,472		4,456

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Materials — 0.7%
Gates Global LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 4/1/2024(b)		11,595		11,502

Media — 8.7%
Altice Financing SA, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 7/15/2025(b)		7,833		7,482
Altice Financing SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.18%, 1/31/2026(b)		1,059		1,011
CBS Radio, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.18%, 11/18/2024(b)		3,283		3,275
Cineworld Finance US, Inc., 1st Lien Term Loan B (United Kingdom) (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 2/28/2025(b)		5,410		5,312
CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 7/17/2025(b)		6,842		6,701
CSC Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 1/15/2026(b)		21,746		21,327
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 10/10/2025(b)(c)		8,472		8,437
Gray Television, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.25%), 4.73%, 2/7/2024(b)		3,120		3,095
(ICE LIBOR USD 1 Month + 2.50%), 4.98%, 1/2/2026(b)		5,985		5,954
Hoya Midco LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.94%, 6/30/2024(b)		10,439		10,252
iHeartCommunications, Inc., Exit Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.58%, 5/1/2026(b)(c)		17,282		17,287
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 1/31/2025(b)		6,019		6,002
Mission Broadcasting, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 2.25%), 4.74%, 1/17/2024(b)		686		677
Nexstar Broadcasting Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.68%, 1/17/2024(b)		3,586		3,541
Numericable US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.69%), 6.13%, 1/31/2026(b)		9,332		8,966
Red Ventures LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 11/8/2024(b)		6,768		6,750
Tribune Media Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 1/26/2024(b)		6,389		6,379
Tribune Media Co., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 12/27/2020(b)		5,442		5,435
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.75%, 8/18/2023(b)		9,197		9,172
Univision Communications, Inc., 1st Lien Term Loan C-5 (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 3/15/2024(b)		2,295		2,174
Ziggo Secured Finance Partnership, 1st Lien Term Loan E (Netherlands) (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 4/15/2025(b)		8,977		8,748

				147,977


Metals & Mining — 0.3%
Aleris International, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.75%), 7.19%, 2/27/2023(b)		5,707		5,709

Multiline Retail — 0.5%
Neiman Marcus Group, Inc., Other Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.72%, 10/25/2020(b)		9,161		8,236

Oil, Gas & Consumable Fuels — 4.8%
California Resources Corp., 1st Lien Second Out Term Loan (ICE LIBOR USD 1 Month + 10.38%), 12.80%, 12/31/2021(b)		3,726		3,752
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 1 Month + 4.75%), 7.18%, 12/31/2022(b)		7,977		7,572
Delek US Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 3/31/2025(b)		1,995		1,979
EG Group Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.60%, 2/7/2025(b)		975		956
Encino Acquisition Partners Holdings, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.19%, 10/29/2025(b)		4,000		3,680

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Euro Garages Finco Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.60%, 2/7/2025(b)		8,119		7,963
Grizzly Acquisitions Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 10/1/2025(b)		2,716		2,709
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 7.78%, 8/25/2023(b)		7,208		5,935
HFOTCO LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 6/26/2025(b)		2,555		2,550
Kestrel Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.69%, 6/2/2025(b)		5,648		5,488
Lotus Midstream LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 9/29/2025(b)		2,872		2,870
Medallion Midland Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 10/30/2024(b)		2,908		2,859
MEG Energy Corp., 1st Lien Term Loan B (Canada) (ICE LIBOR USD 1 Month + 3.50%), 5.94%, 12/31/2023(b)		1,971		1,965
Moda Midstream LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 9/29/2025(b)		2,317		2,316
Oryx Midstream Services LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.50%), 6.44%, 5/8/2026(b)(c)		3,750		3,743
Prairie ECI Acquiror LP, 1st Lien Term Loan (ICE LIBOR USD 6 Month + 4.75%), 7.37%, 3/11/2026(b)		2,436		2,451
Stetson Midstream, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.69%, 7/18/2025(b)		4,942		4,936
Terraform Power Operating LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 11/8/2022(b)		5,056		5,008
Ultra Resources, Inc., Term Loan (ICE LIBOR USD 1 Month + 0.25%), 6.18%, 4/12/2024(b)		16,007		13,254

				81,986

Personal Products — 0.3%
Prestige Brands, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 1/26/2024(b)		4,636		4,593

Pharmaceuticals — 3.5%
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 1 Month + 5.50%), 7.95%, 9/6/2024(b)		27,060		25,247
Endo Pharmaceuticals, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.75%, 4/29/2024(b)(c)		6,494		6,255
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.47%, 6/2/2025(b)(c)		28,732		28,621

				60,123

Professional Services — 0.3%
Trans Union LLC, 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 6/19/2025(b)		4,755		4,738

Real Estate Management & Development — 0.7%
CityCenter Holdings LLC, Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 4/18/2024(b)		12,304		12,174

Road & Rail — 0.4%
Hertz Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 6/30/2023(b)		6,227		6,155

Software — 2.4%
Applied Systems, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 9/19/2024(b)(c)		4,485		4,456
Barracuda Networks, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.77%, 2/12/2025(b)		2,558		2,549
Greeneden US Holdings II LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 12/1/2023(b)		4,355		4,308
Infor US, Inc., Tranche B-6 Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 2/1/2022(b)		4,500		4,481
Landesk Software Group, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 6.72%, 1/20/2024(b)(c)		3,194		3,171

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Landesk Software Group, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 9.00%), 11.47%, 1/20/2025(b)(c)		830		815
Misys, Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.10%, 6/13/2024(b)(c)		6,923		6,773
Qlik Technologies, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.37%, 4/26/2024(b)(c)		3,498		3,447
Salient CRGT, Inc., Term Loan B (ICE LIBOR USD 1 Month + 6.00%), 8.44%, 2/28/2022(b)		4,695		4,554
Solera LLC, Dollar Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 3/3/2023(b)		3,391		3,365
Sonicwall, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 10.02%, 5/18/2026(b)		1,375		1,279
The Ultimate Software Group, Inc., 1st Lien Term Loan (ICE LIBOR USD 2 Month + 3.75%), 6.27%, 5/4/2026(b)		2,405		2,405

				41,603

Specialty Retail — 3.0%
At Home Holding III, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.08%, 6/3/2022(b)		5,685		5,614
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 9.94%, 10/12/2038‡(b)(d)		1,383		2,144
Digicert, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 6.44%, 10/31/2024(b)		3,445		3,433
Party City Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 8/19/2022(b)		7,527		7,471
PetSmart, Inc., Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.72%, 3/11/2022(b)(c)		8,555		8,218
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 7.60%, 4/16/2026(b)		25,643		24,746

				51,626

Technology Hardware, Storage & Peripherals — 1.0%
Dell International LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 9/7/2023(b)		3,897		3,874
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 6.83%, 5/16/2025(b)(c)		5,684		5,578
Quest Software US Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 8.25%), 10.83%, 5/18/2026(b)(c)		1,089		1,070
Radiate Holdco LLC, Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 2/1/2024(b)		7,291		7,177

				17,699

Textiles, Apparel & Luxury Goods — 0.3%
Samsonite IP Holdings SARL, 1st Lien Term Loan B (Luxembourg) (ICE LIBOR USD 1 Month + 1.75%), 4.19%, 4/25/2025(b)		5,976		5,853

Transportation Infrastructure — 0.1%
Sirva Worldwide, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 9.50%), 12.07%, 8/3/2026(b)		1,650		1,320

Wireless Telecommunication Services — 1.5%
A2Z Wireless Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.00%), 8.47%, 5/1/2023(b)(c)		6,470		6,042
Sprint Communications, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 5.00%, 2/2/2024(b)		11,543		11,276
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 7.44%, 3/9/2023(b)		7,131		6,629
Syniverse Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 9.00%), 11.44%, 3/11/2024(b)		2,545		1,921

				25,868

TOTAL LOAN ASSIGNMENTS (Cost $1,433,804)				1,392,449

CORPORATE BONDS — 13.0%
Aerospace & Defense — 0.5%
Arconic, Inc. 5.13%, 10/1/2024		4,000		4,065
Bombardier, Inc. (Canada) 6.13%, 1/15/2023(e)		4,000		3,889

				7,954

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Air Freight & Logistics — 0.5%
XPO Logistics, Inc.
6.13%, 9/1/2023(e)		2,500		2,518
6.75%, 8/15/2024(e)		5,520		5,672

				8,190

Airlines — 0.1%
American Airlines Group, Inc. 5.00%, 6/1/2022(e)		2,500		2,528

Auto Components — 0.7%
Goodyear Tire & Rubber Co. (The) 5.13%, 11/15/2023(f)		8,500		8,461
Icahn Enterprises LP 6.75%, 2/1/2024		4,000		4,100

				12,561

Banks — 0.2%
Barclays Bank plc (United Kingdom) 7.63%, 11/21/2022		3,381		3,651

Chemicals — 0.3%
CF Industries, Inc. 3.45%, 6/1/2023		3,500		3,404
FXI Holdings, Inc. 7.88%, 11/1/2024(e)		1,101		1,002

				4,406

Commercial Services & Supplies — 1.2%
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.57%, 12/21/2065(b)(e)		11,745		8,456
Nielsen Finance LLC 5.00%, 4/15/2022(e)		3,909		3,876
Pitney Bowes, Inc. 4.95%, 4/1/2023(g)		4,485		4,160
Prime Security Services Borrower LLC 5.25%, 4/15/2024(e)		3,968		3,894

				20,386

Communications Equipment — 0.3%
CommScope, Inc. 6.00%, 3/1/2026(e)		2,500		2,500
Plantronics, Inc. 5.50%, 5/31/2023(e)		1,850		1,834

				4,334

Construction & Engineering — 0.2%
MasTec, Inc. 4.88%, 3/15/2023		3,000		3,030

Consumer Finance — 0.8%
FirstCash, Inc. 5.38%, 6/1/2024(e)		1,000		1,010
Springleaf Finance Corp.
6.13%, 5/15/2022		7,000		7,315
6.13%, 3/15/2024		5,680		5,893

				14,218

Containers & Packaging — 0.0%(h)
Reynolds Group Issuer, Inc. 5.75%, 10/15/2020		485		485

Diversified Telecommunication Services — 0.4%
CCO Holdings LLC
5.88%, 4/1/2024(e)		5,000		5,169
5.75%, 2/15/2026(e)		2,160		2,241

				7,410

Electric Utilities — 0.0%(h)
Texas Competitive Electric Holdings Co. LLC 8.50%, 5/1/2020‡(i)		75,000		38

Electronic Equipment, Instruments & Components — 0.1%
Ingram Micro, Inc. 5.00%, 8/10/2022		1,400		1,403

Energy Equipment & Services — 0.4%
Nabors Industries, Inc. 5.10%, 9/15/2023		2,000		1,670
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025(e)		1,000		961
Transocean Proteus Ltd. 6.25%, 12/1/2024(e)		4,650		4,696

				7,327

Equity Real Estate Investment Trusts (REITs) — 0.3%
Iron Mountain, Inc. 5.75%, 8/15/2024		4,360		4,325

Food Products — 0.2%
JBS USA LUX SA 5.88%, 7/15/2024(e)		4,000		4,117

Health Care Providers & Services — 0.9%
Acadia Healthcare Co., Inc. 5.63%, 2/15/2023		10,575		10,588
Encompass Health Corp.
5.13%, 3/15/2023		1,318		1,328
5.75%, 11/1/2024		1,000		1,005
Tenet Healthcare Corp. 4.63%, 7/15/2024		2,241		2,225

				15,146

Hotels, Restaurants & Leisure — 1.0%
1011778 BC ULC (Canada) 4.25%, 5/15/2024(e)		4,000		3,950
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(e)		1,511		1,583
Jack Ohio Finance LLC 6.75%, 11/15/2021(e)		4,000		4,094
Scientific Games International, Inc. 5.00%, 10/15/2025(e)		7,185		7,077

				16,704

Household Durables — 0.2%
Tempur Sealy International, Inc. 5.63%, 10/15/2023		4,000		4,040

Household Products — 0.2%
Spectrum Brands, Inc. 6.13%, 12/15/2024		3,000		3,067

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Independent Power and Renewable Electricity Producers — 0.1%
Clearway Energy Operating LLC 5.38%, 8/15/2024		1,959		1,949

IT Services — 0.1%
Zayo Group LLC 6.00%, 4/1/2023		1,065		1,093

Leisure Products — 0.2%
Mattel, Inc. 3.15%, 3/15/2023		4,000		3,680

Machinery — 0.3%
ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023(e)		1,500		1,543
Colfax Corp. 6.00%, 2/15/2024(e)		3,000		3,100

				4,643

Media — 0.4%
Clear Channel Worldwide Holdings, Inc. 9.25%, 2/15/2024(e)		5,277		5,645
Gray Television, Inc. 5.13%, 10/15/2024(e)		2,000		2,009

				7,654

Metals & Mining — 0.1%
AK Steel Corp. 7.63%, 10/1/2021		500		483
Allegheny Technologies, Inc. 5.95%, 1/15/2021		500		496
Freeport-McMoRan, Inc. 3.88%, 3/15/2023		500		481
Steel Dynamics, Inc. 5.13%, 10/1/2021		500		501

				1,961

Oil, Gas & Consumable Fuels — 1.2%
Aker BP ASA (Norway) 5.88%, 3/31/2025(e)		3,237		3,391
DCP Midstream Operating LP 3.88%, 3/15/2023		500		494
Hilcorp Energy I LP 5.00%, 12/1/2024(e)		1,720		1,664
Matador Resources Co. 5.88%, 9/15/2026		1,703		1,686
PBF Logistics LP 6.88%, 5/15/2023		500		505
Peabody Energy Corp. 6.00%, 3/31/2022(e)		500		496
QEP Resources, Inc. 5.25%, 5/1/2023		3,000		2,812
Range Resources Corp.
5.88%, 7/1/2022		1,000		980
5.00%, 3/15/2023		500		468
SemGroup Corp. 5.63%, 7/15/2022		500		495
Summit Midstream Holdings LLC 5.50%, 8/15/2022		500		484
Sunoco LP 4.88%, 1/15/2023		500		504
Targa Resources Partners LP 5.25%, 5/1/2023		500		502
TerraForm Power Operating LLC 4.25%, 1/31/2023(e)		6,709		6,491

				20,972

Pharmaceuticals — 0.3%
Bausch Health Cos., Inc. 6.50%, 3/15/2022(e)		5,000		5,170

Road & Rail — 0.8%
Avis Budget Car Rental LLC 5.50%, 4/1/2023		9,000		9,045
Avolon Holdings Funding Ltd. (Ireland) 5.25%, 5/15/2024(e)		4,120		4,280

				13,325

Specialty Retail — 0.1%
Group 1 Automotive, Inc. 5.25%, 12/15/2023(e)		1,500		1,524

Technology Hardware, Storage & Peripherals — 0.3%
EMC Corp. 3.38%, 6/1/2023		5,000		4,856

Wireless Telecommunication Services — 0.6%
Sprint Communications, Inc. 6.00%, 11/15/2022		4,025		4,116
Sprint Corp. 7.25%, 9/15/2021		5,000		5,256
T-Mobile USA, Inc. 4.00%, 4/15/2022‡		3,334		—

				9,372

TOTAL CORPORATE BONDS (Cost $222,342)				221,519


	Shares (000)
COMMON STOCKS — 1.0%
Aerospace & Defense — 0.1%
Remington Outdoor Co., Inc.*‡		419		628

Independent Power and Renewable Electricity Producers — 0.2%
Vistra Energy Corp.		165		3,887

Media — 0.1%
Clear Channel Outdoor Holdings, Inc.*		369		1,874
iHeartMedia, Inc., Class A*		18		304

				2,178

Oil, Gas & Consumable Fuels — 0.1%
Southcross Holdco Equity*‡		1		733

Software — 0.4%
Avaya Holdings Corp.*		500		6,290

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Shares (000)		Value ($000)
Specialty Retail — 0.1%
Claire’s Stores, Inc.*‡		3		2,203

TOTAL COMMON STOCKS (Cost $21,177)				15,919

PREFERRED STOCKS — 0.2%
Specialty Retail — 0.2%
Claire’s Stores, Inc.*‡ (Cost $1,124)		2		3,200


	No. of Warrants (000)
WARRANTS — 0.1%
Wireless Telecommunication Services — 0.1%
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD*‡ (Cost $2,479)		138		2,216


	No. of Rights (000)
RIGHTS — 0.1%
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Energy Corp., expiring 12/31/2049*‡ (Cost $ — )		1,250		994


	Principal Amount ($000)
ASSET-BACKED SECURITIES — 0.0%(h)
Continental Airlines Pass-Through Trust Series 2004-ERJ1, 9.56%, 9/1/2019(Cost $136)		133		134


	Shares (000)
SHORT-TERM INVESTMENTS — 6.9%
INVESTMENT COMPANIES — 6.9%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.27%(j)(k)(Cost $118,293)		118,293		118,293

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.0%(h)
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.33%(j)(k)(Cost $804)		804		804

Total Investments — 103.0% (Cost $1,800,159)				1,755,528
Liabilities in Excess of Other Assets — (3.0%)				(50,754	)

Net Assets — 100.0%				1,704,774

Percentages indicated are based on net assets.

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Abbreviations

ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
SCA		Limited partnership with share capital
USD		United States Dollar
(a)		Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2019.
(c)		All or a portion of this security is unsettled as of May 31, 2019. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(d)		Fund is subject to legal or contractual restrictions on the resale of the security.
(e)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)		The security or a portion of this security is on loan at May 31, 2019. The total value of securities on loan at May 31, 2019 is approximately $784,000.
(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 May 31, 2019.
(h)		Amount rounds to less than 0.1% of net assets.
(i)		Defaulted security.
(j)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(k)		The rate shown is the current yield as of May 31, 2019.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

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.

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.

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.

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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

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 May 31, 2019.

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	$	—	$	134	$	—		$	134
Corporate Bonds
Electric Utilities		—		—		38			38
Wireless Telecommunication Services		—		9,372		—	(a)		9,372
Other Corporate Bonds		—		212,109		—			212,109

Total Corporate Bonds		—		221,481		38			221,519

Common Stocks
Aerospace & Defense		—		—		628			628
Oil, Gas & Consumable Fuels		—		—		733			733
Specialty Retail		—		—		2,203			2,203
Other Common Stocks		12,355		—		—			12,355

Total Common Stocks		12,355		—		3,564			15,919

Loan Assignments
Leisure Products		—		14,361		4,735			19,096
Specialty Retail		—		49,482		2,144			51,626
Other Loan Assignments		—		1,321,727		—			1,321,727

Total Loan Assignments		—		1,385,570		6,879			1,392,449

Preferred Stocks		—		—		3,200			3,200
Rights		—		—		994			994
Warrants		—		—		2,216			2,216
Short-Term Investments
Investment Companies		118,293		—		—			118,293
Investment of cash collateral from securities loaned		804		—		—			804

Total Investments in Securities	$	131,452	$	1,607,185	$	16,891	*	$	1,755,528

(a)	Value is zero.

Level 3 securities are valued by brokers and pricing services. At May 31, 2019, the value of these securities was approximately $16,891,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker and vendor due diligence, unchanged price review and consideration of macro or security specific events.

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


	Balance as of February 28, 2019			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 May 31, 2019
Investments in Securities:
Common Stocks — Aerospace & Defense	$	733			—	$	(105	)		—	$	—	$	—	$	—	$	—	$	628
Common Stocks — Oil, Gas & Consumable Fuels		767			—		(34	)		—		—		—		—		—		733
Common Stocks — Specialty Retail		2,694			—		(491	)		—		—		—		—		—		2,203
Corporate Bonds — Electric Utilities		225			—		(187	)		—		—		—		—		—		38
Corporate Bonds — Wireless Telecommunication Services		—	(a)		—		—			—		—		—		—		—		—	(a)
Loan Assignments — Leisure Products		4,704			—		—			—		31		—		—		—		4,735
Loan Assignments — Specialty Retail		2,075			—		69			—		—		—		—		—		2,144
Preferred Stocks — Specialty Retail		3,019			—		181			—		—		—		—		—		3,200
Rights — Independent Power and Renewable Electricity Producers		969			—		25			—		—		—		—		—		994
Warrants — Wireless Telecommunication Services		—			—		(263	)		—		2,479		—		—		—		2,216

	$	15,186		$	—	$	(805	)	$	—	$	2,510	$	—	$	—	$	—	$	16,891

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)	Value is Zero.

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

The change in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2019, which were valued using significant unobservable inputs (level 3) amounted to approximately $(805,000).

There were no transfers into and out of level 3 for the period ended May 31, 2019.


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.56% (a)	$	—	$	10,000	$	10,000	$	—	$	—	$	—		—	$	14	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.33% (a)(b)		6,824		29,194		35,214		—		—		804		804		26		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.27% (a)(b)		162,036		371,580		415,323		—		—		118,293		118,293		688		—

Total	$	168,860	$	410,774	$	460,537	$	—	$	—	$	119,097			$	728	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)

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


Investments	Principal Amount (000)			Value (000)
CORPORATE BONDS — 48.4%
Argentina — 0.1%
Agua y Saneamientos Argentinos SA 6.63%, 2/1/2023(a)			3,850		2,451

Australia — 1.2%
Australia & New Zealand Banking Group Ltd.
3.63%, 7/18/2022(a)		EUR	1,534		1,919
0.25%, 11/29/2022		EUR	7,650		8,664
(USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026(b)(c)(d)(e)			1,076		1,155
Commonwealth Bank of Australia 0.38%, 4/24/2023(a)		EUR	6,027		6,854
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022(d)			230		231
5.13%, 5/15/2024(d)			230		231
National Australia Bank Ltd.
0.25%, 3/28/2022(a)		EUR	3,150		3,565
0.88%, 11/16/2022(a)		EUR	3,806		4,401
Westpac Banking Corp. 0.63%, 1/14/2022(a)		EUR	3,800		4,336

					31,356

Azerbaijan — 0.1%
State Oil Co. of the Azerbaijan Republic 4.75%, 3/13/2023(a)			2,273		2,326

Bahrain — 0.1%
Batelco International Finance No. 1 Ltd. 4.25%, 5/1/2020(a)			1,600		1,592

Belgium — 0.6%
Anheuser-Busch Cos. LLC 4.90%, 2/1/2046			2,305		2,376
Anheuser-Busch InBev SA/NV 2.00%, 3/17/2028(a)		EUR	900		1,075
Anheuser-Busch InBev Worldwide, Inc.
4.15%, 1/23/2025			4,145		4,379
4.90%, 1/23/2031			1,630		1,806
Solvay Finance SA (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023(a)(b)(c)(e)		EUR	3,400		4,264
Telenet Finance Luxembourg Notes SARL 3.50%, 3/1/2028(a)		EUR	1,600		1,813

					15,713

Brazil — 0.7%
Banco do Brasil SA (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.40%), 6.25%, 4/15/2024(a)(b)(c)(e)			1,431		1,285
Banco Votorantim SA 7.38%, 1/21/2020(a)			700		716
Braskem America Finance Co. 7.13%, 7/22/2041(a)			1,090		1,236
Cemig Geracao e Transmissao SA 9.25%, 12/5/2024(d)			3,380		3,747
JSL Europe SA 7.75%, 7/26/2024(a)			3,950		3,910
Petrobras Global Finance BV 6.90%, 3/19/2049			4,960		4,935
Votorantim Cimentos International SA 7.25%, 4/5/2041(a)			1,950		2,199

					18,028

Canada — 1.1%
Advanz Pharma Corp. 8.00%, 9/6/2024			687		647
ATS Automation Tooling Systems, Inc. 6.50%, 6/15/2023(d)			188		193
Baytex Energy Corp.
5.13%, 6/1/2021(d)			100		99
5.63%, 6/1/2024(d)			115		108
Bombardier, Inc.
6.00%, 10/15/2022(d)			320		312
6.13%, 1/15/2023(d)			637		619
7.50%, 12/1/2024(d)			287		282
7.50%, 3/15/2025(d)			461		447
7.88%, 4/15/2027(d)			567		544
Emera US Finance LP 3.55%, 6/15/2026			3,916		3,939
Encana Corp.
6.50%, 8/15/2034			2,025		2,423
6.50%, 2/1/2038			552		658
Garda World Security Corp. 8.75%, 5/15/2025(d)			1,420		1,356
Hudbay Minerals, Inc. 7.25%, 1/15/2023(d)			220		222
Intertape Polymer Group, Inc. 7.00%, 10/15/2026(d)			276		282
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023(d)			321		278
MEG Energy Corp.
6.38%, 1/30/2023(d)			800		706
6.50%, 1/15/2025(d)			2,095		2,016
NOVA Chemicals Corp. 5.00%, 5/1/2025(d)			570		526
Open Text Corp.
5.63%, 1/15/2023(d)			295		299
5.88%, 6/1/2026(d)			272		283
Precision Drilling Corp.
7.75%, 12/15/2023			720		729
5.25%, 11/15/2024			180		160
7.13%, 1/15/2026(d)			391		372
Quebecor Media, Inc. 5.75%, 1/15/2023			240		250
Seven Generations Energy Ltd. 5.38%, 9/30/2025(d)			345		327
Stars Group Holdings BV 7.00%, 7/15/2026(d)			175		180

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)			Value (000)
Toronto-Dominion Bank (The) 2.50%, 1/18/2022(a)			6,280		6,330
TransCanada PipeLines Ltd. 5.10%, 3/15/2049			935		1,021
Videotron Ltd. 5.38%, 6/15/2024(d)			1,300		1,352

					26,960

China — 0.2%
GCL New Energy Holdings Ltd. 7.10%, 1/30/2021(a)			1,062		947
Guangxi Communications Investment Group Co. Ltd. 3.00%, 11/4/2019(a)			1,450		1,440
Sino-Ocean Land Treasure III Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.26%), 4.90%, 9/21/2022(a)(b)(c)(e)			2,094		1,820
Tianjin Infrastructure Construction & Investment Group Co. Ltd. 2.75%, 6/15/2019(a)			900		899
West China Cement Ltd. 6.50%, 9/11/2019(a)			560		562

					5,668

Denmark — 1.4%
Danske Bank A/S
5.00%, 1/12/2022(d)			1,940		2,008
(EUR Swap Annual 7 Year + 5.47%), 5.88%, 4/6/2022(a)(b)(c)(e)		EUR	2,100		2,396
DKT Finance ApS 7.00%, 6/17/2023(a)		EUR	2,000		2,407
Jyske Realkredit A/S Series 321E, 1.00%, 10/1/2019		DKK	49,310		7,415
Nordea Kredit Realkreditaktieselskab Series CB1, 1.00%, 1/1/2020		DKK	41,550		6,270
Nykredit Realkredit A/S Series 13H, 1.00%, 10/1/2019(a)		DKK	42,030		6,320
Realkredit Danmark A/S Series 10F, 1.00%, 1/1/2020		DKK	41,870		6,320
TDC A/S 5.00%, 3/2/2022(f)		EUR	1,000		1,230

					34,366

Finland — 0.0%(g)
Nokia OYJ 4.38%, 6/12/2027			250		245

France — 2.7%
Accor SA (EUR Swap Annual 5 Year + 3.65%), 4.13%, 6/30/2020(a)(b)(c)(e)		EUR	1,200		1,384
Altice France SA
5.63%, 5/15/2024(a)		EUR	4,000		4,598
7.38%, 5/1/2026(d)			760		742
Arkema SA (EUR Swap Annual 5 Year + 4.35%), 4.75%, 10/29/2020(a)(b)(c)(e)		EUR	1,700		2,001
BPCE SA
5.15%, 7/21/2024(d)			8,195		8,675
(EUR Swap Annual 5 Year + 2.37%), 2.75%, 11/30/2027(a)(c)		EUR	1,200		1,430
Burger King France SAS 6.00%, 5/1/2024(a)		EUR	1,000		1,177
Casino Guichard Perrachon SA 3.58%, 2/7/2025(a)(f)		EUR	700		662
Credit Agricole SA
2.38%, 7/1/2021(d)			3,770		3,762
4.38%, 3/17/2025(d)			1,875		1,924
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(b)(c)(d)(e)			2,740		3,054
Elis SA
1.88%, 2/15/2023(a)		EUR	1,600		1,825
2.88%, 2/15/2026(a)		EUR	1,400		1,635
Europcar Mobility Group 4.13%, 11/15/2024(a)		EUR	2,800		3,156
Faurecia SA
3.63%, 6/15/2023(a)		EUR	1,000		1,133
2.63%, 6/15/2025(a)		EUR	550		619
La Financiere Atalian SASU
4.00%, 5/15/2024(a)		EUR	2,250		1,640
5.13%, 5/15/2025(d)		EUR	265		193
5.13%, 5/15/2025(a)		EUR	200		146
Loxam SAS
4.25%, 4/15/2024(a)		EUR	1,500		1,753
6.00%, 4/15/2025(a)		EUR	600		707
Novafives SAS 5.00%, 6/15/2025(d)		EUR	1,395		1,430
Orano SA
4.38%, 11/6/2019(a)		EUR	1,000		1,134
3.25%, 9/4/2020(a)		EUR	1,400		1,612
4.88%, 9/23/2024		EUR	2,300		2,827
Paprec Holding SA 4.00%, 3/31/2025(a)		EUR	500		518
Parts Europe SA 4.38%, 5/1/2022(a)		EUR	750		834
Rexel SA
2.63%, 6/15/2024(a)		EUR	2,350		2,677
2.13%, 6/15/2025(a)		EUR	900		1,011
Societe Generale SA
(EUR Swap Annual 5 Year + 5.54%), 6.75%, 4/7/2021(a)(b)(c)(e)		EUR	850		994
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025(b)(c)(d)(e)			4,735		5,067

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)			Value (000)
SPIE SA 3.13%, 3/22/2024(a)		EUR	2,600		3,041
TOTAL SA (EUR Swap Annual 5 Year + 3.78%), 3.88%, 5/18/2022(a)(b)(c)(e)		EUR	1,750		2,110
Vallourec SA
6.63%, 10/15/2022(a)		EUR	1,299		1,226
2.25%, 9/30/2024(a)		EUR	1,800		1,299

					67,996

Germany — 1.5%
CBR Fashion Finance BV 5.13%, 10/1/2022(a)		EUR	600		647
CeramTec BondCo GmbH
5.25%, 12/15/2025(d)		EUR	1,406		1,583
5.25%, 12/15/2025(a)		EUR	1,350		1,520
Deutsche Bank AG 4.25%, 10/14/2021			993		997
IHO Verwaltungs GmbH
3.25% (cash), 9/15/2023(a)(h)		EUR	1,900		2,165
3.75% (cash), 9/15/2026(a)(h)		EUR	1,400		1,563
Nidda BondCo GmbH 5.00%, 9/30/2025(a)		EUR	2,600		2,807
Nidda Healthcare Holding GmbH 3.50%, 9/30/2024(a)		EUR	2,309		2,617
ProGroup AG 3.00%, 3/31/2026(a)		EUR	1,287		1,445
Schaeffler Finance BV 3.25%, 5/15/2025(a)		EUR	5,300		6,106
Tele Columbus AG 3.88%, 5/2/2025(a)		EUR	1,698		1,657
thyssenkrupp AG
1.38%, 3/3/2022(a)		EUR	3,000		3,325
2.50%, 2/25/2025(a)		EUR	1,700		1,901
Unitymedia GmbH 3.75%, 1/15/2027(a)		EUR	550		646
Unitymedia Hessen GmbH & Co. KG
4.00%, 1/15/2025(a)		EUR	4,600		5,313
3.50%, 1/15/2027(a)		EUR	1,550		1,818
WEPA Hygieneprodukte GmbH 3.75%, 5/15/2024(a)		EUR	2,200		2,482

					38,592

Ghana — 0.0%(g)
Tullow Oil plc 7.00%, 3/1/2025(d)			365		364

Greece — 0.6%
Alpha Bank AE 2.50%, 2/5/2023(a)		EUR	10,700		12,491
Crystal Almond SARL 10.00%, 11/1/2021(a)		EUR	1,634		1,936
OTE plc 3.50%, 7/9/2020(a)		EUR	1,350		1,557

					15,984

Guatemala — 0.0%(g)
Comunicaciones Celulares SA 6.88%, 2/6/2024(a)			700		723

Hong Kong — 0.1%
WTT Investment Ltd. 5.50%, 11/21/2022(d)			3,700		3,794

India — 0.2%
ABJA Investment Co. Pte. Ltd. 5.45%, 1/24/2028(a)			2,520		2,318
JSW Steel Ltd. 5.25%, 4/13/2022(a)			3,444		3,464

					5,782

Indonesia — 0.2%
Indonesia Asahan Aluminium Persero PT 5.71%, 11/15/2023(d)			3,730		4,012
Medco Platinum Road Pte. Ltd. 6.75%, 1/30/2025(a)			1,027		995

					5,007

Ireland — 1.4%
AerCap Ireland Capital DAC
5.00%, 10/1/2021			1,515		1,579
4.63%, 7/1/2022			3,765		3,919
3.65%, 7/21/2027			2,585		2,478
Allied Irish Banks plc
(EUR Swap Annual 5 Year + 7.34%), 7.38%, 12/3/2020(a)(b)(c)(e)		EUR	1,850		2,211
(EUR Swap Annual 5 Year + 3.95%), 4.13%, 11/26/2025(a)(c)		EUR	3,100		3,610
Ardagh Packaging Finance plc
4.13%, 5/15/2023(a)		EUR	750		861
2.75%, 3/15/2024(a)		EUR	1,100		1,255
6.75%, 5/15/2024(a)		EUR	2,207		2,612
7.25%, 5/15/2024(d)			2,750		2,863
6.00%, 2/15/2025(d)			850		842
Avolon Holdings Funding Ltd.
5.50%, 1/15/2023(d)			235		244
5.13%, 10/1/2023(d)			135		140
3.95%, 7/1/2024(d)			2,337		2,322
4.38%, 5/1/2026(d)			1,075		1,077
Bank of Ireland
(EUR Swap Annual 5 Year + 6.96%), 7.38%, 6/18/2020(a)(b)(c)(e)		EUR	870		1,020
(EUR Swap Annual 5 Year + 3.55%), 4.25%, 6/11/2024(a)(c)		EUR	2,587		2,891
Park Aerospace Holdings Ltd.
4.50%, 3/15/2023(d)			20		20
5.50%, 2/15/2024(d)			350		368
Smurfit Kappa Acquisitions ULC
3.25%, 6/1/2021(a)		EUR	1,000		1,170
2.75%, 2/1/2025(a)		EUR	1,600		1,886
2.88%, 1/15/2026(a)		EUR	1,300		1,514

					34,882

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)			Value (000)
Israel — 0.1%
Teva Pharmaceutical Finance Netherlands II BV 1.13%, 10/15/2024(a)		EUR	400		356
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/1/2026			2,340		1,778

					2,134

Italy — 1.6%
Enel Finance International NV
3.63%, 5/25/2027(d)			3,570		3,419
3.50%, 4/6/2028(d)			4,365		4,071
EVOCA SpA 7.00%, 10/15/2023(a)		EUR	2,700		3,167
Intesa Sanpaolo SpA 5.71%, 1/15/2026(d)			200		191
Leonardo SpA
4.50%, 1/19/2021		EUR	1,700		2,016
4.88%, 3/24/2025		EUR	1,500		1,935
Nexi Capital SpA 4.13%, 11/1/2023(a)		EUR	1,000		1,156
Rossini SARL 6.75%, 10/30/2025(d)		EUR	2,022		2,397
Saipem Finance International BV 3.75%, 9/8/2023(a)		EUR	2,250		2,670
Telecom Italia Capital SA
6.38%, 11/15/2033			259		249
6.00%, 9/30/2034			68		64
Telecom Italia Finance SA 7.75%, 1/24/2033		EUR	850		1,203
Telecom Italia SpA
3.25%, 1/16/2023(a)		EUR	4,050		4,711
3.00%, 9/30/2025(a)		EUR	1,600		1,770
3.63%, 5/25/2026(a)		EUR	4,350		4,899
Wind Tre SpA
2.63%, 1/20/2023(a)		EUR	2,623		2,892
3.13%, 1/20/2025(a)		EUR	2,200		2,405
5.00%, 1/20/2026(d)			1,035		980

					40,195

Japan — 0.1%
Sumitomo Mitsui Banking Corp. 0.55%, 11/6/2023(a)		EUR	3,050		3,481

Kazakhstan — 0.0%(g)
Nostrum Oil & Gas Finance BV 8.00%, 7/25/2022(d)			1,700		1,164

Kuwait — 0.2%
Kuwait Projects Co. SPC Ltd.
5.00%, 3/15/2023(a)			2,400		2,490
4.50%, 2/23/2027(a)			3,226		3,133

					5,623

Luxembourg — 1.4%
Altice Financing SA 5.25%, 2/15/2023(a)		EUR	2,100		2,405
Altice Finco SA
4.75%, 1/15/2028(a)		EUR	1,525		1,437
4.75%, 1/15/2028(d)		EUR	800		754
Altice Luxembourg SA
7.25%, 5/15/2022(a)		EUR	4,702		5,339
7.75%, 5/15/2022(d)			450		458
6.25%, 2/15/2025(a)		EUR	1,400		1,502
7.63%, 2/15/2025(d)			300		276
8.00%, 5/15/2027(d)		EUR	1,723		1,908
Garfunkelux Holdco 2 SA 11.00%, 11/1/2023(a)		GBP	500		464
INEOS Group Holdings SA
5.38%, 8/1/2024(a)		EUR	1,150		1,313
5.63%, 8/1/2024(d)			500		486
Intelsat Connect Finance SA 9.50%, 2/15/2023(d)			939		817
Intelsat Jackson Holdings SA
5.50%, 8/1/2023			1,257		1,128
8.00%, 2/15/2024(d)			743		773
8.50%, 10/15/2024(d)			1,463		1,423
Matterhorn Telecom Holding SA 4.88%, 5/1/2023(a)		EUR	1,600		1,788
Matterhorn Telecom SA 3.88%, 5/1/2022(a)		EUR	2,900		3,259
Monitchem HoldCo 3 SA 5.25%, 6/15/2021(a)		EUR	800		894
Picard Bondco SA 5.50%, 11/30/2024(d)		EUR	1,300		1,263
SES SA (EUR Swap Annual 5 Year + 4.66%), 4.62%, 1/2/2022(a)(b)(c)(e)		EUR	3,850		4,473
Telenet Finance VI Luxembourg SCA 4.88%, 7/15/2027(a)		EUR	2,097		2,517

					34,677

Macau — 0.0%(g)
Studio City Co. Ltd. 7.25%, 11/30/2021(a)			700		724

Mauritius — 0.0%(g)
Neerg Energy Ltd. 6.00%, 2/13/2022(a)			1,250		1,209

Mexico — 0.7%
Banco Mercantil del Norte SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 7/6/2022(b)(c)(d)(e)			1,320		1,346
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.45%), 5.75%, 10/4/2031(c)(d)			1,885		1,845
Banco Nacional de Comercio Exterior SNC (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 8/11/2026(c)(d)			1,900		1,883

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)			Value (000)
BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033(c)(d)			4,300		4,010
Cemex SAB de CV
5.70%, 1/11/2025(d)			335		340
6.13%, 5/5/2025(d)			400		414
7.75%, 4/16/2026(d)			940		1,002
Elementia SAB de CV 5.50%, 1/15/2025(d)			1,940		1,902
Petroleos Mexicanos
5.50%, 1/21/2021			2,430		2,497
6.38%, 2/4/2021			2,420		2,515

					17,754

Morocco — 0.1%
OCP SA 6.88%, 4/25/2044(a)			2,280		2,539

Netherlands — 0.9%
ABN AMRO Bank NV
(EUR Swap Annual 5 Year + 5.45%), 5.75%, 9/22/2020(a)(b)(c)(e)		EUR	400		462
4.75%, 7/28/2025(d)			3,555		3,735
Hema Bondco I BV (EURIBOR 3 Month + 6.25%, 6.25% Floor), 6.25%, 7/15/2022(a)(c)		EUR	900		887
Sigma Holdco BV 5.75%, 5/15/2026(a)		EUR	1,993		2,006
Sunshine Mid BV
6.50%, 5/15/2026(d)		EUR	1,250		1,410
6.50%, 5/15/2026(a)		EUR	1,150		1,298
UPC Holding BV 5.50%, 1/15/2028(d)			200		198
UPCB Finance IV Ltd.
5.38%, 1/15/2025(d)			950		962
4.00%, 1/15/2027(a)		EUR	1,544		1,811
UPCB Finance VII Ltd. 3.63%, 6/15/2029(a)		EUR	1,425		1,666
Ziggo Bond Co. BV
4.63%, 1/15/2025(a)		EUR	3,900		4,430
5.88%, 1/15/2025(d)			340		337
Ziggo BV
4.25%, 1/15/2027(a)		EUR	2,000		2,316

					21,518

New Zealand — 0.1%
Westpac Securities NZ Ltd. 0.25%, 4/6/2022(a)		EUR	1,820		2,057

Nigeria — 0.1%
IHS Netherlands Holdco BV 9.50%, 10/27/2021(d)			1,600		1,650
United Bank for Africa plc 7.75%, 6/8/2022(a)			1,200		1,252

					2,902

Norway — 0.0%(g)
Aker BP ASA 5.88%, 3/31/2025(d)			255		267

Oman — 0.1%
Oztel Holdings SPC Ltd. 6.63%, 4/24/2028(a)			2,300		2,229

Peru — 0.4%
Nexa Resources SA 5.38%, 5/4/2027(a)			5,950		6,055
Southern Copper Corp. 5.88%, 4/23/2045			3,070		3,386

					9,441

Portugal — 0.5%
EDP - Energias de Portugal SA (EUR Swap Annual 5 Year + 5.04%), 5.38%, 9/16/2075(a)(c)		EUR	2,500		2,973
EDP Finance BV
5.25%, 1/14/2021(d)			400		414
2.38%, 3/23/2023(a)		EUR	2,000		2,402
3.63%, 7/15/2024(d)			6,630		6,680

					12,469

Qatar — 0.1%
ABQ Finance Ltd. 3.50%, 2/22/2022(a)			2,600		2,593
Ras Laffan Liquefied Natural Gas Co. Ltd. II 5.30%, 9/30/2020(a)			1,032		1,047

					3,640

Singapore — 0.4%
DBS Bank Ltd. 3.30%, 11/27/2021(a)			2,650		2,709
Oversea-Chinese Banking Corp. Ltd. 0.38%, 3/1/2023(a)		EUR	5,550		6,301

					9,010

South Africa — 0.1%
Liquid Telecommunications Financing plc 8.50%, 7/13/2022(a)			1,357		1,313

Spain — 1.5%
AI Candelaria Spain SLU 7.50%, 12/15/2028(a)			2,290		2,413
Banco Bilbao Vizcaya Argentaria SA (EUR Swap Annual 5 Year + 9.18%), 8.88%, 4/14/2021(a)(b)(c)(e)		EUR	2,400		2,943
Banco Santander SA 3.25%, 4/4/2026(a)		EUR	800		969
CaixaBank SA
(EUR Swap Annual 5 Year + 6.50%), 6.75%, 6/13/2024(a)(b)(c)(e)		EUR	1,600		1,855
(EUR Swap Annual 5 Year + 3.35%), 3.50%, 2/15/2027(a)(c)		EUR	2,000		2,337

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Cellnex Telecom SA 2.88%, 4/18/2025(a)	EUR		1,200		1,408
Cirsa Finance International SARL
6.25%, 12/20/2023(d)	EUR		1,439		1,709
6.25%, 12/20/2023(a)	EUR		700		831
eDreams ODIGEO SA 5.50%, 9/1/2023(d)	EUR		2,000		2,206
Grifols SA 3.20%, 5/1/2025(a)	EUR		1,800		2,045
Naturgy Finance BV (EUR Swap Annual 8 Year + 3.35%), 4.13%, 11/18/2022(a)(b)(c)(e)	EUR		2,000		2,357
Repsol International Finance BV (EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075(a)(c)	EUR		3,400		4,168
Telefonica Emisiones SA 4.67%, 3/6/2038			930		912
Telefonica Europe BV
(EUR Swap Annual 5 Year + 2.33%), 2.63%, 3/7/2023(a)(b)(c)(e)	EUR		2,900		3,130
Series NC5, (EUR Swap Annual 5 Year + 2.45%), 3.00%, 9/4/2023(a)(b)(c)(e)	EUR		1,700		1,850
(EUR Swap Annual 10 Year + 4.30%), 5.88%, 3/31/2024(a)(b)(c)(e)	EUR		5,100		6,366
(EUR Swap Annual 8 Year + 2.97%), 3.88%, 6/22/2026(a)(b)(c)(e)	EUR		500		539

					38,038

Sweden — 0.3%
Telefonaktiebolaget LM Ericsson 1.88%, 3/1/2024(a)	EUR		1,150		1,328
Verisure Midholding AB
5.75%, 12/1/2023(a)	EUR		2,900		3,269
5.75%, 12/1/2023(d)	EUR		126		142
Volvo Car AB 2.00%, 1/24/2025(a)	EUR		1,500		1,648

					6,387

Switzerland — 1.0%
Credit Suisse Group AG
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023(b)(c)(d)(e)			7,280		7,717
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024(b)(c)(d)(e)			2,050		2,063
4.28%, 1/9/2028(d)			1,575		1,617
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029(c)(d)			1,585		1,583
Dufry One BV 2.50%, 10/15/2024(a)	EUR		1,700		1,916
Glencore Finance Europe Ltd. 1.63%, 1/18/2022(a)	EUR		900		1,027
UBS Group Funding Switzerland AG
(EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022(a)(b)(c)(e)	EUR		4,950		5,973
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025(a)(b)(c)(e)			3,450		3,657

					25,553

Taiwan — 0.1%
Competition Team Technologies Ltd. 3.75%, 3/12/2024(a)			2,490		2,517

Turkey — 0.2%
Petkim Petrokimya Holding A/S 5.88%, 1/26/2023(a)			3,103		2,862
Turkiye Garanti Bankasi A/S 5.25%, 9/13/2022(a)			3,340		3,119

					5,981

United Arab Emirates — 0.1%
DAE Funding LLC
4.50%, 8/1/2022(d)			164		164
5.00%, 8/1/2024(d)			205		205
Mashreqbank PSC 4.25%, 2/26/2024(a)			466		473
Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025(d)			667		641

					1,483

United Kingdom — 2.6%
Algeco Global Finance plc 6.50%, 2/15/2023(a)	EUR		2,500		2,907
Barclays plc
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023(b)(c)(e)			294		295
4.84%, 5/9/2028			710		707
BAT Capital Corp.
3.56%, 8/15/2027			3,645		3,505
4.39%, 8/15/2037			4,260		3,896
British Telecommunications plc 1.75%, 3/10/2026(a)	EUR		2,500		2,927
CPUK Finance Ltd. 4.25%, 8/28/2022(a)	GBP		1,600		2,023
EC Finance plc 2.38%, 11/15/2022(a)	EUR		600		679
eG Global Finance plc
4.38%, 2/7/2025(d)	EUR		975		1,067
6.75%, 2/7/2025(d)			208		204
Fiat Chrysler Automobiles NV 3.75%, 3/29/2024(a)	EUR		3,000		3,671
HSBC Holdings plc (ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025(c)			3,980		4,062
Iceland Bondco plc 4.63%, 3/15/2025(a)	GBP		1,000		1,120

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Jaguar Land Rover Automotive plc
4.25%, 11/15/2019(d)			200		199
4.50%, 10/1/2027(d)			411		337
New Look Secured Issuer plc
6.50%, 7/1/2022(a)	GBP		2,050		765
12.00% (Blend (cash 8.00% + PIK 4.00%)), 5/3/2024(c)(d)(h)	GBP		769		911
Nomad Foods Bondco plc 3.25%, 5/15/2024(a)	EUR		1,800		2,061
Royal Bank of Scotland Group plc
(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021(b)(c)(e)			2,000		2,110
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023(c)			7,562		7,536
(ICE LIBOR USD 3 Month + 1.47%), 3.99%, 5/15/2023(c)			898		890
6.00%, 12/19/2023			376		401
Santander UK Group Holdings plc
1.13%, 9/8/2023(a)	EUR		711		795
4.75%, 9/15/2025(d)			1,520		1,531
Synlab Unsecured Bondco plc 8.25%, 7/1/2023(a)	EUR		2,950		3,444
Tesco Corporate Treasury Services plc 2.50%, 7/1/2024(a)	EUR		5,600		6,648
Virgin Media Finance plc
4.50%, 1/15/2025(a)	EUR		3,100		3,567
5.75%, 1/15/2025(d)			200		203
Virgin Media Secured Finance plc
5.25%, 1/15/2026(d)			205		204
5.50%, 8/15/2026(d)			775		779
Vodafone Group plc 4.38%, 5/30/2028			2,015		2,101
Worldpay Finance plc 3.75%, 11/15/2022(a)	EUR		2,400		2,979

					64,524

United States — 23.5%
A10 Revolving Asset Financing LLC 8.72%, 1/9/2020‡(i)			250		250
Acadia Healthcare Co., Inc.
5.63%, 2/15/2023			63		63
6.50%, 3/1/2024			330		336
ACCO Brands Corp. 5.25%, 12/15/2024(d)			920		913
ACE Cash Express, Inc. 12.00%, 12/15/2022(d)			834		751
Adient Global Holdings Ltd. 3.50%, 8/15/2024(a)	EUR		900		785
ADT Security Corp. (The) 4.13%, 6/15/2023			290		281
Ahern Rentals, Inc. 7.38%, 5/15/2023(d)			853		746
Air Lease Corp. 3.00%, 9/15/2023			1,260		1,251
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(d)			1,275		1,189
AK Steel Corp.
7.63%, 10/1/2021			105		101
6.38%, 10/15/2025			295		224
7.00%, 3/15/2027			335		259
Albertsons Cos. LLC
6.63%, 6/15/2024			1,581		1,597
5.75%, 3/15/2025			971		937
7.50%, 3/15/2026(d)			298		311
Alcoa Nederland Holding BV 6.75%, 9/30/2024(d)			350		357
Alliance Data Systems Corp.
5.88%, 11/1/2021(d)			414		422
5.38%, 8/1/2022(d)			543		547
Allison Transmission, Inc. 4.75%, 10/1/2027(d)			277		266
Ally Financial, Inc.
4.63%, 5/19/2022			365		372
4.63%, 3/30/2025			640		655
8.00%, 11/1/2031			255		323
Altria Group, Inc.
1.70%, 6/15/2025	EUR		3,700		4,192
2.20%, 6/15/2027	EUR		3,300		3,766
4.25%, 8/9/2042			1,165		1,040
3.88%, 9/16/2046			965		808
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025			1,085		986
5.88%, 11/15/2026			130		114
6.13%, 5/15/2027			107		94
AMC Networks, Inc.
5.00%, 4/1/2024			258		257
4.75%, 8/1/2025			278		272
American Axle & Manufacturing, Inc.
6.63%, 10/15/2022			367		371
6.25%, 4/1/2025			2,813		2,710
6.25%, 3/15/2026			288		274
6.50%, 4/1/2027			900		851
American International Group, Inc. 3.90%, 4/1/2026			1,270		1,301
American Tower Corp.
REIT, 1.38%, 4/4/2025	EUR		2,170		2,491
REIT, 3.95%, 3/15/2029			1,580		1,601
AmeriGas Partners LP 5.50%, 5/20/2025			505		513
Amkor Technology, Inc. 6.63%, 9/15/2027(d)			229		219
Amsted Industries, Inc. 5.63%, 7/1/2027(d)			168		169
Andeavor Logistics LP
6.25%, 10/15/2022			375		384
Series A, (ICE LIBOR USD 3 Month + 4.65%), 6.87%, 2/15/2023(b)(c)(e)			327		326
Antero Resources Corp. 5.13%, 12/1/2022			1,243		1,231
Anthem, Inc. 3.50%, 8/15/2024			2,340		2,394

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Aramark International Finance SARL 3.13%, 4/1/2025(a)	EUR		1,300		1,483
Arconic, Inc.
5.13%, 10/1/2024			622		632
6.75%, 1/15/2028			83		87
AT&T, Inc.
3.15%, 9/4/2036	EUR		900		1,080
4.30%, 12/15/2042			80		76
4.75%, 5/15/2046			880		877
Avaya, Inc. 7.00%, 4/1/2019‡(d)(j)			1,120		—	(k)
Avis Budget Car Rental LLC
6.38%, 4/1/2024(d)			1,035		1,066
5.25%, 3/15/2025(d)			1,335		1,285
Avis Budget Finance plc 4.13%, 11/15/2024(a)	EUR		1,350		1,558
Axalta Coating Systems LLC 4.25%, 8/15/2024(a)	EUR		2,300		2,642
Ball Corp. 4.38%, 12/15/2023	EUR		2,100		2,666
Banff Merger Sub, Inc. 9.75%, 9/1/2026(d)			1,027		960
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.37%), 2.74%, 1/23/2022(c)			5,025		5,027
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(c)			5,705		5,740
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025(b)(c)(e)			235		251
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026(b)(c)(e)			474		519
(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027(c)			4,060		4,136
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028(b)(c)(e)			6,630		6,840
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029(c)			1,875		1,940
Bausch Health Americas, Inc. 8.50%, 1/31/2027(d)			298		313
Bausch Health Cos., Inc.
6.50%, 3/15/2022(d)			123		127
5.50%, 3/1/2023(d)			23		23
4.50%, 5/15/2023(a)	EUR		3,400		3,838
5.88%, 5/15/2023(d)			1,130		1,133
7.00%, 3/15/2024(d)			263		275
6.13%, 4/15/2025(d)			3,500		3,423
5.50%, 11/1/2025(d)			301		302
9.00%, 12/15/2025(d)			643		692
5.75%, 8/15/2027(d)			29		29
7.00%, 1/15/2028(d)			227		224
7.25%, 5/30/2029(d)			252		250
Becton Dickinson and Co. 1.40%, 5/24/2023	EUR		471		542
Belden, Inc. 3.38%, 7/15/2027(a)	EUR		2,500		2,834
Berry Global Escrow Corp. 5.63%, 7/15/2027(d)			176		177
Berry Global, Inc. 5.50%, 5/15/2022			400		403
Blue Racer Midstream LLC 6.13%, 11/15/2022(d)			1,165		1,159
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025(d)			175		175
Boston Scientific Corp.
3.75%, 3/1/2026			1,645		1,706
4.00%, 3/1/2029			3,870		4,073
Boyd Gaming Corp.
6.88%, 5/15/2023			82		85
6.38%, 4/1/2026			545		561
Boyne USA, Inc. 7.25%, 5/1/2025(d)			325		351
Brink’s Co. (The) 4.63%, 10/15/2027(d)			150		145
Bristol-Myers Squibb Co.
2.90%, 7/26/2024(d)			3,560		3,607
3.40%, 7/26/2029(d)			1,930		1,984
4.25%, 10/26/2049(d)			1,195		1,263
Broadcom Corp.
3.13%, 1/15/2025			2,550		2,424
3.50%, 1/15/2028			2,031		1,858
Brookfield Property REIT, Inc. REIT, 5.75%, 5/15/2026(d)			548		556
Buckeye Partners LP
3.95%, 12/1/2026			1,970		1,813
(ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078(c)			528		431
Cablevision Systems Corp. 8.00%, 4/15/2020			782		805
California Resources Corp. 8.00%, 12/15/2022(d)			446		311
Callon Petroleum Co. 6.13%, 10/1/2024			244		241
Calpine Corp. 6.00%, 1/15/2022(d)			500		504
Camelot Finance SA 7.88%, 10/15/2024(d)			332		344
Capital One Financial Corp.
3.50%, 6/15/2023			1,615		1,661
3.80%, 1/31/2028			2,930		2,929
Carlyle Promissory Note 4.60%, 7/15/2019‡			2		2
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023			250		231
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026(d)			117		116

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
CCO Holdings LLC
5.75%, 9/1/2023			205		208
5.75%, 1/15/2024			190		193
5.88%, 4/1/2024(d)			4,190		4,331
5.75%, 2/15/2026(d)			4,180		4,337
5.50%, 5/1/2026(d)			2,635		2,699
5.13%, 5/1/2027(d)			5,845		5,849
5.88%, 5/1/2027(d)			185		191
5.00%, 2/1/2028(d)			455		450
Central Garden & Pet Co. 6.13%, 11/15/2023			1,000		1,032
CenturyLink, Inc.
Series T, 5.80%, 3/15/2022			475		483
Series W, 6.75%, 12/1/2023			1,080		1,130
Series Y, 7.50%, 4/1/2024			120		128
5.63%, 4/1/2025			79		76
Series G, 6.88%, 1/15/2028			184		178
CF Industries, Inc. 4.50%, 12/1/2026(d)			2,360		2,418
Charter Communications Operating LLC
4.91%, 7/23/2025			1,333		1,410
5.38%, 5/1/2047			664		666
Chemours Co. (The) 7.00%, 5/15/2025			395		395
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025			593		636
Cheniere Energy Partners LP
5.25%, 10/1/2025			54		54
5.63%, 10/1/2026(d)			54		55
Chesapeake Energy Corp.
8.00%, 1/15/2025			861		792
8.00%, 6/15/2027			596		528
Cincinnati Bell, Inc.
7.00%, 7/15/2024(d)			125		107
8.00%, 10/15/2025(d)			255		219
Cinemark USA, Inc. 5.13%, 12/15/2022			210		212
CIT Group, Inc.
4.75%, 2/16/2024			2		2
5.25%, 3/7/2025			168		178
CITGO Petroleum Corp. 6.25%, 8/15/2022(d)			363		362
Citigroup, Inc.
2.40%, 2/18/2020			2,690		2,686
Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 3/27/2020(b)(c)(e)			3,488		3,527
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023(c)			3,660		3,682
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(c)			1,265		1,263
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025(b)(c)(e)			1,320		1,365
Clear Channel Communication 9.00%, 12/15/2019‡(j)			3,270		—	(k)
Clear Channel Worldwide Holdings, Inc.
Series B, 6.50%, 11/15/2022			5,490		5,600
Series B, 6.50%, 11/15/2022			993		1,013
9.25%, 2/15/2024(d)			1,636		1,750
Clearwater Paper Corp. 4.50%, 2/1/2023			620		580
Clearway Energy Operating LLC
5.38%, 8/15/2024			224		223
5.75%, 10/15/2025(d)			290		289
CNG Holdings, Inc.
9.38%, 5/15/2020(d)			790		791
12.50%, 6/15/2024(d)			1,485		1,426
CNO Financial Group, Inc. 5.25%, 5/30/2025			500		517
CNX Midstream Partners LP 6.50%, 3/15/2026(d)			125		117
Colfax Corp.
6.00%, 2/15/2024(d)			460		475
6.38%, 2/15/2026(d)			83		87
Comcast Corp.
3.95%, 10/15/2025			2,445		2,589
4.60%, 8/15/2045			2,310		2,498
3.40%, 7/15/2046			2,000		1,818
4.70%, 10/15/2048			1,110		1,236
CommScope Technologies LLC
6.00%, 6/15/2025(d)			2,394		2,172
5.00%, 3/15/2027(d)			142		121
CommScope, Inc. 5.50%, 6/15/2024(d)			681		633
Community Health Systems, Inc.
5.13%, 8/1/2021			323		316
6.25%, 3/31/2023			441		420
8.63%, 1/15/2024(d)			352		352
8.13%, 6/30/2024(d)			1,073		794
8.00%, 3/15/2026(d)			713		682
Concho Resources, Inc. 3.75%, 10/1/2027			1,123		1,133
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(d)			220		207
Constellium NV
6.63%, 3/1/2025(d)			545		553
4.25%, 2/15/2026(d)	EUR		541		613
4.25%, 2/15/2026(a)	EUR		1,900		2,155
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(d)			1,345		1,157
Coty, Inc. 6.50%, 4/15/2026(d)			940		902
Covanta Holding Corp. 5.88%, 3/1/2024			158		162

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Crestwood Midstream Partners LP
6.25%, 4/1/2023(f)			485		489
5.63%, 5/1/2027(d)			100		98
Crown Americas LLC 4.75%, 2/1/2026			274		275
Crown European Holdings SA
4.00%, 7/15/2022(a)	EUR		2,700		3,281
2.63%, 9/30/2024(a)	EUR		2,800		3,284
CSC Holdings LLC
6.75%, 11/15/2021			242		258
5.38%, 7/15/2023(d)			360		365
5.25%, 6/1/2024			320		323
10.88%, 10/15/2025(d)			1,370		1,555
5.50%, 5/15/2026(d)			535		543
6.50%, 2/1/2029(d)			200		211
CSI Compressco LP 7.50%, 4/1/2025(d)			170		166
Curo Group Holdings Corp. 8.25%, 9/1/2025(d)			1,224		1,010
CVR Partners LP 9.25%, 6/15/2023(d)			1,390		1,432
CVS Health Corp. 4.30%, 3/25/2028			2,535		2,612
Dana, Inc. 5.50%, 12/15/2024			910		907
Darling Global Finance BV
3.63%, 5/15/2026(d)	EUR		1,428		1,655
3.63%, 5/15/2026(a)	EUR		600		696
DaVita, Inc.
5.13%, 7/15/2024			241		235
5.00%, 5/1/2025			800		756
DCP Midstream Operating LP
3.88%, 3/15/2023			580		573
6.75%, 9/15/2037(d)			535		551
Dean Foods Co. 6.50%, 3/15/2023(d)			314		181
Delek Logistics Partners LP 6.75%, 5/15/2025			429		427
Dell International LLC 6.02%, 6/15/2026(d)			5,145		5,540
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025			286		257
Diebold Nixdorf, Inc. 8.50%, 4/15/2024			620		539
DISH DBS Corp.
6.75%, 6/1/2021			754		778
5.88%, 7/15/2022			425		418
5.00%, 3/15/2023			1,269		1,190
5.88%, 11/15/2024			4,640		4,165
7.75%, 7/1/2026			1,985		1,817
Dole Food Co., Inc. 7.25%, 6/15/2025(d)			283		272
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(d)			993		1,040
Eldorado Resorts, Inc. 6.00%, 4/1/2025			643		653
Embarq Corp. 8.00%, 6/1/2036			2,169		2,012
EMC Corp. 3.38%, 6/1/2023			440		427
Encompass Health Corp.
5.75%, 11/1/2024			1,299		1,306
5.75%, 9/15/2025			650		660
Endo Dac
6.00%, 7/15/2023(d)			347		249
6.00%, 2/1/2025(d)(f)			285		190
Energizer Gamma Acquisition BV 4.63%, 7/15/2026(d)	EUR		1,417		1,613
Energizer Holdings, Inc. 5.50%, 6/15/2025(d)			1,400		1,382
Energy Transfer Operating LP 5.25%, 4/15/2029			1,125		1,214
EnLink Midstream Partners LP Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022(b)(c)(e)			140		115
Ensco Rowan plc
8.00%, 1/31/2024			156		128
5.20%, 3/15/2025			83		57
7.75%, 2/1/2026			211		157
5.75%, 10/1/2044			57		33
Entegris, Inc. 4.63%, 2/10/2026(d)			1,090		1,085
Entercom Media Corp.
7.25%, 11/1/2024(d)			350		358
6.50%, 5/1/2027(d)			196		199
Enterprise Development Authority (The) 12.00%, 7/15/2024(d)			1,040		1,097
Enterprise Products Operating LLC Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077(c)			1,960		1,793
Envision Healthcare Corp. 8.75%, 10/15/2026(d)			636		536
EP Energy LLC
9.38%, 5/1/2024(d)			2,232		700
8.00%, 11/29/2024(d)			557		345
8.00%, 2/15/2025(d)			684		208
7.75%, 5/15/2026(d)			731		620
Equinix, Inc.
REIT, 5.75%, 1/1/2025			27		28
REIT, 2.88%, 10/1/2025	EUR		4,075		4,670
REIT, 5.88%, 1/15/2026			2,076		2,175
REIT, 5.38%, 5/15/2027			485		508
ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025(d)			565		565
Exela Intermediate LLC 10.00%, 7/15/2023(d)			994		788
Exelon Generation Co. LLC 4.25%, 6/15/2022			1,565		1,630
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025(d)			650		659

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
First Data Corp.
5.38%, 8/15/2023(d)			1,890		1,915
5.00%, 1/15/2024(d)			45		46
5.75%, 1/15/2024(d)			2,585		2,645
FirstEnergy Corp. Series B, 3.90%, 7/15/2027			4,885		5,010
Fox Corp.
4.03%, 1/25/2024(d)			1,248		1,308
4.71%, 1/25/2029(d)			580		634
Freeport-McMoRan, Inc.
3.55%, 3/1/2022			280		274
3.88%, 3/15/2023			820		790
5.40%, 11/14/2034			525		467
Frontier Communications Corp.
10.50%, 9/15/2022			49		35
6.88%, 1/15/2025			1,405		797
11.00%, 9/15/2025			531		335
8.50%, 4/1/2026(d)			335		322
FXI Holdings, Inc. 7.88%, 11/1/2024(d)			254		231
GCI LLC 6.88%, 4/15/2025			500		516
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/2025			4,315		4,281
4.42%, 11/15/2035			2,975		2,828
General Electric Co.
3.45%, 5/15/2024			748		756
2.13%, 5/17/2037	EUR		400		395
4.50%, 3/11/2044			3,550		3,343
General Motors Co.
5.15%, 4/1/2038			1,600		1,468
5.20%, 4/1/2045			395		356
General Motors Financial Co., Inc. 4.00%, 1/15/2025			3,000		2,968
Genesis Energy LP 6.00%, 5/15/2023			641		619
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024(d)			325		354
GEO Group, Inc. (The) REIT, 5.88%, 10/15/2024			965		895
Getty Images, Inc. 9.75%, 3/1/2027(d)			65		66
Global Partners LP 7.00%, 6/15/2023			481		488
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/2021			2,575		2,550
1.38%, 7/26/2022(a)	EUR		500		578
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(b)(c)(e)			1,938		1,823
4.25%, 10/21/2025			1,815		1,881
(ICE LIBOR USD 3 Month + 1.17%), 3.69%, 5/15/2026(c)			3,806		3,758
3.50%, 11/16/2026			6,460		6,481
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029(c)			3,824		3,863
Goodman Networks, Inc. 8.00%, 5/11/2022			9		4
Goodyear Tire & Rubber Co. (The) 4.88%, 3/15/2027			962		863
Gray Television, Inc.
5.13%, 10/15/2024(d)			26		26
5.88%, 7/15/2026(d)			400		411
7.00%, 5/15/2027(d)			373		395
Gulfport Energy Corp.
6.00%, 10/15/2024			356		294
6.38%, 1/15/2026			126		102
H&E Equipment Services, Inc. 5.63%, 9/1/2025			205		203
Halcon Resources Corp. 6.75%, 2/15/2025			241		104
Harris Corp. 4.85%, 4/27/2035			2,510		2,742
HCA, Inc.
5.88%, 5/1/2023			1,399		1,486
5.38%, 2/1/2025			6,855		7,165
5.88%, 2/15/2026			3,070		3,254
Hecla Mining Co. 6.88%, 5/1/2021			330		308
Herc Rentals, Inc. 7.75%, 6/1/2024(d)			1,019		1,072
Hertz Corp. (The)
7.38%, 1/15/2021			180		179
7.63%, 6/1/2022(d)			2,285		2,317
5.50%, 10/15/2024(d)			1,600		1,331
Hertz Holdings Netherlands BV 5.50%, 3/30/2023(d)	EUR		1,224		1,400
Hilcorp Energy I LP
5.00%, 12/1/2024(d)			558		540
6.25%, 11/1/2028(d)			270		270
Hill-Rom Holdings, Inc. 5.75%, 9/1/2023(d)			125		128
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024			122		127
Hilton Worldwide Finance LLC
4.63%, 4/1/2025			487		489
4.88%, 4/1/2027			488		491
Hologic, Inc. 4.38%, 10/15/2025(d)			247		244
Hughes Satellite Systems Corp.
5.25%, 8/1/2026			203		202
6.63%, 8/1/2026			223		222
Icahn Enterprises LP
5.88%, 2/1/2022			776		783
6.38%, 12/15/2025			151		152
iHeartCommunications, Inc.
6.38%, 5/1/2026			330		343
8.38%, 5/1/2027			770		806

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.57%, 12/21/2065(c)(d)			500		360
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 4.85%, 12/21/2065(c)(d)			535		401
Infor US, Inc. 6.50%, 5/15/2022			2,285		2,308
Informatica LLC 7.13%, 7/15/2023(d)			1,000		1,009
International Game Technology plc
6.25%, 2/15/2022(d)			1,725		1,783
4.75%, 2/15/2023(a)	EUR		2,800		3,374
3.50%, 7/15/2024(a)	EUR		900		1,033
6.50%, 2/15/2025(d)			200		211
IQVIA, Inc.
4.88%, 5/15/2023(d)			82		83
3.50%, 10/15/2024(a)	EUR		2,500		2,860
3.25%, 3/15/2025(a)	EUR		2,700		3,065
5.00%, 10/15/2026(d)			1,390		1,415
IRB Holding Corp. 6.75%, 2/15/2026(d)			186		181
Iron Mountain, Inc.
REIT, 5.75%, 8/15/2024			645		640
REIT, 3.00%, 1/15/2025(a)	EUR		1,800		2,015
REIT, 4.88%, 9/15/2027(d)			237		223
REIT, 5.25%, 3/15/2028(d)			297		280
ITC Holdings Corp. 3.35%, 11/15/2027			3,290		3,335
Jack Ohio Finance LLC 6.75%, 11/15/2021(d)			390		399
JB Poindexter & Co., Inc. 7.13%, 4/15/2026(d)			36		37
JBS USA LUX SA
5.88%, 7/15/2024(d)			121		124
5.75%, 6/15/2025(d)			1,367		1,398
6.75%, 2/15/2028(d)			372		396
6.50%, 4/15/2029(d)			798		838
Kennedy-Wilson, Inc. 5.88%, 4/1/2024			99		99
Kinetic Concepts, Inc. 7.88%, 2/15/2021(d)			1,055		1,085
Koppers, Inc. 6.00%, 2/15/2025(d)			221		208
Kraft Heinz Foods Co.
5.20%, 7/15/2045			1,655		1,627
4.38%, 6/1/2046			565		498
Kratos Defense & Security Solutions, Inc. 6.50%, 11/30/2025(d)			365		385
Ladder Capital Finance Holdings LLLP
5.25%, 3/15/2022(d)			236		236
5.25%, 10/1/2025(d)			128		125
Lamar Media Corp. 5.75%, 2/1/2026			46		48
Lennar Corp.
5.88%, 11/15/2024			94		100
4.75%, 11/29/2027			516		519
Level 3 Financing, Inc.
5.13%, 5/1/2023			198		198
5.38%, 1/15/2024			160		160
5.38%, 5/1/2025			487		488
Level 3 Parent LLC 5.75%, 12/1/2022			1,175		1,178
LKQ European Holdings BV
3.63%, 4/1/2026(d)	EUR		1,599		1,844
3.63%, 4/1/2026(a)	EUR		700		808
LKQ Italia Bondco SpA 3.88%, 4/1/2024(a)	EUR		1,000		1,213
LPL Holdings, Inc. 5.75%, 9/15/2025(d)			484		485
LTF Merger Sub, Inc. 8.50%, 6/15/2023(d)			770		787
Mallinckrodt International Finance SA
5.75%, 8/1/2022(d)			181		147
5.50%, 4/15/2025(d)			1,135		723
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026(d)			222		230
Martin Marietta Materials, Inc. 3.50%, 12/15/2027			2,770		2,730
Martin Midstream Partners LP 7.25%, 2/15/2021			543		527
Masco Corp. 3.50%, 11/15/2027			358		347
MasTec, Inc. 4.88%, 3/15/2023			394		398
Match Group, Inc. 5.00%, 12/15/2027(d)			58		58
Mattel, Inc.
3.15%, 3/15/2023			243		223
6.75%, 12/31/2025(d)			419		413
MetLife, Inc. 6.40%, 12/15/2036			435		481
MGM Growth Properties Operating Partnership LP REIT, 5.75%, 2/1/2027(d)			258		266
MGM Resorts International
6.00%, 3/15/2023			3,460		3,650
5.75%, 6/15/2025			350		367
Morgan Stanley
Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 7/15/2020(b)(c)(e)			2,470		2,495
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024(c)			5,850		6,029
3.70%, 10/23/2024			3,110		3,217
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038(c)			3,985		4,002

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
MPH Acquisition Holdings LLC 7.13%, 6/1/2024(d)			643		640
Nabors Industries, Inc. 5.50%, 1/15/2023			191		168
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023(d)			410		409
9.13%, 7/15/2026(d)			369		361
Neiman Marcus Group Ltd. LLC 8.00%, 10/15/2021(d)			2,924		1,491
Netflix, Inc.
4.38%, 11/15/2026			364		354
4.88%, 4/15/2028			1,550		1,531
4.63%, 5/15/2029(d)	EUR		1,800		2,163
5.38%, 11/15/2029(d)			180		183
New Albertsons LP
7.45%, 8/1/2029			197		184
8.70%, 5/1/2030			22		22
8.00%, 5/1/2031			480		451
Newfield Exploration Co. 5.75%, 1/30/2022			190		203
Nexstar Broadcasting, Inc. 5.88%, 11/15/2022			233		237
NextEra Energy Operating Partners LP
4.25%, 9/15/2024(d)			238		237
4.50%, 9/15/2027(d)			161		156
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025(d)			326		317
Nielsen Finance LLC 5.00%, 4/15/2022(d)			1,812		1,797
Noble Energy, Inc. 3.85%, 1/15/2028			2,915		2,921
Noble Holding International Ltd.
7.88%, 2/1/2026(d)			192		166
6.20%, 8/1/2040			220		133
5.25%, 3/15/2042			217		120
Northern Oil and Gas, Inc. 8.50% (cash), 5/15/2023(h)			122		126
Novelis Corp.
6.25%, 8/15/2024(d)			385		394
5.88%, 9/30/2026(d)			255		248
NRG Energy, Inc.
6.63%, 1/15/2027			630		670
5.75%, 1/15/2028			250		262
Nuance Communications, Inc. 5.63%, 12/15/2026			318		325
NuStar Logistics LP 5.63%, 4/28/2027			200		194
Oasis Petroleum, Inc.
6.88%, 3/15/2022			5		5
6.88%, 1/15/2023			2,020		1,939
OI European Group BV
4.88%, 3/31/2021(a)	EUR		500		600
4.00%, 3/15/2023(d)			190		187
3.13%, 11/15/2024(a)	EUR		500		588
ONEOK, Inc. 4.00%, 7/13/2027			3,720		3,764
Outfront Media Capital LLC
5.25%, 2/15/2022			5		5
5.63%, 2/15/2024			150		154
5.88%, 3/15/2025			546		553
Owens Corning 4.30%, 7/15/2047			45		38
Owens-Brockway Glass Container, Inc. 5.38%, 1/15/2025(d)			500		504
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(d)			150		145
Party City Holdings, Inc. 6.63%, 8/1/2026(d)			189		188
PBF Logistics LP 6.88%, 5/15/2023			160		162
Peabody Energy Corp. 6.00%, 3/31/2022(d)			165		164
Penske Automotive Group, Inc. 5.50%, 5/15/2026			520		515
PetSmart, Inc. 5.88%, 6/1/2025(d)			2,935		2,755
Pilgrim’s Pride Corp.
5.75%, 3/15/2025(d)			702		711
5.88%, 9/30/2027(d)			305		307
Plantronics, Inc. 5.50%, 5/31/2023(d)			110		109
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022(d)(h)			348		341
Post Holdings, Inc.
5.50%, 3/1/2025(d)			915		923
5.00%, 8/15/2026(d)			18		18
5.75%, 3/1/2027(d)			500		501
PPL Capital Funding, Inc. 3.10%, 5/15/2026			3,860		3,788
Prime Security Services Borrower LLC
9.25%, 5/15/2023(d)			426		446
5.25%, 4/15/2024(d)			710		697
5.75%, 4/15/2026(d)			736		727
PVH Corp. 3.13%, 12/15/2027(a)	EUR		2,000		2,376
QEP Resources, Inc.
6.88%, 3/1/2021			88		89
5.38%, 10/1/2022			353		339
5.63%, 3/1/2026			97		88
Quad/Graphics, Inc. 7.00%, 5/1/2022			15		15
Quicken Loans, Inc. 5.75%, 5/1/2025(d)			960		948
Qwest Corp. 6.88%, 9/15/2033			217		217
Rackspace Hosting, Inc. 8.63%, 11/15/2024(d)			308		267
Radian Group, Inc. 4.50%, 10/1/2024			483		481
Rain CII Carbon LLC 7.25%, 4/1/2025(d)			925		846

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Realty Income Corp. REIT, 3.00%, 1/15/2027			1,785		1,766
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026(d)			181		182
8.25%, 11/15/2026(d)			186		185
Revlon Consumer Products Corp. 6.25%, 8/1/2024			400		263
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020			2,355		2,359
6.87%, 2/15/2021(f)			381		382
Rite Aid Corp. 6.13%, 4/1/2023(d)			1,260		1,033
Rockwell Collins, Inc. 3.50%, 3/15/2027			6,830		6,900
Roper Technologies, Inc. 3.80%, 12/15/2026			3,855		3,970
Rowan Cos., Inc. 7.38%, 6/15/2025			143		110
SBA Communications Corp. REIT, 4.88%, 9/1/2024			330		327
Schlumberger Holdings Corp. 3.75%, 5/1/2024(d)			4,885		5,030
Scientific Games International, Inc.
10.00%, 12/1/2022			275		289
5.00%, 10/15/2025(d)			458		451
8.25%, 3/15/2026(d)			239		240
Scotts Miracle-Gro Co. (The)
6.00%, 10/15/2023			825		853
5.25%, 12/15/2026			1,695		1,682
SemGroup Corp.
5.63%, 11/15/2023			119		113
7.25%, 3/15/2026			411		401
Sempra Energy 3.80%, 2/1/2038			1,865		1,754
Sensata Technologies BV 5.00%, 10/1/2025(d)			129		129
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(d)			2,065		2,148
Shire Acquisitions Investments Ireland DAC
2.40%, 9/23/2021			1,250		1,239
3.20%, 9/23/2026			3,000		2,953
Silgan Holdings, Inc. 3.25%, 3/15/2025	EUR		2,100		2,402
Sinclair Television Group, Inc. 5.63%, 8/1/2024(d)			986		996
Sirius XM Radio, Inc.
4.63%, 5/15/2023(d)			355		358
6.00%, 7/15/2024(d)			3,045		3,129
5.38%, 4/15/2025(d)			140		141
5.00%, 8/1/2027(d)			377		371
SM Energy Co. 5.00%, 1/15/2024			56		49
Solera LLC 10.50%, 3/1/2024(d)			223		240
Sotheby’s 4.88%, 12/15/2025(d)			225		215
Southwestern Energy Co. 6.20%, 1/23/2025(f)			500		465
Spectrum Brands, Inc. 4.00%, 10/1/2026(a)	EUR		1,000		1,154
Springleaf Finance Corp.
7.75%, 10/1/2021			15		16
5.63%, 3/15/2023			625		644
6.88%, 3/15/2025			335		349
7.13%, 3/15/2026			327		342
Sprint Capital Corp. 8.75%, 3/15/2032			1,455		1,670
Sprint Communications, Inc.
7.00%, 3/1/2020(d)			280		287
7.00%, 8/15/2020			321		332
6.00%, 11/15/2022			331		338
Sprint Corp.
7.88%, 9/15/2023			3,675		3,947
7.13%, 6/15/2024			1,206		1,254
7.63%, 2/15/2025			4,080		4,315
7.63%, 3/1/2026			756		801
SPX FLOW, Inc. 5.63%, 8/15/2024(d)			960		982
SS&C Technologies, Inc. 5.50%, 9/30/2027(d)			425		428
Standard Industries, Inc.
6.00%, 10/15/2025(d)			371		383
5.00%, 2/15/2027(d)			34		33
Staples, Inc.
7.50%, 4/15/2026(d)			1,345		1,285
10.75%, 4/15/2027(d)			990		945
Station Casinos LLC 5.00%, 10/1/2025(d)			235		226
Stevens Holding Co., Inc. 6.13%, 10/1/2026(d)			262		272
Summit Materials LLC
6.13%, 7/15/2023			125		126
5.13%, 6/1/2025(d)			436		428
Summit Midstream Holdings LLC 5.50%, 8/15/2022			370		358
Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045			2,010		2,004
Sunoco LP
4.88%, 1/15/2023			172		173
5.50%, 2/15/2026			125		126
6.00%, 4/15/2027(d)			444		451
5.88%, 3/15/2028			56		57
Synchrony Financial 3.95%, 12/1/2027			71		69
Syneos Health, Inc. 7.50%, 10/1/2024(d)			540		562
Talen Energy Supply LLC 6.50%, 6/1/2025			195		166
Tallgrass Energy Partners LP 5.50%, 9/15/2024(d)			325		331
Targa Resources Partners LP
5.25%, 5/1/2023			610		612
6.75%, 3/15/2024			1,495		1,551
5.00%, 1/15/2028			107		103

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Team Health Holdings, Inc. 6.38%, 2/1/2025(d)			1,038		856
TEGNA, Inc. 6.38%, 10/15/2023			548		562
Teleflex, Inc. 5.25%, 6/15/2024			185		190
Tempur Sealy International, Inc.
5.63%, 10/15/2023			719		726
5.50%, 6/15/2026			1,520		1,524
Tenet Healthcare Corp.
4.50%, 4/1/2021			1,155		1,161
8.13%, 4/1/2022			2,998		3,125
6.75%, 6/15/2023			2,000		1,992
5.13%, 5/1/2025			400		397
Tennant Co. 5.63%, 5/1/2025			392		397
Terex Corp. 5.63%, 2/1/2025(d)			1,142		1,118
Terraform Global Operating LLC 6.13%, 3/1/2026(d)			287		285
TerraForm Power Operating LLC
4.25%, 1/31/2023(d)			344		333
5.00%, 1/31/2028(d)			260		250
Texas Competitive Electric Holdings Co. LLC 8.50%, 5/1/2020‡(j)			375		—	(k)
T-Mobile US, Inc. 4.50%, 2/1/2026‡			236		—
T-Mobile USA, Inc.
6.50%, 1/15/2024			1,055		1,089
6.38%, 3/1/2025‡			2,251		—	(k)
5.13%, 4/15/2025			162		165
6.50%, 1/15/2026			207		218
6.50%, 1/15/2026‡			3,265		—	(k)
4.50%, 2/1/2026			113		112
4.75%, 2/1/2028‡			236		—
Toll Brothers Finance Corp. 4.88%, 11/15/2025			205		208
TransDigm, Inc.
6.50%, 7/15/2024			190		189
6.50%, 5/15/2025			414		411
6.25%, 3/15/2026(d)			488		498
Transocean Poseidon Ltd. 6.88%, 2/1/2027(d)			126		130
Transocean Proteus Ltd. 6.25%, 12/1/2024(d)			182		184
Transocean, Inc.
9.00%, 7/15/2023(d)			168		173
7.50%, 1/15/2026(d)			417		389
7.50%, 4/15/2031			220		181
6.80%, 3/15/2038			591		427
Trinseo Materials Operating SCA 5.38%, 9/1/2025(d)			521		483
Tronox Finance plc 5.75%, 10/1/2025(d)			149		135
Tronox, Inc. 6.50%, 4/15/2026(d)			344		323
Tutor Perini Corp. 6.88%, 5/1/2025(d)			431		416
Twin River Worldwide Holdings, Inc. 6.75%, 6/1/2027(d)			208		211
UGI International LLC 3.25%, 11/1/2025(d)	EUR		621		719
Ultra Resources, Inc. 9.00%, 7/12/2024			2,282		970
Union Pacific Corp.
3.15%, 3/1/2024			2,440		2,487
4.30%, 3/1/2049			1,660		1,755
Unit Corp. 6.63%, 5/15/2021			265		249
United Continental Holdings, Inc. 4.88%, 1/15/2025			217		215
United Rentals North America, Inc.
5.88%, 9/15/2026			1,065		1,103
6.50%, 12/15/2026			352		373
5.50%, 5/15/2027			2,645		2,668
United States Steel Corp.
6.88%, 8/15/2025			101		87
6.25%, 3/15/2026			295		243
United Technologies Corp.
3.95%, 8/16/2025			2,660		2,808
4.13%, 11/16/2028			2,620		2,779
3.75%, 11/1/2046			1,880		1,792
Uniti Group LP REIT, 6.00%, 4/15/2023(d)			1,685		1,575
Univar USA, Inc. 6.75%, 7/15/2023(d)			275		278
Univision Communications, Inc.
6.75%, 9/15/2022(d)			36		36
5.13%, 5/15/2023(d)			90		85
5.13%, 2/15/2025(d)			111		102
US Concrete, Inc. 6.38%, 6/1/2024			305		310
USA Compression Partners LP 6.88%, 4/1/2026			157		161
Vantiv LLC 3.88%, 11/15/2025(a)	GBP		1,350		1,774
Verizon Communications, Inc. 4.33%, 9/21/2028			2,410		2,608
Vertiv Group Corp. 9.25%, 10/15/2024(d)			1,088		1,072
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057(c)			277		274
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(c)			83		84
VICI Properties 1 LLC REIT, 8.00%, 10/15/2023			1,246		1,352
Vista Outdoor, Inc. 5.88%, 10/1/2023			965		908

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Vistra Energy Corp. 5.88%, 6/1/2023			238		243
Vistra Operations Co. LLC 5.50%, 9/1/2026(d)			332		340
W&T Offshore, Inc. 9.75%, 11/1/2023(d)			353		347
Walt Disney Co. (The) 4.95%, 10/15/2045(d)			2,500		3,052
Warner Media LLC 2.95%, 7/15/2026			824		799
Welbilt, Inc. 9.50%, 2/15/2024			1,070		1,150
WellCare Health Plans, Inc. 5.25%, 4/1/2025			710		720
Wells Fargo & Co. 4.90%, 11/17/2045			1,210		1,338
WESCO Distribution, Inc. 5.38%, 6/15/2024			231		235
West Street Merger Sub, Inc. 6.38%, 9/1/2025(d)			64		59
Western Digital Corp. 4.75%, 2/15/2026			376		356
Whiting Petroleum Corp.
5.75%, 3/15/2021			500		494
6.63%, 1/15/2026			150		137
William Carter Co. (The) 5.63%, 3/15/2027(d)			162		165
Williams Cos., Inc. (The) 4.00%, 9/15/2025			2,475		2,575
Windstream Services LLC 8.63%, 10/31/2025(d)(f)			497		496
WMG Acquisition Corp. 5.50%, 4/15/2026(d)			296		298
WPX Energy, Inc.
6.00%, 1/15/2022			81		82
8.25%, 8/1/2023			1,020		1,125
5.75%, 6/1/2026			141		140
Wyndham Destinations, Inc.
4.25%, 3/1/2022			18		18
5.40%, 4/1/2024(f)			94		96
6.35%, 10/1/2025(f)			40		43
5.75%, 4/1/2027(f)			99		99
Wynn Las Vegas LLC 5.50%, 3/1/2025(d)			1,875		1,837
XPO Logistics, Inc. 6.50%, 6/15/2022(d)			1,196		1,213
Zayo Group LLC
6.00%, 4/1/2023			370		380
6.38%, 5/15/2025			1,145		1,178

					593,006

TOTAL CORPORATE BONDS (Cost $1,237,800)					1,223,664

FOREIGN GOVERNMENT SECURITIES — 21.6%
Angola — 0.2%
Republic of Angola 9.50%, 11/12/2025(a)			3,750		4,087

Argentina — 0.2%
Provincia de Buenos Aires 9.95%, 6/9/2021(a)			2,170		1,839
Republic of Argentina
5.63%, 1/26/2022			1,280		992
4.63%, 1/11/2023			249		185
6.88%, 1/26/2027			1,590		1,141

					4,157

Bahrain — 0.1%
Kingdom of Bahrain
6.00%, 9/19/2044(a)			1,001		888
7.50%, 9/20/2047(a)			2,685		2,739

					3,627

Belarus — 0.1%
Republic of Belarus 6.20%, 2/28/2030(a)			2,940		2,936

Benin — 0.2%
Benin Government International Bond 5.75%, 3/26/2026(d)	EUR		4,490		4,947

Brazil — 1.0%
Federative Republic of Brazil
5.00%, 1/27/2045			5,400		5,017
6.00%, 8/15/2050	BRL		17,758		19,242

					24,259

Colombia — 0.4%
Republic of Colombia
5.00%, 6/15/2045			4,620		4,828
5.20%, 5/15/2049			4,080		4,353

					9,181

Costa Rica — 0.1%
Republic of Costa Rica 7.00%, 4/4/2044(a)			3,530		3,343

Cyprus — 0.7%
Republic of Cyprus
2.75%, 6/27/2024(a)	EUR		3,170		3,954
2.38%, 9/25/2028(a)	EUR		4,841		5,979
2.75%, 2/26/2034(a)	EUR		5,460		6,871

					16,804

Dominican Republic — 0.4%
Government of Dominican Republic
6.88%, 1/29/2026(d)			4,060		4,502
9.75%, 6/5/2026(d)	DOP		192,300		3,805
5.95%, 1/25/2027(a)			1,200		1,263
6.85%, 1/27/2045(a)			1,680		1,772

					11,342

Ecuador — 0.3%
Republic of Ecuador
10.50%, 3/24/2020(a)			6,600		6,910
10.75%, 3/28/2022(d)			1,365		1,517

					8,427

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Egypt — 0.2%
Arab Republic of Egypt 7.60%, 3/1/2029(d)			3,830		3,820

El Salvador — 0.2%
Republic of El Salvador
7.38%, 12/1/2019(a)			1,210		1,223
7.75%, 1/24/2023(a)			1,744		1,836
7.63%, 2/1/2041(a)			2,324		2,315

					5,374

Ethiopia — 0.1%
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024(a)			2,950		2,979

France — 0.7%
France Government Bond 1.50%, 5/25/2050(a)	EUR		15,380		18,244

Gabon — 0.1%
Gabonese Republic 6.38%, 12/12/2024(a)			3,350		3,195

Ghana — 0.1%
Republic of Ghana 7.88%, 8/7/2023(a)			2,400		2,508

Greece — 0.6%
Greece Government Bond 3.38%, 2/15/2025(a)	EUR		11,979		14,290

Guatemala — 0.1%
Republic of Guatemala 6.13%, 6/1/2050(d)			3,140		3,130

Indonesia — 1.9%
Republic of Indonesia
8.25%, 7/15/2021	IDR		138,568,000		9,897
5.38%, 10/17/2023(a)			5,200		5,628
8.25%, 5/15/2029	IDR		85,850,000		6,144
8.75%, 5/15/2031	IDR		196,200,000		14,090
8.25%, 5/15/2036	IDR		173,613,000		11,970

					47,729

Italy — 2.1%
Italy Government Bond 3.85%, 9/1/2049(a)	EUR		43,560		51,937

Ivory Coast — 0.2%
Republic of Cote d’Ivoire 5.13%, 6/15/2025(a)	EUR		4,680		5,240

Jamaica — 0.1%
Jamaica Government International Bond
8.00%, 3/15/2039			1,620		1,955
7.88%, 7/28/2045			1,490		1,794

					3,749

Jordan — 0.1%
Kingdom of Jordan 6.13%, 1/29/2026(a)			3,059		3,067

Kenya — 0.1%
Republic of Kenya 8.25%, 2/28/2048(a)			1,909		1,792

Lebanon — 0.2%
Republic of Lebanon
6.85%, 3/23/2027(a)			4,475		3,477
6.65%, 11/3/2028(a)			2,775		2,107

					5,584

Malaysia — 1.0%
Malaysia Sovereign Sukuk Bhd. 4.64%, 11/7/2033	MYR		100,000		25,230

Mexico — 1.0%
United Mexican States 7.25%, 12/9/2021	MXN		485,000		24,355

Nigeria — 0.2%
Federal Republic of Nigeria 7.63%, 11/28/2047(d)			5,870		5,268

Oman — 0.2%
Oman Government International Bond 6.75%, 1/17/2048(a)			5,001		4,238

Pakistan — 0.2%
Republic of Pakistan 6.88%, 12/5/2027(a)			4,098		3,966

Paraguay — 0.3%
Republic of Paraguay
5.00%, 4/15/2026(a)			6,650		7,069
5.00%, 4/15/2026(d)			560		595

					7,664

Peru — 0.3%
Republic of Peru
5.94%, 2/12/2029(d)	PEN		2,047		643
6.90%, 8/12/2037(a)	PEN		20,080		6,667

					7,310

Portugal — 3.5%
Portugal Obrigacoes do Tesouro
5.13%, 10/15/2024(a)			12,380		13,659
2.88%, 10/15/2025(a)	EUR		42,553		55,634
2.88%, 7/21/2026(a)	EUR		7,226		9,525
2.25%, 4/18/2034(a)	EUR		7,590		9,607

					88,425

Qatar — 0.6%
State of Qatar
3.88%, 4/23/2023(d)			5,460		5,678
4.00%, 3/14/2029(d)			2,790		2,937
4.63%, 6/2/2046(a)			995		1,082
5.10%, 4/23/2048(a)			5,270		6,033

					15,730

Saudi Arabia — 0.2%
Kingdom of Saudi Arabia 4.63%, 10/4/2047(a)			6,325		6,344

Serbia — 0.2%
Republic of Serbia 4.88%, 2/25/2020(a)			6,000		6,060

South Africa — 1.7%
Republic of South Africa 6.50%, 2/28/2041	ZAR		880,456		42,705

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Spain — 1.4%
Kingdom of Spain
1.60%, 4/30/2025(a)	EUR		4,950		6,018
1.85%, 7/30/2035(a)	EUR		10,800		12,996
2.90%, 10/31/2046(a)	EUR		9,240		12,747
2.70%, 10/31/2048(a)	EUR		2,420		3,207

					34,968

United Arab Emirates — 0.3%
Abu Dhabi Government Bond 4.13%, 10/11/2047(a)			6,170		6,448

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $548,548)					544,459

ASSET-BACKED SECURITIES — 11.3%
Cayman Islands — 2.3%
ACIS CLO Ltd. Series 2017-7A, Class A1, 3.93%, 5/1/2027(d)(i)			1,002		1,004
AIMCO CLO Series 2017-AA, Class A, 3.85%, 7/20/2029(d)(i)			1,125		1,125
Apidos CLO
Series XXXA, Class A2, 4.20%, 10/18/2031(d)(i)			2,360		2,327
Series XXXA, Class C, 5.60%, 10/18/2031‡(d)(i)			1,613		1,592
Bain Capital Credit CLO Series 2017-1A, Class A1, 3.84%, 7/20/2030(d)(i)			2,000		2,001
Benefit Street Partners CLO XI Series 2017-11A, Class A2A, 4.35%, 4/15/2029(d)(i)			970		969
BlueMountain CLO Ltd. Series 2014-2A, Class BR2, 4.34%, 10/20/2030‡(d)(i)			2,360		2,342
Cedar Funding II CLO Ltd. Series 2013-1A, Class A1R, 3.83%, 6/9/2030(d)(i)			4,750		4,754
CFIP CLO Ltd. Series 2017-1A, Class A, 3.82%, 1/18/2030(d)(i)			5,200		5,211
CIFC Funding Ltd.
Series 2017-1A, Class A, 3.95%, 4/23/2029(d)(i)			1,999		1,998
Series 2014-5A, Class BR2, 4.39%, 10/17/2031‡(d)(i)			1,205		1,200
Dryden 49 Senior Loan Fund Series 2017-49A, Class A, 3.81%, 7/18/2030(d)(i)			2,014		2,017
LCM XVI LP Series 16A, Class A2R, 3.78%, 10/15/2031(d)(i)			1,860		1,862
Nassau Ltd. Series 2017-IA, Class A1A, 3.92%, 10/15/2029(d)(i)			2,593		2,593
Newark BSL CLO 2 Ltd.
Series 2017-1A, Class A1, 3.85%, 7/25/2030(d)(i)			4,630		4,646
OCP CLO Ltd. Series 2017-13A, Class A1A, 3.86%, 7/15/2030(d)(i) 4,160					4,169
Octagon Investment Partners 30 Ltd. Series 2017-1A, Class A1, 3.91%, 3/17/2030(d)(i)			1,627		1,630
Race Point VIII CLO Ltd. Series 2013-8A, Class AR, 3.86%, 2/20/2030(d)(i)			3,161		3,164
Renew Series 2017-1A, Class B, 5.75%, 9/20/2052‡(d)			1,468		1,494
Shackleton CLO Ltd. Series 2014-6RA, Class B, 4.32%, 7/17/2028(d)(i)			890		886
THL Credit Wind River CLO Ltd. Series 2017-1A, Class A, 3.94%, 4/18/2029(d)(i)			1,335		1,338
TIAA CLO II Ltd. Series 2017-1A, Class A, 3.87%, 4/20/2029(d)(i)			2,456		2,457
TRESTLES CLO Ltd. Series 2017-1A, Class A1A, 3.87%, 7/25/2029(d)(i)			3,620		3,630
VOYA CLO Series 2017-2A, Class A1, 3.81%, 6/7/2030(d)(i)			4,335		4,348

					58,757

United States — 9.0%
5AIF Juniper 2 LLC Series 2018-1, Class A, 5.45%, 8/15/2022‡(d)			11,025		11,025
ABFC Trust Series 2004-OPT2, Class M2, 3.93%, 7/25/2033‡(i)			52		50
ACC Trust
Series 2018-1, Class B, 4.82%, 5/20/2021(d)			310		312
Series 2019-1, Class A, 3.75%, 5/20/2022(d)			1,438		1,448
Series 2018-1, Class C, 6.81%, 2/21/2023(d)			1,202		1,220
Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033‡(d)			2,204		2,277

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
ACE Securities Corp. Home Equity Loan Trust Series 2004-OP1, Class M2, 4.00%, 4/25/2034‡(i)		79		78
American Airlines Pass-Through Trust Series 2015-1, Class B, 3.70%, 5/1/2023		706		703
American Credit Acceptance Receivables Trust
Series 2018-2, Class A, 2.94%, 1/10/2022(d)		677		677
Series 2017-1, Class D, 3.54%, 3/13/2023(d)		680		684
Series 2016-4, Class D, 4.11%, 4/12/2023(d)		960		970
Series 2017-3, Class D, 3.43%, 10/10/2023(d)		1,380		1,389
Series 2018-2, Class E, 5.16%, 9/10/2024(d)		460		475
Series 2018-3, Class C, 3.75%, 10/15/2024(d)		1,110		1,120
Series 2018-3, Class E, 5.17%, 10/15/2024(d)		670		693
Series 2018-1, Class F, 6.55%, 12/10/2024(d)		2,950		3,024
Series 2019-2, Class D, 3.41%, 6/12/2025(d)		920		925
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-W3, Class A3, 3.25%, 2/25/2034‡(i)		81		79
Series 2003-W7, Class M2, 4.29%, 3/25/2034‡(i)		78		78
Avis Budget Rental Car Funding AESOP LLC Series 2018-1A, Class C, 4.73%, 9/20/2024(d)		680		710
Bear Stearns Asset-Backed Securities Trust Series 2002-1, Class 1A5, 6.89%, 12/25/2034‡(f)		6		6
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033(d)		1,403		1,425
Series 2018-1, Class B, 6.05%, 2/15/2033‡(d)		2,714		2,817
Series 2018-2, Class C, 6.66%, 6/15/2033(d)		3,523		3,576
CIG Auto Receivables Trust
Series 2019-1A, Class B, 3.59%, 8/15/2024(d)		3,255		3,307
Series 2019-1A, Class C, 3.82%, 8/15/2024(d)		785		799
Series 2017-1A, Class C, 5.33%, 12/16/2024(d)		400		403
Citi Held For Asset Issuance Series 2015-PM2, Class C, 5.96%, 3/15/2022‡(d)		559		560
CLUB Credit Trust
Series 2017-NP1, Class C, 5.13%, 4/17/2023‡(d)		530		531
Series 2018-NP1, Class C, 4.74%, 5/15/2024‡(d)		3,830		3,854
Conn’s Receivables Funding LLC
Series 2019-A, Class B, 4.36%, 10/16/2023(d)		1,545		1,551
Series 2019-A, Class C, 5.29%, 10/16/2023(d)		1,391		1,396
Continental Airlines Pass-Through Trust Series 2007-1, Class A, 5.98%, 4/19/2022		113		119
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 3.55%, 12/25/2032‡(i)		36		36
Series 2004-BC1, Class M3, 4.53%, 10/25/2033‡(i)		7		7
Series 2004-2, Class M1, 3.18%, 5/25/2034‡(i)		77		77
Series 2004-ECC2, Class M2, 3.40%, 12/25/2034‡(i)		1,522		1,525
Credit Acceptance Auto Loan Trust
Series 2018-3A, Class B, 3.89%, 10/15/2027(d)		930		954
Series 2018-3A, Class C, 4.04%, 12/15/2027(d)		1,060		1,088
Diamond Resorts Owner Trust Series 2018-1, Class C, 4.53%, 1/21/2031‡(d)		4,810		4,898
Drive Auto Receivables Trust
Series 2018-3, Class D, 4.30%, 9/16/2024		4,432		4,560
Series 2018-4, Class D, 4.09%, 1/15/2026		4,770		4,910
DT Auto Owner Trust
Series 2017-4A, Class D, 3.47%, 7/17/2023(d)		1,384		1,393
Series 2017-1A, Class E, 5.79%, 2/15/2024(d)		520		536
Series 2018-3A, Class C, 3.79%, 7/15/2024(d)		4,350		4,424
Series 2017-4A, Class E, 5.15%, 11/15/2024(d)		1,650		1,710
Series 2018-1A, Class E, 5.42%, 3/17/2025(d)		645		672
Engs Commercial Finance Trust
Series 2018-1A, Class C, 4.05%, 2/22/2023‡(d)		450		463
Series 2018-1A, Class D, 4.69%, 6/22/2023‡(d)		335		345
Exeter Automobile Receivables Trust
Series 2018-3A, Class C, 3.71%, 6/15/2023(d)		1,647		1,676
Series 2018-2A, Class D, 4.04%, 3/15/2024(d)		3,300		3,379
Series 2018-3A, Class D, 4.35%, 6/17/2024(d)		3,650		3,786
Series 2018-3A, Class E, 5.43%, 8/15/2024(d)		900		937

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Series 2018-1A, Class E, 4.64%, 10/15/2024(d)		1,880		1,907
Series 2018-2A, Class E, 5.33%, 5/15/2025(d)		1,790		1,862
Series 2018-3A, Class F, 6.55%, 8/25/2025(d)		880		920
First Franklin Mortgage Loan Trust Series 2004-FF5, Class A1, 3.15%, 8/25/2034‡(i)		99		97
Flagship Credit Auto Trust
Series 2018-3, Class A, 3.07%, 2/15/2023(d)		348		349
Series 2016-3, Class E, 6.25%, 10/15/2023(d)		910		952
Series 2018-3, Class C, 3.79%, 12/16/2024(d)		1,090		1,118
FREED ABS Trust
Series 2018-1, Class A, 3.61%, 7/18/2024(d)		1,343		1,348
Series 2018-1, Class B, 4.56%, 7/18/2024‡(d)		600		611
Fremont Home Loan Trust Series 2004-2, Class M2, 3.36%, 7/25/2034(i)		11		12
GLS Auto Receivables Issuer Trust Series 2019-1A, Class C, 3.87%, 12/16/2024(d)		2,000		2,043
GMAT Trust Series 2013-1A, Class M, 5.00%, 11/25/2043‡(d)(i)		340		208
Hertz Fleet Lease Funding LP Series 2018-1, Class E, 5.55%, 5/10/2032(d)		488		494
Home Equity Asset Trust Series 2004-6, Class M2, 3.33%, 12/25/2034‡(i)		39		39
LendingClub Issuance Trust Series 2016-NP2, Class B, 6.00%, 1/17/2023‡(d)		128		128
Lendingpoint Funding Trust Series 2018-1, Class B, 8.44%, 11/15/2024‡(d)(i)		4,667		4,667
Lendmark Funding Trust
Series 2017-1A, Class C, 5.41%, 12/22/2025‡(d)		2,330		2,405
Series 2017-2A, Class B, 3.38%, 5/20/2026‡(d)		685		688
Series 2017-2A, Class C, 4.33%, 5/20/2026‡(d)		515		521
Series 2018-1A, Class B, 4.09%, 12/21/2026‡(d)		730		751
Series 2018-1A, Class C, 5.03%, 12/21/2026‡(d)		1,700		1,757
LV Tower 52 Issuer Series 2013-1, Class M, 7.75%, 7/15/2019‡(d)		2,329		2,341
Mariner Finance Issuance Trust Series 2018-AA, Class A, 4.20%, 11/20/2030(d)		3,425		3,510
Marlette Funding Trust
Series 2017-3A, Class B, 3.01%, 12/15/2024(d)		740		740
Series 2017-3A, Class C, 4.01%, 12/15/2024‡(d)		1,180		1,187
Series 2018-1A, Class B, 3.19%, 3/15/2028‡(d)		1,050		1,051
Series 2018-1A, Class C, 3.69%, 3/15/2028(d)		1,815		1,822
Series 2018-1A, Class D, 4.85%, 3/15/2028‡(d)		450		455
Series 2018-3A, Class A, 3.20%, 9/15/2028(d)		802		803
Merrill Lynch Mortgage Investors Trust Series 2003-OPT1, Class M1, 3.40%, 7/25/2034(i)		68		67
MFA LLC
Series 2017-NPL1, Class A1, 3.35%, 11/25/2047‡(d)(f)		4,953		4,996
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048‡(d)(f)		2,815		2,835
Mid-State Capital Corp. Trust Series 2006-1, Class M2, 6.74%, 10/15/2040‡(d)		121		137
Morgan Stanley ABS Capital I, Inc. Trust Series 2004-HE1, Class M1, 3.28%, 1/25/2034‡(i)		30		30
New Century Home Equity Loan Trust Series 2003-4, Class M2, 5.16%, 10/25/2033‡(i)		37		36
OL SP LLC
Series 2018, Class C, 4.25%, 2/9/2030‡		1,300		1,279
Series 2018, Class B, 4.61%, 2/9/2030‡		1,334		1,359
OnDeck Asset Securitization Trust LLC
Series 2018-1A, Class B, 4.02%, 4/18/2022‡(d)		500		505
Series 2018-1A, Class C, 4.52%, 4/18/2022‡(d)		470		475
OneMain Direct Auto Receivables Trust
Series 2018-1A, Class B, 3.71%, 4/14/2025(d)		1,493		1,528
Series 2018-1A, Class D, 4.40%, 1/14/2028(d)		1,810		1,866
Onemain Financial Issuance Trust Series 2018-1A, Class D, 4.08%, 3/14/2029‡(d)		1,250		1,276
OneMain Financial Issuance Trust
Series 2015-1A, Class C, 5.12%, 3/18/2026‡(d)		608		614
Series 2017-1A, Class D, 4.52%, 9/14/2032‡(d)		1,100		1,105

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Oportun Funding VI LLC Series 2017-A, Class B, 3.97%, 6/8/2023‡(d)(i)		1,170		1,169
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCH1, Class M3, 3.27%, 1/25/2036‡(i)		114		114
People’s Choice Home Loan Securities Trust Series 2004-2, Class M1, 3.33%, 10/25/2034‡(i)		13		13
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 4.78%, 4/25/2023(d)(i)		1,980		1,999
PNMAC GMSR Issuer Trust
Series 2018-GT1, Class A, 5.28%, 2/25/2023(d)(i)		1,400		1,403
Series 2018-GT2, Class A, 5.08%, 8/25/2025(d)(i)		3,690		3,703
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024(d)		490		504
Series 2018-1A, Class C, 3.75%, 10/15/2024(d)		4,370		4,487
Series 2018-1A, Class D, 4.14%, 10/15/2024(d)		1,145		1,185
Pretium Mortgage Credit Partners I LLC
Series 2018-NPL4, Class A1, 4.83%, 9/25/2058‡(d)(f)		915		924
Series 2018-NPL4, Class A2, 6.05%, 9/25/2058‡(d)(f)		1,425		1,438
Series 2019-NPL2, Class A2, 5.93%, 12/25/2058(d)(f)		2,500		2,511
Progress Residential Trust
Series 2015-SFR2, Class D, 3.68%, 6/12/2032‡(d)		1,400		1,398
Series 2018-SFR3, Class E, 4.87%, 10/17/2035‡(d)		4,720		4,878
RASC Trust
Series 2005-EMX1, Class M1, 3.07%, 3/25/2035‡(i)		1,343		1,345
Series 2005-KS2, Class M1, 3.07%, 3/25/2035‡(i)		44		44
Renaissance Home Equity Loan Trust
Series 2004-1, Class M1, 3.30%, 5/25/2034‡(i)		575		557
Series 2005-1, Class AF6, 4.97%, 5/25/2035‡(f)		258		267
Series 2005-2, Class M1, 5.05%, 8/25/2035‡(f)		888		925
Santander Drive Auto Receivables Trust
Series 2015-5, Class E, 4.67%, 2/15/2023(d)		6,190		6,247
Series 2016-2, Class E, 4.38%, 9/15/2023		3,200		3,249
Series 2018-4, Class D, 3.98%, 12/15/2025		3,070		3,159
Santander Prime Auto Issuance Notes Trust Series 2018-A, Class F, 6.80%, 9/15/2025(d)		1,924		1,971
Saxon Asset Securities Trust Series 2004-3, Class M1, 3.33%, 12/26/2034‡(i)		231		230
SoFi Consumer Loan Program LLC Series 2017-6, Class B, 3.52%, 11/25/2026‡(d)		1,584		1,609
SoFi Consumer Loan Program Trust
Series 2018-1, Class B, 3.65%, 2/25/2027(d)		1,250		1,278
Series 2018-1, Class C, 3.97%, 2/25/2027‡(d)		730		740
Springleaf Funding Trust Series 2016-AA, Class B, 3.80%, 11/15/2029(d)		700		705
Stanwich Mortgage Loan Trust
Series 2018-NPB1, Class A1, 4.02%, 5/16/2023‡(d)(f)		2,106		2,113
Series 2018-NPB2, Class A1, 4.50%, 10/18/2023‡(d)(f)		3,156		3,177
Structured Asset Investment Loan Trust Series 2003-BC10, Class A4, 3.43%, 10/25/2033‡(i)		111		110
T-Mobile USA, Inc. 6.00%, 4/15/2024‡		315		—
Tricolor Auto Securitization Trust Series 2018-2A, Class A, 3.96%, 10/15/2021(d)		1,370		1,375
Vantage Data Centers Issuer LLC Series 2018-1A, Class A2, 4.07%, 2/16/2043(d)		1,886		1,932
Vericrest Opportunity Loan Trust Series 2019-NPL3, Class A2, 6.17%, 3/25/2049‡(d)(f)		2,440		2,459
Veros Automobile Receivables Trust Series 2017-1, Class A, 2.84%, 4/17/2023(d)		449		449
VOLT LXII LLC Series 2017-NPL9, Class A1, 3.13%, 9/25/2047‡(d)(f)		958		958
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047‡(d)(f)		1,265		1,265
VOLT LXIX LLC Series 2018-NPL5, Class A2, 5.80%, 8/25/2048‡(d)(f)		3,890		3,917
VOLT LXVIII LLC Series 2018-NPL4, Class A2, 5.93%, 7/27/2048‡(d)(f)		3,000		3,021

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
VOLT LXX LLC Series 2018-NPL6, Class A1B, 4.56%, 9/25/2048‡(d)(f)		5,619		5,667
Westlake Automobile Receivables Trust
Series 2018-3A, Class C, 3.61%, 10/16/2023(d)		2,210		2,241
Series 2018-3A, Class D, 4.00%, 10/16/2023(d)		1,420		1,456
Series 2018-3A, Class E, 4.90%, 12/15/2023(d)		780		802
Series 2018-2A, Class E, 4.86%, 1/16/2024(d)		1,220		1,249
Series 2018-1A, Class F, 5.60%, 7/15/2024(d)		5,470		5,550
Series 2018-2A, Class F, 6.04%, 1/15/2025(d)		1,701		1,738
Series 2018-3A, Class F, 6.02%, 2/18/2025(d)		1,060		1,094

				227,176

TOTAL ASSET-BACKED SECURITIES (Cost $282,210)				285,933

COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.4%
Cayman Islands — 0.2%
GPMT Ltd. Series 2018-FL1, Class B, 3.99%, 11/21/2035‡(d)(i)		2,520		2,520
TPG Real Estate Finance Issuer Ltd. Series 2018-FL1, Class C, 4.33%, 2/15/2035(d)(i)		2,085		2,088

				4,608

United States — 5.2%
BAMLL Re-REMIC Trust Series 2013-FRR3, Class A, PO, 6/26/2023(d)		4,375		3,650
Banc of America Commercial Mortgage Trust Series 2007-5, Class AJ, 6.03%, 2/10/2051(i)		4,073		3,828
BANK
Series 2019-BN17, Class D, 3.00%, 4/15/2052‡(d)		700		618
Series 2019-BN17, Class E, 3.00%, 4/15/2052‡(d)		350		285
Series 2017-BNK9, Class D, 2.80%, 11/15/2054‡(d)		2,255		1,875
Series 2017-BNK6, Class D, 3.10%, 7/15/2060(d)		817		723
Bear Stearns Commercial Mortgage Securities Trust Series 2006-PW13, Class B, 5.66%, 9/11/2041‡(d)(i)		184		183
BX Commercial Mortgage Trust Series 2018-IND, Class E, 4.14%, 11/15/2035(d)(i)		5,055		5,063
BX Trust
Series 2018-MCSF, Class B, 3.25%, 4/15/2035‡(d)(i)		1,500		1,479
Series 2018-MCSF, Class C, 3.44%, 4/15/2035‡(d)(i)		990		975
BXMT Ltd. Series 2017-FL1, Class D, 5.13%, 6/15/2035‡(d)(i)		4,650		4,663
Citigroup Commercial Mortgage Trust Series 2015-P1, Class D, 3.23%, 9/15/2048‡(d)		1,220		1,112
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		20		20
CSAIL Commercial Mortgage Trust Series 2017-C8, Class C, 4.32%, 6/15/2050‡		1,390		1,410
FHLMC Multifamily Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.30%, 7/25/2023(i)		68,990		808
Series K729, Class X1, IO, 0.37%, 10/25/2024(i)		28,842		485
Series K731, Class X3, IO, 2.09%, 5/25/2025(i)		3,460		369
Series K091, Class A2, 3.51%, 3/25/2029		1,975		2,107
Series K158, Class A2, 3.90%, 12/25/2030(i)		1,270		1,394
Series K155, Class A2, 3.75%, 11/25/2032		8,750		9,433
Series K153, Class X3, IO, 3.77%, 4/25/2035(i)		5,560		1,906
Series K036, Class X3, IO, 2.11%, 12/25/2041(i)		31,545		2,706
Series K038, Class X3, IO, 2.49%, 6/25/2042(i)		17,000		1,836
Series K720, Class X3, IO, 1.33%, 8/25/2042(i)		39,172		1,489
Series K041, Class X3, IO, 1.64%, 11/25/2042(i)		30,520		2,450
Series K042, Class X3, IO, 1.60%, 1/25/2043(i)		21,950		1,719
Series K718, Class X3, IO, 1.43%, 2/25/2043(i)		112,228		4,188
Series K045, Class X3, IO, 1.50%, 4/25/2043(i)		39,625		2,994
Series K046, Class X3, IO, 1.51%, 4/25/2043(i)		38,350		2,986
Series K054, Class X3, IO, 1.60%, 4/25/2043(i)		66,098		6,068

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Series K047, Class X3, IO, 1.49%, 6/25/2043(i)		28,400		2,223
Series K050, Class X3, IO, 1.55%, 10/25/2043(i)		21,110		1,775
Series K052, Class X3, IO, 1.61%, 1/25/2044(i)		15,770		1,435
Series K726, Class X3, IO, 2.13%, 7/25/2044(i)		6,381		584
Series K067, Class X3, IO, 2.11%, 9/25/2044(i)		25,210		3,684
Series K729, Class X3, IO, 1.97%, 11/25/2044(i)		7,055		672
Series K724, Class X3, IO, 1.87%, 12/25/2044(i)		10,996		835
Series K071, Class X3, IO, 2.01%, 11/25/2045(i)		19,450		2,771
Series K072, Class X3, IO, 2.14%, 12/25/2045(i)		12,354		1,893
Series K088, Class X3, IO, 2.35%, 2/25/2047(i)		12,520		2,323
Series K078, Class X3, IO, 2.21%, 6/25/2051(i)		10,990		1,824
FNMA ACES
Series 2014-M3, Class X2, IO, 0.00%, 1/25/2024(i)		69,950		239
Series 2018-M3, Class X, IO, 0.10%, 2/25/2030(i)		16,729		104
Series 2016-M4, Class X2, IO, 2.60%, 1/25/2039(i)		8,856		762
FREMF Series 2018-KF46, Class B, 4.43%, 3/25/2028(d)(i)		2,398		2,371
FREMF Mortgage Trust
Series 2017-KF29, Class B, 6.03%, 2/25/2024(d)(i)		1,718		1,755
Series 2017-KF31, Class B, 5.38%, 4/25/2024(d)(i)		1,110		1,121
Series 2017-KF36, Class B, 5.13%, 8/25/2024(d)(i)		1,628		1,633
Series 2017-KF38, Class B, 4.98%, 9/25/2024(d)(i)		947		950
Series 2017-KF41, Class B, 4.98%, 11/25/2024(d)(i)		598		600
Series 2018-KF42, Class B, 4.68%, 12/25/2024(d)(i)		2,791		2,802
Series 2018-KF45, Class B, 4.43%, 3/25/2025(d)(i)		927		909
Series 2018-KF47, Class B, 4.48%, 5/25/2025(d)(i)		824		817
Series 2016-KF24, Class B, 7.48%, 10/25/2026(d)(i)		328		343
Series 2017-KF40, Class B, 5.18%, 11/25/2027(d)(i)		1,310		1,319
Series 2018-KF50, Class B, 4.33%, 7/25/2028(d)(i)		1,908		1,892
Series 2017-K67, Class C, 3.94%, 9/25/2049(d)(i)		1,090		1,076
Series 2017-K729, Class B, 3.67%, 11/25/2049(d)(i)		900		914
Series 2017-K728, Class B, 3.65%, 11/25/2050(d)(i)		4,200		4,262
Series 2017-K728, Class C, 3.65%, 11/25/2050(d)(i)		1,265		1,252
GNMA
Series 2013-48, IO, 0.62%, 7/16/2054(i)		27,447		1,178
Series 2017-9, IO, 0.77%, 1/16/2057(i)		20,364		1,347
Series 2017-54, IO, 0.65%, 12/16/2058(i)		10,457		619
Series 2017-23, IO, 0.73%, 5/16/2059(i)		14,276		890
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.09%, 7/15/2044(i)		1,187		1,199
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039‡(i)		2,132		1,472
LMREC, Inc. Series 2016-CRE2, Class A, 4.14%, 11/24/2031(d)(i)		889		890
Morgan Stanley Capital I Trust
Series 2006-T23, Class D, 6.15%, 8/12/2041‡(d)(i)		2,296		2,333
Series 2005-HQ7, Class E, 5.39%, 11/14/2042‡(i)		1,574		1,567
Nationslink Funding Corp. Series 1999-LTL1, Class E, 5.00%, 1/22/2026‡(d)		400		410
Velocity Commercial Capital Loan Trust Series 2018-2, Class A, 4.05%, 10/26/2048(d)(i)		4,667		4,780
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Class AJ, 6.12%, 5/15/2046(i)		63		64

				130,711

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $135,298)				135,319

COLLATERALIZED MORTGAGE OBLIGATIONS — 4.5%
Netherlands — 0.2%
Permanent Master Issuer plc Series 2018-1A, Class 1A1, 2.98%, 7/15/2058(d)(i)		4,281		4,282

United Kingdom — 0.1%
Lanark Master Issuer plc Series 2019-1A, Class 1A1, 3.29%, 12/22/2069(d)(i)		1,484		1,488

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
United States — 4.2%
Acre Series 2017-B, 9.08%, 12/15/2020		3,000		3,000
Alternative Loan Trust
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		3,790		3,836
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		80		81
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		1,318		1,282
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		3,452		3,503
Angel Oak Mortgage Trust I LLC Series 2018-PB1, Class A, 4.00%, 8/25/2021(d)		1,720		1,738
Antler Mortgage Trust Series 2018-RTL1, Class M, 7.39%, 5/25/2023‡(d)(f)		5,800		5,880
ARIVO 9/15/2019‡		2,312		2,312
Chase Mortgage Finance Trust Series 2007-A1, Class 2A3, 4.59%, 2/25/2037(i)		70		72
CHL GMSR Issuer Trust Series 2018-GT1, Class A, 5.18%, 5/25/2023(d)(i)		1,210		1,211
CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037		1,594		1,283
Civic Mortgage LLC Series 2018-1, Class A1, 3.89%, 6/25/2022(d)(f)		604		603
DSLA Mortgage Loan Trust Series 2005-AR4, Class 2A1A, 2.70%, 8/19/2045(i)		955		928
FHLMC REMIC
Series 3775, Class LI, IO, 3.50%, 12/15/2020		260		5
Series 3110, Class SL, IF, IO, 3.71%, 2/15/2026(i)		119		5
Series 3907, Class SW, IF, IO, 4.21%, 7/15/2026(i)		1,915		188
Series 3914, Class LS, IF, IO, 4.36%, 8/15/2026(i)		677		62
Series 4304, Class DI, IO, 2.50%, 1/15/2027		459		24
Series 4030, Class IL, IO, 3.50%, 4/15/2027		430		33
Series 4043, Class PI, IO, 2.50%, 5/15/2027		1,991		132
Series 4056, Class BI, IO, 3.00%, 5/15/2027		158		12
Series 4057, Class UI, IO, 3.00%, 5/15/2027		1,112		80
Series 4120, Class UI, IO, 3.00%, 10/15/2027		856		71
Series 4136, Class IN, IO, 3.00%, 11/15/2027		165		12
Series 4323, Class IW, IO, 3.50%, 4/15/2028		285		23
Series 4311, Class QI, IO, 3.00%, 10/15/2028		1,291		85
Series 4324, Class AI, IO, 3.00%, 11/15/2028		723		49
Series 4313, Class UI, IO, 3.00%, 3/15/2029		1,414		115
Series 4280, Class KI, IO, 3.50%, 9/15/2031		1,092		80
Series 3716, Class PI, IO, 4.50%, 4/15/2038		123		8
Series 3459, Class JS, IF, IO, 3.81%, 6/15/2038(i)		446		60
Series 4119, Class LI, IO, 3.50%, 6/15/2039		386		33
Series 3907, Class AI, IO, 5.00%, 5/15/2040		392		35
Series 4018, Class HI, IO, 4.50%, 3/15/2041		353		49
Series 4215, Class LI, IO, 3.50%, 7/15/2041		624		80
Series 4073, Class IQ, IO, 4.00%, 7/15/2042		391		78
Series 4173, Class I, IO, 4.00%, 3/15/2043		921		187
Series 4372, Class SY, IF, IO, 3.66%, 8/15/2044(i)		1,324		202
Series 4585, Class JI, IO, 4.00%, 5/15/2045		2,497		413
Series 4694, Class SA, IF, IO, 3.66%, 6/15/2047(i)		7,115		1,457
Series 4689, Class SD, IF, IO, 3.71%, 6/15/2047(i)		15,753		3,008
Series 4714, Class SA, IF, IO, 3.71%, 8/15/2047(i)		11,621		2,316
FHLMC STRIPS Series 305, IO, 3.50%, 3/15/2028		236		21
FNMA REMIC
Series 2011-144, Class SA, IF, IO, 4.22%, 11/25/2025(i)		491		31
Series 2012-25, Class AI, IO, 3.50%, 3/25/2027		147		12
Series 2012-145, Class EI, IO, 3.00%, 1/25/2028		1,799		134
Series 2013-9, Class YI, IO, 3.50%, 2/25/2028		189		18

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Series 2013-15, IO, 2.50%, 3/25/2028		2,657		164
Series 2013-18, Class AI, IO, 3.00%, 3/25/2028		843		66
Series 2013-31, Class DI, IO, 3.00%, 4/25/2028		926		84
Series 2013-31, Class YI, IO, 3.50%, 4/25/2028		163		14
Series 2014-35, Class KI, IO, 3.00%, 6/25/2029		1,864		184
Series 2014-44, Class QI, IO, 3.00%, 8/25/2029		1,158		101
Series 2012-120, Class DI, IO, 3.00%, 3/25/2031		778		56
Series 2013-66, Class IE, IO, 3.00%, 8/25/2032		8,852		832
Series 2013-61, Class HI, IO, 3.00%, 6/25/2033		6,114		709
Series 2013-64, Class LI, IO, 3.00%, 6/25/2033		1,230		148
Series 2009-101, Class SI, IF, IO, 3.32%, 12/25/2039(i)		562		45
Series 2012-148, Class JI, IO, 3.50%, 12/25/2039		208		21
Series 2010-102, Class IP, IO, 5.00%, 12/25/2039		95		5
Series 2012-118, Class DI, IO, 3.50%, 1/25/2040		197		16
Series 2013-5, Class BI, IO, 3.50%, 3/25/2040		213		19
Series 2012-93, Class SE, IF, IO, 3.67%, 9/25/2042(i)		3,303		620
Series 2012-93, Class SG, IF, IO, 3.67%, 9/25/2042(i)		847		155
Series 2012-133, Class NS, IF, IO, 3.72%, 12/25/2042(i)		6,759		1,325
Series 2016-25, Class SL, IF, IO, 3.57%, 5/25/2046(i)		6,592		1,280
Series 2016-61, Class ST, IF, IO, 3.57%, 9/25/2046(i)		13,357		2,591
Series 2016-75, Class SC, IF, IO, 3.67%, 10/25/2046(i)		16,557		2,773
Series 2017-13, Class AS, IF, IO, 3.62%, 2/25/2047(i)		12,500		2,578
Series 2017-57, Class SA, IF, IO, 3.67%, 8/25/2057(i)		6,616		1,188
FNMA STRIPS
Series 410, Class C12, IO, 5.50%, 7/25/2024		2,156		103
Series 409, Class 23, IO, 3.50%, 4/25/2027(i)		497		38
Series 401, Class C6, IO, 4.50%, 10/25/2029		1,059		73
GNMA
Series 2003-69, Class SB, IF, IO, 4.16%, 8/16/2033(i)		999		145
Series 2011-13, Class S, IF, IO, 3.51%, 1/16/2041(i)		704		116
Series 2019-42, Class SJ, IF, IO, 3.61%, 4/20/2049(i)		9,889		1,604
Series 2015-H13, Class GI, IO, 1.63%, 4/20/2065(i)		5,035		230
Series 2017-H14, Class FG, 3.53%, 6/20/2067(i)		1,974		2,002
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		4,871		4,795
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036(d)(i)		151		100
HarborView Mortgage Loan Trust Series 2007-6, Class 2A1A, 2.63%, 8/19/2037(i)		187		180
Homeward Opportunities Fund I Trust
Series 2018-1, Class A1, 3.77%, 6/25/2048(d)(i)		1,340		1,364
Series 2019-1, Class M1, 3.95%, 1/25/2059‡(d)(i)		2,050		2,073
Hunt Companies Finance Trust, Inc. 7.25%, 2/13/2025		6,000		6,000
JP Morgan Alternative Loan Trust Series 2006-A2, Class 1A1, 2.61%, 5/25/2036(i)		3,123		2,835
MASTR Alternative Loan Trust Series 2003-5, Class 30B1, 5.93%, 8/25/2033‡(i)		304		307
OBX Trust
Series 2018-EXP1, Class 2A1, 3.28%, 4/25/2048(d)(i)		3,426		3,422
Series 2018-EXP1, Class 2A1B, 3.28%, 4/25/2048(d)(i)		3,425		3,386
Series 2019-EXP1, Class 2A1B, 3.38%, 1/25/2059(d)(i)		3,116		3,077
SART 4.75%, 7/15/2024		6,811		6,916
Structured Adjustable Rate Mortgage Loan Trust Series 2005-1, Class 5A1, 4.38%, 2/25/2035(i)		273		275

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021(d)(f)			4,190		4,195
Verus Securitization Trust
Series 2018-2, Class A1, 3.68%, 6/1/2058(d)(i)			3,000		3,029
Series 2019-1, Class A1, 3.84%, 2/25/2059(d)(i)			3,867		3,930
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-N, Class A6, 4.61%, 8/25/2034(i)			1,492		1,533
Series 2004-N, Class A7, 4.61%, 8/25/2034(i)			1,492		1,532
Series 2004-M, Class A1, 4.62%, 8/25/2034(i)			1,308		1,378
Series 2004-BB, Class A5, 4.95%, 1/25/2035(i)			654		671
Series 2005-AR16, Class 3A1, 4.98%, 3/25/2035(i)			345		353
Series 2005-AR2, Class 2A1, 5.15%, 3/25/2035(i)			985		1,010
Series 2005-AR2, Class 2A2, 5.15%, 3/25/2035(i)			226		234
Series 2005-AR4, Class 2A2, 5.11%, 4/25/2035(i)			167		170
Series 2007-2, Class 3A5, 5.25%, 3/25/2037			25		26

					106,923

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $113,794)					112,693

CONVERTIBLE BONDS — 2.4%
China — 0.3%
Ctrip.com International Ltd. 1.00%, 7/1/2020			3,115		3,023
Huazhu Group Ltd. 0.38%, 11/1/2022			3,130		3,174

					6,197

Netherlands — 0.0%(g)
NXP Semiconductors NV 1.00%, 12/1/2019			1,025		1,049

South Korea — 0.0%(g)
MagnaChip Semiconductor SA 5.00%, 3/1/2021			341		406

United Arab Emirates — 0.0%(g)
Aabar Investments PJSC 1.00%, 3/27/2022(a)	EUR		800		800

United States — 2.1%
Cree, Inc. 0.88%, 9/1/2023(d)			1,495		1,703
Cypress Semiconductor Corp.
4.50%, 1/15/2022			3,140		4,424
2.00%, 2/1/2023			265		286
DISH Network Corp. 3.38%, 8/15/2026			1,260		1,158
DocuSign, Inc. 0.50%, 9/15/2023(d)			2,320		2,468
Envestnet, Inc. 1.75%, 12/15/2019			2,165		2,435
Finisar Corp. 0.50%, 12/15/2036			2,320		2,233
FireEye, Inc. 0.88%, 6/1/2024(d)			1,730		1,681
Fortive Corp. 0.88%, 2/15/2022(d)			1,690		1,710
Guess?, Inc. 2.00%, 4/15/2024(d)			1,495		1,378
II-VI, Inc. 0.25%, 9/1/2022			3,335		3,287
Knowles Corp. 3.25%, 11/1/2021			3,130		3,453
Liberty Expedia Holdings, Inc. 1.00%, 6/30/2047(d)			2,495		2,443
Live Nation Entertainment, Inc. 2.50%, 3/15/2023			3,865		4,363
Nuance Communications, Inc. 1.50%, 11/1/2035			2,250		2,258
Nutanix, Inc. Zero Coupon, 1/15/2023			2,940		2,796
Oasis Petroleum, Inc. 2.63%, 9/15/2023			1,895		1,705
ON Semiconductor Corp. 1.00%, 12/1/2020			3,460		3,929
Redfin Corp. 1.75%, 7/15/2023			570		500
Square, Inc. 0.50%, 5/15/2023(d)			700		768
Teradyne, Inc. 1.25%, 12/15/2023			2,515		3,694
Vocera Communications, Inc. 1.50%, 5/15/2023			855		1,015
Whiting Petroleum Corp. 1.25%, 4/1/2020			264		256
Zillow Group, Inc. 2.00%, 12/1/2021			1,955		2,148

					52,091

TOTAL CONVERTIBLE BONDS (Cost $58,479)					60,543

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
LOAN ASSIGNMENTS — 1.5%(l)
Canada — 0.0%(g)
Concordia Healthcare Corp., Initial Dollar Term Loan (ICE LIBOR USD 1 Month + 5.50%), 7.95%, 9/6/2024(c)			691		645
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.12%, 5/24/2024(c)			84		83

					728

Luxembourg — 0.1%
Intelsat Jackson Holdings, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.18%, 11/27/2023(c)			1,084		1,068

United Kingdom — 0.0%(g)
Cineworld Finance US, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 2/28/2025(c)			400		393
New Look Finance Ltd., 1st Lien Revolver Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.25%, 6/25/2021(c)	GBP		154		184

					577

United States — 1.4%
A2Z Wireless Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.00%), 8.47%, 5/1/2023(c)			482		450
Albertson’s LLC, 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 3.00%), 5.61%, 12/21/2022(c)			606		604
(ICE LIBOR USD 1 Month + 3.00%), 5.44%, 6/22/2023(c)			514		512
At Home Holding III, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.08%, 6/3/2022(c)			427		422
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.69%, 12/15/2024(c)			506		495
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.94%, 8/1/2025(c)			1,472		1,468
California Resources Corp., 1st Lien Second Out Term Loan (ICE LIBOR USD 1 Month + 10.38%), 12.80%, 12/31/2021(c)			386		389
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 1 Month + 4.75%), 7.18%, 12/31/2022(c)			839		796
Calpine Corp., Term Loan (ICE LIBOR USD 3 Month + 2.50%), 5.11%, 1/15/2024(c)			499		495
CBS Radio, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.18%, 11/18/2024(c)			657		655
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 1/31/2025(c)			1,015		986
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 10/2/2024(c)			516		515
CityCenter Holdings LLC, Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 4/18/2024(c)			340		337
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 9.94%, 10/12/2038‡(c)(m)			859		1,332
CommScope, Inc., 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 4/6/2026(c)			1,332		1,325
Consolidated Container, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 5/22/2024(c)			379		375
CPV Shore Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 12/29/2025(c)			272		271
Dawn Acquisition LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 6.35%, 12/31/2025(c)			368		353
Delta 2 SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 2/1/2024(c)			547		534
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%; ICE LIBOR USD 3 Month + 1.75%), 5.22%, 4/6/2024(c)			1,175		1,144
Edgewater Generation LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 12/13/2025(c)			277		277

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
EIF Channelview Cogeneration LLC, Term Loan (ICE LIBOR USD 1 Month + 4.25%), 6.69%, 5/3/2025(c)		363		366
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 10/10/2025(c)		499		453
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.62%, 5/15/2022‡(c)		58		58
Flex Acquisition Co., Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.63%, 12/29/2023(c)		317		304
Frontera Generation Holdings LLC, 1st Lien Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.72%, 5/2/2025(c)		496		492
GGP, Inc., 1st Lien Term Loan B REIT, (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 8/27/2025(c)		941		914
Greeneden US Holdings II LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 12/1/2023(c)		338		334
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 5/16/2024(c)		1,981		1,962
HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 5.34%, 4/25/2025(c)		462		450
iHeartCommunications, Inc., Exit Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.58%, 5/1/2026(c)		1,015		1,015
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 2/5/2025(c)		1,099		1,087
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 1/30/2024(c)		347		343
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 1/30/2024(c)		20		19
Mallinckrodt International Finance SA, Term Loan (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.53%, 2/24/2025(c)		410		358
MedRisk, Inc., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 12/27/2024(c)		237		230
Moran Foods LLC, Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.60%, 12/5/2023(c)		1,474		764
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.35%, 6/7/2023(c)(n)		1,301		1,270
NVA Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 2/2/2025(c)		955		922
Pelican Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.97%, 5/1/2025(c)		779		763
Pelican Products, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 7.75%), 10.22%, 5/1/2026(c)		350		334
Penn National Gaming, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 10/15/2025(c)		683		679
Prime Security Services Borrower LLC, Term Loan B-1 (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 5/2/2022(c)		847		837
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 6.83%, 5/16/2025(c)		595		584
Quidditch Acquisition, Inc., 1st Lien Cov-Lite Term Loan (ICE LIBOR USD 1 Month + 7.00%), 9.43%, 3/21/2025(c)		238		238
Red Ventures LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 11/8/2024(c)		333		333

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.94%, 11/1/2024(c)		344		329
Sirva Worldwide, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 9.50%), 12.07%, 8/3/2026(c)		200		160
Sonicwall, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 10.02%, 5/18/2026(c)		175		163
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 7.60%, 4/16/2026(c)		701		677
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 7.44%, 3/9/2023(c)		698		649
Syniverse Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 9.00%), 11.44%, 3/11/2024(c)		385		291
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 2/6/2024(c)		997		896
Ultra Resources, Inc., Term Loan (ICE LIBOR USD 1 Month + 0.25%), 6.18%, 4/12/2024(c)		792		656
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.69%, 10/22/2025(c)		1,102		942
Univision Communications, Inc., 1st Lien Term Loan C-5 (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 3/15/2024(c)		367		348
USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.60%, 5/16/2024(c)		212		206
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 4.56%, 11/1/2023(c)		420		414
Zuffa LLC, 1st Lien Guaranteed Senior Secured Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.75%, 8/18/2023(c)		795		793

				35,368

TOTAL LOAN ASSIGNMENTS (Cost $38,579)				37,741


	Shares (000)
COMMON STOCKS — 0.1%
Canada — 0.0%(g)
Advanz Pharma Corp.*		35		519

New Zealand — 0.0%(g)
UCI Holdings LLC*‡		4		101

United Kingdom — 0.0%(g)
Topcompany Ltd.*‡		3,934		5

United States — 0.1%
Avaya Holdings Corp.*		34		422
Claire’s Stores, Inc.*‡		1		818
Clear Channel Outdoor Holdings, Inc.*		96		490
Goodman Networks, Inc.*‡		1		—
iHeartMedia, Inc., Class A*		5		79
NII Holdings, Inc.*		3		5
Penn Virginia Corp.*		2		67
Remington Outdoor Co., Inc.*‡		5		8
Vistra Energy Corp.		6		146

				2,035

TOTAL COMMON STOCKS (Cost $2,895)				2,660

PREFERRED STOCKS — 0.0%(g)
United States — 0.0%(g)
Claire’s Stores, Inc. *‡		1		1,187
Goodman Networks, Inc. (Preference) *‡		1		—	(k)

TOTAL PREFERRED STOCKS (Cost $419)				1,187


	No. of Warrants (000)
WARRANTS — 0.0%(g)
Canada — 0.0%(g)
Ultra Petroleum Corp. expiring 7/14/2025, price 1.00 USD*		46		3

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	No. of Warrants (000)		Value (000)
United States — 0.0%(g)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD*‡		36		579

TOTAL WARRANTS (Cost $648)				582


	No. of Rights (000)
RIGHTS — 0.0%(g)
United States — 0.0%(g)
Vistra Energy Corp., expiring 12/31/2049*‡ (Cost $—)		6		5


	Principal Amount (000)
SHORT-TERM INVESTMENTS — 3.4%
FOREIGN GOVERNMENT TREASURY BILLS — 1.0%
Italy Buoni Ordinari del Tesoro BOT 0.06%, 12/13/2019(a)(o) (Cost $24,963)		21,995		24,575


	Shares (000)
INVESTMENT COMPANIES — 2.4%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43%(p)(q) (Cost $61,992)		61,981		62,000

TOTAL SHORT-TERM INVESTMENTS (Cost $86,955)				86,575

Total Investments — 98.6% (Cost $2,505,625)				2,491,361
Other Assets Less Liabilities — 1.4%				35,419

Net Assets — 100.0%				2,526,780

Percentages indicated are based on net assets.

Abbreviations


ABS		Asset-backed securities
ACES		Alternative Credit Enhancement Securities
BRL		Brazilian Real
CIFC		Commercial Industrial Finance Corp.
CLO		Collateralized Loan Obligations
DKK		Danish Krone
DOP		Dominican Peso
EUR		Euro
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
MXN		Mexican Peso
MYR		Malaysian Ringgit
OYJ		Public Limited Company
PEN		Peruvian Nuevo Sol
PJSC		Public Joint Stock Company
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.
EURIBOR		Euro Interbank Offered Rate
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GBP		British Pound
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
IDR		Indonesian Rupiah
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 May 31, 2019. The rate may be subject to a cap and floor.
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT		Limited liability company
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
Re-REMIC		Combined Real Estate Mortgage Investment Conduit
SCA		Limited partnership with share capital
SPC		Special purpose company
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 Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


(a)		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.
(b)		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 May 31, 2019.
(c)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2019.
(d)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(e)		Security is an interest bearing note with preferred security characteristics.
(f)		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 May 31, 2019.
(g)		Amount rounds to less than 0.1% of net assets.
(h)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(i)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2019.
(j)		Defaulted security.
(k)		Amount rounds to less than one thousand.
(l)		Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(m)		Fund is subject to legal or contractual restrictions on the resale of the security.
(n)		All or a portion of this security is unsettled as of May 31, 2019. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(o)		The rate shown is the effective yield as of May 31, 2019.
(p)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(q)		The rate shown is the current yield as of May 31, 2019.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Futures contracts outstanding as of May 31, 2019 (amounts in thousands, except number of contracts):


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Australia 10 Year Bond		1,619			06/2019		AUD		159,463			5,461
Euro-Buxl		38			09/2019		EUR		8,318			63
Euro-BTP		(847	)		09/2019		EUR		(121,372	)		160
Long Gilt		443			09/2019		GBP		72,612			614
U.S. Treasury 2 Year Note		118			09/2019		USD		25,335			134
U.S. Treasury 5 Year Note		1,149			09/2019		USD		134,909			1,416
U.S. Treasury 10 Year Note		800			09/2019		USD		101,437			1,610
U.S. Treasury 10 Year Ultra Note		206			09/2019		USD		28,145			601
U.S. Treasury Long Bond		185			09/2019		USD		28,467			886
U.S. Treasury Ultra Bond		118			09/2019		USD		20,786			895

												11,840

Short Contracts
3 Month Eurodollar		(4,340	)		09/2019		USD		(1,060,642	)		(7,460	)
Euro-Bobl		(609	)		09/2019		EUR		(91,071	)		(62	)
Euro-Bund		(662	)		09/2019		EUR		(126,301	)		(289	)
Euro-OAT		(266	)		09/2019		EUR		(48,131	)		(131	)
U.S. Treasury 10 Year Ultra Note		(88	)		09/2019		USD		(12,023	)		(187	)

												(8,129	)

												3,711


Abbreviations

AUD		Australian Dollar
EUR		Euro
GBP		British Pound
USD		United States Dollar

Forward foreign currency exchange contracts outstanding as of May 31, 2019 (amounts in thousands):


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	964	USD	1,076	BNP Paribas		6/5/2019		1
EUR	326,886	USD	364,529	Citibank, NA		6/5/2019		680
GBP	5,353	USD	6,736	TD Bank Financial Group		6/5/2019		31
USD	60,842	EUR	54,107	Barclays Bank plc		6/5/2019		392
USD	338,013	EUR	302,116	Goldman Sachs International		6/5/2019		476
USD	1,093	EUR	975	Merrill Lynch International		6/5/2019		4
USD	1,140	EUR	1,016	State Street Corp.		6/5/2019		5
USD	340	GBP	261	Citibank, NA		6/5/2019		10
USD	9,263	GBP	7,118	Goldman Sachs International		6/5/2019		264
AUD	16,979	USD	11,759	Royal Bank of Canada		6/25/2019		27
BRL	28,573	USD	7,156	Goldman Sachs International^**		6/25/2019		112
CZK	290,559	USD	12,555	Goldman Sachs International		6/25/2019		14
EUR	11,473	USD	12,812	Credit Suisse International		6/25/2019		28
USD	24,391	AUD	35,094	BNP Paribas		6/25/2019		30

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
USD	4,537		AUD	6,451	Standard Chartered Bank		6/25/2019		59
USD	10,342		CLP	7,337,535	Citibank, NA^**		6/25/2019		4
USD	13,369		CLP	9,478,432	Goldman Sachs International^**		6/25/2019		15
USD	24,873		CNH	167,588	Merrill Lynch International^**		6/25/2019		707
USD	12,586		CZK	290,559	Citibank, NA		6/25/2019		18
USD	7,486		DKK	49,910	Merrill Lynch International		6/25/2019		5
USD	12,763		DKK	84,974	State Street Corp.		6/25/2019		27
USD	20,875		EUR	18,501	BNP Paribas		6/25/2019		169
USD	371,074		EUR	329,573	State Street Corp.		6/25/2019		2,217
USD	13,045		MXN	249,213	State Street Corp.		6/25/2019		377
USD	25,414		MYR	106,482	Standard Chartered Bank^**		6/25/2019		12
USD	18,094		ZAR	262,647	Deutsche Bank AG		6/25/2019		111
USD	12,587		ZAR	182,413	State Street Corp.		6/25/2019		98
EUR	617		USD	690	TD Bank Financial Group		7/3/2019		1
USD	24,133		CNH	167,588	Barclays Bank plc^**		12/23/2019		57

Total unrealized appreciation									5,951

EUR	339		USD	382	Barclays Bank plc		6/5/2019		(3	)
EUR	1,448		USD	1,630	Standard Chartered Bank		6/5/2019		(13	)
EUR	27,404		USD	30,631	State Street Corp.		6/5/2019		(14	)
EUR	1,627		USD	1,834	TD Bank Financial Group		6/5/2019		(16	)
GBP	2,026		USD	2,615	State Street Corp.		6/5/2019		(53	)
USD	506		EUR	453	HSBC Bank, NA		6/5/2019		—	(a)
CLP	16,815,966		USD	24,301	Goldman Sachs International^**		6/25/2019		(609	)
CNH	167,588		USD	24,204	Barclays Bank plc^**		6/25/2019		(38	)
COP	77,772,003		USD	23,596	Goldman Sachs International^**		6/25/2019		(603	)
EUR	11,278		AUD	18,314	Goldman Sachs International		6/25/2019		(91	)
EUR	4,442		USD	4,981	Barclays Bank plc		6/25/2019		(10	)
EUR	5,855		USD	6,570	Citibank, NA		6/25/2019		(17	)
EUR	22,287		USD	25,134	State Street Corp.		6/25/2019		(191	)
EUR	14,724		USD	16,557	TD Bank Financial Group		6/25/2019		(77	)
USD	2,741		AUD	3,952	Merrill Lynch International		6/25/2019		(2	)
USD	12,568		BRL	51,678	Goldman Sachs International^**		6/25/2019		(576	)
USD	6,312		DKK	42,114	Merrill Lynch International		6/25/2019		(1	)
USD	17,553		EUR	15,708	State Street Corp.		6/25/2019		(27	)
USD	11,541		IDR	168,335,177	Citibank, NA^**		6/25/2019		(185	)
USD	17,646		IDR	257,775,814	Merrill Lynch International^**		6/25/2019		(310	)
USD	12,422		MXN	245,692	Goldman Sachs International		6/25/2019		(67	)
USD	12,542		NZD	19,262	HSBC Bank, NA		6/25/2019		(65	)
USD	12,128		TRY	77,417	Barclays Bank plc		6/25/2019		(997	)
USD	24,036		ZAR	358,525	Goldman Sachs International		6/25/2019		(511	)
ZAR	170,312		USD	11,807	Goldman Sachs International		6/25/2019		(146	)
USD	365,402		EUR	326,886	Citibank, NA		7/3/2019		(710	)
USD	6,746		GBP	5,353	TD Bank Financial Group		7/3/2019		(32	)

Total unrealized depreciation									(5,364	)

Net unrealized appreciation									587


Abbreviations

AUD		Australian Dollar
BRL		Brazilian Real
CLP		Chile Peso
CNH		China Renminbi
COP		Colombian Peso
CZK		Czech Republic Koruna
DKK		Danish Krone
EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah
MXN		Mexican Peso

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


MYR		Malaysian Ringgit
NZD		New Zealand Dollar
TRY		Turkish Lira
USD		United States Dollar
ZAR		South African Rand

(a)	Amount rounds to less than one thousand.

**	Non-deliverable forward.

Over-the-Counter (“OTC”) Credit default swap contracts outstanding - buy protection⁽¹⁾ as of May 31, 2019 (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 Turkey, 11.88%, 1/15/2030		1.00		Quarterly		Citibank, NA		6/20/2024		4.84	USD	8,370		1,412		(77	)		1,335
Republic of Turkey, 11.88%, 1/15/2030		1.00		Quarterly		Citibank, NA		6/20/2024		4.84	USD	4,292		728		(44	)		684
United Mexican States, 4.15%, 3/28/2027		1.00		Quarterly		Citibank, NA		12/20/2023		1.19	USD	30,000		552		(372	)		180

														2,692		(493	)		2,199

Republic of Indonesia, 5.88%, 3/13/2019		1.00		Quarterly		Goldman Sachs International		12/20/2023		1.04	USD	30,150		507		(517	)		(10	)

														507		(517	)		(10	)

														3,199		(1,010	)		2,189

Centrally Cleared Credit default swap contracts outstanding - buy protection⁽¹⁾ as of May 31, 2019 (amounts in thousands):


Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Maturity Date		Implied Credit Spread (%)⁽²⁾		Notional Amount⁽³⁾		Upfront Payments (Receipts) ($)⁽⁴⁾			Unrealized Appreciation (Depreciation) ($)		Value ($)
CDX.NA.HY.32-V1		5.00		Quarterly		6/20/2024		3.94	USD	38,100		(2,644	)		529		(2,115	)
CDX.NA.HY.32-V1		5.00		Quarterly		6/20/2024		3.94	USD	83,000		(6,608	)		1,999		(4,609	)
iTraxx Europe Crossover 31.1		5.00		Quarterly		6/20/2024		3.08	EUR	33,300		(3,971	)		342		(3,629	)

												(13,223	)		2,870		(10,353	)

(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 indexes 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).


Abbreviations

CDX		Credit Default Swap Index
EUR		Euro
USD		United States Dollar

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Summary of total swap contracts outstanding as of May 31, 2019 (amounts in thousands):


	Net Upfront Payments (Receipts) ($)		Value ($)
Assets
OTC Credit default swap contracts outstanding - buy protection		2,692		2,199

Total OTC swap contracts outstanding		2,692		2,199

Liabilities
OTC Credit default swap contracts outstanding - buy protection		507		(10	)

Total OTC swap contracts outstanding		507		(10	)

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

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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.

•

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.

•

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
Cayman Islands	$	—	$	52,129	$	6,628	$	58,757
United States		—		128,579		98,597		227,176

Total Asset-Backed Securities		—		180,708		105,225		285,933

Collateralized Mortgage Obligations
United States		—		96,351		10,572		106,923
Other Collateralized Mortgage Obligations		—		5,770		—		5,770

Total Collateralized Mortgage Obligations		—		102,121		10,572		112,693

Commercial Mortgage-Backed Securities
Cayman Islands		—		2,088		2,520		4,608
United States		—		112,329		18,382		130,711

Total Commercial Mortgage-Backed Securities		—		114,417		20,902		135,319

Convertible Bonds		—		60,543		—		60,543
Corporate Bonds
United States		—		592,754		252		593,006
Other Corporate Bonds		—		630,658		—		630,658

Total Corporate Bonds		—		1,223,412		252		1,223,664

Foreign Government Securities		—		544,459		—		544,459
Preferred Stocks		—		—		1,187		1,187
Common Stocks
New Zealand		—		—		101		101
United Kingdom		—		—		5		5
United States		1,209		—		826		2,035
Other Common Stocks		519		—		—		519

Total Common Stocks		1,728		—		932		2,660

Loan Assignments
United States		—		33,978		1,390		35,368
Other Loan Assignments		—		2,373		—		2,373

Total Loan Assignments		—		36,351		1,390		37,741

Rights		—		—		5		5
Warrants
United States		—		—		579		579
Other Warrants		—		3		—		3

Total Warrants		—		3		579		582

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Short-Term Investments
Foreign Government Treasury Bills	$	—		$	24,575		$	—	$	24,575
Investment Companies		62,000			—			—		62,000

Total Short-Term Investments		62,000			24,575			—		86,575

Total Investments in Securities	$	63,728		$	2,286,589		$	141,044	$	2,491,361

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	5,951		$	—	$	5,951
Futures Contracts		11,840			—			—		11,840
Swaps		—			2,870			—		2,870

Total Appreciation in Other Financial Instruments	$	11,840		$	8,821		$	—	$	20,661

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(5,364	)	$	—	$	(5,364	)
Futures Contracts		(8,129	)		—			—		(8,129	)
Swaps		—			(1,010	)		—		(1,010	)

Total Depreciation in Other Financial Instruments	$	(8,129	)	$	(6,374	)	$	—	$	(14,503	)

There were no significant transfers between level 2 and level 3 during the period ended May 31, 2019.

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, 2019		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 May 31, 2019
Investments in Securities
Asset-Backed Securities — Cayman Islands		6,814		—			23			—	(a)		—			(209	)		—		—			6,628
Asset-Backed Securities — United States		103,768		(60	)		805			3			2,440			(15,486	)		7,127		—			98,597
Collateralized Mortgage Obligations — Italy		112		(7	)		5			—	(a)		—			(110	)		—		—			—
Collateralized Mortgage Obligations — United States		7,990		—			113			—	(a)		2,610			(141	)		—		—			10,572
Commercial Mortgage-Backed Securities — Cayman Islands		5,447		—			6			—			—			(860	)		—		(2,073	)		2,520
Commercial Mortgage-Backed Securities — United States		28,648		(115	)		282			3			866			(6,304	)		3,271		(8,269	)		18,382
Common Stocks — Canada		575		—			(167	)		—			—			(408	)		—		—			—
Common Stocks — New Zealand		87		—			14			—			—			—			—		—			101
Common Stocks — United Kingdom		—		—			5			—			—			—			—		—			5
Common Stocks — United States		1,010		—			(184	)		—			—			—			—		—			826
Corporate Bonds — United States		255		—	(a)		(1	)		—	(a)		—	(a)		(2	)		—		—			252
Loan Assignments — United States		1,347		—			43			—			—	(a)		—			—		—			1,390
Preferred Stocks — United States		1,120		—			67			—			—			—			—		—			1,187
Rights — United States		5		—			—	(a)		—			—			—			—		—			5
Warrants — United States		—		—			(69	)		—			648			—			—		—			579

Grand Total	$	157,178	$	(182	)	$	942		$	6		$	6,564		$	(23,520	)	$	10,398	$	(10,342	)	$	141,044

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.

The change in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2019, which were valued using significant unobservable inputs (level 3), amounted to approximately $1,014,000.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)


	Fair Value at May 31, 2019			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) ^(e)
	$	—	(a)	Market Comparable Companies	EBITDA Multiple (c)	5.0x (5.0x)

Common Stock		—	(a)

		—	(b)	Market Comparable Companies	EBITDA Multiple (c)	5.0x (5.0x)
					Discount for potential outcome (d)	30.00% (30.00%)

Preferred Stock		—	(b)

		80,491		Discounted Cash Flow	Constant Prepayment Rate	0.00% — 44.00% (18.15%)
					Constant Default Rate	0.00% — 5.40% (0.24%)
					Yield (Discount Rate of Cash Flows)	2.76% — 8.90% (4.22%)

Asset-Backed Securities		80,491

		8,260		Discounted Cash Flow	Constant Prepayment Rate	0.00% — 20.00% (5.33%)
					Constant Default Rate	0.00% — 1.59% (0.06%)
					Yield (Discount Rate of Cash Flows)	3.68% — 6.90% (6.05%)

Collateralized Mortgage Obligations		8,260

		13,719		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	(42.75)% — 45.55% (1.81%)

Commercial Mortgage-Backed Securities		13,719

		2		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	4.49% (4.49%)
					Liquidity Discount	0.25% (0.25%)

Corporate Bonds		2

Total	$	102,472

The table above does not include level 3 securities that are valued by brokers and pricing services. At May 31, 2019, the value of these securities was $38,572,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

(a)	Securities senior in the issuing entity capital structure result in this security being valued at zero.

(b)	Amount rounds to less than one thousand.

(c)	Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(d)	Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(e)	Unobservable inputs were weighted by the relative fair value of the instruments.

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.


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43% (a)(b)	$	122,808	$	263,078	$	323,889	$	3		—	$	62,000		61,981	$	453		—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

C. 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.

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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, index or other financial futures contracts to gain or reduce exposure to the stock and bond markets, maintain liquidity and minimize transaction costs. The Fund also bought futures contracts to immediately invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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).

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 owed or due across transactions). 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 and index to manage credit risk 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 Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

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

Credit Default Swaps

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 35.3%
Aerospace & Defense — 0.4%
Arconic, Inc.
5.13%, 10/1/2024(a)		98		100
5.90%, 2/1/2027		659		695
6.75%, 1/15/2028		28		29
5.95%, 2/1/2037		410		410
Bombardier, Inc. (Canada)
6.00%, 10/15/2022(a)(b)		338		329
7.50%, 12/1/2024(a)(b)		589		579
7.50%, 3/15/2025(b)		1,140		1,105
7.88%, 4/15/2027(a)(b)		410		394
TransDigm, Inc.
6.00%, 7/15/2022		95		96
6.50%, 7/15/2024		340		339
6.25%, 3/15/2026(b)		262		267
Triumph Group, Inc.
4.88%, 4/1/2021		450		441
5.25%, 6/1/2022		50		48
7.75%, 8/15/2025(a)		30		29

				4,861

Air Freight & Logistics — 0.2%
XPO Logistics, Inc.
6.13%, 9/1/2023(a)(b)		1,505		1,516
6.75%, 8/15/2024(a)(b)		242		249

				1,765

Airlines — 0.1%
American Airlines Group, Inc. 5.00%, 6/1/2022(b)		168		170
United Continental Holdings, Inc.
5.00%, 2/1/2024		266		269
4.88%, 1/15/2025(a)		153		152

				591

Auto Components — 1.2%
Adient Global Holdings Ltd. 4.88%, 8/15/2026(b)		750		557
Adient US LLC 7.00%, 5/15/2026(a)(b)		700		695
Allison Transmission, Inc.
5.00%, 10/1/2024(b)		300		298
4.75%, 10/1/2027(b)		808		775
American Axle & Manufacturing, Inc.
6.63%, 10/15/2022(a)		220		223
6.25%, 4/1/2025(a)		1,315		1,267
6.25%, 3/15/2026		583		554
6.50%, 4/1/2027(a)		1,665		1,573
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(b)		815		701
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(b)		860		888
Delphi Technologies plc 5.00%, 10/1/2025(a)(b)		1,430		1,215
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023		95		94
5.00%, 5/31/2026(a)		503		462
4.88%, 3/15/2027(a)		433		389
Icahn Enterprises LP
6.25%, 2/1/2022		55		56
6.75%, 2/1/2024(a)		370		380
6.38%, 12/15/2025		237		238
6.25%, 5/15/2026(b)		610		606
IHO Verwaltungs GmbH (Germany)
4.50% (cash), 9/15/2023(b)(c)		890		913
4.75% (cash), 9/15/2026(b)(c)		400		372
JB Poindexter & Co., Inc. 7.13%, 4/15/2026(b)		331		337
Panther BF Aggregator 2 LP 6.25%, 5/15/2026(a)(b)		510		520
Tenneco, Inc.
5.38%, 12/15/2024		200		171
5.00%, 7/15/2026(a)		265		201

				13,485

Automobiles — 0.0%(d)
General Motors Co. 6.25%, 10/2/2043		220		223
Jaguar Land Rover Automotive plc (United Kingdom) 4.50%, 10/1/2027(b)		237		194

				417

Banks — 0.9%
Australia & New Zealand Banking Group Ltd. (Australia) (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026(b)(e)(f)(g)		900		966
Banco do Brasil SA (Brazil) (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 7.33%), 9.25%, 4/15/2023(e)(f)(g)(h)		1,100		1,199
Bank of America Corp.
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025(e)(f)(g)		437		468
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026(e)(f)(g)		34		37
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028(e)(f)(g)		500		516
Barclays plc (United Kingdom)
4.38%, 9/11/2024		200		201
5.20%, 5/12/2026		200		204
4.84%, 5/9/2028(a)		320		319
CIT Group, Inc.
4.75%, 2/16/2024		121		125
5.25%, 3/7/2025		214		226
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020(e)(f)(g)		43		44

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023(a)(e)(f)(g)		125		129
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024(e)(f)(g)		700		722
Credit Agricole SA (France) (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(b)(e)(f)(g)		200		223
Development Bank of the Republic of Belarus JSC (Belarus) 6.75%, 5/2/2024(b)		1,100		1,115
HSBC Holdings plc (United Kingdom) (USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025(e)(f)(g)		800		814
ING Groep NV (Netherlands) (USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022(e)(f)(g)(h)		900		927
Royal Bank of Scotland Group plc (United Kingdom)
(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021(e)(f)(g)		500		528
6.00%, 12/19/2023(a)		440		469
Skandinaviska Enskilda Banken AB (Sweden) (USD Swap Semi 5 Year + 3.49%), 5.63%, 5/13/2022(e)(f)(g)(h)		400		388
Societe Generale SA (France) (USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025(a)(b)(e)(f)(g)		200		214
Standard Chartered plc (United Kingdom) (USD Swap Semi 5 Year + 6.30%), 7.50%, 4/2/2022(b)(e)(f)(g)		500		519
UBS Group Funding Switzerland AG (Switzerland) (USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025(e)(f)(g)(h)		250		265

				10,618

Beverages — 0.3%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.60%, 4/15/2048		1,890		1,882
4.75%, 4/15/2058		880		881
Cott Holdings, Inc. (Canada) 5.50%, 4/1/2025(b)		110		108

				2,871

Building Products — 0.4%
American Woodmark Corp. 4.88%, 3/15/2026(a)(b)		455		442
Elementia SAB de CV (Mexico) 5.50%, 1/15/2025(h)		700		686
James Hardie International Finance DAC (Ireland)
4.75%, 1/15/2025(b)		450		447
5.00%, 1/15/2028(b)		300		289
JELD-WEN, Inc.
4.63%, 12/15/2025(b)		440		420
4.88%, 12/15/2027(a)(b)		350		329
Masonite International Corp. 5.75%, 9/15/2026(a)(b)		200		203
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026(b)		265		275
Standard Industries, Inc.
6.00%, 10/15/2025(b)		205		211
5.00%, 2/15/2027(b)		145		142
4.75%, 1/15/2028(b)		947		906
Summit Materials LLC
6.13%, 7/15/2023		71		71
5.13%, 6/1/2025(b)		180		177
Votorantim Cimentos International SA (Brazil) 7.25%, 4/5/2041(h)		400		451

				5,049

Capital Markets — 0.3%
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023(b)(e)(f)(g)		1,000		1,060
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024(b)(e)(f)(g)		250		252
Goldman Sachs Group, Inc. (The)
Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 5/10/2020(e)(f)(g)		95		96
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(e)(f)(g)		1,000		940
LPL Holdings, Inc. 5.75%, 9/15/2025(a)(b)		345		346
MSCI, Inc. 5.38%, 5/15/2027(b)		250		263

				2,957

Chemicals — 0.9%
Ashland LLC 4.75%, 8/15/2022(i)		210		216
Axalta Coating Systems LLC 4.88%, 8/15/2024(a)(b)		300		298
Chemours Co. (The)
6.63%, 5/15/2023(a)		165		164
7.00%, 5/15/2025		430		430
CVR Partners LP 9.25%, 6/15/2023(b)		1,792		1,846
FXI Holdings, Inc. 7.88%, 11/1/2024(b)		90		82

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Gates Global LLC 6.00%, 7/15/2022(a)(b)		892		886
GCP Applied Technologies, Inc. 5.50%, 4/15/2026(b)		255		256
Huntsman International LLC 5.13%, 11/15/2022		200		209
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024(a)(b)		1,800		1,751
Ingevity Corp. 4.50%, 2/1/2026(b)		92		88
Koppers, Inc. 6.00%, 2/15/2025(b)		65		61
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024(b)		696		652
5.25%, 6/1/2027(a)(b)		1,080		986
Rain CII Carbon LLC 7.25%, 4/1/2025(b)		150		137
Scotts Miracle-Gro Co. (The)
6.00%, 10/15/2023		135		140
5.25%, 12/15/2026		535		531
Starfruit Finco BV (Netherlands) 8.00%, 10/1/2026(a)(b)		920		902
Trinseo Materials Operating SCA 5.38%, 9/1/2025(a)(b)		753		698
Tronox Finance plc 5.75%, 10/1/2025(a)(b)		233		211
Tronox, Inc. 6.50%, 4/15/2026(b)		204		192
Valvoline, Inc. 4.38%, 8/15/2025		15		14

				10,750

Commercial Services & Supplies — 0.5%
ACCO Brands Corp. 5.25%, 12/15/2024(b)		1,502		1,491
ADT Security Corp. (The)
4.13%, 6/15/2023		246		238
4.88%, 7/15/2032(b)		100		83
Aramark Services, Inc. 5.00%, 2/1/2028(a)(b)		716		709
Brink’s Co. (The) 4.63%, 10/15/2027(b)		175		169
Covanta Holding Corp. 5.88%, 3/1/2024		130		133
Garda World Security Corp. (Canada) 8.75%, 5/15/2025(b)		1,061		1,013
Nielsen Co. Luxembourg SARL (The)
5.50%, 10/1/2021(b)		185		185
5.00%, 2/1/2025(b)		146		142
Nielsen Finance LLC 5.00%, 4/15/2022(b)		570		565
Pitney Bowes, Inc.
4.95%, 4/1/2023(a)(i)		139		129
4.63%, 3/15/2024		75		67
Prime Security Services Borrower LLC
9.25%, 5/15/2023(a)(b)		183		192
5.25%, 4/15/2024(b)		248		243
5.75%, 4/15/2026(a)(b)		815		805

				6,164

Communications Equipment — 0.4%
CommScope Technologies LLC 6.00%, 6/15/2025(b)		1,249		1,134
CommScope, Inc.
5.50%, 3/1/2024(b)		170		172
5.50%, 6/15/2024(b)		156		145
6.00%, 3/1/2026(b)		1,600		1,600
8.25%, 3/1/2027(b)		170		168
Nokia OYJ (Finland)
4.38%, 6/12/2027		730		715
6.63%, 5/15/2039(a)		45		48
Plantronics, Inc. 5.50%, 5/31/2023(b)		995		986

				4,968

Construction & Engineering — 0.1%
AECOM 5.13%, 3/15/2027		499		490
Aeropuerto Internacional de Tocumen SA (Panama) 6.00%, 11/18/2048(h)		400		454
MasTec, Inc. 4.88%, 3/15/2023		419		423
Tutor Perini Corp. 6.88%, 5/1/2025(a)(b)		103		99

				1,466

Construction Materials — 0.2%
Cemex SAB de CV (Mexico)
5.70%, 1/11/2025(b)		400		406
6.13%, 5/5/2025(b)		200		207
7.75%, 4/16/2026(a)(b)		1,025		1,092
Martin Marietta Materials, Inc. 4.25%, 12/15/2047		310		282

				1,987

Consumer Finance — 0.6%
Ally Financial, Inc.
4.13%, 2/13/2022		35		35
5.13%, 9/30/2024		128		134
4.63%, 3/30/2025		1,230		1,258
5.75%, 11/20/2025		1,340		1,434
8.00%, 11/1/2031		33		42
Credit Acceptance Corp. 6.63%, 3/15/2026(b)		117		121
Curo Group Holdings Corp. 8.25%, 9/1/2025(b)		781		644
FirstCash, Inc. 5.38%, 6/1/2024(b)		110		111
Ford Motor Credit Co. LLC 4.69%, 6/9/2025		850		850
General Motors Financial Co., Inc. 5.25%, 3/1/2026		270		283

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 4.85%, 12/21/2065(b)(f)		1,135		851
Springleaf Finance Corp.
6.13%, 5/15/2022		75		78
5.63%, 3/15/2023		272		280
6.88%, 3/15/2025		825		860
7.13%, 3/15/2026		187		195
6.63%, 1/15/2028		137		139

				7,315

Containers & Packaging — 0.6%
Ardagh Packaging Finance plc (Ireland)
4.63%, 5/15/2023(b)		200		200
7.25%, 5/15/2024(b)		850		885
6.00%, 2/15/2025(b)		2,375		2,351
Ball Corp. 4.00%, 11/15/2023		40		40
Berry Global Escrow Corp. 5.63%, 7/15/2027(b)		116		117
Berry Global, Inc.
5.13%, 7/15/2023		187		188
4.50%, 2/15/2026(b)		25		24
BWAY Holding Co. 5.50%, 4/15/2024(b)		680		665
Crown Americas LLC 4.75%, 2/1/2026(a)		186		187
Greif, Inc. 6.50%, 3/1/2027(b)		715		719
Intertape Polymer Group, Inc. (Canada) 7.00%, 10/15/2026(b)		32		33
OI European Group BV 4.00%, 3/15/2023(b)		14		14
Owens-Brockway Glass Container, Inc.
5.88%, 8/15/2023(a)(b)		150		157
5.38%, 1/15/2025(b)		106		107
Reynolds Group Issuer, Inc. 5.75%, 10/15/2020		775		776
Sealed Air Corp.
5.13%, 12/1/2024(b)		100		103
5.50%, 9/15/2025(b)		55		57
Smurfit Kappa Treasury Funding DAC (Ireland) 7.50%, 11/20/2025		600		687

				7,310

Distributors — 0.0%(d)
Global Partners LP
6.25%, 7/15/2022(a)		129		129
7.00%, 6/15/2023		119		121
Univar USA, Inc. 6.75%, 7/15/2023(b)		180		182

				432

Diversified Consumer Services — 0.1%
Service Corp. International
5.38%, 5/15/2024		300		307
7.50%, 4/1/2027		535		622
Sotheby’s 4.88%, 12/15/2025(b)		258		247

				1,176

Diversified Financial Services — 0.5%
ACE Cash Express, Inc. 12.00%, 12/15/2022(b)		162		146
CNG Holdings, Inc.
9.38%, 5/15/2020(a)(b)		168		168
12.50%, 6/15/2024(b)		735		706
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		4,085		3,883
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026(b)		832		839
8.25%, 11/15/2026(b)		171		170
Vantiv LLC 4.38%, 11/15/2025(b)		200		206

				6,118

Diversified Telecommunication Services — 3.2%
Altice France SA (France)
7.38%, 5/1/2026(a)(b)		1,725		1,685
8.13%, 2/1/2027(b)		200		200
AT&T, Inc.
5.25%, 3/1/2037		950		1,020
4.90%, 8/15/2037		610		630
4.75%, 5/15/2046		1,370		1,365
CCO Holdings LLC
5.88%, 4/1/2024(b)		1,190		1,230
5.38%, 5/1/2025(b)		265		271
5.75%, 2/15/2026(a)(b)		1,281		1,329
5.50%, 5/1/2026(b)		587		601
5.13%, 5/1/2027(b)		4,205		4,208
5.88%, 5/1/2027(a)(b)		110		113
5.00%, 2/1/2028(b)		1,717		1,700
CenturyLink, Inc.
Series T, 5.80%, 3/15/2022		595		605
Series W, 6.75%, 12/1/2023		388		406
Series Y, 7.50%, 4/1/2024(a)		322		344
5.63%, 4/1/2025		501		484
Series G, 6.88%, 1/15/2028		17		16
Cincinnati Bell, Inc.
7.00%, 7/15/2024(a)(b)		350		300
8.00%, 10/15/2025(b)		175		150
Cogent Communications Group, Inc.
5.63%, 4/15/2021(b)		120		121
5.38%, 3/1/2022(b)		80		82
DKT Finance ApS (Denmark) 9.38%, 6/17/2023(b)		950		1,017
Embarq Corp. 8.00%, 6/1/2036		1,342		1,245
Frontier Communications Corp.
10.50%, 9/15/2022		305		221
11.00%, 9/15/2025		109		69
8.50%, 4/1/2026(a)(b)		1,510		1,449

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023		1,912		1,716
8.00%, 2/15/2024(b)		355		369
8.50%, 10/15/2024(b)		1,252		1,218
9.75%, 7/15/2025(b)		1,070		1,086
Level 3 Financing, Inc.
5.63%, 2/1/2023		152		153
5.38%, 1/15/2024		225		226
5.38%, 5/1/2025		950		951
5.25%, 3/15/2026		248		247
Level 3 Parent LLC 5.75%, 12/1/2022		155		155
Qwest Corp.
6.88%, 9/15/2033(a)		12		12
7.13%, 11/15/2043		58		58
SES GLOBAL Americas Holdings GP (Luxembourg) 5.30%, 3/25/2044(b)		110		105
Sprint Capital Corp.
6.88%, 11/15/2028		48		50
8.75%, 3/15/2032		1,571		1,803
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		1,245		1,199
6.00%, 9/30/2034		56		52
7.72%, 6/4/2038		370		382
Telecom Italia SpA (Italy) 5.30%, 5/30/2024(b)		200		198
Telefonica Emisiones SA (Spain) 4.90%, 3/6/2048		300		296
Verizon Communications, Inc.
4.52%, 9/15/2048		2,890		3,046
4.67%, 3/15/2055		270		289
Virgin Media Finance plc (United Kingdom) 6.00%, 10/15/2024(b)		750		767
Virgin Media Secured Finance plc (United Kingdom)
5.25%, 1/15/2026(a)(b)		200		199
5.50%, 8/15/2026(a)(b)		1,100		1,105
Windstream Services LLC 8.63%, 10/31/2025(b)(i)		190		189

				36,732

Electric Utilities — 0.4%
Empresa de Transmision Electrica SA (Panama) 5.13%, 5/2/2049(b)		400		408
Energuate Trust (Guatemala) 5.88%, 5/3/2027(h)		1,100		1,105
Eskom Holdings SOC Ltd. (South Africa) 5.75%, 1/26/2021(h)		1,600		1,596
Light Servicos de Eletricidade SA (Brazil) 7.25%, 5/3/2023(h)		500		508
NextEra Energy Operating Partners LP
4.25%, 9/15/2024(b)		52		52
4.50%, 9/15/2027(b)		201		195
Terraform Global Operating LLC 6.13%, 3/1/2026(b)		100		99
Vistra Operations Co. LLC 5.50%, 9/1/2026(b)		501		513

				4,476

Electrical Equipment — 0.1%
Sensata Technologies BV
4.88%, 10/15/2023(b)		255		259
5.63%, 11/1/2024(b)		200		211
Vertiv Group Corp. 9.25%, 10/15/2024(b)		852		839

				1,309

Electronic Equipment, Instruments & Components — 0.1%
Anixter, Inc. 6.00%, 12/1/2025(b)		675		714
CDW LLC
5.00%, 9/1/2023		101		102
5.00%, 9/1/2025(a)		468		473

				1,289

Energy Equipment & Services — 0.4%
CSI Compressco LP 7.50%, 4/1/2025(b)		199		195
Diamond Offshore Drilling, Inc.
7.88%, 8/15/2025		258		231
5.70%, 10/15/2039		124		77
Ensco Rowan plc
8.00%, 1/31/2024(a)		26		21
5.20%, 3/15/2025		44		31
7.75%, 2/1/2026		82		61
5.75%, 10/1/2044		207		120
Nabors Industries, Inc.
5.50%, 1/15/2023(a)		47		41
5.75%, 2/1/2025		526		428
Noble Holding International Ltd.
7.95%, 4/1/2025(i)		59		45
7.88%, 2/1/2026(b)		140		121
6.20%, 8/1/2040		92		56
5.25%, 3/15/2042		41		23
Precision Drilling Corp. (Canada)
6.50%, 12/15/2021		9		9
7.75%, 12/15/2023		75		76
5.25%, 11/15/2024		63		56
7.13%, 1/15/2026(a)(b)		245		233
Rowan Cos., Inc. 7.38%, 6/15/2025(a)		81		62
SESI LLC
7.13%, 12/15/2021		49		37
7.75%, 9/15/2024		23		15
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025(b)		660		634
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024(b)		125		130
Transocean Pontus Ltd. 6.13%, 8/1/2025(b)		772		781

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Transocean Poseidon Ltd. 6.88%, 2/1/2027(b)		34		35
Transocean Proteus Ltd. 6.25%, 12/1/2024(b)		95		96
Transocean, Inc.
9.00%, 7/15/2023(b)		257		264
7.25%, 11/1/2025(b)		119		111
7.50%, 1/15/2026(b)		464		433
7.50%, 4/15/2031		224		185
6.80%, 3/15/2038		272		196
9.35%, 12/15/2041(i)		97		86
USA Compression Partners LP
6.88%, 4/1/2026		156		160
6.88%, 9/1/2027(b)		13		13

				5,062

Entertainment — 0.5%
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025(a)		905		822
5.88%, 11/15/2026(a)		152		133
6.13%, 5/15/2027		227		199
Ascend Learning LLC 6.88%, 8/1/2025(b)		285		284
Cinemark USA, Inc. 4.88%, 6/1/2023		200		201
Live Nation Entertainment, Inc. 4.88%, 11/1/2024(b)		830		834
Netflix, Inc.
5.88%, 2/15/2025(a)		50		53
4.38%, 11/15/2026(a)		300		292
4.88%, 4/15/2028		550		543
5.88%, 11/15/2028		1,120		1,176
5.38%, 11/15/2029(b)		102		104
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057(f)		715		707
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(f)		9		9
WMG Acquisition Corp.
4.88%, 11/1/2024(b)		100		101
5.50%, 4/15/2026(b)		525		529

				5,987

Equity Real Estate Investment Trusts (REITs) — 0.8%
Brookfield Property REIT, Inc. 5.75%, 5/15/2026(b)		308		312
CoreCivic, Inc. 5.00%, 10/15/2022		55		55
CyrusOne LP
5.00%, 3/15/2024		3		3
5.38%, 3/15/2027(a)		118		122
Equinix, Inc.
5.38%, 4/1/2023		63		64
5.75%, 1/1/2025(a)		975		1,007
5.88%, 1/15/2026		718		752
5.38%, 5/15/2027		285		298
ESH Hospitality, Inc. 5.25%, 5/1/2025(b)		1,472		1,472
GEO Group, Inc. (The) 5.88%, 10/15/2024		250		232
GLP Capital LP
5.25%, 6/1/2025		225		237
5.75%, 6/1/2028		250		272
Iron Mountain, Inc.
5.75%, 8/15/2024(a)		475		471
4.88%, 9/15/2027(b)		586		551
5.25%, 3/15/2028(b)		320		302
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		282		291
5.75%, 2/1/2027(b)		87		90
RHP Hotel Properties LP 5.00%, 4/15/2023		270		271
SBA Communications Corp. 4.88%, 9/1/2024		575		570
Uniti Group LP
6.00%, 4/15/2023(b)		100		94
8.25%, 10/15/2023(a)		175		156
7.13%, 12/15/2024(b)		235		202
VICI Properties 1 LLC 8.00%, 10/15/2023(a)		824		894

				8,718

Food & Staples Retailing — 0.5%
Albertsons Cos. LLC
6.63%, 6/15/2024		467		472
5.75%, 3/15/2025		771		744
7.50%, 3/15/2026(b)		953		996
Kroger Co. (The) 3.88%, 10/15/2046		1,440		1,247
New Albertsons LP
7.45%, 8/1/2029		113		105
8.70%, 5/1/2030		425		423
8.00%, 5/1/2031		255		240
Rite Aid Corp. 6.13%, 4/1/2023(b)		1,025		840
Tesco plc (United Kingdom) 6.15%, 11/15/2037(b)		520		577

				5,644

Food Products — 0.7%
B&G Foods, Inc. 5.25%, 4/1/2025(a)		338		327
Darling Ingredients, Inc. 5.25%, 4/15/2027(b)		90		91
Dean Foods Co. 6.50%, 3/15/2023(a)(b)		39		22
Dole Food Co., Inc. 7.25%, 6/15/2025(b)		471		452
JBS USA LUX SA
5.88%, 7/15/2024(b)		598		615
5.75%, 6/15/2025(b)		480		491
6.75%, 2/15/2028(a)(b)		462		492
6.50%, 4/15/2029(b)		393		413
Kraft Heinz Foods Co. 5.00%, 7/15/2035		870		867
Pilgrim’s Pride Corp.
5.75%, 3/15/2025(a)(b)		435		441
5.88%, 9/30/2027(a)(b)		397		399

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Post Holdings, Inc.
5.50%, 3/1/2025(b)		180		181
5.00%, 8/15/2026(b)		395		389
5.75%, 3/1/2027(b)		1,157		1,160
Sigma Holdco BV (Netherlands) 7.88%, 5/15/2026(b)		750		694
TreeHouse Foods, Inc. 6.00%, 2/15/2024(a)(b)		320		326

				7,360

Gas Utilities — 0.1%
AmeriGas Partners LP
5.63%, 5/20/2024		124		128
5.50%, 5/20/2025		87		88
5.88%, 8/20/2026(a)		558		578
5.75%, 5/20/2027		27		28

				822

Health Care Equipment & Supplies — 0.2%
Hill-Rom Holdings, Inc.
5.75%, 9/1/2023(b)		360		369
5.00%, 2/15/2025(b)		700		703
Hologic, Inc. 4.38%, 10/15/2025(b)		305		302
Mallinckrodt International Finance SA
5.63%, 10/15/2023(b)		514		352
5.50%, 4/15/2025(a)(b)		225		143
Sotera Health Holdings LLC 6.50%, 5/15/2023(b)		55		55
Teleflex, Inc. 5.25%, 6/15/2024		130		133

				2,057

Health Care Providers & Services — 2.8%
Acadia Healthcare Co., Inc.
6.13%, 3/15/2021		26		26
5.13%, 7/1/2022		165		165
5.63%, 2/15/2023		189		189
6.50%, 3/1/2024		211		215
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(a)(b)		375		350
Centene Corp.
5.63%, 2/15/2021		32		32
6.13%, 2/15/2024		176		184
4.75%, 1/15/2025		156		158
5.38%, 6/1/2026(b)		47		49
Community Health Systems, Inc.
5.13%, 8/1/2021(a)		232		227
6.25%, 3/31/2023		478		455
8.63%, 1/15/2024(b)		967		967
8.13%, 6/30/2024(a)(b)		577		427
8.00%, 3/15/2026(b)		138		132
CVS Health Corp.
5.13%, 7/20/2045		2,050		2,088
5.05%, 3/25/2048		1,502		1,527
DaVita, Inc.
5.13%, 7/15/2024(a)		500		487
5.00%, 5/1/2025		1,508		1,425
Encompass Health Corp.
5.75%, 11/1/2024		479		481
5.75%, 9/15/2025		790		802
Envision Healthcare Corp. 8.75%, 10/15/2026(a)(b)		968		816
HCA, Inc.
5.88%, 5/1/2023		146		155
5.38%, 2/1/2025		1,779		1,859
5.88%, 2/15/2026(a)		5,060		5,364
5.25%, 6/15/2026		145		156
5.63%, 9/1/2028		535		558
5.88%, 2/1/2029		497		527
5.50%, 6/15/2047		2,390		2,516
MPH Acquisition Holdings LLC 7.13%, 6/1/2024(b)		1,203		1,197
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022(b)(c)		187		183
Syneos Health, Inc. 7.50%, 10/1/2024(b)		262		273
Team Health Holdings, Inc. 6.38%, 2/1/2025(a)(b)		667		550
Tenet Healthcare Corp.
4.50%, 4/1/2021		213		214
4.38%, 10/1/2021		150		151
8.13%, 4/1/2022		785		818
6.75%, 6/15/2023(a)		1,190		1,185
4.63%, 7/15/2024		729		724
5.13%, 5/1/2025(a)		607		603
6.25%, 2/1/2027(a)(b)		2,663		2,716
WellCare Health Plans, Inc. 5.25%, 4/1/2025		407		412
West Street Merger Sub, Inc. 6.38%, 9/1/2025(b)		92		85

				31,448

Health Care Technology — 0.1%
IQVIA, Inc.
5.00%, 10/15/2026(b)		967		984
5.00%, 5/15/2027(b)		200		203

				1,187

Hotels, Restaurants & Leisure — 1.9%
1011778 BC ULC (Canada) 4.25%, 5/15/2024(b)		379		374
Boyd Gaming Corp.
6.88%, 5/15/2023		120		124
6.38%, 4/1/2026(a)		779		802
6.00%, 8/15/2026		213		215
Boyne USA, Inc. 7.25%, 5/1/2025(b)		296		320
CCM Merger, Inc. 6.00%, 3/15/2022(b)		1,038		1,064
Cirsa Finance International SARL (Spain) 7.88%, 12/20/2023(b)		400		414
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(a)(b)		659		621
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(b)		449		470

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Eldorado Resorts, Inc.
6.00%, 4/1/2025		402		409
6.00%, 9/15/2026		121		124
Enterprise Development Authority (The) 12.00%, 7/15/2024(b)		622		656
Gateway Casinos & Entertainment Ltd. (Canada) 8.25%, 3/1/2024(b)		632		656
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		404		421
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		377		378
4.88%, 4/1/2027		283		285
International Game Technology plc
6.50%, 2/15/2025(b)		1,000		1,055
6.25%, 1/15/2027(b)		250		258
IRB Holding Corp. 6.75%, 2/15/2026(b)		542		528
Jack Ohio Finance LLC
6.75%, 11/15/2021(a)(b)		458		469
10.25%, 11/15/2022(b)		40		43
LTF Merger Sub, Inc. 8.50%, 6/15/2023(b)		150		153
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026(b)		1,448		1,499
Merlin Entertainments plc (United Kingdom) 5.75%, 6/15/2026(b)		850		867
MGM Resorts International
6.00%, 3/15/2023		745		786
5.75%, 6/15/2025(a)		1,950		2,045
4.63%, 9/1/2026(a)		1,690		1,639
Sabre GLBL, Inc. 5.38%, 4/15/2023(a)(b)		835		841
Scientific Games International, Inc.
10.00%, 12/1/2022		82		86
5.00%, 10/15/2025(a)(b)		892		879
8.25%, 3/15/2026(b)		166		167
Six Flags Entertainment Corp. 4.88%, 7/31/2024(a)(b)		520		514
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026(a)(b)		275		283
Station Casinos LLC 5.00%, 10/1/2025(b)		176		169
Twin River Worldwide Holdings, Inc. 6.75%, 6/1/2027(b)		168		170
VOC Escrow Ltd. 5.00%, 2/15/2028(b)		185		180
Wyndham Destinations, Inc.
4.25%, 3/1/2022		8		8
5.40%, 4/1/2024(i)		80		82
6.35%, 10/1/2025(i)		110		117
5.75%, 4/1/2027(a)(i)		85		85
Wynn Las Vegas LLC 5.50%, 3/1/2025(b)		1,375		1,348

				21,604

Household Durables — 0.2%
Lennar Corp.
5.88%, 11/15/2024		117		124
5.25%, 6/1/2026		424		438
5.00%, 6/15/2027(a)		130		131
Mattamy Group Corp. (Canada)
6.88%, 12/15/2023(b)		37		38
6.50%, 10/1/2025(b)		105		107
Tempur Sealy International, Inc.
5.63%, 10/15/2023		380		384
5.50%, 6/15/2026		945		947
Toll Brothers Finance Corp.
4.88%, 11/15/2025		130		132
4.35%, 2/15/2028		15		14

				2,315

Household Products — 0.4%
Central Garden & Pet Co. 5.13%, 2/1/2028		1,540		1,478
Energizer Holdings, Inc.
5.50%, 6/15/2025(b)		460		454
7.75%, 1/15/2027(a)(b)		955		996
Kronos Acquisition Holdings, Inc. (Canada) 9.00%, 8/15/2023(b)		178		154
Spectrum Brands, Inc.
6.13%, 12/15/2024		331		338
5.75%, 7/15/2025		1,268		1,287

				4,707

Independent Power and Renewable Electricity Producers — 0.5%
AES Corp. 5.50%, 4/15/2025		676		698
Calpine Corp.
5.88%, 1/15/2024(b)		180		182
5.75%, 1/15/2025		49		47
5.25%, 6/1/2026(b)		346		339
Cemig Geracao e Transmissao SA (Brazil) 9.25%, 12/5/2024(h)		1,900		2,106
Clearway Energy Operating LLC
5.38%, 8/15/2024		84		84
5.75%, 10/15/2025(b)		55		55
5.00%, 9/15/2026		251		242
Cometa Energia SA de CV (Mexico) 6.38%, 4/24/2035(b)		1,151		1,155
NRG Energy, Inc.
6.63%, 1/15/2027		165		176
5.75%, 1/15/2028(a)		494		517
5.25%, 6/15/2029(a)(b)		89		91
Talen Energy Supply LLC 6.50%, 6/1/2025(a)		298		253
Vistra Energy Corp.
7.38%, 11/1/2022(a)		126		130
7.63%, 11/1/2024		114		120

				6,195

Industrial Conglomerates — 0.1%
Alfa SAB de CV (Mexico) 6.88%, 3/25/2044(h)		600		652

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
General Electric Co. 4.50%, 3/11/2044		360		339
Grupo KUO SAB de CV (Mexico) 5.75%, 7/7/2027(b)		500		488

				1,479

Insurance — 0.2%
CNO Financial Group, Inc. 5.25%, 5/30/2025		270		279
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025(b)		225		228
Harborwalk Funding Trust (ICE LIBOR USD 3 Month + 3.19%), 5.08%, 2/15/2069(b)(f)		600		654
Liberty Mutual Group, Inc. 7.80%, 3/15/2037(b)		91		113
MetLife, Inc. 6.40%, 12/15/2036		250		276
Prudential Financial, Inc. (ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043(f)		250		259

				1,809

Interactive Media & Services — 0.0%(d)
Rackspace Hosting, Inc. 8.63%, 11/15/2024(a)(b)		248		215

IT Services — 0.5%
Alliance Data Systems Corp.
5.88%, 11/1/2021(b)		90		92
5.38%, 8/1/2022(b)		367		370
Banff Merger Sub, Inc. 9.75%, 9/1/2026(b)		518		484
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025(a)(b)		168		168
Exela Intermediate LLC 10.00%, 7/15/2023(a)(b)		762		604
First Data Corp.
5.38%, 8/15/2023(b)		700		709
5.75%, 1/15/2024(b)		1,025		1,049
Gartner, Inc. 5.13%, 4/1/2025(b)		526		530
GCI LLC
6.75%, 6/1/2021		160		160
6.88%, 4/15/2025(a)		25		26
VeriSign, Inc. 4.75%, 7/15/2027		5		5
Zayo Group LLC
6.00%, 4/1/2023(a)		338		347
6.38%, 5/15/2025(a)		1,033		1,063

				5,607

Leisure Products — 0.2%
Mattel, Inc.
2.35%, 8/15/2021		500		470
3.15%, 3/15/2023		115		106
6.75%, 12/31/2025(b)		1,788		1,761
Vista Outdoor, Inc. 5.88%, 10/1/2023		350		329

				2,666

Life Sciences Tools & Services — 0.1%
Avantor, Inc. 6.00%, 10/1/2024(b)		1,030		1,070

Machinery — 0.4%
Amsted Industries, Inc. 5.63%, 7/1/2027(b)		116		117
ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023(b)		530		545
Colfax Corp.
6.00%, 2/15/2024(b)		125		129
6.38%, 2/15/2026(b)		23		24
EnPro Industries, Inc. 5.75%, 10/15/2026		265		266
Hillman Group, Inc. (The) 6.38%, 7/15/2022(a)(b)		130		118
Novelis Corp.
6.25%, 8/15/2024(b)		355		363
5.88%, 9/30/2026(a)(b)		347		338
RBS Global, Inc. 4.88%, 12/15/2025(a)(b)		525		516
SPX FLOW, Inc.
5.63%, 8/15/2024(b)		135		138
5.88%, 8/15/2026(b)		295		304
Stevens Holding Co., Inc. 6.13%, 10/1/2026(b)		69		72
Tennant Co. 5.63%, 5/1/2025		450		456
Terex Corp. 5.63%, 2/1/2025(b)		665		651
Welbilt, Inc. 9.50%, 2/15/2024		295		317

				4,354

Media — 3.3%
Altice Financing SA (Luxembourg)
6.63%, 2/15/2023(b)		650		661
7.50%, 5/15/2026(a)(b)		600		589
Altice Luxembourg SA (Luxembourg)
7.75%, 5/15/2022(b)		1,355		1,379
7.63%, 2/15/2025(a)(b)		600		552
10.50%, 5/15/2027(b)		282		282
AMC Networks, Inc.
5.00%, 4/1/2024		10		10
4.75%, 8/1/2025		370		362
Cablevision Systems Corp. 8.00%, 4/15/2020(a)		590		608
Charter Communications Operating LLC
4.91%, 7/23/2025		30		32
6.38%, 10/23/2035		86		96
5.38%, 4/1/2038		1,760		1,803
6.48%, 10/23/2045		230		259

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Clear Channel Communication 9.00%, 12/15/2019‡(j)		221		—
Clear Channel Worldwide Holdings, Inc.
Series A, 6.50%, 11/15/2022		545		555
Series B, 6.50%, 11/15/2022		1,588		1,620
9.25%, 2/15/2024(b)		3,056		3,269
CSC Holdings LLC
6.75%, 11/15/2021		115		123
5.38%, 7/15/2023(b)		200		203
5.25%, 6/1/2024		308		310
7.75%, 7/15/2025(a)(b)		200		213
6.63%, 10/15/2025(b)		1,400		1,468
10.88%, 10/15/2025(b)		735		834
5.50%, 5/15/2026(b)		200		203
5.50%, 4/15/2027(b)		400		407
5.38%, 2/1/2028(b)		210		210
6.50%, 2/1/2029(b)		600		634
DISH DBS Corp.
6.75%, 6/1/2021		730		754
5.88%, 7/15/2022		235		231
5.00%, 3/15/2023(a)		704		660
5.88%, 11/15/2024(a)		3,852		3,457
7.75%, 7/1/2026		1,140		1,044
Entercom Media Corp.
7.25%, 11/1/2024(a)(b)		815		834
6.50%, 5/1/2027(b)		354		359
Getty Images, Inc. 9.75%, 3/1/2027(b)		22		22
Gray Television, Inc.
5.13%, 10/15/2024(b)		109		109
5.88%, 7/15/2026(a)(b)		407		418
7.00%, 5/15/2027(b)		872		924
iHeartCommunications, Inc.
6.38%, 5/1/2026(a)		113		118
8.38%, 5/1/2027(a)		734		768
Lamar Media Corp.
5.00%, 5/1/2023		15		15
5.75%, 2/1/2026		75		79
Liberty Interactive LLC 8.25%, 2/1/2030		275		276
Meredith Corp. 6.88%, 2/1/2026		820		844
Nexstar Broadcasting, Inc.
6.13%, 2/15/2022(b)		303		306
5.63%, 8/1/2024(b)		95		96
Outfront Media Capital LLC
5.25%, 2/15/2022		25		25
5.88%, 3/15/2025		125		127
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		220		230
Sinclair Television Group, Inc.
6.13%, 10/1/2022		140		142
5.63%, 8/1/2024(b)		890		899
5.88%, 3/15/2026(b)		184		185
5.13%, 2/15/2027(a)(b)		250		238
Sirius XM Radio, Inc. 6.00%, 7/15/2024(b)		1,105		1,136
5.38%, 4/15/2025(b)		245		247
5.38%, 7/15/2026(b)		915		921
5.00%, 8/1/2027(b)		242		238
TEGNA, Inc. 6.38%, 10/15/2023		514		527
Telenet Finance Luxembourg Notes SARL (Belgium) 5.50%, 3/1/2028(b)		600		591
Unitymedia GmbH (Germany) 6.13%, 1/15/2025(b)		300		308
Univision Communications, Inc.
5.13%, 5/15/2023(b)		111		105
5.13%, 2/15/2025(b)		60		55
UPC Holding BV (Netherlands) 5.50%, 1/15/2028(b)		500		494
UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025(b)		710		719
Videotron Ltd. (Canada)
5.38%, 6/15/2024(b)		190		198
5.13%, 4/15/2027(b)		795		799
Ziggo Bond Co. BV (Netherlands) 6.00%, 1/15/2027(b)		1,130		1,097

				37,277

Metals & Mining — 0.8%
AK Steel Corp.
7.50%, 7/15/2023		135		134
6.38%, 10/15/2025(a)		65		49
7.00%, 3/15/2027(a)		145		112
Alcoa Nederland Holding BV 6.75%, 9/30/2024(a)(b)		1,000		1,020
Allegheny Technologies, Inc.
5.95%, 1/15/2021		80		79
7.88%, 8/15/2023(i)		50		53
ArcelorMittal (Luxembourg) 7.00%, 10/15/2039(i)		200		228
Big River Steel LLC 7.25%, 9/1/2025(b)		190		198
Cleveland-Cliffs, Inc.
4.88%, 1/15/2024(a)(b)		104		103
5.75%, 3/1/2025		59		58
Coeur Mining, Inc. 5.88%, 6/1/2024		175		153
Commercial Metals Co.
4.88%, 5/15/2023(a)		40		40
5.38%, 7/15/2027		174		159
Constellium NV
6.63%, 3/1/2025(b)		250		253
5.88%, 2/15/2026(h)		550		542
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022(b)		59		59
5.13%, 5/15/2024(a)(b)		129		129
Freeport-McMoRan, Inc.
4.00%, 11/14/2021		31		31
3.55%, 3/1/2022		31		31
3.88%, 3/15/2023		441		425
4.55%, 11/14/2024(a)		850		820
5.40%, 11/14/2034		98		87
5.45%, 3/15/2043		87		74

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Glencore Finance Canada Ltd. (Switzerland) 6.00%, 11/15/2041(b)		685		706
Hecla Mining Co. 6.88%, 5/1/2021		181		169
Hudbay Minerals, Inc. (Canada)
7.25%, 1/15/2023(b)		45		45
7.63%, 1/15/2025(b)		35		35
Indonesia Asahan Aluminium Persero PT (Indonesia)
6.53%, 11/15/2028(h)		350		398
6.76%, 11/15/2048(h)		1,200		1,365
Kaiser Aluminum Corp. 5.88%, 5/15/2024		39		40
Nexa Resources SA (Peru) 5.38%, 5/4/2027(h)		1,200		1,221
Northwest Acquisitions ULC 7.13%, 11/1/2022(b)		150		117
Steel Dynamics, Inc.
4.13%, 9/15/2025(a)		309		304
5.00%, 12/15/2026		28		29
United States Steel Corp.
6.88%, 8/15/2025		60		52
6.25%, 3/15/2026		176		144

				9,462

Multiline Retail — 0.0%(d)
JC Penney Corp., Inc. 6.38%, 10/15/2036		164		44
Neiman Marcus Group Ltd. LLC 8.00%, 10/15/2021(b)		97		50

				94

Oil, Gas & Consumable Fuels — 3.4%
AI Candelaria Spain SLU (Spain) 7.50%, 12/15/2028(h)		1,800		1,897
Aker BP ASA (Norway) 5.88%, 3/31/2025(a)(b)		1,163		1,218
Andeavor Logistics LP Series A, (ICE LIBOR USD 3 Month + 4.65%), 6.87%, 2/15/2023(e)(f)(g)		327		326
Antero Midstream Partners LP 5.38%, 9/15/2024		510		503
Antero Resources Corp.
5.13%, 12/1/2022		697		690
5.63%, 6/1/2023		300		297
Blue Racer Midstream LLC
6.13%, 11/15/2022(b)		240		239
6.63%, 7/15/2026(b)		355		357
Brazos Valley Longhorn LLC 6.88%, 2/1/2025		319		312
Bruin E&P Partners LLC 8.88%, 8/1/2023(b)		62		56
Buckeye Partners LP 5.60%, 10/15/2044		900		793
(ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078(f)		432		353
California Resources Corp. 8.00%, 12/15/2022(b)		254		177
Callon Petroleum Co.
6.13%, 10/1/2024		243		240
6.38%, 7/1/2026(a)		159		155
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023(a)		289		267
Cenovus Energy, Inc. (Canada)
5.25%, 6/15/2037		410		403
5.40%, 6/15/2047		410		410
Centennial Resource Production LLC 6.88%, 4/1/2027(b)		158		157
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		644		691
5.13%, 6/30/2027(a)		56		58
Cheniere Energy Partners LP
5.25%, 10/1/2025(a)		133		133
5.63%, 10/1/2026(b)		32		32
Chesapeake Energy Corp.
7.00%, 10/1/2024(a)		254		231
8.00%, 1/15/2025(a)		585		538
8.00%, 6/15/2027		556		492
CITGO Petroleum Corp. 6.25%, 8/15/2022(b)		92		92
CNX Midstream Partners LP 6.50%, 3/15/2026(b)		207		195
Comstock Resources, Inc. 9.75%, 8/15/2026		64		49
Crestwood Midstream Partners LP
6.25%, 4/1/2023(i)		105		106
5.75%, 4/1/2025		229		231
5.63%, 5/1/2027(b)		515		504
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.38%, 12/15/2022(e)(f)(g)		235		229
DCP Midstream Operating LP
3.88%, 3/15/2023		350		346
6.75%, 9/15/2037(b)		124		128
5.60%, 4/1/2044		25		23
Delek Logistics Partners LP 6.75%, 5/15/2025		385		383
Denbury Resources, Inc.
9.25%, 3/31/2022(b)		145		140
7.50%, 2/15/2024(a)(b)		78		68
Ecopetrol SA (Colombia) 5.88%, 5/28/2045		1,355		1,387
Energy Transfer Operating LP Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028(e)(f)(g)		223		206
Energy Transfer Partners LP 5.30%, 4/15/2047		430		427

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022(e)(f)(g)		460		377
4.40%, 4/1/2024		94		92
4.15%, 6/1/2025		97		93
4.85%, 7/15/2026		95		93
Enterprise Products Operating LLC (ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078(a)(f)		194		175
EP Energy LLC
9.38%, 5/1/2024(b)		499		157
8.00%, 11/29/2024(a)(b)		310		192
7.75%, 5/15/2026(b)		982		832
Extraction Oil & Gas, Inc.
7.38%, 5/15/2024(b)		8		7
5.63%, 2/1/2026(b)		12		9
Genesis Energy LP
6.75%, 8/1/2022		179		178
6.00%, 5/15/2023		53		51
5.63%, 6/15/2024		85		80
Gulfport Energy Corp.
6.00%, 10/15/2024		109		90
6.38%, 1/15/2026		27		22
Halcon Resources Corp.
6.75%, 2/15/2025		110		48
Hilcorp Energy I LP
5.00%, 12/1/2024(b)		163		158
5.75%, 10/1/2025(a)(b)		163		160
6.25%, 11/1/2028(b)		292		292
Holly Energy Partners LP 6.00%, 8/1/2024(b)		154		159
Martin Midstream Partners LP 7.25%, 2/15/2021(a)		301		292
Matador Resources Co. 5.88%, 9/15/2026(a)		406		402
MEG Energy Corp. (Canada)
6.38%, 1/30/2023(b)		462		408
7.00%, 3/31/2024(a)(b)		471		420
6.50%, 1/15/2025(b)		371		357
Newfield Exploration Co. 5.38%, 1/1/2026		100		108
Northern Oil and Gas, Inc. 8.50% (cash), 5/15/2023(a)(c)		391		402
NuStar Logistics LP
6.00%, 6/1/2026		99		99
5.63%, 4/28/2027		186		180
Oasis Petroleum, Inc.
6.88%, 3/15/2022		164		159
6.88%, 1/15/2023(a)		588		565
6.25%, 5/1/2026(a)(b)		353		312
Oil and Gas Holding Co. BSCC (The) (Bahrain) 8.38%, 11/7/2028(h)		700		771
Parsley Energy LLC
6.25%, 6/1/2024(b)		35		36
5.25%, 8/15/2025(b)		150		147
PBF Holding Co. LLC
7.00%, 11/15/2023		107		109
7.25%, 6/15/2025(a)		165		168
PBF Logistics LP 6.88%, 5/15/2023		80		81
Peabody Energy Corp.
6.00%, 3/31/2022(b)		50		49
6.38%, 3/31/2025(b)		136		132
Petroamazonas EP (Ecuador) 4.63%, 2/16/2020(h)		750		744
Petrobras Global Finance BV (Brazil) 5.75%, 2/1/2029		1,350		1,361
Petroleos Mexicanos (Mexico)
5.38%, 3/13/2022		300		308
5.63%, 1/23/2046		1,900		1,547
Petroleum Co. of Trinidad & Tobago Ltd. (Trinidad and Tobago) 9.75%, 8/14/2019(h)		1,000		986
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022(e)(f)(g)		475		440
QEP Resources, Inc.
5.38%, 10/1/2022		135		130
5.25%, 5/1/2023		85		80
5.63%, 3/1/2026		79		71
Range Resources Corp. 4.88%, 5/15/2025		395		344
Saudi Arabian Oil Co. (Saudi Arabia) 4.38%, 4/16/2049(b)		470		458
SemGroup Corp.
5.63%, 7/15/2022		158		156
5.63%, 11/15/2023		190		180
7.25%, 3/15/2026		178		174
Seven Generations Energy Ltd. (Canada) 5.38%, 9/30/2025(a)(b)		84		80
SM Energy Co.
5.00%, 1/15/2024(a)		38		33
6.75%, 9/15/2026		179		160
6.63%, 1/15/2027		538		473
Southwestern Energy Co.
6.20%, 1/23/2025(a)(i)		275		256
7.50%, 4/1/2026		497		477
7.75%, 10/1/2027(a)		160		153
Summit Midstream Holdings LLC
5.50%, 8/15/2022		130		126
5.75%, 4/15/2025		131		116
Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045		740		738
Sunoco LP
4.88%, 1/15/2023		63		64
5.50%, 2/15/2026		218		220
6.00%, 4/15/2027(b)		213		216
5.88%, 3/15/2028(a)		19		19

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Tallgrass Energy Partners LP
5.50%, 9/15/2024(a)(b)		109		111
5.50%, 1/15/2028(a)(b)		54		54
Targa Resources Partners LP
5.25%, 5/1/2023		43		43
4.25%, 11/15/2023		175		172
6.75%, 3/15/2024		550		571
5.13%, 2/1/2025		170		170
5.88%, 4/15/2026		105		109
5.38%, 2/1/2027		75		75
6.50%, 7/15/2027(b)		901		938
5.00%, 1/15/2028		15		15
TerraForm Power Operating LLC
4.25%, 1/31/2023(b)		141		137
6.63%, 6/15/2025(b)(i)		65		67
5.00%, 1/31/2028(b)		70		67
TransMontaigne Partners LP 6.13%, 2/15/2026		138		134
Tullow Oil plc (Ghana) 7.00%, 3/1/2025(b)		200		199
Ultra Resources, Inc. 9.00%, 7/12/2024		214		91
Unit Corp. 6.63%, 5/15/2021(a)		255		240
W&T Offshore, Inc. 9.75%, 11/1/2023(b)		412		405
Whiting Petroleum Corp.
5.75%, 3/15/2021		45		45
6.25%, 4/1/2023(a)		200		193
6.63%, 1/15/2026		482		440
WPX Energy, Inc.
6.00%, 1/15/2022		11		11
8.25%, 8/1/2023(a)		150		165
5.75%, 6/1/2026		157		156

				38,719

Paper & Forest Products — 0.1%
Clearwater Paper Corp.
4.50%, 2/1/2023(a)		206		192
5.38%, 2/1/2025(a)(b)		276		246
Suzano Austria GmbH (Brazil) 7.00%, 3/16/2047(h)		450		484

				922

Personal Products — 0.1%
Coty, Inc. 6.50%, 4/15/2026(a)(b)		280		269
Edgewell Personal Care Co. 4.70%, 5/19/2021		10		10
Prestige Brands, Inc. 6.38%, 3/1/2024(a)(b)		720		740
Revlon Consumer Products Corp. 6.25%, 8/1/2024(a)		207		136

				1,155

Pharmaceuticals — 1.1%
Advanz Pharma Corp. (Canada) 8.00%, 9/6/2024(a)		395		372
Bausch Health Americas, Inc.
9.25%, 4/1/2026(b)		300		324
8.50%, 1/31/2027(b)		1,849		1,941
Bausch Health Cos., Inc.
6.50%, 3/15/2022(a)(b)		256		265
5.50%, 3/1/2023(b)		9		9
5.88%, 5/15/2023(b)		323		324
7.00%, 3/15/2024(b)		534		558
6.13%, 4/15/2025(a)(b)		4,135		4,044
5.50%, 11/1/2025(b)		222		223
9.00%, 12/15/2025(b)		793		853
5.75%, 8/15/2027(b)		209		211
7.00%, 1/15/2028(b)		140		138
7.25%, 5/30/2029(b)		156		155
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026(b)		242		240
Endo Dac
6.00%, 7/15/2023(b)		375		270
5.88%, 10/15/2024(b)		500		475
Mylan NV 5.25%, 6/15/2046		1,180		1,074
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(b)		608		588
Teva Pharmaceutical Finance Netherlands III BV (Israel) 4.10%, 10/1/2046		260		169

				12,233

Professional Services — 0.0%(d)
AMN Healthcare, Inc. 5.13%, 10/1/2024(b)		175		174

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

Road & Rail — 0.7%
Ashtead Capital, Inc. (United Kingdom)
4.38%, 8/15/2027(b)		500		485
Avis Budget Car Rental LLC
6.38%, 4/1/2024(b)		1,144		1,178
5.25%, 3/15/2025(a)(b)		1,186		1,142
Avolon Holdings Funding Ltd. (Ireland)
5.13%, 10/1/2023(b)		160		166
DAE Funding LLC (United Arab Emirates)
4.50%, 8/1/2022(b)		10		10
5.00%, 8/1/2024(a)(b)		440		440
Georgian Railway JSC (Georgia) 7.75%, 7/11/2022(h)		400		431
Herc Rentals, Inc. 7.75%, 6/1/2024(a)(b)		963		1,013
Hertz Corp. (The)
7.38%, 1/15/2021(a)		156		155
7.63%, 6/1/2022(b)		536		543
6.25%, 10/15/2022(a)		185		177
5.50%, 10/15/2024(b)		1,645		1,369

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Park Aerospace Holdings Ltd. (Ireland)
4.50%, 3/15/2023(b)		350		354
5.50%, 2/15/2024(b)		385		404

				7,867

Semiconductors & Semiconductor Equipment — 0.3%
Amkor Technology, Inc. 6.63%, 9/15/2027(b)		334		319
Entegris, Inc. 4.63%, 2/10/2026(b)		685		681
NXP BV (Netherlands) 4.63%, 6/1/2023(b)		200		208
Qorvo, Inc. 5.50%, 7/15/2026(b)		329		335
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(b)		1,415		1,472

				3,015

Software — 0.4%
Camelot Finance SA 7.88%, 10/15/2024(b)		225		233
CDK Global, Inc.
5.88%, 6/15/2026		495		512
5.25%, 5/15/2029(b)		250		249
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024(b)		185		202
Infor US, Inc. 6.50%, 5/15/2022		1,748		1,766
Informatica LLC 7.13%, 7/15/2023(b)		275		278
Nuance Communications, Inc. 5.63%, 12/15/2026		325		332
Open Text Corp. (Canada) 5.88%, 6/1/2026(a)(b)		348		363
Solera LLC 10.50%, 3/1/2024(a)(b)		81		87
SS&C Technologies, Inc. 5.50%, 9/30/2027(b)		420		423
Symantec Corp. 5.00%, 4/15/2025(b)		343		343

				4,788

Specialty Retail — 0.4%
eG Global Finance plc (United Kingdom) 6.75%, 2/7/2025(b)		500		491
Group 1 Automotive, Inc. 5.25%, 12/15/2023(b)		150		152
L Brands, Inc.
5.25%, 2/1/2028		57		51
6.75%, 7/1/2036		200		170
Party City Holdings, Inc. 6.63%, 8/1/2026(a)(b)		249		248
Penske Automotive Group, Inc. 5.50%, 5/15/2026(a)		429		425
PetSmart, Inc. 5.88%, 6/1/2025(b)		1,428		1,341
Staples, Inc.
7.50%, 4/15/2026(b)		1,080		1,031
10.75%, 4/15/2027(a)(b)		353		337

				4,246

Technology Hardware, Storage & Peripherals — 0.2%
Dell International LLC
5.88%, 6/15/2021(a)(b)		150		152
7.13%, 6/15/2024(a)(b)		247		260
6.02%, 6/15/2026(b)		270		291
8.35%, 7/15/2046(b)		180		220
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		375		326
EMC Corp. 3.38%, 6/1/2023		100		97
Western Digital Corp. 4.75%, 2/15/2026		458		434
Xerox Corp. 4.12%, 3/15/2023(i)		252		249

				2,029

Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc.
4.63%, 5/15/2024(a)(b)		35		35
4.88%, 5/15/2026(a)(b)		841		826
William Carter Co. (The) 5.63%, 3/15/2027(b)		425		434

				1,295

Thrifts & Mortgage Finance — 0.2%
Ladder Capital Finance Holdings LLLP 5.25%, 10/1/2025(b)		340		332
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023(b)		390		389
9.13%, 7/15/2026(b)		35		34
Nationstar Mortgage LLC 6.50%, 6/1/2022		227		221
Quicken Loans, Inc. 5.75%, 5/1/2025(b)		653		645
Radian Group, Inc. 4.50%, 10/1/2024		125		125

				1,746

Tobacco — 0.2%
BAT Capital Corp. (United Kingdom)
4.39%, 8/15/2037		480		439
4.54%, 8/15/2047		910		819
Reynolds American, Inc. (United Kingdom) 5.85%, 8/15/2045		530		550

				1,808

Trading Companies & Distributors — 0.4%
Ahern Rentals, Inc. 7.38%, 5/15/2023(b)		467		409
H&E Equipment Services, Inc. 5.63%, 9/1/2025(a)		335		332
United Rentals North America, Inc.
5.50%, 7/15/2025(a)		10		10
4.63%, 10/15/2025		905		894
5.88%, 9/15/2026		130		135
6.50%, 12/15/2026(a)		1,419		1,504
5.50%, 5/15/2027		815		822
4.88%, 1/15/2028		515		499

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
WESCO Distribution, Inc.
5.38%, 6/15/2024		245		249

				4,854

Wireless Telecommunication Services — 1.5%
Hughes Satellite Systems Corp.
5.25%, 8/1/2026(a)		620		617
6.63%, 8/1/2026(a)		319		318
Intelsat Connect Finance SA (Luxembourg) 9.50%, 2/15/2023(a)(b)		447		389
Sprint Communications, Inc.
7.00%, 3/1/2020(b)		156		160
6.00%, 11/15/2022		424		433
Sprint Corp.
7.25%, 9/15/2021(a)		115		121
7.88%, 9/15/2023		594		638
7.13%, 6/15/2024		1,157		1,203
7.63%, 2/15/2025		4,775		5,050
7.63%, 3/1/2026(a)		537		569
Telefonica Celular del Paraguay SA (Paraguay) 5.88%, 4/15/2027(b)		800		823
T-Mobile US, Inc. 4.50%, 2/1/2026‡		18		—
T-Mobile USA, Inc.
6.00%, 3/1/2023(a)		200		204
6.00%, 3/1/2023‡		200		—
6.50%, 1/15/2024		115		119
6.50%, 1/15/2024‡		115		—
6.38%, 3/1/2025		215		223
6.38%, 3/1/2025‡		135		—
5.13%, 4/15/2025		75		76
6.50%, 1/15/2026(a)		1,830		1,931
6.50%, 1/15/2026‡		560		—	(k)
4.50%, 2/1/2026		551		544
4.75%, 2/1/2028(a)		1,298		1,286
4.75%, 2/1/2028‡		33		—
United States Cellular Corp. 6.70%, 12/15/2033		590		619
Vodafone Group plc (United Kingdom) 5.25%, 5/30/2048		890		925
Wind Tre SpA (Italy) 5.00%, 1/20/2026(a)(b)		825		782

				17,030

TOTAL CORPORATE BONDS (Cost $403,658)				403,180

ASSET-BACKED SECURITIES — 24.3%
5AIF Juniper 2 LLC Series 2018-1, Class A, 5.45%, 8/15/2022‡(b)		1,500		1,500
ABFC Trust Series 2002-OPT1, Class M1, 3.52%, 5/25/2032‡(l)		287		285
ACC Trust
Series 2018-1, Class B, 4.82%, 5/20/2021(b)		1,445		1,453
Series 2019-1, Class A, 3.75%, 5/20/2022(b)		307		309
Series 2019-1, Class B, 4.47%, 10/20/2022(b)		4,033		4,121
Series 2018-1, Class C, 6.81%, 2/21/2023(b)		1,510		1,533
Series 2019-1, Class C, 6.41%, 2/20/2024(b)		2,280		2,345
Accelerated Assets LLC
Series 2018-1, Class B, 4.51%, 12/2/2033‡(b)		490		500
Series 2018-1, Class C, 6.65%, 12/2/2033‡(b)		1,061		1,097
American Credit Acceptance Receivables Trust
Series 2016-4, Class D, 4.11%, 4/12/2023(b)		150		152
Series 2019-2, Class B, 3.05%, 5/12/2023(b)		490		492
Series 2017-2, Class E, 5.52%, 3/12/2024(b)		1,330		1,364
Series 2018-2, Class E, 5.16%, 9/10/2024(b)		560		578
Series 2018-3, Class E, 5.17%, 10/15/2024(b)		1,810		1,872
Series 2018-1, Class F, 6.55%, 12/10/2024(b)		1,630		1,671
Series 2019-1, Class D, 3.81%, 4/14/2025(b)		1,580		1,610
Series 2019-1, Class E, 4.84%, 4/14/2025(b)		1,035		1,058
Series 2019-2, Class D, 3.41%, 6/12/2025(b)		1,090		1,095
Series 2019-2, Class C, 3.64%, 6/12/2025(b)		790		793
Series 2019-2, Class E, 4.29%, 6/12/2025(b)		555		560
Series 2018-3, Class F, 6.44%, 6/12/2025(b)		1,690		1,738
Series 2018-4, Class F, 6.94%, 10/13/2025(b)		1,000		1,044
Series 2019-1, Class F, 6.06%, 12/12/2025(b)		1,340		1,369
Series 2019-2, Class F, 5.81%, 6/12/2026(b)		510		515
AmeriCredit Automobile Receivables Trust Series 2019-1, Class D, 3.62%, 3/18/2025		495		506
Ameriquest Mortgage Securities, Asset-Backed Pass-Through Certificates Series 2003-12, Class M2, 4.68%, 1/25/2034‡(l)		192		195

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates
Series 2003-1, Class M2, 4.90%, 2/25/2033‡(l)		103		104
Series 2003-11, Class M2, 4.17%, 12/25/2033‡(l)		443		439
Anchor Assets IX LLC Series 2016-1, Class B, 6.25%, 2/15/2020‡(b)		425		425
Apidos CLO (Cayman Islands) Series XXXA, Class C, 5.60%, 10/18/2031‡(b)(l)		340		336
Applebee’s Funding LLC Series 2019-1A, Class A2II, 4.72%, 6/7/2049(b)		2,200		2,210
Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-W5, Class M4, 4.03%, 10/25/2033‡(l)		61		67
Avis Budget Rental Car Funding AESOP LLC Series 2018-1A, Class C, 4.73%, 9/20/2024(b)		560		585
Benefit Street Partners CLO XI (Cayman Islands) Series 2017-11A, Class A2A, 4.35%, 4/15/2029(b)(l)		400		400
BlueMountain CLO Ltd. (Cayman Islands)
Series 2012-2A, Class DR2, 5.42%, 11/20/2028‡(b)(l)		1,100		1,085
Series 2014-2A, Class DR2, 5.69%, 10/20/2030‡(b)(l)		570		561
Series 2018-3A, Class D, 5.83%, 10/25/2030‡(b)(l)		985		979
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033(b)		466		474
Series 2018-1, Class B, 6.05%, 2/15/2033‡(b)		1,576		1,635
Series 2018-2, Class C, 6.66%, 6/15/2033(b)		1,483		1,506
Camillo Issuer LLC Series 2017-SFR1, Class A, 5.50%, 6/5/2027(b)		978		978
CarFinance Capital Auto Trust Series 2015-1A, Class E, 5.49%, 1/18/2022(b)		350		352
Carvana Auto Receivables Trust Series 2019-1A, Class D, 3.88%, 10/15/2024(b)		2,000		2,045
Centex Home Equity Loan Trust Series 2004-A, Class AF4, 5.01%, 8/25/2032‡(i)		147		153
CIFC Funding Ltd. (Cayman Islands)
Series 2017-1A, Class D, 6.09%, 4/23/2029‡(b)(l)		1,420		1,424
Series 2014-5A, Class BR2, 4.39%, 10/17/2031‡(b)(l)		930		926
Series 2014-5A, Class DR2, 5.99%, 10/17/2031‡(b)(l)		675		673
CIG Auto Receivables Trust
Series 2017-1A, Class B, 3.81%, 5/15/2023(b)		75		75
Series 2017-1A, Class C, 5.33%, 12/16/2024(b)		500		504
Series 2019-1A, Class D, 4.85%, 5/15/2026(b)		1,660		1,689
Citi Held For Asset Issuance Series 2015-PM2, Class C, 5.96%, 3/15/2022‡(b)		313		314
CLUB Credit Trust
Series 2017-P2, Class B, 3.56%, 1/15/2024‡(b)		790		793
Series 2018-NP1, Class C, 4.74%, 5/15/2024‡(b)		2,700		2,716
Conn’s Receivables Funding LLC
Series 2018-A, Class B, 4.65%, 1/15/2023‡(b)		195		196
Series 2018-A, Class C, 6.02%, 1/15/2023‡(b)		865		872
Series 2019-A, Class B, 4.36%, 10/16/2023(b)		1,600		1,607
Series 2019-A, Class C, 5.29%, 10/16/2023(b)		1,590		1,595
Corevest American Finance Trust Series 2019-1, Class E, 5.49%, 3/15/2052‡(b)		575		565
CPS Auto Receivables Trust
Series 2014-B, Class D, 4.62%, 5/15/2020(b)		434		434
Series 2019-B, Class B, 3.09%, 4/17/2023(b)		3,000		3,026
Series 2018-A, Class D, 3.66%, 12/15/2023(b)		400		406
Series 2019-B, Class C, 3.35%, 1/15/2024(b)		160		162
Series 2019-A, Class D, 4.35%, 12/16/2024(b)		620		643
CWABS, Inc. Asset-Backed Certificates Series 2003-5, Class AF5, 5.13%, 2/25/2034‡(i)		195		198
Diamond Resorts Owner Trust Series 2018-1, Class D, 5.90%, 1/21/2031‡(b)		1,427		1,452
Dominion Financial Services 2 LLC Series 2018-1, Class A, 5.35%, 9/15/2022‡(b)(i)		3,500		3,500
Drive Auto Receivables Trust
Series 2017-1, Class D, 3.84%, 3/15/2023		380		384
Series 2018-3, Class D, 4.30%, 9/16/2024		1,456		1,498
Series 2019-1, Class D, 4.09%, 6/15/2026		1,290		1,328

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Driven Brands Funding LLC Series 2019-1A, Class A2, 4.64%, 4/20/2049(b)		858		886
DT Auto Owner Trust
Series 2016-1A, Class D, 4.66%, 12/15/2022(b)		129		130
Series 2017-3A, Class D, 3.58%, 5/15/2023(b)		7,107		7,167
Series 2016-3A, Class D, 4.52%, 6/15/2023(b)		704		711
Series 2017-4A, Class D, 3.47%, 7/17/2023(b)		83		84
Series 2017-2A, Class E, 6.03%, 1/15/2024(b)		500		522
Series 2017-1A, Class E, 5.79%, 2/15/2024(b)		1,729		1,782
Series 2018-3A, Class D, 4.19%, 7/15/2024(b)		1,230		1,265
Series 2017-3A, Class E, 5.60%, 8/15/2024(b)		905		946
Series 2019-1A, Class D, 3.87%, 11/15/2024(b)		2,990		3,052
Series 2017-4A, Class E, 5.15%, 11/15/2024(b)		1,925		1,995
Series 2018-1A, Class E, 5.42%, 3/17/2025(b)		1,055		1,100
Series 2018-2A, Class E, 5.54%, 6/16/2025(b)		1,200		1,244
Series 2018-3A, Class E, 5.33%, 11/17/2025(b)		1,340		1,387
Series 2019-1A, Class E, 4.94%, 2/17/2026(b)		2,735		2,810
Engs Commercial Finance Trust
Series 2018-1A, Class C, 4.05%, 2/22/2023‡(b)		370		381
Series 2018-1A, Class D, 4.69%, 6/22/2023‡(b)		290		298
Equity One Mortgage Pass-Through Trust
Series 2003-2, Class M2, 5.20%, 9/25/2033‡(l)		131		132
Series 2004-2, Class M1, 5.69%, 7/25/2034‡(i)		92		95
Exeter Automobile Receivables Trust
Series 2015-2A, Class D, 5.79%, 5/16/2022(b)		350		355
Series 2015-3A, Class D, 6.55%, 10/17/2022(b)		1,770		1,820
Series 2016-2A, Class D, 8.25%, 4/17/2023(b)		1,445		1,538
Series 2018-3A, Class C, 3.71%, 6/15/2023(b)		738		751
Series 2017-3A, Class C, 3.68%, 7/17/2023(b)		773		786
Series 2016-3A, Class D, 6.40%, 7/17/2023(b)		750		777
Series 2018-1A, Class D, 3.53%, 11/15/2023(b)		1,500		1,522
Series 2017-2A, Class D, 6.39%, 2/15/2024(b)		1,000		1,054
Series 2018-3A, Class D, 4.35%, 6/17/2024(b)		1,515		1,572
Series 2018-3A, Class E, 5.43%, 8/15/2024(b)		650		677
Series 2018-1A, Class E, 4.64%, 10/15/2024(b)		1,760		1,785
Series 2019-1A, Class D, 4.13%, 12/16/2024(b)		1,775		1,830
Series 2018-2A, Class E, 5.33%, 5/15/2025(b)		1,100		1,144
Series 2018-4A, Class E, 5.38%, 7/15/2025(b)		810		844
Series 2018-3A, Class F, 6.55%, 8/25/2025(b)		3,380		3,535
Series 2019-1A, Class E, 5.20%, 1/15/2026(b)		3,085		3,202
Series 2019-2A, Class E, 4.68%, 5/15/2026(b)		5,520		5,633
Flagship Credit Auto Trust
Series 2016-1, Class D, 8.59%, 5/15/2023(b)		1,000		1,066
Series 2016-3, Class E, 6.25%, 10/15/2023(b)		1,110		1,161
Series 2017-R, 8.24%, 10/18/2023		1,302		1,306
Series 2017-4, Class D, 3.58%, 1/15/2024(b)		175		178
Series 2017-2, Class E, 5.55%, 7/15/2024(b)		530		548
Series 2019-1, Class D, 4.08%, 2/18/2025(b)		833		862
Series 2019-2, Class E, 4.52%, 12/15/2026(b)		4,500		4,561
Foundation Finance Trust
Series 2019-1A, Class B, 4.22%, 11/15/2034(b)		855		870
Series 2019-1A, Class C, 5.66%, 11/15/2034‡(b)		3,055		3,054
FREED ABS Trust
Series 2018-1, Class B, 4.56%, 7/18/2024‡(b)		600		612
Series 2019-1, Class B, 3.87%, 6/18/2026(b)		1,530		1,545
Series 2019-1, Class C, 5.39%, 6/18/2026(b)		2,200		2,241
Genesis Sales Finance Master Trust Series 2019-AA, Class A, 4.68%, 8/20/2023(b)		2,650		2,699
GLS Auto Receivables Issuer Trust
Series 2019-2A, Class B, 3.32%, 3/15/2024(b)		1,748		1,764
Series 2019-1A, Class C, 3.87%, 12/16/2024(b)		1,140		1,164
Series 2019-1A, Class D, 4.94%, 12/15/2025(b)		830		853
Series 2019-2A, Class D, 4.52%, 2/17/2026(b)		1,000		1,014

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
GLS Auto Receivables Trust Series 2018-3A, Class D, 5.34%, 8/15/2025(b)		680		706
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047‡(b)		1,223		1,248
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042‡(b)		811		823
Series 2016-4B, Class B, 4.99%, 9/20/2047‡(b)		544		555
Hertz Fleet Lease Funding LP Series 2018-1, Class E, 5.55%, 5/10/2032(b)		1,340		1,356
ICG US CLO Ltd. (Cayman Islands) Series 2016-1A, Class A2R, 4.28%, 7/29/2028(b)(l)		250		250
Kabbage Funding LLC
Series 2019-1, Class C, 4.61%, 3/15/2024‡(b)		1,000		1,011
Series 2019-1, Class D, 5.69%, 3/15/2024‡(b)		2,000		2,023
KREF Ltd. Series 2018-FL1, Class D, 4.98%, 6/15/2036‡(b)(l)		1,680		1,686
LendingClub Issuance Trust Series 2016-NP2, Class B, 6.00%, 1/17/2023‡(b)		32		32
Lendmark Funding Trust
Series 2017-1A, Class A, 2.83%, 12/22/2025(b)		2,000		1,990
Series 2017-1A, Class C, 5.41%, 12/22/2025‡(b)		1,000		1,032
Series 2017-2A, Class B, 3.38%, 5/20/2026‡(b)		540		542
Series 2017-2A, Class C, 4.33%, 5/20/2026‡(b)		1,050		1,061
Series 2018-1A, Class B, 4.09%, 12/21/2026‡(b)		790		813
Series 2018-1A, Class C, 5.03%, 12/21/2026‡(b)		1,305		1,349
Series 2018-2A, Class D, 6.78%, 4/20/2027(b)		2,500		2,583
Long Beach Mortgage Loan Trust Series 2003-4, Class M2, 5.05%, 8/25/2033‡(l)		95		97
LV Tower 52 Issuer Series 2013-1, Class M, 7.75%, 7/15/2019‡(b)		237		239
Magnetite VIII Ltd. (Cayman Islands) Series 2014-8A, Class DR2, 5.50%, 4/15/2031‡(b)(l)		1,220		1,198
Mariner Finance Issuance Trust Series 2017-AA, Class C, 6.73%, 2/20/2029‡(b)		750		777
Marlette Funding Trust
Series 2017-3A, Class B, 3.01%, 12/15/2024(b)		295		295
Series 2017-3A, Class C, 4.01%, 12/15/2024‡(b)		295		297
MFA LLC
Series 2017-NPL1, Class A1, 3.35%, 11/25/2047‡(b)(i)		302		305
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048‡(b)(i)		244		246
New Residential Mortgage LLC
Series 2018-FNT1, Class D, 4.69%, 5/25/2023(b)		747		752
Series 2018-FNT1, Class E, 4.89%, 5/25/2023(b)		617		621
Oak Hill Advisors Residential Loan Trust Series 2017-NPL2, Class A1, 3.00%, 7/25/2057(b)(i)		221		220
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class C, 4.52%, 4/18/2022‡(b)		540		546
OneMain Direct Auto Receivables Trust Series 2018-1A, Class D, 4.40%, 1/14/2028(b)		580		598
OneMain Financial Issuance Trust
Series 2015-1A, Class C, 5.12%, 3/18/2026‡(b)		250		253
Series 2019-1A, Class B, 3.79%, 2/14/2031‡(b)		745		763
Series 2017-1A, Class D, 4.52%, 9/14/2032‡(b)		1,100		1,105
Series 2018-2A, Class D, 4.29%, 3/14/2033‡(b)		1,500		1,529
Oportun Funding VI LLC Series 2017-A, Class B, 3.97%, 6/8/2023‡(b)(l)		293		293
Orange Lake Timeshare Trust Series 2019-A, Class D, 4.93%, 4/9/2038(b)		5,000		5,035
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 4.78%, 4/25/2023(b)(l)		3,616		3,652
PNMAC GMSR Issuer Trust
Series 2018-GT1, Class A, 5.28%, 2/25/2023(b)(l)		4,655		4,664
Series 2018-GT2, Class A, 5.08%, 8/25/2025(b)(l)		670		672
Popular ABS Mortgage Pass-Through Trust Series 2005-3, Class M1, 5.11%, 7/25/2035‡(i)		274		279
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024(b)		1,160		1,194
Series 2018-1A, Class E, 5.03%, 1/15/2026(b)		720		746

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Pretium Mortgage Credit Partners I LLC
Series 2018-NPL4, Class A1, 4.83%, 9/25/2058‡(b)(i)		457		462
Series 2018-NPL4, Class A2, 6.05%, 9/25/2058‡(b)(i)		900		908
Series 2019-NPL2, Class A2, 5.93%, 12/25/2058(b)(i)		3,020		3,033
Series 2019-NPL1, Class A1, 4.21%, 7/25/2060‡(b)(i)		939		950
Progress Residential Trust
Series 2019-SFR1, Class E, 4.47%, 8/17/2035‡(b)		2,000		2,046
Series 2018-SFR3, Class D, 4.43%, 10/17/2035‡(b)		1,047		1,083
Series 2018-SFR3, Class E, 4.87%, 10/17/2035‡(b)		524		542
Series 2019-SFR2, Class E, 4.14%, 5/17/2036‡(b)		4,000		4,043
Prosper Marketplace Issuance Trust Series 2019-2A, Class B, 3.69%, 9/15/2025(b)		2,081		2,086
RAMP Trust Series 2002-RS2, Class AI5, 5.93%, 3/25/2032‡(l)		119		123
Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027(b)		1,800		1,807
Renaissance Home Equity Loan Trust
Series 2003-4, Class M2F, 6.24%, 3/25/2034‡(i)		158		151
Series 2005-2, Class M1, 5.05%, 8/25/2035‡(i)		630		656
Renew (Cayman Islands) Series 2017-1A, Class B, 5.75%, 9/20/2052‡(b)		334		339
Santander Drive Auto Receivables Trust Series 2019-1, Class D, 3.65%, 4/15/2025		1,410		1,447
Santander Prime Auto Issuance Notes Trust
Series 2018-A, Class E, 5.04%, 9/15/2025(b)		2,346		2,383
Series 2018-A, Class F, 6.80%, 9/15/2025(b)		4,775		4,890
Saxon Asset Securities Trust Series 2002-2, Class AF5, 6.49%, 1/25/2031‡(i)		296		303
Security National Mortgage Loan Trust Series 2004-2A, Class AF3, 5.77%, 11/25/2034‡(b)(l)		216		217
Shackleton CLO Ltd. (Cayman Islands)
Series 2014-6RA, Class B, 4.32%, 7/17/2028(b)(l)		1,280		1,274
Series 2013-4RA, Class A2A, 4.20%, 4/13/2031(b)(l)		1,070		1,053
Sierra Timeshare Receivables Funding LLC Series 2019-1A, Class D, 4.75%, 1/20/2036‡(b)		1,369		1,396
SoFi Consumer Loan Program LLC
Series 2017-6, Class B, 3.52%, 11/25/2026‡(b)		100		101
Series 2017-6, Class C, 4.02%, 11/25/2026‡(b)		100		102
SoFi Consumer Loan Program Trust
Series 2018-1, Class B, 3.65%, 2/25/2027(b)		450		460
Series 2018-1, Class C, 3.97%, 2/25/2027‡(b)		450		457
Spirit Master Funding LLC Series 2014-3A, Class A, 5.74%, 3/20/2042(b)		1,731		1,824
Springleaf Funding Trust
Series 2015-BA, Class B, 3.80%, 5/15/2028‡(b)		900		913
Series 2016-AA, Class B, 3.80%, 11/15/2029(b)		750		755
Structured Asset Investment Loan Trust Series 2004-8, Class M3, 3.40%, 9/25/2034‡(l)		218		213
Tricolor Auto Securitization Trust Series 2018-1A, Class B, 7.30%, 2/16/2021(b)		2,700		2,730
United Auto Credit Securitization Trust Series 2018-1, Class D, 3.52%, 11/10/2022(b)		540		543
US Auto Funding LLC
Series 2019-1A, Class C, 5.34%, 3/15/2023(b)		3,000		3,039
Series 2018-1A, Class B, 7.50%, 7/15/2023(b)		2,423		2,477
USASF Receivables LLC Series 2017-1, Class B, 7.63%, 9/15/2030(b)		450		451
Vericrest Opportunity Loan Trust Series 2019-NPL3, Class A2, 6.17%, 3/25/2049‡(b)(i)		3,240		3,265
Veros Automobile Receivables Trust Series 2018-1, Class D, 5.74%, 8/15/2025(b)		2,500		2,548
VOLT LXII LLC Series 2017-NPL9, Class A1, 3.13%, 9/25/2047‡(b)(i)		60		60
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047‡(b)(i)		74		74
VOLT LXIX LLC
Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048‡(b)(i)		210		212
Series 2018-NPL5, Class A2, 5.80%, 8/25/2048‡(b)(i)		519		522
VOLT LXVIII LLC
Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048‡(b)(i)		256		257
Series 2018-NPL4, Class A2, 5.93%, 7/27/2048‡(b)(i)		400		403

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048‡(b)(i)		545		548
VOLT LXXII LLC Series 2018-NPL8, Class A1B, 4.65%, 10/26/2048‡(b)(i)		3,500		3,538
VOLT LXXIII LLC Series 2018-NPL9, Class A1A, 4.46%, 10/25/2048‡(b)(i)		459		462
VOLT LXXV LLC Series 2019-NPL1, Class A1B, 4.83%, 1/25/2049‡(b)(i)		2,500		2,531
Voya CLO Ltd. (Cayman Islands)
Series 2019-1A, Class A, 3.81%, 4/15/2029(b)(l)		411		412
Series 2019-1A, Class D, 5.94%, 4/15/2029‡(b)(l)		720		724
Series 2016-3A, Class CR, 5.85%, 10/18/2031‡(b)(l)		935		929
Westlake Automobile Receivables Trust
Series 2018-1A, Class D, 3.41%, 5/15/2023(b)		380		383
Series 2018-3A, Class D, 4.00%, 10/16/2023(b)		3,240		3,323
Series 2018-3A, Class E, 4.90%, 12/15/2023(b)		670		688
Series 2018-2A, Class E, 4.86%, 1/16/2024(b)		450		461
Series 2019-1A, Class D, 3.67%, 3/15/2024(b)		3,350		3,408
Series 2019-1A, Class E, 4.49%, 7/15/2024(b)		950		968
Series 2018-1A, Class F, 5.60%, 7/15/2024(b)		2,000		2,029
Series 2018-2A, Class F, 6.04%, 1/15/2025(b)		1,320		1,349
Series 2018-3A, Class F, 6.02%, 2/18/2025(b)		3,690		3,807
Series 2019-1A, Class F, 5.67%, 2/17/2026(b)		1,769		1,810

TOTAL ASSET-BACKED SECURITIES (Cost $272,791)				276,783

COLLATERALIZED MORTGAGE OBLIGATIONS — 15.2%
Acre Series 2017-B, 9.08%, 12/15/2020		500		500
Alternative Loan Trust
Series 2004-18CB, Class 5A1, 6.25%, 9/25/2034		42		44
Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034		27		27
Series 2005-23CB, Class A7, 5.25%, 7/25/2035		35		35
Series 2005-23CB, Class A16, 5.50%, 7/25/2035		97		100
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		710		701
Series 2005-J14, Class A3, 5.50%, 12/25/2035		428		369
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037		753		627
Angel Oak Mortgage Trust I LLC Series 2018-PB1, Class A, 4.00%, 8/25/2021(b)		390		394
Antler Mortgage Trust
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022(b)		1,705		1,714
Series 2019-RTL1, Class A2, 4.95%, 8/25/2022(b)(l)		2,000		2,008
Series 2019-RTL1, Class M, 6.90%, 1/25/2023‡(b)(l)		3,000		3,045
Series 2018-RTL1, Class M, 7.39%, 5/25/2023‡(b)(i)		1,700		1,724
ARIVO 9/15/2019‡		722		722
Arroyo Mortgage Trust Series 2019-2, Class A3, 3.80%, 4/25/2049(b)(l)		2,160		2,170
Banc of America Alternative Loan Trust Series 2005-3, Class 2A1, 5.50%, 4/25/2020		37		37
Banc of America Funding Trust Series 2007-5, Class 4A1, 2.80%, 7/25/2037(l)		559		375
Bear Stearns ALT-A Trust Series 2004-7, Class 2A1, 4.52%, 8/25/2034(l)		197		203
Bear Stearns Asset-Backed Securities Trust Series 2003-AC4, Class M1, 5.66%, 9/25/2033‡(i)		147		138
Bellemeade Re Ltd. (Bermuda)
Series 2018-3A, Class M1B, 4.28%, 10/25/2027‡(b)(l)		1,135		1,140
Series 2018-3A, Class M2, 5.18%, 10/25/2028‡(b)(l)		1,140		1,149
Series 2019-1A, Class M2, 5.13%, 3/25/2029‡(b)(l)		1,000		1,004
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 5.18%, 5/25/2023(b)(l)		340		340
Series 2018-GT1, Class B, 5.93%, 5/25/2023‡(b)(l)		850		851
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-8, Class 1A5, 5.50%, 11/25/2035		71		69

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Citigroup Mortgage Loan Trust, Inc.
Series 2004-NCM2, Class 3CB2, 6.50%, 8/25/2019		7		7
Series 2003-1, Class 3A5, 5.25%, 9/25/2033		155		157
Civic Mortgage LLC Series 2018-2, Class A2, 5.32%, 11/25/2022(b)(i)		464		463
Connecticut Avenue Securities Trust
Series 2019-R01, Class 2M2, 4.88%, 7/25/2031(b)(l)		1,000		1,021
Series 2019-R01, Class 2B1, 6.78%, 7/25/2031‡(b)(l)		1,000		1,018
Series 2019-R02, Class 1M2, 4.73%, 8/25/2031‡(b)(l)		1,000		1,008
Series 2019-R02, Class 1B1, 6.58%, 8/25/2031‡(b)(l)		1,000		1,020
CSFB Mortgage-Backed Pass-Through Certificates Series 2005-4, Class 2A5, 2.98%, 6/25/2035(l)		349		287
DAC S1 LLC 7.50%, 4/25/2020		4,153		4,166
Deephave Residential Mortgage Trust
Series 2019-2A, Class B1, 4.72%, 4/25/2059(b)(l)		1,500		1,524
Series 2019-2A, Class B2, 5.79%, 4/25/2059(b)(l)		1,500		1,515
Deutsche Mortgage Securities, Inc., Mortgage Loan Trust Series 2004-1, Class 3A5, 6.16%, 12/25/2033(i)		185		192
DT Asset Trust 5.84%, 12/16/2022		500		500
Eagle RE Ltd. (Bermuda)
Series 2019-1, Class M1B, 4.23%, 4/25/2029‡(b)(l)		900		901
Series 2019-1, Class M2, 5.73%, 4/25/2029‡(b)(l)		2,240		2,243
FHLMC REMIC
Series 4102, Class BI, IO, 3.50%, 8/15/2027		1,833		304
Series 3782, Class PI, IO, 4.00%, 11/15/2028		41		—	(k)
Series 4149, IO, 3.00%, 1/15/2033		648		78
Series 4160, IO, 3.00%, 1/15/2033		2,162		259
Series 4212, Class MI, IO, 3.00%, 6/15/2033		2,730		338
Series 2916, Class S, IF, IO, 4.81%, 1/15/2035(l)		3,629		690
Series 3145, Class GI, IF, IO, 4.16%, 4/15/2036(l)		3,057		547
Series 4116, Class LS, IF, IO, 3.76%, 10/15/2042(l)		487		100
Series 4495, Class PI, IO, 4.00%, 9/15/2043		832		124
Series 4321, Class PI, IO, 4.50%, 1/15/2044		668		124
Series 4670, Class TI, IO, 4.50%, 1/15/2044		1,202		176
Series 4535, Class PI, IO, 4.00%, 3/15/2044		585		93
Series 4550, Class DI, IO, 4.00%, 3/15/2044		593		92
Series 4570, Class PI, IO, 4.00%, 3/15/2044		559		82
Series 4612, Class QI, IO, 3.50%, 5/15/2044		895		114
Series 4612, Class PI, IO, 3.50%, 6/15/2044		73		10
Series 4657, Class QI, IO, 4.00%, 9/15/2044		957		141
Series 4585, Class JI, IO, 4.00%, 5/15/2045		553		92
Series 4628, Class PI, IO, 4.00%, 7/15/2045		575		96
Series 4844, Class PI, IO, 4.50%, 1/15/2046		4,012		537
Series 4842, Class PI, IO, 4.50%, 4/15/2046		769		107
Series 4599, Class SA, IF, IO, 3.56%, 7/15/2046(l)		450		91
Series 4628, Class I, IO, 4.00%, 11/15/2046		504		102
Series 4643, Class SA, IF, IO, 3.56%, 1/15/2047(l)		7,433		1,465
Series 4681, Class SD, IF, IO, 3.71%, 5/15/2047(l)		1,194		223
Series 4694, Class SA, IF, IO, 3.66%, 6/15/2047(l)		1,675		343
Series 4689, Class SD, IF, IO, 3.71%, 6/15/2047(l)		1,706		326
Series 4707, Class SA, IF, IO, 3.71%, 8/15/2047(l)		1,326		287
Series 4709, Class SE, IF, IO, 3.71%, 8/15/2047(l)		1,141		213
Series 4714, Class SA, IF, IO, 3.71%, 8/15/2047(l)		1,274		254
Series 4769, IO, 4.00%, 9/15/2047		10,147		1,616
Series 4746, Class SC, IF, IO, 3.71%, 1/15/2048(l)		17,021		3,495
FHLMC Stacr Trust
Series 2018-HQA2, Class M2, 4.73%, 10/25/2048(b)(l)		1,000		1,000
Series 2018-HQA2, Class B1, 6.68%, 10/25/2048(b)(l)		500		505
FHLMC STRIPS
Series 304, Class C32, IO, 3.00%, 10/15/2026		534		34
Series 311, Class S1, IF, IO, 3.51%, 8/15/2043(l)		2,060		377

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series 326, Class S2, IF, IO, 3.51%, 3/15/2044(l)		24,182		4,314
Series 342, Class S7, IF, IO, 3.67%, 2/15/2045(l)		21,042		3,871
FHLMC Structured Agency Credit Risk Debt Notes Series 2018-HQA1, Class M2, 4.73%, 9/25/2030(l)		890		895
FNMA REMIC
Series 2016-68, Class BI, IO, 3.00%, 10/25/2031		1,561		148
Series 2012-93, Class FS, IF, IO, 3.72%, 9/25/2032(l)		4,946		790
Series 2013-55, Class AI, IO, 3.00%, 6/25/2033		4,615		564
Series 2003-76, Class SB, IF, IO, 4.62%, 8/25/2033(l)		3,491		627
Series 2006-42, Class LI, IF, IO, 4.13%, 6/25/2036(l)		3,105		502
Series 2011-79, Class SD, IF, IO, 3.47%, 8/25/2041(l)		8,889		1,389
Series 2011-78, Class JS, IF, IO, 3.57%, 8/25/2041(l)		4,059		707
Series 2012-122, Class SD, IF, IO, 3.67%, 11/25/2042(l)		18,053		3,190
Series 2012-127, Class AI, IO, 4.00%, 11/25/2042		965		166
Series 2012-133, Class HS, IF, IO, 3.72%, 12/25/2042(l)		435		88
Series 2012-133, Class NS, IF, IO, 3.72%, 12/25/2042(l)		2,038		399
Series 2016-6, Class KI, IO, 4.00%, 2/25/2044		767		115
Series 2015-35, Class SA, IF, IO, 3.17%, 6/25/2045(l)		23,562		3,253
Series 2016-43, Class MI, IO, 4.00%, 10/25/2045		635		108
Series 2016-56, Class ST, IF, IO, 3.57%, 8/25/2046(l)		10,560		2,127
Series 2016-63, Class AS, IF, IO, 3.57%, 9/25/2046(l)		228		42
Series 2016-75, Class SC, IF, IO, 3.67%, 10/25/2046(l)		15,270		2,557
Series 2016-90, Class IN, IO, 3.50%, 12/25/2046		821		127
Series 2016-95, Class ES, IF, IO, 3.57%, 12/25/2046(l)		3,790		771
Series 2017-13, Class AS, IF, IO, 3.62%, 2/25/2047(l)		1,392		287
Series 2017-6, Class SB, IF, IO, 3.62%, 2/25/2047(l)		284		53
Series 2017-16, Class SM, IF, IO, 3.62%, 3/25/2047(l)		9,380		1,770
Series 2017-31, Class SG, IF, IO, 3.67%, 5/25/2047(l)		5,212		961
Series 2017-39, Class ST, IF, IO, 3.67%, 5/25/2047(l)		3,274		610
Series 2017-69, Class ES, IF, IO, 3.72%, 9/25/2047(l)		10,843		1,944
Series 2017-70, Class SA, IF, IO, 3.72%, 9/25/2047(l)		2,145		419
Series 2017-69, Class SH, IF, IO, 3.77%, 9/25/2047(l)		1,963		401
Series 2017-90, Class SP, IF, IO, 3.72%, 11/25/2047(l)		5,742		1,136
Series 2017-102, Class IJ, IO, 3.50%, 12/25/2047		2,494		448
Series 2017-112, Class SC, IF, IO, 3.72%, 1/25/2048(l)		6,809		1,326
Series 2018-16, Class SN, IF, IO, 3.82%, 3/25/2048(l)		5,396		994
Series 2018-27, Class SE, IF, IO, 3.77%, 5/25/2048(l)		6,677		1,356
Series 2018-73, Class SC, IF, IO, 3.77%, 10/25/2048(l)		10,162		1,728
Series 2017-57, Class SA, IF, IO, 3.67%, 8/25/2057(l)		1,650		296
FNMA STRIPS
Series 421, Class 7, IO, 3.50%, 5/25/2030		512		36
Series 421, Class C3, IO, 4.00%, 7/25/2030		777		92
FNMA, Connecticut Avenue Securities
Series 2018-C03, Class 1M2, 4.58%, 10/25/2030(l)		400		401
Series 2018-C05, Class 1M2, 4.78%, 1/25/2031(l)		1,456		1,474
Series 2018-C05, Class 1B1, 6.68%, 1/25/2031(l)		550		563
Series 2018-C06, Class 1M2, 4.43%, 3/25/2031(l)		520		518
Series 2018-C06, Class 2M2, 4.53%, 3/25/2031(l)		1,370		1,362
Series 2018-C06, Class 1B1, 6.18%, 3/25/2031(l)		650		654
GMACM Mortgage Loan Trust Series 2004-J2, Class A8, 5.75%, 6/25/2034		77		79
GNMA
Series 2015-110, Class MS, IF, IO, 3.27%, 8/20/2045(l)		15,873		2,223
Series 2016-33, Class NS, IF, IO, 3.66%, 3/20/2046(l)		16,897		3,176
Series 2016-83, Class SA, IF, IO, 3.66%, 6/20/2046(l)		5,471		1,020
Series 2016-108, Class SM, IF, IO, 3.66%, 8/20/2046(l)		5,920		1,174
Series 2016-111, Class SA, IF, IO, 3.66%, 8/20/2046(l)		10,093		1,989
Series 2016-120, Class NS, IF, IO, 3.66%, 9/20/2046(l)		6,727		1,401
Series 2016-146, Class NS, IF, IO, 3.66%, 10/20/2046(l)		8,296		1,663

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series 2017-192, Class PI, IO, 4.00%, 1/20/2047		2,719		424
Series 2017-68, Class SA, IF, IO, 3.71%, 5/20/2047(l)		6,269		1,222
Series 2017-80, Class AS, IF, IO, 3.76%, 5/20/2047(l)		7,571		1,357
Series 2017-85, Class SA, IF, IO, 3.71%, 6/20/2047(l)		10,654		1,887
Series 2017-120, Class ES, IF, IO, 3.76%, 8/20/2047(l)		11,630		2,354
Series 2017-134, Class SB, IF, IO, 3.76%, 9/20/2047(l)		11,093		1,740
Series 2017-134, Class SD, IF, IO, 3.76%, 9/20/2047(l)		15,093		3,036
Series 2017-155, Class KS, IF, IO, 3.76%, 10/20/2047(l)		10,915		2,011
Series 2017-161, Class DS, IF, IO, 3.81%, 10/20/2047(l)		7,028		1,451
Series 2017-180, Class SD, IF, IO, 3.76%, 12/20/2047(l)		11,191		2,096
Series 2018-7, Class DS, IF, IO, 3.26%, 1/20/2048(l)		7,619		1,282
Series 2018-6, Class CS, IF, IO, 3.76%, 1/20/2048(l)		7,654		1,625
Series 2018-36, Class SG, IF, IO, 3.76%, 3/20/2048(l)		6,834		1,372
Series 2018-63, Class BS, IF, IO, 3.76%, 4/20/2048(l)		16,095		3,446
Series 2018-63, Class SB, IF, IO, 3.76%, 4/20/2048(l)		9,432		1,847
Series 2018-65, Class DS, IF, IO, 3.76%, 5/20/2048(l)		10,276		2,112
Series 2018-147, Class SD, IF, IO, 3.71%, 10/20/2048(l)		7,510		1,192
Series 2019-42, Class SJ, IF, IO, 3.61%, 4/20/2049(l)		18,333		2,973
Series 2015-H13, Class GI, IO, 1.63%, 4/20/2065(l)		3,309		151
Series 2017-H14, Class FG, 3.53%, 6/20/2067(l)		607		615
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		560		551
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036(b)(l)		190		125
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1, 4.50%, 9/25/2035(l)		279		286
Homeward Opportunities Fund I Trust
Series 2019-1, Class M1, 3.95%, 1/25/2059‡(b)(l)		2,220		2,245
Series 2019-1, Class B1, 4.80%, 1/25/2059‡(b)(l)		2,600		2,628
Hunt Companies Finance Trust, Inc. 7.25%, 2/13/2025		1,500		1,500
Impac CMB Trust Series 2005-1, Class 1A2, 3.05%, 4/25/2035(l)		443		437
JP Morgan Mortgage Trust Series 2006-S1, Class 1A1, 6.00%, 4/25/2036		75		80
LHOME Mortgage Trust Series 2019-RTL1, Class A1, 4.58%, 10/25/2023(b)(i)		1,125		1,141
MASTR Alternative Loan Trust Series 2003-5, Class 30B1, 5.93%, 8/25/2033‡(l)		79		80
MASTR Asset Securitization Trust Series 2003-11, Class 7A2, 5.25%, 12/25/2033		73		75
Merrill Lynch Mortgage Investors Trust Series 2003-A5, Class 2A6, 4.54%, 8/25/2033(l)		122		128
OBX Trust Series 2019-EXP1, Class 2A1B, 3.38%, 1/25/2059(b)(l)		1,345		1,328
PRPM LLC Series 2019-1A, Class A1, 4.50%, 1/25/2024(b)(i)		2,583		2,624
RAAC Trust Series 2005-SP1, Class 4A1, 7.00%, 9/25/2034		134		139
REPO FUNDS 5/1/2020‡		3,999		3,999
SART
4.75%, 7/15/2024		748		760
4.76%, 6/15/2025		1,770		1,798
Seasoned Credit Risk Transfer Trust Series 2017-3, Class AIO, IO, 0.10%, 7/25/2056(l)		32,059		52
STACR Trust Series 2018-DNA3, Class B1, 6.33%, 9/25/2048‡(b)(l)		1,650		1,668
Toorak Mortgage Corp. Ltd.
Series 2018-1, Class A1, 4.34%, 8/25/2021(b)(i)		940		941
Series 2019-1, Class A1, 4.46%, 3/25/2022(b)(i)		4,430		4,483
Verus Securitization Trust
Series 2018-2, Class A1, 3.68%, 6/1/2058(b)(l)		659		666
Series 2019-INV1, Class M1, 4.03%, 12/25/2059‡(b)(l)		1,190		1,203
Series 2019-INV1, Class B1, 4.99%, 12/25/2059‡(b)		750		758
WaMu Mortgage Pass-Through Certificates Series 2003-S4, Class 2A2, 5.50%, 6/25/2033		173		177
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 4.26%, 8/25/2033(l)		225		232

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		202		213
Series 2005-AR7, Class A3, 4.13%, 8/25/2035(l)		140		142
Wells Fargo Mortgage-Backed Securities Trust
Series 2005-AR4, Class 2A2, 5.11%, 4/25/2035(l)		164		167
Series 2005-14, Class 1A1, 5.50%, 12/25/2035		51		53
Series 2007-14, Class 1A1, 6.00%, 10/25/2037		13		13

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $167,305)				173,132

COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.8%
20 Times Square Trust Series 2018-20TS, Class F, 3.10%, 5/15/2035‡(b)(l)		600		583
Banc of America Commercial Mortgage Trust
Series 2007-1, Class AMFX, 5.48%, 1/15/2049(l)		28		28
Series 2017-BNK3, Class D, 3.25%, 2/15/2050(b)		1,100		975
Series 2007-5, Class AJ, 6.03%, 2/10/2051(l)		304		286
Bancorp Commercial Mortgage Trust Series 2019-CRE5, Class D, 4.79%, 3/15/2036‡(b)(l)		1,000		1,000
BANK
Series 2019-BN16, Class D, 3.00%, 2/15/2052(b)		1,365		1,203
Series 2019-BN16, Class E, 3.00%, 2/15/2052‡(b)		1,682		1,326
Series 2019-BN17, Class D, 3.00%, 4/15/2052‡(b)		1,000		883
Series 2019-BN17, Class E, 3.00%, 4/15/2052‡(b)		1,250		1,016
Series 2017-BNK9, Class D, 2.80%, 11/15/2054‡(b)		1,440		1,197
Series 2017-BNK6, Class D, 3.10%, 7/15/2060(b)		80		71
Series 2019-BN18, Class D, 3.00%, 5/15/2062(b)		1,000		883
Series 2019-BN18, Class E, 3.00%, 5/15/2062(b)		2,000		1,633
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW13, Class B, 5.66%, 9/11/2041‡(b)(l)		5		5
Series 2005-T20, Class D, 5.09%, 10/12/2042‡(l)		170		170
BX Commercial Mortgage Trust Series 2018-IND, Class E, 4.14%, 11/15/2035(b)(l)		780		781
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class G, 5.69%, 12/15/2037‡(b)(l)		1,000		1,008
CD Mortgage Trust Series 2017-CD5, Class D, 3.35%, 8/15/2050‡(b)		266		230
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.74%, 1/10/2024‡(b)(l)		790		831
Series 2015-P1, Class D, 3.23%, 9/15/2048‡(b)		285		260
Series 2016-C1, Class D, 4.95%, 5/10/2049‡(b)(l)		2,000		1,996
Series 2016-P5, Class C, 4.32%, 10/10/2049‡(l)		430		439
Commercial Mortgage Pass-Through Certificates
Series 2016-CR28, Class D, 3.90%, 2/10/2049(l)		1,250		1,254
Series 2016-CR28, Class E, 4.15%, 2/10/2049‡(b)(l)		3,588		3,446
Commercial Mortgage Trust
Series 2014-CR19, Class D, 4.74%, 8/10/2047(b)(l)		1,975		1,919
Series 2015-CR23, Class CME, 3.68%, 5/10/2048‡(b)(l)		645		643
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		1		1
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class B, 5/15/2036‡(b)(l)		4,400		4,369
CSAIL Commercial Mortgage Trust Series 2017-C8, Class C, 4.32%, 6/15/2050‡		320		325
FHLMC Series K037, Class X3, IO, 2.21%, 1/25/2042(l)		4,500		403
FHLMC Multifamily Structured Pass-Through Certificates
Series K009, Class X1, IO, 1.26%, 8/25/2020(l)		144,171		1,792
Series K016, Class X1, IO, 1.48%, 10/25/2021(l)		15,894		486
Series K721, Class X1, IO, 0.33%, 8/25/2022(l)		64,936		635
Series K721, Class X3, IO, 1.30%, 9/25/2022(l)		12,550		500
Series K033, Class X1, IO, 0.30%, 7/25/2023(l)		6,785		79
Series K729, Class X1, IO, 0.37%, 10/25/2024(l)		18,897		318
Series KC03, Class X1, IO, 0.49%, 11/25/2024(l)		100,000		2,533

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series K731, Class X3, IO, 2.09%, 5/25/2025(l)		11,529		1,229
Series K064, Class X3, IO, 2.13%, 5/25/2027(l)		18,830		2,656
Series K075, Class X3, IO, 2.13%, 5/25/2028(l)		5,471		848
Series K090, Class X1, IO, 0.71%, 2/25/2029(l)		32,100		1,945
Series K087, Class X3, IO, 2.32%, 4/25/2029(l)		4,250		762
Series K723, Class X3, IO, 1.92%, 10/25/2034(l)		6,850		513
Series K153, Class X3, IO, 3.77%, 4/25/2035(l)		4,450		1,526
Series K036, Class X3, IO, 2.11%, 12/25/2041(l)		3,253		279
Series K038, Class X3, IO, 2.49%, 6/25/2042(l)		2,100		227
Series K720, Class X3, IO, 1.33%, 8/25/2042(l)		16,800		639
Series K041, Class X3, IO, 1.64%, 11/25/2042(l)		4,580		368
Series K042, Class X3, IO, 1.60%, 1/25/2043(l)		3,805		298
Series K718, Class X3, IO, 1.43%, 2/25/2043(l)		6,035		225
Series K045, Class X3, IO, 1.50%, 4/25/2043(l)		4,530		342
Series K046, Class X3, IO, 1.51%, 4/25/2043(l)		3,450		269
Series K054, Class X3, IO, 1.60%, 4/25/2043(l)		2,745		252
Series K047, Class X3, IO, 1.49%, 6/25/2043(l)		3,400		266
Series K050, Class X3, IO, 1.55%, 10/25/2043(l)		5,232		440
Series K051, Class X3, IO, 1.61%, 10/25/2043(l)		4,995		450
Series K052, Class X3, IO, 1.61%, 1/25/2044(l)		2,915		265
Series K726, Class X3, IO, 2.13%, 7/25/2044(l)		21,130		1,935
Series K067, Class X3, IO, 2.11%, 9/25/2044(l)		8,580		1,254
Series K727, Class X3, IO, 2.00%, 10/25/2044(l)		15,000		1,413
Series K068, Class X3, IO, 2.06%, 10/25/2044(l)		19,730		2,819
Series K059, Class X3, IO, 1.92%, 11/25/2044(l)		8,000		969
Series K729, Class X3, IO, 1.97%, 11/25/2044(l)		21,410		2,038
Series K724, Class X3, IO, 1.87%, 12/25/2044(l)		4,930		374
Series K070, Class X3, IO, 2.04%, 12/25/2044(l)		1,315		189
Series K062, Class X3, IO, 2.08%, 1/25/2045(l)		4,000		532
Series K730, Class X3, IO, 2.04%, 2/25/2045(l)		47,270		4,764
Series K065, Class X3, IO, 2.18%, 7/25/2045(l)		13,305		1,943
Series K071, Class X3, IO, 2.01%, 11/25/2045(l)		12,470		1,777
Series K072, Class X3, IO, 2.14%, 12/25/2045(l)		20,640		3,162
Series K081, Class X3, IO, 2.23%, 9/25/2046(l)		7,345		1,244
Series K090, Class X3, IO, 2.31%, 2/25/2047(l)		7,820		1,451
Series K088, Class X3, IO, 2.35%, 2/25/2047(l)		7,935		1,472
Series K092, Class X3, IO, 2.32%, 5/25/2047(l)		11,163		2,023
Series K078, Class X3, IO, 2.21%, 6/25/2051(l)		2,680		445
FNMA ACES Series 2014-M3, Class X2, IO, 0.00%, 1/25/2024(l)		9,993		34
FREMF Mortgage Trust
Series 2017-KF29, Class B, 6.03%, 2/25/2024(b)(l)		302		308
Series 2017-KF31, Class B, 5.38%, 4/25/2024(b)(l)		1,209		1,222
Series 2017-KF32, Class B, 5.03%, 5/25/2024(b)(l)		699		702
Series 2017-KF36, Class B, 5.13%, 8/25/2024(b)(l)		686		688
Series 2017-KF35, Class B, 5.23%, 8/25/2024(b)(l)		380		380
Series 2017-KF38, Class B, 4.98%, 9/25/2024(b)(l)		648		650
Series 2017-KF41, Class B, 4.98%, 11/25/2024(b)(l)		245		246
Series 2018-KF49, Class B, 4.38%, 6/25/2025(b)(l)		988		982
Series 2019-KF58, Class B, 4.63%, 1/25/2026(b)(l)		1,000		1,005
Series 2016-KF24, Class B, 7.48%, 10/25/2026(b)(l)		146		152
Series 2017-KF33, Class B, 5.03%, 6/25/2027(b)(l)		275		278
Series 2017-KF40, Class B, 5.18%, 11/25/2027(b)(l)		303		305
Series 2018-KF50, Class B, 4.33%, 7/25/2028(b)(l)		430		426
Series 2018-KF56, Class B, 4.93%, 11/25/2028(b)(l)		1,026		1,020
Series 2019-KF59, Class B, 4.83%, 2/25/2029(b)(l)		1,000		1,005
Series 2013-K712, Class B, 3.35%, 5/25/2045(b)(l)		2,500		2,499

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series 2016-K53, Class B, 4.02%, 3/25/2049(b)(l)		69		72
Series 2017-K67, Class B, 3.94%, 9/25/2049(b)(l)		145		149
Series 2017-K67, Class C, 3.94%, 9/25/2049(b)(l)		2,010		1,985
Series 2017-K728, Class B, 3.65%, 11/25/2050(b)(l)		250		254
Series 2017-K728, Class C, 3.65%, 11/25/2050(b)(l)		105		104
Series 2019-K734, Class C, 4.05%, 2/25/2051(b)(l)		4,150		4,177
FRR Re-REMIC Trust
Series 2018-C1, Class BK43, 2.92%, 2/27/2048‡(b)(l)		6,013		5,072
Series 2018-C1, Class A725, 2.76%, 2/27/2050(b)		1,000		898
Series 2018-C1, Class B725, 3.13%, 2/27/2050(b)(l)		2,225		1,944
GNMA
Series 2012-44, IO, 0.41%, 3/16/2049(l)		9,789		120
Series 2012-89, IO, 0.75%, 12/16/2053(l)		21,715		555
Series 2013-48, IO, 0.62%, 7/16/2054(l)		10,554		453
Series 2014-186, IO, 0.76%, 8/16/2054(l)		10,493		489
Series 2014-130, Class IB, IO, 0.87%, 8/16/2054(l)		2,456		104
Series 2015-115, IO, 0.56%, 7/16/2057(l)		4,832		212
Series 2016-71, Class QI, IO, 0.98%, 11/16/2057(l)		47,014		3,369
Series 2017-54, IO, 0.65%, 12/16/2058(l)		25,449		1,506
Series 2017-23, IO, 0.73%, 5/16/2059(l)		2,061		128
Series 2017-86, IO, 0.77%, 5/16/2059(l)		10,389		682
Series 2017-148, IO, 0.66%, 7/16/2059(l)		33,195		1,945
Series 2017-69, IO, 0.80%, 7/16/2059(l)		17,746		1,196
Series 2019-53, Class IA, IO, 0.88%, 6/16/2061(l)		17,104		1,391
GS Mortgage Securities Trust
Series 2012-GCJ9, Class D, 4.74%, 11/10/2045‡(b)(l)		400		406
Series 2019-GC39, Class E, 3.00%, 5/10/2052(b)		3,800		3,092
JPMBB Commercial Mortgage Securities Trust Series 2013-C17, Class D, 4.89%, 1/15/2047(b)(l)		250		255
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.09%, 7/15/2044(l)		64		64
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039‡(l)		160		110
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15, Class D, 4.91%, 4/15/2047‡(b)(l)		1,000		1,038
Morgan Stanley Capital I Trust Series 2018-MP, Class D, 4.28%, 7/11/2040‡(b)(l)		1,000		1,032
PFP Ltd. (Cayman Islands) Series 2019-5, Class D, 5.09%, 4/14/2036‡(b)(l)		2,000		2,007
Velocity Commercial Capital Loan Trust
Series 2018-2, Class M2, 4.51%, 10/26/2048‡(b)(l)		250		258
Series 2018-2, Class M3, 4.72%, 10/26/2048‡(b)(l)		446		462
Series 2019-1, Class A, 3.76%, 3/25/2049(b)(l)		5,066		5,139
Series 2019-1, Class M1, 3.94%, 3/25/2049‡(b)(l)		2,076		2,110
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Class B, 6.20%, 5/15/2046‡(l)		250		252
WFRBS Commercial Mortgage Trust Series 2014-C22, Class D, 3.91%, 9/15/2057‡(b)(l)		1,130		943

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $132,623)				134,985

MORTGAGE-BACKED SECURITIES — 6.2%
UMBS, 30 Year
Pool # MA3495, 4.00%, 10/1/2048		34,112		35,333
Pool # MA3536, 4.00%, 12/1/2048		34,252		35,347

TOTAL MORTGAGE-BACKED SECURITIES (Cost $70,291)				70,680

FOREIGN GOVERNMENT SECURITIES — 4.3%
Arab Republic of Egypt (Egypt) 5.88%, 6/11/2025(h)		800		775
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024(h)		1,700		1,717
Federal Republic of Nigeria (Nigeria)
7.63%, 11/21/2025(h)		1,000		1,046
7.14%, 2/23/2030(h)		800		760

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Gabonese Republic (Gabon) 6.95%, 6/16/2025(h)		1,800		1,730
Government of Dominican Republic (Dominican Republic)
6.00%, 7/19/2028(h)		2,000		2,107
7.45%, 4/30/2044(h)		700		783
Instituto Costarricense de Electricidad (Costa Rica) 6.38%, 5/15/2043(h)		690		551
Jamaica Government International Bond (Jamaica) 8.00%, 3/15/2039		700		845
Kingdom of Bahrain (Bahrain)7.00%, 10/12/2028(h)		400		422
Paraguay Government International Bond (Paraguay) 5.40%, 3/30/2050(b)		2,970		3,120
Provincia de Buenos Aires (Argentina) 5.75%, 6/15/2019(h)		900		899
Republic of Angola (Angola)
9.50%, 11/12/2025(h)		800		872
8.25%, 5/9/2028(h)		1,200		1,206
8.25%, 5/9/2028(b)		1,000		1,005
Republic of Belarus (Belarus)
6.88%, 2/28/2023(h)		800		838
6.88%, 2/28/2023(b)		400		419
Republic of Costa Rica (Costa Rica)
4.25%, 1/26/2023(h)		1,400		1,345
5.63%, 4/30/2043(h)		1,200		993
Republic of Cote d’Ivoire (Ivory Coast) 6.38%, 3/3/2028(h)		1,550		1,457
Republic of Ecuador (Ecuador)
8.75%, 6/2/2023(h)		700		744
7.95%, 6/20/2024(h)		1,200		1,212
7.88%, 1/23/2028(h)		1,300		1,242
Republic of El Salvador (El Salvador)
7.75%, 1/24/2023(h)		1,320		1,389
8.25%, 4/10/2032(h)		640		682
7.65%, 6/15/2035(h)		176		177
7.63%, 2/1/2041(h)		550		548
Republic of Ghana (Ghana) 7.88%, 8/7/2023(h)		1,000		1,045
Republic of Guatemala (Guatemala)
4.90%, 6/1/2030(b)		1,100		1,084
6.13%, 6/1/2050(b)		1,910		1,904
Republic of Honduras (Honduras) 6.25%, 1/19/2027(h)		2,000		2,102
Republic of Iraq (Iraq) 5.80%, 1/15/2028(h)		1,000		938
Republic of Kenya (Kenya)
6.88%, 6/24/2024(h)		1,700		1,730
8.00%, 5/22/2032(b)		1,780		1,740
Republic of Lebanon (Lebanon)
5.45%, 11/28/2019(h)		450		442
6.38%, 3/9/2020		800		782
Republic of Pakistan (Pakistan) 6.88%, 12/5/2027(h)		1,000		968
Republic of Paraguay (Paraguay) 6.10%, 8/11/2044(a)(h)		1,175		1,327
Republic of Sri Lanka (Sri Lanka)
6.20%, 5/11/2027(h)		1,950		1,788
7.85%, 3/14/2029(b)		750		749
Republic of Tajikistan International Bond (Tajikistan) 7.13%, 9/14/2027(h)		600		559
Republic of Turkey (Turkey) 4.88%, 4/16/2043		1,300		954
Republic of Ukraine (Ukraine)
7.75%, 9/1/2019(h)		700		702
7.75%, 9/1/2020(h)		900		905
Republic of Uzbekistan Bond (Uzbekistan) 5.38%, 2/20/2029(a)(b)		900		914

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $49,540)				49,517

LOAN ASSIGNMENTS — 0.4%(m)
Aerospace & Defense — 0.0%(d)
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 10/4/2024(f)		5		4

Commercial Services & Supplies — 0.0%(d)
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.12%, 5/24/2024(f)		84		83
Prime Security Services Borrower LLC, Term Loan B-1 (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 5/2/2022(f)		85		85

				168

Construction & Engineering — 0.1%
Thor, Inc., 1st Lien Term Loan C 5/15/2025(f)		1,390		1,368

Containers & Packaging — 0.0%(d)
Viskase Cos., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 1/30/2021(f)		98		93

Diversified Telecommunication Services — 0.0%(d)
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 10/2/2024(f)(n)		209		209
Intelsat Jackson Holdings, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.18%, 11/27/2023(f)		50		49

				258

Electric Utilities — 0.0%(d)
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 1/30/2024(f)		44		43

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 1/30/2024(f)		2		3

				46

Food & Staples Retailing — 0.0%(d)
Moran Foods LLC, Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.60%, 12/5/2023(f)		301		156

Health Care Equipment & Supplies — 0.0%(d)
Mallinckrodt International Finance SA, Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.35%, 9/24/2024(f)(n)		100		88

Health Care Providers & Services — 0.1%
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.35%, 6/7/2023(f)(n)		600		586

Hotels, Restaurants & Leisure — 0.1%
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 10/4/2023(f)(n)		390		388

IT Services — 0.0%(d)
First Data Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 7/8/2022(f)		115		114
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%), 5.58%, 11/3/2023(f)		147		136

				250

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

Media — 0.0%(d)
iHeartCommunications, Inc., Exit Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.58%, 5/1/2026(f)		58		58

Oil, Gas & Consumable Fuels — 0.1%
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 1 Month + 4.75%), 7.18%, 12/31/2022(f)		220		209
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 7.78%, 8/25/2023(f)(n)		687		566

				775

Pharmaceuticals — 0.0%(d)
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 1 Month + 5.50%), 7.95%, 9/6/2024(f)(n)		325		303

Software — 0.0%(d)
Greeneden US Holdings II LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 12/1/2023(f)		98		97
Infor US, Inc., Tranche B-6 Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 2/1/2022(f)		74		73

				170

Specialty Retail — 0.0%(d)
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 9.94%, 10/12/2038‡(f)(o)		3		5

Wireless Telecommunication Services — 0.0%(d)
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 7.44%, 3/9/2023(f)		204		190

TOTAL LOAN ASSIGNMENTS (Cost $5,080)				4,959

MUNICIPAL BONDS — 0.2%(p)
California — 0.1%
Education — 0.0%(d)
Regents of the University of California Series R, Rev., 5.77%, 5/15/2043		140		184
University of California Series J, Rev., 4.13%, 5/15/2045		100		107

				291

General Obligation — 0.0%(d)
Los Angeles Community College District Series E, GO, 6.75%, 8/1/2049		100		157

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)			Value ($000)
Hospital — 0.1%
University of California, Medical Center Series F, Rev., 6.58%, 5/15/2049		255			366

Water & Sewer — 0.0%(d)
Orange County Water District Series 2017B, Rev., 4.06%, 8/15/2041		290			304

Total California					1,118

Colorado — 0.0%(d)
Hospital — 0.0%(d)
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045		175			183

Illinois — 0.0%(d)
Education — 0.0%(d)
Illinois Finance Authority Series A, Rev., 4.00%, 10/1/2049		25			26

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			316

New Jersey — 0.0%(d)
Transportation — 0.0%(d)
New Jersey Transportation Trust Fund Authority, Transportation System Series 2012A, Rev., 5.00%, 6/15/2042		25			26

Texas — 0.0%(d)
Transportation — 0.0%(d)
North Texas Tollway Authority System Series B, Rev., 6.72%, 1/1/2049		131			203

TOTAL MUNICIPAL BONDS (Cost $1,748)					1,872

CONVERTIBLE BONDS — 0.0%(d)
Oil, Gas & Consumable Fuels — 0.0%(d)
Whiting Petroleum Corp. 1.25%, 4/1/2020(Cost $338)		347			336


	Shares (000)
COMMON STOCKS — 0.0%(d)
Aerospace & Defense — 0.0%(d)
Remington Outdoor Co., Inc.*‡		5			7

Capital Markets — 0.0%(d)
UCI Holdings LLC (New Zealand)*‡		2			35

Media — 0.0%(d)
Clear Channel Outdoor Holdings, Inc.*		6			28
iHeartMedia, Inc., Class A*		—	(k)		5

					33

Specialty Retail — 0.0%(d)
Claire’s Stores, Inc.*‡		—	(k)		6

TOTAL COMMON STOCKS (Cost $112)					81


	No. of Warrants (000)
WARRANTS — 0.0%(d)
Road & Rail — 0.0%
Jack Cooper Enterprises, Inc. expiring 10/29/2027, price 1.00 USD*‡		—	(k)		—

Wireless Telecommunication Services — 0.0%(d)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD*‡		2			33

TOTAL WARRANTS (Cost $37)					33


	Shares (000)
PREFERRED STOCKS — 0.0%(d)
Specialty Retail — 0.0%(d)
Claire’s Stores, Inc. *‡ (Cost $3)		—	(k)		6

SHORT-TERM INVESTMENTS — 2.1%
INVESTMENT COMPANIES — 2.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43%(q)(r) (Cost $23,523)		23,517			23,524

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Shares (000)		Value ($000)
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 5.2%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.56%(q)(r)		43,996		44,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.33%(q)(r)		15,371		15,371

TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $59,371)				59,371

Total Investments — 105.0% (Cost $1,186,420)				1,198,459
Liabilities in Excess of Other Assets — (5.0%)				(57,546	)

Net Assets — 100.0%				1,140,913

Percentages indicated are based on net assets.


Abbreviations

ABS		Asset-backed securities
ACES		Alternative Credit Enhancement Securities
CIFC		Commercial Industrial Finance Corp.
CLO		Collateralized Loan Obligations
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 May 31, 2019. 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.
JSC		Joint Stock Company
LIBOR		London Interbank Offered Rate
OYJ		Public Limited Company
PT		Limited liability company
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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)



(a)		The security or a portion of this security is on loan at May 31, 2019. The total value of securities on loan at May 31, 2019 is approximately $56,880,000.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(d)		Amount rounds to less than 0.1% of net assets.
(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 May 31, 2019.
(f)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2019.
(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 May 31, 2019.
(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 May 31, 2019.
(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 May 31, 2019. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(o)		Fund is subject to legal or contractual restrictions on the resale of the security.
(p)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(q)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(r)		The rate shown is the current yield as of May 31, 2019.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Futures contracts outstanding as of May 31, 2019 (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		1,499			09/2019		USD		190,069			2,098
U.S. Treasury Long Bond		70			09/2019		USD		10,771			261
U.S. Treasury Ultra Bond		4			09/2019		USD		705			30

												2,389

Short Contracts
U.S. Treasury 2 Year Note		(1,029	)		09/2019		USD		(220,930	)		(952	)
U.S. Treasury 5 Year Note		(977	)		09/2019		USD		(114,714	)		(873	)
U.S. Treasury 10 Year Note		(335	)		09/2019		USD		(42,477	)		(485	)
U.S. Treasury Ultra Bond		(20	)		09/2019		USD		(3,523	)		(120	)

												(2,430	)

												(41	)

Abbreviations



USD				United States Dollar

Centrally Cleared Credit default swap contracts outstanding - buy protection⁽¹⁾ as of May 31, 2019 (amounts in thousands):


Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Maturity Date		Implied Credit Spread (%)⁽²⁾		Notional Amount⁽³⁾		Upfront Payments (Receipts) ($)⁽⁴⁾			Unrealized Appreciation (Depreciation) ($)		Value ($)
CDX.NA.HY.32-V1		5.00		Quarterly		6/20/2024		3.93		USD 49,000		(3,458	)		739		(2,719	)

												(3,458	)		739		(2,719	)

(1)

(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).

Abbreviations



CDX				Credit Default Swap Index
USD				United States Dollar

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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

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 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.

•

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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	$	—		$	200,589	$	76,194		$	276,783
Collateralized Mortgage Obligations		—			144,588		28,544			173,132
Commercial Mortgage-Backed Securities		—			101,568		33,417			134,985
Convertible Bonds		—			336		—			336
Corporate Bonds
Media		—			37,277		—			37,277
Wireless Telecommunication Services		—			17,030		—	(a)		17,030
Other Corporate Bonds		—			348,873		—			348,873

Total Corporate Bonds		—			403,180		—	(a)		403,180

Foreign Government Securities		—			49,517		—			49,517
Mortgage-Backed Securities		—			70,680		—			70,680
Municipal Bonds		—			1,872		—			1,872
Common Stocks
Aerospace & Defense		—			—		7			7
Capital Markets		—			—		35			35
Specialty Retail		—			—		6			6
Other Common Stocks		33			—		—			33

Total Common Stocks		33			—		48			81

Preferred Stocks		—			—		6			6
Loan Assignments
Leisure Products		—			—		53			53
Specialty Retail		—			—		5			5
Other Loan Assignments		—			4,901		—			4,901

Total Loan Assignments		—			4,901		58			4,959

Warrants		—			—		33			33
Short-Term Investments
Investment Companies		23,524			—		—			23,524
Investment of cash collateral from securities loaned		59,371			—		—			59,371

Total Investments in Securities	$	82,928		$	977,231	$	138,300		$	1,198,459

Appreciation in Other Financial Instruments
Futures Contracts	$	2,389		$	—	$	—		$	2,389
Swaps		—			739		—			739

Total Appreciation in Other Financial Instruments	$	2,389		$	739	$	—		$	3,128

Depreciation in Other Financial Instruments
Futures Contracts	$	(2,430	)	$	—	$	—		$	(2,430	)

(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, 2019			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 May 31, 2019
Investments in Securities
Asset-Backed Securities	$	52,233		$	(9	)	$	813		$	(1	)	$	19,926		$	(4,479	)	$	8,214	$	(503	)	$	76,194
Collateralized Mortgage Obligations		6,620			—			262			—	(a)		20,708			(47	)		1,001		—			28,544
Commercial Mortgage-Backed Securities		7,996			37			679			9			19,640			(1,434	)		7,816		(1,326	)		33,417
Common Stocks-Aerospace & Defense		9			—			(2	)		—			—			—			—		—			7
Common Stocks-Capital Markets		30			—			5			—			—			—			—		—			35
Common Stocks-Specialty Retail		7			—			(1	)		—			—			—			—		—			6
Corporate Bonds-Media		—			—			—			—			—			—			—		—			—
Corporate Bonds-Wireless Telecommunication Services		—	(b)		—			—			—			—			—			—		—			—
Loan Assignments-Leisure Products		53			—			—			—			—	(a)		—			—		—			53
Loan Assignments-Specialty Retail		5			—			—	(a)		—			—			—			—		—			5
Preferred Stocks-Specialty Retail		6			—			—	(a)		—			—			—			—		—			6
Warrants-Road & Rail		—	(b)		—			—			—			—			—			—		—			—
Warrants-Wireless Telecommunication Services		—			—			(4	)		—			37			—			—		—			33

Total	$	66,959		$	28		$	1,752		$	8		$	60,311		$	(5,960	)	$	17,031	$	(1,829	)	$	138,300

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.

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 May 31, 2019.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)


	Fair Value at May 31, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) ^(a)
	$	55,708	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 44.00% (17.12%)
				Constant Default Rate		0.00% - 6.46% (0.18%)
				Yield (Discount Rate of Cash Flows)		2.59% - 7.65% (4.25%)

Asset-Backed Securities		55,708

		20,777	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 21.00% (12.58%)
				Constant Default Rate		0.00% - 2.46% (0.02%)
				Yield (Discount Rate of Cash Flows)		3.68% - 6.90% (5.16%)

Collateralized Mortgage Obligations		20,777

		27,041	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (10.47%)
				Constant Default Rate		0.00% - 5.00% (0.29%)
				Yield (Discount Rate of Cash Flows)		(9.93%) - 45.55% (4.93%)

Commercial Mortgage-Backed Securities		27,041

		—	Terms of Exchange Offer	Expected Recovery		0.00% (0.00%)

Warrants		—

Total	$	103,526

The table above does not include level 3 securities that are valued by brokers and pricing services. At May 31, 2019, the value of these securities was $34,774,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

(a)	Unobservable inputs were weighted by the relative fair value of the instruments.


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43% (a)(b)	$	11,989	$	553,712	$	542,177	$	—	(c)	$	—	(c)	$	23,524		23,517	$	182	$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.56% (a)(b)		—		54,000		10,000		—			—			44,000		43,996		78		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.33% (a)(b)		11,758		39,384		35,771		—			—			15,371		15,371		55		—

Total	$	23,747	$	647,096	$	587,948	$	—	(c)	$	—	(c)	$	82,895			$	315	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

(c)	Amount rounds to less than one thousand.

C. 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.

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 credit default swaps 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 Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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 for OTC Swaps.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

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

Credit Default Swaps

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 33.4%
Aerospace & Defense — 1.2%
Boeing Co. (The)
4.88%, 2/15/2020		540		549
7.95%, 8/15/2024		500		625
General Dynamics Corp. 2.25%, 11/15/2022		2,000		1,993
Harris Corp. 4.85%, 4/27/2035		500		546
L3 Technologies, Inc. 3.85%, 12/15/2026		475		493
Lockheed Martin Corp.
2.50%, 11/23/2020		850		851
3.35%, 9/15/2021		380		387
Northrop Grumman Corp.
5.05%, 8/1/2019		325		326
2.93%, 1/15/2025		800		802
Precision Castparts Corp.
2.50%, 1/15/2023		1,500		1,498
3.25%, 6/15/2025		800		822
Raytheon Co. 3.15%, 12/15/2024		476		492
Rockwell Collins, Inc. 3.20%, 3/15/2024		300		304
United Technologies Corp.
1.95%, 11/1/2021		500		494
3.95%, 8/16/2025		1,250		1,320
4.13%, 11/16/2028		500		530
4.63%, 11/16/2048		550		598

				12,630

Air Freight & Logistics — 0.2%
FedEx Corp. 3.20%, 2/1/2025		796		813
United Parcel Service, Inc. 3.13%, 1/15/2021		1,600		1,619

				2,432

Airlines — 0.0%(a)
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024		215		221

Automobiles — 0.4%
BMW US Capital LLC (Germany) 1.85%, 9/15/2021(b)		250		246
Daimler Finance North America LLC (Germany)
2.30%, 1/6/2020(b)		2,100		2,096
2.25%, 3/2/2020(b)		153		152
Ford Motor Co.
6.63%, 10/1/2028		250		274
General Motors Co.
5.00%, 10/1/2028		550		554
6.60%, 4/1/2036		600		629

				3,951

Banks — 5.4%
ABN AMRO Bank NV (Netherlands) 2.65%, 1/19/2021(b)		450		450
ANZ New Zealand Int’l Ltd. (New Zealand) 2.75%, 1/22/2021(b)		700		702
Australia & New Zealand Banking Group Ltd. (Australia) 2.63%, 11/9/2022		750		751
Bank of America Corp.
3.30%, 1/11/2023		32		33
(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		781
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(c)		3,745		3,768
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024(c)		737		753
4.00%, 1/22/2025		1,154		1,192
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026(c)		1,500		1,513
4.45%, 3/3/2026		556		586
Bank of Montreal (Canada) 2.35%, 9/11/2022		100		100
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024(b)		380		390
Bank of Nova Scotia (The) (Canada) 2.80%, 7/21/2021		630		634
Barclays plc (United Kingdom) 3.65%, 3/16/2025		1,255		1,231
BB&T Corp.
2.45%, 1/15/2020		166		166
2.63%, 6/29/2020		500		500
BNP Paribas SA (France)
3.38%, 1/9/2025(b)		300		298
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025(b)(c)		500		525
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024		1,050		1,061
Capital One Bank USA NA 3.38%, 2/15/2023		1,860		1,877
Citibank NA 2.85%, 2/12/2021		350		352
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(c)		2,000		1,998
3.40%, 5/1/2026		650		658
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028(c)		1,000		1,029
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039(c)		2,000		1,994
Citizens Financial Group, Inc. 4.30%, 12/3/2025		500		522
Commonwealth Bank of Australia (Australia) 4.50%, 12/9/2025(b)		778		820
Cooperatieve Rabobank UA (Netherlands) 3.88%, 2/8/2022		903		935

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Credit Agricole SA (France) 3.75%, 4/24/2023(b)		775		792
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 4.55%, 4/17/2026		500		530
Discover Bank 4.20%, 8/8/2023		447		470
Fifth Third Bank 2.88%, 10/1/2021		425		428
HSBC Holdings plc (United Kingdom)
4.25%, 3/14/2024		800		827
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024(c)		600		618
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026(c)		1,250		1,300
Huntington Bancshares, Inc. 3.15%, 3/14/2021		352		355
Huntington National Bank (The) 2.50%, 8/7/2022		500		499
ING Groep NV (Netherlands) 3.95%, 3/29/2027		406		414
KeyCorp 5.10%, 3/24/2021		1,657		1,729
Lloyds Bank plc (United Kingdom) 3.30%, 5/7/2021		500		506
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		869		859
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		221		223
3.76%, 7/26/2023		1,000		1,039
3.78%, 3/2/2025		1,000		1,050
3.85%, 3/1/2026		350		369
Mizuho Bank Ltd. (Japan) 2.65%, 9/25/2019(b)		909		909
Mizuho Financial Group, Inc. (Japan)
2.95%, 2/28/2022		580		584
2.60%, 9/11/2022		300		300
National Australia Bank Ltd. (Australia) 2.50%, 1/12/2021		1,050		1,049
Nordea Bank Abp (Finland) 4.25%, 9/21/2022(b)		591		613
PNC Bank NA 2.45%, 11/5/2020		356		356
PNC Financial Services Group, Inc. (The)
6.70%, 6/10/2019		363		363
4.38%, 8/11/2020		362		370
Regions Financial Corp. 2.75%, 8/14/2022		402		403
Royal Bank of Canada (Canada) 4.65%, 1/27/2026		597		643
Royal Bank of Scotland Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024(c)		635		651
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030(c)		620		624
Santander UK Group Holdings plc (United Kingdom) 3.13%, 1/8/2021		250		250
Societe Generale SA (France) 4.25%, 9/14/2023(b)		1,200		1,243
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024(b)		1,200		1,271
Sumitomo Mitsui Financial Group, Inc. (Japan) 3.10%, 1/17/2023		482		489
SunTrust Bank 2.75%, 5/1/2023		1,500		1,502
Svenska Handelsbanken AB (Sweden) 3.90%, 11/20/2023		442		465
Toronto-Dominion Bank (The) (Canada) 3.15%, 9/17/2020		1,000		1,010
UBS Group Funding Switzerland AG (Switzerland) 4.13%, 4/15/2026(b)		449		469
US Bancorp
Series V, 2.63%, 1/24/2022		732		736
3.60%, 9/11/2024		215		224
Wachovia Corp. 7.57%, 8/1/2026(d)		1,700		2,110
Wells Fargo & Co.
2.50%, 3/4/2021		428		427
3.00%, 2/19/2025		368		368
3.00%, 4/22/2026		800		792
4.30%, 7/22/2027		2,000		2,100
Westpac Banking Corp. (Australia)
2.00%, 3/3/2020(b)		506		504
2.50%, 6/28/2022		1,100		1,100

				59,573

Beverages — 0.5%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.75%, 1/23/2029		2,395		2,602
Diageo Investment Corp. (United Kingdom) 2.88%, 5/11/2022		1,000		1,012
Keurig Dr Pepper, Inc.
4.42%, 5/25/2025(b)		745		786
4.60%, 5/25/2028(b)		400		427
Molson Coors Brewing Co. 2.25%, 3/15/2020		400		399
PepsiCo, Inc. 2.38%, 10/6/2026		200		195

				5,421

Biotechnology — 0.4%
Amgen, Inc. 3.63%, 5/15/2022		1,850		1,897
Baxalta, Inc. 3.60%, 6/23/2022		35		36
Biogen, Inc. 3.63%, 9/15/2022		212		217
Celgene Corp.
3.95%, 10/15/2020		700		715
3.25%, 8/15/2022		600		613

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Gilead Sciences, Inc.
2.55%, 9/1/2020		300		300
3.70%, 4/1/2024		56		58
3.50%, 2/1/2025		35		36

				3,872

Building Products — 0.0%(a)
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027(b)		222		217
Johnson Controls International plc 3.62%, 7/2/2024(d)		129		134

				351

Capital Markets — 2.7%
Ameriprise Financial, Inc. 4.00%, 10/15/2023		550		579
Bank of New York Mellon Corp. (The)
4.60%, 1/15/2020		155		157
4.15%, 2/1/2021		440		452
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023(c)		92		92
3.40%, 1/29/2028		1,500		1,551
BlackRock, Inc. 3.20%, 3/15/2027		400		409
Blackstone Holdings Finance Co. LLC 4.75%, 2/15/2023(b)		470		502
Brookfield Finance, Inc. (Canada) 4.25%, 6/2/2026		650		670
CDP Financial, Inc. (Canada) 4.40%, 11/25/2019(b)		500		504
Charles Schwab Corp. (The) 3.20%, 3/2/2027		250		254
CME Group, Inc. 3.00%, 9/15/2022		1,666		1,699
Credit Suisse AG (Switzerland) 3.63%, 9/9/2024		520		540
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		600		603
3.95%, 2/27/2023		500		493
Goldman Sachs Group, Inc. (The)
5.38%, 3/15/2020		900		919
2.35%, 11/15/2021		3,195		3,163
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022(c)		500		500
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023(c)		196		196
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025(c)		403		403
4.25%, 10/21/2025		92		95
3.50%, 11/16/2026		1,200		1,204
3.85%, 1/26/2027		1,000		1,022
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(c)		384		386
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		1,502		1,582
Invesco Finance plc 3.75%, 1/15/2026		436		450
Jefferies Group LLC 6.88%, 4/15/2021		400		428
Macquarie Bank Ltd. (Australia) 2.60%, 6/24/2019(b)		481		481
Macquarie Group Ltd. (Australia)
6.25%, 1/14/2021(b)		800		842
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030(b)(c)		200		216
Morgan Stanley
5.50%, 7/24/2020		154		159
5.75%, 1/25/2021		687		720
2.75%, 5/19/2022		400		400
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024(c)		3,100		3,195
5.00%, 11/24/2025		622		678
4.35%, 9/8/2026		880		921
State Street Corp.
3.10%, 5/15/2023		1,724		1,754
3.70%, 11/20/2023		554		578
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		219		221
UBS AG (Switzerland) 2.45%, 12/1/2020(b)		200		199

				29,217

Chemicals — 0.7%
Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023(b)		400		410
Dow Chemical Co. (The)
4.13%, 11/15/2021		52		54
3.00%, 11/15/2022		594		599
3.50%, 10/1/2024		800		817
Ecolab, Inc.
2.25%, 1/12/2020		167		167
3.25%, 1/14/2023		330		337
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028		93		99
Mosaic Co. (The) 3.25%, 11/15/2022		2,243		2,267
Nutrien Ltd. (Canada) 3.38%, 3/15/2025		168		169
Praxair, Inc. 2.20%, 8/15/2022		1,250		1,247
Rohm & Haas Co. 7.85%, 7/15/2029		315		409
Sherwin-Williams Co. (The)
3.30%, 2/1/2025		225		225
3.45%, 6/1/2027		170		170
Westlake Chemical Corp. 3.60%, 8/15/2026		1,150		1,138

				8,108

Commercial Services & Supplies — 0.2%
Republic Services, Inc.
5.50%, 9/15/2019		1,200		1,208
3.55%, 6/1/2022		417		427
Waste Management, Inc. 3.45%, 6/15/2029		303		310

				1,945

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Communications Equipment — 0.1%
Cisco Systems, Inc.
4.45%, 1/15/2020		90		91
2.45%, 6/15/2020		90		90
2.90%, 3/4/2021		181		182
2.95%, 2/28/2026		1,000		1,002

				1,365

Construction Materials — 0.1%
CRH America, Inc. (Ireland) 3.88%, 5/18/2025(b)		250		256
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		260		255
3.50%, 12/15/2027		300		296

				807

Consumer Finance — 1.1%
AerCap Ireland Capital DAC (Ireland)
3.30%, 1/23/2023		1,200		1,197
3.65%, 7/21/2027		594		569
American Express Co. 3.38%, 5/17/2021		1,000		1,014
American Honda Finance Corp. 2.25%, 8/15/2019		250		250
Caterpillar Financial Services Corp.
2.25%, 12/1/2019		176		176
2.75%, 8/20/2021		510		513
2.85%, 6/1/2022		900		911
Ford Motor Credit Co. LLC
3.34%, 3/28/2022		619		615
3.81%, 1/9/2024		200		194
General Motors Financial Co., Inc.
3.70%, 5/9/2023		615		616
4.25%, 5/15/2023		770		783
4.00%, 10/6/2026		280		275
4.35%, 1/17/2027		400		396
3.85%, 1/5/2028		500		469
John Deere Capital Corp.
1.70%, 1/15/2020		65		65
3.15%, 10/15/2021		650		662
2.70%, 1/6/2023		298		300
3.45%, 3/13/2025		500		520
PACCAR Financial Corp. 2.20%, 9/15/2019		1,400		1,398
Synchrony Financial 4.25%, 8/15/2024		350		357
Toyota Motor Credit Corp. 2.63%, 1/10/2023		800		804

				12,084

Containers & Packaging — 0.1%
International Paper Co. 3.80%, 1/15/2026		350		362
WRKCo, Inc.
3.00%, 9/15/2024		350		348
4.90%, 3/15/2029		150		163

				873

Diversified Financial Services — 0.7%
AIG Global Funding 2.15%, 7/2/2020(b)		550		548
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		3,238		3,206
Hutchison Whampoa International 12 II Ltd. (Hong Kong) 3.25%, 11/8/2022(b)		490		497
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 3.96%, 9/19/2023(b)		820		852
National Rural Utilities Cooperative Finance Corp. 3.40%, 2/7/2028		1,250		1,293
ORIX Corp. (Japan) 2.90%, 7/18/2022		277		279
Shell International Finance BV (Netherlands)
3.40%, 8/12/2023		150		155
2.88%, 5/10/2026		788		788
Siemens Financieringsmaatschappij NV (Germany) 3.13%, 3/16/2024(b)		400		410

				8,028

Diversified Telecommunication Services — 0.7%
AT&T, Inc.
3.95%, 1/15/2025		1,183		1,232
4.10%, 2/15/2028		800		824
4.35%, 3/1/2029		500		522
4.30%, 2/15/2030		1,282		1,326
Telefonica Emisiones SA (Spain)
5.13%, 4/27/2020		409		418
5.46%, 2/16/2021		114		119
Verizon Communications, Inc.
4.33%, 9/21/2028		1,508		1,632
4.02%, 12/3/2029(b)		533		563
4.40%, 11/1/2034		350		372
5.25%, 3/16/2037		320		368

				7,376

Electric Utilities — 2.5%
Appalachian Power Co. 4.60%, 3/30/2021		800		827
Arizona Public Service Co. 3.35%, 6/15/2024		372		382
Baltimore Gas & Electric Co. 2.80%, 8/15/2022		1,595		1,607
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028(b)		476		474
4.55%, 11/15/2030(b)		290		313
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021(b)		237		243
Connecticut Light & Power Co. (The) Series A, 3.20%, 3/15/2027		700		716
DTE Electric Co.
3.90%, 6/1/2021		200		205
2.65%, 6/15/2022		197		198
3.65%, 3/15/2024		500		524
3.38%, 3/1/2025		1,000		1,034
Duke Energy Carolinas LLC
3.90%, 6/15/2021		1,250		1,282
6.45%, 10/15/2032		50		66
Duke Energy Corp.
3.55%, 9/15/2021		233		237

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Duke Energy Indiana LLC 3.75%, 7/15/2020		160		162
Duke Energy Progress LLC 2.80%, 5/15/2022		461		465
Enel Finance International NV (Italy)
4.63%, 9/14/2025(b)		425		440
3.63%, 5/25/2027(b)		450		431
Entergy Arkansas LLC
3.05%, 6/1/2023		765		778
3.50%, 4/1/2026		260		269
Entergy Mississippi LLC 2.85%, 6/1/2028		269		267
Evergy, Inc. 4.85%, 6/1/2021		1,663		1,718
Fortis, Inc. (Canada) 3.06%, 10/4/2026		341		333
Hydro-Quebec (Canada) Series HY, 8.40%, 1/15/2022		1,000		1,151
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		100		102
Interstate Power & Light Co. 4.10%, 9/26/2028		1,000		1,071
Kentucky Utilities Co. 3.30%, 10/1/2025		200		206
Louisville Gas & Electric Co. Series 25, 3.30%, 10/1/2025		94		97
NextEra Energy Capital Holdings, Inc.
2.40%, 9/15/2019		518		517
2.70%, 9/15/2019		1,539		1,539
Niagara Mohawk Power Corp. 3.51%, 10/1/2024(b)		938		977
NSTAR Electric Co. 2.38%, 10/15/2022		300		299
Ohio Power Co. Series M, 5.38%, 10/1/2021		1,200		1,278
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		300		369
Pennsylvania Electric Co. 3.25%, 3/15/2028(b)		256		252
PPL Capital Funding, Inc. 4.20%, 6/15/2022		752		782
PPL Electric Utilities Corp. 2.50%, 9/1/2022		224		223
Progress Energy, Inc. 4.40%, 1/15/2021		260		266
Public Service Co. of Colorado 3.20%, 11/15/2020		74		75
Public Service Co. of New Hampshire 3.50%, 11/1/2023		283		294
Public Service Co. of Oklahoma 4.40%, 2/1/2021		220		226
Public Service Electric & Gas Co. 2.00%, 8/15/2019		1,100		1,098
Southern California Edison Co. 3.88%, 6/1/2021		958		976
Virginia Electric & Power Co.
2.95%, 1/15/2022		1,099		1,108
Series C, 2.75%, 3/15/2023		1,600		1,611

				27,488

Electrical Equipment — 0.0%(a)
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		350		353

Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 3.88%, 1/12/2028		926		915

Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		400		401
Halliburton Co.
8.75%, 2/15/2021		750		822
3.50%, 8/1/2023		350		359
Schlumberger Holdings Corp. 3.75%, 5/1/2024(b)		460		474
Schlumberger Investment SA 3.30%, 9/14/2021(b)		233		236

				2,292

Entertainment — 0.3%
Viacom, Inc. 3.88%, 4/1/2024		1,309		1,350
Walt Disney Co. (The) 7.43%, 10/1/2026(b)		600		778
Warner Media LLC 3.55%, 6/1/2024		600		617

				2,745

Equity Real Estate Investment Trusts (REITs) — 1.2%
Alexandria Real Estate Equities, Inc.
4.60%, 4/1/2022		100		105
3.95%, 1/15/2027		285		295
American Tower Corp. 3.50%, 1/31/2023		360		369
American Tower Trust #1 3.07%, 3/15/2023(b)		500		506
AvalonBay Communities, Inc. 3.20%, 1/15/2028		300		305
Boston Properties LP 3.80%, 2/1/2024		909		945
Brixmor Operating Partnership LP 3.85%, 2/1/2025		375		381
Crown Castle International Corp. 4.45%, 2/15/2026		600		636
Duke Realty LP 3.63%, 4/15/2023		672		691
EPR Properties 4.50%, 6/1/2027		207		213
ERP Operating LP
4.63%, 12/15/2021		1,047		1,096
3.50%, 3/1/2028		1,228		1,274
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(b)		163		163
HCP, Inc. 3.88%, 8/15/2024		2,098		2,176
Liberty Property LP 4.40%, 2/15/2024		150		159

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
National Retail Properties, Inc. 3.60%, 12/15/2026		247		251
Office Properties Income Trust 3.60%, 2/1/2020		300		301
Realty Income Corp.
3.25%, 10/15/2022		600		610
3.88%, 7/15/2024		400		421
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025(b)		400		406
Senior Housing Properties Trust 4.75%, 2/15/2028		300		276
UDR, Inc. 2.95%, 9/1/2026		106		103
Ventas Realty LP
3.75%, 5/1/2024		470		485
3.50%, 2/1/2025		90		92
4.13%, 1/15/2026		158		165
Welltower, Inc. 4.50%, 1/15/2024		900		959

				13,383

Food & Staples Retailing — 0.4%
Costco Wholesale Corp. 2.75%, 5/18/2024		1,094		1,108
Kroger Co. (The)
4.50%, 1/15/2029		650		684
5.40%, 7/15/2040		92		96
Sysco Corp.
3.75%, 10/1/2025		208		217
3.25%, 7/15/2027		200		201
Walmart, Inc.
2.55%, 4/11/2023		1,650		1,659
3.30%, 4/22/2024		200		207
3.05%, 7/8/2026		700		717

				4,889

Food Products — 0.6%
Campbell Soup Co. 3.95%, 3/15/2025		300		307
Cargill, Inc. 3.30%, 3/1/2022(b)		900		916
Conagra Brands, Inc. 4.60%, 11/1/2025		115		123
General Mills, Inc. 4.00%, 4/17/2025		1,200		1,260
Kraft Heinz Foods Co.
3.95%, 7/15/2025		1,729		1,757
6.88%, 1/26/2039		193		223
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		89		95
Nestle Holdings, Inc. 3.50%, 9/24/2025(b)		1,000		1,045
Smithfield Foods, Inc. 5.20%, 4/1/2029(b)		56		60
Tyson Foods, Inc.
2.65%, 8/15/2019		171		171
2.25%, 8/23/2021		313		310
3.90%, 9/28/2023		500		522
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		200		207

				6,996

Gas Utilities — 0.1%
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		843		866

Health Care Equipment & Supplies — 0.4%
Abbott Laboratories
3.88%, 9/15/2025		484		512
3.75%, 11/30/2026		150		158
Becton Dickinson and Co.
2.68%, 12/15/2019		215		215
3.36%, 6/6/2024		100		101
Boston Scientific Corp. 3.75%, 3/1/2026		500		519
Medtronic, Inc. 3.50%, 3/15/2025		2,400		2,506
Zimmer Biomet Holdings, Inc.
3.70%, 3/19/2023		174		178
3.55%, 4/1/2025		530		537

				4,726

Health Care Providers & Services — 0.7%
Anthem, Inc. 3.30%, 1/15/2023		700		711
CVS Health Corp.
2.75%, 12/1/2022		1,100		1,093
4.00%, 12/5/2023		257		266
4.10%, 3/25/2025		3,534		3,658
Express Scripts Holding Co. 3.50%, 6/15/2024		400		407
Laboratory Corp. of America Holdings 3.25%, 9/1/2024		300		302
UnitedHealth Group, Inc.
4.70%, 2/15/2021		255		263
3.38%, 11/15/2021		187		191
2.75%, 2/15/2023		365		367
2.88%, 3/15/2023		645		651

				7,909

Hotels, Restaurants & Leisure — 0.2%
McDonald’s Corp.
3.38%, 5/26/2025		1,250		1,287
3.80%, 4/1/2028		440		461
Starbucks Corp. 2.70%, 6/15/2022		326		328

				2,076

Household Products — 0.2%
Kimberly-Clark Corp.
2.40%, 3/1/2022		200		200
2.40%, 6/1/2023		1,800		1,788

				1,988

Independent Power and Renewable Electricity Producers — 0.0%(a)
Exelon Generation Co. LLC
3.40%, 3/15/2022		90		91
4.25%, 6/15/2022		90		94

				185

Industrial Conglomerates — 0.4%
General Electric Co.
2.10%, 12/11/2019		200		199
5.50%, 1/8/2020		529		537

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
4.38%, 9/16/2020		125		128
5.30%, 2/11/2021		95		99
4.65%, 10/17/2021		1,919		1,994
5.88%, 1/14/2038		70		77
Honeywell International, Inc. 4.25%, 3/1/2021		1,200		1,239
Roper Technologies, Inc.
3.00%, 12/15/2020		208		209
3.80%, 12/15/2026		274		282

				4,764

Insurance — 1.9%
AIA Group Ltd. (Hong Kong) 3.60%, 4/9/2029(b)		595		611
Allstate Corp. (The) 3.15%, 6/15/2023		651		666
Alterra Finance LLC 6.25%, 9/30/2020		200		209
American International Group, Inc. 3.75%, 7/10/2025		818		835
Assurant, Inc. 4.20%, 9/27/2023		145		149
Athene Global Funding 2.75%, 4/20/2020(b)		422		422
Athene Holding Ltd. 4.13%, 1/12/2028		230		226
Chubb INA Holdings, Inc. 2.70%, 3/13/2023		1,900		1,915
CNA Financial Corp.
3.95%, 5/15/2024		499		519
4.50%, 3/1/2026		364		387
Guardian Life Global Funding
2.50%, 5/8/2022(b)		500		499
3.40%, 4/25/2023(b)		230		237
Jackson National Life Global Funding 3.05%, 4/29/2026(b)		1,135		1,124
Liberty Mutual Group, Inc.
4.25%, 6/15/2023(b)		210		221
4.57%, 2/1/2029(b)		1,640		1,747
Lincoln National Corp. 4.20%, 3/15/2022		864		901
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		1,000		1,065
Markel Corp. 5.35%, 6/1/2021		440		462
Marsh & McLennan Cos., Inc. 2.35%, 3/6/2020		824		823
Metropolitan Life Global Funding I
3.88%, 4/11/2022(b)		426		442
3.00%, 1/10/2023(b)		1,600		1,623
New York Life Global Funding
2.15%, 6/18/2019(b)		1,024		1,024
1.95%, 2/11/2020(b)		323		321
2.35%, 7/14/2026(b)		953		923
Principal Financial Group, Inc. 3.13%, 5/15/2023		471		474
Protective Life Global Funding 2.62%, 8/22/2022(b)		400		401
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025(b)		650		828
Reliance Standard Life Global Funding II
2.50%, 1/15/2020(b)		650		649
3.05%, 1/20/2021(b)		373		376
Suncorp-Metway Ltd. (Australia) 3.30%, 4/15/2024(b)		330		334
Torchmark Corp. 4.55%, 9/15/2028		335		363

				20,776

Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc.
2.80%, 8/22/2024		1,217		1,235
4.80%, 12/5/2034		150		177
3.88%, 8/22/2037		350		373

				1,785

IT Services — 0.2%
DXC Technology Co. 4.25%, 4/15/2024		151		157
Fidelity National Information Services, Inc. 3.75%, 5/21/2029		208		213
International Business Machines Corp.
2.25%, 2/19/2021		1,150		1,146
3.50%, 5/15/2029		800		816
Western Union Co. (The) 3.60%, 3/15/2022		100		102

				2,434

Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc.
3.15%, 1/15/2023		441		448
3.20%, 8/15/2027		350		348

				796

Machinery — 0.3%
Deere & Co. 4.38%, 10/16/2019		700		705
Illinois Tool Works, Inc. 3.50%, 3/1/2024		1,400		1,465
Parker-Hannifin Corp. 3.30%, 11/21/2024		228		234
Stanley Black & Decker, Inc. 3.40%, 3/1/2026		900		927
Xylem, Inc. 3.25%, 11/1/2026		111		111

				3,442

Media — 0.7%
CBS Corp. 3.70%, 8/15/2024		1,019		1,038
Charter Communications Operating LLC 4.91%, 7/23/2025		260		275
Comcast Corp.
3.00%, 2/1/2024		1,168		1,184
3.38%, 2/15/2025		1,226		1,261
3.95%, 10/15/2025		209		221
3.15%, 3/1/2026		221		224
3.90%, 3/1/2038		1,136		1,150
Cox Communications, Inc. 3.50%, 8/15/2027(b)		615		610

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Discovery Communications LLC 4.38%, 6/15/2021		422		436
Fox Corp. 4.71%, 1/25/2029(b)		110		120
Grupo Televisa SAB (Mexico) 4.63%, 1/30/2026		285		294
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		500		651

				7,464

Metals & Mining — 0.2%
Anglo American Capital plc (South Africa) 4.50%, 3/15/2028(b)		1,000		1,003
Glencore Funding LLC (Switzerland) 4.88%, 3/12/2029(b)		500		507
Nucor Corp. 4.00%, 8/1/2023		305		321
Vale Overseas Ltd. (Brazil) 6.25%, 8/10/2026		306		332

				2,163

Multiline Retail — 0.0%(a)
Nordstrom, Inc. 4.00%, 10/15/2021		175		180

Multi-Utilities — 0.4%
CMS Energy Corp. 2.95%, 2/15/2027		170		166
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		690		737
Consumers Energy Co. 2.85%, 5/15/2022		137		139
Dominion Energy, Inc. Series B, 2.75%, 9/15/2022		350		350
DTE Energy Co. Series F, 3.85%, 12/1/2023		784		815
NiSource, Inc.
2.65%, 11/17/2022		184		183
3.85%, 2/15/2023		300		309
3.95%, 3/30/2048		100		96
Sempra Energy 4.05%, 12/1/2023		192		200
Southern Co. Gas Capital Corp.
5.25%, 8/15/2019		550		553
3.50%, 9/15/2021		939		954

				4,502

Oil, Gas & Consumable Fuels — 3.0%
Andeavor Logistics LP 4.25%, 12/1/2027		118		121
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027(b)		922		958
BP Capital Markets America, Inc.
3.25%, 5/6/2022		712		729
3.22%, 4/14/2024		1,317		1,344
Buckeye Partners LP
4.35%, 10/15/2024		300		295
3.95%, 12/1/2026		355		326
Cenovus Energy, Inc. (Canada) 3.80%, 9/15/2023		1,200		1,222
Chevron Corp.
2.36%, 12/5/2022		1,000		999
3.19%, 6/24/2023		285		293
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		833		875
Ecopetrol SA (Colombia)
4.13%, 1/16/2025		467		471
5.38%, 6/26/2026		773		823
Energy Transfer Operating LP
3.60%, 2/1/2023		267		270
4.90%, 2/1/2024		570		605
4.05%, 3/15/2025		182		186
Eni SpA (Italy) Series X-R, 4.00%, 9/12/2023(b)		1,145		1,180
Enterprise Products Operating LLC
3.35%, 3/15/2023		225		229
3.90%, 2/15/2024		263		274
3.75%, 2/15/2025		150		156
3.70%, 2/15/2026		651		668
3.95%, 2/15/2027		596		622
EOG Resources, Inc. 2.63%, 3/15/2023		240		240
Equinor ASA (Norway) 2.65%, 1/15/2024		1,179		1,182
Exxon Mobil Corp. 2.71%, 3/6/2025		1,200		1,207
Magellan Midstream Partners LP 4.25%, 2/1/2021		1,294		1,326
Marathon Petroleum Corp. 3.63%, 9/15/2024		964		986
MPLX LP 4.13%, 3/1/2027		518		525
Noble Energy, Inc. 3.85%, 1/15/2028		350		351
Occidental Petroleum Corp. 2.70%, 2/15/2023		441		440
ONEOK Partners LP 4.90%, 3/15/2025		1,800		1,934
Petroleos Mexicanos (Mexico)
6.38%, 2/4/2021		466		484
4.88%, 1/18/2024		270		269
6.88%, 8/4/2026		731		759
5.35%, 2/12/2028		395		368
Phillips 66
4.30%, 4/1/2022		173		181
3.90%, 3/15/2028		320		329
Plains All American Pipeline LP
3.65%, 6/1/2022		705		716
3.85%, 10/15/2023		400		410
Suncor Energy, Inc. (Canada)
3.60%, 12/1/2024		350		361
5.95%, 12/1/2034		1,000		1,249
Sunoco Logistics Partners Operations LP
5.50%, 2/15/2020		700		712
5.95%, 12/1/2025		506		566
TC PipeLines LP 3.90%, 5/25/2027		141		141

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Texas Eastern Transmission LP 2.80%, 10/15/2022(b)		1,153		1,147
Total Capital Canada Ltd. (France) 2.75%, 7/15/2023		821		827
Total Capital International SA (France)
2.70%, 1/25/2023		200		201
3.75%, 4/10/2024		1,003		1,056
TransCanada PipeLines Ltd. (Canada) 3.75%, 10/16/2023		2,345		2,426
Williams Cos., Inc. (The) 3.90%, 1/15/2025		262		270

				33,309

Pharmaceuticals — 0.8%
Bristol-Myers Squibb Co.
2.00%, 8/1/2022		1,210		1,196
3.40%, 7/26/2029(b)		561		576
Eli Lilly & Co. 3.38%, 3/15/2029		600		622
GlaxoSmithKline Capital, Inc. (United Kingdom) 2.80%, 3/18/2023		1,875		1,891
Merck & Co., Inc. 3.40%, 3/7/2029		1,250		1,296
Mylan, Inc. 3.13%, 1/15/2023(b)		600		578
Novartis Capital Corp. (Switzerland) 3.00%, 11/20/2025		1,153		1,173
Pfizer, Inc. 3.20%, 9/15/2023		1,000		1,028
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		700		689

				9,049

Real Estate Management & Development — 0.1%
Mitsui Fudosan Co. Ltd. (Japan) 3.65%, 7/20/2027(b)		219		227
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.88%, 3/20/2027(b)		325		341

				568

Road & Rail — 1.1%
Avolon Holdings Funding Ltd. (Ireland) 3.95%, 7/1/2024(b)		260		258
Burlington Northern Santa Fe LLC
3.60%, 9/1/2020		125		126
4.10%, 6/1/2021		2,000		2,060
Canadian Pacific Railway Co. (Canada) 4.50%, 1/15/2022		1,146		1,196
CSX Corp. 3.25%, 6/1/2027		1,068		1,074
ERAC USA Finance LLC
4.50%, 8/16/2021(b)		315		327
3.85%, 11/15/2024(b)		650		676
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		400		412
Norfolk Southern Corp.
3.25%, 12/1/2021		829		842
2.90%, 2/15/2023		562		567
3.85%, 1/15/2024		750		787
Penske Truck Leasing Co. LP
2.50%, 6/15/2019(b)		263		263
4.20%, 4/1/2027(b)		1,250		1,282
Ryder System, Inc. 2.45%, 9/3/2019		555		554
Union Pacific Corp.
3.75%, 3/15/2024		1,200		1,259
3.25%, 1/15/2025		850		871

				12,554

Semiconductors & Semiconductor Equipment — 0.3%
Analog Devices, Inc.
2.95%, 1/12/2021		600		603
3.13%, 12/5/2023		122		123
Broadcom Corp. 3.63%, 1/15/2024		1,054		1,045
Intel Corp. 3.10%, 7/29/2022		728		746
QUALCOMM, Inc. 3.25%, 5/20/2027		313		312
Texas Instruments, Inc. 2.75%, 3/12/2021		790		797

				3,626

Software — 0.7%
Microsoft Corp.
4.20%, 6/1/2019		1,500		1,500
2.38%, 5/1/2023		181		182
2.88%, 2/6/2024		1,508		1,541
3.13%, 11/3/2025		800		828
Oracle Corp.
2.50%, 5/15/2022		540		541
2.50%, 10/15/2022		1,285		1,284
2.95%, 11/15/2024		1,000		1,013
2.65%, 7/15/2026		600		590
6.50%, 4/15/2038		50		67

				7,546

Specialty Retail — 0.4%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		250		265
Home Depot, Inc. (The)
2.00%, 6/15/2019		531		531
2.70%, 4/1/2023		450		454
3.75%, 2/15/2024		986		1,040
Lowe’s Cos., Inc.
3.13%, 9/15/2024		1,004		1,019
3.65%, 4/5/2029		238		241
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		300		304
3.60%, 9/1/2027		463		464

				4,318

Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc.
3.00%, 2/9/2024		1,054		1,074
2.75%, 1/13/2025		700		702
3.20%, 5/13/2025		1,154		1,186

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)			Value ($000)
3.25%, 2/23/2026		800			820
3.35%, 2/9/2027		226			233
2.90%, 9/12/2027		224			224

					4,239

Tobacco — 0.2%
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		1,000			990
Philip Morris International, Inc. 3.38%, 8/11/2025		850			873

					1,863

Trading Companies & Distributors — 0.2%
Air Lease Corp.
3.88%, 7/3/2023		400			409
3.63%, 4/1/2027		240			233
Aircastle Ltd. 4.40%, 9/25/2023		550			563
Aviation Capital Group LLC
3.88%, 5/1/2023(b)		390			399
4.38%, 1/30/2024(b)		200			208
BOC Aviation Ltd. (Singapore)
2.38%, 9/15/2021(b)		500			492
3.50%, 10/10/2024(b)		400			402

					2,706

Water Utilities — 0.2%
American Water Capital Corp.
3.85%, 3/1/2024		1,400			1,464
3.40%, 3/1/2025		364			375

					1,839

Wireless Telecommunication Services — 0.2%
America Movil SAB de CV (Mexico) 3.13%, 7/16/2022		379			383
Rogers Communications, Inc. (Canada) 3.63%, 12/15/2025		608			626
Vodafone Group plc (United Kingdom) 2.95%, 2/19/2023		1,400			1,406

					2,415

TOTAL CORPORATE BONDS (Cost $359,872)					367,403

U.S. TREASURY OBLIGATIONS — 22.9%
U.S. Treasury Inflation Indexed Notes
0.13%, 4/15/2020(e)		47,933			51,625
0.13%, 4/15/2021		4,366			4,638
0.63%, 7/15/2021		9,878			11,210
0.13%, 4/15/2022		32,366			33,546
0.38%, 7/15/2025		104,565			112,671
0.38%, 1/15/2027		36,276			38,208

TOTAL U.S. TREASURY OBLIGATIONS (Cost $249,157)					251,898

COLLATERALIZED MORTGAGE OBLIGATIONS — 10.9%
Bear Stearns ALT-A Trust Series 2004-6, Class 1A, 3.07%, 7/25/2034(f)		185			185
CHL Mortgage Pass-Through Trust Series 2004-8, Class 2A1, 4.50%, 6/25/2019		—	(g)		—	(g)
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3A4, 5.25%, 9/25/2033		14			14
Series 2004-HYB4, Class WA, 4.85%, 12/25/2034‡(f)		34			35
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27, Class 5A4, 5.25%, 11/25/2033		26			27
FHLMC REMIC
Series 2828, Class JE, 4.50%, 7/15/2019		—	(g)		—	(g)
Series 2875, Class HB, 4.00%, 10/15/2019		—	(g)		—	(g)
Series 2899, Class HB, 4.00%, 12/15/2019		8			8
Series 2920, Class KT, 4.50%, 1/15/2020		—	(g)		—	(g)
Series 2929, Class KG, 4.50%, 2/15/2020		—	(g)		—	(g)
Series 3874, Class DW, 3.50%, 6/15/2021		1,426			1,437
Series 3294, Class DB, 4.50%, 3/15/2022		91			91
Series 3372, Class BD, 4.50%, 10/15/2022		3			3
Series 2595, Class HJ, 5.00%, 3/15/2023		1			1
Series 2626, Class JC, 5.00%, 6/15/2023		596			616
Series 2649, Class WB, 3.50%, 7/15/2023		227			230
Series 1578, Class K, 6.90%, 9/15/2023		12			13
Series 2685, Class DT, 5.00%, 10/15/2023		475			494
Series 2687, Class JH, 5.00%, 10/15/2023		107			111
Series 2701, Class AC, 5.00%, 11/15/2023		708			736
Series 3521, Class B, 4.00%, 4/15/2024		547			560
Series 3544, Class BC, 4.00%, 6/15/2024		50			51
Series 3546, Class NB, 4.00%, 6/15/2024		2,360			2,446
Series 3562, Class JC, 4.00%, 8/15/2024		1,098			1,133
Series 3563, Class BD, 4.00%, 8/15/2024		725			755
Series 3571, Class MY, 4.00%, 9/15/2024		259			266

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series 3575, Class EB, 4.00%, 9/15/2024		756		787
Series 3577, Class B, 4.00%, 9/15/2024		1,196		1,233
Series 3578, Class KB, 4.00%, 9/15/2024		185		191
Series 2989, Class TG, 5.00%, 6/15/2025		650		680
Series 2988, Class TY, 5.50%, 6/15/2025		27		29
Series 3816, Class HA, 3.50%, 11/15/2025		1,661		1,726
Series 3087, Class KX, 5.50%, 12/15/2025		72		75
Series 3787, Class AY, 3.50%, 1/15/2026		944		968
Series 3794, Class LB, 3.50%, 1/15/2026		833		853
Series 3102, Class CE, 5.50%, 1/15/2026		993		1,051
Series 3123, Class HT, 5.00%, 3/15/2026		98		102
Series 3121, Class JD, 5.50%, 3/15/2026		29		31
Series 3150, Class EQ, 5.00%, 5/15/2026		375		391
Series 3898, Class KH, 3.50%, 6/15/2026		821		850
Series 3885, Class AC, 4.00%, 6/15/2026		812		834
Series 3911, Class B, 3.50%, 8/15/2026		1,226		1,262
Series 3959, Class PB, 3.00%, 11/15/2026		2,500		2,578
Series 4337, Class VJ, 3.50%, 6/15/2027		2,005		2,104
Series 3337, Class MD, 5.50%, 6/15/2027		53		57
Series 2110, Class PG, 6.00%, 1/15/2029		127		140
Series 3755, Class ML, 5.50%, 6/15/2029		20		20
Series 3563, Class LB, 4.00%, 8/15/2029		31		33
Series 3653, Class B, 4.50%, 4/15/2030		186		199
Series 3824, Class EY, 3.50%, 3/15/2031		478		501
Series 2525, Class AM, 4.50%, 4/15/2032		749		804
Series 2441, Class GF, 6.50%, 4/15/2032		27		31
Series 2436, Class MC, 7.00%, 4/15/2032		19		22
Series 2760, Class KT, 4.50%, 9/15/2032		103		108
Series 2505, Class D, 5.50%, 9/15/2032		156		174
Series 2544, Class KE, 5.50%, 12/15/2032		77		86
Series 2557, Class HL, 5.30%, 1/15/2033		196		217
Series 2575, Class PE, 5.50%, 2/15/2033		60		67
Series 2586, Class WG, 4.00%, 3/15/2033		247		262
Series 2596, Class QD, 4.00%, 3/15/2033		208		220
Series 2621, Class QH, 5.00%, 5/15/2033		221		244
Series 2649, Class PJ, 3.50%, 6/15/2033		18		18
Series 2624, Class QH, 5.00%, 6/15/2033		297		330
Series 2648, Class BK, 5.00%, 7/15/2033		19		21
Series 4238, Class UY, 3.00%, 8/15/2033		3,650		3,704
Series 2673, Class PE, 5.50%, 9/15/2033		505		568
Series 2696, Class DG, 5.50%, 10/15/2033		405		454
Series 2725, Class TA, 4.50%, 12/15/2033		284		319
Series 2733, Class ME, 5.00%, 1/15/2034		450		496
Series 2768, Class PK, 5.00%, 3/15/2034		261		282
Series 3659, Class VG, 5.00%, 9/15/2034		530		554
Series 2934, Class KG, 5.00%, 2/15/2035		310		345
Series 3077, Class TO, PO, 4/15/2035		22		20
Series 2960, Class JH, 5.50%, 4/15/2035		923		1,025
Series 3082, Class PW, 5.50%, 12/15/2035		65		73
Series 3084, Class BH, 5.50%, 12/15/2035		1,466		1,645
Series 3098, Class KG, 5.50%, 1/15/2036		1,290		1,457
Series 3136, Class CO, PO, 4/15/2036		45		41
Series 3145, Class AJ, 5.50%, 4/15/2036		47		51
Series 3819, Class ZQ, 6.00%, 4/15/2036		890		1,017
Series 3200, PO, 8/15/2036		88		79
Series 3270, Class AT, 5.50%, 1/15/2037		41		47
Series 3272, Class PA, 6.00%, 2/15/2037		10		11
Series 3348, Class HT, 6.00%, 7/15/2037		70		80
Series 3747, Class PA, 4.00%, 4/15/2038		234		237

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)			Value ($000)
Series 3740, Class BP, 4.50%, 4/15/2038		146			147
Series 4085, Class FB, 2.84%, 1/15/2039(f)		332			334
Series 3501, Class A, 4.50%, 1/15/2039		246			256
Series 3508, Class PK, 4.00%, 2/15/2039		6			6
Series 3513, Class A, 4.50%, 2/15/2039		23			25
Series 4219, Class JA, 3.50%, 8/15/2039		1,764			1,813
Series 3797, Class PA, 4.50%, 8/15/2039		28			28
Series 3827, Class BM, 5.50%, 8/15/2039		409			420
Series 3653, Class HJ, 5.00%, 4/15/2040		1,167			1,281
Series 3677, Class KB, 4.50%, 5/15/2040		1,974			2,117
Series 3677, Class PB, 4.50%, 5/15/2040		1,193			1,295
Series 3904, Class EC, 2.00%, 8/15/2040		392			393
Series 3715, Class PC, 4.50%, 8/15/2040		260			280
Series 3955, Class HB, 3.00%, 12/15/2040		305			311
Series 3828, Class PU, 4.50%, 3/15/2041		151			160
Series 3852, Class TP, IF, 5.50%, 5/15/2041(f)		541			596
Series 3956, Class EB, 3.25%, 11/15/2041		2,311			2,384
Series 3963, Class JB, 4.50%, 11/15/2041		1,650			1,867
Series 4026, Class MQ, 4.00%, 4/15/2042		151			161
Series 4616, Class HP, 3.00%, 9/15/2046		2,495			2,548
Series 3688, Class GT, 7.36%, 11/15/2046(f)		48			56
FHLMC STRIPS Series 262, Class 35, 3.50%, 7/15/2042		1,230			1,282
FNMA REMIC
Series 2009-78, Class J, 5.00%, 9/25/2019		—	(g)		—	(g)
Series 2010-103, Class GB, 4.00%, 9/25/2020		780			781
Series 2010-135, Class HE, 3.00%, 1/25/2021		49			49
Series 2011-75, Class BL, 3.50%, 8/25/2021		1,327			1,336
Series 2007-113, Class DB, 4.50%, 12/25/2022		12			12
Series 2003-5, Class EQ, 5.50%, 2/25/2023		48			49
Series 2003-48, Class TC, 5.00%, 6/25/2023		58			60
Series 2003-55, Class HY, 5.00%, 6/25/2023		51			52
Series 2008-70, Class BY, 4.00%, 8/25/2023		51			52
Series 2006-22, Class CE, 4.50%, 8/25/2023		177			182
Series 2008-65, Class CD, 4.50%, 8/25/2023		16			16
Series 2004-44, Class KT, 6.00%, 6/25/2024		222			229
Series 2004-53, Class NC, 5.50%, 7/25/2024		78			81
Series 2009-71, Class MB, 4.50%, 9/25/2024		51			53
Series 2004-70, Class EB, 5.00%, 10/25/2024		155			161
Series 2010-49, Class KB, 4.00%, 5/25/2025		925			943
Series 2010-41, Class DC, 4.50%, 5/25/2025		313			321
Series 1997-57, Class PN, 5.00%, 9/18/2027		168			179
Series 2009-39, Class LB, 4.50%, 6/25/2029		133			139
Series 2009-96, Class DB, 4.00%, 11/25/2029		188			194
Series 2010-28, Class DE, 5.00%, 4/25/2030		403			437
Series 2001-63, Class TC, 6.00%, 12/25/2031		77			86
Series 2001-81, Class HE, 6.50%, 1/25/2032		197			223
Series 2002-75, Class GB, 5.50%, 11/25/2032		97			100
Series 2011-39, Class ZA, 6.00%, 11/25/2032		767			867
Series 2002-85, Class PE, 5.50%, 12/25/2032		67			74
Series 2003-21, Class OU, 5.50%, 3/25/2033		45			50
Series 2003-26, Class EB, 3.50%, 4/25/2033		800			822
Series 2003-23, Class CH, 5.00%, 4/25/2033		54			58
Series 2003-63, Class YB, 5.00%, 7/25/2033		151			168
Series 2003-69, Class N, 5.00%, 7/25/2033		289			320
Series 2003-80, Class QG, 5.00%, 8/25/2033		432			474
Series 2003-85, Class QD, 5.50%, 9/25/2033		180			200
Series 2003-94, Class CE, 5.00%, 10/25/2033		46			49
Series 2005-5, Class CK, 5.00%, 1/25/2035		318			344
Series 2005-29, Class WC, 4.75%, 4/25/2035		626			664
Series 2005-48, Class TD, 5.50%, 6/25/2035		294			335

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series 2005-53, Class MJ, 5.50%, 6/25/2035		438		489
Series 2005-62, Class CP, 4.75%, 7/25/2035		39		40
Series 2005-58, Class EP, 5.50%, 7/25/2035		45		49
Series 2005-68, Class BE, 5.25%, 8/25/2035		250		281
Series 2005-68, Class PG, 5.50%, 8/25/2035		194		213
Series 2005-110, Class MB, 5.50%, 9/25/2035		7		7
Series 2005-102, Class PG, 5.00%, 11/25/2035		595		660
Series 2005-110, Class GL, 5.50%, 12/25/2035		688		771
Series 2006-49, Class PA, 6.00%, 6/25/2036		76		87
Series 2009-19, Class PW, 4.50%, 10/25/2036		440		470
Series 2006-114, Class HE, 5.50%, 12/25/2036		495		555
Series 2007-33, Class HE, 5.50%, 4/25/2037		40		45
Series 2007-65, Class KI, IF, IO, 4.19%, 7/25/2037(f)		10		1
Series 2007-71, Class KP, 5.50%, 7/25/2037		78		84
Series 2007-71, Class GB, 6.00%, 7/25/2037		291		331
Series 2009-86, Class OT, PO, 10/25/2037		55		50
Series 2013-83, Class CA, 3.50%, 10/25/2037		673		681
Series 2010-9, Class MD, 5.00%, 2/25/2038		120		125
Series 2011-22, Class MA, 6.50%, 4/25/2038		170		175
Series 2008-72, Class BX, 5.50%, 8/25/2038		27		30
Series 2008-74, Class B, 5.50%, 9/25/2038		12		13
Series 2009-62, Class HJ, 6.00%, 5/25/2039		391		418
Series 2009-37, Class KI, IF, IO, 3.57%, 6/25/2039(f)		14		1
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		18		3
Series 2009-92, Class AD, 6.00%, 11/25/2039		1,076		1,170
Series 2009-112, Class ST, IF, IO, 3.82%, 1/25/2040(f)		129		20
Series 2010-22, Class PE, 5.00%, 3/25/2040		3,016		3,257
Series 2010-35, Class SB, IF, IO, 3.99%, 4/25/2040(f)		49		7
Series 2010-37, Class CY, 5.00%, 4/25/2040		1,726		1,847
Series 2010-54, Class EA, 4.50%, 6/25/2040		67		70
Series 2010-64, Class DM, 5.00%, 6/25/2040		11		12
Series 2010-71, Class HJ, 5.50%, 7/25/2040		228		255
Series 2010-123, Class BP, 4.50%, 11/25/2040		4,216		4,542
Series 2011-5, Class CP, 4.50%, 11/25/2040		323		337
Series 2011-41, Class KL, 4.00%, 5/25/2041		1,006		1,069
Series 2011-50, Class LP, 4.00%, 6/25/2041		500		537
Series 2012-137, Class CF, 2.73%, 8/25/2041(f)		747		745
Series 2012-103, Class DA, 3.50%, 10/25/2041		327		339
Series 2012-14, Class DE, 3.50%, 3/25/2042		1,000		1,034
Series 2012-139, Class JA, 3.50%, 12/25/2042		663		692
Series 2013-104, Class CY, 5.00%, 10/25/2043		2,250		2,629
Series 2009-96, Class CB, 4.00%, 11/25/2049		33		34
FNMA STRIPS
Series 293, Class 1, PO, 12/25/2024		22		21
Series 314, Class 1, PO, 7/25/2031		55		49
G2 4.000000 4.50%, 4/20/2049(h)		1,200		1,264
GNMA
Series 2002-44, Class JC, 6.00%, 7/20/2032		35		37
Series 2002-79, Class KL, 5.50%, 11/20/2032		340		362
Series 2003-10, Class KJ, 5.50%, 2/20/2033		91		101
Series 2003-29, Class PD, 5.50%, 4/16/2033		339		372
Series 2003-33, Class NE, 5.50%, 4/16/2033		200		215
Series 2003-65, Class AP, 5.50%, 8/20/2033		125		139
Series 2003-77, Class TK, 5.00%, 9/16/2033		437		466
Series 2004-16, Class GC, 5.50%, 2/20/2034		1,301		1,458
Series 2004-54, Class BG, 5.50%, 7/20/2034		28		31
Series 2004-93, Class PD, 5.00%, 11/16/2034		828		894
Series 2004-101, Class BE, 5.00%, 11/20/2034		683		754
Series 2005-11, Class PL, 5.00%, 2/20/2035		316		349

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)			Value ($000)
Series 2005-26, Class XY, 5.50%, 3/20/2035		1,186			1,331
Series 2005-33, Class AY, 5.50%, 4/16/2035		299			329
Series 2005-49, Class B, 5.50%, 6/20/2035		102			115
Series 2005-51, Class DC, 5.00%, 7/20/2035		254			279
Series 2005-56, Class BD, 5.00%, 7/20/2035		40			43
Series 2006-7, Class ND, 5.50%, 8/20/2035		39			44
Series 2007-37, Class LB, 5.50%, 6/16/2037		285			318
Series 2008-58, Class PD, 5.50%, 8/16/2037		58			59
Series 2007-79, Class BL, 5.75%, 8/20/2037		214			237
Series 2009-106, Class ST, IF, IO, 3.56%, 2/20/2038(f)		200			30
Series 2008-7, Class PQ, 5.00%, 2/20/2038		450			502
Series 2008-9, Class PW, 5.25%, 2/20/2038		667			739
Series 2008-23, Class YA, 5.25%, 3/20/2038		154			165
Series 2008-35, Class NF, 5.00%, 4/20/2038		153			167
Series 2008-34, Class PG, 5.25%, 4/20/2038		181			198
Series 2008-33, Class PB, 5.50%, 4/20/2038		566			633
Series 2008-38, Class BG, 5.00%, 5/16/2038		884			980
Series 2008-43, Class NB, 5.50%, 5/20/2038		248			278
Series 2010-7, Class EA, 5.00%, 6/16/2038		115			118
Series 2008-56, Class PX, 5.50%, 6/20/2038		487			542
Series 2008-58, Class PE, 5.50%, 7/16/2038		1,247			1,409
Series 2008-62, Class SA, IF, IO, 3.71%, 7/20/2038(f)		4			1
Series 2008-76, Class US, IF, IO, 3.46%, 9/20/2038(f)		111			15
Series 2011-97, Class WA, 6.13%, 11/20/2038(f)		1,250			1,416
Series 2008-95, Class DS, IF, IO, 4.86%, 12/20/2038(f)		104			14
Series 2009-15, Class NA, 5.00%, 12/20/2038		7			7
Series 2009-14, Class AG, 4.50%, 3/20/2039		175			187
Series 2009-72, Class SM, IF, IO, 3.81%, 8/16/2039(f)		260			35
Series 2009-61, Class AP, 4.00%, 8/20/2039		24			25
Series 2010-130, Class BD, 4.00%, 12/20/2039		358			373
Series 2010-157, Class OP, PO, 12/20/2040		227			193
Series 2014-H11, Class VA, 2.99%, 6/20/2064(f)		1,624			1,624
Series 2015-H20, Class FA, 2.96%, 8/20/2065(f)		2,275			2,273
Series 2015-H26, Class FG, 3.01%, 10/20/2065(f)		1,627			1,628
GSR Mortgage Loan Trust Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		154			159
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 4.63%, 11/25/2033(f)		342			355
Series 2007-A1, Class 5A5, 4.68%, 7/25/2035(f)		71			74
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.83%, 4/21/2034(f)		89			92
MASTR Asset Securitization Trust Series 2003-11, Class 8A1, 5.50%, 12/25/2033		78			79
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1, 3.07%, 10/25/2028(f)		158			158
Series 2004-B, Class A1, 2.93%, 5/25/2029(f)		220			218
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.63%, 4/25/2034(f)		46			50
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		16			17
Prime Mortgage Trust Series 2004-2, Class A2, 4.75%, 11/25/2019		1			1
RALI Trust Series 2004-QS3, Class CB, 5.00%, 3/25/2019		—	(g)		—	(g)
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028		853			886
Sequoia Mortgage Trust Series 2004-11, Class A1, 3.04%, 12/20/2034(f)		348			348
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 3.14%, 1/19/2034(f)		167			165
Thornburg Mortgage Securities Trust Series 2004-4, Class 3A, 4.23%, 12/25/2044(f)		284			290
Vendee Mortgage Trust Series 2003-2, Class Z, 5.00%, 5/15/2033		744			818
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR11, Class A6, 4.34%, 10/25/2033(f)		155			160
Wells Fargo Mortgage-Backed Securities Trust Series 2004-P, Class 2A1, 4.65%, 9/25/2034(f)		404			420

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $118,388)					120,220

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — 10.7%
FHLMC Gold Pools, 15 Year Pool # G13603, 5.50%, 2/1/2024		10		11
FHLMC Gold Pools, 20 Year Pool # C91030, 5.50%, 5/1/2027		80		85
FHLMC Gold Pools, 30 Year
Pool # A15232, 5.00%, 10/1/2033		180		194
Pool # A57681, 6.00%, 12/1/2036		2		2
Pool # G06493, 4.50%, 5/1/2041		1,078		1,153
FHLMC Gold Pools, Other Pool # U90690, 3.50%, 6/1/2042		1,219		1,255
FNMA Pool # AM2292, ARM, 2.86%, 1/1/2023(f)		1,561		1,560
FNMA, Other
Pool # AM0081, 1.94%, 7/1/2019		1,816		1,812
Pool # AD0851, 4.37%, 2/1/2020		307		310
Pool # AM3498, 2.01%, 6/1/2020		4,800		4,774
Pool # AM3165, 3.05%, 10/1/2020		1,827		1,841
Pool # 465973, 3.59%, 10/1/2020		1,037		1,047
Pool # 465721, 4.04%, 10/1/2020		1,000		1,023
Pool # 466430, 3.37%, 11/1/2020		1,409		1,430
Pool # 467757, 4.33%, 4/1/2021		1,757		1,806
Pool # 468066, 4.30%, 6/1/2021		3,099		3,214
Pool # 468614, 3.86%, 7/1/2021		1,129		1,168
Pool # 468159, 4.26%, 7/1/2021		959		1,000
Pool # AM6602, 2.63%, 9/1/2021		1,310		1,320
Pool # 469384, 3.11%, 10/1/2021		1,273		1,302
Pool # 469873, 3.03%, 12/1/2021		1,201		1,220
Pool # AM7739, 2.40%, 1/1/2022		1,467		1,472
Pool # AL2044, 3.82%, 5/1/2022		1,680		1,738
Pool # 471513, 2.90%, 6/1/2022		1,037		1,059
Pool # 471881, 2.67%, 7/1/2022		2,000		2,031
Pool # 471828, 2.65%, 8/1/2022		2,000		2,030
Pool # AM1804, 2.19%, 12/1/2022		869		872
Pool # AM1619, 2.34%, 12/1/2022		2,398		2,414
Pool # AM2285, 2.41%, 1/1/2023		3,532		3,572
Pool # AM2697, 2.53%, 3/1/2023		1,944		1,975
Pool # AL3594, 2.71%, 4/1/2023		2,359		2,401
Pool # AM3301, 2.35%, 5/1/2023		2,235		2,257
Pool # AM3244, 2.52%, 5/1/2023		3,000		3,040
Pool # AM3432, 2.40%, 7/1/2023		3,045		3,083
Pool # AM4628, 3.69%, 11/1/2023		1,142		1,218
Pool # AM4716, 3.38%, 12/1/2023		1,466		1,545
Pool # AM8674, 2.81%, 4/1/2025		2,200		2,258
Pool # AM8846, 2.68%, 5/1/2025		1,953		1,997
Pool # AN0029, 3.10%, 9/1/2025		2,475		2,586
Pool # AN1413, 2.49%, 5/1/2026		850		856
Pool # AN1497, 2.61%, 6/1/2026		860		873
Pool # AN1243, 2.64%, 6/1/2026		1,600		1,624
Pool # AN1247, 2.64%, 6/1/2026		1,576		1,599
Pool # AN3076, 2.46%, 10/1/2026		1,700		1,703
Pool # BL1211, 4.01%, 2/1/2027		600		658
Pool # AM8529, 3.03%, 4/1/2027		2,400		2,489
Pool # AN6732, 2.83%, 5/1/2027		1,200		1,218
Pool # AN6733, 2.83%, 5/1/2027		1,200		1,218
Pool # AN7338, 3.06%, 11/1/2027		1,000		1,038

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)			Value ($000)
Pool # AN7943, 3.10%, 1/1/2028		2,500			2,594
Pool # AN9486, 3.57%, 6/1/2028		3,716			3,973
Pool # AN2069, 2.35%, 8/1/2028		1,440			1,420
Pool # AN2466, 2.57%, 8/1/2028		2,400			2,392
Pool # AM4410, 4.25%, 10/1/2028		1,652			1,860
Pool # BL0907, 3.88%, 12/1/2028		700			764
Pool # AN6158, 2.99%, 7/1/2029		500			514
Pool # AN6099, 3.04%, 7/1/2029		500			516
Pool # AN5998, 3.06%, 7/1/2029		485			501
Pool # BM4162, 3.20%, 10/1/2029		497			512
Pool # 109707, 3.80%, 9/1/2033		863			926
Pool # MA1125, 4.00%, 7/1/2042		2,094			2,186
Pool # MA1437, 3.50%, 5/1/2043		2,168			2,231
Pool # MA1463, 3.50%, 6/1/2043		1,957			2,014
GNMA II, 30 Year
Pool # 4245, 6.00%, 9/20/2038		163			184
Pool # BA7567, 4.50%, 5/20/2048		3,846			4,072
Pool # BI0416, 4.50%, 11/20/2048		397			420
UMBS, 15 Year
Pool # 735208, 6.00%, 10/1/2019		—	(g)		—	(g)
Pool # 995381, 6.00%, 1/1/2024		4			5
UMBS, 20 Year
Pool # MA1138, 3.50%, 8/1/2032		963			997
UMBS, 30 Year
Pool # AL0045, 6.00%, 12/1/2032		364			408
Pool # 735503, 6.00%, 4/1/2035		91			102
Pool # 888460, 6.50%, 10/1/2036		546			642
Pool # 888890, 6.50%, 10/1/2037		14			16
Pool # 949320, 7.00%, 10/1/2037		45			48
Pool # 995149, 6.50%, 10/1/2038		32			37
Pool # 994410, 7.00%, 11/1/2038		251			299
Pool # AD9151, 5.00%, 8/1/2040		688			741
Pool # AE0681, 4.50%, 12/1/2040		1,298			1,388
Pool # BM3500, 4.00%, 9/1/2047		2,359			2,459
Pool # BM3499, 4.00%, 12/1/2047		2,585			2,696
Pool # BE8354, 4.00%, 3/1/2048		2,262			2,347

TOTAL MORTGAGE-BACKED SECURITIES (Cost $115,731)					117,615

COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.6%
20 Times Square Trust Series 2018-20TS, Class A, 3.10%, 5/15/2035(b)(f)		1,162			1,185
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036(b)		1,400			1,448
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		101			100
Series KJ08, Class A2, 2.36%, 8/25/2022		381			382
Series KJ18, Class A2, 3.07%, 8/25/2022		1,208			1,232
Series KF12, Class A, 3.18%, 9/25/2022(f)		231			231
Series KSMC, Class A2, 2.62%, 1/25/2023		5,000			5,060
Series KJ11, Class A2, 2.93%, 1/25/2023		1,626			1,659
Series K029, Class A2, 3.32%, 2/25/2023		2,045			2,122
Series K037, Class A2, 3.49%, 1/25/2024		4,000			4,201
Series K038, Class A2, 3.39%, 3/25/2024		1,000			1,047
Series K727, Class AM, 3.04%, 7/25/2024		1,400			1,435
Series J22F, Class A2, 4.09%, 9/25/2024		356			383
Series K729, Class A2, 3.14%, 10/25/2024		1,219			1,262
Series K046, Class A2, 3.21%, 3/25/2025		2,503			2,608
Series KL3L, Class ALNZ, 3.32%, 4/25/2025(f)		2,000			2,107
Series KPLB, Class A, 2.77%, 5/25/2025		1,750			1,776
Series K048, Class A2, 3.28%, 6/25/2025(f)		2,000			2,092
Series K049, Class A2, 3.01%, 7/25/2025		469			484
Series K060, Class A2, 3.30%, 10/25/2026		2,000			2,103

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series K066, Class A2, 3.12%, 6/25/2027		1,362		1,416
Series K067, Class A2, 3.19%, 7/25/2027		1,686		1,760
Series K069, Class A2, 3.19%, 9/25/2027(f)		3,500		3,650
Series K070, Class A2, 3.30%, 11/25/2027(f)		910		956
Series K072, Class A2, 3.44%, 12/25/2027		473		503
Series K073, Class A2, 3.35%, 1/25/2028		2,759		2,908
Series K081, Class A1, 3.88%, 2/25/2028		1,295		1,393
Series K077, Class A2, 3.85%, 5/25/2028(f)		1,690		1,851
Series K079, Class A2, 3.93%, 6/25/2028		3,600		3,956
Series K083, Class A2, 4.05%, 9/25/2028(f)		594		660
Series K078, Class A2, 3.85%, 6/25/2051		1,541		1,687
FNMA ACES
Series 2013-M7, Class A2, 2.28%, 12/27/2022		1,497		1,494
Series 2013-M13, Class A2, 2.55%, 4/25/2023(f)		2,277		2,293
Series 2014-M1, Class A2, 3.22%, 7/25/2023(f)		3,141		3,234
Series 2014-M2, Class A2, 3.51%, 12/25/2023(f)		2,990		3,124
Series 2014-M3, Class A2, 3.47%, 1/25/2024(f)		2,965		3,103
Series 2014-M9, Class A2, 3.10%, 7/25/2024(f)		4,756		4,901
Series 2014-M13, Class A2, 3.02%, 8/25/2024(f)		1,973		2,033
Series 2015-M1, Class A2, 2.53%, 9/25/2024		4,631		4,649
Series 2015-M3, Class A2, 2.72%, 10/25/2024		4,500		4,558
Series 2016-M6, Class A2, 2.49%, 5/25/2026		800		796
Series 2015-M10, Class A2, 3.09%, 4/25/2027(f)		1,400		1,440
Series 2017-M8, Class A2, 3.06%, 5/25/2027(f)		1,500		1,552
Series 2017-M12, Class A2, 3.08%, 6/25/2027(f)		1,345		1,395
Series 2017-M13, Class A2, 2.94%, 9/25/2027(f)		472		481
Series 2018-M2, Class A2, 2.90%, 1/25/2028(f)		3,400		3,477
Series 2018-M4, Class A2, 3.04%, 3/25/2028(f)		2,415		2,485
Series 2018-M9, Class APT2, 3.12%, 4/25/2028(f)		3,600		3,701
Series 2018-M14, Class A2, 3.58%, 8/25/2028(f)		400		430
Series 2017-M5, Class A2, 3.18%, 4/25/2029(f)		3,500		3,614
Series 2018-M3, Class A2, 3.09%, 2/25/2030(f)		1,384		1,421
Series 2018-M13, Class A1, 3.70%, 3/25/2030(f)		747		809
FREMF Mortgage Trust
Series 2015-K44, Class B, 3.68%, 1/25/2048(b)(f)		1,500		1,540
Series 2016-K722, Class B, 3.84%, 7/25/2049(b)(f)		735		751
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.57%, 12/12/2049‡(b)(f)		511		—	(g)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A3, 3.67%, 2/15/2047		1,867		1,896
Morgan Stanley Capital I Trust
Series 2007-HQ11, Class X, IO, 0.31%, 2/12/2044‡(b)(f)		341		—	(g)
Series 2011-C3, Class A3, 4.05%, 7/15/2049		183		183
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030(b)		866		885
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		1,486		1,528
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,040		1,072
VNDO Mortgage Trust Series 2013-PENN, Class A, 3.81%, 12/13/2029(b)		2,750		2,795
WFRBS Commercial Mortgage Trust Series 2012-C6, Class A4, 3.44%, 4/15/2045		1,800		1,835

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $113,466)				117,132

ASSET-BACKED SECURITIES — 8.8%
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025(b)		473		490
Series 2017-1, Class AA, 3.30%, 1/15/2030(b)		209		209
Ally Auto Receivables Trust
Series 2017-2, Class A3, 1.78%, 8/16/2021		382		381
Series 2017-3, Class A3, 1.74%, 9/15/2021		435		433
Series 2018-1, Class A3, 2.35%, 6/15/2022		856		856
Series 2018-2, Class A3, 2.92%, 11/15/2022		1,826		1,841
Series 2019-1, Class A3, 2.91%, 9/15/2023		522		530

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		43		44
Series 2013-2, Class A, 4.95%, 1/15/2023		527		547
Series 2016-2, Class A, 3.65%, 6/15/2028		113		113
Series 2016-3, Class AA, 3.00%, 10/15/2028		183		181
Series 2017-1, Class AA, 3.65%, 2/15/2029		254		260
American Credit Acceptance Receivables Trust
Series 2018-3, Class B, 3.49%, 6/13/2022(b)		364		367
Series 2019-1, Class A, 3.06%, 7/12/2022(b)		697		699
American Express Credit Account Master Trust
Series 2017-1, Class A, 1.93%, 9/15/2022		600		598
Series 2019-1, Class A, 2.87%, 10/15/2024		1,120		1,141
AmeriCredit Automobile Receivables Trust
Series 2017-1, Class A3, 1.87%, 8/18/2021		59		59
Series 2017-2, Class A3, 1.98%, 12/20/2021		166		165
Series 2017-3, Class A3, 1.90%, 3/18/2022		292		291
Series 2017-4, Class A3, 2.04%, 7/18/2022		217		216
Series 2018-1, Class A3, 3.07%, 12/19/2022		1,194		1,203
Series 2018-2, Class A3, 3.15%, 3/20/2023		1,158		1,173
Series 2018-3, Class A3, 3.38%, 7/18/2023		1,000		1,018
Series 2019-1, Class A3, 2.97%, 11/20/2023		485		491
Ascentium Equipment Receivables Trust Series 2017-1A, Class A3, 2.29%, 6/10/2021(b)		162		161
AXIS Equipment Finance Receivables IV LLC Series 2016-1A, Class A, 2.21%, 11/20/2021(b)		137		137
B2R Mortgage Trust Series 2015-1, Class A1, 2.52%, 5/15/2048‡(b)		109		108
BMW Vehicle Lease Trust
Series 2017-1, Class A3, 1.98%, 5/20/2020		126		126
Series 2017-2, Class A3, 2.07%, 10/20/2020		260		260
Series 2018-1, Class A3, 3.26%, 7/20/2021		175		177
Business Jet Securities LLC Series 2018-1, Class A, 4.34%, 2/15/2033(b)		1,053		1,069
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		463		463
CarMax Auto Owner Trust
Series 2016-1, Class A3, 1.61%, 11/16/2020		46		45
Series 2016-2, Class A3, 1.52%, 2/16/2021		163		163
Series 2016-4, Class A3, 1.40%, 8/15/2021		286		285
Series 2017-1, Class A3, 1.98%, 11/15/2021		964		962
Series 2017-3, Class A3, 1.97%, 4/15/2022		425		424
Series 2017-4, Class A3, 2.11%, 10/17/2022		182		181
Series 2018-1, Class A3, 2.48%, 11/15/2022		511		513
Series 2018-2, Class A3, 2.98%, 1/17/2023		1,132		1,145
Series 2018-3, Class A3, 3.13%, 6/15/2023		1,948		1,980
Series 2018-4, Class A3, 3.36%, 9/15/2023		277		284
Series 2019-1, Class A3, 3.05%, 3/15/2024		800		815
Citibank Credit Card Issuance Trust Series 2016-A1, Class A1, 1.75%, 11/19/2021		1,120		1,116
CNH Equipment Trust
Series 2017-A, Class A3, 2.07%, 5/16/2022		370		369
Series 2017-B, Class A3, 1.86%, 9/15/2022		367		365
Series 2017-C, Class A3, 2.08%, 2/15/2023		267		266
Continental Airlines Pass-Through Trust Series 2007-1, Class A, 5.98%, 4/19/2022		267		281
CPS Auto Receivables Trust
Series 2017-C, Class B, 2.30%, 7/15/2021(b)		339		339
Series 2018-D, Class A, 3.06%, 1/17/2022(b)		400		401
CPS Auto Trust Series 2018-C, Class A, 2.87%, 9/15/2021(b)		436		436
Credit Acceptance Auto Loan Trust
Series 2017-3A, Class A, 2.65%, 6/15/2026(b)		308		308
Series 2018-1A, Class A, 3.01%, 2/16/2027(b)		538		541
Series 2018-2A, Class A, 3.47%, 5/17/2027(b)		1,295		1,311
Dell Equipment Finance Trust
Series 2017-1, Class A3, 2.14%, 4/22/2022(b)		63		63
Series 2019-1, Class A3, 2.83%, 3/22/2024(b)		1,090		1,100

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Delta Air Lines Pass-Through Trust Series 2012-1, Class A, 4.75%, 5/7/2020		205		208
Drive Auto Receivables Trust
Series 2018-3, Class A3, 3.01%, 11/15/2021		575		575
Series 2018-5, Class A3, 3.34%, 10/15/2022		700		704
Series 2019-1, Class A3, 3.18%, 10/17/2022		835		841
Series 2018-4, Class B, 3.36%, 10/17/2022		1,155		1,160
Series 2018-2, Class C, 3.63%, 8/15/2024		1,200		1,214
DT Auto Owner Trust
Series 2017-3A, Class B, 2.40%, 5/17/2021(b)		34		34
Series 2018-1A, Class A, 2.59%, 5/17/2021(b)		134		135
Series 2018-2A, Class A, 2.84%, 9/15/2021(b)		583		583
Series 2018-3A, Class A, 3.02%, 2/15/2022(b)		654		656
Series 2019-1A, Class A, 3.08%, 9/15/2022(b)		613		615
Series 2019-2A, Class C, 3.18%, 2/18/2025(b)		650		656
Exeter Automobile Receivables Trust
Series 2018-1A, Class A, 2.21%, 5/17/2021(b)		24		24
Series 2018-3A, Class A, 2.90%, 1/18/2022(b)		513		514
Fifth Third Auto Trust Series 2019-1, Class A4, 2.69%, 11/16/2026		355		360
First Investors Auto Owner Trust
Series 2017-2A, Class A2, 2.27%, 7/15/2022(b)		349		348
Series 2018-1A, Class A2, 3.22%, 1/17/2023(b)		568		572
Series 2019-1A, Class A, 2.89%, 3/15/2024(b)		748		753
Flagship Credit Auto Trust
Series 2017-3, Class A, 1.88%, 10/15/2021(b)		230		229
Series 2018-2, Class A, 2.97%, 10/17/2022(b)		1,070		1,074
Series 2018-3, Class A, 3.07%, 2/15/2023(b)		594		597
Series 2017-2, Class B, 2.57%, 4/15/2023(b)		285		285
Series 2019-2, Class B, 2.92%, 4/15/2025(b)		650		655
Ford Credit Auto Lease Trust
Series 2017-B, Class A3, 2.03%, 12/15/2020		229		229
Series 2018-B, Class A4, 3.30%, 2/15/2022		819		833
Series 2019-A, Class A3, 2.90%, 5/15/2022		1,005		1,014
Ford Credit Auto Owner Trust
Series 2016-B, Class A3, 1.33%, 10/15/2020		41		41
Series 2017-A, Class A3, 1.67%, 6/15/2021		458		457
Series 2018-B, Class A4, 3.38%, 3/15/2024		340		351
GLS Auto Receivables Issuer Trust Series 2019-2A, Class A, 3.06%, 4/17/2023(b)		500		502
GM Financial Automobile Leasing Trust
Series 2017-1, Class A3, 2.06%, 5/20/2020		187		187
Series 2017-3, Class A3, 2.01%, 11/20/2020		122		121
Series 2018-2, Class A3, 3.06%, 6/21/2021		1,016		1,021
Series 2018-3, Class A3, 3.18%, 6/21/2021		1,067		1,077
Series 2018-1, Class A4, 2.68%, 12/20/2021		757		759
Series 2019-1, Class A3, 2.98%, 12/20/2021		800		808
GM Financial Consumer Automobile Series 2017-1A, Class A3, 1.78%, 10/18/2021(b)		281		280
GM Financial Consumer Automobile Receivables Trust
Series 2018-1, Class A3, 2.32%, 7/18/2022		216		216
Series 2018-2, Class A3, 2.81%, 12/16/2022		1,140		1,150
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043‡(b)(d)		23		23
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048(b)		380		393
Honda Auto Receivables Owner Trust
Series 2016-3, Class A3, 1.16%, 5/18/2020		40		40
Series 2017-3, Class A3, 1.79%, 9/20/2021		253		253
Series 2018-2, Class A3, 3.01%, 5/18/2022		1,105		1,117
Hyundai Auto Lease Securitization Trust
Series 2018-B, Class A4, 3.20%, 6/15/2022(b)		1,275		1,290
Series 2019-A, Class A3, 2.98%, 7/15/2022(b)		1,185		1,199
Hyundai Auto Receivables Trust
Series 2017-A, Class A3, 1.76%, 8/16/2021		411		410
Series 2017-B, Class A3, 1.77%, 1/18/2022		640		637
Series 2018-A, Class A3, 2.79%, 7/15/2022		843		848
Series 2018-B, Class A3, 3.20%, 12/15/2022		655		665

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
John Deere Owner Trust
Series 2017-B, Class A3, 1.82%, 10/15/2021		198		197
Series 2018-B, Class A3, 3.08%, 11/15/2022		1,492		1,511
Mercedes-Benz Auto Lease Trust
Series 2018-A, Class A3, 2.41%, 2/16/2021		429		429
Series 2018-B, Class A3, 3.21%, 9/15/2021		585		591
Series 2019-A, Class A3, 3.10%, 11/15/2021		255		257
Mercedes-Benz Auto Receivables Trust Series 2016-1, Class A3, 1.26%, 2/16/2021		100		99
NextGear Floorplan Master Owner Trust Series 2017-1A, Class A2, 2.54%, 4/18/2022(b)		416		415
Nissan Auto Lease Trust
Series 2017-A, Class A3, 1.91%, 4/15/2020		201		201
Series 2017-B, Class A3, 2.05%, 9/15/2020		473		472
Series 2019-A, Class A4, 2.78%, 7/15/2024		305		308
Nissan Auto Receivables Owner Trust
Series 2015-C, Class A3, 1.37%, 5/15/2020		4		4
Series 2016-B, Class A3, 1.32%, 1/15/2021		89		89
Series 2017-C, Class A3, 2.12%, 4/18/2022		296		295
Series 2018-C, Class A3, 3.22%, 6/15/2023		980		999
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024(b)		1,606		1,632
Santander Drive Auto Receivables Trust
Series 2018-1, Class A3, 2.32%, 8/16/2021		323		322
Series 2018-3, Class A3, 3.03%, 2/15/2022		527		528
Series 2018-4, Class A3, 3.01%, 3/15/2022		391		392
Series 2019-1, Class A3, 3.00%, 12/15/2022		380		383
Series 2019-2, Class A3, 2.59%, 5/15/2023		405		406
Santander Retail Auto Lease Trust
Series 2018-A, Class A3, 2.93%, 5/20/2021(b)		1,198		1,204
Series 2019-A, Class A3, 2.77%, 6/20/2022(b)		1,820		1,840
Saxon Asset Securities Trust Series 2003-1, Class AF6, 4.68%, 6/25/2033(d)		40		41
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025(b)		107		107
SoFi Professional Loan Program LLC Series 2017-B, Class A1FX, 1.83%, 5/25/2040(b)		23		23
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		146		148
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		2,600		2,664
Tesla Auto Lease Trust Series 2018-B, Class A, 3.71%, 8/20/2021(b)		946		959
Toyota Auto Receivables Owner Trust
Series 2016-B, Class A3, 1.30%, 4/15/2020		16		16
Series 2016-D, Class A3, 1.23%, 10/15/2020		200		199
Series 2017-A, Class A3, 1.73%, 2/16/2021		121		121
United Airlines Pass-Through Trust
Series 2016-1, Class AA, 3.10%, 7/7/2028		1,289		1,286
Series 2016-2, Class AA, 2.88%, 10/7/2028		1,289		1,251
Series 2018-1, Class AA, 3.50%, 3/1/2030		806		821
Series 2018-1, Class A, 3.70%, 3/1/2030		761		760
US Auto Funding LLC Series 2019-1A, Class B, 3.99%, 12/15/2022(b)		700		708
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		1,040		1,060
VOLT LXIX LLC Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048‡(b)(d)		665		669
VOLT LXVII LLC Series 2018-NPL3, Class A1, 4.38%, 6/25/2048‡(b)(d)		975		979
VOLT LXVIII LLC Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048‡(b)(d)		810		814
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048‡(b)(d)		763		767
VOLT LXXIV LLC Series 2018-NP10, Class A1A, 4.58%, 11/25/2048‡(b)(d)		617		624
Westlake Automobile Receivables Trust Series 2018-1A, Class A2A, 2.24%, 12/15/2020(b)		221		221

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
World Financial Network Credit Card Master Trust
Series 2017-A, Class A, 2.12%, 3/15/2024		746		744
Series 2018-A, Class A, 3.07%, 12/16/2024		2,677		2,708
Series 2018-B, Class A, 3.46%, 7/15/2025		1,564		1,603
World Omni Auto Receivables Trust
Series 2017-B, Class A3, 1.95%, 2/15/2023		327		326
Series 2018-C, Class A3, 3.13%, 11/15/2023		2,085		2,124
Series 2019-B, Class A3, 2.59%, 7/15/2024		917		925
World Omni Automobile Lease Securitization Trust
Series 2017-A, Class A3, 2.13%, 4/15/2020		431		431
Series 2018-A, Class A3, 2.83%, 7/15/2021		890		894
Series 2018-B, Class A3, 3.19%, 12/15/2021		894		906
Series 2019-A, Class A3, 2.94%, 5/16/2022		900		912

TOTAL ASSET-BACKED SECURITIES (Cost $95,688)				96,598

U.S. GOVERNMENT AGENCY SECURITIES — 2.1%
FNMA 2.63%, 9/6/2024		21,959		22,602
Resolution Funding Corp. STRIPS 1.79%, 7/15/2020(i)		800		781

TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $22,561)				23,383

FOREIGN GOVERNMENT SECURITIES — 0.3%
Republic of Colombia (Colombia) 7.38%, 9/18/2037		300		390
Republic of Panama (Panama) 4.00%, 9/22/2024		347		364
United Mexican States (Mexico)
3.63%, 3/15/2022		568		578
4.00%, 10/2/2023		694		716
3.60%, 1/30/2025		1,076		1,079
4.13%, 1/21/2026		332		340

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $3,398)				3,467


	Shares (000)
SHORT-TERM INVESTMENTS — 0.3%
INVESTMENT COMPANIES — 0.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43%(j)(k)(l) (Cost $3,601)		3,600		3,602

Total Investments — 100.0% (Cost $1,081,862)				1,101,318
Other Assets Less Liabilities — 0.0% (a)				384

Net Assets — 100.0%				1,101,702

Percentages indicated are based on net assets.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Abbreviations


ACES				Alternative Credit Enhancement Securities
ARM				Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2019.
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 May 31, 2019. 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.
UMBS				Uniform Mortgage-Backed Securities
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.
(c)				Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2019.
(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 May 31, 2019.
(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 May 31, 2019.
(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 May 31, 2019.
(j)				Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(k)				Approximately $908,000 of this investment is restricted as collateral for swaps to various brokers.
(l)				The rate shown is the current yield as of May 31, 2019.
‡				Value determined using significant unobservable inputs.

Futures contracts outstanding as of May 31, 2019 (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

2,220

09/2019

USD

476,641

2,666


Abbreviations

USD				United States Dollar

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Over- the- Counter (“OTC”) Inflation-linked swap contracts outstanding as of May 31, 2019 (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

2.31% at termination

Receive

Barclays Bank plc

3/9/2026

USD 30,000

(1,129)

CPI-U at termination

2.31% at termination

Receive

Deutsche Bank AG

3/9/2026

USD 10,000

(377)

CPI-U at termination

2.32% at termination

Receive

Bank of America NA

7/31/2024

USD 8,200

(276)

CPI-U at termination

2.33% at termination

Receive

NatWest Markets

8/9/2024

USD 35,000

(1,189)

CPI-U at termination

2.46% at termination

Receive

Citibank, NA

5/21/2024

USD 13,000

(1,170)

CPI-U at termination

2.48% at termination

Receive

Deutsche Bank AG

2/21/2024

USD 10,000

(899)

CPI-U at termination

2.48% at termination

Receive

NatWest Markets

3/17/2024

USD 2,000

(181)

(5,221)

Centrally Cleared Inflation-linked swap contracts outstanding as of May 31, 2019 (amounts in thousands):

Floating Rate Index(a)

Fixed Rate

Pay/Receive
Floating Rate

Maturity
Date

Notional Amount

Value and
Unrealized
Appreciation
(Depreciation)
($)

CPI-U at termination

1.81% at termination

Receive

1/8/2024

USD 13,500

(51

)

CPI-U at termination

1.82% at termination

Receive

1/8/2024

USD 25,000

(103

)

CPI-U at termination

1.86% at termination

Receive

5/14/2022

USD 15,000

(51

)

CPI-U at termination

1.88% at termination

Receive

3/14/2021

USD 27,981

(57

)

CPI-U at termination

1.89% at termination

Receive

4/8/2021

USD 22,176

(42

)

CPI-U at termination

1.89% at termination

Receive

1/10/2024

USD 31,500

(236

)

CPI-U at termination

1.89% at termination

Receive

1/10/2024

USD 107,000

(821

)

CPI-U at termination

1.91% at termination

Receive

4/8/2022

USD 23,285

(94

)

CPI-U at termination

1.93% at termination

Receive

1/11/2024

USD 58,300

(556

)

CPI-U at termination

1.93% at termination

Receive

3/19/2021

USD 88,900

(268

)

CPI-U at termination

1.95% at termination

Receive

5/13/2026

USD 11,356

(77

)

CPI-U at termination

1.97% at termination

Receive

3/18/2022

USD 104,339

(617

)

CPI-U at termination

1.97% at termination

Receive

4/23/2021

USD 5,519

(22

)

CPI-U at termination

2.01% at termination

Receive

3/18/2024

USD 63,269

(583

)

CPI-U at termination

2.05% at termination

Receive

12/11/2023

USD 37,600

(556

)

CPI-U at termination

2.14% at termination

Receive

5/10/2049

USD 5,332

(141

)

CPI-U at termination

2.22% at termination

Receive

3/8/2049

USD 10,312

(520

)

CPI-U at termination

2.25% at termination

Receive

10/26/2025

USD 11,000

(340

)

CPI-U at termination

2.26% at termination

Receive

10/25/2025

USD 8,930

(280

)

CPI-U at termination

2.26% at termination

Receive

10/23/2023

USD 15,000

(380

)

CPI-U at termination

2.31% at termination

Receive

10/12/2023

USD 37,000

(1,045

)

(6,840

)

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Centrally Cleared Interest rate swap contracts outstanding as of May 31, 2019 (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		2.67% semi-annually		Pay		4/9/2029		USD 85,608		—		1,481

										—		1,481

3 month LIBOR quarterly		2.22% semi-annually		Receive		6/15/2021		USD 510,784		—		(3,045	)
3 month LIBOR quarterly		2.34% semi-annually		Receive		4/9/2021		USD 291,269		—		(1,665	)

										—		(4,710	)

										—		(3,229	)


Abbreviations

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

(a)	Value of floating rate index at May 31, 2019 was as follows:


Floating Rate Index	Value
CPI-U		2.56	%
3 month LIBOR		2.50	%

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

Summary of total swap contracts outstanding as of May 31, 2019 (amounts in thousands):


	Net Upfront Payments (Receipts) ($)		Value ($)
Liabilities
OTC Inflation linked swaps outstanding		—		(5,221	)

Total OTC swap contracts outstanding		—		(5,221	)

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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 (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.

•

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.

•

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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	$	—	$	92,614		$	3,984		$	96,598
Collateralized Mortgage Obligations		—		120,185			35			120,220
Commercial Mortgage-Backed Securities		—		117,132			—	(a)		117,132
Corporate Bonds		—		367,403			—			367,403
Foreign Government Securities		—		3,467			—			3,467
Mortgage-Backed Securities		—		117,615			—			117,615
U.S. Government Agency Securities		—		23,383			—			23,383
U.S. Treasury Obligations		—		251,898			—			251,898
Short-Term Investments
Investment Companies		3,602		—			—			3,602

Total Investments in Securities	$	3,602	$	1,093,697		$	4,019		$	1,101,318

Appreciation in Other Financial Instruments
Futures Contracts	$	2,666	$	—		$	—		$	2,666
Swaps		—		1,481			—			1,481

Total Appreciation in Other Financial Instruments	$	2,666	$	1,481		$	—		$	4,147

Depreciation in Other Financial Instruments
Swaps	$	—	$	(16,771	)	$	—		$	(16,771	)

Total Depreciation in Other Financial Instruments	$	—	$	(16,771	)	$	—		$	(16,771	)

(a)	Amount rounds to less than one thousand.

There were no significant transfers between level 2 and level 3 during the period ended May 31, 2019.

Inflation Managed Bond Fund


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43%(a)(b)	$	22,094	$	64,869	$	(83,362	)	$	4	$	(3	)		3,602	$	3,600	$	85	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

C. 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.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

(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.

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 for OTC Swaps.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

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

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 98.5%(a)
Alabama — 1.9%
Education — 0.2%
Alabama Public School and College Authority, Capital Improvement
Series 2014-A, Rev., 5.00%, 2/1/2023		2,000		2,250
Series 2014-A, Rev., 5.00%, 2/1/2024		2,000		2,312
Series 2014-A, Rev., 5.00%, 2/1/2025		2,000		2,311
Auburn University Series 2012A, Rev., 5.00%, 6/1/2019		25		25

				6,898

General Obligation — 0.2%
City of Birmingham
Series 2018B, GO, 4.00%, 12/1/2032		570		633
Series 2018B, GO, 4.00%, 12/1/2033		375		415
Series 2018B, GO, 4.00%, 12/1/2034		510		562
Series 2018B, GO, 4.00%, 12/1/2035		500		549
City of Huntsville
Series A, GO, 5.00%, 5/1/2030		2,765		3,422
Series A, GO, 5.00%, 5/1/2031		3,035		3,748

				9,329

Hospital — 0.0%(b)
Alabama Public Health Care Authority Rev., 4.00%, 9/1/2019		25		25
Infirmary Health System Special Care Facilities Financing Authority of Mobile, Infirmary Health System, Inc. Series 2016A, Rev., 5.00%, 2/1/2025		320		367

				392

Other Revenue — 0.2%
Montgomery County Public Building Authority, Warrants, Facilities Project
Rev., 5.00%, 3/1/2026		1,735		1,995
Rev., 5.00%, 3/1/2027		3,590		4,128
Rev., 5.00%, 3/1/2029		3,910		4,493

				10,616

Prerefunded — 0.0%(b)
Alabama State University, General Tuition and Fee Rev., AGC, 5.00%, 9/1/2019(c)		750		756
County of Mobile, Improvement Warrants Series C, GO, 5.00%, 8/1/2022(c)		25		28

				784

Utility — 1.3%
Black Belt Energy Gas District, Gas Prepay Series 2018A, Rev., 4.00%, 12/1/2023(d)		5,500		5,927
Southeast Alabama Gas Supply District (The), Project No. 1
Series 2018A, Rev., 4.00%, 4/1/2024(d)		34,000		36,660
Series A, Rev., 5.00%, 4/1/2024		20,845		23,542

				66,129

Total Alabama				94,148

Alaska — 0.5%
General Obligation — 0.0%(b)
Municipality of Anchorage Series C, GO, 5.00%, 9/1/2028		1,675		2,122

Industrial Development Revenue/Pollution Control Revenue — 0.2%
Alaska Industrial Development and Export Authority, Providence Health and Services Series 2011A, Rev., 5.50%, 10/1/2041		9,000		9,699

Prerefunded — 0.3%
Matanuska-Susitna Borough, Goose Creek Correctional Center Project Rev., AGC, 5.50%, 9/1/2019(c)		12,275		12,393

Total Alaska				24,214

Arizona — 1.9%
Certificate of Participation/Lease — 0.2%
State of Arizona Series A, COP, AGM, 5.25%, 10/1/2023		2,000		2,024
COP, 5.00%, 9/1/2025		4,100		4,917

				6,941

Education — 0.1%
Arizona State University
Series 2017B, Rev., 5.00%, 7/1/2034		920		1,115
Series 2017B, Rev., 5.00%, 7/1/2035		1,000		1,210
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project
Series 2018A, Rev., 5.00%, 7/1/2028		700		839
Series 2018A, Rev., 5.00%, 7/1/2029		950		1,131

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
University of Arizona Rev., 5.00%, 6/1/2026		10		11
University of Arizona, Board of Regents Series 2012A, Rev., 5.00%, 6/1/2030		1,000		1,100

				5,406

General Obligation — 0.1%
Maricopa County Dysart Unified School District No. 89 GO, NATL-RE, 5.25%, 7/1/2020		905		941
Maricopa County Unified School District No. 95, Queen Creek School Improvement
Series 2018, GO, 5.00%, 7/1/2028		225		272
Series 2018, GO, 5.00%, 7/1/2029		500		602
Maricopa County Union High School District No 210-Phoenix GO, AGM, 5.25%, 7/1/2019		1,000		1,003
Pima County Elementary School District No. 39 Continental, Improvement Bonds, Project of 2010 Series B, GO, AGM, 3.75%, 7/1/2029		20		21

				2,839

Hospital — 0.1%
Maricopa County Industrial Development Authority, HonorHealth
Series 2019A, Rev., 5.00%, 9/1/2033		500		599
Series 2019A, Rev., 5.00%, 9/1/2034		1,000		1,195
Series 2019A, Rev., 5.00%, 9/1/2035		1,000		1,191
Yavapai County IDA, Hospital, Yavapai Regional Medical Center Series A, Rev., 5.25%, 8/1/2033		1,000		1,120

				4,105

Industrial Development Revenue/Pollution Control Revenue — 0.7%
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project
Series 2019A, Rev., 5.00%, 1/1/2022		675		723
Series 2019A, Rev., 5.00%, 1/1/2023		610		668
Series 2019A, Rev., 5.00%, 1/1/2024		525		586
Series 2019A, Rev., 5.00%, 1/1/2025		550		626
Series 2019A, Rev., 5.00%, 1/1/2026		625		722
Series 2019A, Rev., 5.00%, 1/1/2027		600		703
Series 2019A, Rev., 5.00%, 1/1/2029		660		787
Series 2019A, Rev., 5.00%, 1/1/2030		3,670		4,375
Series 2019A, Rev., 4.00%, 1/1/2031		4,100		4,376
Series 2019A, Rev., 4.00%, 1/1/2032		4,265		4,499
Series 2019A, Rev., 4.00%, 1/1/2033		4,440		4,678
Series 2019A, Rev., 5.00%, 1/1/2034		1,770		2,027
Series 2019A, Rev., 5.00%, 1/1/2035		2,285		2,603
Series 2019A, Rev., 5.00%, 1/1/2036		1,835		2,083
Series 2019A, Rev., 5.00%, 1/1/2037		500		566
Series 2019A, Rev., 5.00%, 1/1/2038		500		562
Series 2019A, Rev., 4.25%, 1/1/2039		545		566
Series 2019A, Rev., 4.25%, 1/1/2040		1,320		1,367
Series 2019A, Rev., 5.00%, 1/1/2043		1,750		1,945

				34,462

Other Revenue — 0.0%(b)
City of Cottonwood Series 2015, Rev., AGM, 5.00%, 7/1/2026		10		12
Scottsdale Municipal Property Corp., Excise Tax Rev., 5.00%, 7/1/2026		1,570		1,934
Scottsdale Preserve Authority, Excise Tax Rev., 5.00%, 7/1/2019		20		20

				1,966

Prerefunded — 0.2%
Arizona Board of Regents, Arizona State University Series 2012A, Rev., 5.00%, 7/1/2022(c)		725		804
Arizona Water Infrastructure Finance Authority, Water Quality Series 2009A, Rev., 5.00%, 10/1/2019(c)		3,935		3,980
City of Phoenix, Civic Improvement Corp., Airport, Junior Lien Series A, Rev., 5.00%, 7/1/2020(c)		3,000		3,113

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
City of Phoenix, Civic Improvement Corp., Water System, Junior Lien Series 2009A, Rev., 5.00%, 7/1/2019(c)		2,000		2,005
County of Pima, Sewer System Series B, Rev., 5.00%, 7/1/2021(c)		1,770		1,899

				11,801

Transportation — 0.0%(b)
Arizona Department of Transportation State Highway Fund Series 2011A, 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		1,183

				1,233

Utility — 0.3%
City of Mesa, Utility System Rev., NATL-RE, 5.00%, 7/1/2020		3,000		3,116
Salt River Project Agricultural Improvement and Power District, Electric System Series 2016A, Rev., 5.00%, 1/1/2036		7,000		8,427
Salt River Project Agricultural Improvement and Power District, Salt River Project Electric System Series A, Rev., 5.00%, 12/1/2028		1,000		1,086

				12,629

Water & Sewer — 0.2%
Arizona Water Infrastructure Finance Authority, Water Quality Series 2014A, Rev., 5.00%, 10/1/2026		5,910		6,977
City of Glendale, Water and Sewer, Senior Lien Rev., 5.00%, 7/1/2028		1,000		1,102
City of Scottsdale, Water and Sewer
Rev., 5.25%, 7/1/2021		1,430		1,540
Rev., 5.25%, 7/1/2023		1,875		2,153

				11,772

Total Arizona				93,154

Arkansas — 0.0%(b)
General Obligation — 0.0%(b)
State of Arkansas, Federal Highway GO, GRAN, 5.00%, 10/1/2025		10		12

California — 10.8%
Certificate of Participation/Lease — 0.3%
Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project Series 1999A, COP, AMBAC, Zero Coupon, 8/1/2025		10,445		9,410
Irvine Ranch Water District COP, 5.00%, 3/1/2032		2,275		2,761
Los Angeles Unified School District, Headquarters Building Projects Series B, COP, 5.00%, 10/1/2030		1,250		1,381

				13,552

Education — 0.6%
California Educational Facilities Authority, Claremont McKenna College
Series 2015A, Rev., 5.00%, 1/1/2028		1,000		1,224
Series 2015A, Rev., 5.00%, 1/1/2029		880		1,077
Series 2015A, Rev., 5.00%, 1/1/2030		1,185		1,448
Series 2015A, Rev., 5.00%, 1/1/2031		2,450		2,985
Series 2015A, Rev., 5.00%, 1/1/2032		2,000		2,431
Series 2015A, Rev., 4.00%, 1/1/2033		3,000		3,383
California Educational Facilities Authority, Pepperdine University Series 2012, Rev., 5.00%, 9/1/2024		315		352
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2026		150		180
Rev., 5.00%, 10/1/2027		150		183
Rev., 5.00%, 10/1/2028		150		185
California State University, Systemwide
Series 2015A, Rev., 5.00%, 11/1/2024		3,225		3,858
Series 2014A, Rev., 5.00%, 11/1/2030		2,285		2,701
Series 2017A, Rev., 5.00%, 11/1/2034		2,875		3,506
University of California, Limited Project Series 2012G, Rev., 5.00%, 5/15/2029		5,615		6,213

				29,726

General Obligation — 4.8%
Arcadia Unified School District GO, 4.00%, 8/1/2038		9,385		10,382
Brentwood Union School District GO, 5.00%, 8/1/2031		20		24

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Cerritos Community College District Series A, GO, 5.00%, 8/1/2029		45		53
City of Alameda GO, 4.00%, 8/1/2033		10		11
Counties of Fresno, Madera, Tulare and Kings, State Center Community College District GO, 5.25%, 8/1/2028		5,450		6,123
Counties of Los Angeles and Orange, Rowland Unified School District, 2012 Election Series A, GO, 5.25%, 8/1/2043		2,750		3,107
County of Orange, Garden Grove Unified School District, 2010 Election Series C, GO, 5.00%, 8/1/2030		1,390		1,591
County of Riverside, Murrieta Valley Unified School District GO, AGM, 5.00%, 9/1/2025		1,400		1,663
County of Sacramento, San Juan Unified School District, Election of 2002
GO, 5.00%, 8/1/2027		1,670		1,914
GO, 5.00%, 8/1/2030		3,540		4,042
GO, 5.00%, 8/1/2031		4,000		4,562
County of San Diego, Grossmont-Cuyamaca Community College District, Election of 2002 Series 2008C, GO, AGC, Zero Coupon, 8/1/2026		19,585		17,110
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		1,876
Series C, GO, Zero Coupon, 8/1/2027		1,000		861
Cupertino Union School District, Election of 2001 Series 2011E, GO, 5.00%, 8/1/2020		20		21
Desert Community College District GO, 5.00%, 8/1/2031		2,250		2,809
Desert Sands Unified School District
GO, 5.00%, 8/1/2025		3,750		4,582
GO, 5.00%, 8/1/2026		1,750		2,133
Desert Sands Unified School District, Election of 2014 GO, 4.00%, 8/1/2038		1,000		1,130
El Monte City School District GO, BAN, Zero Coupon, 4/1/2023		525		495
Long Beach Community College District, Election of 2002, Capital Appreciation
Series D, GO, NATL-RE, Zero Coupon, 5/1/2020		3,265		3,222
Series D, GO, NATL-RE, Zero Coupon, 5/1/2021		4,365		4,241
Series D, GO, NATL-RE, Zero Coupon, 5/1/2022		5,265		5,029
Los Angeles Community College District
Series A, GO, 5.00%, 8/1/2030		9,000		10,598
Series A, GO, 5.00%, 8/1/2031		15,000		17,618
Series A, GO, 4.00%, 8/1/2033		2,300		2,532
Los Angeles Unified School District
Series C, GO, 5.00%, 7/1/2024		11,670		13,723
Series C, GO, 5.00%, 7/1/2025		36,915		43,368
Series C, GO, 5.00%, 7/1/2026		5,505		6,438
Los Angeles Unified School District, Election of 2004 Series I, GO, 5.25%, 7/1/2023		6,120		6,138
Los Angeles Unified School District, Election of 2008
Series M-1, GO, 5.00%, 7/1/2032		2,155		2,673
Series M-1, GO, 5.00%, 7/1/2033		4,380		5,397
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		630
GO, Zero Coupon, 7/1/2035		725		413
GO, Zero Coupon, 7/1/2036		1,150		625
GO, Zero Coupon, 7/1/2037		1,950		1,001
GO, Zero Coupon, 7/1/2041		1,250		529
Pleasanton Unified School District, Election of 2016 GO, 5.00%, 8/1/2027		20		26
San Diego Community College District GO, 5.00%, 8/1/2024		4,890		5,461
San Diego Unified School District, Election of 2012 Series F, GO, 4.00%, 7/1/2033		130		143
San Francisco Bay Area Rapid Transit District, Election of 2004 Series D, GO, 5.00%, 8/1/2030		3,000		3,614
Southwestern Community College District Series A, GO, 4.00%, 8/1/2038		1,000		1,085

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
State of California, Various Purpose
GO, 5.13%, 4/1/2023		5		5
GO, AMBAC, 5.00%, 2/1/2027		565		708
GO, 5.00%, 8/1/2030		24,000		28,444
GO, 4.00%, 9/1/2033		1,340		1,511
Temple City Unified School District GO, NATL-RE, 5.25%, 8/1/2022		6,580		7,142

				236,911

Hospital — 0.4%
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2027		6,250		7,544
California Health Facilities Financing Authority, Kaiser Permanente Series 2017A, Subseries 2017A-2, Rev., 4.00%, 11/1/2038		4,000		4,481
California Health Facilities Financing Authority, Memorial Health Services Series 2012A, Rev., 5.00%, 10/1/2026		1,500		1,679
California Health Facilities Financing Authority, Sutter Health
Series 2011D, Rev., 5.00%, 8/15/2025		2,000		2,161
Series 2016A, Rev., 5.00%, 11/15/2029		1,000		1,205
Series 2016A, Rev., 5.00%, 11/15/2030		500		601
Series 2016A, Rev., 3.25%, 11/15/2036		1,425		1,468
California Municipal Finance Authority, Community Medical Centers
Series 2017A, Rev., 5.00%, 2/1/2028		900		1,081
Series 2017A, Rev., 5.00%, 2/1/2029		1,250		1,486

				21,706

Housing — 0.2%
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032		6,680		7,080
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035		4,555		4,856

				11,936

Other Revenue — 1.1%
California Infrastructure and Economic Development Bank, Independent System Operator Corp. Project Rev., 5.00%, 2/1/2023		15		17
California Infrastructure and Economic Development Bank, Refunding Academy Motion Picture Arts and Sciences
Series 2015A, Rev., 5.00%, 11/1/2024		1,630		1,879
Series 2015A, Rev., 5.00%, 11/1/2026		1,000		1,150
California State Public Works Board, California State University, Various Capital Projects Series C, Rev., 5.00%, 3/1/2032		3,025		3,683
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		2,111
California State Public Works Board, Department of General Services
Series F, Rev., 5.00%, 5/1/2026		3,100		3,710
Series F, Rev., 5.00%, 5/1/2027		5,000		5,944
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		1,419
Series D, Rev., AGM, 5.00%, 4/1/2025		1,560		1,564
Chula Vista Municipal Financing Authority Series 2017, Rev., 5.00%, 5/1/2025		15		18
Golden State Tobacco Securitization Corp., Tobacco Settlement
Series A, Rev., 5.00%, 6/1/2032		4,000		4,743
Series A-1, Rev., 3.50%, 6/1/2036		9,565		9,674
San Francisco Bay Area Rapid Transit District, Sales Tax
Series A, Rev., 5.00%, 7/1/2025		510		622
Series A, Rev., 5.00%, 7/1/2026		475		578

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
San Marcos Public Facilities Authority, CR Rev., Zero Coupon, 9/1/2019(c)		2,850		2,839
Santa Clara County Financing Authority, Multiple Facilities Projects Series 2015P, Rev., 5.00%, 5/15/2029		8,400		10,062

				54,093

Prerefunded — 0.5%
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 8/15/2019(c)		30		30
California State Public Works Board, California State University, Various University Projects Series 2013H, Rev., 5.00%, 9/1/2023(c)		13,405		15,474
Riverside County Transportation Commission, Limited Tax Series 2013A, Rev., 5.25%, 6/1/2023(c)		4,525		5,218
University of California, Limited Project Series G, Rev., 5.00%, 5/15/2022(c)		2,885		3,192

				23,914

Transportation — 0.2%
Los Angeles County, Metropolitan Transportation Authority Series A, Rev., 5.00%, 7/1/2030		4,925		6,184
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		2,702
Rev., 5.00%, 3/1/2032		2,000		2,465
Rev., 5.00%, 3/1/2033		750		920

				12,297

Utility — 1.3%
Long Beach Bond Finance Authority, Natural Gas
Series A, Rev., 5.25%, 11/15/2021		2,500		2,698
Series A, Rev., 5.25%, 11/15/2022		9,545		10,585
Los Angeles Department of Water & Power Power System
Series 2014D, Rev., 5.00%, 7/1/2028		1,250		1,473
Series B, Rev., 5.00%, 7/1/2029		10,000		12,486
Series D, Rev., 5.00%, 7/1/2030		2,710		3,177
Series A, Rev., 5.00%, 7/1/2031		2,055		2,546
Series B, Rev., 5.00%, 7/1/2031		3,400		3,931
Series D, Rev., 5.00%, 7/1/2031		2,500		2,931
Series A, Rev., 5.00%, 7/1/2032		2,550		3,150
Series B, Rev., 5.00%, 7/1/2032		3,075		3,534
Series A, Rev., 5.00%, 7/1/2033		5,000		6,136
Series D, Rev., 5.00%, 7/1/2033		390		457
Series D, Rev., 5.00%, 7/1/2034		4,750		5,562
Series D, Rev., 5.00%, 7/1/2035		250		292
Sacramento Municipal Utility District, Financing Authority, Cosumnes Project Rev., 5.00%, 7/1/2028		1,290		1,566
San Francisco City and County Public Utilities Commission, Water Subseries A, Rev., 5.00%, 11/1/2035		1,500		1,823
San Mateo Joint Powers Financing Authority, Youth Services Campus Series A, Rev., 5.00%, 7/15/2027		25		31

				62,378

Water & Sewer — 1.4%
City of Los Angeles, Wastewater System
Series 2013A, Rev., 5.00%, 6/1/2026		12,500		14,299
Series C, Rev., 5.00%, 6/1/2026		2,000		2,218
City of Santa Rosa, Wastewater, Capital Appreciation Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023		5,000		4,673
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		3,498
Orange County Water District Series A, Rev., 5.00%, 8/15/2034		650		797

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
San Diego County Water Authority
Series A, Rev., 5.00%, 5/1/2029		13,095		14,711
Series 2013A, Rev., 5.00%, 5/1/2030		10,000		11,227
Santa Clara Valley Water District, Water System Series 2017A, Rev., 5.00%, 6/1/2035		3,115		3,755
Santa Margarita/Dana Point Authority, Water District Improvement
Series A, Rev., 5.00%, 8/1/2031		950		1,177
Series A, Rev., 5.00%, 8/1/2032		1,030		1,271
Series A, Rev., 5.00%, 8/1/2033		1,630		2,003

				69,142

Total California				535,655

Colorado — 1.7%
Certificate of Participation/Lease — 0.1%
Adams County, Colorado Refunding and Improvement
COP, 5.00%, 12/1/2031		1,100		1,301
COP, 5.00%, 12/1/2034		500		588
Colorado Department of Transportation Headquarters Facilities COP, 5.00%, 6/15/2041		1,500		1,760
State of Colorado Series 2018N, COP, 5.00%, 3/15/2028		75		94

				3,743

Education — 0.1%
Colorado Educational and Cultural Facilities Authority, University Denver Project Rev., NATL-RE, 5.00%, 3/1/2035		5,055		6,500

General Obligation — 1.2%
Adams & Arapahoe Joint School District 28J Aurora GO, 5.00%, 12/1/2024		50		56
Adams 12 Five Star Schools, The City and County of Broomfield
GO, 5.50%, 12/15/2030		1,400		1,819
GO, 5.50%, 12/15/2032		625		805
Boulder Larimer and Weld Counties St. Vrain Valley School District Re1J Series 2016A, GO, 5.00%, 12/15/2028		5,000		6,042
City and County of Denver, Better Denver and Zoo Series 2009A, GO, 5.25%, 8/1/2020		6,845		6,887
City of Englewood GO, 5.00%, 12/1/2029		15		18
City of Sheridan GO, 5.00%, 12/1/2024		15		18
Dawson Ridge Metropolitan District No.1
Series A, GO, Zero Coupon, 10/1/2022(c)		10,000		9,463
Series B, GO, Zero Coupon, 10/1/2022(c)		1,500		1,416
Jefferson County School District No. R-1
GO, 5.00%, 12/15/2020		18,325		19,313
GO, 5.00%, 12/15/2022		9,500		10,659
Larimer County School District No. R-1 Poudre GO, 5.00%, 12/15/2037		2,450		3,008

				59,504

Hospital — 0.2%
Colorado Health Facilities Authority, SCL Health System Series 2013A, Rev., 5.50%, 1/1/2035		4,500		5,190
Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project Rev., 5.00%, 6/1/2020		15		16
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023(d)		2,535		2,597

				7,803

Prerefunded — 0.1%
Colorado Educational and Cultural Facilities Authority, Independent School, Vail Mountain School Project Rev., 6.13%, 5/1/2020(c)		2,025		2,110
University of Colorado, Enterprise System
Series 2009A, Rev., 5.50%, 6/1/2019(c)		1,480		1,480
Series A, Rev., 5.50%, 6/1/2019(c)		500		500
Series A, Rev., 5.75%, 6/1/2019(c)		750		750
Series 2014A, Rev., 5.00%, 6/1/2024(c)		35		41

				4,881

Transportation — 0.0%(b)
City and County of Denver, Airport System Series 2012A, Rev., AMT, 5.00%, 11/15/2022		25		28

Water & Sewer — 0.0%(b)
City of Aurora, Water Revenue, Green Bonds Rev., 5.00%, 8/1/2024		15		18

Total Colorado				82,477

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Connecticut — 1.1%
Education — 0.1%
Connecticut State Health and Educational Facilities Authority, Connecticut State University System Issue Series N, Rev., 5.00%, 11/1/2025		4,165		4,715
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series A, Rev., 5.25%, 11/15/2022		1,030		1,084

				5,799

General Obligation — 0.8%
State of Connecticut
Series B, GO, AMBAC, 5.25%, 6/1/2020		6,000		6,210
Series 2019A, GO, 5.00%, 4/15/2025		6,925		8,132
Series 2019A, GO, 5.00%, 4/15/2028		4,700		5,816
Series 2019A, GO, 5.00%, 4/15/2030		4,000		5,002
Series 2014A, GO, 4.00%, 3/1/2034		40		42
Series 2019A, GO, 5.00%, 4/15/2034		3,450		4,166
Series 2019A, GO, 5.00%, 4/15/2035		2,900		3,497
Series 2016A, GO, 4.00%, 3/15/2036		60		65
Series 2019A, GO, 5.00%, 4/15/2036		2,300		2,774
Series 2017A, GO, 4.00%, 4/15/2037		460		497
Series 2019A, GO, 4.00%, 4/15/2038		3,625		3,987
The Metropolitan District Series A, GO, 5.00%, 8/1/2019		200		201
Town of East Haven Series 2016B, GO, 4.00%, 8/1/2024		25		27
Town of Trumbull Series B, GO, 5.00%, 9/1/2025		50		61

				40,477

Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
City of Stamford, Water Pollution Control System and Facility
Series 2013A, Rev., 5.50%, 8/15/2023		100		116
Series A, Rev., 5.00%, 8/15/2024		100		114
Series A, Rev., 5.00%, 8/15/2025		350		399
Series 2013A, Rev., 5.00%, 8/15/2026		150		171
Series 2013A, Rev., 5.00%, 8/15/2027		250		285
Series A, Rev., 5.00%, 8/15/2029		300		341

				1,426

Special Tax — 0.1%
State of Connecticut, Special Tax Transportation Infrastructure Purposes
Series 2015A, Rev., 5.00%, 8/1/2026		5,000		5,913
Series 2013A, Rev., 5.00%, 10/1/2029		25		28
Series 2016A, Rev., 5.00%, 9/1/2031		25		30
Series 2015A, Rev., 5.00%, 8/1/2032		15		18

				5,989

Transportation — 0.1%
State of Connecticut, Special Tax Transportation Infrastructure Purposes Series A, Rev., 5.00%, 9/1/2030		2,000		2,295

Total Connecticut				55,986

Delaware — 0.5%
Education — 0.1%
University of Delaware Rev., VRDO, LIQ: TD Bank NA, 1.30%, 6/3/2019(d)		6,540		6,540

General Obligation — 0.4%
State of Delaware
Series B, GO, 5.00%, 7/1/2022		4,000		4,432
Series B, GO, 5.00%, 7/1/2023		3,710		4,238
Series C, GO, 5.00%, 10/1/2025		1,000		1,213
Series 2018A, GO, 5.00%, 2/1/2027		2,160		2,700
Series 2018A, GO, 5.00%, 2/1/2028		2,335		2,978
Series 2018A, GO, 5.00%, 2/1/2029		1,350		1,719

				17,280

Prerefunded — 0.0%(b)
State of Delaware GO, 5.00%, 7/1/2020(c)		211		219

Transportation — 0.0%(b)
Delaware Transportation Authority Rev., 5.00%, 6/1/2021		150		160

Total Delaware				24,199

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
District of Columbia — 1.2%
General Obligation — 0.4%
District of Columbia
Series A, GO, 5.00%, 6/1/2019		45		45
Series D, GO, 5.00%, 6/1/2028		1,500		1,874
Series 2017A, GO, 5.00%, 6/1/2030		1,325		1,623
Series D, GO, 5.00%, 6/1/2030		4,000		4,865
Series A, GO, 5.00%, 6/1/2035		7,175		8,410
Series A, GO, 5.00%, 6/1/2036		4,200		4,922

				21,739

Other Revenue — 0.6%
District of Columbia, Income Tax Series A, Rev., 5.00%, 12/1/2022		5,000		5,175
District of Columbia, Kipp DC Project Series 2017B, Rev., 4.00%, 7/1/2020		105		107
Washington Convention and Sports Authority
Series 2018A, Rev., 5.00%, 10/1/2025		2,000		2,396
Series A, Rev., 5.00%, 10/1/2026		5,000		6,114
Series A, Rev., 5.00%, 10/1/2027		5,000		6,225
Series 2018A, Rev., 5.00%, 10/1/2028		4,535		5,630
Series A, Rev., 5.00%, 10/1/2029		3,150		3,849

				29,496

Transportation — 0.2%
Washington Metropolitan Area Transit Authority Series A-1, Rev., 5.00%, 7/1/2030		5,185		6,354
Washington Metropolitan Area Transit Authority, Gross Transit Bonds Series A-1, Rev., 5.00%, 7/1/2024		2,975		3,483

				9,837

Total District of Columbia				61,072

Florida — 2.3%
Certificate of Participation/Lease — 0.4%
Palm Beach County School District Series C, COP, 5.00%, 8/1/2029		16,000		20,094

Education — 0.2%
Florida State Department of Education
Series 2018A, Rev., 5.00%, 7/1/2024		1,120		1,298
Series A, Rev., 5.00%, 7/1/2025		2,375		2,817
Series A, Rev., 5.00%, 7/1/2026		3,385		4,098
University of Florida Department of Housing and Residence Education System Series 2013A, Rev., 5.00%, 7/1/2019		30		30

				8,243

General Obligation — 0.7%
County of Miami-Dade, Building Better Communities Program
Series A, GO, 5.00%, 7/1/2033		2,835		3,373
Series 2016A, GO, 5.00%, 7/1/2034		5,355		6,347
Florida State Board of Education, Public Education Capital Outlay
Series 2008E, GO, 5.00%, 6/1/2020		4,740		4,906
Series A, GO, 5.00%, 6/1/2023		4,500		4,703
Series D, GO, 5.00%, 6/1/2024		14,600		15,617
Series A, GO, 5.00%, 6/1/2025		1,250		1,306
School District of Broward County GO, 5.00%, 7/1/2019		30		30

				36,282

Hospital — 0.2%
Brevard County Health Facilities Authority, Health First, Inc. Project
Rev., 5.00%, 4/1/2022		1,000		1,091
Rev., 5.00%, 4/1/2024		1,250		1,433
Lee Memorial Health System
Series 2019A-1, Rev., 5.00%, 4/1/2028		3,375		4,168
Series 2019A-1, Rev., 5.00%, 4/1/2029		2,500		3,129

				9,821

Housing — 0.0%(b)
Florida Housing Finance Corp., Homeowner Mortgage, Special Program Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2028		75		75

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		6,602
Florida Department of Environmental Protection Series 2017A, Rev., 5.00%, 7/1/2019		95		95

				6,697

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Other Revenue — 0.1%
City of Jacksonville Series 2016A, Rev., 5.00%, 10/1/2027		100		120
City of Orlando, Capital Improvement Series C, Rev., 5.00%, 10/1/2019		50		51
County of Escambia Rev., 5.00%, 10/1/2025		15		18
County of Miami-Dade, Transit System Sales Surtax Rev., 5.00%, 7/1/2019		30		30
County of Palm Beach Rev., 5.00%, 5/1/2038		1,545		1,839
County of Tallahassee, City of Leon, Blueprint 2000 Intergovernmental Agency Rev., NATL-RE, 5.25%, 10/1/2019		2,060		2,085

				4,143

Prerefunded — 0.4%
Florida State Board of Education, Public Education Capital Outlay Series 2010B, GO, 5.13%, 6/1/2020(c)		150		155
Hillsborough County School Board, Master Lease Program Series 2012A, COP, 5.00%, 7/1/2022(c)		15,705		17,360
JEA Electric System
Series D, Rev., 5.00%, 4/1/2023(c)		10		11
Series A, Rev., 5.00%, 10/1/2023(c)		2,130		2,443

				19,969

Transportation — 0.0%(b)
Orlando-Orange County Expressway Authority Series B, Rev., AGM, 5.00%, 7/1/2019		100		100

Utility — 0.2%
County of Manatee, Public Utilities
Series 2017, Rev., 5.00%, 10/1/2028		535		672
Series 2017, Rev., 5.00%, 10/1/2031		815		1,001
Florida Municipal Power Agency, St. Lucie Project Series A, Rev., 5.00%, 10/1/2020		5,000		5,231
JEA Electric System Series A, Rev., 5.00%, 10/1/2023(c)		1,395		1,599

				8,503

Water & Sewer — 0.0%(b)
City of Tampa, Water and Sewer Improvement System Rev., 5.00%, 10/1/2023		500		541
JEA Water and Sewer System Series D, Rev., 5.00%, 10/1/2019		20		20

				561

Total Florida				114,488

Georgia — 3.4%
Education — 0.4%
Georgia Higher Education Facilities Authority USG Real Estate Foundation II LLC Projects
Rev., 5.00%, 6/15/2023		645		728
Rev., 5.00%, 6/15/2024		575		665
Rev., 5.00%, 6/15/2025		650		769
Rev., 5.00%, 6/15/2026		500		604
Rev., 5.00%, 6/15/2027		500		615
Rev., 5.00%, 6/15/2028		500		625
Rev., 5.00%, 6/15/2029		500		634
Rev., 5.00%, 6/15/2030		500		632
Rev., 5.00%, 6/15/2031		800		990
Rev., 3.00%, 6/15/2032		1,175		1,205
Rev., 5.00%, 6/15/2033		1,660		2,029
Rev., 5.00%, 6/15/2034		1,125		1,371
Rev., 5.00%, 6/15/2035		1,250		1,518
Rev., 4.00%, 6/15/2036		1,000		1,103
Rev., 4.00%, 6/15/2037		1,500		1,649
Rev., 4.00%, 6/15/2039		1,785		1,950
Private Colleges and Universities Authority, Emory University Series A, Rev., 5.00%, 10/1/2043		2,000		2,247

				19,334

General Obligation — 0.5%
Cherokee County Board of Education, School System
GO, 5.00%, 8/1/2031		725		878
GO, 5.00%, 8/1/2032		750		907
GO, 5.00%, 8/1/2033		690		832
Polk School District, Sales Tax Series 2018, GO, 5.00%, 3/1/2025		360		429
State of Georgia
Series C, GO, 5.00%, 7/1/2019		25		25
Series E, GO, 5.00%, 12/1/2023		20		23
Series 2016E, GO, 5.00%, 12/1/2025		6,880		8,376
Series A, GO, 5.00%, 2/1/2027		5,000		6,096
Series A-2, GO, 5.00%, 2/1/2029		5,020		6,228

				23,794

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Hospital — 0.0%(b)
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project Rev., 5.00%, 2/15/2028		115		139

Industrial Development Revenue/Pollution Control Revenue — 0.1%
Monroe County Development Authority, Gulf Power Co. Plant Scherer Project Rev., 2.00%, 6/25/2020(d)		6,000		6,029

Prerefunded — 0.1%
Barrow County School District GO, 5.00%, 2/1/2021(c)		555		587
Camden County Public Service Authority, City of St. Mary’s Project Rev., 5.00%, 12/1/2020(c)		3,965		4,173

				4,760

Transportation — 0.2%
City of Atlanta, Airport Series 2011A, Rev., 5.00%, 1/1/2020		9,500		9,695
Georgia State Road and Tollway Authority, Federal Highway Series 2017B, Rev., 5.00%, 6/1/2019		140		140

				9,835

Utility — 1.0%
Main Street Natural Gas, Inc., Gas Project Series A, Rev., 5.50%, 9/15/2021		1,475		1,585
Main Street Natural Gas, Inc., Gas Supply
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023(d)		12,000		12,995
Series 2019B, Rev., 4.00%, 12/2/2024(d)		34,400		38,020

				52,600

Water & Sewer — 1.1%
City of Atlanta, Water and Wastewater
Rev., 5.00%, 11/1/2029		2,110		2,503
Rev., 5.00%, 11/1/2030		4,250		5,030
City of Columbus, Georgia Water and Sewerage
Series 2012A, Rev., 5.00%, 5/1/2022		2,000		2,203
Series 2014A, Rev., 5.00%, 5/1/2027		445		517
Series 2014A, Rev., 5.00%, 5/1/2028		595		691
Rev., 5.00%, 5/1/2031		280		336
Rev., 5.00%, 5/1/2034		350		417
Rev., 5.00%, 5/1/2035		350		417
County of Cobb, Water and Sewerage Improvement Rev., 5.00%, 7/1/2021		6,565		6,583
County of DeKalb, Water and Sewerage
Series B, Rev., 5.25%, 10/1/2022		4,810		5,405
Series B, Rev., 5.25%, 10/1/2023		8,660		10,037
Series B, Rev., 5.25%, 10/1/2026		5,500		6,894
County of Fulton, Water and Sewerage Rev., 5.00%, 1/1/2022		7,000		7,397
County of Henry, Water and Sewerage Authority Rev., AGM-CR, BHAC-CR, NATL-RE, 5.25%, 2/1/2028		5,000		6,448

				54,878

Total Georgia				171,369

Hawaii — 1.0%
General Obligation — 0.7%
City and County of Honolulu
Series 2011A, GO, 4.00%, 8/1/2019		25		25
Series 2017D, GO, 5.00%, 9/1/2023		20		23
Series C, GO, 5.00%, 10/1/2025		3,000		3,622
Series B, GO, 5.00%, 10/1/2027		8,695		10,435
Series C, GO, 5.00%, 10/1/2027		3,000		3,600
State of Hawaii
Series DR, GO, 5.00%, 6/1/2019		40		40
Series FE, GO, 5.00%, 10/1/2027		1,315		1,622
Series FG, GO, 5.00%, 10/1/2028		2,500		3,067
Series EH, GO, 5.00%, 8/1/2029		6,000		6,826
Series FW, GO, 5.00%, 1/1/2032		5,000		6,306

				35,566

Prerefunded — 0.2%
State of Hawaii Department of Budget and Finance, 15 Craigside Project Series 2009A, Rev., 9.00%, 11/15/2019(c)		6,200		6,407

Transportation — 0.1%
State of Hawaii, Highway Fund Rev., 5.00%, 1/1/2020		5,915		5,930

Total Hawaii				47,903

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Idaho — 0.2%
Other Revenue — 0.0%(b)
Idaho Bond Bank Authority Series A, Rev., 5.00%, 9/15/2019		100		101

Transportation — 0.2%
Idaho Housing and Finance Association, Federal Highway Trust
Series A, Rev., GRAN, 5.00%, 7/15/2025		2,550		3,031
Series A, Rev., GRAN, 5.00%, 7/15/2026		4,800		5,819

				8,850

Total Idaho				8,951

Illinois — 2.7%
Education — 0.0%(b)
Illinois Finance Authority, University of Chicago Series A, Rev., 5.00%, 10/1/2029		1,750		1,880

General Obligation — 0.3%
Champaign County Community Unit School District No. 4 Champaign, School Building GO, 5.00%, 1/1/2031		305		358
City of Aurora Series 2015-C, GO, 3.00%, 12/30/2022		100		104
City of Country Club Hills GO, 4.00%, 12/1/2021		40		42
City of Decatur
Series 2014, GO, 4.00%, 3/1/2020		70		71
GO, AGM, 5.00%, 3/1/2028		15		17
Cook County Community College District No. 527 Morton GO, 4.00%, 12/15/2019		20		20
Cook County High School District No. 204, Lyons Township GO, 5.00%, 12/15/2019		20		20
Cook County Township High School District No. 227 Rich Township GO, 4.00%, 12/1/2019		35		35
County of Cook, School District No. 122 GO, AGM-CR, NATL-RE, Zero Coupon, 12/1/2021(c)		5,000		4,821
County of Cook, Township High School District No. 205 Series 2016A, GO, 5.00%, 12/1/2024		15		18
County of DuPage, Courthouse Project
GO, 5.00%, 1/1/2028		255		305
GO, 5.00%, 1/1/2029		730		872
Kane County Community Unit School District No. 101 GO, 5.00%, 1/1/2020		20		20
Kane County Community Unit School District No. 304 Geneva GO, 5.00%, 1/1/2029		20		24
Kane, Cook and DuPage Counties School District No. 46, Elgin Series 2015D, GO, 5.00%, 1/1/2034		1,700		1,883
Lake County Community College District No. 532 Series A, GO, 4.00%, 6/1/2019		60		60
State of Illinois
GO, 5.00%, 2/1/2020		50		51
GO, 5.00%, 5/1/2022		50		54
Series 2018A, GO, 5.00%, 10/1/2022		180		196
GO, 5.00%, 3/1/2023		10		11
GO, 5.00%, 5/1/2023		120		132
Series 2018A, GO, 4.00%, 5/1/2024		50		54
GO, 5.00%, 3/1/2025		80		85
GO, 5.00%, 6/1/2027		25		28
Series 2016, GO, 5.00%, 1/1/2028		150		169
Series 2012, GO, 4.13%, 3/1/2028		30		31
Series 2014, GO, 4.50%, 2/1/2029		450		477
Series A, GO, 5.00%, 5/1/2030		35		40
GO, 4.13%, 11/1/2031		40		42
Village of Bolingbrook Series 2014A, GO, AGM, 5.00%, 1/1/2032		150		169
Village of Bolingbrook, Capital Appreciation Series C, GO, NATL-RE, Zero Coupon, 1/1/2023		2,195		2,027
Village of Schaumburg Series A, GO, 4.00%, 12/1/2019		20		20
Will County, Community Unit School District No. 365-U
GO, 4.00%, 1/1/2030		975		1,072
GO, 4.00%, 1/1/2033		1,000		1,082
GO, 3.00%, 7/1/2036		1,700		1,676

				16,086

Hospital — 0.0%(b)
Illinois Finance Authority, Healthcare Enterprises, Inc.
Series C, Rev., 5.00%, 3/1/2024		100		114
Series C, Rev., 5.00%, 3/1/2025		500		579
Illinois Finance Authority, Riverside Health System Rev., 4.00%, 11/15/2030		25		28
Illinois Finance Authority, Rush University Medical Center Obligated Group Series 2015A, Rev., 5.00%, 11/15/2024		1,000		1,165

				1,886

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Other Revenue — 1.8%
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 2014A, Rev., 5.00%, 6/1/2022		1,000		1,088
County of Cook Rev., 5.00%, 11/15/2031		3,600		4,296
Sales Tax Securitization Corp.
Series C, Rev., 5.50%, 1/1/2030		18,250		22,903
Series C, Rev., 5.50%, 1/1/2031		26,360		32,659
Series C, Rev., 5.25%, 1/1/2034		22,520		26,799
State of Illinois Series D, Rev., 5.00%, 6/15/2024		40		45
State of Illinois, Sales Tax, Junior Obligation
Rev., 5.00%, 6/15/2019		50		50
Rev., 5.00%, 6/15/2020		100		103
Rev., 5.00%, 6/15/2023		40		44

				88,290

Prerefunded — 0.0%(b)
State of Illinois, Build Illinois Series 2009A, Rev., 4.25%, 6/15/2019(c)		30		30

Special Tax — 0.1%
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		693
Rev., AGM, 4.00%, 3/1/2027		375		423
Rev., AGM, 4.00%, 3/1/2028		1,000		1,116

				2,232

Transportation — 0.1%
Illinois State Toll Highway Authority Series A, Rev., 5.00%, 12/1/2022		3,010		3,346

Utility — 0.3%
City of Springfield, Senior Lien Electric
Rev., 5.00%, 3/1/2027		4,500		5,212
Rev., 5.00%, 3/1/2028		4,000		4,626
Rev., AGM, 3.50%, 3/1/2030		3,500		3,682

				13,520

Water & Sewer — 0.1%
City of Chicago, 2nd Lien Water, Project
Rev., 5.00%, 11/1/2021		1,500		1,611
Rev., 5.00%, 11/1/2027		1,000		1,130
Rev., 5.00%, 11/1/2030		500		563
City of Chicago, 2nd Lien, Water Project Rev., 5.00%, 11/1/2022		600		660
City of Chicago, Wastewater Transmission Rev., 5.00%, 1/1/2022		700		753

				4,717

Total Illinois				131,987

Indiana — 1.3%
Education — 0.3%
Brownsburg 1999 School Building Corp., First Mortgage Rev., 5.00%, 1/15/2028		10		12
Indiana Bond Bank, Special Program, Columbus Learning Center Project Series 2012C, Rev., 5.00%, 8/1/2022		20		22
Indiana Finance Authority, Educational Facilities, Valparaiso University
Rev., 5.00%, 10/1/2024		1,000		1,152
Rev., 5.00%, 10/1/2025		675		794
Indiana University
Series A, Rev., 5.00%, 6/1/2028		2,000		2,204
Series A, Rev., 5.00%, 6/1/2032		1,000		1,100
Michigan City School Building Corp. Series 2016A, Rev., 5.00%, 1/15/2025		4,925		5,690
Plainfield Community High School Building Corp.
Rev., 5.00%, 1/15/2022		285		310
Rev., 5.00%, 7/15/2023		750		850
Rev., 5.00%, 7/15/2024		1,255		1,460
Purdue University, Student Fee Series DD, Rev., 5.00%, 7/1/2026		1,000		1,232

				14,826

General Obligation — 0.0%(b)
Pike Township Metropolitan School District GO, 2.00%, 1/15/2020		25		25

Hospital — 0.0%(b)
Indiana Finance Authority, Franciscan Alliance, Inc. Obligated Group Series 2016B, Rev., 5.00%, 11/1/2026		10		12

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Other Revenue — 0.5%
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project
Rev., 5.00%, 8/1/2024		1,150		1,317
Rev., 5.00%, 2/1/2025		500		573
Indiana Finance Authority, State Revolving Fund Program Series C, Rev., 5.00%, 2/1/2021		18,805		19,250
Indiana Finance Authority, State Revolving Fund Program, Green Bonds Series A, Rev., 5.00%, 2/1/2027		1,000		1,181
Indianapolis Local Public Improvement Bond Bank Series B, Rev., 6.00%, 1/10/2020		275		282

				22,603

Prerefunded — 0.2%
Indiana Finance Authority, State Revolving Fund Program
Series 2011A, Rev., 5.00%, 2/1/2022(c)		5,205		5,686
Series C, Rev., 5.00%, 2/1/2023(c)		3,000		3,373

				9,059

Utility — 0.3%
City of Rockport, Indiana Michigan Power Company Project Series A, Rev., 3.05%, 6/1/2025		11,600		11,959
Indianapolis Local Public Improvement Bond Bank, Stormwater Project
Series D, Rev., 5.00%, 1/1/2021		725		765
Series 2013D, Rev., 5.00%, 1/1/2024		1,245		1,395

				14,119

Water & Sewer — 0.0%(b)
City of Evansville, Waterworks District
Series 2014B, Rev., 5.00%, 1/1/2022		325		352
Series 2014B, Rev., 5.00%, 1/1/2023		375		406
Indiana State Finance Authority, Wastewater Utility, First Lien Series 2011A, Rev., 5.25%, 10/1/2031		1,000		1,080

				1,838

Total Indiana				62,482

Iowa — 0.5%
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 Series 2016A, GO, 5.00%, 6/1/2019		20		20
City of Cedar Rapids Series 2015A, GO, 5.00%, 6/1/2019		20		20
City of Des Moines
Series 2013B, GO, 4.00%, 6/1/2019		30		30
Series 2015A, GO, 5.00%, 6/1/2019		85		85
County of Linn Series 2019B, GO, 3.00%, 6/1/2020		15		15
County of Linn, Land and Water Legacy Series 2019A, GO, 3.00%, 6/1/2020		100		102
Davenport Iowa Corp. Series 2014A, GO, 5.00%, 6/1/2019		25		25
Waukee Community School District Series A, GO, 5.00%, 6/1/2019		20		20

				317

Hospital — 0.0%(b)
City of Ames, Mary Greeley Medical Center Rev., 5.00%, 6/15/2019		90		90

Other Revenue — 0.0%(b)
State of Iowa, Vision Iowa Special Fund Rev., NATL-RE, 5.50%, 2/15/2020		500		514

Prerefunded — 0.5%
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		19,701
Iowa Finance Authority, State Revolving Fund, Green Bonds Series 2016, Rev., 5.00%, 8/1/2026(c)		5,220		6,405

				26,126

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Water & Sewer — 0.0%(b)
Des Moines Metropolitan Wastewater Reclamation Authority, Sewer Series B, Rev., 3.00%, 6/1/2019		25		25

Total Iowa				27,097

Kansas — 0.8%
General Obligation — 0.1%
Butler County, Unified School District No. 385 Andover, School Building GO, 5.00%, 9/1/2034		790		952
Johnson & Miami Counties Unified School District No. 230 Spring Hills Series 2018-A, GO, 4.00%, 9/1/2033		2,965		3,308
Wyandotte County Unified School District No. 203 Series A, GO, 5.00%, 9/1/2041		1,000		1,210

				5,470

Transportation — 0.7%
Kansas State Department Transportation Highway
Series 2009A, Rev., 5.00%, 9/1/2020		7,000		7,305
Series 2015B, Rev., 5.00%, 9/1/2029		5,140		6,152
Series B, Rev., 5.00%, 9/1/2030		8,000		9,551
Series B, Rev., 5.00%, 9/1/2035		4,625		5,467
Kansas Turnpike Authority
Series A, Rev., 5.00%, 9/1/2021		2,000		2,086
Series A, Rev., 5.00%, 9/1/2022		3,800		3,962

				34,523

Total Kansas				39,993

Kentucky — 0.7%
Hospital — 0.1%
Kentucky Economic Development Finance Authority, Owensboro Health, Inc.
Series 2017A, Rev., AGM, 4.00%, 6/1/2037		1,750		1,854
Series A, Rev., 5.00%, 6/1/2037		2,795		3,097

				4,951

Industrial Development Revenue/Pollution Control Revenue — 0.1%
Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series B, Rev., 5.00%, 8/15/2028		2,885		3,436
Kentucky Turnpike Authority, Economic Development Road, Revitalization Projects Series B, Rev., 4.00%, 7/1/2019		30		30

				3,466

Other Revenue — 0.0%(b)
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		1,072
Rev., NATL-RE, 5.00%, 8/1/2022		1,175		1,293

				3,367

Prerefunded — 0.1%
Kentucky Turnpike Authority, Economic Development Road, Revitalization Projects
Series A, Rev., 5.00%, 7/1/2019(c)		50		50
Series A, Rev., 5.00%, 7/1/2021(c)		5,145		5,514

				5,564

Utility — 0.4%
Kentucky Public Energy Authority, Gas Supply Series A, Rev., 4.00%, 4/1/2024(d)		17,750		19,218

Total Kentucky				36,566

Louisiana — 1.5%
Education — 0.0%(b)
Louisiana Public Facilities Authority, Tulane University Project Series 2016A, Rev., 5.00%, 12/15/2027		160		194
Louisiana State University, Agricultural and Mechanical College, Auxiliary Facilities System Rev., 3.75%, 7/1/2036		75		79

				273

General Obligation — 0.4%
State of Louisiana
Series 2012A, GO, 5.00%, 8/1/2020		25		26
Series 2012C, GO, 5.00%, 7/15/2022		15		16
Series 2019A, GO, 5.00%, 3/1/2035		13,000		15,991
Series 2019A, GO, 5.00%, 3/1/2038		3,470		4,235

				20,268

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Housing — 0.4%
East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program Series 2009A-2, Rev., GNMA/FNMA/FHLMC, 5.25%, 10/1/2039		23		23
Louisiana Housing Finance Agency, Single Family Mortgage, Homeownership Program Series A, Rev., GNMA/FNMA/FHLMC, 5.13%, 6/1/2041		70		70
Louisiana Public Facilities Authority, Multi-Family Housing Series 1990A, Rev., Zero Coupon, 2/1/2020(c)		18,150		17,950

				18,043

Other Revenue — 0.5%
Louisiana Public Facilities Authority Series B, Rev., Zero Coupon, 12/1/2019(c)		18,000		17,856
Parish of East Baton Rouge, Road and Street Improvement Sales Tax
Rev., AGC, 5.00%, 8/1/2020		4,270		4,293
Rev., AGC, 5.00%, 8/1/2021		2,125		2,136

				24,285

Prerefunded — 0.0%(b)
Parish of East Baton Rouge, Road and Street Improvement Sales Tax
Rev., AGC, 5.00%, 8/1/2019(c)		2,000		2,011
Rev., AGC, 5.13%, 8/1/2019(c)		25		25

				2,036

Utility — 0.0%(b)
City of Alexandria, Utilities Series 2013A, Rev., 5.00%, 5/1/2043		1,400		1,538

Water & Sewer — 0.2%
City of Shreveport, Water and Sewer, Junior Lien
Series 2018C, Rev., 5.00%, 12/1/2023		370		422
Series C, Rev., 5.00%, 12/1/2024		510		596
Series 2018C, Rev., 5.00%, 12/1/2025		835		997
Series 2018C, Rev., 5.00%, 12/1/2026		500		608
Series 2018C, Rev., 5.00%, 12/1/2028		400		503
Series 2019B, Rev., AGM, 5.00%, 12/1/2029		300		377
Series C, Rev., 5.00%, 12/1/2029		1,500		1,885
Series 2019B, Rev., AGM, 5.00%, 12/1/2030		500		618
Series 2016B, Rev., 5.00%, 12/1/2031		75		89
Series 2019B, Rev., AGM, 5.00%, 12/1/2031		500		614
Series 2019B, Rev., AGM, 5.00%, 12/1/2032		445		544
Series 2019B, Rev., AGM, 4.00%, 12/1/2033		325		364

				7,617

Total Louisiana				74,060

Maine — 0.0%(b)
Other Revenue — 0.0%(b)
Maine Municipal Bond Bank
Series C, Rev., 5.00%, 11/1/2029		625		772
Series C, Rev., 5.00%, 11/1/2034		760		921

				1,693

Transportation — 0.0%(b)
Maine Municipal Bond Bank, Transcap Program Series 2015A, Rev., 5.00%, 9/1/2024		70		82

Total Maine				1,775

Maryland — 5.2%
Certificate of Participation/Lease — 0.2%
Baltimore County, Equipment Acquisition Program Series 2019, COP, 5.00%, 3/1/2027		9,585		11,907

Education — 0.1%
Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue
Rev., 4.00%, 7/1/2035		1,000		1,072
Rev., 4.00%, 7/1/2036		1,000		1,067

				2,139

General Obligation — 4.1%
Baltimore County, Consolidated Public Improvement
GO, 5.00%, 8/1/2026		1,400		1,682
GO, 5.00%, 3/1/2028		4,930		6,267
GO, 5.00%, 3/1/2029		5,540		7,024
GO, 5.00%, 3/1/2030		6,335		7,893
Baltimore County, Metropolitan District
GO, 5.00%, 3/1/2027		4,830		6,021
GO, 5.00%, 3/1/2029		5,500		6,973
GO, 5.00%, 3/1/2030		5,665		7,058
GO, 5.00%, 3/1/2031		6,125		7,596
City of Baltimore, Consolidated Public Improvement Series 2017B, GO, 5.00%, 10/15/2027		2,000		2,525

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
County of Anne Arundel, General Improvements
GO, 5.00%, 4/1/2025		3,000		3,578
GO, 5.00%, 4/1/2026		4,300		5,124
GO, 5.00%, 10/1/2026		6,385		7,887
GO, 5.00%, 10/1/2027		6,000		7,571
GO, 5.00%, 10/1/2034		3,375		4,081
GO, 5.00%, 10/1/2035		2,395		2,890
GO, 5.00%, 10/1/2037		3,570		4,306
County of Anne Arundel, Water and Sewer
GO, 5.00%, 10/1/2026		2,260		2,792
GO, 5.00%, 10/1/2027		2,260		2,852
GO, 5.00%, 10/1/2034		1,875		2,267
GO, 5.00%, 10/1/2035		1,925		2,323
County of Charles, Public Improvement GO, 5.00%, 10/1/2025		2,995		3,619
County of Howard, Consolidated Public Improvement
Series 2018A, GO, 5.00%, 2/15/2027		5,465		6,821
Series A, GO, 5.00%, 2/15/2029		6,605		8,389
Series D, GO, 5.00%, 2/15/2030		4,930		6,154
County of Prince George’s, Public Improvement Series 2018A, GO, 5.00%, 7/15/2029		10		13
Montgomery County, Consolidated Public Improvement
Series 2017C, GO, 5.00%, 10/1/2026		5,000		6,199
Series A, GO, 5.00%, 11/1/2026		4,150		5,155
State of Maryland, State and Local Facilities Loan of 2010 Series B, GO, 5.00%, 3/1/2021		5,000		5,131
State of Maryland, State and Local Facilities Loan of 2017
Series B, GO, 5.00%, 8/1/2024		3,120		3,666
Series A, GO, 5.00%, 3/15/2028		5,280		6,590
Series A, GO, 4.00%, 3/15/2030		27,225		31,335
Series A, GO, 5.00%, 3/15/2031		1,920		2,355
State of Maryland, State and Local Facilities Loan of 2018
Series 2018A, GO, 5.00%, 3/15/2026		10,015		12,243
Series A, GO, 5.00%, 3/15/2029		4,220		5,372

				201,752

Other Revenue — 0.3%
City of Baltimore, Wastewater Projects Series 2017A, Rev., 5.00%, 7/1/2041		13,845		16,411

Prerefunded — 0.1%
State of Maryland, State and Local Facilities Loan of 2015
Series A, GO, 5.00%, 3/1/2023(c)		4,625		5,219
Series 2015A, GO, 5.00%, 8/1/2023(c)		500		571

				5,790

Transportation — 0.4%
State of Maryland Department of Transportation
Rev., 5.00%, 10/1/2025		14,645		17,776
Rev., 5.00%, 10/1/2027		2,000		2,478

				20,254

Total Maryland				258,253

Massachusetts — 4.2%
Education — 0.2%
Massachusetts Development Finance Agency, Suffolk University
Rev., 5.00%, 7/1/2029		440		546
Rev., 5.00%, 7/1/2030		720		891
Rev., 5.00%, 7/1/2031		620		752
Rev., 5.00%, 7/1/2032		770		927
Rev., 5.00%, 7/1/2033		800		958
Rev., 5.00%, 7/1/2034		550		657
Massachusetts Health and Educational Facilities Authority, Institute of Technology Series M, Rev., 5.25%, 7/1/2025		4,070		4,982

				9,713

General Obligation — 1.8%
Commonwealth of Massachusetts
Series 2015D, GO, 4.00%, 9/1/2029		9,460		10,626
Series A, GO, 5.00%, 3/1/2032		1,000		1,154
Series A, GO, 5.00%, 7/1/2036		3,535		4,140
Commonwealth of Massachusetts, Consolidated Loan of 2004 Series B, GO, 5.25%, 8/1/2023		10,000		11,536
Commonwealth of Massachusetts, Consolidated Loan of 2006 Series E, GO, AMBAC, 5.00%, 11/1/2025		5,000		6,060

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039		13,125		14,319
Commonwealth of Massachusetts, Consolidated Loan of 2017
Series A, GO, 5.00%, 4/1/2032		9,145		11,098
Series 2017A, GO, 5.00%, 4/1/2033		10,000		12,086
Commonwealth of Massachusetts, Consolidated Loan of 2018 Series B, GO, 5.00%, 1/1/2027		10,000		12,417
Massachusetts State Construction Series A, GO, 5.00%, 3/1/2031		2,250		2,599

				86,035

Hospital — 0.0%(b)
Massachusetts Development Finance Agency, Covenant Health Systems Obligated Group Issue Rev., 4.00%, 7/1/2020		15		15

Other Revenue — 0.2%
Massachusetts School Building Authority, Sales Tax Series B, Rev., 5.00%, 8/15/2028		10,000		11,105

Prerefunded — 1.2%
Commonwealth of Massachusetts, Consolidated Loan of 2011 Series D, GO, 5.00%, 10/1/2021(c)		11,890		12,860
Commonwealth of Massachusetts, Consolidated Loan of 2014 Series F, GO, 5.00%, 11/1/2022(c)		42,950		48,041

				60,901

Transportation — 0.7%
Massachusetts Bay Transportation Authority
Series A, Rev., 5.25%, 7/1/2025		2,250		2,750
Series A, Rev., 5.25%, 7/1/2027		10,530		13,482
Series A, Rev., 5.25%, 7/1/2029		5,000		6,609
Series A, Rev., 5.00%, 7/1/2031		1,255		1,657
Series A-1, Rev., 5.25%, 7/1/2033		5,000		6,835
Massachusetts Transportation Trust Fund Metropolitan Highway System Series A, Rev., 5.00%, 1/1/2028		3,765		4,768

				36,101

Water & Sewer — 0.1%
Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2024		3,110		3,708

Total Massachusetts				207,578

Michigan — 0.9%
Education — 0.1%
Michigan Strategic Fund Rev., 5.00%, 3/1/2025		315		372
Regents of the University of Michigan
Rev., 5.00%, 4/1/2031		15		18
Rev., 5.00%, 4/1/2033		2,190		2,635

				3,025

General Obligation — 0.4%
Bath Community Schools Series 2016, GO, Q-SBLF, 4.00%, 5/1/2025		100		112
City of Troy, Limited Tax GO, 5.25%, 11/1/2029		1,005		1,093
Counties of Oakland and Livingston, Huron Valley School District GO, Q-SBLF, 5.00%, 5/1/2023		4,900		5,217
County of Genesee, Water Supply System GO, 5.00%, 2/1/2024		90		104
Grand Rapids Community College GO, 5.00%, 5/1/2023		1,305		1,429
Grand Rapids Public Schools
Series 2019, GO, AGM, 5.00%, 11/1/2030		1,350		1,710
Series 2019, GO, AGM, 5.00%, 11/1/2032		1,500		1,855
Series 2019, GO, AGM, 5.00%, 11/1/2034		1,000		1,227
Series 2019, GO, AGM, 5.00%, 11/1/2035		1,500		1,835
Lakeview School District, School Building GO, Q-SBLF, 5.00%, 5/1/2022		90		99
Lansing Community College, Building and Site
GO, 5.00%, 5/1/2030		700		859
GO, 5.00%, 5/1/2032		635		774
Lapeer Community Schools Series 2016, GO, Q-SBLF, 5.00%, 5/1/2024		15		17
Lawrence Public Schools Series 2015, GO, Q-SBLF, 4.00%, 5/1/2026		30		33
State of Michigan Series A, GO, 5.00%, 12/1/2028		4,300		5,048

				21,412

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Hospital — 0.0%(b)
Michigan Finance Authority, Henry Ford Health System Rev., 5.00%, 11/15/2023		510		582
Michigan Finance Authority, Trinity Health Group Rev., 5.00%, 12/1/2031		1,000		1,082

				1,664

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		1,276

Prerefunded — 0.0%(b)
Hudsonville Public Schools, School Building and Site GO, Q-SBLF, 5.25%, 5/1/2021(c)		1,250		1,338

Transportation — 0.1%
State of Michigan, Trunk Line Fund
Rev., 5.00%, 11/15/2025		1,150		1,247
Rev., 5.00%, 11/15/2026		610		661
Rev., 5.00%, 11/15/2027		1,035		1,122
Rev., 5.00%, 11/15/2030		2,185		2,365

				5,395

Utility — 0.1%
Lansing Board of Water and Light, Utility Systems
Series A, Rev., 5.00%, 7/1/2026		1,000		1,072
Series A, Rev., 5.50%, 7/1/2041		1,000		1,071

				2,143

Water & Sewer — 0.2%
City of Grand Rapids, Sanitary Sewer System Series A, Rev., AGM-CR, BHAC-CR, FGIC, 5.50%, 1/1/2022		3,195		3,401
Rev., 5.00%, 1/1/2023		1,670		1,871
Rev., 5.00%, 1/1/2025		1,000		1,119
Rev., 5.00%, 1/1/2027		400		482
Rev., 5.00%, 1/1/2028		325		388
Rev., 5.00%, 1/1/2029		350		417
Rev., 5.00%, 1/1/2032		750		886
Rev., 5.00%, 1/1/2033		1,400		1,649
Lansing Board of Water and Light, Utility Systems Series A, Rev., 4.00%, 7/1/2019		20		20

				10,233

Total Michigan				46,486

Minnesota — 1.5%
Certificate of Participation/Lease — 0.0%(b)
Duluth Independent School District No. 709
Series 2019B, COP, 5.00%, 2/1/2023		190		210
Series 2019B, COP, 5.00%, 2/1/2024		215		243
Series 2019B, COP, 5.00%, 2/1/2025		190		219
Series 2019B, COP, 5.00%, 2/1/2026		200		234
Series 2019B, COP, 5.00%, 2/1/2027		185		220
Series 2019B, COP, 5.00%, 2/1/2028		175		211

				1,337

Education — 0.0%(b)
Minnesota Higher Education Facilities Authority, Carleton College
Rev., 4.00%, 3/1/2020		190		194
Rev., 5.00%, 3/1/2027		725		902

				1,096

General Obligation — 0.4%
Circle Pines Independent School District No. 12
Series 2015A, GO, Zero Coupon, 2/1/2022		650		622
Series 2015A, GO, Zero Coupon, 2/1/2023		800		751
City of Brainerd Series 2016A, GO, 5.00%, 10/1/2024		10		12
City of Brooklyn Park Series 2018A, GO, 5.00%, 2/1/2026		1,005		1,225
City of East Bethel, Anoka County Series 2015A, GO, 4.00%, 2/1/2020		50		51
City of Marshall Series B, GO, 5.00%, 2/1/2023		1,170		1,315
City of Savage Series 2019A, GO, 4.00%, 2/1/2029		25		29
Clearbrook-Gonvick Independent School District No. 2311 Series 2019A, GO, 5.00%, 2/1/2024		120		138
Farmington Independent School District No. 192 Series A, GO, 5.00%, 2/1/2025		3,070		3,541

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Itasca County Independent School District No. 318, School Building, Minnesota School District Credit Enhancement Program Series 2018A, GO, 5.00%, 2/1/2030		1,500		1,828
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 2018B, GO, 5.00%, 2/1/2025		2,160		2,565
Series A, GO, 5.00%, 2/1/2025		2,965		3,521
State of Minnesota, Trunk Highway Series B, GO, 5.00%, 8/1/2021		25		27
State of Minnesota, Various Purpose GO, 5.00%, 8/1/2020(c)		175		182
Series 2015A, GO, 5.00%, 8/1/2024		2,000		2,351

				18,200

Hospital — 1.1%
City of Minneapolis, Health Care System, Fairview Health Services
Series A, Rev., 4.00%, 11/15/2037		6,230		6,825
Series A, Rev., 4.00%, 11/15/2038		750		818
Series 2018A, Rev., 4.00%, 11/15/2048		2,000		2,155
Series A, Rev., 5.00%, 11/15/2049		1,000		1,187
City of Rochester, Health Care Facilities, Mayo Clinic Rev., VRDO, 1.36%, 6/13/2019(d)		41,590		41,590

				52,575

Total Minnesota				73,208

Mississippi — 1.5%
General Obligation — 0.9%
City of Tupelo
Series 2019, GO, 4.00%, 12/1/2024		165		185
Series 2019, GO, 4.00%, 12/1/2025		150		171
Series 2019, GO, 4.00%, 12/1/2027		475		556
Series 2019, GO, 4.00%, 12/1/2030		545		627
Oxford School District GO, 4.00%, 5/1/2022		10		11
State of Mississippi
Series A, GO, 5.00%, 11/1/2030		1,250		1,515
Series A, GO, 5.00%, 11/1/2031		2,750		3,323
Series A, GO, 5.00%, 11/1/2034		7,595		9,107
Series A, GO, 4.00%, 11/1/2036		5,000		5,536
Series A, GO, 4.00%, 11/1/2038		21,155		23,270

				44,301

Industrial Development Revenue/Pollution Control Revenue — 0.5%
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project
Series B, Rev., VRDO, 1.50%, 6/3/2019(d)		5,000		5,000
Series C, Rev., VRDO, 1.55%, 6/3/2019(d)		7,000		7,000
Series D, Rev., VRDO, 1.61%, 6/3/2019(d)		15,150		15,150

				27,150

Other Revenue — 0.1%
State of Mississippi
Series 2019A, Rev., 5.00%, 10/15/2025		1,000		1,194
Series 2019A, Rev., 5.00%, 10/15/2026		1,500		1,825

				3,019

Total Mississippi				74,470

Missouri — 1.8%
Education — 0.0%(b)
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects
Series 2019A, Rev., 5.00%, 2/1/2029		550		623
Series 2019A, Rev., 5.00%, 2/1/2042		1,000		1,096

				1,719

General Obligation — 0.1%
City of Kansas, Improvement and Refunding Series A, GO, 5.00%, 2/1/2023		620		656
Columbia School District Series 2019, GO, 4.00%, 3/1/2030		1,595		1,814

				2,470

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Hospital — 0.0%(b)
Health and Educational Facilities Authority of the State of Missouri, City Art Institute Rev., 5.00%, 9/1/2030		210		252

Housing — 0.0%(b)
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program Series 2009 E-1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2027		65		66

Industrial Development Revenue/Pollution Control Revenue — 0.1%
Missouri State Environmental Improvement and Energy Resources Authority, State Revolving Funds Program
Series 2010B, Rev., 5.00%, 7/1/2022		3,645		3,845
Series B, Rev., 5.00%, 7/1/2024		660		696
Series 2010B, 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, Water Pollution Control and Drinking Water Series 2010A, Rev., 5.00%, 1/1/2020(c)		10		10

				4,805

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		5,346

Transportation — 1.0%
Missouri Highways and Transportation Commission, First Lien Series A, Rev., 5.00%, 5/1/2026		25,750		31,581
Missouri Highways and Transportation Commission, Senior Lien Series C, Rev., 5.00%, 2/1/2022		16,815		18,387

				49,968

Water & Sewer — 0.5%
City of Kansas, Sanitary Sewer System Series A, Rev., 5.00%, 1/1/2026		3,140		3,315
Metropolitan St. Louis Sewer District Wastewater System Improvement
Series 2017A, Rev., 5.00%, 5/1/2029		6,765		8,286
Series 2015B, Rev., 5.00%, 5/1/2031		530		624
Series B, Rev., 5.00%, 5/1/2032		1,900		2,232
Series B, Rev., 5.00%, 5/1/2033		4,430		5,196
Series B, Rev., 5.00%, 5/1/2034		2,000		2,338
Series B, Rev., 5.00%, 5/1/2035		2,125		2,482

				24,473

Total Missouri				89,099

Montana — 0.4%
General Obligation — 0.1%
County of Gallatin GO, 5.00%, 7/1/2025		1,050		1,260
Gallatin County School District No. 44 Belgrade, School Building
Series 2019, GO, 5.00%, 6/1/2027		205		253
Series 2019, GO, 5.00%, 6/1/2028		250		315
Series 2019, GO, 4.00%, 6/1/2029		290		344
Series 2019, GO, 4.00%, 6/1/2030		230		268
Series 2019, GO, 4.00%, 6/1/2031		370		426
Series 2019, GO, 4.00%, 6/1/2032		255		291
Series 2019, GO, 4.00%, 6/1/2033		155		176
Series 2019, GO, 4.00%, 6/1/2034		175		198
Series 2019, GO, 4.00%, 6/1/2035		270		304
Series 2019, GO, 4.00%, 6/1/2036		300		337
Series 2019, GO, 4.00%, 6/1/2037		410		460
Series 2019, GO, 4.00%, 6/1/2038		375		418
Series 2019, GO, 4.00%, 6/1/2039		385		428

				5,478

Water & Sewer — 0.3%
City of Missoula, Water System
Series 2019A, Rev., 5.00%, 7/1/2026		300		367
Series 2019A, Rev., 5.00%, 7/1/2027		535		667
Series 2019A, Rev., 5.00%, 7/1/2028		480		609

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series 2019A, Rev., 5.00%, 7/1/2029		1,000		1,265
Series 2019A, Rev., 5.00%, 7/1/2030		690		856
Series 2019A, Rev., 5.00%, 7/1/2031		870		1,073
Series 2019A, Rev., 5.00%, 7/1/2032		720		885
Series 2019A, Rev., 5.00%, 7/1/2033		565		692
Series 2019A, Rev., 5.00%, 7/1/2034		545		667
Series 2019A, Rev., 5.00%, 7/1/2035		550		671
Series 2019A, Rev., 5.00%, 7/1/2036		800		975
Series 2019A, Rev., 5.00%, 7/1/2038		850		1,034
Series 2019A, Rev., 5.00%, 7/1/2039		840		1,020
Series 2019A, Rev., 4.00%, 7/1/2044		3,500		3,838

				14,619

Total Montana				20,097

Nebraska — 1.0%
General Obligation — 0.6%
Douglas County School District, Elkhorn Public Schools
Series 2019, GO, 5.00%, 12/15/2022		135		151
Series 2019, GO, 5.00%, 12/15/2024		150		177
Series 2019, GO, 5.00%, 12/15/2025		160		193
Series 2019, GO, 5.00%, 12/15/2026		400		493
Series 2019, GO, 5.00%, 12/15/2027		175		220
Series 2019, GO, 5.00%, 12/15/2028		180		230
Series 2019, GO, 5.00%, 12/15/2029		250		324
Series 2019, GO, 5.00%, 12/15/2030		450		580
Series 2019, GO, 5.00%, 12/15/2031		325		410
Series 2019, GO, 4.00%, 12/15/2032		165		190
Series 2019, GO, 4.00%, 12/15/2033		185		212
Series 2019, GO, 4.00%, 12/15/2034		350		399
Series 2019, GO, 4.00%, 12/15/2035		350		396
Douglas County, Omaha School District No. 001
GO, 4.00%, 12/15/2041		10,000		11,114
GO, 4.00%, 12/15/2042		10,000		11,081
Lancaster County School District No.1, Lincoln Public Schools Series 2017, GO, 5.00%, 1/15/2026		1,675		2,040

				28,210

Hospital — 0.0%(b)
University of Nebraska Facilities Corp., UNMC Cancer Center Bonds Series A, Rev., 5.00%, 2/15/2020		160		164

Utility — 0.4%
Central Plains Energy Project, Gas Project No. 3 Rev., 5.25%, 9/1/2037		100		109
Central Plains Energy Project, Gas Project No. 4 Series 2018A, Rev., 5.00%, 1/1/2024(d)		10,000		11,169
City of Columbus, Combined Utilities System Rev., 5.00%, 6/15/2027		145		181
Omaha Public Power District, Electric System
Series 2011C, Rev., 5.00%, 2/1/2020		25		26
Series 2017A, Rev., 5.00%, 2/1/2035		1,250		1,519
Series A, Rev., 5.00%, 2/1/2036		1,875		2,278
Series A, Rev., 5.00%, 2/1/2037		2,000		2,431

				17,713

Water & Sewer — 0.0%(b)
City of Omaha, Sewer Rev., 5.00%, 11/15/2031		1,820		2,116

Total Nebraska				48,203

Nevada — 0.7%
General Obligation — 0.7%
Clark County GO, 5.00%, 6/1/2020		75		78
Series B, GO, 5.00%, 11/1/2027		15,000		18,487
Clark County School District
Series A, GO, 5.00%, 6/15/2026		2,080		2,516
Series 2017C, GO, 4.00%, 6/15/2037		4,845		5,280
Clark County, Flood Control GO, 5.00%, 11/1/2024		200		236
Clark County, Stadium Improvement
Series A, GO, 5.00%, 6/1/2026		1,985		2,431
Series A, GO, 5.00%, 6/1/2027		1,225		1,531

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series A, GO, 5.00%, 6/1/2028		1,165		1,483
Series A, GO, 5.00%, 6/1/2030		4,030		5,022
Las Vegas Valley Water District Series A, GO, 5.00%, 6/1/2019		25		25

				37,089

Other Revenue — 0.0%(b)
County of Washoe Series A, Rev., 5.00%, 12/1/2019		75		76

Transportation — 0.0%(b)
Clark County Series 2014-A, Rev., 4.00%, 7/1/2019		90		90

Total Nevada				37,255

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		135

New Jersey — 2.0%
Education — 0.2%
New Jersey Economic Development Authority, School Facilities Construction Series XX, Rev., 5.00%, 6/15/2021		9,500		10,075

General Obligation — 0.0%(b)
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		25
Manalapan, Englishtown Regional Board of Education GO, 4.00%, 10/1/2019		20		20
Township of Plainsboro, General Improvement GO, 4.00%, 6/1/2019		30		30

				100

Other Revenue — 0.7%
Bergen County Improvement Authority, Guaranteed Governmental Loan Rev., 5.00%, 8/15/2019		20		20
Burlington County Bridge Commission, Governmental Leasing Program Rev., 5.00%, 4/15/2030		950		1,182
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		5,287
Series A, Rev., 5.00%, 6/1/2022		3,000		3,256
Series A, Rev., 5.00%, 6/1/2023		3,000		3,339
Series A, Rev., 5.00%, 6/1/2024		3,925		4,474
Series A, Rev., 5.00%, 6/1/2025		3,500		4,082
Series A, Rev., 5.00%, 6/1/2026		3,500		4,153
Series A, Rev., 5.00%, 6/1/2028		3,000		3,673
Series A, Rev., 5.00%, 6/1/2029		4,500		5,494
Series A, Rev., 4.00%, 6/1/2037		1,000		1,046
Union County Improvement Authority, City Guaranteed, Linden Omnibus Project Rev., AGM, 4.00%, 11/1/2019		100		101

				36,132

Transportation — 1.0%
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series A, Rev., 5.00%, 6/15/2024		10,875		12,353
Series A, Rev., 5.00%, 6/15/2029		10,000		11,610
Series A, Rev., 5.00%, 6/15/2030		6,850		7,920
Series A, Rev., 5.00%, 6/15/2031		5,000		5,757
New Jersey Transportation Trust Fund Authority, Transportation Program Series AA, Rev., 5.00%, 6/15/2036		5,000		5,398
New Jersey Transportation Trust Fund Authority, Transportation System Rev., AMBAC, 4.38%, 12/15/2020		35		36
Series B, Rev., AMBAC, 5.25%, 12/15/2022		5,000		5,552
Series 2012A, Rev., 5.00%, 6/15/2042		500		530

				49,156

Water & Sewer — 0.1%
Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation Series B, Rev., AGM, Zero Coupon, 12/1/2019		1,845		1,832

Total New Jersey				97,295

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
New Mexico — 0.4%
General Obligation — 0.2%
Albuquerque Municipal School District No.12, School Building
GO, 5.00%, 8/1/2030		900		1,118
GO, 5.00%, 8/1/2031		850		1,049
GO, 5.00%, 8/1/2032		1,300		1,597
GO, 5.00%, 8/1/2033		1,485		1,818
GO, 5.00%, 8/1/2035		1,975		2,408
City of Albuquerque, General Purpose Series 2017A, GO, 5.00%, 7/1/2019		445		446
Santa Fe Public School District GO, 5.00%, 8/1/2021		45		49

				8,485

Housing — 0.0%(b)
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series D, Class 1, Rev., GNMA/FNMA/FHLMC, 5.35%, 9/1/2040		150		151

Other Revenue — 0.0%(b)
Baltimore County Series B, Rev., NATL-RE-IBC, 5.70%, 4/1/2027		1,010		1,222
City of Rio Rancho Rev., 4.00%, 6/1/2019		125		125
City of Santa Fe Series B, Rev., 5.00%, 6/1/2019		25		25
State of New Mexico, Severance Tax Permanent Fund
Series 2016B, Rev., 4.00%, 7/1/2019		65		65
Series 2017A, Rev., 5.00%, 7/1/2024		180		211

				1,648

Transportation — 0.2%
New Mexico Finance Authority, State Transportation, Senior Lien Series 2010B, Rev., 5.00%, 6/15/2020		10,000		10,360
New Mexico Finance Authority, State Transportation, Sub Lien Series A-2, Rev., 5.00%, 12/15/2021		115		121

				10,481

Total New Mexico				20,765

New York — 13.5%
Education — 1.2%
New York State Dormitory Authority
Series 2019A, Rev., 5.00%, 7/1/2030		4,075		5,376
Series 2019A, Rev., 4.00%, 7/1/2045		18,000		20,076
New York State Dormitory Authority, City University System, Fifth General Resolution Series 2010A, Rev., 5.00%, 7/1/2019		25		25
New York State Dormitory Authority, Municipal Series 2018 1, Rev., 5.00%, 1/15/2031		3,445		4,267
New York State Dormitory Authority, School Districts Financing Program Series B, Rev., 5.00%, 10/1/2024		2,000		2,223
New York State Dormitory Authority, St. John’s University Series 2007C, Rev., NATL-RE, 5.25%, 7/1/2020		2,370		2,457
New York State Dormitory Authority, State University Dormitory Facilities
Series A, Rev., 5.00%, 7/1/2019		40		40
Series A, Rev., 5.00%, 7/1/2028		2,720		3,457
Series A, Rev., 5.00%, 7/1/2029		2,100		2,658
Series 2017A, Rev., 5.00%, 7/1/2030		865		1,062
Series 2018A, Rev., 5.00%, 7/1/2030		2,190		2,782
Series A, Rev., 5.00%, 7/1/2030		550		606
Series 2018A, Rev., 5.00%, 7/1/2031		4,430		5,593
Series A, Rev., 5.00%, 7/1/2032		3,130		3,932
New York State Dormitory Authority, Third General Resolution, State University Educational Facilities
Series 2012A, Rev., 5.00%, 5/15/2023		675		744
Series A, Rev., 5.00%, 5/15/2025		2,000		2,205
Series A, Rev., 5.00%, 5/15/2028		2,000		2,201
Orange County Funding Corp., Mount Saint Mary College Project Series 2012B, Rev., 4.00%, 7/1/2023		160		171

				59,875

General Obligation — 0.8%
City of New York, Fiscal Year 2008 Series 2008L, Subseries L-6, GO, 5.00%, 4/1/2032		13,525		17,014

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
City of New York, Fiscal Year 2010 Series E, GO, 5.00%, 8/1/2023		5,000		5,029
City of New York, Fiscal Year 2014 Series G, GO, 5.00%, 8/1/2025		9,520		11,033
City of New York, Fiscal Year 2016 Series E, GO, 5.00%, 8/1/2023		75		86
City of New York, Unrefunded Balance Series 2003F, GO, 6.00%, 1/15/2021		3,665		3,680
County of Monroe GO, AGM, 5.00%, 6/1/2024		25		29
County of Onondaga Series A, GO, 5.00%, 6/15/2019		25		25
County of Orange Series B, GO, 5.00%, 7/1/2019		75		75
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		236
Plainedge Union Free School District Series B, GO, 4.00%, 6/15/2019		20		20
Town of Patterson, Public Improvement GO, 4.13%, 7/15/2020		10		10
Village of Tarrytown, Public Improvement GO, 3.00%, 6/15/2021		60		62

				37,324

Hospital — 0.0%(b)
Suffolk County Economic Development Corp., Catholic Health Services of Long Island Obligated Group Project Rev., 5.00%, 7/1/2020		50		52

Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)
Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project Series 2013A, Rev., 5.00%, 5/1/2024		25		28
Monroe County IDA, School Facility, Rochester School Modernization Project
Rev., 5.00%, 5/1/2032		675		827
Rev., 5.00%, 5/1/2033		810		989

				1,844

Other Revenue — 3.9%
New York City Transitional Finance Authority, Building Aid Series S-2A, Rev., 4.00%, 7/15/2037		5,000		5,534
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2011 Subseries 2011S-1A, Rev., 5.00%, 7/15/2019(c)		3,000		3,012
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%, 2/1/2026		3,835		4,064
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012 Series E, Subseries 2012E-1, Rev., 5.00%, 2/1/2025		3,000		3,285
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016 Series E-1, Rev., 5.00%, 2/1/2035		7,295		8,617
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017
Series C, Rev., 5.00%, 11/1/2030		5,685		6,971
Series E, Subseries E-1, Rev., 5.00%, 2/1/2031		1,410		1,713
Series E, Subseries E-1, Rev., 5.00%, 2/1/2032		7,000		8,472
Series E, Subseries E-1, Rev., 5.00%, 2/1/2033		10,000		12,051
Subseries E-1, Rev., 5.00%, 2/1/2039		2,525		3,005
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		2,564
New York Convention Center Development Corp., Capital Appreciation Subordinated Lien, Hotel Unit fee Secured
Series B, Rev., Zero Coupon, 11/15/2025		950		830
Series B, Rev., Zero Coupon, 11/15/2026		1,455		1,233
Series B, Rev., Zero Coupon, 11/15/2027		1,500		1,231
Series 2016B, Rev., Zero Coupon, 11/15/2028		2,000		1,583

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series 2016B, Rev., Zero Coupon, 11/15/2029		2,500		1,895
Series B, Rev., Zero Coupon, 11/15/2030		3,620		2,633
Series B, Rev., Zero Coupon, 11/15/2031		2,010		1,399
Series B, Rev., Zero Coupon, 11/15/2032		2,000		1,335
Series 2016B, Rev., AGM-CR, Zero Coupon, 11/15/2052		10,625		3,396
New York Convention Center Development Corp., Hotel Unit fee Secured
Rev., 5.00%, 11/15/2024		4,360		5,159
Rev., 5.00%, 11/15/2025		2,000		2,424
New York State Dormitory Authority, Consolidated Services Contract Series A, Rev., 5.00%, 7/1/2023		5,920		5,936
New York State Dormitory Authority, State Sales Tax
Series 2014A, Rev., 5.00%, 3/15/2030		5,500		6,370
Series 2015B, Rev., 5.00%, 3/15/2030		8,000		9,587
Series A, Rev., 5.00%, 3/15/2031		5,000		5,781
Series B, Rev., 5.00%, 3/15/2031		6,600		7,884
Series 2014A, Rev., 5.00%, 3/15/2032		20,210		23,326
Series 2018E, Rev., 5.00%, 3/15/2038		10,000		12,275
Series B, Rev., 5.00%, 3/15/2039		13,080		15,288
Sales Tax Asset Receivable Corp., Fiscal Year 2015
Series A, Rev., 5.00%, 10/15/2026		2,500		2,961
Series A, Rev., 5.00%, 10/15/2029		3,785		4,474
Series A, Rev., 5.00%, 10/15/2031		12,500		14,715

				191,023

Prerefunded — 0.9%
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2010 Series FF, Rev., 5.00%, 6/15/2020(c)		16,555		17,184
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010 Series B, Rev., 5.00%, 11/1/2019(c)		10		10
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2011A, Rev., 5.00%, 1/1/2022(c)		25,495		27,891

				45,085

Special Tax — 3.3%
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series 2012B, Rev., 5.00%, 3/15/2024		9,000		9,893
Series A, Rev., 5.00%, 2/15/2027		20,000		23,215
Series 2014A, Rev., 5.00%, 2/15/2028		10,000		11,608
Series A, Rev., 5.00%, 12/15/2028		20,000		22,448
Series 2014A, Rev., 5.00%, 2/15/2029		5,000		5,801
Series 2012A, Rev., 5.00%, 12/15/2029		4,900		5,494
Series 2014C, Rev., 5.00%, 3/15/2033		20,000		23,074
Series A, Rev., 5.00%, 2/15/2043		3,000		3,320
Series 2015B, Rev., 5.00%, 2/15/2045		10,545		11,983
New York State Thruway Authority, State Personal Income Tax, Transportation Series 2010A, Rev., 5.00%, 3/15/2026		11,025		11,531
New York State Urban Development Corp., State Personal Income Tax, General Purpose
Series 2017C, Rev., 5.00%, 3/15/2027		6,000		7,508
Series 2011A, Rev., 5.00%, 3/15/2031		2,340		2,485
Series 2019A, Rev., 5.00%, 3/15/2042		6,500		7,886
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		19,063

				165,309

Transportation — 1.3%
Metropolitan Transportation Authority
Subseries C-1, Rev., 5.25%, 11/15/2029		6,000		7,185
Subseries C-1, Rev., 5.00%, 11/15/2035		3,000		3,493
Metropolitan Transportation Authority, Green Bonds
Series 2017C-1, Rev., 5.00%, 11/15/2030		5,025		6,174

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
New York State Thruway Authority
Series L, Rev., 5.00%, 1/1/2025		2,700		3,203
Series L, Rev., 5.00%, 1/1/2027		1,250		1,547
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		11,625
Port Authority of New York and New Jersey, Consolidated, 172nd Series Series 172, Rev., 5.00%, 10/1/2022		3,000		3,285
Port Authority of New York and New Jersey, Consolidated, 190th Series Series 190, Rev., 5.00%, 5/1/2033		5,000		5,159
Port Authority of New York and New Jersey, Consolidated, 93rd Series Series 93, Rev., 6.13%, 6/1/2094		12,000		14,538
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series B, Rev., 5.00%, 11/15/2030		2,500		2,799
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Capital Appreciation Series 2012B, Rev., Zero Coupon, 11/15/2032		8,860		6,168

				65,176

Utility — 0.5%
Long Island Power Authority, Electric System
Rev., 5.00%, 9/1/2034		5,000		6,162
Rev., 5.00%, 9/1/2035		3,000		3,689
Utility Debt Securitization Authority
Series TE, Rev., 5.00%, 12/15/2029		1,500		1,724
Series TE, Rev., 5.00%, 12/15/2032		3,500		4,014
Rev., 5.00%, 12/15/2036		5,250		6,223
Series 2013TE, Rev., 5.00%, 12/15/2041		4,250		4,831

				26,643

Water & Sewer — 1.6%
New York City Municipal Water Finance Authority, Water and Sewer System, Capital Appreciation Series D, 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 2011 Series DD-1, Rev., VRDO, LIQ: TD Bank NA, 1.45%, 6/3/2019(d)		7,770		7,770
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		1,389
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		4,436
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		5,929
New York City Water and Sewer System Series EE, Rev., 5.00%, 6/15/2036		5,000		6,034
New York City Water and Sewer System Subordinate Series 2019FF-2, Rev., 4.00%, 6/15/2037		16,245		18,393
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Second Resolution
Series 2014A, Rev., 5.00%, 6/15/2025		5,635		6,628
Series D, Rev., 5.00%, 6/15/2025		7,280		8,068
Series 2011B, Rev., 5.00%, 6/15/2027		4,345		4,662
Series D, Rev., 5.00%, 6/15/2027		5,325		5,898
Series 2013A, Rev., 4.00%, 6/15/2028		10,000		10,938

				80,165

Total New York				672,496

North Carolina — 2.4%
General Obligation — 0.0%(b)
City of Charlotte
Series 2016A, GO, 5.00%, 7/1/2029		1,050		1,281

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Hospital — 0.6%
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group
Series 2019B, Rev., 2.20%, 12/1/2022(d)		13,500		13,699
Series 2019C, Rev., 2.55%, 6/1/2026(d)		13,800		14,318

				28,017

Other Revenue — 1.8%
City of Raleigh Rev., 5.00%, 2/1/2029		305		367
City of Wilmington Series A, Rev., 5.00%, 6/1/2028		400		465
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		2,195
County of Onslow, Public Facilities Company Ltd.
Rev., 5.00%, 10/1/2026		25		31
Rev., 4.00%, 10/1/2032		340		379
State of North Carolina
Series 2019, Rev., 5.00%, 3/1/2025		11,240		13,350
Series 2019, Rev., 5.00%, 3/1/2026		10,000		12,142
Series 2019, Rev., 5.00%, 3/1/2027		32,070		39,695
Series 2019, Rev., 5.00%, 3/1/2028		16,000		20,150

				88,927

Transportation — 0.0%(b)
North Carolina Turnpike Authority, Senior Lien Rev., AGM, 5.00%, 1/1/2028		1,500		1,803

Total North Carolina				120,028

North Dakota — 0.0%(b)
General Obligation — 0.0%(b)
South Prairie Public School District No. 70, School District GO, 1.00%, 8/1/2019		100		100

Ohio — 2.1%
Education — 0.1%
Ohio Higher Educational Facility Commission, University of Dayton Project Series B, Rev., 5.00%, 12/1/2029		1,105		1,361
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project
Rev., 5.00%, 3/1/2029		720		840
Rev., 5.00%, 3/1/2034		3,000		3,369
Ohio State University, General Receipts Series A, Rev., 5.00%, 12/1/2019		330		336
University of Akron (The) Series 2015A, Rev., 5.00%, 1/1/2025		110		128
University of Cincinnati, General Receipts Series 2010F, Rev., 5.00%, 6/1/2021		25		26

				6,060

General Obligation — 0.5%
City of Columbus Series 2017-1, GO, 5.00%, 4/1/2029		11,000		13,826
City of Dublin, Various Purpose GO, 5.00%, 12/1/2025		500		606
Columbus City School District, School Facilities Construction and Improvement Series 2016-A, GO, 5.00%, 12/1/2031		3,000		3,605
County of Hamilton Series A, GO, 5.00%, 12/1/2029		2,325		2,865
Lakota Local School District/Sandusky Seneca and Wood Counties, School Fcilities Contruction and Improvement GO, 5.00%, 1/15/2023		50		56
Shaker Heights City School District Series A, GO, 5.00%, 12/15/2026		1,000		1,239

				22,197

Hospital — 0.1%
County of Hamilton, Hospital Facilities, UC Health Rev., 5.00%, 2/1/2020		750		767
County of Lucas, Promedica Healthcare Obligated Group Series 2011A, Rev., 5.00%, 11/15/2020		10		11
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group
Series A, Rev., 5.00%, 7/1/2028		1,200		1,353
Series A, Rev., 5.75%, 7/1/2028		750		872
Series A, Rev., 5.75%, 7/1/2033		1,400		1,617
Franklin County, Nationwide Children’s Hospital Series 2016C, Rev., 5.00%, 11/1/2027		325		402

				5,022

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Industrial Development Revenue/Pollution Control Revenue — 0.3%
Ohio Water Development Authority, Water Pollution Control Loan Fund
Rev., 5.00%, 12/1/2024		3,360		3,984
Series 2019A, Rev., 5.00%, 6/1/2029		6,990		9,033

				13,017

Other Revenue — 0.2%
County of Cuyahoga, Sports Facilities Improvement Project
Rev., 5.00%, 12/1/2024		835		955
Rev., 5.00%, 12/1/2025		500		571
Rev., 5.00%, 12/1/2026		1,000		1,142
Rev., 5.00%, 12/1/2027		500		571
Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects Series B, Rev., 5.00%, 10/1/2024		2,000		2,023
State of Ohio, Capital Facilities Lease, Adult Correctional Building Fund Projects Series B, Rev., 5.00%, 10/1/2029		1,495		1,660
State of Ohio, Capital Facilities Lease-Appropriation Series 2017A, Rev., 5.00%, 4/1/2037		760		908

				7,830

Prerefunded — 0.0%(b)
Ohio Turnpike and Infrastructure Commission Series A, Rev., 5.00%, 2/15/2020(c)		2,000		2,049

Transportation — 0.4%
State of Ohio, Capital Facilities Lease Appropriation, Transportation Building Fund Project Series 2018A, Rev., 5.00%, 4/1/2029		1,800		2,272
State of Ohio, Major New State Infrastructure Project
Series 1, Rev., 5.00%, 12/15/2028		7,500		9,078
Series 1, Rev., 5.00%, 12/15/2029		7,000		8,456

				19,806

Utility — 0.4%
American Municipal Power, Inc., Combined Hydroelectric Projects Series 2018A, Rev., 2.25%, 8/15/2021(d)		8,500		8,590
American Municipal Power, Inc., Green Bonds
Series 2019A, Rev., 5.00%, 2/15/2023		150		168
Series 2019A, Rev., 5.00%, 2/15/2024		225		259
Series 2019A, Rev., 5.00%, 2/15/2025		160		189
Series 2019A, Rev., 5.00%, 2/15/2026		200		240
Series 2019A, Rev., 5.00%, 2/15/2027		250		306
Series 2019A, Rev., 5.00%, 2/15/2028		225		279
Lancaster Port Authority, Gas Supply Series 2019A, Rev., 5.00%, 2/1/2025(d)		8,700		10,079

				20,110

Water & Sewer — 0.1%
City of Cincinnati, Water System Series 2009A, Rev., 4.25%, 12/1/2019		60		61
County of Hamilton Series A, Rev., 5.00%, 12/1/2020		500		526
County of Hamilton, Sewer System Improvement, The Metropolitan Sewer District of Greater Cincinnati Series A, Rev., 5.00%, 12/1/2021		4,210		4,428
Northeast Ohio Regional Sewer District, Wastewater Improvement
Rev., 5.00%, 11/15/2026		1,500		1,762
Rev., 4.00%, 11/15/2049		45		48

				6,825

Total Ohio				102,916

Oklahoma — 0.3%
Education — 0.1%
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Series 2018, Rev., 5.00%, 10/1/2022		250		278
Series 2018, Rev., 5.00%, 10/1/2023		180		205
Series 2018, Rev., 5.00%, 10/1/2025		510		610
Series 2018, Rev., 5.00%, 10/1/2026		500		609
Oklahoma County Finance Authority, Educational Facilities, Western Heights Public Schools Project Rev., 5.00%, 9/1/2021		1,110		1,194

				2,896

General Obligation — 0.0%(b)
Oklahoma County Independent School District No. 12, Edmond School District GO, 2.00%, 3/1/2020		250		251

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Transportation — 0.2%
Oklahoma Turnpike Authority, Turnpike System, Second Senior
Series A, Rev., 5.00%, 1/1/2020		25		25
Series A, Rev., 5.00%, 1/1/2023		4,000		4,219
Series 2011A, Rev., 5.00%, 1/1/2025		5,000		5,272
Series 2017A, Rev., 5.00%, 1/1/2038		2,000		2,341

				11,857

Total Oklahoma				15,004

Oregon — 1.0%
General Obligation — 0.6%
City of Portland, 4th and Montgomery and Streetcar Projects Series A, GO, 5.00%, 2/1/2035		650		811
City of Salem
GO, 5.00%, 6/1/2026		460		564
GO, 5.00%, 6/1/2029		2,055		2,613
City of Tualatin Series 2018, GO, 5.00%, 6/15/2028		15		19
Oregon County Administrative School District No. 1 Bend-La Pine GO, 5.00%, 6/15/2026		4,725		5,792
Portland Community College District
GO, 5.00%, 6/15/2025		1,390		1,670
GO, 5.00%, 6/15/2026		710		872
GO, 5.00%, 6/15/2027		2,640		3,237
State of Oregon, Article XI-M Seismic Projects Series 2016F, GO, 5.00%, 5/1/2032		2,885		3,474
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		1,930		2,348
Series L, GO, 5.00%, 8/1/2036		1,975		2,397
Washington County School District No. 1 West Union, Hillsborough School District
GO, 5.00%, 6/15/2026		4,000		4,898
GO, 5.00%, 6/15/2027		1,470		1,838

				30,560

Other Revenue — 0.3%
Oregon State Lottery
Series 2015C, Rev., 5.00%, 4/1/2026		200		239
Series A, Rev., 5.00%, 4/1/2031		2,000		2,432
Series A, Rev., 5.00%, 4/1/2032		1,750		2,120
Series A, Rev., 5.00%, 4/1/2033		3,500		4,224
Series A, Rev., 5.00%, 4/1/2035		2,470		2,966

				11,981

Prerefunded — 0.0%(b)
Clackamas County School District No. 46, Oregon Trail Series A, GO, 5.00%, 6/15/2019(c)		20		20
Lane Community College GO, 4.00%, 6/15/2019(c)		20		20

				40

Water & Sewer — 0.1%
City of Portland, Sewer System, First Lien Series A, Rev., 5.00%, 6/1/2026		5,350		6,416

Total Oregon				48,997

Pennsylvania — 3.6%
Certificate of Participation/Lease — 0.0%(b)
Commonwealth of Pennsylvania
Series A, COP, 5.00%, 7/1/2028		400		485
Series A, COP, 5.00%, 7/1/2029		300		363
Series A, COP, 5.00%, 7/1/2030		375		449
Series A, COP, 5.00%, 7/1/2031		425		505
Series A, COP, 5.00%, 7/1/2034		450		528

				2,330

Education — 0.6%
Delaware County Authority, Commonwealth of Pennsylvania, Haverford College Series 2017A, Rev., 5.00%, 10/1/2026		30		37
Lehigh County General Purpose Authority, Muhlenberg College Project Rev., 1.98%, 6/13/2019(d)		15,000		14,938
Pennsylvania Higher Educational Facilities Authority Series A, Rev., 5.00%, 9/1/2019(c)		5,000		5,042
Pennsylvania Higher Educational Facilities Authority, Drexel University Series B, Rev., VRDO, LOC: TD Bank NA, 1.55%, 6/3/2019(d)		11,465		11,465

				31,482

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
General Obligation — 0.5%
County of Bucks GO, 5.00%, 5/1/2027		325		401
Nazareth Area School District
Series D, GO, 5.00%, 11/15/2030		900		1,058
Series D, GO, 5.00%, 11/15/2035		1,390		1,616
Series D, GO, 5.00%, 11/15/2036		1,250		1,451
Series D, GO, 5.00%, 11/15/2037		550		637
Series E, GO, 5.00%, 11/15/2038		810		937
Octorara Area School District Series B, GO, AGM, 4.00%, 6/1/2020		3,120		3,126
Palisades School District GO, 4.00%, 9/1/2019		20		20
School District of the City of Erie (The)
Series 2019A, GO, AGM, 5.00%, 4/1/2027		525		635
Series 2019C, GO, AGM, 5.00%, 4/1/2027		1,275		1,542
Series 2019A, GO, AGM, 5.00%, 4/1/2028		550		675
Series 2019C, GO, AGM, 5.00%, 4/1/2028		925		1,136
Series 2019A, GO, AGM, 5.00%, 4/1/2029		310		386
Series 2019C, GO, AGM, 5.00%, 4/1/2029		1,000		1,245
Series 2019A, GO, AGM, 5.00%, 4/1/2030		425		528
Series 2019C, GO, AGM, 5.00%, 4/1/2030		500		621
Series 2019A, GO, AGM, 5.00%, 4/1/2031		525		642
Series 2019A, GO, AGM, 4.00%, 4/1/2033		1,150		1,274
Series 2019A, GO, AGM, 5.00%, 4/1/2034		825		997
Southern Lehigh School District Series A, GO, 5.00%, 9/1/2019		35		35
Upper Merion Area School District
GO, 5.00%, 1/15/2029		350		420
GO, 5.00%, 1/15/2031		650		776
GO, 5.00%, 1/15/2033		480		571
GO, 5.00%, 1/15/2034		200		237
GO, 5.00%, 1/15/2035		475		562
Wilkes-Barre Area School District
Series 2019, GO, 5.00%, 4/15/2023		110		122
Series 2019, GO, 3.50%, 4/15/2038		370		382
Series 2019, GO, 3.50%, 4/15/2039		235		242
Series 2019, GO, 3.75%, 4/15/2044		1,500		1,564

				23,838

Hospital — 1.7%
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group
Series 2018A, Rev., 5.00%, 4/1/2028		7,000		8,630
Series 2018A, Rev., 5.00%, 4/1/2029		7,785		9,578
Series 2018A, Rev., 5.00%, 4/1/2030		5,000		6,057
Series 2018A, Rev., 5.00%, 4/1/2031		3,800		4,578
Allegheny County Hospital Development Authority, Medical Center
Series 2019A, Rev., 5.00%, 7/15/2027		3,000		3,702
Series 2019A, Rev., 5.00%, 7/15/2028		2,050		2,571
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2027		1,150		1,408
Rev., 5.00%, 11/1/2028		1,535		1,874
Rev., 5.00%, 11/1/2029		350		421
Rev., 5.00%, 11/1/2030		600		718
DuBois Hospital Authority, Penn Highlands Healthcare
Rev., 5.00%, 7/15/2029		1,700		2,079
Rev., 5.00%, 7/15/2030		2,000		2,403
Rev., 5.00%, 7/15/2031		1,450		1,731
Rev., 5.00%, 7/15/2032		1,525		1,812
Rev., 5.00%, 7/15/2034		1,675		1,975
Rev., 4.00%, 7/15/2043		5,670		5,942
Geisinger Authority, Health System Series 2018A, Rev., VRDO, LIQ: TD Bank NA, 1.45%, 6/3/2019(d)		15,385		15,385
Lancaster County Hospital Authority, Masonic Villages Project Rev., 5.00%, 11/1/2028		1,215		1,384
Montgomery County Higher Education and Health Authority, Thomas Jefferson University
Series 2018A, Rev., 5.00%, 9/1/2030		3,000		3,653
Series 2018A, Rev., 4.00%, 9/1/2038		2,950		3,197
Sayre Health Care Facilities Authority, Guthrie Health Issue Rev., 2.47%, 9/1/2019(d)		4,410		4,406

				83,504

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Industrial Development Revenue/Pollution Control Revenue — 0.3%
Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2025		500		592
Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project
Series 2019, Rev., 4.00%, 12/1/2024		155		170
Series 2019, Rev., 4.00%, 12/1/2025		150		167
Series 2019, Rev., 4.00%, 12/1/2026		150		168
Series 2019, Rev., 4.00%, 12/1/2027		200		226
Series 2019, Rev., 4.00%, 12/1/2028		205		231
Series 2019, Rev., 4.00%, 12/1/2029		250		281
Series 2019, Rev., 4.00%, 12/1/2030		300		332
Series 2019, Rev., 4.00%, 12/1/2031		300		331
Series 2019, Rev., 4.00%, 12/1/2032		435		478
Series 2019, Rev., 4.00%, 12/1/2033		400		438
Series 2019, Rev., 4.00%, 12/1/2034		165		179
Series 2019, Rev., 4.00%, 12/1/2035		175		189
Series 2019, Rev., 4.00%, 12/1/2036		175		189
Series 2019, Rev., 4.00%, 12/1/2037		100		108
Series 2019, Rev., 4.00%, 12/1/2038		100		107
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Rev., 2.80%, 12/1/2021(d)		8,855		9,022

				13,208

Other Revenue — 0.3%
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Series 2018, Rev., 5.00%, 6/1/2024		1,275		1,471
Series 2018, Rev., 5.00%, 6/1/2025		1,870		2,209
Series 2018, Rev., 5.00%, 6/1/2026		1,120		1,350
Series 2018, Rev., 5.00%, 6/1/2027		1,500		1,842
Series 2018, Rev., 5.00%, 6/1/2028		2,620		3,269
Series 2018, Rev., 5.00%, 6/1/2029		1,120		1,394
Urban Redevelopment Authority of Pittsburgh, Crawford Square Apartments Project Rev., 2.25%, 6/1/2020(d)		4,450		4,460

				15,995

Prerefunded — 0.1%
Commonwealth of Pennsylvania
Series 2011, GO, 5.00%, 11/15/2021(c)		100		108
GO, 5.00%, 4/1/2023(c)		2,465		2,787
Series 1, GO, 5.00%, 6/15/2024(c)		50		59
County of Chester Series C, GO, 5.00%, 7/15/2019(c)		20		20
Pennsylvania Turnpike Commission
Subseries A, Rev., AGC, 5.00%, 6/1/2019(c)		40		40
Subseries B, Rev., 5.00%, 6/1/2019(c)		70		70
Unionville-Chadds Ford School District Series A, GO, 5.00%, 6/1/2019(c)		500		500
University of Pittsburgh of the Commonwealth System of Higher Education, University Capital Project Series 2000C, Rev., 5.00%, 9/15/2019(c)		25		26

				3,610

Water & Sewer — 0.1%
Erie City Water Authority
Series B, Rev., AGM, 5.00%, 12/1/2032		1,235		1,537
Series B, Rev., AGM, 5.00%, 12/1/2033		800		992

				2,529

Total Pennsylvania				176,496

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		12,816

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		1,147

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund Series 2012A, Rev., 5.00%, 10/1/2023		1,750		1,952

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				3,129

South Carolina — 0.5%
Education — 0.0%(b)
Berkeley County School District, Special Obligation
Rev., 5.00%, 12/1/2022		1,000		1,118
Rev., 5.00%, 12/1/2023		1,505		1,728

				2,846

General Obligation — 0.1%
Richland County School District No. 1 Series C, GO, SCSDE, 5.00%, 3/1/2025		4,000		4,703

Hospital — 0.1%
Lexington County Health Services District, Inc., Hospital, LexMed Obligated Group
Series 2017, Rev., 5.00%, 11/1/2029		675		809
Series 2017, Rev., 4.00%, 11/1/2030		750		827
Series 2017, Rev., 4.00%, 11/1/2031		500		547
Series 2017, Rev., 4.00%, 11/1/2032		525		571
Series 2017, Rev., 4.00%, 11/1/2033		200		216
Series 2017, Rev., 4.00%, 11/1/2034		250		268

				3,238

Housing — 0.0%(b)
South Carolina State Housing Finance and Development Authority Series 1, Rev., GNMA COLL, 5.00%, 1/1/2028		70		71

Prerefunded — 0.1%
South Carolina Public Service Authority, Santee Cooper Series A, Rev., 5.75%, 12/1/2023(c)		5,000		5,915

Utility — 0.2%
Piedmont Municipal Power Agency, Electric Rev., NATL-RE, 6.75%, 1/1/2020		8,125		8,365

Water & Sewer — 0.0%(b)
City of Spartanburg, Water System Series B, Rev., 5.00%, 6/1/2031		480		585

Total South Carolina				25,723

South Dakota — 0.0%(b)
Prerefunded — 0.0%(b)
Harrisburg School District No. 41-2 GO, 4.00%, 1/15/2022(c)		55		59

Tennessee — 5.1%
Education — 0.1%
Tennessee State School Bond Authority
Series B, Rev., 5.00%, 11/1/2022		1,705		1,904
Series B, Rev., 5.00%, 11/1/2030		3,645		4,492

				6,396

General Obligation — 3.5%
City of Kingsport Series B, GO, 5.00%, 3/1/2025		110		131
City of Memphis, General Improvement Series D, GO, 5.00%, 7/1/2023		4,000		4,151
City of Murfreesboro Series 2016B, GO, 5.00%, 12/1/2021		125		136
County of Anderson, Rural Elementary School
Series A, GO, 5.00%, 5/1/2024		845		980
Series A, GO, 5.00%, 5/1/2025		890		1,057
County of Anderson, Rural High School
Series B, GO, 5.00%, 5/1/2024		750		870
Series 2018B, GO, 5.00%, 5/1/2025		785		932
County of Blount Series B, GO, 5.00%, 6/1/2027		1,000		1,229
County of Knox GO, 5.00%, 6/1/2029		1,410		1,796
County of Madison GO, 5.00%, 5/1/2026		3,770		4,611
County of Sevier GO, 5.00%, 6/1/2025		145		173
County of Shelby Series B, GO, 5.00%, 4/1/2025		3,395		4,056

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
County of Shelby, Public Improvement
Series 2019A, GO, 5.00%, 4/1/2026		7,145		8,741
Series A, GO, 4.00%, 4/1/2034		9,470		10,823
County of Williamson, Public Improvement GO, 5.00%, 4/1/2027		3,765		4,718
County of Wilson
GO, 5.00%, 4/1/2022		10		11
GO, 5.00%, 4/1/2026		25		31
Franklin Special School District, School Improvement
Series 2019, GO, 5.00%, 6/1/2028		100		128
Series 2019, GO, 5.00%, 6/1/2030		300		388
Metropolitan Government of Nashville and Davidson County
GO, 5.00%, 7/1/2029		27,295		34,818
GO, 5.00%, 1/1/2031		15		18
GO, 4.00%, 7/1/2031		17,400		19,716
GO, 5.00%, 7/1/2031		10,000		12,392
GO, 4.00%, 7/1/2036		24,290		27,139
GO, 4.00%, 7/1/2037		16,205		18,069
Metropolitan Government of Nashville and Davidson, Public Improvement Series C, GO, 5.00%, 7/1/2030		5,500		6,534
Montgomery County GO, 5.00%, 4/1/2022		7,330		8,041

				171,689

Hospital — 0.4%
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group
Series 2018A, Rev., 5.00%, 7/1/2031		4,500		5,012
Series 2018A, Rev., 5.00%, 7/1/2032		4,000		4,449
Series 2018A, Rev., 5.00%, 7/1/2033		5,300		5,885
Knox County Health Educational and Housing Facility Board, East Tennessee Children’s Hospital
Rev., 5.00%, 11/15/2025		855		1,016
Rev., 5.00%, 11/15/2027		800		984

				17,346

Prerefunded — 0.0%(b)
Metropolitan Government of Nashville and Davidson County Series 2013A, GO, 5.00%, 1/1/2023(c)		2,025		2,277

Utility — 1.1%
Tennessee Energy Acquisition Corp., Gas Project
Series 2017A, Rev., 4.00%, 5/1/2023(d)		22,170		23,665
Rev., 4.00%, 11/1/2025(d)		29,000		31,845

				55,510

Total Tennessee				253,218

Texas — 6.4%
Education — 0.1%
Permanent University Fund — Texas A&M University System Series A, Rev., 5.25%, 7/1/2028		2,015		2,429
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center
Rev., 5.00%, 9/1/2019		550		554
Rev., 5.00%, 9/1/2020		750		781
Texas A&M University, Financing System Series E, Rev., 5.00%, 5/15/2026		2,840		3,480
Texas State University, Financing System Rev., 5.00%, 3/15/2020		30		31

				7,275

General Obligation — 3.2%
City of Baytown GO, 5.00%, 2/1/2020		25		26
City of Brownsville Series 2016A, GO, 4.00%, 2/15/2020		30		31
City of College Station GO, 5.00%, 2/15/2024		20		23
City of Dallas
GO, 5.00%, 2/15/2028		10,000		11,505
GO, 5.00%, 2/15/2029		2,500		2,937
City of El Paso GO, 4.00%, 8/15/2031		75		83
City of Houston, Public Improvement
Series A, GO, 5.00%, 3/1/2028		2,700		3,109
Series A, GO, 5.00%, 3/1/2029		2,600		2,992
City of Irving, Texas Combination and Hotel Occupancy Tax GO, 5.50%, 8/15/2027		2,785		3,607
City of Killeen, Pass-Through Toll GO, 5.00%, 8/1/2019		45		45
City of Lubbock GO, 5.00%, 2/15/2026		2,765		3,185
City of McAllen GO, 5.00%, 2/15/2029		355		447
City of Pflugerville GO, 5.00%, 8/1/2026		25		31

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
City of Plano
GO, 5.00%, 9/1/2028		2,210		2,751
GO, 5.00%, 9/1/2029		1,855		2,280
Comal Independent School District, School Building Series B, GO, PSF-GTD, 5.00%, 2/1/2023		100		112
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		4,542
Counties of Harris and Fort Bend, Houston Community College System, Limited Tax GO, 5.00%, 2/15/2025		5,140		5,429
Counties of Travis, Williamson and Hays, City of Austin, Public Improvement GO, 5.00%, 9/1/2022		8,120		9,027
County of Collin, Community College District GO, 5.00%, 8/15/2029		11,990		14,768
County of Collin, Plano Independent School District GO, PSF-GTD, 5.00%, 2/15/2021		2,250		2,305
Cypress-Fairbanks Independent School District, School Building Series 2016, GO, PSF-GTD, 5.00%, 2/15/2020		100		102
Denton County Fresh Water Supply District No. 10 Series A, GO, 3.00%, 9/1/2019		150		151
Galveston County GO, 5.00%, 2/1/2020		45		46
Garland Independent School District, School Building Series 2015 A, GO, PSF-GTD, 5.00%, 2/15/2026		10		12
Grapevine-Colleyville Independent School District GO, PSF-GTD, 4.00%, 8/15/2019		35		35
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		1,188
Harris County, Road Series A, GO, 5.00%, 10/1/2022		5,000		5,230
Haskell Consolidated Independent School District GO, PSF-GTD, 5.00%, 2/15/2029		10		12
Houston Independent School District GO, 5.00%, 7/15/2031		9,700		11,965
Houston Independent School District, Limited Tax Series 2013B, GO, VRDO, PSF-GTD, 1.37%, 6/1/2037(d)		245		245
Judson Independent School District, School Building Series 2016, GO, PSF-GTD, 4.00%, 2/1/2041		23,665		25,456
Lewisville Independent School District
Series 2016A, GO, PSF-GTD, 5.00%, 8/15/2024		10		12
Series A, GO, PSF-GTD, 4.00%, 8/15/2026		500		570
Lewisville Independent School District, School Building Series A, GO, PSF-GTD, 4.00%, 8/15/2019		20		20
Longview Independent School District GO, PSF-GTD, 5.00%, 2/15/2025		80		95
Pharr San Juan Alamo Independent School District GO, PSF-GTD, 5.00%, 2/1/2024		75		86
State of Texas GO, VRDO, LIQ: FHLB, 1.45%, 6/13/2019(d)		30,075		30,075
State of Texas, Transportation Commission Mobility Series 2017B, GO, 5.00%, 10/1/2030		11,185		13,770
State of Texas, Water Financial Assistance Series C, GO, 4.00%, 8/1/2019		25		25
Town of Addison GO, 4.00%, 2/15/2023		100		109

				158,590

Hospital — 0.0%(b)
Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series 2018B, Rev., 5.00%, 7/1/2033		100		122

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Other Revenue — 0.1%
City of Houston, Convention and Entertainment Facilities Department Rev., 5.00%, 9/1/2019		25		25
Harris County-Houston Sports Authority, Senior Lien Series 2014B, Rev., 5.00%, 11/15/2020		10		11
Lower Colorado River Authority, Transmission Contract, LCRA Transmission Services Corp. Project Series A, Rev., 5.00%, 5/15/2028		3,800		4,036

				4,072

Prerefunded — 0.4%
City of Austin, Water and Wastewater System Series 2009A, Rev., 5.00%, 11/15/2019(c)		20		20
City of Victoria, Utility System Rev., 5.00%, 12/1/2023(c)		2,705		3,115
Dallas Area Rapid Transit, Senior Lien Series A, Rev., 5.00%, 6/1/2019(c)		5,000		5,000
Lone Star College System GO, 5.00%, 8/15/2019(c)		500		503
North Texas Tollway Authority System, Special Projects System
Series 2011A, Rev., 5.50%, 9/1/2021(c)		4,000		4,350
Series A, Rev., 6.00%, 9/1/2021(c)		3,000		3,295
State of Texas, Public Finance Authority Series 2009A, GO, 5.00%, 10/1/2019(c)		2,000		2,023

				18,306

Transportation — 1.8%
City of Houston, Airport System Subordinate Lien Rev., VRDO, LOC: Barclays Bank plc, 1.40%, 6/13/2019(d)		50,000		50,000
Dallas Area Rapid Transit, Senior Lien Series 2016A, Rev., 5.00%, 12/1/2048		9,905		11,356
Dallas-Fort Worth International Airport
Series F, Rev., 5.00%, 11/1/2024		5,000		5,709
Series E, Rev., AMT, 5.00%, 11/1/2030		7,000		7,016
Series B, Rev., 5.00%, 11/1/2035		4,000		4,173
Harris County, Toll Road, Senior Lien Series 2016A, Rev., 5.00%, 8/15/2028		4,500		5,440
North Texas Tollway Authority System, First Tier Series 2017A, Rev., 5.00%, 1/1/2030		1,140		1,351
North Texas Tollway Authority System, Second Tier
Series 2017B, Rev., 5.00%, 1/1/2026		550		613
Series 2017B, Rev., 5.00%, 1/1/2027		950		1,137
Series 2017B, Rev., 5.00%, 1/1/2030		1,100		1,298
Texas Transportation Commission, State Highway Fund Rev., 5.00%, 10/1/2020		20		21

				88,114

Utility — 0.3%
City of Houston, Combined Utility System, First Lien Series 2016B, Rev., 5.00%, 11/15/2036		1,535		1,833
City of San Antonio, Electric and Gas Systems Rev., 5.00%, 2/1/2026		6,000		7,300
Texas Municipal Gas Acquisition and Supply Corp. I Series D, Rev., 6.25%, 12/15/2026		4,875		5,710

				14,843

Water & Sewer — 0.5%
City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032(c)		2,000		2,867
City of Irving, Waterworks & Sewer System Rev., 5.00%, 8/15/2029		20		25
Coastal Water Authority, City of Houston Projects
Rev., 5.00%, 12/15/2022		3,160		3,328
Rev., 5.00%, 12/15/2025		5,115		5,384
County of El Paso, Water and Sewer Series 2010A, Rev., 5.00%, 3/1/2021		1,765		1,810
North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System Rev., 5.00%, 6/1/2027		15		19
North Texas Municipal Water District, Water System
Rev., 5.00%, 6/1/2027		15		18
Series 2016, Rev., 5.00%, 9/1/2027		2,900		3,544

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
San Antonio Water System, Junior Lien Series C, Rev., 5.00%, 5/15/2031		1,125		1,352
Texas Water Development Board Rev., 5.00%, 8/1/2021		370		398
Texas Water Development Board, Water Implementation Series 2018B, Rev., 5.00%, 4/15/2030		7,000		8,905

				27,650

Total Texas				318,972

Utah — 0.7%
Education — 0.0%(b)
Local Building Authority of Alpine School District Rev., 5.00%, 3/15/2025		75		90

General Obligation — 0.3%
Central Utah Water Conservancy District, Limited Tax
Series 2011C, GO, 5.00%, 4/1/2020		3,950		4,063
Series 2011B, GO, 5.25%, 4/1/2022		1,000		1,067
City of Orem
GO, 5.00%, 12/1/2025		440		537
GO, 5.00%, 12/1/2026		155		193
GO, 5.00%, 12/1/2027		520		662
GO, 5.00%, 12/1/2028		565		731
City of Provo GO, 5.00%, 2/1/2027		1,230		1,536
Davis School District, School Bond Guaranty Program Series 2018, GO, 5.00%, 6/1/2021		380		406
Jordan School District, School Building GO, 5.00%, 6/15/2026		950		1,142
State of Utah GO, 5.00%, 7/1/2029		4,950		6,129

				16,466

Other Revenue — 0.2%
City of Park City Rev., 5.00%, 6/15/2026		2,165		2,660
Utah Infrastructure Agency, Tax-Exempt Telecommunications Bond
Series A, Rev., 5.00%, 10/15/2023		620		676
Series 2018A, Rev., 5.00%, 10/15/2025		1,450		1,613
Series A, Rev., 5.00%, 10/15/2028		1,000		1,146
Series 2018A, Rev., 5.25%, 10/15/2033		965		1,094
Utah State Building Ownership Authority, Cross Over Facilities Master Rev., 5.00%, 5/15/2022		335		368

				7,557

Prerefunded — 0.2%
Metropolitan Water District of Salt Lake and Sandy
Series A, Rev., 5.00%, 7/1/2019(c)		9,400		9,425
Series A, Rev., 5.00%, 7/1/2022(c)		2,000		2,212

				11,637

Transportation — 0.0%(b)
County of Utah, Transportation Sales Tax Rev., AGM, 4.00%, 12/1/2019		25		25

Water & Sewer — 0.0%(b)
City of Salt Lake City, Public Utilities Series 2017, Rev., 5.00%, 2/1/2032		10		12
Utah Water Finance Agency, Loan Financing Program Series 2017C, Rev., 5.00%, 3/1/2034		350		421

				433

Total Utah				36,208

Virginia — 2.1%
Education — 0.1%
Virginia College Building Authority, Education Facilities, Public Higher Education Financing Series B, Rev., 5.00%, 9/1/2024		250		294
Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs Series 2013A, Rev., 5.00%, 2/1/2020		235		241
Virginia College Building Authority, Educational Facilities, Washington and Lee University Project Rev., NATL-RE, 5.25%, 1/1/2026		5,045		5,853
Virginia Public School Authority Series 2015A, Rev., 5.00%, 8/1/2028		30		36

				6,424

General Obligation — 0.8%
City of Alexandria Series 2017C, GO, 5.00%, 7/1/2026		4,065		5,020
City of Hampton, Public Improvement Series 2018A, GO, 5.00%, 9/1/2027		10		13

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
City of Lynchburg, Public Improvement GO, 5.00%, 12/1/2022		1,000		1,052
City of Portsmouth Series A, GO, 5.00%, 7/15/2029		5,185		6,409
City of Richmond, Public Improvement Series 2017D, GO, 5.00%, 3/1/2029		7,750		10,050
Commonwealth of Virginia Series D, GO, 5.00%, 6/1/2020		10,000		10,027
County of Arlington, Public Improvement GO, 5.00%, 8/15/2029		7,505		9,363

				41,934

Industrial Development Revenue/Pollution Control Revenue — 0.2%
Virginia Beach Development Authority, Public Facility
Series B, Rev., 5.00%, 7/15/2024		5,110		5,999
Series 2015A, Rev., 5.00%, 3/1/2025		1,925		2,297
Series B, Rev., 5.00%, 7/15/2025		2,635		3,174

				11,470

Other Revenue — 0.0%(b)
Loudoun County Economic Development Authority, Public Facilities Project Series 2015A, Rev., 5.00%, 12/1/2020		35		37

Prerefunded — 0.1%
County of Fairfax, Sewer Rev., 5.00%, 7/15/2019(c)		3,080		3,093
Virginia Port Authority Series 2010, Rev., 5.00%, 7/1/2019(c)		50		50

				3,143

Transportation — 0.6%
Northern Virginia Transportation Authority
Rev., 5.00%, 6/1/2024		400		467
Rev., 5.00%, 6/1/2033		2,035		2,352
Rev., 5.00%, 6/1/2034		2,285		2,635
Virginia Commonwealth Transportation Board Series 2017, Rev., 5.00%, 9/15/2024		15		18
Virginia Commonwealth Transportation Board, Capital Projects
Series 2017A, Rev., 5.00%, 5/15/2027		5,500		6,895
Series A, Rev., 5.00%, 5/15/2028		2,750		3,471
Series A, Rev., 5.00%, 5/15/2030		10,000		12,377
Virginia Commonwealth Transportation Board, Federal Transportation Rev., 5.00%, 9/15/2025		45		55

				28,270

Water & Sewer — 0.3%
City of Newport News Rev., 5.00%, 7/15/2024		10		12
Fairfax County Water Authority, Water Subseries B, Rev., 5.25%, 4/1/2025		3,500		4,244
Virginia Resources Authority, Clean Water State Revolving Fund
Rev., 4.00%, 10/1/2019		25		25
Rev., 5.50%, 10/1/2022		7,390		8,360

				12,641

Total Virginia				103,919

Washington — 4.5%
Certificate of Participation/Lease — 0.0%(b)
State of Washington Series A, COP, 5.00%, 7/1/2019		25		25
State of Washington, Local Ageny Real and Personal Property COP, 5.00%, 7/1/2034		1,050		1,283

				1,308

Education — 0.1%
University of Washington Rev., 5.00%, 4/1/2029		1,860		2,293

General Obligation — 1.8%
Chelan County School District No. 228 Cascade, Unlimited Tax Series 2016, GO, 5.00%, 12/1/2027		90		110
Clark County School District No. 114 Evergreen, Unlimited Tax Series 2018, GO, 5.00%, 12/1/2024		10		12
Clark County, Vancouver School District No. 37 GO, 5.00%, 12/1/2027		25		31
Kennewick School District No. 17 Benton County GO, 5.00%, 12/1/2027		50		59
King County Fire Protection District No. 2, Unlimited Tax GO, 4.00%, 12/1/2025		125		143
Pierce County School District No. 3 GO, 5.00%, 12/1/2019		25		26
State of Washington Series 2018B, GO, 5.00%, 8/1/2042		4,050		4,823

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
State of Washington, Local Ageny Real and Personal Property Series B, GO, 5.00%, 2/1/2040		20,965		24,235
State of Washington, Motor Vehicle Fuel Tax
Series R-2015B, GO, 4.00%, 7/1/2019		20		20
GO, 5.00%, 7/1/2019		20		20
Series R-2015H, GO, 5.00%, 7/1/2030		5,000		5,858
State of Washington, Various Purpose
Series 2013-A, GO, 5.00%, 8/1/2019		25		25
Series R-2011A, GO, 5.00%, 1/1/2022		7,010		7,402
Series R-2011B, GO, 5.00%, 7/1/2023		7,260		7,538
Series R-2015A, GO, 4.00%, 7/1/2026		4,465		4,958
Series 2016C, GO, 5.00%, 2/1/2028		30		36
Series C, GO, 5.00%, 2/1/2037		14,430		17,469
Series 2018A, GO, 5.00%, 8/1/2040		10,000		11,947
Tacoma Metropolitan Park District
GO, 5.00%, 12/1/2036		600		725
GO, 5.00%, 12/1/2037		1,750		2,111
Whitman County Reorganized School District No. 300 Colfax GO, 5.00%, 12/1/2032		40		49

				87,597

Hospital — 0.1%
Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center Rev., 5.00%, 1/1/2021		1,450		1,522
Washington Health Care Facilities Authority, Providence Health and Services
Series 2012B, Rev., 4.00%, 10/1/2021(d)		2,000		2,107
Series B, Rev., 5.00%, 10/1/2021(d)		2,500		2,690

				6,319

Other Revenue — 0.9%
FYI Properties, State of Washington District Project — Green Bonds
Rev., 5.00%, 6/1/2031		5,650		6,960
Rev., 5.00%, 6/1/2032		235		288
Rev., 5.00%, 6/1/2033		5,345		6,533
Rev., 5.00%, 6/1/2034		5,990		7,310
Rev., 5.00%, 6/1/2035		7,170		8,730
Rev., 5.00%, 6/1/2036		4,915		5,971
Rev., 5.00%, 6/1/2037		7,395		8,971

				44,763

Prerefunded — 0.2%
City of Seattle, Municipal Light and Power Improvement Series B, Rev., 5.00%, 2/1/2020(c)		975		998
State of Washington, Motor Vehicle Fuel Tax Series 2010-B, GO, 5.00%, 8/1/2019(c)		600		603
State of Washington, Various Purpose
Series 2010-A, GO, 5.00%, 8/1/2019(c)		20		20
Series 2010C, GO, 5.00%, 8/1/2019(c)		10,000		10,057

				11,678

Transportation — 0.1%
Port of Seattle, Intermediate Lien
Series B, Rev., 5.00%, 3/1/2032		4,000		4,614
Series 2015B, Rev., 5.00%, 3/1/2034		1,000		1,148

				5,762

Utility — 1.2%
Chelan County Public Utility District No.1 Series 1997A, Rev., NATL-RE, Zero Coupon, 6/1/2022		21,835		20,631
City of Seattle, Municipal Light and Power Improvement
Series B, Rev., 5.00%, 2/1/2024		4,025		4,118
Series A, Rev., 4.00%, 1/1/2048		2,000		2,167
City of Tacoma, Electric System Series 2017, Rev., 5.00%, 1/1/2028		35		44
Energy Northwest, Bonneville Power Administrator Series 2016-A, Rev., 5.00%, 7/1/2027		20,020		24,541
Energy Northwest, Columbia Generating Station Series A, Rev., 5.00%, 7/1/2034		5,025		6,086
Snohomish County Public Utility District No. 1 Rev., 4.00%, 12/1/2019		20		20

				57,607

Water & Sewer — 0.1%
County of King, Sewer
Series A, Rev., 5.00%, 1/1/2023		1,150		1,289
Series 2016A, Rev., 5.00%, 7/1/2026		2,295		2,776

				4,065

Total Washington				221,392

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
West Virginia — 0.1%
Utility — 0.1%
West Virginia Economic Development Authority, Appalachian Power Co. - AMOS Project Series 2009-B, Rev., 2.63%, 6/1/2022(d)		6,460		6,566

Wisconsin — 1.4%
Education — 0.0%(b)
Public Finance Authority, Piedmont Community Charter School
Rev., 5.00%, 6/15/2022		190		204
Rev., 5.00%, 6/15/2024		205		228
Rev., 5.00%, 6/15/2026		225		258
Rev., 5.00%, 6/15/2034		215		250
Rev., 5.00%, 6/15/2039		390		447

				1,387

General Obligation — 0.2%
Milwaukee Area Technical College District, Promissory Notes Series C, GO, 3.00%, 6/1/2019		35		35
State of Wisconsin
Series 4, GO, 5.00%, 5/1/2027		5,000		5,890
Series 3, GO, 5.00%, 11/1/2030		4,190		5,137

				11,062

Hospital — 0.3%
Public Finance Authority, Wakemed Hospital Series 2019A, Rev., 5.00%, 10/1/2044		12,500		14,686
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. Rev., 5.00%, 7/1/2027		95		115

				14,801

Other Revenue — 0.2%
State of Wisconsin Series A, Rev., 5.00%, 5/1/2028		7,200		8,981

Prerefunded — 0.7%
State of Wisconsin
Series A, GO, 5.00%, 5/1/2021(c)		16,050		17,107
Series A, GO, 5.25%, 5/1/2021(c)		13,190		14,120
State of Wisconsin, Clean Water Fund, Leveraged Loan Portfolio Rev., 5.00%, 6/1/2024(c)		1,225		1,432

				32,659

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		35

				55

Water & Sewer — 0.0%(b)
City of Milwaukee, Sewerage System Series 2016S7, Rev., 5.00%, 6/1/2019		20		20
State of Wisconsin, Clean Water Fund, Leveraged Loan Portfolio Series 1, Rev., 4.00%, 6/1/2019(c)		20		20

				40

Total Wisconsin				68,985

Wyoming — 0.8%
Industrial Development Revenue/Pollution Control Revenue — 0.3%
County of Uinta, Pollution Control, Chevron USA, Inc. Project Rev., VRDO, 1.55%, 6/3/2019(d)		14,635		14,635

Utility — 0.5%
County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry Fork Station Facilities Series 2019A, Rev., 3.63%, 7/15/2039		23,570		23,988

Total Wyoming				38,623

TOTAL MUNICIPAL BONDS (Cost $4,649,882)				4,886,079


	Shares (000)		Value ($000)
SHORT-TERM INVESTMENTS — 1.2%
INVESTMENT COMPANIES — 1.2%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.51%(e)(f)(Cost $60,968)		60,971		60,971

Total Investments — 99.7% (Cost $4,710,850)				4,947,050
Other Assets Less Liabilities — 0.3%				12,982

Net Assets — 100.0%				4,960,032

Percentages indicated are based on net assets.

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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
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
FGIC		Insured by Financial Guaranty Insurance Co.
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
GRAN		Grant Revenue Anticipation Notes
IBC		Insured Bond Certificates
ICC		Insured Custody Certificates
IDA		Industrial Development Authority
LIQ		Liquidity Agreement
LOC		Letter of Credit
MTA		Metropolitan Transportation Authority
NATL		Insured by National Public Finance Guarantee Corp.
PSF-GTD		Permanent School Fund Guaranteed
Q-SBLF		Qualified School Bond Loan Fund
RE		Reinsured
Rev.		Revenue
SCSDE		South Carolina School District Enhancement
VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of May 31, 2019.


(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 May 31, 2019.
(e)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(f)		The rate shown is the current yield as of May 31, 2019.

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Futures contracts outstanding as of May 31, 2019 (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		(294	)		09/2019		USD		(37,278	)		(426	)

												(426	)


Abbreviations

USD		United States Dollar

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 (“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)	$	60,971		$	4,886,079	$	—	$	4,947,050

Depreciation in Other Financial Instruments
Futures Contracts(a)	$	(426	)	$	—	$	—	$	(426	)

(a)	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.

There were no transfers into and out of level 3 for the period ended May 31, 2019.

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.51%(a)(b)	$	239,447	$	315,597	$	494,068	$	(8	)	$	3	$	60,971		60,971	$	536	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 64.8%
Aerospace & Defense — 0.2%
BAE Systems Holdings, Inc. (United Kingdom) 6.38%, 6/1/2019(a)		699		699
Lockheed Martin Corp.
4.25%, 11/15/2019		4,249		4,280
2.50%, 11/23/2020		10,099		10,115
Rockwell Collins, Inc. 1.95%, 7/15/2019		2,750		2,747

				17,841

Automobiles — 2.4%
BMW US Capital LLC (Germany)
1.45%, 9/13/2019(a)		4,050		4,039
(ICE LIBOR USD 3 Month + 0.37%), 2.90%, 8/14/2020(a)(b)		26,278		26,347
3.25%, 8/14/2020(a)		17,824		17,953
(ICE LIBOR USD 3 Month + 0.41%), 3.01%, 4/12/2021(a)(b)		19,652		19,687
Daimler Finance North America LLC (Germany)
2.25%, 7/31/2019(a)		4,780		4,777
1.75%, 10/30/2019(a)		4,845		4,831
(ICE LIBOR USD 3 Month + 0.62%), 3.20%, 10/30/2019(a)(b)		33,026		33,080
2.25%, 3/2/2020(a)		3,210		3,199
(ICE LIBOR USD 3 Month + 0.39%), 2.96%, 5/4/2020(a)(b)		16,928		16,921
3.10%, 5/4/2020(a)		4,935		4,949
2.20%, 5/5/2020(a)		3,250		3,234
2.45%, 5/18/2020(a)		27,499		27,422
2.70%, 8/3/2020(a)		2,780		2,779
3.35%, 5/4/2021(a)		10,760		10,867
Nissan Motor Acceptance Corp.
1.55%, 9/13/2019(a)		22,100		22,012
2.25%, 1/13/2020(a)		10,671		10,629
2.13%, 3/3/2020(a)		1,509		1,500
(ICE LIBOR USD 3 Month + 0.39%), 2.99%, 9/28/2020(a)(b)		15,825		15,774
Volkswagen Group of America Finance LLC (Germany)
(ICE LIBOR USD 3 Month + 0.77%), 3.31%, 11/13/2020(a)(b)		21,950		22,023
3.88%, 11/13/2020(a)		20,636		20,977

				273,000

Banks — 28.9%
ABN AMRO Bank NV (Netherlands)
2.45%, 6/4/2020(a)		58,286		58,167
(ICE LIBOR USD 3 Month + 0.57%), 3.09%, 8/27/2021(a)(b)		23,400		23,479
ANZ New Zealand Int’l Ltd. (New Zealand)
2.60%, 9/23/2019(a)		4,045		4,044
2.20%, 7/17/2020(a)		790		788
(ICE LIBOR USD 3 Month + 1.01%), 3.59%, 7/28/2021(a)(b)		6,000		6,072
Australia & New Zealand Banking Group Ltd. (Australia)
1.60%, 7/15/2019		10,063		10,052
2.05%, 9/23/2019		8,470		8,456
2.25%, 12/19/2019(a)		5,782		5,773
5.10%, 1/13/2020(a)		2,350		2,386
(ICE LIBOR USD 3 Month + 0.32%), 2.92%, 7/2/2020(a)(b)		39,450		39,494
2.25%, 11/9/2020		12,272		12,249
(ICE LIBOR USD 3 Month + 0.32%), 2.88%, 11/9/2020(a)(b)		20,451		20,482
2.70%, 11/16/2020		68,394		68,662
(ICE LIBOR USD 3 Month + 0.46%), 2.99%, 5/17/2021(a)(b)		23,300		23,358
Bank of America NA
(ICE LIBOR USD 3 Month + 0.25%), 2.77%, 8/28/2020(b)		18,303		18,308
(ICE LIBOR USD 3 Month + 0.35%), 2.87%, 5/24/2021(b)		54,811		54,811
Bank of Montreal (Canada)
(ICE LIBOR USD 3 Month + 0.34%), 2.94%, 7/13/2020(b)		31,500		31,574
(ICE LIBOR USD 3 Month + 0.40%), 2.99%, 1/22/2021(b)		86,068		86,252
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 3 Month + 0.42%), 3.00%, 1/25/2021(b)		71,490		71,681
Banque Federative du Credit Mutuel SA (France)
2.20%, 7/20/2020(a)		54,919		54,702
(ICE LIBOR USD 3 Month + 0.49%), 3.08%, 7/20/2020(a)(b)		11,652		11,685
2.75%, 10/15/2020(a)		56,405		56,508
Barclays Bank plc (United Kingdom) 5.13%, 1/8/2020		1,991		2,019
BB&T Corp.
2.45%, 1/15/2020		31,394		31,352
(ICE LIBOR USD 3 Month + 0.72%), 3.31%, 1/15/2020(b)		3,987		4,000
(ICE LIBOR USD 3 Month + 0.57%), 3.18%, 6/15/2020(b)		16,356		16,417
BNP Paribas SA (France)
2.38%, 5/21/2020		22,617		22,570
5.00%, 1/15/2021		26,057		27,039
BNZ International Funding Ltd. (New Zealand) 2.40%, 2/21/2020(a)		9,719		9,700
(ICE LIBOR USD 3 Month + 0.70%), 3.22%, 2/21/2020(a)(b)		23,249		23,327

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Branch Banking & Trust Co.
2.10%, 1/15/2020		8,911		8,888
(ICE LIBOR USD 3 Month + 0.45%), 3.05%, 1/15/2020(b)		21,398		21,439
2.25%, 6/1/2020		14,875		14,833
Capital One NA
2.40%, 9/5/2019		2,930		2,928
1.85%, 9/13/2019		11,986		11,957
(ICE LIBOR USD 3 Month + 0.77%), 3.37%, 9/13/2019(b)		2,550		2,553
2.35%, 1/31/2020		13,781		13,753
Citibank NA
2.13%, 10/20/2020		2,250		2,238
(ICE LIBOR USD 3 Month + 0.53%), 3.05%, 2/19/2022(b)		9,800		9,801
(ICE LIBOR USD 3 Month + 0.60%), 3.12%, 5/20/2022(b)		20,700		20,708
Citizens Bank NA
2.45%, 12/4/2019		31,720		31,699
2.25%, 3/2/2020		27,196		27,118
(ICE LIBOR USD 3 Month + 0.54%), 3.16%, 3/2/2020(b)		1,750		1,752
2.20%, 5/26/2020		33,457		33,305
(ICE LIBOR USD 3 Month + 0.57%), 3.09%, 5/26/2020(b)		1,050		1,053
2.25%, 10/30/2020		1,722		1,714
(ICE LIBOR USD 3 Month + 0.72%), 3.25%, 2/14/2022(b)		16,825		16,876
Comerica Bank 2.50%, 6/2/2020		17,960		17,944
Commonwealth Bank of Australia (Australia)
2.25%, 3/10/2020(a)		9,053		9,036
2.30%, 3/12/2020		9,941		9,922
5.00%, 3/19/2020(a)		3,453		3,520
(ICE LIBOR USD 3 Month + 0.32%), 2.92%, 6/25/2020(a)(b)		4,887		4,900
2.05%, 9/18/2020(a)		17,054		16,953
Compass Bank 2.75%, 9/29/2019		53,070		53,050
Cooperatieve Rabobank UA (Netherlands)
2.25%, 1/14/2020		12,337		12,313
4.75%, 1/15/2020(a)		11,484		11,634
4.50%, 1/11/2021		22,991		23,754
2.50%, 1/19/2021		1,294		1,294
3.13%, 4/26/2021		21,748		21,992
Credit Agricole Corporate & Investment Bank SA (France)
(ICE LIBOR USD 3 Month + 0.29%), 2.86%, 11/2/2020(a)(b)		51,575		51,588
(ICE LIBOR USD 3 Month + 0.40%), 2.98%, 5/3/2021(a)(b)		52,200		52,200
Credit Agricole SA (France)
2.75%, 6/10/2020(a)		42,447		42,533
(ICE LIBOR USD 3 Month + 1.18%), 3.77%, 7/1/2021(a)(b)		15,318		15,541
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 2.75%, 3/26/2020		4,360		4,360
DBS Group Holdings Ltd. (Singapore)
2.25%, 7/16/2019(a)		3,958		3,957
(ICE LIBOR USD 3 Month + 0.49%), 3.08%, 6/8/2020(a)(b)		5,893		5,898
DNB Bank ASA (Norway)
2.13%, 10/2/2020(a)		59,184		58,879
(ICE LIBOR USD 3 Month + 0.37%), 2.97%, 10/2/2020(a)(b)		15,341		15,367
Federation des Caisses Desjardins du Quebec (Canada)
2.25%, 10/30/2020(a)		6,825		6,811
(ICE LIBOR USD 3 Month + 0.33%), 2.91%, 10/30/2020(a)(b)		38,316		38,381
Fifth Third Bancorp 2.88%, 7/27/2020		1,206		1,211
Fifth Third Bank
2.20%, 10/30/2020		733		730
(ICE LIBOR USD 3 Month + 0.25%), 2.83%, 10/30/2020(b)		8,276		8,276
First Niagara Financial Group, Inc. 6.75%, 3/19/2020		7,540		7,779
HSBC Holdings plc (United Kingdom)
3.40%, 3/8/2021		10,016		10,134
(ICE LIBOR USD 3 Month + 0.60%), 3.12%, 5/18/2021(b)		34,580		34,598
2.95%, 5/25/2021		19,499		19,583
(ICE LIBOR USD 3 Month + 0.65%), 3.25%, 9/11/2021(b)		49,328		49,402
(ICE LIBOR USD 3 Month + 1.50%), 4.10%, 1/5/2022(b)		6,000		6,120
HSBC USA, Inc.
2.35%, 3/5/2020		3,480		3,471
2.75%, 8/7/2020		40,348		40,476
Huntington Bancshares, Inc. 3.15%, 3/14/2021		3,660		3,693
Huntington National Bank (The)
2.38%, 3/10/2020		10,129		10,118
2.40%, 4/1/2020		9,733		9,719
2.88%, 8/20/2020		2,592		2,602
(ICE LIBOR USD 3 Month + 0.55%), 3.12%, 2/5/2021(b)		49,322		49,440
KeyBank NA
1.60%, 8/22/2019		10,509		10,487
2.50%, 12/15/2019		10,865		10,859
2.25%, 3/16/2020		8,893		8,869
Kreditanstalt fuer Wiederaufbau (Germany) 4.00%, 1/27/2020		11,262		11,382

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Lloyds Bank plc (United Kingdom)
5.80%, 1/13/2020(a)		2,694		2,743
2.70%, 8/17/2020		3,939		3,944
Manufacturers & Traders Trust Co. 2.10%, 2/6/2020		2,750		2,739
Mitsubishi UFJ Trust & Banking Corp. (Japan)
2.45%, 10/16/2019(a)		7,635		7,632
2.65%, 10/19/2020(a)		15,052		15,086
Mizuho Bank Ltd. (Japan)
2.65%, 9/25/2019(a)		3,750		3,751
2.40%, 3/26/2020(a)		69,016		68,945
2.70%, 10/20/2020(a)		20,500		20,526
MUFG Bank Ltd. (Japan)
2.30%, 3/5/2020(a)		25,348		25,297
2.75%, 9/14/2020(a)		9,820		9,846
National Australia Bank Ltd. (Australia)
2.40%, 12/9/2019(a)		25,553		25,546
(ICE LIBOR USD 3 Month + 0.59%), 3.17%, 1/10/2020(a)(b)		590		592
2.13%, 5/22/2020		470		468
(ICE LIBOR USD 3 Month + 0.51%), 3.03%, 5/22/2020(a)(b)		2,290		2,299
2.63%, 7/23/2020		3,241		3,248
2.63%, 1/14/2021		271		272
(ICE LIBOR USD 3 Month + 0.71%), 3.28%, 11/4/2021(a)(b)		22,800		22,948
National Bank of Canada (Canada)
(ICE LIBOR USD 3 Month + 0.60%), 3.19%, 1/17/2020(b)		10,048		10,083
(ICE LIBOR USD 3 Month + 0.56%), 3.16%, 6/12/2020(b)		8,495		8,528
2.20%, 11/2/2020		3,148		3,136
(ICE LIBOR USD 3 Month + 0.40%), 3.01%, 3/21/2021(a)(b)		121,140		121,296
Nordea Bank Abp (Finland)
1.63%, 9/30/2019(a)		2,163		2,157
4.88%, 1/27/2020(a)		19,665		19,949
2.13%, 5/29/2020(a)		20,099		20,022
(ICE LIBOR USD 3 Month + 0.47%), 2.99%, 5/29/2020(a)(b)		7,623		7,650
2.50%, 9/17/2020(a)		22,896		22,887
2.25%, 5/27/2021(a)		27,960		27,799
PNC Bank NA
2.00%, 5/19/2020		14,306		14,244
2.30%, 6/1/2020		4,000		3,993
2.60%, 7/21/2020		7,570		7,587
2.15%, 4/29/2021		2,667		2,650
PNC Financial Services Group, Inc. (The)
5.13%, 2/8/2020		3,750		3,812
4.38%, 8/11/2020		16,552		16,929
Royal Bank of Canada (Canada)
(ICE LIBOR USD 3 Month + 0.30%), 2.89%, 7/22/2020(b)		69,959		70,120
(ICE LIBOR USD 3 Month + 0.40%), 2.98%, 1/25/2021(b)		70,030		70,210
Santander UK plc (United Kingdom)
2.35%, 9/10/2019		19,679		19,664
2.38%, 3/16/2020		15,279		15,252
Skandinaviska Enskilda Banken AB (Sweden)
1.50%, 9/13/2019		3,730		3,719
2.30%, 3/11/2020		13,098		13,067
2.45%, 5/27/2020(a)		42,587		42,513
2.63%, 11/17/2020(a)		65,653		65,621
2.63%, 3/15/2021		21,516		21,545
(ICE LIBOR USD 3 Month + 0.43%), 2.96%, 5/17/2021(a)(b)		32,675		32,722
Societe Generale SA (France)
2.63%, 9/16/2020(a)		26,125		26,117
2.50%, 4/8/2021(a)		600		597
Standard Chartered plc (United Kingdom)
2.40%, 9/8/2019(a)		16,457		16,430
2.25%, 4/17/2020(a)		16,147		16,042
3.05%, 1/15/2021(a)		97,200		97,334
Sumitomo Mitsui Banking Corp. (Japan)
2.25%, 7/11/2019		5,500		5,498
2.45%, 1/16/2020		17,745		17,737
2.51%, 1/17/2020		11,513		11,509
(ICE LIBOR USD 3 Month + 0.37%), 2.97%, 10/16/2020(b)		9,336		9,344
2.45%, 10/20/2020		4,585		4,582
Sumitomo Mitsui Trust Bank Ltd. (Japan)
1.95%, 9/19/2019(a)		19,813		19,773
2.05%, 10/18/2019(a)		12,223		12,197
(ICE LIBOR USD 3 Month + 0.91%), 3.51%, 10/18/2019(a)(b)		1,425		1,429
SunTrust Bank 2.25%, 1/31/2020		6,611		6,594
(ICE LIBOR USD 3 Month + 0.30%), 2.59%, 1/29/2021(b)		5,001		5,000
(ICE LIBOR USD 3 Month + 0.59%), 3.12%, 5/17/2022(b)		39,759		39,797
SunTrust Banks, Inc.
2.90%, 3/3/2021		37,945		38,131
2.70%, 1/27/2022		7,383		7,406
Svenska Handelsbanken AB (Sweden)
1.50%, 9/6/2019		7,697		7,678
(ICE LIBOR USD 3 Month + 0.49%), 3.10%, 9/6/2019(b)		250		250
5.13%, 3/30/2020(a)		12,603		12,864
1.95%, 9/8/2020		20,309		20,178
(ICE LIBOR USD 3 Month + 0.36%), 2.95%, 9/8/2020(b)		8,865		8,879
2.40%, 10/1/2020		2,738		2,734

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Toronto-Dominion Bank (The) (Canada)
2.13%, 7/2/2019		124		124
(ICE LIBOR USD 3 Month + 0.28%), 2.88%, 6/11/2020(b)		45,603		45,703
(ICE LIBOR USD 3 Month + 0.26%), 2.87%, 9/17/2020(b)		42,860		43,002
UBS Group Funding Switzerland AG (Switzerland)
2.95%, 9/24/2020(a)		25,586		25,698
(ICE LIBOR USD 3 Month + 1.44%), 4.04%, 9/24/2020(a)(b)		4,900		4,974
(ICE LIBOR USD 3 Month + 1.78%), 4.38%, 4/14/2021(a)(b)		700		717
United Overseas Bank Ltd. (Singapore) (ICE LIBOR USD 3 Month + 0.48%), 3.07%, 4/23/2021(a)(b)		2,867		2,871
US Bank NA
(ICE LIBOR USD 3 Month + 0.25%), 2.83%, 7/24/2020(b)		38,110		38,180
(ICE LIBOR USD 3 Month + 0.31%), 2.88%, 2/4/2021(b)		39,139		39,203
(ICE LIBOR USD 3 Month + 0.32%), 2.91%, 4/26/2021(b)		2,708		2,711
Westpac Banking Corp. (Australia)
2.15%, 3/6/2020		22,700		22,638
2.30%, 5/26/2020		5,410		5,400
2.60%, 11/23/2020		11,121		11,142

				3,302,298

Beverages — 0.1%
Diageo Capital plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.24%), 2.76%, 5/18/2020(b)		11,994		11,999
Suntory Holdings Ltd. (Japan) 2.55%, 9/29/2019(a)		1,103		1,102

				13,101

Biotechnology — 0.2%
AbbVie, Inc. 2.50%, 5/14/2020		27,565		27,523

Capital Markets — 5.6%
Charles Schwab Corp. (The) (ICE LIBOR USD 3 Month + 0.32%), 2.84%, 5/21/2021(b)		7,956		7,958
CPPIB Capital, Inc. (Canada) 1.25%, 9/20/2019(a)		7,791		7,763
Credit Suisse AG (Switzerland) 4.38%, 8/5/2020		1,957		1,999
Goldman Sachs Bank USA (SOFR + 0.60%), 3.00%, 5/24/2021(b)		10,398		10,401
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 0.80%), 3.41%, 12/13/2019(b)		39,205		39,333
5.38%, 3/15/2020		30,367		30,990
2.60%, 4/23/2020		1,500		1,500
(ICE LIBOR USD 3 Month + 1.16%), 3.75%, 4/23/2020(b)		17,529		17,649
Series D, 6.00%, 6/15/2020		15,311		15,830
(ICE LIBOR USD 3 Month + 1.20%), 3.81%, 9/15/2020(b)		13,878		14,021
(ICE LIBOR USD 3 Month + 0.73%), 3.34%, 12/27/2020(b)		2,635		2,640
ING Bank NV (Netherlands)
(ICE LIBOR USD 3 Month + 0.61%), 3.13%, 8/15/2019(a)(b)		2,565		2,568
2.50%, 10/1/2019(a)		12,341		12,340
(ICE LIBOR USD 3 Month + 0.69%), 3.28%, 10/1/2019(a)(b)		2,310		2,315
2.45%, 3/16/2020(a)		34,749		34,720
2.70%, 8/17/2020(a)		46,431		46,527
(ICE LIBOR USD 3 Month + 0.97%), 3.50%, 8/17/2020(a)(b)		2,008		2,026
5.00%, 6/9/2021(a)		11,775		12,308
Intercontinental Exchange, Inc. 2.75%, 12/1/2020		10,037		10,042
Macquarie Bank Ltd. (Australia)
2.60%, 6/24/2019(a)		10,373		10,372
2.40%, 1/21/2020(a)		18,624		18,602
2.85%, 7/29/2020(a)		29,297		29,413
Macquarie Group Ltd. (Australia)
7.63%, 8/13/2019(a)		3,380		3,411
6.00%, 1/14/2020(a)		41,419		42,239
Morgan Stanley
5.63%, 9/23/2019		29,445		29,695
2.65%, 1/27/2020		12,792		12,791
2.80%, 6/16/2020		17,893		17,923
5.50%, 7/24/2020		11,487		11,845
5.75%, 1/25/2021		4,621		4,844
(ICE LIBOR USD 3 Month + 0.55%), 3.10%, 2/10/2021(b)		13,360		13,374
(ICE LIBOR USD 3 Month + 1.40%), 3.99%, 4/21/2021(b)		21,765		22,162
Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		2,477		2,551
State Street Corp. 2.55%, 8/18/2020		1,090		1,092
Temasek Financial I Ltd. (Singapore) 4.30%, 10/25/2019(a)		6,565		6,613
UBS AG (Switzerland)
2.35%, 3/26/2020		350		349
2.20%, 6/8/2020(a)		13,089		13,036
(ICE LIBOR USD 3 Month + 0.58%), 3.17%, 6/8/2020(a)(b)		4,000		4,014
4.88%, 8/4/2020		4,615		4,740
2.45%, 12/1/2020(a)		81,035		80,727
(ICE LIBOR USD 3 Month + 0.48%), 3.11%, 12/1/2020(a)(b)		37,837		37,914

				640,637

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Chemicals — 0.4%
Air Liquide Finance SA (France) 1.38%, 9/27/2019(a)		12,743		12,687
Chevron Phillips Chemical Co. LLC 2.45%, 5/1/2020(a)		9,064		9,059
DowDuPont, Inc. (ICE LIBOR USD 3 Month + 0.71%), 3.23%, 11/15/2020(b)		16,883		16,997
Nutrien Ltd. (Canada) 4.88%, 3/30/2020		9,937		10,106

				48,849

Commercial Services & Supplies — 0.1%
Republic Services, Inc. 5.50%, 9/15/2019		7,912		7,967

Consumer Finance — 5.0%
American Express Co.
(ICE LIBOR USD 3 Month + 0.53%), 3.05%, 5/17/2021(b)		14,343		14,381
(ICE LIBOR USD 3 Month + 0.60%), 3.17%, 11/5/2021(b)		8,483		8,522
American Express Credit Corp.
1.70%, 10/30/2019		7,193		7,167
2.20%, 3/3/2020		3,738		3,731
(ICE LIBOR USD 3 Month + 0.43%), 3.05%, 3/3/2020(b)		13,160		13,186
2.38%, 5/26/2020		20,670		20,632
(ICE LIBOR USD 3 Month + 0.73%), 3.25%, 5/26/2020(b)		10,000		10,053
Series F, 2.60%, 9/14/2020		4,347		4,355
American Honda Finance Corp.
2.00%, 11/13/2019		2,784		2,779
Series A, 2.15%, 3/13/2020		3,321		3,315
(ICE LIBOR USD 3 Month + 0.26%), 2.87%, 6/16/2020(b)		22,587		22,617
(ICE LIBOR USD 3 Month + 0.28%), 2.86%, 11/2/2020(b)		74,600		74,642
Capital One Financial Corp.
2.50%, 5/12/2020		55,875		55,772
(ICE LIBOR USD 3 Month + 0.76%), 3.30%, 5/12/2020(b)		24,892		24,991
2.40%, 10/30/2020		2,259		2,255
Caterpillar Financial Services Corp.
2.10%, 1/10/2020		18,585		18,535
(ICE LIBOR USD 3 Month + 0.18%), 2.70%, 5/15/2020(b)		21,629		21,643
(ICE LIBOR USD 3 Month + 0.23%), 2.84%, 3/15/2021(b)		78,900		78,806
Series I, (ICE LIBOR USD 3 Month + 0.39%), 2.92%, 5/17/2021(b)		25,500		25,545
General Motors Financial Co., Inc.
3.50%, 7/10/2019		10,904		10,913
2.35%, 10/4/2019		10,013		9,996
3.15%, 1/15/2020		21,236		21,269
(ICE LIBOR USD 3 Month + 0.93%), 3.53%, 4/13/2020(b)		10,315		10,351
John Deere Capital Corp. (ICE LIBOR USD 3 Month + 0.42%), 3.00%, 7/10/2020(b)		24,346		24,436
PACCAR Financial Corp.
(ICE LIBOR USD 3 Month + 0.20%), 2.74%, 11/13/2020(b)		21,264		21,270
3.10%, 5/10/2021		5,814		5,890
Toyota Motor Credit Corp.
(ICE LIBOR USD 3 Month + 0.20%), 2.75%, 6/3/2020(b)		45,480		45,480
(ICE LIBOR USD 3 Month + 0.24%), 2.84%, 7/15/2020(b)		130		130
(ICE LIBOR USD 3 Month + 0.28%), 2.88%, 4/13/2021(b)		12,658		12,668

				575,330

Diversified Financial Services — 1.0%
AIG Global Funding
1.95%, 10/18/2019(a)		17,544		17,506
(ICE LIBOR USD 3 Month + 0.65%), 3.24%, 1/22/2021(a)(b)		45,911		46,054
(ICE LIBOR USD 3 Month + 0.46%), 3.06%, 6/25/2021(a)(b)		24,843		24,835
Boeing Capital Corp. 4.70%, 10/27/2019		3,258		3,285
CK Hutchison International II Ltd. (Hong Kong) 2.25%, 9/29/2020(a)		765		760
National Rural Utilities Cooperative Finance Corp. (ICE LIBOR USD 3 Month + 0.38%), 2.97%, 6/30/2021(b)		15,925		15,965
Siemens Financieringsmaatschappij NV (Germany)
1.30%, 9/13/2019(a)		3,400		3,389
2.20%, 3/16/2020(a)		810		808

				112,602

Diversified Telecommunication Services — 1.1%
AT&T, Inc. (ICE LIBOR USD 3 Month + 0.65%), 3.25%, 1/15/2020(b)		48,700		48,848
Deutsche Telekom International Finance BV (Germany)
1.50%, 9/19/2019(a)		7,754		7,726
2.23%, 1/17/2020(a)		17,696		17,640
Orange SA (France)
5.38%, 7/8/2019		10,136		10,162
1.63%, 11/3/2019		14,582		14,514
Verizon Communications, Inc. (ICE LIBOR USD 3 Month + 0.55%), 3.07%, 5/22/2020(b)		23,421		23,515

				122,405

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Electric Utilities — 1.3%
Arizona Public Service Co. 2.20%, 1/15/2020		6,207		6,199
CLP Power Hong Kong Financing Ltd. (Hong Kong) 4.75%, 3/19/2020(c)		650		660
Exelon Corp. 5.15%, 12/1/2020		437		450
Florida Power & Light Co. (ICE LIBOR USD 3 Month + 0.40%), 2.97%, 5/6/2022(b)		44,300		44,315
Nevada Power Co. Series BB, 2.75%, 4/15/2020		2,261		2,266
NextEra Energy Capital Holdings, Inc.
(ICE LIBOR USD 3 Month + 0.32%), 2.93%, 9/3/2019(b)		4,560		4,561
(ICE LIBOR USD 3 Month + 0.40%), 2.92%, 8/21/2020(b)		58,121		58,126
Niagara Mohawk Power Corp. 4.88%, 8/15/2019(a)		20,335		20,415
Progress Energy, Inc. 4.88%, 12/1/2019		3,640		3,679
Public Service Co. of Oklahoma 5.15%, 12/1/2019		1,186		1,200
State Grid Overseas Investment 2016 Ltd. (China) 2.25%, 5/4/2020(a)		5,900		5,872
Virginia Electric & Power Co. 5.00%, 6/30/2019		3,995		4,001

				151,744

Electrical Equipment — 0.0%(d)
ABB Finance USA, Inc. (Switzerland) 2.80%, 4/3/2020		4,910		4,923

Energy Equipment & Services — 0.2%
Schlumberger Holdings Corp. 3.00%, 12/21/2020(a)		20,123		20,229
Schlumberger Oilfield UK plc 4.20%, 1/15/2021(a)		1,650		1,686

				21,915

Entertainment — 0.7%
NBCUniversal Enterprise, Inc. (ICE LIBOR USD 3 Month + 0.40%), 2.99%, 4/1/2021(a)(b)		67,395		67,596
NBCUniversal Media LLC 5.15%, 4/30/2020		13,089		13,387

				80,983

Equity Real Estate Investment Trusts (REITs) — 1.4%
ERP Operating LP
2.38%, 7/1/2019		7,134		7,132
4.75%, 7/15/2020		11,352		11,574
HCP, Inc. 2.63%, 2/1/2020		17,888		17,867
Scentre Group Trust 1 (Australia)
2.38%, 11/5/2019(a)		15,662		15,649
2.38%, 4/28/2021(a)		11,158		11,073
WEA Finance LLC (France)
2.70%, 9/17/2019(a)		19,296		19,289
3.25%, 10/5/2020(a)		76,144		76,671

				159,255

Food & Staples Retailing — 0.4%
Alimentation Couche-Tard, Inc. (Canada)
2.35%, 12/13/2019(a)		22,263		22,213
(ICE LIBOR USD 3 Month + 0.50%), 3.11%, 12/13/2019(a)(b)		5,396		5,396
Kroger Co. (The)
1.50%, 9/30/2019		8,237		8,205
6.15%, 1/15/2020		4,199		4,289

				40,103

Food Products — 0.6%
General Mills, Inc. (ICE LIBOR USD 3 Month + 0.54%), 3.14%, 4/16/2021(b)		13,118		13,118
Mondelez International Holdings Netherlands BV 1.63%, 10/28/2019(a)		45,835		45,629
Mondelez International, Inc. 3.00%, 5/7/2020		5,645		5,661
Tyson Foods, Inc. 2.65%, 8/15/2019		2,850		2,849

				67,257

Gas Utilities — 0.1%
Dominion Energy Gas Holdings LLC 2.50%, 12/15/2019		2,966		2,961
DTE Gas Co. 5.00%, 10/1/2019		4,922		4,962

				7,923

Health Care Providers & Services — 0.3%
Cigna Corp. 3.20%, 9/17/2020(a)		23,101		23,260
Express Scripts Holding Co. 2.60%, 11/30/2020		10,351		10,325
UnitedHealth Group, Inc. 2.30%, 12/15/2019		1,812		1,810

				35,395

Independent Power and Renewable Electricity Producers — 0.2%
Exelon Generation Co. LLC
5.20%, 10/1/2019		6,387		6,431
2.95%, 1/15/2020		10,124		10,135
4.00%, 10/1/2020		5,870		5,953

				22,519

Industrial Conglomerates — 0.3%
General Electric Co.
6.00%, 8/7/2019		12,937		13,004
5.50%, 1/8/2020		4,969		5,045
Hutchison Whampoa International Ltd. (Hong Kong) 5.75%, 9/11/2019(a)		13,633		13,742

				31,791

Insurance — 7.4%
American International Group, Inc.
3.38%, 8/15/2020		11,300		11,408
6.40%, 12/15/2020		9,531		10,065

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Athene Global Funding
2.75%, 4/20/2020(a)		18,179		18,197
(ICE LIBOR USD 3 Month + 1.14%), 3.73%, 4/20/2020(a)(b)		15,980		16,060
Chubb INA Holdings, Inc. 2.30%, 11/3/2020		17,936		17,926
Jackson National Life Global Funding
(ICE LIBOR USD 3 Month + 0.30%), 2.88%, 4/27/2020(a)(b)		10,499		10,516
(ICE LIBOR USD 3 Month + 0.30%), 2.90%, 10/15/2020(a)(b)		46,510		46,537
2.60%, 12/9/2020(a)		3,054		3,060
(ICE LIBOR USD 3 Month + 0.31%), 2.91%, 3/16/2021(a)(b)		64,170		64,205
(ICE LIBOR USD 3 Month + 0.48%), 3.08%, 6/11/2021(a)(b)		42,968		43,099
MassMutual Global Funding II 2.00%, 4/15/2021(a)		1,350		1,339
Metropolitan Life Global Funding I
2.00%, 4/14/2020(a)		1,120		1,115
2.05%, 6/12/2020(a)		1,850		1,841
(ICE LIBOR USD 3 Month + 0.40%), 3.00%, 6/12/2020(a)(b)		11,623		11,652
(SOFR + 0.57%), 2.97%, 9/7/2020(a)(b)		59,305		59,383
2.50%, 12/3/2020(a)		6,024		6,019
2.40%, 1/8/2021(a)		68,439		68,236
(ICE LIBOR USD 3 Month + 0.23%), 2.82%, 1/8/2021(a)(b)		52,618		52,575
New York Life Global Funding
1.95%, 2/11/2020(a)		7,766		7,737
2.00%, 4/9/2020(a)		3,770		3,758
(ICE LIBOR USD 3 Month + 0.16%), 2.75%, 10/1/2020(a)(b)		27,410		27,423
(ICE LIBOR USD 3 Month + 0.28%), 2.86%, 1/28/2021(a)(b)		16,996		17,032
2.95%, 1/28/2021(a)		520		525
Principal Life Global Funding II
2.15%, 1/10/2020(a)		25,102		25,036
2.20%, 4/8/2020(a)		6,680		6,662
(ICE LIBOR USD 3 Month + 0.30%), 2.91%, 6/26/2020(a)(b)		37,164		37,175
(ICE LIBOR USD 3 Month + 0.33%), 2.93%, 3/2/2021(a)(b)		53,956		53,909
Protective Life Global Funding
1.56%, 9/13/2019(a)		13,785		13,744
2.26%, 4/8/2020(a)(e)		8,244		8,232
(ICE LIBOR USD 3 Month + 0.37%), 2.97%, 7/13/2020(a)(b)		42,160		42,252
2.70%, 11/25/2020(a)		15,193		15,229
(ICE LIBOR USD 3 Month + 0.52%), 3.12%, 6/28/2021(a)(b)		39,600		39,714
2.92%, 4/15/2022(a)		36,603		36,944
Reliance Standard Life Global Funding II
2.50%, 1/15/2020(a)		779		778
2.38%, 5/4/2020(a)		31,467		31,377
Suncorp-Metway Ltd. (Australia)
2.35%, 4/27/2020(a)		17,562		17,500
2.38%, 11/9/2020(a)		22,664		22,597

				850,857

Interactive Media & Services — 0.1%
Tencent Holdings Ltd. (China) 2.88%, 2/11/2020(a)		5,978		6,002

Internet & Direct Marketing Retail — 0.1%
Alibaba Group Holding Ltd. (China) 2.50%, 11/28/2019		13,775		13,763

IT Services — 0.5%
International Business Machines Corp. (ICE LIBOR USD 3 Month + 0.40%), 2.94%, 5/13/2021(b)		57,300		57,413

Media — 0.3%
Comcast Corp.
5.70%, 7/1/2019		588		589
(ICE LIBOR USD 3 Month + 0.33%), 2.92%, 10/1/2020(b)		20,723		20,763
Omnicom Group, Inc. 6.25%, 7/15/2019		14,331		14,387

				35,739

Multi-Utilities — 0.8%
Dominion Energy, Inc.
Series B, 1.60%, 8/15/2019		7,965		7,946
5.20%, 8/15/2019		6,301		6,328
DTE Energy Co.
1.50%, 10/1/2019		4,809		4,791
2.40%, 12/1/2019		5,386		5,378
Public Service Enterprise Group, Inc. 1.60%, 11/15/2019		31,731		31,593
TECO Finance, Inc. 5.15%, 3/15/2020		28,792		29,324
WEC Energy Group, Inc. 2.45%, 6/15/2020		4,878		4,867

				90,227

Oil, Gas & Consumable Fuels — 1.3%
BG Energy Capital plc (United Kingdom) 4.00%, 12/9/2020(a)		17,713		18,070

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
BP Capital Markets plc (United Kingdom)
1.77%, 9/19/2019		8,854		8,831
2.32%, 2/13/2020		11,100		11,081
(ICE LIBOR USD 3 Month + 0.25%), 2.77%, 11/24/2020(b)		24,459		24,471
Columbia Pipeline Group, Inc. 3.30%, 6/1/2020		43,569		43,790
Enbridge, Inc. (Canada) (ICE LIBOR USD 3 Month + 0.40%), 2.98%, 1/10/2020(b)		7,300		7,302
Enterprise Products Operating LLC
2.55%, 10/15/2019		5,481		5,475
5.25%, 1/31/2020		2,700		2,744
5.20%, 9/1/2020		2,241		2,312
EOG Resources, Inc. 5.63%, 6/1/2019		19,022		19,022

				143,098

Pharmaceuticals — 1.0%
Bristol-Myers Squibb Co. (ICE LIBOR USD 3 Month + 0.20%), 2.72%, 11/16/2020(a)(b)		44,918		44,939
EMD Finance LLC (Germany) 2.40%, 3/19/2020(a)		3,735		3,726
Roche Holdings, Inc. (Switzerland) 2.25%, 9/30/2019(a)		21,700		21,675
Shire Acquisitions Investments Ireland DAC 1.90%, 9/23/2019		48,600		48,456

				118,796

Road & Rail — 0.4%
ERAC USA Finance LLC 2.35%, 10/15/2019(a)		6,585		6,576
Ryder System, Inc.
2.55%, 6/1/2019		21,139		21,139
2.65%, 3/2/2020		8,569		8,567
2.88%, 9/1/2020		7,726		7,747

				44,029

Thrifts & Mortgage Finance — 0.9%
BPCE SA (France)
2.50%, 7/15/2019		31,182		31,179
3.15%, 7/31/2020(a)		74,090		74,587
2.65%, 2/3/2021		2,612		2,613

				108,379

Tobacco — 0.5%
BAT International Finance plc (United Kingdom) 2.75%, 6/15/2020(a)		10,829		10,825
Reynolds American, Inc. (United Kingdom)
8.13%, 6/23/2019		31,265		31,361
6.88%, 5/1/2020		10,750		11,142

				53,328

Trading Companies & Distributors — 0.8%
Air Lease Corp. (ICE LIBOR USD 3 Month + 0.67%), 3.19%, 6/3/2021(b)		97,135		97,135

Transportation Infrastructure — 0.1%
HPHT Finance 15 Ltd. (Hong Kong) 2.88%, 3/17/2020(a)		8,573		8,579

Wireless Telecommunication Services — 0.1%
America Movil SAB de CV (Mexico) 5.00%, 3/30/2020		15,890		16,228

TOTAL CORPORATE BONDS (Cost $7,390,575)				7,408,934

ASSET-BACKED SECURITIES — 11.4%
Ally Auto Receivables Trust
Series 2017-5, Class A2, 1.81%, 6/15/2020		457		457
Series 2019-1, Class A2, 2.85%, 3/15/2022		51,000		51,167
American Express Credit Account Master Trust Series 2017-1, Class A, 1.93%, 9/15/2022		156		155
AmeriCredit Automobile Receivables Trust
Series 2017-3, Class A2A, 1.69%, 12/18/2020		173		173
Series 2017-4, Class A2A, 1.83%, 5/18/2021		3,773		3,769
Series 2018-1, Class A2A, 2.71%, 7/19/2021		3,737		3,737
Series 2017-1, Class A3, 1.87%, 8/18/2021		716		714
Series 2018-2, Class A2A, 2.86%, 11/18/2021		30,363		30,403
Series 2018-3, Class A2A, 3.11%, 1/18/2022		30,512		30,583
BMW Vehicle Lease Trust
Series 2017-2, Class A2A, 1.80%, 2/20/2020		595		595
Series 2019-1, Class A2, 2.79%, 3/22/2021		36,474		36,593
CarMax Auto Owner Trust
Series 2015-4, Class A3, 1.56%, 11/16/2020		163		162
Series 2016-1, Class A3, 1.61%, 11/16/2020		335		335
Series 2018-3, Class A2A, 2.88%, 10/15/2021		25,797		25,846
Series 2019-2, Class A2A, 2.69%, 7/15/2022		28,863		28,984
Series 2019-1, Class A2A, 3.02%, 7/15/2022		2,603		2,617
Citibank Credit Card Issuance Trust Series 2016-A1, Class A1, 1.75%, 11/19/2021		23,304		23,219

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Cloud Pass-Through Trust Series 2019-1A, Class CLOU, 3.55%, 12/5/2022(a)(f)		69,564		70,332
CNH Equipment Trust
Series 2018-A, Class A2, 2.78%, 8/16/2021		30,706		30,727
Series 2019-B, Class A2, 2.55%, 9/15/2022		31,155		31,221
Daimler Trucks Retail Trust Series 2019-1, Class A2, 2.77%, 4/15/2021(a)		86,039		86,124
Dell Equipment Finance Trust
Series 2017-2, Class A2A, 1.97%, 2/24/2020(a)		931		930
Series 2018-1, Class A2A, 2.97%, 10/22/2020(a)		14,038		14,066
Series 2019-1, Class A2, 2.78%, 8/23/2021(a)		40,604		40,771
Series 2017-2, Class A3, 2.19%, 10/24/2022(a)		1,500		1,497
Drive Auto Receivables Trust
Series 2018-2, Class A3, 2.88%, 6/15/2021		836		836
Series 2018-3, Class A3, 3.01%, 11/15/2021		10,821		10,825
Series 2019-2, Class A2A, 2.93%, 3/15/2022		26,737		26,780
Ford Credit Auto Lease Trust
Series 2017-B, Class A2A, 1.80%, 6/15/2020		3,273		3,271
Series 2018-A, Class A2A, 2.71%, 12/15/2020		8,121		8,124
Ford Credit Auto Owner Trust
Series 2017-C, Class A2A, 1.80%, 9/15/2020		3,492		3,489
Series 2017-A, Class A4, 1.92%, 4/15/2022		1,080		1,075
Series 2015-1, Class A, 2.12%, 7/15/2026(a)		17,535		17,482
Series 2015-2, Class A, 2.44%, 1/15/2027(a)		8,606		8,605
GM Financial Automobile Leasing Trust Series 2019-1, Class A2A, 2.91%, 4/20/2021		36,709		36,842
GM Financial Consumer Automobile Receivables Trust Series 2019-2, Class A2A, 2.66%, 6/16/2022		85,714		86,016
Golden Credit Card Trust (Canada) Series 2016-5A, Class A, 1.60%, 9/15/2021(a)		48,787		48,647
Honda Auto Receivables Owner Trust Series 2017-1, Class A3, 1.72%, 7/21/2021		10,024		9,985
Hyundai Auto Lease Securitization Trust
Series 2017-C, Class A2A, 1.89%, 3/16/2020(a)		5,671		5,669
Series 2017-B, Class A3, 1.97%, 7/15/2020(a)		1,895		1,893
Series 2017-A, Class A3, 1.88%, 8/17/2020(a)		437		436
Series 2018-A, Class A2A, 2.55%, 8/17/2020(a)		2,391		2,390
Hyundai Auto Receivables Trust Series 2019-A, Class A2, 2.67%, 12/15/2021		29,374		29,455
Mercedes-Benz Auto Lease Trust
Series 2018-A, Class A2, 2.20%, 4/15/2020		7,400		7,397
Series 2018-A, Class A3, 2.41%, 2/16/2021		4,500		4,499
Series 2019-A, Class A2, 3.01%, 2/16/2021		21,228		21,285
Series 2019-A, Class A3, 3.10%, 11/15/2021		8,135		8,216
Mercedes-Benz Auto Receivables Trust
Series 2018-1, Class A2A, 2.71%, 4/15/2021		11,997		12,005
Series 2015-1, Class A4, 1.75%, 12/15/2021		1,070		1,068
Nissan Auto Lease Trust
Series 2017-A, Class A3, 1.91%, 4/15/2020		2,851		2,848
Series 2019-A, Class A2, 2.71%, 7/15/2021		42,152		42,313
Series 2019-A, Class A3, 2.76%, 3/15/2022		12,122		12,229
Nissan Auto Receivables Owner Trust
Series 2017-B, Class A3, 1.75%, 10/15/2021		2,200		2,190
Series 2019-A, Class A2A, 2.82%, 1/18/2022		40,177		40,288
Series 2019-B, Class A2, 2.56%, 3/15/2022		83,299		83,296
Series 2017-C, Class A3, 2.12%, 4/18/2022		1,320		1,317
Santander Drive Auto Receivables Trust
Series 2018-4, Class A2, 2.73%, 3/15/2021		5,301		5,300
Series 2019-1, Class A2A, 2.91%, 1/18/2022		13,419		13,442
Series 2019-2, Class A2, 2.63%, 7/15/2022		63,650		63,710
Toyota Auto Receivables Owner Trust
Series 2016-B, Class A3, 1.30%, 4/15/2020		293		293
Series 2018-C, Class A2A, 2.77%, 8/16/2021		45,968		46,038
Series 2019-A, Class A2A, 2.83%, 10/15/2021		37,604		37,738
Series 2019-B, Class A2A, 2.59%, 2/15/2022		34,924		35,006
Verizon Owner Trust
Series 2016-2A, Class A, 1.68%, 5/20/2021(a)		8,691		8,668
Series 2017-1A, Class A, 2.06%, 9/20/2021(a)		5,350		5,339

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Volvo Financial Equipment LLC
Series 2017-1A, Class A3, 1.92%, 3/15/2021(a)		2,734		2,726
Series 2019-1A, Class A2, 2.90%, 11/15/2021(a)		19,293		19,372
World Omni Auto Receivables Trust Series 2018-C, Class A2, 2.80%, 1/18/2022		10,394		10,410

TOTAL ASSET-BACKED SECURITIES (Cost $1,300,636)				1,303,990

U.S. TREASURY OBLIGATIONS — 3.4%
U.S. Treasury Notes
1.00%, 11/15/2019		73,300		72,856
1.63%, 12/31/2019		23,500		23,401
1.38%, 1/15/2020		47,500		47,218
1.25%, 1/31/2020		56,200		55,799
2.25%, 2/29/2020		195,400		195,270

TOTAL U.S. TREASURY OBLIGATIONS (Cost $393,833)				394,544

CERTIFICATES OF DEPOSIT — 2.3%
Nordea Bank Abp (Finland) (ICE LIBOR USD 3 Month + 0.29%), 2.83%, 2/12/2021(b)		38,000		37,993
Sumitomo Mitsui Banking Corp. (Japan) (ICE LIBOR USD 3 Month + 0.36%), 2.96%, 4/6/2021(b)		121,166		121,198
Bank of Nova Scotia (The) (Canada) (ICE LIBOR USD 3 Month + 0.28%), 2.89%, 9/21/2020(b)		1,770		1,771
Credit Agricole Corporate and Investment Bank (France) (ICE LIBOR USD 3 Month + 0.35%), 2.93%, 7/30/2020(b)		8,200		8,209
Lloyds Bank Corporate Markets plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.50%), 3.10%, 9/24/2020(b)		41,735		41,857
(ICE LIBOR USD 3 Month + 0.50%), 3.09%, 10/26/2020(b)		560		562
Nordea Bank Abp (Finland) (ICE LIBOR USD 3 Month + 0.28%), 2.90%, 9/4/2020(b)		23,810		23,828
Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 3 Month + 0.28%), 2.89%, 9/11/2020(b)		31,000		31,023

TOTAL CERTIFICATES OF DEPOSIT (Cost $266,109)				266,441

SHORT-TERM INVESTMENTS — 18.5%
CERTIFICATES OF DEPOSIT — 3.7%
Banco Santander SA (Spain) 2.85%, 2/21/2020		59,400		59,500
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 3 Month + 0.28%), 2.88%, 10/15/2019(b)		2,915		2,918
(ICE LIBOR USD 3 Month + 0.30%), 2.82%, 5/22/2020(b)		11,500		11,516
Barclays Bank plc (United Kingdom)
3.00%, 9/19/2019		90,000		90,114
2.95%, 4/9/2020		44,200		44,281
Canadian Imperial Bank of Commerce (Canada) 3.08%, 10/25/2019		29,550		29,625
Lloyds Bank plc 3.00%, 10/17/2019		43,240		43,302
Mizuho Bank Ltd. (Japan)
(ICE LIBOR USD 3 Month + 0.40%), 2.98%, 10/25/2019(b)		4,019		4,025
(ICE LIBOR USD 3 Month + 0.33%), 2.93%, 4/15/2020(b)		25,000		25,028
MUFG Bank Ltd. (Japan) 2.80%, 2/26/2020(a)		33,000		33,067
Societe Generale (France) 3.05%, 10/18/2019		14,300		14,330
Standard Chartered Bank (United Kingdom) 3.18%, 10/23/2019		17,075		17,123
Westpac Banking Corp. (Australia) 2.97%, 10/18/2019		49,100		49,171

TOTAL CERTIFICATES OF DEPOSIT (Cost $423,292)				424,000

COMMERCIAL PAPER — 8.5%
Air Liquide US LLC (France) 2.68%, 6/28/2019(g)		9,000		8,983
AstraZeneca plc (United Kingdom) 2.91%, 6/10/2019(a)(g)		15,000		14,989
AT&T, Inc. 2.82%, 8/5/2019(g)		8,000		7,960
Bank of China Ltd. (China) 2.66%, 8/22/2019(g)		161,799		160,835
Bell Canada, Inc. (Canada)
3.04%, 7/12/2019(a)(g)		20,500		20,435
2.90%, 8/7/2019(g)		15,223		15,144
3.00%, 8/8/2019(g)		11,676		11,615
2.81%, 9/3/2019(g)		17,825		17,696
BNZ International Funding Ltd. (New Zealand) 2.98%, 10/11/2019(a)(g)		14,586		14,452
BP Capital Markets plc (United Kingdom)
3.02%, 10/10/2019(a)(g)		12,050		11,933
2.79%, 4/1/2020(g)		63,145		61,689
2.75%, 4/15/2020(g)		9,775		9,538
CenterPoint Energy, Inc. 2.71%, 6/5/2019(g)		13,563		13,558

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Coca-Cola Co. (The) 3.06%, 11/19/2019(a)(g)		48,200		47,632
CRH America Finance, Inc. (Ireland) 2.78%, 8/14/2019(g)		7,800		7,756
DowDuPont, Inc. 2.73%, 8/19/2019(g)		9,300		9,244
Enbridge, Inc. (Canada) 2.71%, 7/12/2019(g)		2,900		2,891
Enel Finance America LLC (Italy)
2.89%, 10/25/2019(g)		22,000		21,743
2.89%, 10/29/2019(g)		987		975
Eni Finance USA, Inc. (Italy)
2.74%, 7/25/2019(g)		32,658		32,523
2.74%, 7/29/2019(g)		28,800		28,673
2.78%, 8/1/2019(g)		24,450		24,336
Entergy Corp.
2.92%, 6/3/2019(g)		13,500		13,497
2.92%, 6/4/2019(g)		16,500		16,495
2.92%, 6/5/2019(g)		22,000		21,992
Federation des Caisses Desjardins du Quebec (Canada) 2.73%, 7/22/2019(a)(g)		28,900		28,797
Glencore Funding LLC (Switzerland)
3.47%, 9/12/2019(g)		42,310		41,968
3.46%, 10/1/2019(g)		9,267		9,178
Macquarie Bank Ltd. (Australia)
2.73%, 7/8/2019(a)(g)		33,450		33,361
3.10%, 10/25/2019(a)(g)		4,000		3,958
Ontario Teachers’ Finance Trust (Canada) 2.70%, 3/6/2020(a)(g)		11,200		10,977
PPL Capital Funding, Inc. 2.82%, 6/12/2019(g)		8,894		8,886
Puget Sound Energy, Inc. 2.72%, 6/5/2019(g)		8,324		8,321
Societe Generale SA (France) 2.80%, 3/11/2020(g)		45,500		44,570
Suncor Energy, Inc. (Canada)
2.87%, 6/3/2019(g)		3,500		3,499
2.84%, 6/28/2019(g)		20,000		19,959
2.84%, 7/2/2019(g)		3,600		3,591
2.75%, 9/3/2019(g)		17,520		17,392
Suncorp-Metway Ltd. (Australia) 3.01%, 7/23/2019(a)(g)		15,907		15,846
Verizon Communications, Inc. 2.66%, 6/11/2019(g)		13,000		12,990
VW Credit, Inc. (Germany)
3.41%, 7/8/2019(a)(g)		4,500		4,487
2.91%, 7/26/2019(g)		8,500		8,464
3.06%, 9/23/2019(g)		21,660		21,466
Walgreens Boots Alliance, Inc.
3.33%, 7/22/2019(g)		11,444		11,399
3.33%, 7/29/2019(g)		3,700		3,683
3.20%, 8/1/2019(g)		2,000		1,991
3.15%, 8/5/2019(g)		25,900		25,771
Welltower, Inc.
2.68%, 7/1/2019(g)		11,015		10,989
2.69%, 7/3/2019(g)		18,038		17,994
Westpac Banking Corp. (Australia) 3.10%, 11/4/2019(a)(g)		900		890

TOTAL COMMERCIAL PAPER (Cost $966,665)				967,011


	Shares (000)
INVESTMENT COMPANIES — 2.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43%(h)(i) (Cost $337,191)		337,117		337,218


	Principal Amount ($000)
REPURCHASE AGREEMENTS — 3.4%
Bofa Securities, Inc., 2.85%, dated 5/31/2019, due 9/10/2019, repurchase price $55,845, collateralized by Collateralized Mortgage Obligations, 0.00%, due 5/25/2049, Sovereign Government Securities, 0.00% - 12.25%, due 4/22/2021 - 6/1/2050, with the value of $59,400.		55,000		55,000
Citigroup Global Markets, Inc., 3.00%, dated 5/31/2019, due 1/17/2020, repurchase price $116,044, collateralized by Asset-Backed Securities, 0.00% - 8.85%, due 3/17/2030 - 7/26/2045, Collateralized Mortgage Obligations, 5.00% - 6.13%, due 11/25/2033 - 12/31/2099, Corporate Notes and Bonds 0.00% - 11.25%, due 4/15/2020 - 1/1/2999, with the value of $122,444.		113,000		113,000
Wells Fargo Securities LLC, 3.04%, dated 5/31/2019, due 11/13/2019, repurchase price $224,793, collateralized by Asset-Backed Securities, 2.89% - 5.79%, due 10/15/2021 - 4/9/2038, Collateralized Mortgage Obligations, 0.50% - 4.84%, due 12/12/2030 - 11/17/2061, Municipal Bonds 0.00% - 4.55%, due 8/1/2029 - 10/1/2047 , with the value of $2,641.		220,000		220,000

TOTAL REPURCHASE AGREEMENTS (Cost $388,000)				388,000

TOTAL SHORT-TERM INVESTMENTS (Cost $2,115,148)				2,116,229

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Shares (000)		Value ($000)
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.0%(d)
JPMorgan Securities Lending Money Market Fund Class Agency SL, 2.56%(h)(i)		1		1
JPMorgan U.S. Government Money Market Fund Class IM, 2.33%(h)(i)		52		52

TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $53)				53

Total Investments — 100.4% (Cost $11,466,354)				11,490,191
Liabilities in Excess of Other Assets — (0.4%)				(49,360	)

Net Assets — 100.0%				11,440,831

Percentages indicated are based on net assets.

Abbreviations


ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
SOFR		Secured Overnight Financing 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.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2019.
(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)		Amount rounds to less than 0.1% of net assets.
(e)		The security or a portion of this security is on loan at May 31, 2019. The total value of securities on loan at May 31, 2019 is approximately $50,000.
(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 May 31, 2019.
(g)		The rate shown is the effective yield as of May 31, 2019.
(h)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)		The rate shown is the current yield as of May 31, 2019.

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 Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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.

•

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.

•

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	$	—	$	1,303,990	$	—	$	1,303,990
Certificates of Deposit		—		266,441		—		266,441
Corporate Bonds		—		7,408,934		—		7,408,934
U.S. Treasury Obligations		—		394,544		—		394,544
Short-Term Investments
Certificates of Deposit		—		424,000		—		424,000
Commercial Paper		—		967,011		—		967,011
Investment Companies		337,218		—		—		337,218
Repurchase Agreements		—		388,000		—		388,000

Total Short-Term Investments		337,218		1,779,011		—		2,116,229

Investment of cash collateral from securities loaned		53		—		—		53

Total Investments in Securities	$	337,271	$	11,152,920	$	—	$	11,490,191

There were no transfers into and out of level 3 for the period ended May 31, 2019.


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43%(a)(b)	$	475,579	$	3,705,137	$	3,843,521		35		$	(12	)	$	337,218		337,117		2,743	$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.56%(a)(b)		1		104,000		104,000		—	(c)		—			1		1		123		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.33%(a)(b)		19,861		55,988		75,797		—			—			52		52		46		—

Total	$	495,441	$	3,865,125	$	4,023,318	$	35		$	(12	)	$	337,271			$	2,912	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

(c)	Amount rounds to less than one thousand.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)

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


Investments		Principal Amount (000)		Value (000)
CORPORATE BONDS — 26.7%
Aerospace & Defense — 0.7%
Arconic, Inc. 5.90%, 2/1/2027			118		125
Bombardier, Inc. (Canada)
6.00%, 10/15/2022(a)(b)			135		131
7.88%, 4/15/2027(b)			131		126
Harris Corp. 4.85%, 4/27/2035			1,375		1,502
Leonardo SpA (Italy) 4.88%, 3/24/2025	EUR		200		258
Rockwell Collins, Inc. 3.50%, 3/15/2027			2,250		2,273
TransDigm, Inc. 6.50%, 7/15/2024			52		52
Triumph Group, Inc. 7.75%, 8/15/2025			300		290
United Technologies Corp. 4.13%, 11/16/2028			1,620		1,718

					6,475

Airlines — 0.4%
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024			3,665		3,771
United Continental Holdings, Inc. 4.88%, 1/15/2025			38		38

					3,809

Auto Components — 0.4%
Adient Global Holdings Ltd.
3.50%, 8/15/2024(c)	EUR		100		87
4.88%, 8/15/2026(b)			600		446
Allison Transmission, Inc. 4.75%, 10/1/2027(b)			46		44
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025			178		171
6.50%, 4/1/2027			600		567
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(b)			475		408
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(b)			395		408
Delphi Technologies plc 5.00%, 10/1/2025(b)			495		421
Goodyear Tire & Rubber Co. (The) 4.88%, 3/15/2027(a)			84		75
Icahn Enterprises LP 5.88%, 2/1/2022			70		71
IHO Verwaltungs GmbH (Germany)
3.25% (cash), 9/15/2023(c)(d)	EUR		200		228
3.75% (cash), 9/15/2026(c)(d)	EUR		300		335
LKQ European Holdings BV 3.63%, 4/1/2026(b)	EUR		384		443

					3,704

Automobiles — 0.1%
Fiat Chrysler Automobiles NV (United Kingdom) 3.75%, 3/29/2024(c)	EUR		600		734

Banks — 3.6%
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027(e)			1,595		1,625
3.25%, 10/21/2027			2,310		2,294
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028(e)(f)(g)			1,910		1,970
Bank of Ireland (Ireland) (EUR Swap Annual 5 Year + 6.96%), 7.38%, 6/18/2020(c)(e)(f)(g)	EUR		810		950
Barclays plc (United Kingdom) 5.20%, 5/12/2026			223		228
CaixaBank SA (Spain) (EUR Swap Annual 5 Year + 3.35%), 3.50%, 2/15/2027(c)(e)	EUR		1,000		1,169
Citigroup, Inc.
Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 3/27/2020(e)(f)(g)			3,421		3,460
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023(e)(f)(g)			51		52
3.20%, 10/21/2026			1,705		1,699
Credit Agricole SA (France) (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(b)(e)(f)(g)			950		1,059
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025(e)			1,285		1,311
(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025(e)(f)(g)			1,678		1,708
Intesa Sanpaolo SpA (Italy) 5.71%, 1/15/2026(b)			810		773
Royal Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.66%), 3.26%, 10/5/2023(e)			2,505		2,500
Royal Bank of Scotland Group plc (United Kingdom)
(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021(e)(f)(g)			500		527
6.13%, 12/15/2022			73		78
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023(e)			1,578		1,573
(ICE LIBOR USD 3 Month + 1.47%), 3.99%, 5/15/2023(e)			390		386

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Skandinaviska Enskilda Banken AB (Sweden) Series 575, 1.50%, 12/21/2022(c)	SEK		36,000		3,968
Societe Generale SA (France) (USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025(a)(b)(e)(f)(g)			1,539		1,647
UBS Group Funding Switzerland AG (Switzerland)
(EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022(c)(e)(f)(g)	EUR		2,400		2,896
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025(c)(e)(f)(g)			1,600		1,696

					33,569

Beverages — 0.3%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.15%, 1/23/2025			1,175		1,241
4.90%, 1/23/2031			830		920
Sunshine Mid BV (Netherlands) 6.50%, 5/15/2026(c)	EUR		300		339

					2,500

Biotechnology — 0.1%
Grifols SA (Spain) 3.20%, 5/1/2025(c)	EUR		450		511

Building Products — 0.2%
James Hardie International Finance DAC (Ireland) 4.75%, 1/15/2025(b)			365		362
JELD-WEN, Inc. 4.63%, 12/15/2025(b)			600		573
Masco Corp. 3.50%, 11/15/2027			363		352
Standard Industries, Inc.
5.00%, 2/15/2027(b)			5		5
4.75%, 1/15/2028(b)			415		397

					1,689

Capital Markets — 2.7%
A10 Revolving Asset Financing LLC 8.72%, 1/9/2020‡(h)			6,000		6,000
Carlyle Promissory Note 4.60%, 7/15/2019‡			38		38
Credit Suisse Group AG (Switzerland) (USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023(b)(e)(f)(g)			2,910		3,084
Goldman Sachs Group, Inc. (The)
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(e)(f)(g)			951		895
(ICE LIBOR USD 3 Month + 1.60%), 4.12%, 11/29/2023(e)			3,275		3,349
4.25%, 10/21/2025			1,150		1,192
(ICE LIBOR USD 3 Month + 1.17%), 3.69%, 5/15/2026(e)			2,358		2,328
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029(e)			871		880
Morgan Stanley
Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 7/15/2020(e)(f)(g)			990		1,000
3.13%, 7/27/2026			3,315		3,292
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029(e)			530		540
UBS AG (Switzerland) 5.13%, 5/15/2024(c)			2,615		2,726

					25,324

Chemicals — 0.7%
Arkema SA (France) (EUR Swap Annual 5 Year + 4.35%), 4.75%, 10/29/2020(c)(e)(f)(g)	EUR		200		235
Axalta Coating Systems LLC 4.25%, 8/15/2024(c)	EUR		300		345
CeramTec BondCo GmbH (Germany) 5.25%, 12/15/2025(c)	EUR		275		310
CF Industries, Inc. 4.50%, 12/1/2026(b)			1,725		1,768
Chemours Co. (The)
6.63%, 5/15/2023			275		274
7.00%, 5/15/2025			43		43
CVR Partners LP 9.25%, 6/15/2023(b)			125		129
FXI Holdings, Inc. 7.88%, 11/1/2024(b)			18		16
GCP Applied Technologies, Inc. 5.50%, 4/15/2026(b)			300		301
INEOS Group Holdings SA (Luxembourg)
5.38%, 8/1/2024(c)	EUR		200		228
5.63%, 8/1/2024(b)			520		506
NOVA Chemicals Corp. (Canada)
5.00%, 5/1/2025(b)			70		65
5.25%, 6/1/2027(b)			445		406
Rain CII Carbon LLC 7.25%, 4/1/2025(b)			1,350		1,235
Solvay Finance SA (Belgium) (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023(c)(e)(f)(g)	EUR		600		752
Trinseo Materials Operating SCA 5.38%, 9/1/2025(b)			300		278
Tronox Finance plc 5.75%, 10/1/2025(b)			50		45

					6,936

Commercial Services & Supplies — 0.3%
ACCO Brands Corp. 5.25%, 12/15/2024(b)			455		452
Elis SA (France) 1.88%, 2/15/2023(c)	EUR		500		570

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Garda World Security Corp. (Canada) 8.75%, 5/15/2025(b)			150		143
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025(b)			83		81
Paprec Holding SA (France) 4.00%, 3/31/2025(c)	EUR		100		104
Prime Security Services Borrower LLC
9.25%, 5/15/2023(b)			189		198
5.75%, 4/15/2026(b)			40		39
SPIE SA (France) 3.13%, 3/22/2024(c)	EUR		400		468
Techem Verwaltungsgesellschaft 674 mbH (Germany) 6.00%, 7/30/2026(c)	EUR		300		343
Verisure Midholding AB (Sweden) 5.75%, 12/1/2023(c)	EUR		600		676

					3,074

Communications Equipment — 0.1%
Avaya, Inc. 7.00%, 4/1/2019‡(b)(i)			265		—	(j)
CommScope Technologies LLC 6.00%, 6/15/2025(b)			700		635
Goodman Networks, Inc. 8.00%, 5/11/2022			94		45
Telefonaktiebolaget LM Ericsson (Sweden) 1.88%, 3/1/2024(c)	EUR		300		347

					1,027

Construction & Engineering — 0.0%(k)
MasTec, Inc. 4.88%, 3/15/2023			50		51
Novafives SAS (France) 5.00%, 6/15/2025(b)	EUR		150		154
Tutor Perini Corp. 6.88%, 5/1/2025(a)(b)			17		16

					221

Construction Materials — 0.2%
Cemex SAB de CV (Mexico) 7.75%, 4/16/2026(a)(b)			460		490
Martin Marietta Materials, Inc.
3.50%, 12/15/2027			1,065		1,050
4.25%, 12/15/2047			706		642

					2,182

Consumer Finance — 0.4%
AerCap Ireland Capital DAC (Ireland) 3.65%, 7/21/2027			2,621		2,513
Ally Financial, Inc.
4.63%, 3/30/2025			19		19
8.00%, 11/1/2031			86		109
Curo Group Holdings Corp. 8.25%, 9/1/2025(b)			129		106
General Motors Financial Co., Inc. 4.00%, 10/6/2026			900		884
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 4.85%, 12/21/2065(b)(e)			325		244
Synchrony Financial 3.95%, 12/1/2027			112		108

					3,983

Containers & Packaging — 0.3%
Ardagh Packaging Finance plc (Ireland)
6.75%, 5/15/2024(c)	EUR		600		710
6.00%, 2/15/2025(b)			500		495
Ball Corp. 4.38%, 12/15/2023	EUR		200		254
Berry Global Escrow Corp. 5.63%, 7/15/2027(b)			30		30
Crown European Holdings SA 2.63%, 9/30/2024(c)	EUR		800		938
Silgan Holdings, Inc. 3.25%, 3/15/2025	EUR		400		458

					2,885

Diversified Consumer Services — 0.1%
Service Corp. International 7.50%, 4/1/2027			315		366
Sotheby’s 4.88%, 12/15/2025(b)			30		29

					395

Diversified Financial Services — 0.9%
CNG Holdings, Inc.
9.38%, 5/15/2020(a)(b)			415		415
12.50%, 6/15/2024(b)			185		178
EDP Finance BV (Portugal)
5.25%, 1/14/2021(b)			4,025		4,164
3.63%, 7/15/2024(b)			1,335		1,345
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035			1,010		960
ProGroup AG (Germany) 3.00%, 3/31/2026(c)	EUR		150		169
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026(b)			19		19
8.25%, 11/15/2026(b)			20		20
Vantiv LLC 3.88%, 11/15/2025(c)	GBP		150		197
Worldpay Finance plc (United Kingdom) 3.75%, 11/15/2022(c)	EUR		500		621

					8,088

Diversified Telecommunication Services — 1.8%
Altice France SA (France) 5.63%, 5/15/2024(c)	EUR		500		575
AT&T, Inc. 4.80%, 6/15/2044			640		641
CCO Holdings LLC
5.75%, 2/15/2026(b)			2,582		2,679
5.50%, 5/1/2026(b)			50		51
5.13%, 5/1/2027(b)			2,135		2,136

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Cellnex Telecom SA (Spain) 2.38%, 1/16/2024(c)	EUR		200		229
CenturyLink, Inc.
5.63%, 4/1/2025			205		198
Series G, 6.88%, 1/15/2028			72		69
Cincinnati Bell, Inc. 7.00%, 7/15/2024(a)(b)			80		68
DKT Finance ApS (Denmark) 7.00%, 6/17/2023(c)	EUR		450		542
Embarq Corp. 8.00%, 6/1/2036			171		159
Frontier Communications Corp.
10.50%, 9/15/2022			47		34
11.00%, 9/15/2025			92		58
8.50%, 4/1/2026(b)			300		288
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023			481		432
8.00%, 2/15/2024(b)			200		208
8.50%, 10/15/2024(b)			266		258
Level 3 Financing, Inc.
5.38%, 8/15/2022			51		51
5.63%, 2/1/2023			44		44
5.38%, 5/1/2025			500		501
Qwest Corp. 6.88%, 9/15/2033			97		97
Sprint Capital Corp.
6.88%, 11/15/2028			250		260
8.75%, 3/15/2032			1,930		2,215
Telecom Italia Capital SA (Italy) 6.38%, 11/15/2033			33		32
Telecom Italia SpA (Italy)
3.25%, 1/16/2023(c)	EUR		375		436
3.00%, 9/30/2025(c)	EUR		750		830
3.63%, 5/25/2026(c)	EUR		800		901
Telefonica Emisiones SA (Spain) 5.21%, 3/8/2047			700		722
Verizon Communications, Inc. 4.33%, 9/21/2028			1,345		1,455
Virgin Media Finance plc (United Kingdom) 4.50%, 1/15/2025(c)	EUR		450		518
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 8/15/2026(b)			350		352
Windstream Services LLC 8.63%, 10/31/2025(b)(l)			25		25

					17,064

Electric Utilities — 1.1%
EDP — Energias de Portugal SA (Portugal) (EUR Swap Annual 5 Year + 5.04%), 5.38%, 9/16/2075(c)(e)	EUR		300		357
Emera US Finance LP (Canada) 3.55%, 6/15/2026			3,990		4,013
Enel Finance International NV (Italy) 3.50%, 4/6/2028(b)			1,135		1,058
FirstEnergy Corp. Series B, 3.90%, 7/15/2027			2,385		2,446
ITC Holdings Corp. 3.25%, 6/30/2026			1,730		1,741
Light Servicos de Eletricidade SA (Brazil) 7.25%, 5/3/2023(c)			660		671
Naturgy Finance BV (Spain) (EUR Swap Annual 9 Year + 3.08%), 3.38%, 4/24/2024(c)(e)(f)(g)	EUR		400		450
Texas Competitive Electric Holdings Co. LLC 8.50%, 5/1/2020‡(i)			2,500		1

					10,737

Electrical Equipment — 0.1%
Orano SA (France) 4.88%, 9/23/2024	EUR		600		737
Vertiv Group Corp. 9.25%, 10/15/2024(b)			90		89

					826

Electronic Equipment, Instruments & Components — 0.1%
Belden, Inc. 3.38%, 7/15/2027(c)	EUR		500		566
CDW LLC 5.00%, 9/1/2025			600		607

					1,173

Energy Equipment & Services — 0.2%
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025			35		31
Ensco Rowan plc 5.20%, 3/15/2025			55		38
Noble Holding International Ltd. 5.25%, 3/15/2042			66		37
Precision Drilling Corp. (Canada)
7.75%, 12/15/2023			35		35
7.13%, 1/15/2026(b)			330		314
Saipem Finance International BV (Italy) 3.75%, 9/8/2023(c)	EUR		500		593
Transocean Guardian Ltd. 5.88%, 1/15/2024(b)			96		97
Transocean Poseidon Ltd. 6.88%, 2/1/2027(b)			18		19
Transocean Proteus Ltd. 6.25%, 12/1/2024(b)			40		40
Transocean, Inc.
9.00%, 7/15/2023(b)			65		67
7.50%, 4/15/2031			77		63
Vallourec SA (France) 2.25%, 9/30/2024(c)	EUR		200		144

					1,478

Entertainment — 0.0%(k)
Viacom, Inc. (ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057(e)			100		99

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Equity Real Estate Investment Trusts (REITs) — 0.6%
American Tower Corp. 3.60%, 1/15/2028			1,695		1,694
Brookfield Property REIT, Inc. 5.75%, 5/15/2026(b)			116		118
Equinix, Inc.
2.88%, 10/1/2025	EUR		550		631
5.88%, 1/15/2026			595		623
ESH Hospitality, Inc. 5.25%, 5/1/2025(b)			775		775
GEO Group, Inc. (The) 5.88%, 10/15/2024			325		301
Iron Mountain, Inc.
5.75%, 8/15/2024			110		109
3.00%, 1/15/2025(c)	EUR		200		224
MGM Growth Properties Operating Partnership LP 5.75%, 2/1/2027(b)			42		43
Uniti Group LP 6.00%, 4/15/2023(b)			455		425
VICI Properties 1 LLC 8.00%, 10/15/2023			941		1,021

					5,964

Food & Staples Retailing — 0.2%
Albertsons Cos. LLC 7.50%, 3/15/2026(b)			94		98
Iceland Bondco plc (United Kingdom) 4.63%, 3/15/2025(c)	GBP		200		224
New Albertsons LP 7.45%, 8/1/2029			215		201
Picard Groupe SAS (France) (EURIBOR 3 Month + 3.00%), 3.00%, 11/30/2023(c)(e)	EUR		150		159
Rite Aid Corp. 6.13%, 4/1/2023(b)			665		545
Tesco Corporate Treasury Services plc (United Kingdom) 2.50%, 7/1/2024(c)	EUR		750		891

					2,118

Food Products — 0.2%
Darling Global Finance BV 3.63%, 5/15/2026(b)	EUR		300		348
JBS USA LUX SA
5.88%, 7/15/2024(b)			26		27
5.75%, 6/15/2025(b)			103		105
6.50%, 4/15/2029(b)			172		180
Nomad Foods Bondco plc (United Kingdom) 3.25%, 5/15/2024(c)	EUR		400		458
Pilgrim’s Pride Corp. 5.75%, 3/15/2025(b)			61		62
Post Holdings, Inc.
5.50%, 3/1/2025(b)			235		237
5.75%, 3/1/2027(b)			285		286

					1,703

Gas Utilities — 0.0%(k)
AmeriGas Partners LP 5.75%, 5/20/2027			42		43

Health Care Equipment & Supplies — 0.3%
Boston Scientific Corp.
3.75%, 3/1/2026			645		669
4.00%, 3/1/2029			1,620		1,705
Hill-Rom Holdings, Inc. 5.75%, 9/1/2023(b)			15		15
Kinetic Concepts, Inc. 7.88%, 2/15/2021(b)			600		617
Teleflex, Inc. 5.25%, 6/15/2024			15		16

					3,022

Health Care Providers & Services — 0.8%
Acadia Healthcare Co., Inc. 6.50%, 3/1/2024			86		87
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(a)(b)			320		298
Centene Corp. 4.75%, 1/15/2025			175		177
Community Health Systems, Inc.
5.13%, 8/1/2021			29		28
6.25%, 3/31/2023			73		70
8.63%, 1/15/2024(b)			43		43
8.13%, 6/30/2024(b)			70		52
8.00%, 3/15/2026(b)			92		88
DaVita, Inc. 5.13%, 7/15/2024			15		15
Encompass Health Corp.
5.75%, 11/1/2024			28		28
5.75%, 9/15/2025			500		508
HCA, Inc.
5.88%, 5/1/2023			245		260
5.88%, 2/15/2026			2,200		2,332
Syneos Health, Inc. 7.50%, 10/1/2024(b)			487		506
Synlab Bondco plc (United Kingdom) 6.25%, 7/1/2022(c)	EUR		500		569
Team Health Holdings, Inc. 6.38%, 2/1/2025(a)(b)			63		52
Tenet Healthcare Corp.
4.38%, 10/1/2021			192		194
8.13%, 4/1/2022			660		688
6.75%, 6/15/2023			1,000		996

					6,991

Health Care Technology — 0.1%
IQVIA, Inc. 3.25%, 3/15/2025(c)	EUR		650		738

Hotels, Restaurants & Leisure — 0.4%
1011778 BC ULC (Canada) 4.25%, 5/15/2024(b)			90		89
Aramark International Finance SARL 3.13%, 4/1/2025(c)	EUR		200		228

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Boyd Gaming Corp. 6.88%, 5/15/2023			42		43
Boyne USA, Inc. 7.25%, 5/1/2025(b)			35		38
Cirsa Finance International SARL (Spain) 6.25%, 12/20/2023(b)	EUR		414		492
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(b)			20		19
Enterprise Development Authority (The) 12.00%, 7/15/2024(b)			169		178
International Game Technology plc 4.75%, 2/15/2023(c)	EUR		400		482
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026(b)			40		41
Merlin Entertainments plc (United Kingdom) 2.75%, 3/15/2022(c)	EUR		300		349
MGM Resorts International
6.00%, 3/15/2023			675		712
5.75%, 6/15/2025			50		53
Scientific Games International, Inc.
10.00%, 12/1/2022			101		106
5.00%, 10/15/2025(b)			65		64
8.25%, 3/15/2026(b)			10		10
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026(b)			42		43
Station Casinos LLC 5.00%, 10/1/2025(b)			20		19
Twin River Worldwide Holdings, Inc. 6.75%, 6/1/2027(b)			35		36
Wyndham Destinations, Inc.
5.40%, 4/1/2024(l)			25		25
6.35%, 10/1/2025(l)			10		11
5.75%, 4/1/2027(l)			25		25
Wynn Las Vegas LLC 5.50%, 3/1/2025(b)			445		436

					3,499

Household Durables — 0.0%(k)
Tempur Sealy International, Inc. 5.50%, 6/15/2026			365		366

Household Products — 0.1%
Central Garden & Pet Co. 5.13%, 2/1/2028			520		499
Energizer Holdings, Inc. 5.50%, 6/15/2025(b)			575		568

					1,067

Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. 6.00%, 5/15/2026			53		55
Calpine Corp. 5.75%, 1/15/2025			599		580
Clearway Energy Operating LLC 5.75%, 10/15/2025(b)			60		60
Exelon Generation Co. LLC 2.95%, 1/15/2020			1,470		1,471

					2,166

Industrial Conglomerates — 0.4%
General Electric Co. 4.50%, 3/11/2044			2,055		1,935
Roper Technologies, Inc. 3.80%, 12/15/2026			1,710		1,761

					3,696

Insurance — 0.4%
MetLife, Inc. 6.40%, 12/15/2036			1,340		1,481
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 4.18%), 5.87%, 9/15/2042(e)			1,190		1,247
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043(e)			784		811

					3,539

IT Services — 0.2%
Banff Merger Sub, Inc. 9.75%, 9/1/2026(b)			62		58
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025(b)			20		20
Exela Intermediate LLC 10.00%, 7/15/2023(b)			142		112
GCI LLC 6.75%, 6/1/2021			804		804
Zayo Group LLC
6.00%, 4/1/2023			100		103
6.38%, 5/15/2025			350		360

					1,457

Leisure Products — 0.1%
Mattel, Inc.
3.15%, 3/15/2023			76		70
6.75%, 12/31/2025(b)			501		493
Vista Outdoor, Inc. 5.88%, 10/1/2023			400		377

					940

Life Sciences Tools & Services — 0.0%(k)
Avantor, Inc. 6.00%, 10/1/2024(b)			350		363

Machinery — 0.1%
Amsted Industries, Inc. 5.63%, 7/1/2027(b)			27		27
Colfax Corp.
6.00%, 2/15/2024(b)			22		23
6.38%, 2/15/2026(b)			12		12
Novelis Corp.
6.25%, 8/15/2024(b)			88		90
SPX FLOW, Inc. 5.63%, 8/15/2024(b)			450		460
Tennant Co. 5.63%, 5/1/2025			45		46
Terex Corp. 5.63%, 2/1/2025(b)			300		294

					952

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Media — 2.0%
Altice Financing SA (Luxembourg) 6.63%, 2/15/2023(b)			500		508
Altice Finco SA (Luxembourg) 4.75%, 1/15/2028(c)	EUR		400		377
Altice Luxembourg SA (Luxembourg)
7.25%, 5/15/2022(c)	EUR		500		568
7.75%, 5/15/2022(b)			335		341
6.25%, 2/15/2025(c)	EUR		150		161
7.63%, 2/15/2025(b)			200		184
8.00%, 5/15/2027(b)	EUR		221		244
Charter Communications Operating LLC 5.38%, 5/1/2047			758		760
Clear Channel Worldwide Holdings, Inc.
Series B, 6.50%, 11/15/2022			1,731		1,766
9.25%, 2/15/2024(b)			266		284
Comcast Corp.
3.95%, 10/15/2025			2,025		2,144
4.60%, 8/15/2045			980		1,060
4.70%, 10/15/2048			555		618
CSC Holdings LLC 10.88%, 10/15/2025(b)			799		907
DISH DBS Corp.
6.75%, 6/1/2021			132		136
5.00%, 3/15/2023			178		167
5.88%, 11/15/2024			675		606
7.75%, 7/1/2026			1,415		1,296
Entercom Media Corp.
7.25%, 11/1/2024(b)			115		117
6.50%, 5/1/2027(b)			41		42
Fox Corp.
4.03%, 1/25/2024(b)			654		685
4.71%, 1/25/2029(b)			300		328
Getty Images, Inc. 9.75%, 3/1/2027(b)			15		15
iHeartCommunications, Inc.
6.38%, 5/1/2026(a)			111		115
8.38%, 5/1/2027(a)			207		217
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023			45		47
SES SA (Luxembourg) (EUR Swap Annual 5 Year + 4.66%), 4.62%, 1/2/2022(c)(e)(f)(g)	EUR		450		523
Sinclair Television Group, Inc. 5.63%, 8/1/2024(b)			374		378
Sirius XM Radio, Inc.
4.63%, 5/15/2023(b)			50		50
6.00%, 7/15/2024(b)			850		874
5.00%, 8/1/2027(b)			74		73
Telenet Finance Luxembourg Notes SARL (Belgium) 3.50%, 3/1/2028(c)	EUR		500		567
Unitymedia Hessen GmbH & Co. KG (Germany) 3.50%, 1/15/2027(c)	EUR		600		704
UPCB Finance IV Ltd. (Netherlands)
5.38%, 1/15/2025(b)			475		481
4.00%, 1/15/2027(c)	EUR		315		369
Ziggo Bond Co. BV (Netherlands) 4.63%, 1/15/2025(c)	EUR		400		454
Ziggo BV (Netherlands)
4.25%, 1/15/2027(c)	EUR		400		463
5.50%, 1/15/2027(b)			210		205

					18,834

Metals & Mining — 0.3%
AK Steel Corp. 7.00%, 3/15/2027(a)			50		39
Alcoa Nederland Holding BV 6.75%, 9/30/2024(b)			525		535
BHP Billiton Finance Ltd. (Australia) (EUR Swap Annual 5 Year + 4.80%), 5.63%, 10/22/2079(c)(e)	EUR		110		145
Constellium NV 4.25%, 2/15/2026(c)	EUR		350		397
Freeport-McMoRan, Inc. 3.55%, 3/1/2022			111		109
Hudbay Minerals, Inc. (Canada) 7.25%, 1/15/2023(b)			25		25
Indonesia Asahan Aluminium Persero PT (Indonesia) 5.71%, 11/15/2023(b)			960		1,032
Steel Dynamics, Inc. 5.00%, 12/15/2026			36		37
thyssenkrupp AG (Germany)
1.38%, 3/3/2022(c)	EUR		300		333
2.50%, 2/25/2025(c)	EUR		400		447

					3,099

Multiline Retail — 0.1%
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/2021(b)			375		191
8.75% (cash), 10/15/2021(b)(d)			1,704		878

					1,069

Multi-Utilities — 0.0%(k)
RWE AG (Germany) (EUR Swap Annual 5 Year + 3.25%), 3.50%, 4/21/2075(c)(e)	EUR		100		116

Oil, Gas & Consumable Fuels — 1.6%
Aker BP ASA (Norway) 5.88%, 3/31/2025(b)			150		157
Antero Midstream Partners LP 5.38%, 9/15/2024			350		345
Antero Resources Corp. 5.13%, 12/1/2022			17		17
Blue Racer Midstream LLC 6.13%, 11/15/2022(b)			355		353
Buckeye Partners LP
3.95%, 12/1/2026			1,065		980
(ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078(e)			29		24

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
California Resources Corp. 8.00%, 12/15/2022(b)			32		22
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023(a)			93		86
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025			51		55
Chesapeake Energy Corp. 8.00%, 1/15/2025(a)			634		583
Crestwood Midstream Partners LP 5.75%, 4/1/2025			62		62
DCP Midstream Operating LP 3.88%, 3/15/2023			65		64
EnLink Midstream Partners LP Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022(e)(f)(g)			27		22
EP Energy LLC
9.38%, 5/1/2024(b)			45		14
8.00%, 11/29/2024(a)(b)			26		16
Genesis Energy LP 6.00%, 5/15/2023			41		40
Holly Energy Partners LP 6.00%, 8/1/2024(b)			60		62
Martin Midstream Partners LP 7.25%, 2/15/2021			91		88
MEG Energy Corp. (Canada)
6.38%, 1/30/2023(b)			400		353
6.50%, 1/15/2025(b)			10		10
MPLX LP
4.50%, 4/15/2038			1,025		975
5.20%, 3/1/2047			290		296
Noble Energy, Inc.
3.85%, 1/15/2028			1,500		1,503
5.25%, 11/15/2043			615		636
Oasis Petroleum, Inc.
6.88%, 3/15/2022			95		92
6.88%, 1/15/2023			425		408
Parsley Energy LLC
6.25%, 6/1/2024(b)			305		311
5.25%, 8/15/2025(b)			100		98
Petrobras Global Finance BV (Brazil) 6.90%, 3/19/2049			1,020		1,015
QEP Resources, Inc. 5.25%, 5/1/2023			53		50
Repsol International Finance BV (Spain) (EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075(c)(e)	EUR		1,061		1,301
SemGroup Corp. 5.63%, 7/15/2022			64		63
Southwestern Energy Co. 7.75%, 10/1/2027(a)			360		344
State Oil Co. of the Azerbaijan Republic (Azerbaijan) 4.75%, 3/13/2023(c)			950		972
Summit Midstream Holdings LLC 5.50%, 8/15/2022			62		60
Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045			1,145		1,142
Sunoco LP 6.00%, 4/15/2027(b)			54		55
Tallgrass Energy Partners LP 5.50%, 9/15/2024(b)			60		61
Targa Resources Partners LP
4.25%, 11/15/2023			86		85
6.75%, 3/15/2024			700		726
TOTAL SA (France) (EUR Swap Annual 5 Year + 3.78%), 3.88%, 5/18/2022(c)(e)(f)(g)	EUR		1,300		1,567
UGI International LLC 3.25%, 11/1/2025(b)	EUR		149		173
Whiting Petroleum Corp. 6.63%, 1/15/2026(a)			137		125
WPX Energy, Inc. 5.75%, 6/1/2026			2		2

					15,413

Paper & Forest Products — 0.1%
Smurfit Kappa Acquisitions ULC (Ireland) 2.38%, 2/1/2024(c)	EUR		500		583
WEPA Hygieneprodukte GmbH (Germany) 3.75%, 5/15/2024(c)	EUR		100		113

					696

Personal Products — 0.0%(k)
Revlon Consumer Products Corp. 6.25%, 8/1/2024			74		49

Pharmaceuticals — 1.0%
Advanz Pharma Corp. (Canada) 8.00%, 9/6/2024			101		95
Bausch Health Americas, Inc. 8.50%, 1/31/2027(b)			9		9
Bausch Health Cos., Inc.
4.50%, 5/15/2023(c)	EUR		600		677
5.88%, 5/15/2023(b)			323		324
7.00%, 3/15/2024(b)			576		602
6.13%, 4/15/2025(b)			1,255		1,227
5.50%, 11/1/2025(b)			87		87
5.75%, 8/15/2027(b)			4		4
7.00%, 1/15/2028(b)			38		38
7.25%, 5/30/2029(b)			42		42
Bristol-Myers Squibb Co.
2.90%, 7/26/2024(b)			1,260		1,277
3.40%, 7/26/2029(b)			680		699
4.25%, 10/26/2049(b)			425		449
Nidda BondCo GmbH (Germany) 5.00%, 9/30/2025(c)	EUR		375		405

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Nidda Healthcare Holding GmbH (Germany) 3.50%, 9/30/2024(c)	EUR		200		227
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(b)			18		17
Rossini SARL (Italy) 6.75%, 10/30/2025(b)	EUR		400		474
Shire Acquisitions Investments Ireland DAC 2.40%, 9/23/2021			2,095		2,076
Teva Pharmaceutical Finance Netherlands III BV (Israel) 3.15%, 10/1/2026			988		751

					9,480

Professional Services — 0.0%(k)
AMN Healthcare, Inc. 5.13%, 10/1/2024(b)			21		21
La Financiere Atalian SASU (France) 4.00%, 5/15/2024(c)	EUR		300		219

					240

Road & Rail — 0.5%
Avis Budget Car Rental LLC
6.38%, 4/1/2024(b)			575		592
5.25%, 3/15/2025(b)			60		58
Avis Budget Finance plc 4.13%, 11/15/2024(c)	EUR		350		404
Avolon Holdings Funding Ltd. (Ireland)
3.95%, 7/1/2024(b)			995		988
4.38%, 5/1/2026(b)			460		461
EC Finance plc (United Kingdom) 2.38%, 11/15/2022(c)	EUR		250		283
Europcar Mobility Group (France) 4.13%, 11/15/2024(c)	EUR		300		338
Herc Rentals, Inc. 7.75%, 6/1/2024(b)			400		421
Hertz Corp. (The)
7.63%, 6/1/2022(b)			330		335
6.25%, 10/15/2022(a)			400		382
Hertz Holdings Netherlands BV 4.13%, 10/15/2021(c)	EUR		250		284
Loxam SAS (France)
4.25%, 4/15/2024(c)	EUR		125		146
6.00%, 4/15/2025(c)	EUR		200		236

					4,928

Semiconductors & Semiconductor Equipment — 0.1%
Amkor Technology, Inc. 6.63%, 9/15/2027(b)			29		28
Entegris, Inc. 4.63%, 2/10/2026(b)			370		368
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(b)			471		490

					886

Software — 0.1%
Infor US, Inc. 6.50%, 5/15/2022			700		707
SS&C Technologies, Inc. 5.50%, 9/30/2027(b)			55		56

					763

Specialty Retail — 0.2%
Dufry One BV (Switzerland) 2.50%, 10/15/2024(c)	EUR		200		225
eG Global Finance plc (United Kingdom) 4.38%, 2/7/2025(b)	EUR		125		137
EVOCA SpA (Italy) 7.00%, 10/15/2023(c)	EUR		400		469
Hema Bondco I BV (Netherlands) (EURIBOR 3 Month + 6.25%), 6.25%, 7/15/2022(c)(e)	EUR		100		99
PetSmart, Inc. 5.88%, 6/1/2025(b)			622		584
Sonic Automotive, Inc. 6.13%, 3/15/2027			41		40
Staples, Inc.
7.50%, 4/15/2026(b)			360		344
10.75%, 4/15/2027(a)(b)			212		202

					2,100

Technology Hardware, Storage & Peripherals — 0.2%
Dell International LLC 6.02%, 6/15/2026(b)			1,890		2,035

Textiles, Apparel & Luxury Goods — 0.0%(k)
PVH Corp. 3.13%, 12/15/2027(c)	EUR		200		238

Thrifts & Mortgage Finance — 0.4%
BPCE SA (France) 5.70%, 10/22/2023(b)			2,870		3,092
Ladder Capital Finance Holdings LLLP 5.25%, 3/15/2022(b)			92		92
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023(b)			114		114
9.13%, 7/15/2026(b)			112		109

					3,407

Tobacco — 0.3%
Altria Group, Inc. 3.88%, 9/16/2046			1,120		938
BAT Capital Corp. (United Kingdom)
3.56%, 8/15/2027			975		938
4.39%, 8/15/2037			1,250		1,143

					3,019

Trading Companies & Distributors — 0.1%
Rexel SA (France)
2.63%, 6/15/2024(c)	EUR		200		228
2.13%, 6/15/2025(c)	EUR		350		393
United Rentals North America, Inc. 6.50%, 12/15/2026			64		68
WESCO Distribution, Inc. 5.38%, 6/15/2024			25		25

					714

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Wireless Telecommunication Services — 0.8%
Crystal Almond SARL (Greece) 10.00%, 11/1/2021(c)	EUR		212		251
Hughes Satellite Systems Corp. 5.25%, 8/1/2026			55		55
Intelsat Connect Finance SA (Luxembourg) 9.50%, 2/15/2023(a)(b)			66		57
Matterhorn Telecom Holding SA (Luxembourg) 4.88%, 5/1/2023(c)	EUR		300		335
Matterhorn Telecom SA (Luxembourg) 3.88%, 5/1/2022(c)	EUR		200		225
Sprint Communications, Inc. 6.00%, 11/15/2022			210		215
Sprint Corp. 7.63%, 2/15/2025			440		465
Telefonica Europe BV (Spain) (EUR Swap Annual 5 Year + 2.33%), 2.63%, 3/7/2023(c)(e)(f)(g)	EUR		1,300		1,403
T-Mobile US, Inc. 4.50%, 2/1/2026‡			96		—
T-Mobile USA, Inc.
6.50%, 1/15/2024‡			3,820		—	(j)
6.50%, 1/15/2026			1,100		1,160
6.50%, 1/15/2026‡			3,115		—	(j)
4.50%, 2/1/2026			96		95
4.75%, 2/1/2028			96		95
4.75%, 2/1/2028‡			96		—
United States Cellular Corp. 6.70%, 12/15/2033			550		578
Vodafone Group plc (United Kingdom) 4.38%, 5/30/2028			1,395		1,455
Wind Tre SpA (Italy)
2.63%, 1/20/2023(c)	EUR		300		331
3.13%, 1/20/2025(c)	EUR		300		328
5.00%, 1/20/2026(b)			300		284

					7,332

TOTAL CORPORATE BONDS (Cost $253,956)					251,525

MORTGAGE-BACKED SECURITIES — 22.3%
FHLMC Gold Pools, 30 Year
Pool # G60994, 3.50%, 1/1/2045			14,445		14,940
Pool # G08784, 3.50%, 10/1/2047			6,088		6,231
Pool # Q52319, 3.50%, 11/1/2047			20,852		21,354
Pool # G61785, 3.50%, 1/1/2048			13,273		13,571
Pool # G61644, 3.50%, 3/1/2048			23,722		24,271
Pool # G67708, 3.50%, 3/1/2048			997		1,028
Pool # G08836, 4.00%, 9/1/2048			14,455		14,930
UMBS, 30 Year
Pool # AS8804, 3.50%, 2/1/2047			7,417		7,654
Pool # BE3695, 3.50%, 6/1/2047			8,410		8,597
Pool # BM5275, 3.50%, 11/1/2047			5,377		5,496
Pool # MA3182, 3.50%, 11/1/2047			14,253		14,579
Pool # MA3210, 3.50%, 12/1/2047			13,210		13,512
Pool # MA3238, 3.50%, 1/1/2048			13,273		13,575
Pool # BH9277, 3.50%, 2/1/2048			11,688		11,952
Pool # BM5219, 3.50%, 3/1/2048			2,929		2,996
Pool # MA3333, 4.00%, 4/1/2048			10,964		11,366
Pool # BM5801, 3.50%, 6/1/2048			18,788		19,215
Pool # MA3495, 4.00%, 10/1/2048			4,579		4,743

TOTAL MORTGAGE-BACKED SECURITIES (Cost $206,581)					210,010

ASSET-BACKED SECURITIES — 19.5%
5AIF Juniper 2 LLC Series 2018-1, Class A, 5.45%, 8/15/2022‡(b)			6,875		6,875
ACIS CLO Ltd. (Cayman Islands) Series 2017-7A, Class A1, 3.93%, 5/1/2027(b)(h)			1,950		1,953
American Credit Acceptance Receivables Trust
Series 2016-4, Class D, 4.11%, 4/12/2023(b)			610		617
Series 2017-2, Class D, 3.69%, 6/12/2023(b)			1,680		1,694
Series 2017-2, Class E, 5.52%, 3/12/2024(b)			1,090		1,118
Series 2018-3, Class C, 3.75%, 10/15/2024(b)			690		696

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-12, Class M1, 3.55%, 1/25/2034‡(h)		642		644
Apidos CLO (Cayman Islands)
Series XXXA, Class A2, 4.20%, 10/18/2031(b)(h)		1,460		1,440
Series XXXA, Class C, 5.60%, 10/18/2031‡(b)(h)		991		978
Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-W7, Class M2, 3.33%, 5/25/2034‡(h)		160		161
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2004-HE7, Class M2, 4.00%, 10/25/2034‡(h)		198		200
Benefit Street Partners CLO XI (Cayman Islands) Series 2017-11A, Class A2A, 4.35%, 4/15/2029(b)(h)		600		599
BlueMountain CLO Ltd. (Cayman Islands) Series 2014-2A, Class BR2, 4.34%, 10/20/2030‡(b)(h)		1,460		1,449
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033(b)		955		970
Series 2018-1, Class B, 6.05%, 2/15/2033‡(b)		2,119		2,200
Chase Funding Loan Acquisition Trust Series 2004-OPT1, Class M2, 3.93%, 6/25/2034‡(h)		568		570
CIFC Funding Ltd. (Cayman Islands)
Series 2017-1A, Class A, 3.95%, 4/23/2029(b)(h)		3,889		3,888
Series 2017-1A, Class D, 6.09%, 4/23/2029‡(b)(h)		830		832
Series 2014-5A, Class BR2, 4.39%, 10/17/2031‡(b)(h)		945		941
CIG Auto Receivables Trust
Series 2017-1A, Class A, 2.71%, 5/15/2023(b)		367		366
Series 2017-1A, Class B, 3.81%, 5/15/2023(b)		600		603
Citi Held For Asset Issuance Series 2015-PM2, Class C, 5.96%, 3/15/2022‡(b)		296		296
CLUB Credit Trust
Series 2017-P2, Class B, 3.56%, 1/15/2024‡(b)		900		903
Series 2018-NP1, Class B, 3.67%, 5/15/2024‡(b)		423		423
Commonbond Student Loan Trust
Series 2018-AGS, Class B, 3.58%, 2/25/2044‡(b)		1,062		1,080
Series 2018-AGS, Class C, 3.82%, 2/25/2044‡(b)		673		676
Conn’s Receivables Funding LLC
Series 2019-A, Class B, 4.36%, 10/16/2023(b)		750		753
Series 2019-A, Class C, 5.29%, 10/16/2023(b)		670		672
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 3.55%, 12/25/2032‡(h)		862		862
Series 2003-3, Class 3A, 2.97%, 11/25/2033‡(h)		677		664
Series 2004-2, Class M1, 3.18%, 5/25/2034‡(h)		77		76
Series 2004-ECC2, Class M2, 3.40%, 12/25/2034‡(h)		542		543
CPS Auto Receivables Trust Series 2018-A, Class B, 2.77%, 4/18/2022(b)		1,970		1,969
CPS Auto Trust
Series 2018-C, Class C, 3.68%, 6/17/2024(b)		2,380		2,421
Series 2018-C, Class D, 4.40%, 6/17/2024(b)		810		836
Credit Acceptance Auto Loan Trust
Series 2018-1A, Class C, 3.77%, 6/15/2027(b)		2,330		2,369
Series 2018-3A, Class B, 3.89%, 10/15/2027(b)		580		595
Series 2018-3A, Class C, 4.04%, 12/15/2027(b)		670		688
CWABS, Inc. Asset-Backed Certificates Series 2004-1, Class M2, 3.25%, 3/25/2034‡(h)		123		123
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-5, Class M2, 3.43%, 7/25/2034‡(h)		256		257
Delta Air Lines Pass-Through Trust Series 2009-1, Class A, 7.75%, 12/17/2019		83		85
Diamond Resorts Owner Trust Series 2018-1, Class C, 4.53%, 1/21/2031‡(b)		2,993		3,048
DT Auto Owner Trust
Series 2017-4A, Class D, 3.47%, 7/17/2023(b)		1,058		1,065
Series 2017-3A, Class E, 5.60%, 8/15/2024(b)		790		826
Series 2018-2A, Class E, 5.54%, 6/16/2025(b)		890		923
Equity One Mortgage Pass-Through Trust Series 2004-2, Class M1, 5.69%, 7/25/2034‡(l)		261		271
Exeter Automobile Receivables Trust
Series 2015-3A, Class D, 6.55%, 10/17/2022(b)		2,340		2,406
Series 2018-3A, Class C, 3.71%, 6/15/2023(b)		1,008		1,026

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)			Value (000)
Series 2018-2A, Class D, 4.04%, 3/15/2024(b)		2,030			2,078
Series 2018-3A, Class D, 4.35%, 6/17/2024(b)		2,230			2,313
Series 2018-3A, Class E, 5.43%, 8/15/2024(b)		550			573
First Franklin Mortgage Loan Trust Series 2004-FF5, Class A1, 3.15%, 8/25/2034‡(h)		—	(j)		—	(j)
Flagship Credit Auto Trust
Series 2017-4, Class D, 3.58%, 1/15/2024(b)		1,900			1,932
Series 2018-3, Class C, 3.79%, 12/16/2024(b)		690			708
FREED ABS Trust Series 2018-1, Class B, 4.56%, 7/18/2024‡(b)		2,390			2,436
GLS Auto Receivables Trust Series 2018-2A, Class D, 5.46%, 3/17/2025(b)		1,470			1,527
GMAT Trust Series 2013-1A, Class M, 5.00%, 11/25/2043‡(b)(h)		8,560			5,245
ICG US CLO Ltd. (Cayman Islands) Series 2016-1A, Class A2R, 4.28%, 7/29/2028(b)(h)		718			717
Lendmark Funding Trust Series 2017-1A, Class C, 5.41%, 12/22/2025‡(b)		720			743
LV Tower 52 Issuer Series 2013-1, Class M, 7.75%, 7/15/2019‡(b)		6,509			6,542
Marlette Funding Trust
Series 2017-3A, Class C, 4.01%, 12/15/2024‡(b)		550			553
Series 2018-1A, Class B, 3.19%, 3/15/2028‡(b)		800			800
Series 2018-1A, Class C, 3.69%, 3/15/2028(b)		1,182			1,187
MFA LLC Series 2018-NPL2, Class A1, 4.16%, 7/25/2048‡(b)(l)		1,711			1,723
Mid-State Capital Corp. Trust Series 2006-1, Class M2, 6.74%, 10/15/2040‡(b)		2,912			3,301
Morgan Stanley ABS Capital I, Inc. Trust
Series 2004-HE1, Class M1, 3.28%, 1/25/2034‡(h)		681			675
Series 2004-NC7, Class M3, 3.40%, 7/25/2034‡(h)		114			113
Series 2004-HE7, Class M2, 3.37%, 8/25/2034‡(h)		68			69
Series 2004-HE7, Class M3, 3.45%, 8/25/2034‡(h)		86			86
Series 2004-HE8, Class M2, 3.45%, 9/25/2034‡(h)		139			139
Series 2004-OP1, Class M2, 3.34%, 11/25/2034‡(h)		129			127
Series 2005-NC1, Class M3, 3.19%, 1/25/2035‡(h)		347			341
New Century Home Equity Loan Trust
Series 2004-2, Class M2, 3.36%, 8/25/2034‡(h)		60			60
Series 2004-4, Class M2, 3.22%, 2/25/2035‡(h)		283			282
Octagon Investment Partners 30 Ltd. (Cayman Islands)
Series 2017-1A, Class A1, 3.91%, 3/17/2030(b)(h)		3,166			3,172
OneMain Direct Auto Receivables Trust
Series 2018-1A, Class B, 3.71%, 4/14/2025(b)		914			936
Series 2018-1A, Class D, 4.40%, 1/14/2028(b)		1,110			1,144
Onemain Financial Issuance Trust Series 2018-1A, Class D, 4.08%, 3/14/2029‡(b)		860			878
OneMain Financial Issuance Trust Series 2015-1A, Class C, 5.12%, 3/18/2026‡(b)		2,650			2,678
Option One Mortgage Loan Trust Series 2004-3, Class M3, 3.40%, 11/25/2034‡(h)		34			34
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 4.78%, 4/25/2023(b)(h)		1,210			1,222
PNMAC GMSR Issuer Trust Series 2018-GT2, Class A, 5.08%, 8/25/2025(b)(h)		2,280			2,288
Prestige Auto Receivables Trust
Series 2018-1A, Class C, 3.75%, 10/15/2024(b)		2,240			2,300
Series 2018-1A, Class D, 4.14%, 10/15/2024(b)		895			926
Pretium Mortgage Credit Partners I LLC
Series 2018-NPL4, Class A1, 4.83%, 9/25/2058‡(b)(l)		728			736
Series 2018-NPL4, Class A2, 6.05%, 9/25/2058‡(b)(l)		810			817
Series 2019-NPL2, Class A2, 5.93%, 12/25/2058(b)(l)		990			995
Progress Residential Trust
Series 2015-SFR2, Class D, 3.68%, 6/12/2032‡(b)		3,750			3,746
Series 2015-SFR3, Class D, 4.67%, 11/12/2032‡(b)		603			607
Series 2015-SFR3, Class E, 5.66%, 11/12/2032(b)		3,679			3,720
Series 2018-SFR3, Class E, 4.87%, 10/17/2035‡(b)		2,937			3,035
Race Point VIII CLO Ltd. (Cayman Islands) Series 2013-8A, Class AR, 3.86%, 2/20/2030(b)(h)		6,172			6,178

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Renaissance Home Equity Loan Trust
Series 2003-3, Class M1, 3.52%, 12/25/2033‡(h)		400		394
Series 2004-1, Class M1, 3.30%, 5/25/2034‡(h)		76		73
Series 2005-1, Class AF6, 4.97%, 5/25/2035‡(l)		405		420
Series 2005-2, Class M1, 5.05%, 8/25/2035‡(l)		1,942		2,023
Series 2005-4, Class A3, 5.56%, 2/25/2036(l)		22		22
Santander Drive Auto Receivables Trust
Series 2015-5, Class E, 4.67%, 2/15/2023(b)		3,600		3,633
Series 2016-2, Class E, 4.38%, 9/15/2023		2,500		2,539
Series 2018-4, Class D, 3.98%, 12/15/2025		1,890		1,945
Santander Prime Auto Issuance Notes Trust Series 2018-A, Class F, 6.80%, 9/15/2025(b)		1,185		1,214
Saxon Asset Securities Trust Series 2006-2, Class A3C, 2.58%, 9/25/2036‡(h)		75		75
Shackleton CLO Ltd. (Cayman Islands)
Series 2014-6RA, Class B, 4.32%, 7/17/2028(b)(h)		920		916
Series 2013-4RA, Class A2A, 4.20%, 4/13/2031(b)(h)		1,270		1,250
Springleaf Funding Trust
Series 2015-AA, Class C, 5.04%, 11/15/2024‡(b)		4,192		4,211
Series 2015-AA, Class D, 6.31%, 11/15/2024‡(b)		4,200		4,240
Series 2016-AA, Class B, 3.80%, 11/15/2029(b)		600		604
Series 2017-AA, Class C, 3.86%, 7/15/2030‡(b)		2,000		2,035
Stanwich Mortgage Loan Trust
Series 2018-NPB1, Class A1, 4.02%, 5/16/2023‡(b)(l)		1,314		1,319
Series 2018-NPB2, Class A1, 4.50%, 10/18/2023‡(b)(l)		1,091		1,098
Structured Asset Investment Loan Trust
Series 2004-1, Class M1, 3.40%, 2/25/2034‡(h)		129		125
Series 2004-7, Class M1, 3.48%, 8/25/2034‡(h)		618		617
Series 2004-8, Class M2, 3.36%, 9/25/2034‡(h)		318		316
Structured Asset Securities Corp. Mortgage Loan Trust Series 2005-WF2, Class M2, 3.06%, 5/25/2035‡(h)		119		120
THL Credit Wind River CLO Ltd. (Cayman Islands) Series 2017-1A, Class A, 3.94%, 4/18/2029(b)(h)		2,598		2,604
TIAA CLO II Ltd. (Cayman Islands) Series 2017-1A, Class A, 3.87%, 4/20/2029(b)(h)		3,055		3,056
Tricolor Auto Securitization Trust Series 2018-2A, Class A, 3.96%, 10/15/2021(b)		1,052		1,056
United Airlines Pass-Through Trust Series 2019-1, Class AA, 4.15%, 8/25/2031		1,160		1,228
United Auto Credit Securitization Trust Series 2018-1, Class D, 3.52%, 11/10/2022(b)		1,070		1,075
US Airways Pass-Through Trust Series 2013-1, Class A, 3.95%, 11/15/2025		2,643		2,743
Vericrest Opportunity Loan Trust Series 2019-NPL3, Class A2, 6.17%, 3/25/2049‡(b)(l)		1,325		1,335
VOLT LXII LLC Series 2017-NPL9, Class A1, 3.13%, 9/25/2047‡(b)(l)		779		778
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047‡(b)(l)		973		973
VOLT LXIX LLC Series 2018-NPL5, Class A1B, 4.70%, 8/25/2048‡(b)(l)		1,251		1,263
VOLT LXVIII LLC Series 2018-NPL4, Class A1B, 4.83%, 7/27/2048‡(b)(l)		1,490		1,503
VOLT LXX LLC Series 2018-NPL6, Class A1B, 4.56%, 9/25/2048‡(b)(l)		3,521		3,551
Westlake Automobile Receivables Trust
Series 2018-1A, Class D, 3.41%, 5/15/2023(b)		1,035		1,044
Series 2018-3A, Class D, 4.00%, 10/16/2023(b)		860		882
Series 2018-3A, Class E, 4.90%, 12/15/2023(b)		490		504
Series 2018-2A, Class E, 4.86%, 1/16/2024(b)		730		747
Series 2018-1A, Class F, 5.60%, 7/15/2024(b)		2,900		2,943
Series 2018-2A, Class F, 6.04%, 1/15/2025(b)		1,701		1,738
Series 2018-3A, Class F, 6.02%, 2/18/2025(b)		1,000		1,032

TOTAL ASSET-BACKED SECURITIES (Cost $183,258)				183,576

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 10.2%
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		199		204
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035		305		309
Series 2004-28CB, Class 3A1, 6.00%, 1/25/2035		624		628
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		1,409		1,370
American Home Mortgage Assets Trust Series 2006-6, Class A1A, 2.62%, 12/25/2046(h)		1,809		1,585
ARIVO 9/15/2019‡		1,445		1,445
Banc of America Alternative Loan Trust Series 2006-2, Class 7A1, 6.00%, 3/25/2021		103		93
Banc of America Funding Trust Series 2006-A, Class 1A1, 4.70%, 2/20/2036(h)		485		484
Banc of America Mortgage Trust Series 2004-A, Class 2A2, 4.82%, 2/25/2034(h)		292		295
CHL GMSR Issuer Trust Series 2018-GT1, Class A, 5.18%, 5/25/2023(b)(h)		1,670		1,672
CIM Trust
Series 2019-INV1, Class A2, 3.43%, 2/25/2049(b)(h)		2,588		2,608
Series 2019-INV2, Class A11, 3.43%, 5/25/2049(b)(h)		4,390		4,390
Citigroup Mortgage Loan Trust, Inc. Series 2005-9, Class 2A2, 5.50%, 11/25/2035		5		5
Civic Mortgage LLC Series 2018-1, Class A1, 3.89%, 6/25/2022(b)(l)		377		376
CSMC Mortgage-Backed Trust Series 2007-2, Class 3A13, 5.50%, 3/25/2037		456		381
FHLMC REMIC
Series 4043, Class PI, IO, 2.50%, 5/15/2027		5,992		397
Series 4056, Class BI, IO, 3.00%, 5/15/2027		1,289		98
Series 4086, Class AI, IO, 3.50%, 7/15/2027		2,436		217
Series 4120, Class UI, IO, 3.00%, 10/15/2027		1,639		136
Series 4136, Class IN, IO, 3.00%, 11/15/2027		875		66
Series 4216, Class MI, IO, 3.00%, 6/15/2028		945		79
Series 4178, Class BI, IO, 3.00%, 3/15/2033		1,655		186
Series 2936, Class AS, IF, IO, 3.66%, 2/15/2035(h)		400		51
Series 3174, Class SA, IF, IO, 5.26%, 4/15/2036(h)		329		58
Series 3716, Class PI, IO, 4.50%, 4/15/2038		2,822		177
Series 4119, Class LI, IO, 3.50%, 6/15/2039		13,595		1,158
Series 3907, Class AI, IO, 5.00%, 5/15/2040		3,856		341
Series 4018, Class HI, IO, 4.50%, 3/15/2041		4,907		679
Series 4073, Class IQ, IO, 4.00%, 7/15/2042		1,675		336
Series 4173, Class I, IO, 4.00%, 3/15/2043		4,837		982
Series 4612, Class QI, IO, 3.50%, 5/15/2044		8,451		1,075
Series 4372, Class SY, IF, IO, 3.66%, 8/15/2044(h)		7,940		1,210
Series 4687, Class SG, IF, IO, 3.71%, 1/15/2047(h)		6,992		1,378
Series 4654, Class SK, IF, IO, 3.56%, 2/15/2047(h)		10,298		1,907
Series 4681, Class SD, IF, IO, 3.71%, 5/15/2047(h)		17,195		3,215
Series 4707, Class SA, IF, IO, 3.71%, 8/15/2047(h)		9,468		2,052
FHLMC Structured Agency Credit Risk Debt Notes Series 2018-HQA1, Class M2, 4.73%, 9/25/2030(h)		2,730		2,746
FNMA REMIC
Series 2011-68, Class AI, IO, 4.50%, 12/25/2020		47		1
Series 2012-25, Class AI, IO, 3.50%, 3/25/2027		1,712		146
Series 2012-107, Class GI, IO, 3.50%, 9/25/2027		3,176		269
Series 2012-109, Class WI, IO, 2.50%, 10/25/2027		2,476		176
Series 2012-145, Class EI, IO, 3.00%, 1/25/2028		4,215		313
Series 2012-149, Class MI, IO, 3.00%, 1/25/2028		2,697		195
Series 2013-9, Class YI, IO, 3.50%, 2/25/2028		2,123		201
Series 2013-31, Class YI, IO, 3.50%, 4/25/2028		8,046		698
Series 2012-120, Class DI, IO, 3.00%, 3/25/2031		946		69
Series 2003-130, Class NS, IF, IO, 4.57%, 1/25/2034(h)		867		171
Series 2005-67, Class SI, IF, IO, 4.27%, 8/25/2035(h)		623		75
Series 2005-69, Class AS, IF, IO, 4.27%, 8/25/2035(h)		171		22

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Series 2006-24, Class QS, IF, IO, 4.77%, 4/25/2036(h)			567		103
Series 2008-67, Class FG, 3.43%, 7/25/2038(h)			936		960
Series 2009-93, Class SD, IF, IO, 3.77%, 11/25/2039(h)			974		129
Series 2012-148, Class JI, IO, 3.50%, 12/25/2039			3,236		327
Series 2009-105, Class SE, IF, IO, 3.72%, 12/25/2039(h)			644		71
Series 2010-102, Class IP, IO, 5.00%, 12/25/2039			1,257		67
Series 2012-118, Class DI, IO, 3.50%, 1/25/2040			6,908		577
Series 2013-5, Class BI, IO, 3.50%, 3/25/2040			6,510		590
Series 2010-68, Class SJ, IF, IO, 4.12%, 7/25/2040(h)			564		100
Series 2016-30, Class SA, IF, IO, 3.57%, 5/25/2046(h)			8,032		1,618
Series 2016-74, Class GS, IF, IO, 3.57%, 10/25/2046(h)			2,502		522
Series 2016-75, Class SC, IF, IO, 3.67%, 10/25/2046(h)			5,395		903
Series 2017-6, Class SB, IF, IO, 3.62%, 2/25/2047(h)			4,044		751
Series 2017-47, Class ST, IF, IO, 3.67%, 6/25/2047(h)			8,405		1,810
FNMA, Connecticut Avenue Securities
Series 2018-C05, Class 1M2, 4.78%, 1/25/2031(h)			2,010		2,034
Series 2018-C06, Class 1M2, 4.43%, 3/25/2031(h)			1,360		1,355
Series 2018-C06, Class 2M2, 4.53%, 3/25/2031(h)			370		368
GNMA
Series 2014-36, Class WY, 2.00%, 3/16/2044			810		737
Series 2014-181, Class SL, IF, IO, 3.16%, 12/20/2044(h)			3,788		664
Series 2015-110, Class MS, IF, IO, 3.27%, 8/20/2045(h)			1,798		252
Series 2017-134, Class SD, IF, IO, 3.76%, 9/20/2047(h)			3,765		757
Series 2015-H13, Class GI, IO, 1.63%, 4/20/2065(h)			3,103		141
Series 2017-H14, Class FG, 3.53%, 6/20/2067(h)			1,213		1,231
GSR Mortgage Loan Trust Series 2004-15F, Class 1A2, 5.50%, 12/25/2034			834		887
Homeward Opportunities Fund I Trust Series 2019-1, Class M1, 3.95%, 1/25/2059‡(b)(h)			810		819
IndyMac INDX Mortgage Loan Trust Series 2005-AR10, Class A1, 2.69%, 6/25/2035(h)			1,164		1,126
JP Morgan Mortgage Trust Series 2006-S2, Class 1A19, 6.00%, 7/25/2036			536		463
Lanark Master Issuer plc (United Kingdom) Series 2018-1A, Class 1A, 2.94%, 12/22/2069(b)(h)			1,565		1,563
Lehman Mortgage Trust Series 2005-2, Class 2A5, 5.50%, 12/25/2035			466		438
MASTR Alternative Loan Trust Series 2004-12, Class 3A1, 6.00%, 12/25/2034			2,112		2,245
Morgan Stanley Mortgage Loan Trust
Series 2004-4, Class 2A, 6.36%, 9/25/2034(h)			460		510
Series 2004-9, Class 1A, 5.35%, 11/25/2034(h)			139		148
OBX Trust Series 2019-EXP1, Class 2A1B, 3.38%, 1/25/2059(b)(h)			2,448		2,417
Permanent Master Issuer plc (Netherlands) Series 2018-1A, Class 1A1, 2.98%, 7/15/2058(b)(h)			3,480		3,481
RALI Trust Series 2006-QS4, Class A2, 6.00%, 4/25/2036			49		46
Residential Asset Securitization Trust
Series 2005-A3, Class A2, 5.50%, 4/25/2035			2,754		2,383
Series 2005-A8CB, Class A11, 6.00%, 7/25/2035			328		297
SART 4.75%, 7/15/2024			4,191		4,256
Sequoia Mortgage Trust Series 2003-8, Class A1, 3.08%, 1/20/2034(h)			525		525
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-35, Class B1, 5.45%, 12/25/2033‡(h)			382		327
Structured Asset Securities Corp. Trust Series 2005-1, Class 7A7, 5.50%, 2/25/2035			1,001		1,017
TDA CAM 4 FTA (Spain) Series 4, Class A, 6/26/2039(c)(h)	EUR		908		1,007
Toorak Mortgage Corp. Ltd.
Series 2018-1, Class A1, 4.34%, 8/25/2021(b)(l)			2,600		2,603
Series 2019-1, Class A1, 4.46%, 3/25/2022(b)(l)			1,980		2,004
Verus Securitization Trust
Series 2018-2, Class A1, 3.68%, 6/1/2058(b)(h)			1,848		1,865
Series 2019-1, Class A1, 3.84%, 2/25/2059(b)(h)			2,260		2,297

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
WaMu Mortgage Pass-Through Certificates Trust Series 2003-S3, Class 3A2, 5.50%, 5/25/2033		170		172
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-3, Class 5A2, 5.50%, 3/25/2021		24		24
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-N, Class A6, 4.61%, 8/25/2034(h)		2,479		2,546
Series 2004-N, Class A7, 4.61%, 8/25/2034(h)		2,813		2,889
Series 2004-M, Class A1, 4.62%, 8/25/2034(h)		1,691		1,782
Series 2005-AR2, Class 2A2, 5.15%, 3/25/2035(h)		171		176
Series 2005-AR4, Class 2A2, 5.11%, 4/25/2035(h)		931		947
Series 2005-AR8, Class 1A1, 4.93%, 6/25/2035(h)		1,593		1,653

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $93,258)				95,716

COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.2%
BANK
Series 2019-BN17, Class D, 3.00%, 4/15/2052‡(b)		300		265
Series 2019-BN17, Class E, 3.00%, 4/15/2052‡(b)		150		122
Series 2017-BNK9, Class D, 2.80%, 11/15/2054‡(b)		1,694		1,408
Bear Stearns Commercial Mortgage Securities Trust Series 2006-PW13, Class B, 5.66%, 9/11/2041‡(b)(h)		151		150
BHMS Series 2018-ATLS, Class A, 3.69%, 7/15/2035(b)(h)		2,675		2,669
Braemar Hotels & Resorts Trust Series 2018-PRME, Class C, 3.69%, 6/15/2035‡(b)(h)		1,200		1,201
CGDBB Commercial Mortgage Trust
Series 2017-BIOC, Class B, 3.41%, 7/15/2032(b)(h)		2,600		2,596
Series 2017-BIOC, Class C, 3.49%, 7/15/2032‡(b)(h)		1,710		1,708
Citigroup Commercial Mortgage Trust Series 2015-P1, Class D, 3.23%, 9/15/2048‡(b)		2,765		2,519
Commercial Mortgage Trust Series 2004-GG1, Class J, 5.45%, 6/10/2036‡(b)(h)		797		350
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		24		24
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class B, 5/15/2036‡(b)(h)		3,800		3,773
Exantas Capital Corp. Ltd. (Cayman Islands) Series 2018-RSO6, Class A, 3.26%, 6/15/2035(b)(h)		2,948		2,949
FHLMC Multifamily Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.30%, 7/25/2023(h)		43,635		511
Series K729, Class X1, IO, 0.37%, 10/25/2024(h)		21,880		368
Series K091, Class A2, 3.51%, 3/25/2029		3,700		3,947
Series K158, Class A2, 3.90%, 12/25/2030(h)		1,890		2,075
Series K155, Class A2, 3.75%, 11/25/2032		4,300		4,636
Series K723, Class X3, IO, 1.92%, 10/25/2034(h)		9,280		694
Series K038, Class X3, IO, 2.49%, 6/25/2042(h)		10,700		1,155
Series K041, Class X3, IO, 1.64%, 11/25/2042(h)		13,061		1,049
Series K042, Class X3, IO, 1.60%, 1/25/2043(h)		22,120		1,732
Series K047, Class X3, IO, 1.49%, 6/25/2043(h)		18,000		1,409
Series K726, Class X3, IO, 2.13%, 7/25/2044(h)		3,760		344
Series K067, Class X3, IO, 2.11%, 9/25/2044(h)		15,993		2,337
Series K068, Class X3, IO, 2.06%, 10/25/2044(h)		4,540		649
Series K070, Class X3, IO, 2.04%, 12/25/2044(h)		16,328		2,348
Series K730, Class X3, IO, 2.04%, 2/25/2045(h)		13,820		1,393
Series K072, Class X3, IO, 2.14%, 12/25/2045(h)		3,940		604
Series K088, Class X3, IO, 2.35%, 2/25/2047(h)		7,310		1,356
FNMA ACES
Series 2014-M3, Class X2, IO, 0.00%, 1/25/2024(h)		35,689		122
Series 2019-M1, Class A2, 3.56%, 9/25/2028(h)		1,200		1,285
FREMF Series 2018-KF46, Class B, 4.43%, 3/25/2028(b)(h)		3,176		3,141

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
FREMF Mortgage Trust
Series 2017-KF29, Class B, 6.03%, 2/25/2024(b)(h)			382		390
Series 2017-KF31, Class B, 5.38%, 4/25/2024(b)(h)			490		495
Series 2017-KF36, Class B, 5.13%, 8/25/2024(b)(h)			1,400		1,403
Series 2017-KF35, Class B, 5.23%, 8/25/2024(b)(h)			1,511		1,511
Series 2018-KF45, Class B, 4.43%, 3/25/2025(b)(h)			575		563
Series 2018-KF47, Class B, 4.48%, 5/25/2025(b)(h)			532		528
Series 2018-KF48, Class B, 4.53%, 6/25/2028(b)(h)			1,642		1,616
Series 2013-K712, Class B, 3.35%, 5/25/2045(b)(h)			1,200		1,200
Series 2011-K12, Class B, 4.34%, 1/25/2046(b)(h)			700		716
Series 2017-K726, Class C, 3.97%, 7/25/2049(b)(h)			725		731
Series 2017-K67, Class B, 3.94%, 9/25/2049(b)(h)			1,995		2,057
Series 2017-K729, Class B, 3.67%, 11/25/2049(b)(h)			880		894
GNMA
Series 2012-89, IO, 0.75%, 12/16/2053(h)			7,975		204
Series 2017-9, IO, 0.77%, 1/16/2057(h)			12,847		850
Series 2017-23, IO, 0.73%, 5/16/2059(h)			11,697		729
Series 2017-69, IO, 0.80%, 7/16/2059(h)			9,939		670
GPMT Ltd. (Cayman Islands) Series 2018-FL1, Class B, 3.99%, 11/21/2035‡(b)(h)			1,540		1,540
GS Mortgage Securities Trust
Series 2017-GS5, Class D, 3.51%, 3/10/2050(b)(h)			3,150		2,875
Series 2019-GC39, Class E, 3.00%, 5/10/2052(b)			3,550		2,888
JP Morgan Chase Commercial Mortgage Securities Trust Series 2004-CBX, Class C, 5.07%, 1/12/2037(h)			964		965
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039‡(h)			5,129		3,541
LMREC, Inc. Series 2016-CRE2, Class A, 4.14%, 11/24/2031(b)(h)			1,794		1,795
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class D, 3.31%, 9/13/2031‡(b)			3,170		3,165
Morgan Stanley Capital I Trust Series 2006-HQ8, Class D, 5.60%, 3/12/2044‡(h)			99		101
Velocity Commercial Capital Loan Trust Series 2018-2, Class A, 4.05%, 10/26/2048(b)(h)			2,945		3,016
Wachovia Bank Commercial Mortgage Trust
Series 2005-C21, Class F, 5.23%, 10/15/2044(b)(h)			1,295		471
Series 2007-C34, Class AJ, 6.12%, 5/15/2046(h)			823		828

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $87,973)					86,631

FOREIGN GOVERNMENT SECURITIES — 4.1%
Abu Dhabi Government Bond (United Arab Emirates) 4.13%, 10/11/2047(c)			890		930
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024(c)			1,040		1,050
Federative Republic of Brazil (Brazil)
5.00%, 1/27/2045			1,000		929
6.00%, 8/15/2050	BRL		5,320		5,765
Gabonese Republic (Gabon) 6.38%, 12/12/2024(c)			910		868
Government of Dominican Republic (Dominican Republic)
5.95%, 1/25/2027(c)			820		863
6.85%, 1/27/2045(c)			720		759
6.40%, 6/5/2049(b)			280		278
Jamaica Government International Bond (Jamaica) 8.00%, 3/15/2039			1,010		1,219
Oman Government International Bond (Oman)
5.38%, 3/8/2027(c)			207		188
6.75%, 1/17/2048(c)			1,300		1,102
Paraguay Government International Bond (Paraguay) 5.60%, 3/13/2048(c)			480		513
Republic of Angola (Angola) 9.50%, 11/12/2025(c)			1,550		1,689
Republic of Belarus (Belarus) 6.20%, 2/28/2030(c)			700		699
Republic of Colombia (Colombia) 5.20%, 5/15/2049			1,070		1,142
Republic of Costa Rica (Costa Rica) 7.00%, 4/4/2044(c)			746		706
Republic of Ecuador (Ecuador) 7.88%, 1/23/2028(c)			920		879
Republic of El Salvador (El Salvador)
7.38%, 12/1/2019(c)			500		505
7.75%, 1/24/2023(c)			877		923
7.63%, 2/1/2041(c)			160		160
Republic of Ghana (Ghana) 7.88%, 8/7/2023(c)			450		470
Republic of Guatemala (Guatemala) 6.13%, 6/1/2050(b)			1,180		1,176

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Republic of Indonesia (Indonesia)
8.25%, 5/15/2029	IDR		21,142,000		1,513
8.38%, 3/15/2034	IDR		27,279,000		1,909
Republic of Lebanon (Lebanon)
6.85%, 3/23/2027(c)			778		605
6.65%, 11/3/2028(c)			482		366
Republic of Macedonia (Macedonia, the Former Yugoslav Republic of) 2.75%, 1/18/2025(c)	EUR		1,110		1,285
Republic of Pakistan (Pakistan) 6.88%, 12/5/2027(c)			570		552
Republic of Paraguay (Paraguay) 5.00%, 4/15/2026(c)			990		1,052
Republic of Peru (Peru)
5.94%, 2/12/2029(b)	PEN		1,270		399
6.90%, 8/12/2037(c)	PEN		7,270		2,414
Republic of Serbia (Serbia) 4.88%, 2/25/2020(c)			3,600		3,636
State of Qatar (Qatar)
3.88%, 4/23/2023(b)			1,290		1,341
4.00%, 3/14/2029(b)			470		495

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $38,274)					38,380

CONVERTIBLE BONDS — 2.7%
Communications Equipment — 0.1%
Finisar Corp. 0.50%, 12/15/2036			500		481

Electronic Equipment, Instruments & Components — 0.3%
II-VI, Inc. 0.25%, 9/1/2022			1,465		1,444
Knowles Corp. 3.25%, 11/1/2021			1,420		1,566

					3,010

Entertainment — 0.2%
Live Nation Entertainment, Inc. 2.50%, 3/15/2023			1,625		1,835

Health Care Technology — 0.0%(k)
Vocera Communications, Inc. 1.50%, 5/15/2023			185		220

Hotels, Restaurants & Leisure — 0.1%
Huazhu Group Ltd. (China) 0.38%, 11/1/2022			1,340		1,359

Interactive Media & Services — 0.0%(k)
Zillow Group, Inc. 2.00%, 12/1/2021			370		407

Internet & Direct Marketing Retail — 0.2%
Ctrip.com International Ltd. (China) 1.00%, 7/1/2020			1,300		1,262
Liberty Expedia Holdings, Inc. 1.00%, 6/30/2047(b)			1,090		1,067

					2,329

IT Services — 0.1%
Square, Inc. 0.50%, 5/15/2023(b)			560		614

Machinery — 0.1%
Fortive Corp. 0.88%, 2/15/2022(b)			680		688

Media — 0.0%(k)
DISH Network Corp. 3.38%, 8/15/2026			305		280

Oil, Gas & Consumable Fuels — 0.1%
Oasis Petroleum, Inc. 2.63%, 9/15/2023			730		657
Whiting Petroleum Corp. 1.25%, 4/1/2020			56		54

					711

Real Estate Management & Development — 0.0%(k)
Redfin Corp. 1.75%, 7/15/2023			255		224

Semiconductors & Semiconductor Equipment — 0.8%
Cree, Inc. 0.88%, 9/1/2023(b)			915		1,042
Cypress Semiconductor Corp.
4.50%, 1/15/2022			1,335		1,881
2.00%, 2/1/2023			115		124
MagnaChip Semiconductor SA (South Korea) 5.00%, 3/1/2021			145		173
NXP Semiconductors NV (Netherlands) 1.00%, 12/1/2019			870		891
ON Semiconductor Corp. 1.00%, 12/1/2020			1,320		1,499
Teradyne, Inc. 1.25%, 12/15/2023			995		1,461

					7,071

Software — 0.6%
DocuSign, Inc. 0.50%, 9/15/2023(b)			1,220		1,298
Envestnet, Inc. 1.75%, 12/15/2019(a)			1,090		1,226
FireEye, Inc. 0.88%, 6/1/2024(b)			900		875
Nuance Communications, Inc. 1.50%, 11/1/2035			1,060		1,064
Nutanix, Inc. Zero Coupon, 1/15/2023			1,250		1,188

					5,651

Specialty Retail — 0.1%
Guess?, Inc. 2.00%, 4/15/2024(b)			595		548

TOTAL CONVERTIBLE BONDS (Cost $24,198)					25,428

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 2.1%
U.S. Treasury Inflation Indexed Bonds 1.00%, 2/15/2046 (Cost $19,194)		17,350		19,705

LOAN ASSIGNMENTS — 0.5%(m)
Aerospace & Defense — 0.0%(k)
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 10/4/2024(e)		20		17

Containers & Packaging — 0.0%(k)
Flex Acquisition Co., Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.63%, 12/29/2023(e)		270		259

Diversified Consumer Services — 0.0%(k)
Spin Holdco, Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 11/14/2022(e)		199		195

Diversified Telecommunication Services — 0.0%(k)
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 10/2/2024(e)		370		370
Consolidated Communications, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 10/5/2023(e)		28		27

				397

Electric Utilities — 0.0%(k)
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 1/30/2024(e)		163		162
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 1/30/2024(e)		9		9

				171

Electrical Equipment — 0.0%(k)
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.94%, 8/1/2025(e)		261		260

Food & Staples Retailing — 0.1%
Albertson’s LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 6/22/2023(e)		414		412
Moran Foods LLC, Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.60%, 12/5/2023(e)		464		241

				653

Food Products — 0.1%
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%; ICE LIBOR USD 3 Month Prime + 1.75%), 5.22%, 4/6/2024(e)		668		650

Independent Power and Renewable Electricity Producers — 0.0%(k)
Talen Energy Supply LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.61%, 12/3/2025(e)		69		69

Insurance — 0.0%(k)
Hub International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 5.34%, 4/25/2025(e)		112		109

Media — 0.1%
iHeartCommunications, Inc., Exit Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.58%, 5/1/2026(e)		355		355
Tribune Media Co., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 12/27/2020(e)		200		200
Univision Communications, Inc., 1st Lien Term Loan C-5 (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 3/15/2024(e)		156		147

				702

Specialty Retail — 0.2%
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 9.94%, 10/12/2038‡(e)(n)		935		1,450

TOTAL LOAN ASSIGNMENTS (Cost $4,680)				4,932

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Shares (000)		Value (000)
COMMON STOCKS — 0.2%
Capital Markets — 0.1%
UCI Holdings LLC (New Zealand)*‡		24		548

Communications Equipment — 0.0%(k)
Goodman Networks, Inc.*‡		6		—	(j)

Independent Power and Renewable Electricity Producers — 0.0%(k)
Vistra Energy Corp.		2		47

Media — 0.0%(k)
Clear Channel Outdoor Holdings, Inc.*		34		171
iHeartMedia, Inc., Class A*		2		28

				199

Software — 0.0%(k)
Avaya Holdings Corp.*		5		61

Specialty Retail — 0.1%
Claire’s Stores, Inc.*‡		1		658

Wireless Telecommunication Services — 0.0%(k)
NII Holdings, Inc.*		27		52

TOTAL COMMON STOCKS (Cost $1,888)				1,565

PREFERRED STOCKS — 0.1%
Communications Equipment — 0.0%(k)
Goodman Networks, Inc. (Preference)*‡		7		—	(j)

Specialty Retail — 0.1%
Claire’s Stores, Inc.*‡		1		955

TOTAL PREFERRED STOCKS (Cost $360)				955


	No. of Warrants (000)
WARRANTS — 0.0%(k)
Wireless Telecommunication Services — 0.0%(k)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD*‡ (Cost $227)		13		203


	No. of Rights (000)
RIGHTS — 0.0%(k)
Independent Power and Renewable Electricity Producers — 0.0%(k)
Vistra Energy Corp., expiring 12/31/2049*‡ (Cost $—)		42		33


	Shares (000)
SHORT-TERM INVESTMENTS — 1.5%
INVESTMENT COMPANIES — 1.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43%(o)(p) (Cost $12,409)		12,406		12,410


	Principal Amount (000)
U.S. TREASURY OBLIGATIONS — 0.2%
U.S. Treasury Bills 2.35%, 8/1/2019(q) (Cost $1,858)		1,865		1,858

TOTAL SHORT-TERM INVESTMENTS (Cost $14,267)				14,268


	Shares (000)
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.33%(o)(p) (Cost $4,691)		4,691		4,691

Total Investments — 99.6% (Cost $932,805)				937,618
Other Assets Less Liabilities — 0.4%				3,339

Net Assets — 100.0%				940,957

Percentages indicated are based on net assets.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Abbreviations


ABS		Asset-backed securities
ACES		Alternative Credit Enhancement Securities
BRL		Brazilian Real
CIFC		Commercial Industrial Finance Corp.
CLO		Collateralized Loan Obligations
CSMC		Credit Suisse Mortgage Trust
EUR		Euro
EURIBOR		Euro Interbank Offered Rate
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GBP		British Pound
GNMA		Government National Mortgage Association
GS		Goldman Sachs
ICE		Intercontinental Exchange
IDR		Indonesian Rupiah
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 May 31, 2019. 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
PEN		Peruvian Nuevo Sol
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT		Limited liability company
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
SCA		Limited partnership with share capital
SEK		Swedish Krona
UMBS		Uniform Mortgage-Backed Securities
USD		United States Dollar

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


(a)		The security or a portion of this security is on loan at May 31, 2019. The total value of securities on loan at May 31, 2019 is approximately $4,483,000.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(e)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2019.
(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 May 31, 2019.
(g)		Security is an interest bearing note with preferred security characteristics.
(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 May 31, 2019.
(i)		Defaulted security.
(j)		Amount rounds to less than one thousand.
(k)		Amount rounds to less than 0.1% of net assets.
(l)		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 May 31, 2019.
(m)		Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(n)		Fund is subject to legal or contractual restrictions on the resale of the security.
(o)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(p)		The rate shown is the current yield as of May 31, 2019.
(q)		The rate shown is the effective yield as of May 31, 2019.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Futures contracts outstanding as of May 31, 2019 (amounts in thousands, except number of contracts):


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Australia 10 Year Bond		336			06/2019		AUD		33,094			1,403
Euro-Buxl		23			09/2019		EUR		5,035			38
Euro-Schatz		4			09/2019		EUR		501			0
U.S. Treasury 2 Year Note		1,606			09/2019		USD		344,813			1,784
U.S. Treasury 5 Year Note		10			09/2019		USD		1,174			1
U.S. Treasury 10 Year Ultra Note		73			09/2019		USD		9,974			85
U.S. Treasury Long Bond		31			09/2019		USD		4,770			149
U.S. Treasury Ultra Bond		16			09/2019		USD		2,818			121

												3,581

Short Contracts
3 Month Eurodollar		(1,540	)		09/2019		USD		(376,357	)		(2,795	)
Euro-Bobl		(221	)		09/2019		EUR		(33,049	)		(23	)
Euro-Bund		(135	)		09/2019		EUR		(25,756	)		(59	)
Long Gilt		(21	)		09/2019		GBP		(3,442	)		(25	)
U.S. Treasury 5 Year Note		(591	)		09/2019		USD		(69,391	)		(517	)
U.S. Treasury 10 Year Note		(11	)		09/2019		USD		(1,395	)		(1	)
U.S. Treasury Long Bond		(288	)		09/2019		USD		(44,316	)		(1,380	)
U.S. Treasury Ultra Bond		(98	)		09/2019		USD		(17,263	)		(721	)

												(5,521	)

												(1,940	)

Abbreviations


AUD		Australian Dollar
EUR		Euro
GBP		British Pound
USD		United States Dollar

Forward foreign currency exchange contracts outstanding as of May 31, 2019 (amounts in thousands):


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	58		USD	65	BNP Paribas		6/5/2019		—	(a)
EUR	41,454		USD	46,227	Citibank, NA		6/5/2019		86
EUR	2,588		USD	2,891	State Street Corp.		6/5/2019		—	(a)
EUR	8,792		USD	9,821	TD Bank Financial Group		6/5/2019		1
GBP	311		USD	392	TD Bank Financial Group		6/5/2019		2
USD	10,792		EUR	9,597	Barclays Bank plc		6/5/2019		69
USD	48,533		EUR	43,378	Goldman Sachs International		6/5/2019		69
USD	337		EUR	301	Standard Chartered Bank		6/5/2019		1
USD	547		GBP	420	Goldman Sachs International		6/5/2019		16
USD	157		GBP	121	Merrill Lynch International		6/5/2019		4
USD	778		GBP	597	State Street Corp.		6/5/2019		22
CZK	54,928		USD	2,373	Goldman Sachs International		6/25/2019		3
USD	2,379		CZK	54,928	Citibank, NA		6/25/2019		3
USD	4,760		EUR	4,229	State Street Corp.		6/25/2019		27
USD	1,097		PEN	3,650	Goldman Sachs International^**		6/25/2019		19
EUR	220		USD	246	BNP Paribas		7/3/2019		1

Total unrealized appreciation									323

EUR	98		USD	110	BNP Paribas		6/5/2019		(1	)
EUR	287		USD	324	TD Bank Financial Group		6/5/2019		(4	)

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
GBP	109		USD	141	State Street Corp.		6/5/2019		(3	)
GBP	719		USD	931	TD Bank Financial Group		6/5/2019		(23	)
EUR	998		USD	1,118	Citibank, NA		6/25/2019		(1	)
EUR	983		USD	1,104	Merrill Lynch International		6/25/2019		(4	)
USD	1,021		AUD	1,476	Goldman Sachs International		6/25/2019		(4	)
USD	5,259		BRL	21,000	Goldman Sachs International^**		6/25/2019		(82	)
USD	3,497		IDR	51,085,607	Merrill Lynch International^**		6/25/2019		(61	)
USD	3,804		SEK	36,111	State Street Corp.		6/25/2019		(9	)
USD	2,291		TRY	14,626	Barclays Bank plc		6/25/2019		(188	)
USD	1,163		TRY	7,245	Citibank, NA		6/25/2019		(65	)
USD	46,338		EUR	41,454	Citibank, NA		7/3/2019		(89	)
USD	392		GBP	311	TD Bank Financial Group		7/3/2019		(2	)

Total unrealized depreciation									(536	)

Net unrealized depreciation									(213	)

Abbreviations


AUD		Australian Dollar
BRL		Brazilian Real
CZK		Czech Republic Koruna
EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah
PEN		Peru Nuevo Sol
SEK		Swedish Krona
TRY		Turkish Lira
USD		United States Dollar

(a)		Amount rounds to less than one thousand.
**		Non-deliverable forward.

Centrally Cleared Credit default swap contracts outstanding - buy protection⁽¹⁾ as of May 31, 2019 (amounts in thousands):


Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Maturity Date		Implied Credit Spread (%)⁽²⁾		Notional Amount⁽³⁾		Upfront Payments (Receipts) ($)⁽⁴⁾			Unrealized Appreciation (Depreciation) ($)		Value ($)
CDX.NA.HY.32-V1		5.00		Quarterly		6/20/2024		3.93		USD 24,825		(1,870	)		493		(1,377	)

												(1,870	)		493		(1,377	)

(1)

(2)

(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).

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Centrally Cleared Interest rate swap contracts outstanding as of May 31, 2019 (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	2.36 semi-annually		Pay		4/29/2024		USD 135,000		—		1,142

									—		1,142

3 month LIBOR quarterly	2.21 semi-annually		Receive		6/15/2021		USD 290,440		—		(1,664	)
3 month LIBOR quarterly	2.66 semi-annually		Receive		11/15/2028		USD 70,900		—		(3,608	)
3 month LIBOR quarterly	2.68 semi-annually		Receive		4/29/2032		USD 29,000		—		(1,081	)

									—		(6,353	)

									—		(5,211	)

Abbreviations


CDX		Credit Default Swap Index
LIBOR		London Interbank Offered Rate
USD		United States Dollar

(a)	Value of floating rate index at May 31, 2019 was as follows:


Floating Rate Index	Value
3 month LIBOR		2.50	%

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.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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
Capital Markets	$	—	$	—	$	548		$	548
Communications Equipment		—		—		—	(a)		—	(a)
Specialty Retail		—		—		658			658
Other Common Stocks		359		—		—			359

Total Common Stocks		359		—		1,206			1,565

Preferred Stocks		—		—		955			955
Debt Securities
Asset-Backed Securities		—		97,269		86,307			183,576
Collateralized Mortgage Obligations		—		93,125		2,591			95,716
Commercial Mortgage-Backed Securities		—		66,788		19,843			86,631
Convertible Bonds		—		25,428		—			25,428
Corporate Bonds
Capital Markets		—		19,286		6,038			25,324
Communications Equipment		—		1,027		—	(a)		1,027
Electric Utilities		—		10,736		1			10,737
Wireless Telecommunication Services		—		7,332		—	(a)		7,332
Other Corporate Bonds		—		207,105		—			207,105

Total Corporate Bonds		—		245,486		6,039			251,525

Foreign Government Securities		—		38,380		—			38,380
Mortgage-Backed Securities		—		210,010		—			210,010
U.S. Treasury Obligations		—		19,705		—			19,705
Loan Assignments
Specialty Retail		—		—		1,450			1,450
Other Loan Assignments		—		3,482		—			3,482

Total Loan Assignments		—		3,482		1,450			4,932

Rights		—		—		33			33
Warrants		—		—		203			203
Short-Term Investments
Investment Companies		12,410		—		—			12,410
U.S. Treasury Obligations		—		1,858		—			1,858

Total Short-Term Investments		12,410		1,858		—			14,268

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investment of cash collateral from securities loaned	$	4,691		$	—		$	—	$	4,691

Total Investments in Securities	$	17,460		$	801,531		$	118,627	$	937,618

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	323		$	—	$	323
Futures Contracts		3,581			—			—		3,581
Swaps		—			1,635			—		1,635

Total Appreciation in Other Financial Instruments	$	3,581		$	1,958		$	—	$	5,539

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(536	)	$	—	$	(536	)
Futures Contracts		(5,521	)		—			—		(5,521	)
Swaps		—			(6,353	)		—		(6,353	)

Total Depreciation in Other Financial Instruments	$	(5,521	)	$	(6,889	)	$	—	$	(12,410	)

(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, 2019			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 May 31, 2019
Investments in Securities
Asset-Backed Securities	$	89,958		$	—	(a)	$	36		$	15		$	1,321		$	(5,833	)	$	810	$	—		$	86,307
Collateralized Mortgage Obligations		2,634			(102	)		98			2			1,158			(1,199	)		—		—			2,591
Commercial Mortgage-Backed Securities		14,003			—			238			5			4,169			(119	)		4,919		(3,372	)		19,843
Common Stocks — Capital Markets		470			—			77			—			1			—			—		—			548
Common Stocks — Communications Equipment		—	(a)		—			—			—			—			—			—		—			—	(a)
Common Stocks — Specialty Retail		805			—			(147	)		—			—			—			—		—			658
Corporate Bonds — Capital Markets		6,075			—	(a)		—	(a)		—	(a)		—	(a)		(37	)		—		—			6,038
Corporate Bonds — Communications Equipment		—	(a)		—			—			—			—			—			—		—			—	(a)
Corporate Bonds — Electric Utilities		8			—			(6	)		—			—			(1	)		—		—			1
Corporate Bonds — Wireless Telecommunication Services		—	(a)		—			—			—			—			—			—		—			—	(a)
Loan Assignments — Specialty Retail		1,402			—			47			—			1			—			—		—			1,450
Preferred Stocks — Communications Equipment		—	(a)		—			—			—			—			—			—		—			—	(a)
Preferred Stocks — Specialty Retail		900			—			55			—			—			—			—		—			955
Private Placements — Commercial Loanss		15,520			(900	)		480			—			—			(15,100	)		—		—			—
Rights — Independent Power and Renewable Electricity Producers		32			—			1			—			—			—			—		—			33
Warrants-Wireless Telecommunication Services		—			—			(24	)		—			227			—			—		—			203

	$	131,807		$	(1,002	)	$	855		$	22		$	6,877		$	(22,289	)	$	5,729	$	(3,372	)	$	118,627

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 May 31, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) ^(a)
	$	63,446	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 44.00% (17.95%)
				Constant Default Rate		0.00% - 6.02% (0.66%)
				Yield (Discount Rate of Cash Flows)		2.68% - 5.86% (3.96%)

Asset-Backed Securities		63,446

		1,146	Discounted Cash Flow	Constant Prepayment Rate		6.00% - 20.00% (16.01%)
				Constant Default Rate		0.00% - 1.54% (0.44%)
				Yield (Discount Rate of Cash Flows)		3.68% - 6.57% (4.50%)

Collateralized Mortgage Obligations		1,146

		14,179	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.23% - 45.55% (14.55%)

Commercial Mortgage-Backed Securities		14,179

		38	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.49% (4.49%)
				Liquidity Discount		0.125% (0.125%)
			Pending Distribution Amount	Expected Recovery		0.00% (0.00%)

Corporate		38

		0	Market Comparable Companies	EBITDA Multiple		5.0x (5.0x)
				Discount for Potential Outcome		30.00% (30.00%)

Preferred Stocks		0

		0	Market Comparable Companies	EBITDA Multiple		5.0x (5.0x)

Common Stocks		0

Total	$	78,809

The table above does not include certain level 3 investments that are valued by brokers and pricing services. At May 31, 2019, the value of these investments was approximately $39,818,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

(a)	Unobservable inputs were weighed by the relative fair value of the instruments.


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.43%(a)(b)	$	7,446	$	287,656	$	282,693	$	1	$	—	$	12,410		12,406	$	115	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.33%(a)(b)		5,748		16,234		17,291		—		—		4,691		4,691		46		—

Total	$	13,194	$	303,890	$	299,984	$	1	$	—	$	17,101			$	161	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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.

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).

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 interest rate and credit default, to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return 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 Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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 for OTC Swaps.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

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

Credit Default Swaps

Interest Rate Swaps

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 92.3%(a)
New York — 92.3%
Education — 7.0%
Erie County Industrial Development Agency, School District Project
Rev., 5.00%, 5/1/2023		1,710		1,949
Series A, Rev., 5.00%, 5/1/2023		2,000		2,210
New York State Dormitory Authority
Series A, Rev., NATL-RE-IBC, 5.00%, 7/1/2020		205		206
Series 2018A, Rev., 5.00%, 10/1/2027		2,000		2,468
New York State Dormitory Authority, Consolidated City University System Series A, Rev., NATL-RE-IBC, 6.00%, 7/1/2020		2,160		2,217
New York State Dormitory Authority, Court Facilities Series A, Rev., AMBAC, 5.50%, 5/15/2026		5,000		6,309
New York State Dormitory Authority, New York University
Series 1, Rev., AMBAC, 5.50%, 7/1/2021		1,730		1,880
Series 1, Rev., AMBAC, 5.50%, 7/1/2022		1,000		1,128
Series 1, Rev., AMBAC, 5.50%, 7/1/2023		2,900		3,389
Series 1, Rev., AMBAC, 5.50%, 7/1/2024		1,570		1,898
Series 1, Rev., AMBAC, 5.50%, 7/1/2025		2,280		2,845
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		182
New York State Dormitory Authority, State University Educational Facilities Series A, Rev., NATL-RE-IBC, 5.25%, 5/15/2021		1,050		1,108

				27,840

General Obligation — 14.6%
Chautauqua Lake Central School District
GO, 5.00%, 6/15/2020		860		891
GO, 5.00%, 6/15/2021		725		777
City of Buffalo Series 2016B, GO, 5.00%, 11/15/2022		1,000		1,121
City of New York
GO, 5.00%, 8/1/2024		1,250		1,430
GO, 5.00%, 8/1/2027		1,750		2,205
Subseries E-1, GO, 5.25%, 3/1/2035		1,300		1,622
City of New York, Fiscal Year 2012 Series A-1, GO, 5.00%, 8/1/2028		7,600		8,173
City of New York, Fiscal Year 2014 Subseries D-1, GO, 5.00%, 8/1/2028		2,000		2,283
City of New York, Fiscal Year 2018 Series F, Subseries 2018F-1, GO, 5.00%, 4/1/2034		2,500		3,076
City of White Plains, Public Improvement
GO, 4.00%, 9/15/2028		705		806
GO, 4.00%, 9/15/2029		1,100		1,255
County of Monroe
GO, 5.00%, 6/1/2022		1,080		1,190
GO, 5.00%, 6/1/2025		1,330		1,589
County of Onondaga GO, 4.00%, 4/15/2029		2,760		3,125
County of Suffolk, Town of Brookhaven GO, 5.00%, 5/1/2027		2,000		2,414
County of Westchester GO, 5.00%, 12/1/2022		1,350		1,522
Haverstraw-Stony Point Central School District GO, 3.00%, 10/15/2026		1,105		1,215
Monroe County, Greece Central School District
Series B, GO, 4.50%, 12/15/2021		880		950
Series B, GO, 5.00%, 12/15/2022		765		863
Series 2012B, GO, 5.00%, 12/15/2023		500		564
Nassau County, General Improvement
Series C, GO, AGC, 5.00%, 10/1/2024		4,220		4,271
Series A, GO, 5.00%, 1/1/2025		1,000		1,184
Nassau County, Mineola Village GO, 5.00%, 8/15/2023		1,350		1,410
Nassau County, Unrefunded Balance, General Improvement Series 2009C, GO, AGC, 5.00%, 10/1/2024		60		61
Orange County, Goshen Central School District GO, NATL-RE, 5.00%, 6/15/2019		1,000		1,001
Orchard Park Central School District GO, 4.00%, 4/1/2029		1,685		1,924

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
State of New York
GO, 5.00%, 2/15/2025		1,515		1,820
Series A, GO, 5.00%, 2/15/2027		5,000		5,014
GO, 5.00%, 3/1/2028		2,025		2,630
Village of Mamaroneck GO, 3.00%, 8/15/2030		1,540		1,656

				58,042

Hospital — 1.9%
New York State Dormitory Authority, Hospitals Center Rev., 5.00%, 7/1/2026		3,360		3,886
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center
Rev., NATL-RE, 5.75%, 7/1/2019		370		371
Rev., NATL-RE, 5.50%, 7/1/2023		1,000		1,123
New York State Dormitory Authority, Mt. Sinai Hospital Obligated Group Series 2010A, Rev., 5.00%, 7/1/2026		2,000		2,072

				7,452

Housing — 4.8%
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015 Series S-1, Rev., 5.00%, 7/15/2028		3,000		3,545
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 Subseries S-4, Rev., 5.25%, 7/15/2035		4,000		4,960
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019
Series 2019S-2A, Rev., 5.00%, 7/15/2026		1,900		2,346
Series S-2A, Rev., 5.00%, 7/15/2034		2,000		2,446
Series S-3A, Rev., 5.00%, 7/15/2034		4,000		4,893
New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044		1,020		1,059

				19,249

Industrial Development Revenue/Pollution Control Revenue — 0.9%
New York City Industrial Development Agency
Rev., 5.00%, 5/1/2023		1,310		1,492
Rev., 5.00%, 5/1/2027		1,150		1,456
Syracuse Industrial Development Agency Rev., 5.00%, 5/1/2025		500		602

				3,550

Other Revenue — 20.4%
Hudson Yards Infrastructure Corp., Second Indenture
Series 2017A, Rev., 5.00%, 2/15/2029		3,500		4,305
Rev., 5.00%, 2/15/2030		1,600		1,959
Series A, Rev., 5.00%, 2/15/2034		1,115		1,345
Series A, Rev., 5.00%, 2/15/2035		4,000		4,816
Series A, Rev., 5.00%, 2/15/2036		3,500		4,206
Nassau County Interim Finance Authority, Sales Tax Secured Series A, Rev., 5.00%, 11/15/2020		65		65
New York City Transitional Finance Authority, Future Tax Secured
Series 2010D, Rev., 5.00%, 11/1/2025		2,570		2,655
Series E, Subseries E-1, Rev., 5.00%, 2/1/2034		2,260		2,712
Series A, Subseries A-1, Rev., 5.00%, 8/1/2034		1,500		1,836
Series A, Subseries A-1, Rev., 5.00%, 8/1/2035		1,000		1,222
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		2,421
New York City Transitional Finance Authority, Future Tax Secured, Taxable Subordinate Subseries I-2, Rev., 5.00%, 11/1/2026		1,400		1,446
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt Multi-Modal Series B, Rev., 5.00%, 2/1/2027		2,500		2,649
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		1,086
Series D, Subseries D-1, Rev., 5.00%, 11/1/2027		1,000		1,085
New York City Transitional Finance Authority, Unrefunded Balance, Future Tax Secured Rev., 5.25%, 11/1/2019		210		211

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
New York Convention Center Development Corp., Capital Appreciation Subordinated Lien, Hotel Unit fee Secured
Series B, Rev., Zero Coupon, 11/15/2031		2,090		1,454
Series B, Rev., Zero Coupon, 11/15/2033		2,000		1,269
New York Convention Center Development Corp., Hotel Unit fee Secured Rev., 5.00%, 11/15/2030		2,000		2,378
New York State Dormitory Authority, State Sales Tax
Series 2014A, Rev., 5.00%, 3/15/2029		2,500		2,899
Series A, Rev., 5.00%, 3/15/2031		5,100		6,013
Series 2014A, Rev., 5.00%, 3/15/2032		2,000		2,308
Series B, Rev., 5.00%, 3/15/2032		2,500		2,979
Series 2018E, Rev., 5.00%, 3/15/2033		2,000		2,486
Series B, Rev., 5.00%, 3/15/2033		2,500		2,967
Series A, Rev., 5.00%, 3/15/2034		2,000		2,418
New York State Environmental Facilities Corp., Master Financing Program Series C, Rev., 5.00%, 10/15/2027		2,550		2,630
Sales Tax Asset Receivable Corp., Fiscal Year 2015
Series A, Rev., 5.00%, 10/15/2029		5,000		5,911
Series A, Rev., 5.00%, 10/15/2030		2,500		2,948
United Nations Development Corp., Senior Lien
Rev., 5.00%, 7/1/2022		1,095		1,213
Series 2009A, Rev., 5.00%, 7/1/2022		2,000		2,005
Series A, Rev., 5.00%, 7/1/2023		1,000		1,002
Westchester Tobacco Asset Securitization Corp.
Series B, Rev., 5.00%, 6/1/2033		1,775		2,020
Series B, Rev., 5.00%, 6/1/2034		2,000		2,265

				81,184

Prerefunded — 2.9%
Metropolitan Transportation Authority, Dedicated Tax Fund
Series B, Rev., 5.25%, 11/15/2022(b)		1,000		1,018
Series B, Rev., 5.25%, 11/15/2024(b)		2,000		2,035
New York City Transitional Finance Authority, Future Tax Secured Series D, Rev., 5.00%, 11/1/2025(b)		680		703
New York City Water & Sewer System Rev., 5.00%, 6/15/2025(b)		605		628
New York State Dormitory Authority, School Districts Financing Program
Rev., AGC, 5.00%, 10/1/2024(b)		85		86
Series A, Rev., AGC, 5.00%, 10/1/2024(b)		865		876
New York State Thruway Authority, 2nd General Highway and Bridge Trust Fund Series A, Rev., 5.00%, 4/1/2026(b)		6,000		6,184

				11,530

Special Tax — 6.3%
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series E, Rev., 5.00%, 2/15/2029		1,715		1,877
New York State Thruway Authority, State Personal Income Tax, Transportation Series 2010A, Rev., 5.00%, 3/15/2028		2,000		2,091
New York State Urban Development Corp., State Personal Income Tax
Series A, Rev., 5.00%, 3/15/2027		2,500		2,905
Series A, Rev., 5.00%, 3/15/2031		3,000		3,473
Series A, Rev., 5.00%, 3/15/2032		2,500		2,961
New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2019A, Rev., 5.00%, 3/15/2033		2,575		3,157
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		2,298
Series A-2, Rev., NATL-RE, 5.50%, 3/15/2025		5,000		6,089

				24,851

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Transportation — 17.9%
Metropolitan Transportation Authority, Dedicated Tax Fund
Series A, Rev., Zero Coupon, 11/15/2030		4,000		2,984
Series 2017B-2, Rev., 5.25%, 11/15/2033		1,000		1,242
Series 2016A, Rev., 5.25%, 11/15/2034		1,020		1,247
Metropolitan Transportation Authority, Transportation
Series 2015C, Subseries C-1, Rev., 5.25%, 11/15/2030		1,500		1,792
Series 2016A-1, Rev., 5.00%, 11/15/2031		2,500		2,964
Series B, Rev., 5.00%, 11/15/2031		2,000		2,332
Subseries D-1, Rev., 5.00%, 11/15/2031		2,000		2,355
Series A-1, Rev., 5.00%, 11/15/2032		2,000		2,366
Series A-1, Rev., 4.00%, 11/15/2033		2,000		2,194
New York State Thruway Authority
Series K, Rev., 5.00%, 1/1/2028		1,000		1,176
Series K, Rev., 5.00%, 1/1/2030		2,500		2,933
Series L, Rev., 5.00%, 1/1/2032		2,250		2,750
Rev., 5.00%, 1/1/2035		1,000		1,165
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project
Rev., AMT, 5.00%, 1/1/2025		2,075		2,382
Rev., AMT, 5.00%, 1/1/2026		2,000		2,335
Rev., AMT, 5.00%, 1/1/2027		2,000		2,375
Port Authority of New York and New Jersey, Consolidated
Series 186, Rev., AMT, 5.00%, 10/15/2027		2,000		2,322
Series 185, Rev., AMT, 5.00%, 9/1/2028		1,000		1,161
Series 184, Rev., 5.00%, 9/1/2030		2,020		2,369
Series 185, Rev., AMT, 5.00%, 9/1/2030		2,000		2,315
Series 207, Rev., AMT, 5.00%, 9/15/2031		2,335		2,851
Series 185, Rev., AMT, 5.00%, 9/1/2032		1,750		2,018
Series 207, Rev., AMT, 5.00%, 9/15/2032		3,000		3,658
Series 205, Rev., 5.00%, 11/15/2032		1,000		1,233
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Series 2017B, Rev., 5.00%, 11/15/2029		2,500		3,079
Series B, Rev., 5.00%, 11/15/2029		1,600		2,094
Series B, Rev., 5.00%, 11/15/2030		5,355		6,904
Series 2016A, Rev., 5.00%, 11/15/2031		1,000		1,205
Series B, Rev., 5.00%, 11/15/2031		1,100		1,345
Series 2013A, Rev., Zero Coupon, 11/15/2032		3,000		2,070
Series B, Rev., 5.00%, 11/15/2033		1,500		1,822

				71,038

Utility — 7.8%
Long Island Power Authority, Electric System
Series A, Rev., AGM, Zero Coupon, 6/1/2021		5,000		4,838
Rev., 5.00%, 9/1/2024		2,735		3,039
Rev., 5.00%, 9/1/2034		1,500		1,849
Rev., 5.00%, 9/1/2035		2,000		2,459
New York State Power Authority Series C, Rev., NATL-RE, 5.00%, 11/15/2020		2,500		2,507
Utility Debt Securitization Authority
Series TE, Rev., 5.00%, 12/15/2030		1,000		1,148
Rev., 5.00%, 12/15/2032		2,500		2,986
Series A, Rev., 5.00%, 12/15/2033		3,000		3,608
Series A, Rev., 5.00%, 12/15/2034		4,595		5,509
Series B, Rev., 5.00%, 12/15/2034		2,450		2,937

				30,880

Water & Sewer — 7.8%
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2011 Series 2011HH, Rev., 5.00%, 6/15/2026		6,600		7,079
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		4,423

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015
Series 2015EE, Rev., 5.00%, 6/15/2028		2,000		2,336
Series DD, Rev., 5.00%, 6/15/2029		2,000		2,334
New York City Water & Sewer System Rev., 5.00%, 6/15/2025		395		410
New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Second Resolution
Series 2005B, Rev., 5.50%, 10/15/2025(b)		4,175		5,165
Series A, Rev., 5.00%, 6/15/2027		1,500		1,759
Series A, Rev., 5.00%, 6/15/2031		2,150		2,621
Series A, Rev., 5.00%, 6/15/2032		2,000		2,432
Series 2015A, Rev., 5.00%, 6/15/2033		2,000		2,380

				30,939

Total New York				366,555

TOTAL MUNICIPAL BONDS (Cost $348,529)				366,555


	Shares (000)
SHORT-TERM INVESTMENTS — 6.6%
INVESTMENT COMPANIES — 6.6%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.51%(c)(d)(Cost $25,918)		25,918		25,918

Total Investments — 98.9% (Cost $374,447)				392,473
Other Assets Less Liabilities — 1.1%				4,559

Net Assets — 100.0%				397,032

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
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 an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of May 31, 2019.

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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 (“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)	$	25,918	$	366,555	$	—	$	392,473

(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 into and out of level 3 for the period ended May 31, 2019.


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.51%(a)(b)	$	10,926	$	59,513	$	44,520	$	(1	)	$	—	$	25,918		25,918	$	79	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 35.6%
Aerospace & Defense — 0.4%
Arconic, Inc. 5.13%, 10/1/2024		180		183
Bombardier, Inc. (Canada)
6.00%, 10/15/2022(a)		300		292
6.13%, 1/15/2023(a)		150		146
Rockwell Collins, Inc. 3.10%, 11/15/2021		100		101
TransDigm, Inc. 6.50%, 7/15/2024		175		175
United Technologies Corp. 3.10%, 6/1/2022		250		253

				1,150

Air Freight & Logistics — 0.1%
XPO Logistics, Inc.
6.13%, 9/1/2023(a)		128		129
6.75%, 8/15/2024(a)		63		65

				194

Airlines — 0.1%
American Airlines Group, Inc. 5.00%, 6/1/2022(a)		120		121
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024		72		75
United Continental Holdings, Inc. 5.00%, 2/1/2024		100		101

				297

Auto Components — 0.3%
American Axle & Manufacturing, Inc. 6.63%, 10/15/2022		375		379
Goodyear Tire & Rubber Co. (The) 5.13%, 11/15/2023		250		249
Icahn Enterprises LP
6.25%, 2/1/2022		175		179
6.75%, 2/1/2024		130		133

				940

Automobiles — 0.4%
Daimler Finance North America LLC (Germany)
3.40%, 2/22/2022(a)		540		547
3.35%, 2/22/2023(a)		150		152
Volkswagen Group of America Finance LLC (Germany) 4.25%, 11/13/2023(a)		605		628

				1,327

Banks — 11.2%
ABN AMRO Bank NV (Netherlands)
2.45%, 6/4/2020(a)		200		200
2.65%, 1/19/2021(a)		200		200
3.40%, 8/27/2021(a)		400		406
AIB Group plc (Ireland) (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025(a)(b)		520		527
ANZ New Zealand Int’l Ltd. (New Zealand)
2.75%, 1/22/2021(a)		200		200
2.88%, 1/25/2022(a)		870		875
3.40%, 3/19/2024(a)		560		573
ASB Bank Ltd. (New Zealand) 3.75%, 6/14/2023(a)		750		775
Banco Santander SA (Spain) 3.50%, 4/11/2022		1,000		1,014
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.66%), 2.37%, 7/21/2021(b)		650		648
(ICE LIBOR USD 3 Month + 0.65%), 3.25%, 6/25/2022(b)		215		215
2.50%, 10/21/2022		360		358
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(b)		1,820		1,832
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(b)		340		342
Banque Federative du Credit Mutuel SA (France) 2.70%, 7/20/2022(a)		730		731
Barclays plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023(b)		1,115		1,141
BNZ International Funding Ltd. (New Zealand)
2.90%, 2/21/2022(a)		750		754
3.38%, 3/1/2023(a)		500		509
Citibank NA
(ICE LIBOR USD 3 Month + 0.53%), 3.16%, 2/19/2022(b)		835		840
(ICE LIBOR USD 3 Month + 0.60%), 2.84%, 5/20/2022(b)		790		792
Citigroup, Inc.
2.75%, 4/25/2022		500		500
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023(b)		630		634
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(b)		710		709
Citizens Bank NA 3.25%, 2/14/2022		565		574
Compass Bank 3.50%, 6/11/2021		250		253
Credit Agricole SA (France) 3.75%, 4/24/2023(a)		500		511
Danske Bank A/S (Denmark)
2.20%, 3/2/2020(a)		285		284
5.00%, 1/12/2022(a)		250		259
Discover Bank 3.10%, 6/4/2020		250		251
Fifth Third Bancorp 2.60%, 6/15/2022		100		100
HSBC Bank plc (United Kingdom) 4.13%, 8/12/2020(a)		380		387
HSBC Holdings plc (United Kingdom)
2.95%, 5/25/2021		200		201
(ICE LIBOR USD 3 Month + 0.65%), 3.25%, 9/11/2021(b)		300		301
(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023(b)		1,435		1,446

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Huntington National Bank (The) 3.13%, 4/1/2022		900		915
Lloyds Bank plc (United Kingdom) 3.30%, 5/7/2021		200		202
Lloyds Banking Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023(b)		500		491
Mitsubishi UFJ Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.65%), 3.24%, 7/26/2021(b)		85		85
3.54%, 7/26/2021		145		148
3.22%, 3/7/2022		825		839
Mizuho Financial Group, Inc. (Japan) 2.63%, 4/12/2021(a)		400		400
MUFG Union Bank NA 3.15%, 4/1/2022		700		713
National Australia Bank Ltd. (Australia)
2.50%, 1/12/2021		500		500
3.70%, 11/4/2021		250		256
Nordea Bank Abp (Finland) 2.50%, 9/17/2020(a)		200		200
Royal Bank of Scotland Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023(b)		1,370		1,365
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024(b)		555		569
Santander UK plc (United Kingdom)
2.13%, 11/3/2020		400		397
2.50%, 1/5/2021		385		383
3.40%, 6/1/2021		200		202
Skandinaviska Enskilda Banken AB (Sweden) 3.05%, 3/25/2022(a)		960		966
Standard Chartered plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023(a)(b)		1,200		1,221
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.85%, 1/11/2022		830		836
2.78%, 10/18/2022		65		65
3.10%, 1/17/2023		75		76
SunTrust Bank
2.80%, 5/17/2022		1,000		1,008
(ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022(b)		1,094		1,114
UBS Group Funding Switzerland AG (Switzerland)
3.49%, 5/23/2023(a)		500		506
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023(a)(b)		600		597
Wells Fargo & Co.
2.63%, 7/22/2022		500		498
3.07%, 1/24/2023		375		378
Wells Fargo Bank NA (ICE LIBOR USD 3 Month + 0.61%), 2.90%, 5/27/2022(b)		2,175		2,185

				36,457

Beverages — 0.4%
Constellation Brands, Inc.
2.70%, 5/9/2022		50		50
2.65%, 11/7/2022		65		65
Keurig Dr Pepper, Inc.
3.55%, 5/25/2021(a)		270		274
4.06%, 5/25/2023(a)		1,000		1,040

				1,429

Building Products — 0.1%
Standard Industries, Inc. 6.00%, 10/15/2025(a)		200		206
Summit Materials LLC 6.13%, 7/15/2023		50		51

				257

Capital Markets — 2.6%
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023(a)		750		759
(ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024(a)(b)		250		259
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/2021		670		663
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022(b)		770		769
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023(b)		995		995
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023(b)		1,190		1,192
Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023(a)(b)		1,005		1,002
Morgan Stanley
2.75%, 5/19/2022		500		500
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024(b)		1,885		1,943
UBS AG (Switzerland) 2.45%, 12/1/2020(a)		200		199

				8,281

Chemicals — 0.4%
Air Liquide Finance SA (France) 1.75%, 9/27/2021(a)		200		196
Celanese US Holdings LLC 3.50%, 5/8/2024		290		293
CF Industries, Inc. 3.40%, 12/1/2021(a)		185		183
Chemours Co. (The) 7.00%, 5/15/2025		400		400
Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023(a)		60		61
CVR Partners LP 9.25%, 6/15/2023(a)		300		309

				1,442

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Commercial Services & Supplies — 0.4%
ADT Security Corp. (The) 4.13%, 6/15/2023		315		305
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025(a)		240		250
Brink’s Co. (The) 4.63%, 10/15/2027(a)		310		300
Garda World Security Corp. (Canada) 7.25%, 11/15/2021(a)		175		175
Nielsen Finance LLC 5.00%, 4/15/2022(a)		300		297
Pitney Bowes, Inc. 4.95%, 4/1/2023(c)		130		121

				1,448

Communications Equipment — 0.1%
CommScope, Inc.
5.50%, 3/1/2024(a)		130		131
5.50%, 6/15/2024(a)		130		121
Plantronics, Inc. 5.50%, 5/31/2023(a)		181		180

				432

Construction & Engineering — 0.1%
MasTec, Inc. 4.88%, 3/15/2023		250		252

Construction Materials — 0.0%(d)
Union Andina de Cementos SAA (Peru) 5.88%, 10/30/2021(e)		71		73

Consumer Finance — 1.5%
AerCap Ireland Capital DAC (Ireland)
3.50%, 5/26/2022		415		417
3.30%, 1/23/2023		730		728
4.88%, 1/16/2024		10		11
3.50%, 1/15/2025		155		153
Ally Financial, Inc.5.13%, 9/30/2024		120		126
American Express Co.
2.75%, 5/20/2022		1,460		1,466
3.40%, 2/27/2023		265		271
(ICE LIBOR USD 3 Month + 0.75%), 3.33%, 8/3/2023(b)		35		35
3.70%, 8/3/2023		35		36
Capital One Financial Corp. 3.90%, 1/29/2024		405		420
Caterpillar Financial Services Corp. 2.85%, 5/17/2024		480		484
Springleaf Finance Corp.
7.75%, 10/1/2021		205		220
6.13%, 5/15/2022		570		596

				4,963

Containers & Packaging — 0.3%
Ardagh Packaging Finance plc (Ireland) 4.63%, 5/15/2023(a)		300		300
Berry Global, Inc. 5.13%, 7/15/2023		300		302
OI European Group BV 4.00%, 3/15/2023(a)		12		12
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		291		291
(ICE LIBOR USD 3 Month + 3.50%), 6.10%, 7/15/2021(a)(b)		200		201

				1,106

Distributors — 0.0%(d)
Global Partners LP 6.25%, 7/15/2022		70		70

Diversified Financial Services — 0.4%
AIG Global Funding 2.70%, 12/15/2021(a)		748		748
CNG Holdings, Inc. 12.50%, 6/15/2024(a)		65		62
GTP Acquisition Partners I LLC 2.35%, 6/15/2020(a)		600		597

				1,407

Diversified Telecommunication Services — 0.8%
AT&T, Inc. 3.40%, 5/15/2025		220		222
CCO Holdings LLC 5.88%, 4/1/2024(a)		850		879
CenturyLink, Inc.
Series V, 5.63%, 4/1/2020		130		132
Series T, 5.80%, 3/15/2022		100		101
Series W, 6.75%, 12/1/2023		45		47
Series Y, 7.50%, 4/1/2024		250		267
Cincinnati Bell, Inc. 7.00%, 7/15/2024(a)		270		231
Deutsche Telekom International Finance BV (Germany) 2.23%, 1/17/2020(a)		150		150
DKT Finance ApS (Denmark) 9.38%, 6/17/2023(a)		200		214
Level 3 Financing, Inc.
5.63%, 2/1/2023		210		211
5.38%, 5/1/2025		80		80

				2,534

Electric Utilities — 2.0%
American Electric Power Co., Inc. Series I, 3.65%, 12/1/2021		145		149
American Transmission Systems, Inc. 5.25%, 1/15/2022(a)		200		213
Ausgrid Finance Pty. Ltd. (Australia) 3.85%, 5/1/2023(a)		487		502
Duke Energy Corp. 1.80%, 9/1/2021		850		836
Emera US Finance LP (Canada) 2.70%, 6/15/2021		575		573
Exelon Corp. 3.50%, 6/1/2022(c)		375		382
Florida Power & Light Co. (ICE LIBOR USD 3 Month + 0.40%), 2.97%, 5/6/2022(b)		1,070		1,070

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Fortis, Inc. (Canada) 2.10%, 10/4/2021		380		375
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		20		20
ITC Holdings Corp. 2.70%, 11/15/2022		805		803
Jersey Central Power & Light Co. 4.30%, 1/15/2026(a)		230		243
LG&E & KU Energy LLC 3.75%, 11/15/2020		122		124
NextEra Energy Capital Holdings, Inc. 2.90%, 4/1/2022		600		605
PNM Resources, Inc. 3.25%, 3/9/2021		69		69
PPL Capital Funding, Inc. 3.50%, 12/1/2022		100		102
Terraform Global Operating LLC 6.13%, 3/1/2026(a)		337		335

				6,401

Energy Equipment & Services — 0.5%
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		470		471
CSI Compressco LP 7.50%, 4/1/2025(a)		27		26
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		42		38
Nabors Industries, Inc. 4.63%, 9/15/2021		275		263
Noble Holding International Ltd. 7.88%, 2/1/2026(a)		100		87
Schlumberger Holdings Corp.
3.75%, 5/1/2024(a)		220		226
3.90%, 5/17/2028(a)		77		78
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)		38		38
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		88		89
Transocean Proteus Ltd. 6.25%, 12/1/2024(a)		225		227
USA Compression Partners LP 6.88%, 4/1/2026		26		27

				1,570

Entertainment — 0.1%
Cinemark USA, Inc. 4.88%, 6/1/2023		262		263

Equity Real Estate Investment Trusts (REITs) — 0.6%
American Tower Corp.
5.90%, 11/1/2021		75		80
3.50%, 1/31/2023		305		312
3.00%, 6/15/2023		110		111
Crown Castle International Corp. 4.88%, 4/15/2022		100		106
HCP, Inc. 4.00%, 12/1/2022		75		78
Iron Mountain, Inc. 5.75%, 8/15/2024		199		197
Ventas Realty LP
4.25%, 3/1/2022		147		152
3.50%, 4/15/2024		710		730
Welltower, Inc. 4.95%, 1/15/2021		150		155

				1,921

Food & Staples Retailing — 0.3%
Albertsons Cos. LLC 6.63%, 6/15/2024		150		152
Safeway, Inc. 3.95%, 8/15/2020		475		470
Seven & i Holdings Co. Ltd. (Japan) 3.35%, 9/17/2021(a)		408		415

				1,037

Food Products — 0.5%
Bunge Ltd. Finance Corp. 3.00%, 9/25/2022		100		100
Campbell Soup Co. 3.65%, 3/15/2023		560		571
Conagra Brands, Inc. 3.80%, 10/22/2021		195		200
JBS USA LUX SA 5.88%, 7/15/2024(a)		350		360
Pilgrim’s Pride Corp. 5.75%, 3/15/2025(a)		400		405

				1,636

Gas Utilities — 0.0%(d)
AmeriGas Partners LP 5.63%, 5/20/2024		80		83

Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co.
(ICE LIBOR USD 3 Month + 0.88%), 3.48%, 12/29/2020(b)		149		149
2.89%, 6/6/2022		150		151

				300

Health Care Providers & Services — 1.2%
Acadia Healthcare Co., Inc. 5.63%, 2/15/2023		135		135
Aetna, Inc.
2.75%, 11/15/2022		223		223
2.80%, 6/15/2023		60		59
Anthem, Inc.
2.95%, 12/1/2022		75		75
3.30%, 1/15/2023		160		163
Cigna Corp. 3.20%, 9/17/2020(a)		255		257
Community Health Systems, Inc. 5.13%, 8/1/2021		50		49
CVS Health Corp.
3.70%, 3/9/2023		1,200		1,227
4.10%, 3/25/2025		68		70
DaVita, Inc.
5.75%, 8/15/2022		100		101
5.13%, 7/15/2024		145		141
Encompass Health Corp. 5.13%, 3/15/2023		110		111
HCA, Inc.
5.38%, 2/1/2025		200		209
5.88%, 2/15/2026		65		69

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
MPH Acquisition Holdings LLC 7.13%, 6/1/2024(a)		525		522
Tenet Healthcare Corp.
4.38%, 10/1/2021		350		353
8.13%, 4/1/2022		75		78

				3,842

Hotels, Restaurants & Leisure — 0.7%
1011778 BC ULC (Canada) 4.25%, 5/15/2024(a)		200		197
Boyd Gaming Corp. 6.88%, 5/15/2023		200		206
CCM Merger, Inc. 6.00%, 3/15/2022(a)		331		339
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(a)		271		284
Eldorado Resorts, Inc. 6.00%, 9/15/2026		425		437
Enterprise Development Authority (The) 12.00%, 7/15/2024(a)		65		69
Jack Ohio Finance LLC 6.75%, 11/15/2021(a)		300		307
Scientific Games International, Inc. 5.00%, 10/15/2025(a)		269		265
Wyndham Destinations, Inc. 3.90%, 3/1/2023		285		279

				2,383

Household Durables — 0.2%
Lennar Corp.
4.88%, 12/15/2023		150		154
5.25%, 6/1/2026		75		77
Tempur Sealy International, Inc. 5.63%, 10/15/2023		250		252

				483

Household Products — 0.2%
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022(a)		400		396
Spectrum Brands, Inc. 5.75%, 7/15/2025		250		254

				650

Independent Power and Renewable Electricity Producers — 0.3%
Calpine Corp. 6.00%, 1/15/2022(a)		200		202
Exelon Generation Co. LLC
2.95%, 1/15/2020		300		300
3.40%, 3/15/2022		380		387

				889

Insurance — 0.7%
Athene Global Funding 3.00%, 7/1/2022(a)		165		166
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025(a)		223		226
Jackson National Life Global Funding
2.25%, 4/29/2021(a)		115		114
3.30%, 6/11/2021(a)		250		254
3.30%, 2/1/2022(a)		970		988
Protective Life Global Funding
2.16%, 9/25/2020(a)		150		150
(ICE LIBOR USD 3 Month + 0.52%), 3.12%, 6/28/2021(a)(b)		150		150
Reliance Standard Life Global Funding II 3.85%, 9/19/2023(a)		45		46
Suncorp-Metway Ltd. (Australia) 2.38%, 11/9/2020(a)		105		105

				2,199

IT Services — 0.7%
Alliance Data Systems Corp. 5.88%, 11/1/2021(a)		450		459
Exela Intermediate LLC 10.00%, 7/15/2023(a)		104		82
International Business Machines Corp.
2.85%, 5/13/2022		1,150		1,159
3.00%, 5/15/2024		460		464

				2,164

Leisure Products — 0.1%
Mattel, Inc.
2.35%, 8/15/2021		175		164
3.15%, 3/15/2023		100		92

				256

Machinery — 0.2%
Briggs & Stratton Corp. 6.88%, 12/15/2020		155		160
Colfax Corp.
6.00%, 2/15/2024(a)		53		55
6.38%, 2/15/2026(a)		9		9
Novelis Corp. 6.25%, 8/15/2024(a)		20		21
Tennant Co. 5.63%, 5/1/2025		250		253

				498

Media — 1.0%
Cablevision Systems Corp. 5.88%, 9/15/2022		100		104
Clear Channel Worldwide Holdings, Inc.
Series B, 6.50%, 11/15/2022		250		255
9.25%, 2/15/2024(a)		146		156
CSC Holdings LLC
5.13%, 12/15/2021(a)		200		199
5.25%, 6/1/2024		335		338
DISH DBS Corp.
7.88%, 9/1/2019		100		101
5.13%, 5/1/2020		200		201
5.00%, 3/15/2023		250		234
Interpublic Group of Cos., Inc. (The)
3.50%, 10/1/2020		65		66
3.75%, 10/1/2021		90		92
Nexstar Broadcasting, Inc. 5.63%, 8/1/2024(a)		300		302
Sirius XM Radio, Inc.
6.00%, 7/15/2024(a)		300		308
5.38%, 7/15/2026(a)		80		81

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
TEGNA, Inc.
4.88%, 9/15/2021(a)		200		200
5.50%, 9/15/2024(a)		500		508

				3,145

Metals & Mining — 0.4%
AK Steel Corp. 7.63%, 10/1/2021		165		159
Allegheny Technologies, Inc.
5.95%, 1/15/2021		20		20
7.88%, 8/15/2023(c)		55		58
Big River Steel LLC 7.25%, 9/1/2025(a)		25		26
Cleveland-Cliffs, Inc. 5.75%, 3/1/2025		52		51
Commercial Metals Co. 4.88%, 5/15/2023		75		74
FMG Resources August 2006 Pty. Ltd. (Australia) 4.75%, 5/15/2022(a)		215		215
Freeport-McMoRan, Inc. 4.55%, 11/14/2024		520		502
Hecla Mining Co. 6.88%, 5/1/2021		45		42
Hudbay Minerals, Inc. (Canada) 7.25%, 1/15/2023(a)		50		50
Steel Dynamics, Inc. 5.25%, 4/15/2023		80		81

				1,278

Multi-Utilities — 0.5%
Ameren Corp. 2.70%, 11/15/2020		573		573
CenterPoint Energy, Inc. 3.60%, 11/1/2021		395		404
NiSource, Inc. 2.65%, 11/17/2022		10		10
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		75		75
Sempra Energy
2.40%, 3/15/2020		350		349
(ICE LIBOR USD 3 Month + 0.45%), 3.06%, 3/15/2021(b)		195		194
WEC Energy Group, Inc. 3.38%, 6/15/2021		100		101

				1,706

Oil, Gas & Consumable Fuels — 1.9%
Antero Resources Corp. 5.13%, 12/1/2022		52		51
APT Pipelines Ltd. (Australia) 3.88%, 10/11/2022(a)		813		839
Boardwalk Pipelines LP 4.95%, 12/15/2024		550		583
Brazos Valley Longhorn LLC 6.88%, 2/1/2025		39		38
Buckeye Partners LP
4.35%, 10/15/2024		50		49
4.13%, 12/1/2027		455		416
California Resources Corp. 8.00%, 12/15/2022(a)		40		28
Callon Petroleum Co. 6.13%, 10/1/2024		27		27
Canadian Natural Resources Ltd. (Canada) 2.95%, 1/15/2023		340		339
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		42		39
Chesapeake Energy Corp.
7.00%, 10/1/2024		55		50
8.00%, 3/15/2026(a)		5		5
Crestwood Midstream Partners LP 6.25%, 4/1/2023(c)		50		50
DCP Midstream Operating LP 3.88%, 3/15/2023		80		79
Delek Logistics Partners LP 6.75%, 5/15/2025		70		70
Enbridge, Inc. (Canada) 2.90%, 7/15/2022		75		75
Energy Transfer Operating LP 5.20%, 2/1/2022		265		279
EnLink Midstream Partners LP 4.40%, 4/1/2024		95		93
EP Energy LLC 7.75%, 5/15/2026(a)		145		123
EQM Midstream Partners LP 4.00%, 8/1/2024		500		491
EQT Corp. 2.50%, 10/1/2020		125		124
Genesis Energy LP 6.75%, 8/1/2022		50		50
Hilcorp Energy I LP 5.00%, 12/1/2024(a)		53		51
Holly Energy Partners LP 6.00%, 8/1/2024(a)		25		26
Martin Midstream Partners LP 7.25%, 2/15/2021		150		145
Matador Resources Co. 5.88%, 9/15/2026		40		40
MEG Energy Corp. (Canada) 6.50%, 1/15/2025(a)		26		25
Northern Oil and Gas, Inc. 8.50% (cash), 5/15/2023(f)		51		52
NuStar Logistics LP
6.75%, 2/1/2021		50		52
6.00%, 6/1/2026		15		15
Oasis Petroleum, Inc. 6.88%, 1/15/2023		125		120
PBF Logistics LP 6.88%, 5/15/2023		75		76
Peabody Energy Corp. 6.00%, 3/31/2022(a)		60		60
Petroleum Co. of Trinidad & Tobago Ltd. (Trinidad and Tobago) 9.75%, 8/14/2019(e)		550		542
QEP Resources, Inc. 5.25%, 5/1/2023		150		141
SemGroup Corp. 5.63%, 7/15/2022		200		198
Summit Midstream Holdings LLC 5.50%, 8/15/2022		70		68

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Sunoco Logistics Partners Operations LP 4.65%, 2/15/2022		150		156
Sunoco LP 5.50%, 2/15/2026		65		66
Targa Resources Partners LP 5.25%, 5/1/2023		210		211
TerraForm Power Operating LLC 4.25%, 1/31/2023(a)		149		144
Ultra Resources, Inc. 9.00%, 7/12/2024		180		76
Unit Corp. 6.63%, 5/15/2021		42		39
W&T Offshore, Inc. 9.75%, 11/1/2023(a)		122		120

				6,321

Paper & Forest Products — 0.0%(d)
Clearwater Paper Corp. 4.50%, 2/1/2023		150		140

Pharmaceuticals — 1.1%
Allergan Funding SCS 3.45%, 3/15/2022		300		302
Bausch Health Cos., Inc.
5.88%, 5/15/2023(a)		124		124
7.00%, 3/15/2024(a)		130		136
5.50%, 11/1/2025(a)		225		226
7.00%, 1/15/2028(a)		27		27
Bristol-Myers Squibb Co. 2.90%, 7/26/2024(a)		585		593
Elanco Animal Health, Inc. 3.91%, 8/27/2021(a)		75		76
EMD Finance LLC (Germany)
2.40%, 3/19/2020(a)		150		150
2.95%, 3/19/2022(a)		150		150
Mylan NV 2.50%, 6/7/2019		110		110
Shire Acquisitions Investments Ireland DAC
2.40%, 9/23/2021		1,100		1,090
2.88%, 9/23/2023		155		154
Zoetis, Inc.
(ICE LIBOR USD 3 Month + 0.44%), 2.96%, 8/20/2021(b)		185		183
3.25%, 8/20/2021		240		243

				3,564

Road & Rail — 0.5%
Avolon Holdings Funding Ltd. (Ireland) 3.95%, 7/1/2024(a)		305		303
Hertz Corp. (The) 7.38%, 1/15/2021		285		284
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		400		411
Park Aerospace Holdings Ltd. (Ireland) 5.25%, 8/15/2022(a)		570		593
Ryder System, Inc. 3.50%, 6/1/2021		15		15

				1,606

Semiconductors & Semiconductor Equipment — 0.0%(d)
Analog Devices, Inc. 2.50%, 12/5/2021		75		75

Specialty Retail — 0.1%
Group 1 Automotive, Inc. 5.25%, 12/15/2023(a)		200		203

Technology Hardware, Storage & Peripherals — 0.2%
EMC Corp. 3.38%, 6/1/2023		500		486
Western Digital Corp. 4.75%, 2/15/2026		200		189
Xerox Corp. 4.12%, 3/15/2023(c)		65		64

				739

Thrifts & Mortgage Finance — 0.7%
BPCE SA (France)
2.75%, 1/11/2023(a)		420		418
(ICE LIBOR USD 3 Month + 1.24%), 3.84%, 9/12/2023(a)(b)		250		250
Ladder Capital Finance Holdings LLLP 5.25%, 3/15/2022(a)		210		210
Nationstar Mortgage LLC 6.50%, 7/1/2021		525		521
Nationwide Building Society (United Kingdom) (ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023(a)(b)		875		884

				2,283

Tobacco — 0.3%
BAT Capital Corp. (United Kingdom) 2.76%, 8/15/2022		720		714
Imperial Brands Finance plc (United Kingdom) 2.95%, 7/21/2020(a)		200		200
Reynolds American, Inc. (United Kingdom) 4.00%, 6/12/2022		150		155

				1,069

Trading Companies & Distributors — 0.5%
Ahern Rentals, Inc. 7.38%, 5/15/2023(a)		90		79
Air Lease Corp.
3.75%, 2/1/2022		419		427
2.63%, 7/1/2022		485		480
3.00%, 9/15/2023		470		467
United Rentals North America, Inc. 6.50%, 12/15/2026		260		276

				1,729

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Wireless Telecommunication Services — 0.4%
Hughes Satellite Systems Corp. 7.63%, 6/15/2021		50		53
Sprint Communications, Inc. 6.00%, 11/15/2022		175		179
Sprint Corp.
7.25%, 9/15/2021		250		263
7.63%, 3/1/2026		280		297
T-Mobile US, Inc. 4.50%, 2/1/2026‡		78		—
T-Mobile USA, Inc.
6.50%, 1/15/2024‡		100		—
4.50%, 2/1/2026		78		77
4.75%, 2/1/2028		78		77
4.75%, 2/1/2028‡		78		—
Vodafone Group plc (United Kingdom)
3.75%, 1/16/2024		75		77
4.13%, 5/30/2025		135		140

				1,163

TOTAL CORPORATE BONDS (Cost $114,334)				115,655

U.S. TREASURY OBLIGATIONS — 27.1%
U.S. Treasury Notes
2.25%, 3/31/2021		85		86
2.25%, 4/30/2021		27,400		27,550
2.88%, 10/15/2021		2,920		2,984
2.88%, 11/15/2021		9,150		9,358
2.63%, 12/15/2021		3,665		3,732
2.13%, 5/15/2022		24,155		24,319
1.75%, 1/31/2023		3,845		3,823
2.13%, 3/31/2024		550		555
2.25%, 4/30/2024		15,300		15,528

TOTAL U.S. TREASURY OBLIGATIONS (Cost $86,991)				87,935

COLLATERALIZED MORTGAGE OBLIGATIONS — 16.8%
Alternative Loan Trust
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		314		318
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		300		304
Angel Oak Mortgage Trust I LLC Series 2018-2, Class A1, 3.67%, 7/27/2048(a)(g)		381		387
Angel Oak Mortgage Trust LLC
Series 2019-3, Class A1, 2.93%, 5/25/2059(a)(g)		2,000		2,000
Series 2019-3, Class B1, 4.10%, 5/25/2059‡(a)(g)		1,000		1,000
Arroyo Mortgage Trust
Series 2019-1, Class A1, 3.80%, 1/25/2049(a)(g)		384		391
Series 2019-2, Class A3, 3.80%, 4/25/2049(a)(g)		1,000		1,005
CHL Mortgage Pass-Through Trust
Series 2005-J2, Class 3A8, 5.50%, 8/25/2035		981		861
Series 2006-HYB2, Class 2A1B, 4.22%, 4/20/2036(g)		237		220
CIM Trust Series 2019-INV2, Class A11, 3.43%, 5/25/2049(a)(g)		1,000		1,000
Civic Mortgage LLC Series 2018-2, Class A1, 4.35%, 11/25/2022(a)(c)		345		345
COLT Mortgage Loan Trust Series 2018-4, Class A1, 4.01%, 12/28/2048(a)(g)		846		860
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2, 4.73%, 8/25/2031‡(a)(g)		600		605
Deephaven Residential Mortgage Trust Series 2017-3A, Class B2, 6.25%, 10/25/2047(a)(g)		1,000		1,013
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-3, Class 2A1, 3.18%, 10/25/2047(g)		1,098		1,040
FHLMC 4/25/2026(a)(g)		1,000		1,000
FHLMC REMIC
Series 4533, Class KA, 3.00%, 11/15/2026		592		608
Series 3703, Class DY, 4.00%, 8/15/2030		299		313
Series 3036, Class NE, 5.00%, 9/15/2035		253		278
Series 3294, Class NE, 5.50%, 3/15/2037		425		477
Series 4284, Class EJ, 3.00%, 10/15/2038		264		268
Series 3820, Class GJ, 3.50%, 12/15/2039		171		175
Series 3904, Class EC, 2.00%, 8/15/2040		112		112
Series 3966, Class AG, 3.00%, 10/15/2040		2,104		2,128
Series 4091, Class TA, 3.00%, 5/15/2041		170		174
Series 4048, Class CA, 2.00%, 9/15/2041		485		486
Series 4454, Class B, 3.00%, 10/15/2041		92		94
Series 4467, Class DA, 3.00%, 11/15/2041		353		357
Series 4239, Class LD, 3.00%, 8/15/2043		166		170
Series 4480, Class QA, 3.00%, 11/15/2043		205		209
Series 4711, Class HA, 3.00%, 12/15/2043		135		138
Series 4623, Class EB, 2.50%, 12/15/2044		393		393
Series 4681, Class SD, IF, IO, 3.71%, 5/15/2047(g)		921		172

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
FHLMC STRIPS
Series 306, Class 250, 2.50%, 5/15/2028		203		204
Series 342, Class S7, IF, IO, 3.67%, 2/15/2045(g)		4,208		774
FHLMC Structured Agency Credit Risk Debt Notes
Series 2017-DNA3, Class M1, 3.18%, 3/25/2030(g)		222		222
Series 2017-DNA3, Class M2, 4.93%, 3/25/2030(g)		250		256
Series 2018-HQA1, Class M2, 4.73%, 9/25/2030(g)		400		403
FNMA REMIC
Series 2013-40, Class VA, 3.50%, 5/25/2026		1,114		1,153
Series 2014-3, Class AM, 2.50%, 1/25/2032		2,516		2,515
Series 2013-67, Class VB, 4.00%, 6/25/2032		400		422
Series 2013-55, Class AI, IO, 3.00%, 6/25/2033		2,602		318
Series 2015-80, Class CA, 3.00%, 4/25/2040		816		830
Series 2014-84, Class KA, 3.00%, 11/25/2040		868		885
Series 2013-81, Class AE, 3.50%, 2/25/2041		1,019		1,047
Series 2016-11, Class LA, 3.50%, 5/25/2042		2,802		2,887
Series 2015-55, Class QA, 3.50%, 10/25/2042		362		372
Series 2018-18, Class P, 3.50%, 4/25/2043		1,773		1,822
Series 2015-2, Class PA, 2.25%, 3/25/2044		236		236
Series 2014-75, Class JA, 3.00%, 10/25/2044		573		586
Series 2016-63, Class JA, 2.50%, 12/25/2044		470		478
Series 2017-14, Class DA, 3.00%, 2/25/2045		1,248		1,270
Series 2015-54, Class FA, 2.78%, 7/25/2045(g)		143		142
Series 2016-40, Class FA, 3.08%, 7/25/2046(g)		42		42
Series 2016-74, Class GS, IF, IO, 3.57%, 10/25/2046(g)		3,790		790
Series 2017-13, Class AS, IF, IO, 3.62%, 2/25/2047(g)		933		192
Series 2017-47, Class ST, IF, IO, 3.67%, 6/25/2047(g)		881		190
Series 2017-69, Class SH, IF, IO, 3.77%, 9/25/2047(g)		942		192
Series 2019-17, Class GB, 4.00%, 10/25/2047		1,924		2,022
Series 2018-27, Class SE, IF, IO, 3.77%, 5/25/2048(g)		1,814		369
Series 2017-46, Class LB, 3.50%, 12/25/2052		769		793
Series 2017-49, Class JA, 4.00%, 7/25/2053		2,673		2,789
Series 2017-96, Class KA, 3.00%, 1/25/2055		810		823
GNMA
Series 2013-180, Class VM, 3.00%, 8/16/2036		1,000		1,020
Series 2010-101, Class LE, 3.00%, 8/20/2039		199		200
Series 2010-166, Class SD, IF, IO, 3.58%, 12/20/2040(g)		1,507		267
Series 2012-39, Class MI, IO, 4.00%, 3/16/2042		588		120
Series 2016-108, Class SM, IF, IO, 3.66%, 8/20/2046(g)		1,644		326
Series 2016-146, Class NS, IF, IO, 3.66%, 10/20/2046(g)		2,132		427
Series 2017-80, Class AS, IF, IO, 3.76%, 5/20/2047(g)		2,232		400
Series 2017-93, Class SE, IF, IO, 3.76%, 6/20/2047(g)		2,299		423
Series 2017-117, Class SB, IF, IO, 3.76%, 8/20/2047(g)		1,311		286
Series 2017-134, Class SD, IF, IO, 3.76%, 9/20/2047(g)		2,062		415
Series 2017-155, Class KS, IF, IO, 3.76%, 10/20/2047(g)		2,237		412
Series 2017-180, Class SD, IF, IO, 3.76%, 12/20/2047(g)		2,284		428
Series 2018-36, Class SG, IF, IO, 3.76%, 3/20/2048(g)		1,840		369
Homeward Opportunities Fund I Trust Series 2019-1, Class A1, 3.45%, 1/25/2059(a)(g)		973		983
New Residential Mortgage Loan Trust
Series 2018-NQM1, Class A1, 3.99%, 11/25/2048(a)(g)		887		914
Series 2019-NQM1, Class A1, 3.67%, 1/25/2049(a)(g)		649		659
RALI Trust Series 2003-QS12, Class A4, 3.35%, 6/25/2018		18		18
Spruce Hill Mortgage Loan Trust
Series 2019-SH1, Class A1, 3.40%, 4/29/2049(a)(g)		1,000		1,000
Series 2019-SH1, Class A3, 3.65%, 4/29/2049(a)(g)		500		500
Verus Securitization Trust
Series 2019-1, Class A1, 3.84%, 2/25/2059(a)(g)		505		514
Series 2019-2, Class A1, 3.21%, 4/25/2059(a)(g)		680		680
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR5, Class A6, 4.37%, 5/25/2035(g)		204		208

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $53,493)				54,494

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.8%
Ashford Hospitality Trust Series 2018-KEYS, Class B, 3.74%, 5/15/2035(a)(g)		600		601
BHMS Series 2018-ATLS, Class A, 3.69%, 7/15/2035(a)(g)		500		499
BX Commercial Mortgage Trust Series 2018-IND, Class E, 4.14%, 11/15/2035(a)(g)		1,265		1,267
BXMT Ltd.
Series 2017-FL1, Class B, 3.93%, 6/15/2035‡(a)(g)		500		500
Series 2017-FL1, Class D, 5.13%, 6/15/2035‡(a)(g)		300		301
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E, 4.59%, 12/15/2037(a)(g)		200		201
CGDBB Commercial Mortgage Trust Series 2017-BIOC, Class C, 3.49%, 7/15/2032‡(a)(g)		400		399
Citigroup Commercial Mortgage Trust Series 2019-SMRT, Class D, 4.74%, 1/10/2024‡(a)(g)		400		421
Commercial Mortgage Trust
Series 2015-CR23, Class CME, 3.68%, 5/10/2048‡(a)(g)		477		475
Series 2015-LC21, Class D, 4.30%, 7/10/2048(g)		1,000		972
Core Industrial Trust
Series 2015-CALW, Class B, 3.25%, 2/10/2034‡(a)		200		203
Series 2015-TEXW, Class B, 3.33%, 2/10/2034‡(a)		200		204
Credit Suisse Mortgage Capital Certificates
Series 2019-ICE4, Class B, 5/15/2036‡(a)(g)		1,200		1,192
Series 2019-ICE4, Class D, 5/15/2036(a)(g)		1,000		1,000
CSMC Trust Series 2015-GLPB, Class C, 3.81%, 11/15/2034‡(a)(g)		200		206
DBGS Mortgage Trust Series 2018-5BP, Class D, 3.79%, 6/15/2033‡(a)(g)		300		299
DBUBS Mortgage Trust Series 2011-LC1A, Class C, 5.70%, 11/10/2046(a)(g)		245		256
FHLMC Multifamily Structured Pass-Through Certificates
Series K018, Class X1, IO, 1.34%, 1/25/2022(g)		5,672		157
Series K721, Class X3, IO, 1.30%, 9/25/2022(g)		6,071		242
Series K027, Class X1, IO, 0.77%, 1/25/2023(g)		10,898		255
Series K033, Class X1, IO, 0.30%, 7/25/2023(g)		52,707		617
Series KC03, Class X1, IO, 0.49%, 11/25/2024(g)		58,500		1,482
Series K084, Class A1, 3.78%, 8/25/2028		1,287		1,375
Series K087, Class X3, IO, 2.32%, 4/25/2029(g)		2,750		493
Series K723, Class X3, IO, 1.92%, 10/25/2034(g)		7,410		555
Series K025, Class X3, IO, 1.75%, 11/25/2040(g)		3,360		190
Series K042, Class X3, IO, 1.60%, 1/25/2043(g)		6,375		499
Series K054, Class X3, IO, 1.60%, 4/25/2043(g)		3,700		340
Series K068, Class X3, IO, 2.06%, 10/25/2044(g)		3,368		481
Series K059, Class X3, IO, 1.92%, 11/25/2044(g)		5,700		690
Series K061, Class X3, IO, 1.97%, 12/25/2044(g)		2,775		351
Series K070, Class X3, IO, 2.04%, 12/25/2044(g)		2,537		365
Series K072, Class X3, IO, 2.14%, 12/25/2045(g)		1,200		184
Series K078, Class X1, IO, 0.09%, 6/25/2051(g)		49,956		529
FREMF Series 2018-KF46, Class B, 4.43%, 3/25/2028(a)(g)		450		445
FREMF Mortgage Trust
Series 2017-KF36, Class B, 5.13%, 8/25/2024(a)(g)		280		281
Series 2017-KF38, Class B, 4.98%, 9/25/2024(a)(g)		224		224
Series 2017-KF39, Class B, 4.98%, 11/25/2024(a)(g)		233		234
Series 2018-KF42, Class B, 4.68%, 12/25/2024(a)(g)		291		292
Series 2018-KF53, Class B, 4.53%, 10/25/2025(g)		1,444		1,440
Series 2010-K8, Class B, 5.28%, 9/25/2043(a)(g)		1,050		1,074
Series 2011-K15, Class B, 4.95%, 8/25/2044(a)(g)		135		141
Series 2012-K17, Class B, 4.33%, 12/25/2044(a)(g)		280		292

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series 2012-K18, Class B, 4.26%, 1/25/2045(a)(g)		385		400
Series 2012-K19, Class B, 4.03%, 5/25/2045(a)(g)		300		311
Series 2012-K21, Class B, 3.94%, 7/25/2045(a)(g)		530		549
Series 2012-K22, Class B, 3.69%, 8/25/2045(a)(g)		190		196
Series 2011-K12, Class B, 4.34%, 1/25/2046(a)(g)		500		511
Series 2011-K14, Class B, 5.18%, 2/25/2047(a)(g)		1,100		1,148
Series 2014-K716, Class B, 3.95%, 8/25/2047(a)(g)		250		256
Series 2011-K13, Class B, 4.61%, 1/25/2048(a)(g)		600		617
Series 2011-K11, Class B, 4.42%, 12/25/2048(a)(g)		305		312
Series 2017-K729, Class B, 3.67%, 11/25/2049(a)(g)		200		203
GNMA
Series 2015-115, IO, 0.56%, 7/16/2057(g)		2,935		129
Series 2017-54, IO, 0.65%, 12/16/2058(g)		18,395		1,088
Series 2017-23, IO, 0.73%, 5/16/2059(g)		3,628		226
GPMT Ltd. (Cayman Islands) Series 2018-FL1, Class A, 3.34%, 11/21/2035(a)(g)		297		297
GRACE Mortgage Trust Series 2014-GRCE, Class B, 3.52%, 6/10/2028(a)		500		506
JP Morgan Chase Commercial Mortgage Securities Trust Series 2004-CBX, Class C, 5.07%, 1/12/2037(g)		106		106
KNDL Mortgage Trust Series 2019-KNSQ, Class A, 3.30%, 5/15/2036(a)(g)		950		950
LB-UBS Commercial Mortgage Trust Series 2007-C6, Class AJ, 6.28%, 7/15/2040(g)		300		301
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15, Class C, 4.91%, 4/15/2047(g)		300		318
Morgan Stanley Capital I Trust Series 2018-SUN, Class B, 3.64%, 7/15/2035‡(a)(g)		250		250
Nationslink Funding Corp. Series 1999-LTL1, Class E, 5.00%, 1/22/2026‡(a)		500		512
WFRBS Commercial Mortgage Trust		150		154
Series 2013-C11, Class B, 3.71%, 3/15/2045‡(g)
Series 2013-C12, Class B, 3.86%, 3/15/2048(g)		150		153

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $31,533)				31,717

MORTGAGE-BACKED SECURITIES — 9.3%
FHLMC Gold Pools, 15 Year
Pool # J24740, 3.00%, 7/1/2028		107		109
Pool # G15655, 3.00%, 10/1/2028		280		285
Pool # G15561, 3.00%, 9/1/2030		1,092		1,110
FHLMC Gold Pools, 20 Year Pool # C91649, 3.00%, 4/1/2033		78		79
FHLMC Gold Pools, 30 Year Pool # G61879, 4.50%, 3/1/2047		641		675
GNMA II, 30 Year Pool # MA5653, 5.00%, 12/20/2048		2,156		2,261
UMBS, 15 Year
3.00%		23,657		24,008
Pool # AL9552, 3.50%, 8/1/2031		723		748
Pool # AS9697, 3.50%, 5/1/2032		296		306
UMBS, 20 Year
Pool # MA1446, 3.50%, 5/1/2033		393		407
Pool # MA1527, 3.00%, 8/1/2033		244		247

TOTAL MORTGAGE-BACKED SECURITIES (Cost $30,065)				30,235

ASSET-BACKED SECURITIES — 8.6%
American Credit Acceptance Receivables Trust
Series 2016-4, Class D, 4.11%, 4/12/2023(a)		600		606
Series 2017-2, Class D, 3.69%, 6/12/2023(a)		600		605
Series 2018-1, Class D, 3.93%, 4/10/2024(a)		600		608
Series 2018-2, Class E, 5.16%, 9/10/2024(a)		750		775
Series 2018-3, Class C, 3.75%, 10/15/2024(a)		500		505
Series 2018-3, Class E, 5.17%, 10/15/2024(a)		750		776

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
AmeriCredit Automobile Receivables Trust
Series 2017-2, Class D, 3.42%, 4/18/2023		160		162
Series 2017-3, Class D, 3.18%, 7/18/2023		500		506
Series 2019-1, Class C, 3.36%, 2/18/2025		750		766
Business Jet Securities LLC Series 2018-1, Class A, 4.34%, 2/15/2033(a)		149		152
Citi Held For Asset Issuance Series 2015-PM1, Class C, 5.01%, 12/15/2021‡(a)		50		50
CLUB Credit Trust
Series 2017-P2, Class A, 2.61%, 1/15/2024(a)		58		57
Series 2017-P2, Class B, 3.56%, 1/15/2024‡(a)		250		251
Series 2018-NP1, Class C, 4.74%, 5/15/2024‡(a)		1,000		1,006
Conn’s Receivables Funding LLC Series 2018-A, Class C, 6.02%, 1/15/2023‡(a)		383		386
Consumer Loan Underlying Bond Credit Trust Series 2017-P1, Class B, 3.56%, 9/15/2023(a)		442		442
Continental Airlines Pass-Through Trust Series 2012-1, Class A, 4.15%, 4/11/2024		70		73
CPS Auto Receivables Trust Series 2017-D, Class C, 3.01%, 10/17/2022(a)		500		501
CPS Auto Trust
Series 2016-D, Class D, 4.53%, 1/17/2023(a)		130		133
Series 2018-C, Class D, 4.40%, 6/17/2024(a)		500		516
Credit Acceptance Auto Loan Trust
Series 2018-3A, Class B, 3.89%, 10/15/2027(a)		350		359
Series 2018-3A, Class C, 4.04%, 12/15/2027(a)		350		359
Delta Air Lines Pass-Through Trust Series 2015-1, Class B, 4.25%, 7/30/2023		115		121
Drive Auto Receivables Trust
Series 2018-3, Class D, 4.30%, 9/16/2024		500		514
Series 2019-2, Class C, 3.42%, 6/16/2025		500		508
Series 2018-4, Class D, 4.09%, 1/15/2026		500		515
Series 2019-1, Class D, 4.09%, 6/15/2026		500		515
Series 2019-2, Class D, 3.69%, 8/17/2026		500		512
DT Auto Owner Trust
Series 2015-3A, Class D, 4.53%, 10/17/2022(a)		243		244
Series 2017-3A, Class D, 3.58%, 5/15/2023(a)		350		353
Series 2017-4A, Class D, 3.47%, 7/17/2023(a)		300		302
Series 2018-3A, Class D, 4.19%, 7/15/2024(a)		800		823
Exeter Automobile Receivables Trust Series 2018-3A, Class C, 3.71%, 6/15/2023(a)		540		550
Flagship Credit Auto Trust
Series 2018-3, Class A, 3.07%, 2/15/2023(a)		546		548
Series 2017-4, Class D, 3.58%, 1/15/2024(a)		300		305
FREED ABS Trust
Series 2018-1, Class A, 3.61%, 7/18/2024(a)		88		88
Series 2018-1, Class B, 4.56%, 7/18/2024‡(a)		200		204
Series 2018-2, Class B, 4.61%, 10/20/2025‡(a)		500		513
Series 2019-1, Class B, 3.87%, 6/18/2026(a)		1,000		1,010
GLS Auto Receivables Trust
Series 2018-1A, Class B, 3.52%, 8/15/2023(a)		500		504
Series 2018-2A, Class C, 4.17%, 4/15/2024(a)		300		307
LendingClub Issuance Trust Series 2016-NP2, Class B, 6.00%, 1/17/2023‡(a)		25		25
Lendmark Funding Trust
Series 2017-2A, Class A, 2.80%, 5/20/2026(a)		250		249
Series 2017-2A, Class B, 3.38%, 5/20/2026‡(a)		400		402
Series 2017-2A, Class C, 4.33%, 5/20/2026‡(a)		150		152
Marlette Funding Trust
Series 2017-3A, Class A, 2.36%, 12/15/2024(a)		32		32
Series 2017-3A, Class B, 3.01%, 12/15/2024(a)		250		250
Series 2017-3A, Class C, 4.01%, 12/15/2024‡(a)		200		201
MFA LLC
Series 2017-NPL1, Class A1, 3.35%, 11/25/2047‡(a)(c)		378		381
Series 2018-NPL1, Class A1, 3.88%, 5/25/2048‡(a)(c)		457		461
Morgan Stanley ABS Capital I, Inc. Trust Series 2004-SD1, Class A, 3.23%, 8/25/2034‡(g)		743		747
Oak Hill Advisors Residential Loan Trust Series 2017-NPL2, Class A1, 3.00%, 7/25/2057(a)(c)		174		174
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024(a)		1,000		1,029
Series 2018-1A, Class C, 3.75%, 10/15/2024(a)		500		514
Series 2018-1A, Class D, 4.14%, 10/15/2024(a)		500		517

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Pretium Mortgage Credit Partners I LLC Series 2018-NPL3, Class A1, 4.12%, 8/25/2033‡(a)(c)		448		449
Prosper Marketplace Issuance Trust Series 2017-3A, Class B, 3.36%, 11/15/2023‡(a)		288		288
Santander Drive Auto Receivables Trust Series 2018-4, Class D, 3.98%, 12/15/2025		500		514
SoFi Consumer Loan Program LLC
Series 2017-6, Class B, 3.52%, 11/25/2026‡(a)		192		195
Series 2017-6, Class C, 4.02%, 11/25/2026‡(a)		300		305
Springleaf Funding Trust Series 2016-AA, Class B, 3.80%, 11/15/2029(a)		500		503
United Airlines Pass-Through Trust
Series 2016-2, Class B, 3.65%, 10/7/2025		26		26
Series 2019-1, Class AA, 4.15%, 8/25/2031		350		370
US Airways Pass-Through Trust Series 2012-2, Class A, 4.63%, 6/3/2025		98		104
Vericrest Opportunity Loan Trust Series 2019-NPL3, Class A2, 6.17%, 3/25/2049‡(a)(c)		600		605
Veros Automobile Receivables Trust Series 2017-1, Class A, 2.84%, 4/17/2023(a)		42		42
VOLT LXXV LLC Series 2019-NPL1, Class A1A, 4.34%, 1/25/2049‡(a)(c)		551		556
Westlake Automobile Receivables Trust
Series 2016-2A, Class D, 4.10%, 6/15/2021(a)		500		502
Series 2018-3A, Class D, 4.00%, 10/16/2023(a)		500		513

TOTAL ASSET-BACKED SECURITIES (Cost $27,773)				28,136

FOREIGN GOVERNMENT SECURITIES — 1.2%
Arab Republic of Egypt (Egypt) 5.88%, 6/11/2025(e)		200		194
Federal Democratic Republic of Ethiopia (Ethiopia) 6.63%, 12/11/2024(e)		200		202
Federal Republic of Nigeria (Nigeria) 6.38%, 7/12/2023(e)		400		410
Gabonese Republic (Gabon) 6.38%, 12/12/2024(e)		400		381
Instituto Costarricense de Electricidad (Costa Rica) 6.95%, 11/10/2021(e)		200		201
Provincia de Buenos Aires (Argentina)
5.75%, 6/15/2019(e)		200		200
10.88%, 1/26/2021(e)		200		182
Republic of Cote d’Ivoire (Ivory Coast) 5.38%, 7/23/2024(e)		400		386
Republic of Ecuador (Ecuador) 7.95%, 6/20/2024(e)		320		323
Republic of El Salvador (El Salvador) 7.38%, 12/1/2019(e)		350		353
Republic of Kenya (Kenya) 6.88%, 6/24/2024(e)		400		407
Republic of Lebanon (Lebanon) 6.65%, 4/22/2024(e)		350		284
Republic of Sri Lanka (Sri Lanka) 6.85%, 3/14/2024(a)		320		319
Republic of Ukraine (Ukraine)
7.75%, 9/1/2019(e)		100		100
7.75%, 9/1/2020(e)		100		101

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $4,052)				4,043


	Shares (000)
SHORT-TERM INVESTMENTS — 4.6%
INVESTMENT COMPANIES — 3.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.27%(h)(i)(Cost $10,513)		10,513		10,513


	Principal Amount ($000)
U.S. TREASURY OBLIGATIONS — 1.4%
U.S. Treasury Bills
2.41%, 10/31/2019(j)(k)		443		439
2.49%, 2/27/2020(j)		205		202
2.35%, 4/23/2020(j)		3,780		3,705

			Value ($000)
TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,341)				4,346

TOTAL SHORT-TERM INVESTMENTS (Cost $14,854)				14,859

Total Investments — 113.0% (Cost $363,095)				367,074
Liabilities in Excess of Other Assets — (13.0%)				(42,264	)

Net Assets — 100.0%				324,810

Percentages indicated are based on net assets.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Abbreviations


ABS		Asset-backed securities
CSMC		Credit Suisse Mortgage Trust
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 May 31, 2019. 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
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.
UMBS		Uniform Mortgage-Backed 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.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2019.
(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 May 31, 2019.
(d)		Amount rounds to less than 0.1% of net assets.
(e)		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.
(f)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(g)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2019.
(h)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)		The rate shown is the current yield as of May 31, 2019.
(j)		The rate shown is the effective yield as of May 31, 2019.
(k)		All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
‡		Value determined using significant unobservable inputs.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Futures contracts outstanding as of May 31, 2019 (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		104			09/2019	USD		22,328			105
U.S. Treasury 5 Year Note		17			09/2019	USD		1,996			—	(a)
U.S. Treasury 10 Year Ultra Note		4			09/2019	USD		547			8
U.S. Treasury Long Bond		1			09/2019	USD		154			3
U.S. Treasury Ultra Bond		1			09/2019	USD		176			6

											122

Short Contracts
U.S. Treasury 10 Year Note		(97	)		09/2019	USD		(12,299	)		(139	)
U.S. Treasury 10 Year Ultra Note		(53	)		09/2019	USD		(7,241	)		(113	)

											(252	)

											(130	)

Abbreviations


USD		United States Dollar
(a)		Amount rounds to less than one thousand.

Centrally Cleared Interest rate swap contracts outstanding as of May 31, 2019 (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

2.17 semi-annually

Receive

6/15/2021

USD 21,530

—

(111

)

—

(111

)


Abbreviations
LIBOR		London Interbank Offered Rate
USD		United States Dollar

(a)	Value of floating rate index at May 31, 2019 was 2.50%.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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.

•

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.

•

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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	$	—		$	20,958		$	7,178		$	28,136
Collateralized Mortgage Obligations		—			52,889			1,605			54,494
Commercial Mortgage-Backed Securities		—			26,601			5,116			31,717
Corporate Bonds
Wireless Telecommunication Services		—			1,163			—	(a)		1,163
Other Corporate Bonds		—			114,492			—			114,492

Total Corporate Bonds		—			115,655			—	(a)		115,655

Foreign Government Securities		—			4,043			—			4,043
Mortgage-Backed Securities		—			30,235			—			30,235
U.S. Treasury Obligations		—			87,935			—			87,935
Short-Term Investments
Investment Companies		10,513			—			—			10,513
U.S. Treasury Obligations		—			4,346			—			4,346

Short-Term Investments		10,513			4,346			—			14,859

Total Investments in Securities	$	10,513		$	342,662		$	13,899		$	367,074

Appreciation in Other Financial Instruments
Futures Contracts	$	122		$	—		$	—		$	122

Depreciation in Other Financial Instruments
Futures Contracts	$	(252	)	$	—		$	—		$	(252	)
Swaps		—			(111	)		—			(111	)

Total Depreciation in Other Financial Instruments	$	(252	)	$	(111	)	$	—		$	(363	)

(a)	Value is zero.

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


Short Duration Core Plus Fund	Balance as of February 28, 2019			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 May 31, 2019
Investments in Securities
Asset-Backed Securities	$	5,028		$	1	$	63	$	—	(a)	$	2,629	$	(1,259	)	$	896		(180	)	$	7,178
Collateralized Mortgage Obligations		—			—		5		—			1,600		—			0		—			1,605
Commercial Mortgage-Backed Securities		4,199			—		31		—	(a)		1,199		—			1132		(1,445	)		5,116
Corporate Bonds-Wireless Telecommunication Services		—	(b)		—		—		—			—		—			—		—			—	(b)

Total	$	9,227		$	1	$	99	$	—	(a)	$	5,428	$	(1,259	)	$	2,028	$	(1,625	)	$	13,899

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.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)


	Fair Value at May 31, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)^(a)
	$	7,178	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 44.00% (19.58%)
				Constan Default Rate		0.00% - 1.68% (0.17%)
				Yield (Discount Rate of Cash Flows)		2.82% - 5.86% (3.81%)

Asset-Backed Securities		7,178

		3,123	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.59% - 4.09% (3.37%)

Commercial Mortgage-Backed Securities		3,123

Total	$	10,301

The table above does not include certain level 3 investments that are valued by brokers and pricing services. At May 31, 2019, the value of these investments was approximately $3,598,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

(a)	Unobservable inputs were weighted by the relative fair value of the instruments.


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.27%(a)(b)	$	7,481	$	144,334	$	141,302	$	—	$	—	$	10,513		10,513	$	48	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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.

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 swaps to manage interest rate (e.g., duration, yield curve) risk, 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 for OTC Swaps.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

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

JPMorgan Short Duration Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Interest Rate Swaps

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)

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


Investments	Principal Amount (000)		Value (000)
LONG POSITIONS — 99.8%
CORPORATE BONDS — 29.2%
Aerospace & Defense — 0.3%
Arconic, Inc. 5.90%, 2/1/2027		2,937		3,099
Bombardier, Inc. (Canada)
7.50%, 3/15/2025(a)		4,080		3,957
7.88%, 4/15/2027(a)		3,343		3,208
BWX Technologies, Inc. 5.38%, 7/15/2026(a)		570		581
TransDigm, Inc. 6.25%, 3/15/2026(a)		7,440		7,589
Triumph Group, Inc.
4.88%, 4/1/2021		1,866		1,829
7.75%, 8/15/2025		2,385		2,307
United Technologies Corp. (ICE LIBOR USD 3 Month + 0.65%), 3.17%, 8/16/2021(b)		10,260		10,266

				32,836

Air Freight & Logistics — 0.0%(c)
XPO Logistics, Inc.
6.50%, 6/15/2022(a)		2,876		2,917
6.13%, 9/1/2023(a)		3,444		3,469

				6,386

Airlines — 0.0%(c)
American Airlines Group, Inc. 5.00%, 6/1/2022(a)		1,070		1,082

Auto Components — 0.4%
Adient Global Holdings Ltd. 4.88%, 8/15/2026(a)		4,960		3,683
Adient US LLC 7.00%, 5/15/2026(a)		2,145		2,129
Allison Transmission, Inc.
4.75%, 10/1/2027(a)		500		480
5.88%, 6/1/2029(a)		1,065		1,074
American Axle & Manufacturing, Inc.
6.63%, 10/15/2022		275		278
6.25%, 4/1/2025		7,427		7,156
6.25%, 3/15/2026		2,810		2,669
6.50%, 4/1/2027		2,170		2,051
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(a)		5,947		5,114
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(a)		6,030		6,226
Dana, Inc. 6.00%, 9/15/2023		859		874
Delphi Technologies plc 5.00%, 10/1/2025(a)		6,336		5,386
Icahn Enterprises LP
6.00%, 8/1/2020		1,500		1,500
6.25%, 2/1/2022		1,405		1,431
IHO Verwaltungs GmbH (Germany) 4.50% (cash), 9/15/2023(a)(d)		2,400		2,461
Panther BF Aggregator 2 LP 6.25%, 5/15/2026(a)		1,030		1,051
Tenneco, Inc.
5.38%, 12/15/2024		2,705		2,310
5.00%, 7/15/2026		144		109

				45,982

Automobiles — 2.1%
BMW US Capital LLC (Germany)
(ICE LIBOR USD 3 Month + 0.50%), 3.04%, 8/13/2021(a)(b)		31,530		31,618
(ICE LIBOR USD 3 Month + 0.53%), 3.12%, 4/14/2022(a)(b)		12,730		12,720
Daimler Finance North America LLC (Germany)
(ICE LIBOR USD 3 Month + 0.55%), 3.12%, 5/4/2021(a)(b)		58,500		58,495
(ICE LIBOR USD 3 Month + 0.67%), 3.24%, 11/5/2021(a)(b)		10,000		10,017
General Motors Co. (ICE LIBOR USD 3 Month + 0.90%), 3.50%, 9/10/2021(b)		28,420		28,392
Hyundai Capital America (ICE LIBOR USD 3 Month + 0.94%), 3.53%, 7/8/2021(a)(b)		59,733		59,741
Nissan Motor Acceptance Corp. (ICE LIBOR USD 3 Month + 0.63%), 3.24%, 9/21/2021(a)(b)		19,750		19,678
Volkswagen Group of America Finance LLC (Germany)
(ICE LIBOR USD 3 Month + 0.77%), 3.31%, 11/13/2020(a)(b)		16,750		16,806
(ICE LIBOR USD 3 Month + 0.94%), 3.48%, 11/12/2021(a)(b)		23,950		24,087

				261,554

Banks — 6.5%
ABN AMRO Bank NV (Netherlands) (ICE LIBOR USD 3 Month + 0.57%), 3.09%, 8/27/2021(a)(b)		15,820		15,873
Australia & New Zealand Banking Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.71%), 3.23%, 5/19/2022(a)(b)		21,730		21,842
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.65%), 3.25%, 6/25/2022(b)		56,325		56,458
(ICE LIBOR USD 3 Month + 1.00%), 3.58%, 4/24/2023(b)		18,667		18,805

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Bank of Montreal (Canada) (ICE LIBOR USD 3 Month + 0.57%), 3.18%, 3/26/2022(b)		33,020		33,123
Barclays plc (United Kingdom)
(ICE LIBOR USD 3 Month + 2.11%), 4.66%, 8/10/2021(b)		50,595		51,794
(ICE LIBOR USD 3 Month + 1.43%), 3.95%, 2/15/2023(b)		15,950		15,790
Capital One NA (ICE LIBOR USD 3 Month + 1.15%), 3.73%, 1/30/2023(b)		9,565		9,654
Citibank NA
(ICE LIBOR USD 3 Month + 0.53%), 3.05%, 2/19/2022(b)		16,100		16,101
(ICE LIBOR USD 3 Month + 0.60%), 3.12%, 5/20/2022(b)		24,210		24,220
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		1,294
(ICE LIBOR USD 3 Month + 1.19%), 3.77%, 8/2/2021(b)		39,662		40,228
(ICE LIBOR USD 3 Month + 0.96%), 3.54%, 4/25/2022(b)		3,768		3,799
(ICE LIBOR USD 3 Month + 1.43%), 4.06%, 9/1/2023(b)		12,604		12,820
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025(b)(e)(f)		505		522
Citizens Bank NA (ICE LIBOR USD 3 Month + 0.72%), 3.25%, 2/14/2022(b)		5,700		5,717
Credit Agricole Corporate & Investment Bank SA (France) (ICE LIBOR USD 3 Month + 0.63%, 0.63% Floor), 3.22%, 10/3/2021(b)		15,850		15,870
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.60%), 3.12%, 5/18/2021(b)		30,880		30,895
(ICE LIBOR USD 3 Month + 1.66%), 4.18%, 5/25/2021(b)		8,460		8,647
(ICE LIBOR USD 3 Month + 0.65%), 3.25%, 9/11/2021(b)		24,640		24,677
(ICE LIBOR USD 3 Month + 1.50%), 4.10%, 1/5/2022(b)		17,320		17,668
Industrial & Commercial Bank of China Ltd. (China) (ICE LIBOR USD 3 Month + 0.75%), 3.27%, 2/21/2020(b)(g)		6,070		6,073
Lloyds Bank plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.49%), 3.06%, 5/7/2021(b)		20,380		20,370
Lloyds Banking Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.80%), 3.41%, 6/21/2021(b)		2,100		2,103
Mitsubishi UFJ Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.65%), 3.24%, 7/26/2021(b)		31,420		31,537
(ICE LIBOR USD 3 Month + 0.70%), 3.31%, 3/7/2022(b)		16,710		16,767
(ICE LIBOR USD 3 Month + 0.79%), 3.37%, 7/25/2022(b)		8,200		8,233
Mizuho Financial Group, Inc. (Japan) (ICE LIBOR USD 3 Month + 1.14%), 3.75%, 9/13/2021(b)		45,940		46,524
National Australia Bank Ltd. (Australia)
(ICE LIBOR USD 3 Month + 0.58%), 3.21%, 9/20/2021(a)(b)		17,260		17,323
(ICE LIBOR USD 3 Month + 0.71%), 3.28%, 11/4/2021(a)(b)		20,450		20,583
Santander UK plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.62%), 3.25%, 6/1/2021(b)		26,760		26,745
(ICE LIBOR USD 3 Month + 0.66%), 3.18%, 11/15/2021(b)		18,360		18,408
Standard Chartered plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.15%), 3.74%, 1/20/2023(a)(b)		7,850		7,835
Sumitomo Mitsui Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 1.11%), 3.71%, 7/14/2021(b)		5,076		5,142
(ICE LIBOR USD 3 Month + 1.14%), 3.73%, 10/19/2021(b)		27,318		27,719
SunTrust Bank (ICE LIBOR USD 3 Month + 0.59%), 3.17%, 8/2/2022(b)		11,705		11,709
UBS Group Funding Switzerland AG (Switzerland)
(ICE LIBOR USD 3 Month + 1.78%), 4.38%, 4/14/2021(a)(b)		3,680		3,771
(ICE LIBOR USD 3 Month + 1.22%), 3.74%, 5/23/2023(a)(b)		22,215		22,405
Wells Fargo & Co. (ICE LIBOR USD 3 Month + 0.93%), 3.47%, 2/11/2022(b)		15,321		15,411
Wells Fargo Bank NA
(ICE LIBOR USD 3 Month + 0.38%), 2.90%, 5/21/2021(b)		25,440		25,435

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
(ICE LIBOR USD 3 Month + 0.50%), 3.09%, 7/23/2021(b)		39,660		39,710
(ICE LIBOR USD 3 Month + 0.62%), 3.14%, 5/27/2022(b)		20,160		20,175

				821,770

Building Products — 0.1%
American Woodmark Corp. 4.88%, 3/15/2026(a)		2,620		2,548
James Hardie International Finance DAC (Ireland) 4.75%, 1/15/2025(a)		1,025		1,017
JELD-WEN, Inc.
4.63%, 12/15/2025(a)		1,465		1,399
4.88%, 12/15/2027(a)		1,760		1,655
Standard Industries, Inc. 4.75%, 1/15/2028(a)		3,420		3,270

				9,889

Capital Markets — 2.0%
Deutsche Bank AG (Germany)
(ICE LIBOR USD 3 Month + 0.97%), 3.57%, 7/13/2020(b)		33,723		33,521
(ICE LIBOR USD 3 Month + 1.31%), 3.83%, 8/20/2020(b)		27,518		27,333
(ICE LIBOR USD 3 Month + 1.29%), 3.86%, 2/4/2021(b)		13,350		13,251
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 1.11%), 3.70%, 4/26/2022(b)		76,225		76,821
(ICE LIBOR USD 3 Month + 0.78%), 3.36%, 10/31/2022(b)		10,488		10,475
(ICE LIBOR USD 3 Month + 1.00%), 3.58%, 7/24/2023(b)		10,138		10,156
Macquarie Bank Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.12%), 3.70%, 7/29/2020(a)(b)		4,000		4,043
Morgan Stanley
(ICE LIBOR USD 3 Month + 1.18%), 3.77%, 1/20/2022(b)		31,215		31,536
(ICE LIBOR USD 3 Month + 0.93%), 3.52%, 7/22/2022(b)		16,090		16,180
(ICE LIBOR USD 3 Month + 1.40%), 3.98%, 10/24/2023(b)		22,070		22,446
MSCI, Inc. 5.38%, 5/15/2027(a)		1,680		1,766
TD Ameritrade Holding Corp. (ICE LIBOR USD 3 Month + 0.43%), 3.01%, 11/1/2021(b)		7,980		7,998

				255,526

Chemicals — 0.5%
Chemours Co. (The) 6.63%, 5/15/2023		2,420		2,411
CVR Partners LP 9.25%, 6/15/2023(a)		5,965		6,144
DowDuPont, Inc. (ICE LIBOR USD 3 Month + 0.71%), 3.23%, 11/15/2020(b)		16,020		16,128
Gates Global LLC 6.00%, 7/15/2022(a)		2,544		2,528
GCP Applied Technologies, Inc. 5.50%, 4/15/2026(a)		1,970		1,975
Huntsman International LLC 5.13%, 11/15/2022		4,042		4,219
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024(a)		8,565		8,329
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024(a)		2,640		2,475
5.25%, 6/1/2027(a)		2,105		1,921
Rain CII Carbon LLC 7.25%, 4/1/2025(a)		5,670		5,188
Reichhold Industries, Inc. 9.00%, 5/1/2018‡(a)(h)		5,673		—	(i)
Scotts Miracle-Gro Co. (The) 6.00%, 10/15/2023		3,995		4,130
Starfruit Finco BV (Netherlands) 8.00%, 10/1/2026(a)		2,590		2,538
Trinseo Materials Operating SCA 5.38%, 9/1/2025(a)		2,765		2,565
Venator Finance SARL 5.75%, 7/15/2025(a)		2,719		2,420

				62,971

Commercial Services & Supplies — 0.2%
Aramark Services, Inc. 5.00%, 2/1/2028(a)		1,560		1,544
Clean Harbors, Inc. 5.13%, 6/1/2021		1,780		1,782
Garda World Security Corp. (Canada) 8.75%, 5/15/2025(a)		11,475		10,959
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.57%, 12/21/2065(a)(b)		5,960		4,291
Nielsen Finance LLC 4.50%, 10/1/2020		5,931		5,917
Prime Security Services Borrower LLC 9.25%, 5/15/2023(a)		3,205		3,357

				27,850

Communications Equipment — 0.1%
Avaya, Inc. 7.00%, 4/1/2019‡(a)(h)		4,452		—	(i)
CommScope Technologies LLC 6.00%, 6/15/2025(a)		6,732		6,110
CommScope, Inc.
6.00%, 3/1/2026(a)		2,280		2,280
8.25%, 3/1/2027(a)		2,275		2,252
Goodman Networks, Inc. 8.00%, 5/11/2022		3,383		1,624

				12,266

Construction & Engineering — 0.0%(c)
Zekelman Industries, Inc. 9.88%, 6/15/2023(a)		4,863		5,112

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Consumer Finance — 1.9%
Ally Financial, Inc.
4.13%, 2/13/2022		6,550		6,592
4.63%, 5/19/2022		3,920		3,998
3.88%, 5/21/2024		2,185		2,174
4.63%, 3/30/2025		3,362		3,438
5.75%, 11/20/2025		1,374		1,470
American Express Co.
(ICE LIBOR USD 3 Month + 0.53%), 3.05%, 5/17/2021(b)		24,720		24,785
(ICE LIBOR USD 3 Month + 0.60%), 3.17%, 11/5/2021(b)		20,040		20,133
(ICE LIBOR USD 3 Month + 0.62%), 3.14%, 5/20/2022(b)		32,480		32,504
Caterpillar Financial Services Corp. Series I, (ICE LIBOR USD 3 Month + 0.39%), 2.92%, 5/17/2021(b)		24,110		24,153
Ford Motor Credit Co. LLC
(ICE LIBOR USD 3 Month + 0.79%), 3.39%, 6/12/2020(b)		9,650		9,630
(ICE LIBOR USD 3 Month + 0.81%), 3.41%, 4/5/2021(b)		23,155		22,830
(ICE LIBOR USD 3 Month + 0.88%), 3.48%, 10/12/2021(b)		41,890		41,071
General Motors Financial Co., Inc.
(ICE LIBOR USD 3 Month + 0.85%), 3.44%, 4/9/2021(b)		26,100		26,094
(ICE LIBOR USD 3 Month + 1.10%), 3.67%, 11/6/2021(b)		13,471		13,475
Harley-Davidson Financial Services, Inc.
(ICE LIBOR USD 3 Month + 0.50%), 3.02%, 5/21/2020(a)(b)		3,853		3,853
(ICE LIBOR USD 3 Month + 0.94%), 3.56%, 3/2/2021(a)(b)		8,200		8,207
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 4.85%, 12/21/2065(a)(b)		295		221
Springleaf Finance Corp.
7.13%, 3/15/2026		660		690
6.63%, 1/15/2028		1,128		1,142

				246,460

Containers & Packaging — 0.3%
Ardagh Packaging Finance plc (Ireland)
7.25%, 5/15/2024(a)		4,980		5,185
6.00%, 2/15/2025(a)		5,760		5,704
Berry Global Escrow Corp.
4.88%, 7/15/2026(a)		3,705		3,685
5.63%, 7/15/2027(a)		1,305		1,315
Greif, Inc. 6.50%, 3/1/2027(a)		1,665		1,674
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		19,515		19,545
6.87%, 2/15/2021(j)		1,767		1,772

				38,880

Diversified Consumer Services — 0.1%
Service Corp. International
5.38%, 5/15/2024		120		123
7.50%, 4/1/2027		8,100		9,412
5.13%, 6/1/2029		1,872		1,905

				11,440

Diversified Financial Services — 0.4%
ACE Cash Express, Inc. 12.00%, 12/15/2022(a)		2,529		2,276
AIG Global Funding (ICE LIBOR USD 3 Month + 0.46%), 3.06%, 6/25/2021(a)(b)		7,840		7,837
CNG Holdings, Inc.
9.38%, 5/15/2020(a)		11,976		11,991
12.50%, 6/15/2024(a)		4,090		3,927
Synchrony Bank (ICE LIBOR USD 3 Month + 0.63%), 3.23%, 3/30/2020(b)		31,000		31,050

				57,081

Diversified Telecommunication Services — 1.4%
Altice France SA (France)
6.25%, 5/15/2024(a)		2,666		2,703
7.38%, 5/1/2026(a)		760		742
8.13%, 2/1/2027(a)		3,409		3,405
CCO Holdings LLC
5.88%, 4/1/2024(a)		25,940		26,815
5.38%, 5/1/2025(a)		810		827
5.75%, 2/15/2026(a)		9,220		9,566
5.50%, 5/1/2026(a)		10,315		10,564
5.13%, 5/1/2027(a)		11,505		11,512
5.00%, 2/1/2028(a)		385		381
CenturyLink, Inc.
Series W, 6.75%, 12/1/2023		2,765		2,894
Series Y, 7.50%, 4/1/2024		2,745		2,930
Cincinnati Bell, Inc.
7.00%, 7/15/2024(a)		3,461		2,968
8.00%, 10/15/2025(a)		440		377
Cogent Communications Group, Inc. 5.63%, 4/15/2021(a)		8,651		8,694
Embarq Corp. 8.00%, 6/1/2036		7,013		6,505
Frontier Communications Corp.
10.50%, 9/15/2022		984		712
6.88%, 1/15/2025		3,560		2,020
11.00%, 9/15/2025		7,101		4,474
8.50%, 4/1/2026(a)		6,465		6,207
8.00%, 4/1/2027(a)		2,050		2,127

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023		11,948		10,723
8.50%, 10/15/2024(a)		10,205		9,924
9.75%, 7/15/2025(a)		7,170		7,278
Level 3 Financing, Inc.
5.63%, 2/1/2023		835		838
5.38%, 1/15/2024		4,444		4,455
5.38%, 5/1/2025		2,015		2,018
Qwest Corp. 6.88%, 9/15/2033		595		595
Sprint Capital Corp. 8.75%, 3/15/2032		13,195		15,141
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		1,870		1,800
6.00%, 9/30/2034		1,785		1,664
Telecom Italia SpA (Italy) 5.30%, 5/30/2024(a)		1,740		1,720
Virgin Media Secured Finance plc (United Kingdom) 5.25%, 1/15/2026(a)		705		702
Windstream Services LLC
9.00%, 6/30/2025(a)(h)		16,950		11,335
8.63%, 10/31/2025(a)(j)(k)		1,010		1,008

				175,624

Electric Utilities — 0.3%
Mississippi Power Co. (ICE LIBOR USD 3 Month + 0.65%), 3.26%, 3/27/2020(b)		2,450		2,450
NextEra Energy Capital Holdings, Inc. (ICE LIBOR USD 3 Month + 0.55%), 3.07%, 8/28/2021(b)		27,650		27,600
NextEra Energy Operating Partners LP
4.25%, 9/15/2024(a)		1,187		1,180
4.50%, 9/15/2027(a)		807		783
Texas Competitive Electric Holdings Co. LLC
8.50%, 5/1/2020‡(h)		62,006		21
11.50%, 10/1/2020‡(h)		5,000		20

				32,054

Electrical Equipment — 0.1%
Vertiv Group Corp. 9.25%, 10/15/2024(a)		6,645		6,545

Electronic Equipment, Instruments & Components — 0.1%
Tyco Electronics Group SA (Switzerland) (ICE LIBOR USD 3 Month + 0.45%), 3.05%, 6/5/2020(b)		8,020		8,033

Energy Equipment & Services — 0.2%
Calfrac Holdings LP (Canada) 8.50%, 6/15/2026(a)		2,145		1,555
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		666		598
Ensco Rowan plc
5.20%, 3/15/2025		848		587
5.75%, 10/1/2044		116		68
Nabors Industries, Inc.
5.50%, 1/15/2023		475		417
5.75%, 2/1/2025		3,315		2,696
Noble Holding International Ltd. 7.88%, 2/1/2026(a)		1,472		1,273
SESI LLC 7.13%, 12/15/2021		1,553		1,157
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025(a)		3,388		3,255
Telford Offshore Ltd. (United Arab Emirates) Series B, 12.00% (Blend (cash 4.00% + PIK 8.00%)), 2/12/2024(d)		4,070		1,936
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)		496		497
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024(a)		1,265		1,314
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		1,941		1,963
Transocean Poseidon Ltd. 6.88%, 2/1/2027(a)		355		365
Transocean Proteus Ltd. 6.25%, 12/1/2024(a)		428		432
Transocean, Inc.
9.00%, 7/15/2023(a)		788		810
7.25%, 11/1/2025(a)		1,655		1,539
7.50%, 1/15/2026(a)		2,283		2,132
6.80%, 3/15/2038		1,829		1,321
9.35%, 12/15/2041(j)		893		788

				24,703

Entertainment — 0.1%
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		2,170		1,972
5.88%, 11/15/2026		169		148
Ascend Learning LLC 6.88%, 8/1/2025(a)		2,250		2,244
Cinemark USA, Inc. 4.88%, 6/1/2023		3,525		3,540
Live Nation Entertainment, Inc. 4.88%, 11/1/2024(a)		1,000		1,005
Netflix, Inc.
4.88%, 4/15/2028		70		69
5.88%, 11/15/2028		3,598		3,778
5.38%, 11/15/2029(a)		1,360		1,381
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057(b)		826		817
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(b)		474		482

				15,436

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Equity Real Estate Investment Trusts (REITs) — 0.3%
CoreCivic, Inc. 4.63%, 5/1/2023		3,980		3,910
Equinix, Inc. 5.75%, 1/1/2025		790		816
ESH Hospitality, Inc. 5.25%, 5/1/2025(a)		1,905		1,905
GEO Group, Inc. (The)
5.88%, 1/15/2022		1,485		1,466
5.13%, 4/1/2023		305		287
5.88%, 10/15/2024		4,380		4,062
GLP Capital LP
5.25%, 6/1/2025		2,245		2,371
5.75%, 6/1/2028		3,120		3,391
Iron Mountain, Inc. 6.00%, 8/15/2023		3,065		3,134
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		2,075		2,143
5.75%, 2/1/2027(a)		1,080		1,112
RHP Hotel Properties LP 5.00%, 4/15/2023		3,350		3,367
SBA Communications Corp. 4.88%, 9/1/2024		2,905		2,877
Uniti Group LP
8.25%, 10/15/2023		2,830		2,524
7.13%, 12/15/2024(a)		1,270		1,092
VICI Properties 1 LLC 8.00%, 10/15/2023		6,302		6,838

				41,295

Food & Staples Retailing — 0.2%
Albertsons Cos. LLC
6.63%, 6/15/2024		8,553		8,639
5.75%, 3/15/2025		2,170		2,094
New Albertsons LP
7.75%, 6/15/2026		940		883
8.70%, 5/1/2030		5,840		5,811
Rite Aid Corp. 6.13%, 4/1/2023(a)		7,034		5,768

				23,195

Food Products — 1.1%
B&G Foods, Inc. 5.25%, 4/1/2025		2,181		2,109
Campbell Soup Co.
(ICE LIBOR USD 3 Month + 0.50%), 3.11%, 3/16/2020(b)		21,012		20,991
(ICE LIBOR USD 3 Month + 0.63%), 3.24%, 3/15/2021(b)		28,120		28,057
Conagra Brands, Inc.
(ICE LIBOR USD 3 Month + 0.50%), 3.09%, 10/9/2020(b)		15,300		15,251
(ICE LIBOR USD 3 Month + 0.75%), 3.34%, 10/22/2020(b)		2,390		2,391
Dean Foods Co. 6.50%, 3/15/2023(a)		1,356		780
General Mills, Inc. (ICE LIBOR USD 3 Month + 0.54%), 3.14%, 4/16/2021(b)		30,592		30,592
JBS USA LUX SA
5.88%, 7/15/2024(a)		4,458		4,588
5.75%, 6/15/2025(a)		458		468
6.75%, 2/15/2028(a)		2,685		2,861
6.50%, 4/15/2029(a)		4,148		4,355
Kraft Heinz Foods Co. (ICE LIBOR USD 3 Month + 0.57%), 3.12%, 2/10/2021(b)		11,870		11,864
Pilgrim’s Pride Corp. 5.75%, 3/15/2025(a)		397		402
Post Holdings, Inc.
5.50%, 3/1/2025(a)		1,255		1,266
5.00%, 8/15/2026(a)		5,102		5,019
5.75%, 3/1/2027(a)		1,015		1,017
5.63%, 1/15/2028(a)		1,400		1,388
TreeHouse Foods, Inc. 6.00%, 2/15/2024(a)		2,615		2,665

				136,064

Gas Utilities — 0.0%(c)
AmeriGas Partners LP 5.50%, 5/20/2025		3,700		3,760

Health Care Equipment & Supplies — 0.1%
Hologic, Inc. 4.38%, 10/15/2025(a)		1,570		1,552
Kinetic Concepts, Inc. 7.88%, 2/15/2021(a)		3,256		3,350
Mallinckrodt International Finance SA
5.63%, 10/15/2023(a)		2,515		1,723
5.50%, 4/15/2025(a)		9,780		6,228

				12,853

Health Care Providers & Services — 1.4%
21st Century Oncology, Inc. Series AI, 12.00% (PIK), 4/30/2023‡(d)(l)		4,182		3,699
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(a)(k)		5,188		4,838
Cigna Corp. (ICE LIBOR USD 3 Month + 0.65%), 3.26%, 9/17/2021(a)(b)		42,230		42,241
Community Health Systems, Inc.
5.13%, 8/1/2021		2,002		1,957
6.25%, 3/31/2023		1,083		1,031
8.63%, 1/15/2024(a)		2,365		2,365
8.13%, 6/30/2024(a)		4,831		3,575
8.00%, 3/15/2026(a)		2,337		2,236
CVS Health Corp. (ICE LIBOR USD 3 Month + 0.72%), 3.32%, 3/9/2021(b)		4,430		4,448
DaVita, Inc. 5.00%, 5/1/2025		6,820		6,445
Encompass Health Corp.
5.75%, 11/1/2024		3,648		3,667
5.75%, 9/15/2025		1,695		1,720

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		5,605		4,722
HCA, Inc.
7.50%, 2/15/2022		4,656		5,098
5.38%, 2/1/2025		25,220		26,361
5.88%, 2/15/2026		22,340		23,681
5.63%, 9/1/2028		80		83
Syneos Health, Inc. 7.50%, 10/1/2024(a)		2,250		2,340
Tenet Healthcare Corp.
6.00%, 10/1/2020		7,110		7,304
4.50%, 4/1/2021		1,525		1,533
8.13%, 4/1/2022		4,387		4,572
6.75%, 6/15/2023		16,335		16,272
4.63%, 7/15/2024		1,250		1,241
6.25%, 2/1/2027(a)		2,929		2,988

				174,417

Health Care Technology — 0.0%(c)
IQVIA, Inc. 5.00%, 10/15/2026(a)		915		931

Hotels, Restaurants & Leisure — 0.8%
Boyne USA, Inc. 7.25%, 5/1/2025(a)		915		988
Chukchansi Economic Development Authority 9.75%, 5/30/2020(a)(h)		11,740		6,457
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(a)		3,340		3,147
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(a)		2,265		2,373
Enterprise Development Authority (The) 12.00%, 7/15/2024(a)		3,320		3,503
Gateway Casinos & Entertainment Ltd. (Canada) 8.25%, 3/1/2024(a)		1,689		1,752
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/2024		305		301
5.13%, 5/1/2026		4,827		4,856
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		2,967		2,978
4.88%, 4/1/2027		448		451
International Game Technology plc
6.50%, 2/15/2025(a)		1,800		1,899
6.25%, 1/15/2027(a)		1,072		1,105
Jack Ohio Finance LLC 6.75%, 11/15/2021(a)		4,950		5,066
LTF Merger Sub, Inc. 8.50%, 6/15/2023(a)		6,220		6,360
Marriott International, Inc.
Series Y, (ICE LIBOR USD 3 Month + 0.60%), 3.23%, 12/1/2020(b)		16,020		16,062
(ICE LIBOR USD 3 Month + 0.65%), 3.24%, 3/8/2021(b)		5,730		5,747
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026(a)		3,725		3,855
MGM Resorts International
6.00%, 3/15/2023		8,135		8,583
5.75%, 6/15/2025		6,692		7,018
4.63%, 9/1/2026		1,509		1,464
5.50%, 4/15/2027		3,025		3,053
Sabre GLBL, Inc.
5.38%, 4/15/2023(a)		2,775		2,796
5.25%, 11/15/2023(a)		1,835		1,844
Scientific Games International, Inc. 10.00%, 12/1/2022		2,428		2,548
Six Flags Entertainment Corp. 4.88%, 7/31/2024(a)		320		316
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026(a)		1,291		1,328
Twin River Worldwide Holdings, Inc. 6.75%, 6/1/2027(a)		777		788
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		5,510		5,400

				102,038

Household Durables — 0.0%(c)
Tempur Sealy International, Inc.
5.63%, 10/15/2023		2,420		2,444
5.50%, 6/15/2026		3,000		3,008

				5,452

Household Products — 0.1%
Central Garden & Pet Co.
6.13%, 11/15/2023		2,625		2,710
5.13%, 2/1/2028		2,680		2,573
Energizer Holdings, Inc.
5.50%, 6/15/2025(a)		3,660		3,613
7.75%, 1/15/2027(a)		3,930		4,097
Kronos Acquisition Holdings, Inc. (Canada) 9.00%, 8/15/2023(a)		1,545		1,337
Spectrum Brands, Inc. 5.75%, 7/15/2025		1,630		1,654

				15,984

Independent Power and Renewable Electricity Producers — 0.0%(c)
AES Corp. 5.50%, 4/15/2025		1,505		1,554
Calpine Corp. 5.25%, 6/1/2026(a)		3,096		3,030
NRG Energy, Inc. 2.75%, 6/1/2048		390		403

				4,987

Insurance — 0.3%
AIA Group Ltd. (Hong Kong) (ICE LIBOR USD 3 Month + 0.52%), 3.15%, 9/20/2021(a)(b)		15,830		15,796
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025(a)		975		988

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Liberty Mutual Group, Inc. (ICE LIBOR USD 3 Month + 2.91%), 5.52%, 3/15/2037(a)(b)		14,710		14,673
Protective Life Global Funding (ICE LIBOR USD 3 Month + 0.52%), 3.12%, 6/28/2021(a)(b)		11,740		11,774

				43,231

Interactive Media & Services — 0.0%(c)
Rackspace Hosting, Inc. 8.63%, 11/15/2024(a)		1,068		926

IT Services — 0.9%
First Data Corp.
5.38%, 8/15/2023(a)		11,654		11,805
5.75%, 1/15/2024(a)		19,782		20,242
GCI LLC 6.75%, 6/1/2021		17,843		17,843
International Business Machines Corp. (ICE LIBOR USD 3 Month + 0.40%), 2.94%, 5/13/2021(b)		48,250		48,345
Zayo Group LLC
6.00%, 4/1/2023		5,895		6,048
6.38%, 5/15/2025		5,210		5,360
5.75%, 1/15/2027(a)		2,100		2,158

				111,801

Leisure Products — 0.1%
Mattel, Inc.
3.15%, 3/15/2023		775		713
6.75%, 12/31/2025(a)		10,254		10,097
Vista Outdoor, Inc. 5.88%, 10/1/2023		8,909		8,386

				19,196

Life Sciences Tools & Services — 0.0%(c)
Avantor, Inc. 6.00%, 10/1/2024(a)		2,955		3,069

Machinery — 0.1%
Colfax Corp.
6.00%, 2/15/2024(a)		190		196
6.38%, 2/15/2026(a)		450		470
Hillman Group, Inc. (The) 6.38%, 7/15/2022(a)		3,680		3,358
Novelis Corp.
6.25%, 8/15/2024(a)		2,155		2,204
5.88%, 9/30/2026(a)		1,080		1,052
RBS Global, Inc. 4.88%, 12/15/2025(a)		1,050		1,032
Terex Corp. 5.63%, 2/1/2025(a)		2,195		2,148
Welbilt, Inc. 9.50%, 2/15/2024		2,480		2,666

				13,126

Media — 2.0%
Altice Financing SA (Luxembourg)
6.63%, 2/15/2023(a)		495		503
7.50%, 5/15/2026(a)		9,386		9,222
Altice Luxembourg SA (Luxembourg)
7.75%, 5/15/2022(a)		10,303		10,483
7.63%, 2/15/2025(a)		1,408		1,297
10.50%, 5/15/2027(a)		6,212		6,213
Charter Communications Operating LLC (ICE LIBOR USD 3 Month + 1.65%), 4.23%, 2/1/2024(b)		3,825		3,839
Clear Channel Communications International, Inc. 9.00%, 3/1/2021‡(h)		950		—	(i)
Clear Channel Worldwide Holdings, Inc.
Series A, 6.50%, 11/15/2022		11,360		11,584
Series B, 6.50%, 11/15/2022		29,718		30,312
9.25%, 2/15/2024(a)		11,854		12,680
Comcast Corp. (ICE LIBOR USD 3 Month + 0.44%), 3.03%, 10/1/2021(b)		7,940		7,971
CSC Holdings LLC
6.63%, 10/15/2025(a)		2,475		2,595
10.88%, 10/15/2025(a)		28,110		31,906
6.50%, 2/1/2029(a)		1,255		1,327
DISH DBS Corp.
6.75%, 6/1/2021		3,975		4,104
5.88%, 7/15/2022		2,865		2,816
5.00%, 3/15/2023		10,380		9,731
5.88%, 11/15/2024		32,558		29,223
7.75%, 7/1/2026		11,430		10,464
Entercom Media Corp.
7.25%, 11/1/2024(a)		1,580		1,615
6.50%, 5/1/2027(a)		1,315		1,335
Getty Images, Inc. 9.75%, 3/1/2027(a)		379		387
Gray Television, Inc. 7.00%, 5/15/2027(a)		726		769
iHeartCommunications, Inc.
10.63%, 3/15/2023‡(h)		3,855		—	(i)
6.38%, 5/1/2026		1,700		1,766
8.38%, 5/1/2027		3,081		3,223
Meredith Corp. 6.88%, 2/1/2026		3,245		3,342
Nexstar Broadcasting, Inc.
6.13%, 2/15/2022(a)		2,940		2,973
5.88%, 11/15/2022		5,081		5,168
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		5,125		5,348
Sinclair Television Group, Inc.
6.13%, 10/1/2022		6,225		6,318
5.13%, 2/15/2027(a)		1,295		1,234
Sirius XM Radio, Inc.
6.00%, 7/15/2024(a)		14,420		14,819
5.38%, 4/15/2025(a)		5,831		5,872
5.38%, 7/15/2026(a)		495		499
TEGNA, Inc. 6.38%, 10/15/2023		2,620		2,686

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025(a)		2,440		2,471
Videotron Ltd. (Canada)
5.38%, 6/15/2024(a)		6,285		6,539
5.13%, 4/15/2027(a)		235		236

				252,870

Metals & Mining — 0.2%
AK Steel Corp. 7.50%, 7/15/2023		4,855		4,806
Alcoa Nederland Holding BV
6.75%, 9/30/2024(a)		7,986		8,146
7.00%, 9/30/2026(a)		610		639
Constellium NV 6.63%, 3/1/2025(a)		1,660		1,685
Freeport-McMoRan, Inc.
3.55%, 3/1/2022		500		489
3.88%, 3/15/2023		2,205		2,123
4.55%, 11/14/2024		1,920		1,853
5.40%, 11/14/2034		631		562
Hecla Mining Co. 6.88%, 5/1/2021		10,635		9,917

				30,220

Multiline Retail — 0.1%
JC Penney Corp., Inc. 6.38%, 10/15/2036		3,800		1,026
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/2021(a)		7,304		3,725
8.75% (cash), 10/15/2021(a)(d)		9,682		4,986

				9,737

Multi-Utilities — 0.3%
Sempra Energy
(ICE LIBOR USD 3 Month + 0.50%), 3.10%, 1/15/2021(b)		4,103		4,090
(ICE LIBOR USD 3 Month + 0.45%), 3.06%, 3/15/2021(b)		29,380		29,155

				33,245

Oil, Gas & Consumable Fuels — 1.1%
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		2,120		2,093
Antero Resources Corp.
5.13%, 12/1/2022		4,915		4,866
5.63%, 6/1/2023		35		35
Baytex Energy Corp. (Canada) 5.63%, 6/1/2024(a)		1,118		1,048
Blue Racer Midstream LLC 6.13%, 11/15/2022(a)		5,185		5,159
Brazos Valley Longhorn LLC 6.88%, 2/1/2025		2,990		2,923
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078(b)		725		593
California Resources Corp. 8.00%, 12/15/2022(a)(k)		1,470		1,025
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023(k)		3,516		3,248
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		4,150		4,454
5.13%, 6/30/2027		570		590
Chesapeake Energy Corp.
8.00%, 1/15/2025		1,895		1,743
8.00%, 6/15/2027		2,290		2,027
CITGO Petroleum Corp. 6.25%, 8/15/2022(a)		1,615		1,611
ConocoPhillips Co. (ICE LIBOR USD 3 Month + 0.90%), 3.42%, 5/15/2022(b)		12,424		12,569
Covey Park Energy LLC 7.50%, 5/15/2025(a)		2,285		2,034
Crestwood Midstream Partners LP
6.25%, 4/1/2023(j)		4,290		4,326
5.63%, 5/1/2027(a)		1,780		1,744
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.38%, 12/15/2022(b)(e)(f)		1,545		1,506
Denbury Resources, Inc. 9.25%, 3/31/2022(a)		2,626		2,534
EnLink Midstream LLC 5.38%, 6/1/2029		609		607
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022(b)(e)(f)		1,490		1,222
4.40%, 4/1/2024		1,995		1,960
4.85%, 7/15/2026		1,040		1,019
EP Energy LLC
9.38%, 5/1/2024(a)		12,127		3,805
8.00%, 11/29/2024(a)(k)		4,430		2,747
8.00%, 2/15/2025(a)		1,045		317
7.75%, 5/15/2026(a)		11,730		9,941
Gulfport Energy Corp.
6.00%, 10/15/2024		1,510		1,246
6.38%, 5/15/2025		310		257
6.38%, 1/15/2026		1,200		978
Halcon Resources Corp. 6.75%, 2/15/2025		3,160		1,367
Jagged Peak Energy LLC 5.88%, 5/1/2026		265		259
Kinder Morgan, Inc. 3.05%, 12/1/2019		1,458		1,459
MEG Energy Corp. (Canada)
6.38%, 1/30/2023(a)		1,411		1,245
7.00%, 3/31/2024(a)		6,916		6,173
6.50%, 1/15/2025(a)		2,465		2,372
Oasis Petroleum, Inc.
6.88%, 1/15/2023		5,493		5,273
6.25%, 5/1/2026(a)		1,680		1,487
Parsley Energy LLC
5.25%, 8/15/2025(a)		1,700		1,666
5.63%, 10/15/2027(a)		2,220		2,198

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
PBF Holding Co. LLC 7.00%, 11/15/2023		1,361		1,388
Range Resources Corp. 4.88%, 5/15/2025		3,175		2,766
SM Energy Co.
6.13%, 11/15/2022		1,069		1,034
5.63%, 6/1/2025		2,535		2,206
Southwestern Energy Co.
6.20%, 1/23/2025(j)		2,300		2,138
7.50%, 4/1/2026		1,463		1,405
Summit Midstream Holdings LLC 5.75%, 4/15/2025		2,835		2,516
Targa Resources Partners LP
6.75%, 3/15/2024		6,405		6,645
5.88%, 4/15/2026		710		734
6.50%, 7/15/2027(a)		933		972
6.88%, 1/15/2029(a)		1,556		1,658
Ultra Resources, Inc. 9.00%, 7/12/2024		3,193		1,357
W&T Offshore, Inc. 9.75%, 11/1/2023(a)		1,695		1,667
Whiting Petroleum Corp.
5.75%, 3/15/2021		695		686
6.25%, 4/1/2023		60		58
6.63%, 1/15/2026		2,990		2,732
Williams Cos., Inc. (The) 7.88%, 9/1/2021		3,520		3,898
WPX Energy, Inc.
6.00%, 1/15/2022		264		268
8.25%, 8/1/2023		3,190		3,517

				144,365

Personal Products — 0.1%
Coty, Inc. 6.50%, 4/15/2026(a)		3,885		3,729
High Ridge Brands Co. 8.88%, 3/15/2025(a)		3,888		370
Prestige Brands, Inc. 6.38%, 3/1/2024(a)		2,625		2,697

				6,796

Pharmaceuticals — 0.7%
Advanz Pharma Corp. (Canada) 8.00%, 9/6/2024(k)		1,573		1,482
Bausch Health Americas, Inc. 8.50%, 1/31/2027(a)		2,328		2,444
Bausch Health Cos., Inc.
5.88%, 5/15/2023(a)		7,619		7,636
7.00%, 3/15/2024(a)		16,596		17,333
6.13%, 4/15/2025(a)		22,038		21,553
9.00%, 12/15/2025(a)		7,479		8,049
7.00%, 1/15/2028(a)		1,905		1,883
Bayer US Finance II LLC (Germany) (ICE LIBOR USD 3 Month + 0.63%), 3.23%, 6/25/2021(a)(b)		7,780		7,715
Bristol-Myers Squibb Co. (ICE LIBOR USD 3 Month + 0.38%), 2.90%, 5/16/2022(a)(b)		3,216		3,221
Endo Dac 6.00%, 7/15/2023(a)		5,494		3,948
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(a)		2,895		2,801
Zoetis, Inc. (ICE LIBOR USD 3 Month + 0.44%), 2.96%, 8/20/2021(b)		5,500		5,458

				83,523

Road & Rail — 0.3%
Avis Budget Car Rental LLC 6.38%, 4/1/2024(a)		8,155		8,400
Herc Rentals, Inc.
7.50%, 6/1/2022(a)		1,865		1,938
7.75%, 6/1/2024(a)		3,062		3,223
Hertz Corp. (The)
7.38%, 1/15/2021		2,025		2,015
7.63%, 6/1/2022(a)		8,826		8,947
6.25%, 10/15/2022		1,585		1,514
5.50%, 10/15/2024(a)		10,588		8,808
Park Aerospace Holdings Ltd. (Ireland) 4.50%, 3/15/2023(a)		4,469		4,519

				39,364

Semiconductors & Semiconductor Equipment — 0.1%
Entegris, Inc. 4.63%, 2/10/2026(a)		2,700		2,687
MagnaChip Semiconductor Corp. (South Korea) 6.63%, 7/15/2021(j)		1,902		1,826
NXP BV (Netherlands) 4.63%, 6/1/2023(a)		708		736
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(a)		7,310		7,602

				12,851

Software — 0.3%
CDK Global, Inc. 5.25%, 5/15/2029(a)		1,225		1,221
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024(a)		1,191		1,298
Infor US, Inc. 6.50%, 5/15/2022		24,620		24,871
Informatica LLC 7.13%, 7/15/2023(a)		4,465		4,507

				31,897

Specialty Retail — 0.2%
L Brands, Inc. 6.75%, 7/1/2036		2,155		1,832
PetSmart, Inc.
7.13%, 3/15/2023(a)		7,546		6,753
5.88%, 6/1/2025(a)		3,205		3,009
8.88%, 6/1/2025(a)		3,663		3,361

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Staples, Inc.
7.50%, 4/15/2026(a)		3,940		3,762
10.75%, 4/15/2027(a)		3,870		3,696

				22,413

Technology Hardware, Storage & Peripherals — 0.3%
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		2,530		2,201
Hewlett Packard Enterprise Co. (ICE LIBOR USD 3 Month + 0.72%), 3.32%, 10/5/2021(b)		30,469		30,477

				32,678

Textiles, Apparel & Luxury Goods — 0.0%(c)
Hanesbrands, Inc. 4.88%, 5/15/2026(a)		1,110		1,090
William Carter Co. (The) 5.63%, 3/15/2027(a)		1,020		1,042

				2,132

Thrifts & Mortgage Finance — 0.0%(c)
Nationstar Mortgage Holdings, Inc. 8.13%, 7/15/2023(a)		1,571		1,567

Tobacco — 0.0%(c)
BAT Capital Corp. (United Kingdom)
(ICE LIBOR USD 3 Month + 0.59%), 3.12%, 8/14/2020(b)		1,932		1,934
(ICE LIBOR USD 3 Month + 0.88%), 3.40%, 8/15/2022(b)		4,220		4,221

				6,155

Trading Companies & Distributors — 0.2%
Ahern Rentals, Inc. 7.38%, 5/15/2023(a)		3,080		2,695
Aviation Capital Group LLC (ICE LIBOR USD 3 Month + 0.95%), 3.58%, 6/1/2021(a)(b)		8,020		8,045
United Rentals North America, Inc.
5.88%, 9/15/2026		3,835		3,969
6.50%, 12/15/2026		2,850		3,021
5.50%, 5/15/2027		2,275		2,295
4.88%, 1/15/2028		865		839

				20,864

Wireless Telecommunication Services — 0.8%
Intelsat Connect Finance SA (Luxembourg) 9.50%, 2/15/2023(a)		1,700		1,479
Sprint Corp.
7.88%, 9/15/2023		18,655		20,039
7.13%, 6/15/2024		1,140		1,185
7.63%, 2/15/2025		32,495		34,363
7.63%, 3/1/2026		1,207		1,279
T-Mobile USA, Inc.
6.50%, 1/15/2024		1,585		1,636
6.50%, 1/15/2024‡		1,585		—	(i)
6.38%, 3/1/2025		13,815		14,295
6.38%, 3/1/2025‡		15,960		—	(i)
6.50%, 1/15/2026		7,340		7,744
6.50%, 1/15/2026‡		5,180		—	(i)
4.75%, 2/1/2028		6,413		6,355
4.75%, 2/1/2028‡		1,410		—	(i)
United States Cellular Corp. 6.70%, 12/15/2033		3,370		3,539
Wind Tre SpA (Italy) 5.00%, 1/20/2026(a)		4,160		3,941

				95,855

TOTAL CORPORATE BONDS (Cost $3,726,055)				3,698,337

U.S. GOVERNMENT AGENCY SECURITIES — 14.0%
FHLB
DN, 2.39%, 6/21/2011(m)		408,692		408,214
DN, 2.39%, 6/25/2019(m)		480,000		479,314
DN, 2.39%, 6/26/2019(m)		497,000		496,257
DN, 2.39%, 8/21/2019(m)		400,000		397,937

TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $1,781,435)				1,781,722

COLLATERALIZED MORTGAGE OBLIGATIONS — 10.5%
Adjustable Rate Mortgage Trust
Series 2005-5, Class 5A1, 4.58%, 9/25/2035(l)		4,512		4,077
Series 2005-10, Class 1A21, 4.39%, 1/25/2036(l)		1,226		1,155
Alternative Loan Trust
Series 2004-5CB, Class 2A1, 5.00%, 5/25/2019		86		87
Series 2005-20CB, Class 4A1, 5.25%, 7/25/2020		459		454
Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020		259		259
Series 2005-J11, Class 5A1, 5.50%, 11/25/2020		622		620
Series 2006-J3, Class 2A1, 4.75%, 12/25/2020		153		135
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025		866		837
Series 2005-J3, Class 3A1, 6.50%, 9/25/2034		89		85
Series 2006-J2, Class A1, 2.93%, 4/25/2036(l)		3,861		2,249
Series 2006-24CB, Class A1, 6.00%, 8/1/2036		1,363		1,150
Series 2006-24CB, Class A23, 6.00%, 8/1/2036		2,456		2,071

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Series 2006-25CB, Class A9, 6.00%, 10/25/2036		3,432		2,922
Series 2006-28CB, Class A17, 6.00%, 10/25/2036		604		474
Series 2006-31CB, Class A3, 6.00%, 11/25/2036		2,120		1,793
Series 2006-41CB, Class 2A17, 6.00%, 1/25/2037		474		402
Series 2007-5CB, Class 1A31, 5.50%, 4/25/2037		700		553
American Home Mortgage Assets Trust Series 2006-2, Class 2A1, 2.62%, 9/25/2046(l)		1,578		1,496
Angel Oak Mortgage Trust I LLC
Series 2018-1, Class A2, 3.31%, 4/27/2048(a)(l)		7,974		7,995
Series 2018-2, Class A2, 3.78%, 7/27/2048(a)(l)		4,796		4,863
Series 2019-1, Class A2, 4.02%, 11/25/2048(a)(l)		8,484		8,629
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022(a)		9,177		9,227
Arroyo Mortgage Trust
Series 2018-1, Class A1, 3.76%, 4/25/2048(a)(l)		18,995		19,415
Series 2019-1, Class A2, 4.06%, 1/25/2049(a)(l)		10,682		10,898
Banc of America Alternative Loan Trust
Series 2006-4, Class 2A1, 6.00%, 5/25/2021		879		839
Series 2004-12, Class 2CB1, 6.00%, 1/25/2035		1,523		1,527
Series 2005-2, Class 2CB1, 6.00%, 3/25/2035		1,455		1,416
Banc of America Funding Trust
Series 2005-1, Class 1A1, 5.50%, 2/25/2035		1,634		1,654
Series 2006-1, Class 2A1, 5.50%, 1/25/2036		480		481
Series 2006-D, Class 5A2, 4.37%, 5/20/2036(l)		1,081		1,025
Series 2014-R7, Class 1A1, 2.58%, 5/26/2036(a)(l)		7,483		7,255
Series 2014-R7, Class 2A1, 2.57%, 9/26/2036(a)(l)		1,719		1,677
Series 2015-R4, Class 5A1, 2.64%, 10/25/2036(a)(l)		13,635		13,280
Banc of America Mortgage Trust
Series 2005-11, Class 2A1, 5.25%, 12/25/2020		168		168
Series 2007-3, Class 1A1, 6.00%, 9/25/2037		3,622		3,503
Bear Stearns ARM Trust Series 2005-12, Class 22A1, 4.54%, 2/25/2036(l)		5,743		5,775
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC5, Class A1, 5.75%, 10/25/2034(j)		3,228		3,307
Bunker Hill Loan Depositary Trust Series 2019-1, Class A2, 3.82%, 10/26/2048(a)(j)		3,173		3,221
Chase Mortgage Finance Trust Series 2005-S1, Class 1A15, 6.00%, 5/25/2035		1,054		1,109
CHL Mortgage Pass-Through Trust
Series 2005-21, Class A2, 5.50%, 10/25/2035		504		462
Series 2006-15, Class A1, 6.25%, 10/25/2036		1,483		1,193
Series 2006-20, Class 1A36, 5.75%, 2/25/2037		659		526
Series 2007-5, Class A6, 2.78%, 5/25/2037(l)		1,908		1,312
Citicorp Mortgage Securities Trust Series 2007-5, Class 1A9, 6.00%, 6/25/2037		2,408		2,477
Citigroup Mortgage Loan Trust
Series 2006-4, Class 1A1, 5.50%, 12/25/2035		301		302
Series 2014-11, Class 4A1, 2.68%, 7/25/2036(a)(l)		3,376		3,234
Series 2014-10, Class 3A1, 2.88%, 7/25/2036(a)(l)		5,268		5,113
Series 2014-12, Class 1A4, 2.60%, 8/25/2036(a)(l)		12,642		12,358
Series 2014-10, Class 1A1, 2.61%, 11/25/2036(a)(l)		3,957		3,811
Series 2014-10, Class 4A1, 2.65%, 2/25/2037(a)(l)		6,558		6,197
Series 2014-12, Class 2A4, 3.70%, 2/25/2037(a)(l)		2,162		2,182
Series 2014-C, Class A, 3.25%, 2/25/2054(a)(l)		6,729		6,720
COLT Mortgage Loan Trust
Series 2018-1, Class A2, 2.98%, 2/25/2048(a)(l)		894		894
Series 2018-2, Class A2, 3.54%, 7/27/2048(a)(l)		6,009		6,051
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1M1, 3.18%, 4/25/2031(a)(l)		7,519		7,523
Series 2019-R01, Class 2M1, 3.28%, 7/25/2031(a)(l)		10,593		10,613
Series 2019-R02, Class 1M1, 3.28%, 8/25/2031(a)(l)		21,671		21,720
Series 2019-R03, Class 1M1, 3.18%, 9/25/2031(a)(l)		13,102		13,113
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-5, Class 1A1, 5.00%, 7/25/2020		152		152
Series 2005-7, Class 3A1, 5.00%, 8/25/2020		8		7
Series 2004-5, Class 4A1, 6.00%, 9/25/2034		1,392		1,443

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
CSMC
Series 2011-12R, Class 3A1, 3.76%, 7/27/2036(a)(l)		1,099		1,098
Series 2014-11R, Class 9A1, 2.62%, 10/27/2036(a)(l)		3,313		3,302
Series 2014-10R, Class 4A1, 2.98%, 12/27/2036(a)(l)		334		333
Series 2014-11R, Class 8A1, 2.56%, 4/27/2037(a)(l)		1,196		1,188
Deephave Residential Mortgage Trust Series 2019-2A, Class B1, 4.72%, 4/25/2059(a)(l)		4,463		4,533
Deephaven Residential Mortgage Trust
Series 2017-2A, Class A1, 2.45%, 6/25/2047(a)(l)		3,135		3,127
Series 2018-2A, Class A2, 3.53%, 4/25/2058(a)(l)		6,948		7,004
Series 2018-3A, Class A2, 3.89%, 8/25/2058(a)(l)		4,109		4,152
Series 2018-4A, Class A2, 4.18%, 10/25/2058(a)(l)		9,935		10,078
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 2A1, 5.30%, 2/25/2020(l)		286		287
Series 2005-1, Class 1A1, 2.93%, 2/25/2035(l)		1,775		1,738
Ellington Financial Mortgage Trust Series 2017-1, Class A3, 2.84%, 10/25/2047(a)(l)		2,037		2,027
FHLMC Stacr Trust Series 2018-HQA2, Class M1, 3.18%, 10/25/2048(a)(l)		34,083		34,140
FHLMC Structured Agency Credit Risk Debt Notes
Series 2014-DN1, Class M2, 4.63%, 2/25/2024(l)		25,502		25,944
Series 2014-DN2, Class M2, 4.08%, 4/25/2024(l)		12,291		12,373
Series 2014-DN3, Class M3, 6.43%, 8/25/2024‡(l)		2,731		2,930
Series 2014-DN4, Class M3, 6.98%, 10/25/2024(l)		5,422		5,890
Series 2015-DN1, Class M3, 6.58%, 1/25/2025(l)		13,047		13,819
Series 2015-DNA1, Class M2, 4.28%, 10/25/2027(l)		5,807		5,882
Series 2015-DNA3, Class M2, 5.28%, 4/25/2028(l)		7,634		7,818
Series 2016-DNA1, Class M2, 5.38%, 7/25/2028(l)		2,982		3,024
Series 2016-DNA2, Class M3, 7.08%, 10/25/2028(l)		26,381		28,945
Series 2016-HQA2, Class M2, 4.68%, 11/25/2028(l)		14,014		14,207
Series 2016-DNA3, Class M2, 4.43%, 12/25/2028(l)		12,379		12,477
Series 2017-DNA1, Class M1, 3.63%, 7/25/2029(l)		32,605		32,718
Series 2017-HQA1, Class M1, 3.63%, 8/25/2029(l)		12,394		12,438
Series 2017-DNA2, Class M1, 3.63%, 10/25/2029(l)		40,072		40,343
Series 2017-HQA2, Class M1, 3.23%, 12/25/2029(l)		32,369		32,370
Series 2017-DNA3, Class M1, 3.18%, 3/25/2030(l)		38,986		38,995
Series 2017-HQA3, Class M1, 2.98%, 4/25/2030(l)		1,656		1,655
Series 2018-HQA1, Class M1, 3.13%, 9/25/2030(l)		22,448		22,457
First Horizon Alternative Mortgage Securities Trust Series 2006-FA7, Class A1, 5.75%, 12/25/2036		1,612		1,250
FNMA, Connecticut Avenue Securities
Series 2014-C01, Class M1, 4.03%, 1/25/2024‡(l)		1,400		1,402
Series 2014-C02, Class 1M1, 3.38%, 5/25/2024‡(l)		576		576
Series 2014-C03, Class 1M2, 5.43%, 7/25/2024(l)		9,986		10,593
Series 2015-C03, Class 1M2, 7.43%, 7/25/2025‡(l)		21,746		24,168
Series 2015-C04, Class 1M2, 8.13%, 4/25/2028(l)		30,525		34,314
Series 2016-C03, Class 1M1, 4.43%, 10/25/2028(l)		2,448		2,466
Series 2016-C05, Class 2M1, 3.78%, 1/25/2029(l)		1,281		1,281
Series 2016-C04, Class 1M1, 3.88%, 1/25/2029(l)		19,780		19,850
Series 2016-C05, Class 2M2, 6.88%, 1/25/2029(l)		33,790		36,456
Series 2016-C06, Class 1M1, 3.73%, 4/25/2029(l)		19,743		19,840
Series 2017-C01, Class 1M1, 3.73%, 7/25/2029(l)		25,879		25,985
Series 2017-C02, Class 2M1, 3.58%, 9/25/2029(l)		25,534		25,623
Series 2017-C03, Class 1M1, 3.38%, 10/25/2029(l)		25,388		25,450
Series 2017-C04, Class 2M1, 3.28%, 11/25/2029(l)		24,481		24,520
Series 2017-C05, Class 1M1, 2.98%, 1/25/2030(l)		31,297		31,297
Series 2017-C06, Class 1M1, 3.18%, 2/25/2030(l)		16,600		16,608
Series 2017-C06, Class 2M1, 3.18%, 2/25/2030(l)		5,207		5,206
Series 2017-C07, Class 1M1, 3.08%, 5/25/2030(l)		9,261		9,264
Series 2017-C07, Class 2M1, 3.08%, 5/25/2030(l)		3,450		3,450

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Series 2018-C01, Class 1M1, 3.03%, 7/25/2030(l)		50,580		50,554
Series 2018-C02, Class 2M1, 3.08%, 8/25/2030(l)		5,681		5,682
Series 2018-C03, Class 1M1, 3.11%, 10/25/2030(l)		6,532		6,538
Series 2018-C04, Class 2M1, 3.18%, 12/25/2030(l)		4,208		4,210
Series 2018-C05, Class 1M1, 3.15%, 1/25/2031(l)		34,162		34,184
Series 2018-C06, Class 1M1, 2.98%, 3/25/2031(l)		10,038		10,037
Series 2018-C06, Class 2M1, 2.98%, 3/25/2031(l)		8,250		8,247
GSMSC Resecuritization Trust Series 2014-1R, Class 1A, 2.65%, 4/26/2037(a)(l)		1,396		1,380
GSR Mortgage Loan Trust
Series 2006-9F, Class 9A1, 6.00%, 8/25/2021		172		166
Series 2006-2F, Class 2A1, 5.75%, 2/25/2036		1,652		1,577
Series 2006-3F, Class 2A7, 5.75%, 3/25/2036		1,477		1,559
HarborView Mortgage Loan Trust
Series 2004-9, Class 2A, 4.15%, 12/19/2034(l)		2,286		2,077
Series 2006-9, Class 2A1A, 2.65%, 11/19/2036(l)		5,680		5,146
HomeBanc Mortgage Trust Series 2005-4, Class A1, 2.70%, 10/25/2035(l)		8,835		8,903
Homeward Opportunities Fund I Trust Series 2018-1, Class A2, 3.90%, 6/25/2048(a)(l)		7,722		7,847
Impac CMB Trust
Series 2004-6, Class 1A2, 3.21%, 10/25/2034(l)		1,616		1,602
Series 2005-1, Class 2A1, 2.94%, 4/25/2035(l)		11,213		11,165
JP Morgan Mortgage Trust Series 2005-S2, Class 4A3, 5.50%, 9/25/2020		806		743
JP Morgan Seasoned Mortgage Trust Series 2014-1, Class A2, 2.93%, 5/25/2033(a)(l)		10,212		10,174
Lehman Mortgage Trust Series 2006-4, Class 3A1, 5.00%, 8/25/2021		272		269
MASTR Alternative Loan Trust
Series 2004-7, Class 10A1, 6.00%, 6/25/2034		781		796
Series 2005-5, Class 3A1, 5.75%, 8/25/2035		2,445		2,001
NACC Reperforming Loan REMIC Trust Series 2004-R1, Class A1, 6.50%, 3/25/2034(a)		1,384		1,356
New Residential Mortgage Loan Trust Series 2018-NQM1, Class A2, 4.09%, 11/25/2048(a)(l)		6,894		7,085
Nomura Resecuritization Trust Series 2015-2R, Class 4A1, 2.98%, 12/26/2036(a)(l)		3,479		3,387
Prime Mortgage Trust Series 2005-2, Class 2A1, 6.58%, 10/25/2032(l)		1,529		1,569
RALI Trust
Series 2003-QS16, Class A1, 5.00%, 8/25/2018		143		145
Series 2003-QS20, Class CB, 5.00%, 11/25/2018		68		67
Series 2005-QS3, Class 2A1, 5.00%, 3/25/2020		107		106
Series 2006-QS18, Class 3A3, 5.75%, 12/25/2021		213		205
Series 2007-QS4, Class 5A2, 5.50%, 4/25/2022		6		6
RBSSP Resecuritization Trust Series 2012-6, Class 10A2, 2.63%, 8/26/2036(a)(l)		8,052		7,886
Residential Asset Securitization Trust
Series 2004-A6, Class A1, 5.00%, 8/25/2019		52		51
Series 2006-R1, Class A2, 2.83%, 1/25/2046(l)		18,539		8,110
Residential Mortgage Loan Trust Series 2019-1, Class A2, 4.09%, 10/25/2058(a)(l)		14,331		14,529
RFMSI Trust
Series 2005-SA2, Class 2A2, 4.56%, 6/25/2035(l)		2,445		2,380
Series 2006-S9, Class A1, 6.25%, 9/25/2036		2,843		2,784
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		2,327		2,188
Series 2006-SA4, Class 2A1, 5.34%, 11/25/2036(l)		1,569		1,506
Series 2006-S12, Class 3A9, 5.75%, 12/25/2036		3,407		3,227
Series 2007-S2, Class A4, 6.00%, 2/25/2037		934		881
SG Residential Mortgage Trust Series 2018-1, Class A2, 3.58%, 4/27/2048(a)(l)		2,196		2,215
STACR Trust
Series 2018-HRP1, Class M2, 4.08%, 4/25/2043‡(a)(l)		49,281		49,588
Series 2018-HRP2, Class M1, 3.28%, 2/25/2047‡(a)(l)		7,164		7,164
Starwood Mortgage Residential Trust
Series 2018-IMC1, Class A2, 3.89%, 3/25/2048(a)(l)		7,499		7,618
Series 2018-IMC2, Class A2, 4.22%, 10/25/2048(a)(l)		6,334		6,478

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Thornburg Mortgage Securities Trust
Series 2007-4, Class 3A1, 4.08%, 9/25/2037(l)		1,047		1,055
Series 2002-4, Class 3A, 4.48%, 12/25/2042(l)		1,317		1,343
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021(a)(j)		5,310		5,316
Towd Point Mortgage Trust
Series 2015-3, Class A4B, 3.50%, 3/25/2054‡(a)(l)		7,405		7,483
Series 2015-4, Class A1B, 2.75%, 4/25/2055(a)(l)		783		781
Series 2016-4, Class A1, 2.25%, 7/25/2056‡(a)(l)		11,753		11,642
Series 2017-6, Class A1, 2.75%, 10/25/2057‡(a)(l)		7,341		7,340
Verus Securitization Trust
Series 2017-1A, Class A2, 3.16%, 1/25/2047(a)(l)		823		825
Series 2017-2A, Class A2, 2.64%, 7/25/2047(a)(l)		3,128		3,110
Series 2018-1, Class A2, 3.03%, 2/25/2048(a)(l)		1,762		1,761
Series 2018-INV1, Class B1, 4.55%, 3/25/2058‡(a)(l)		5,320		5,315
Series 2018-2, Class A2, 3.78%, 6/1/2058(a)(l)		4,971		5,014
Series 2018-3, Class A2, 4.18%, 10/25/2058(a)(l)		7,742		7,902
Series 2018-INV2, Class A2, 4.40%, 10/25/2058(a)(l)		8,676		8,869
Series 2019-2, Class A1, 3.21%, 4/25/2059(a)(l)		12,780		12,780
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-7, Class 1A2, 2.88%, 9/25/2035(l)		1,692		1,396
Series 2005-8, Class 1A8, 5.50%, 10/25/2035		131		128
Wells Fargo Alternative Loan Trust Series 2005-1, Class 1A2, 5.50%, 2/25/2035		749		765
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-17, Class A1, 5.50%, 11/25/2021		135		135
Series 2007-3, Class 3A1, 5.50%, 4/25/2022		88		90
Series 2005-16, Class A8, 5.75%, 12/25/2035		381		409
Series 2006-11, Class A4, 5.00%, 9/25/2036		1,242		1,171
Series 2006-11, Class A13, 6.00%, 9/25/2036		3		3
Series 2006-11, Class A8, 6.00%, 9/25/2036		1,504		1,466
Series 2006-11, Class A9, 6.50%, 9/25/2036		849		841
Series 2007-10, Class 1A5, 6.00%, 7/25/2037		1,310		1,318
Series 2007-11, Class A85, 6.00%, 8/25/2037		590		564
Series 2007-11, Class A96, 6.00%, 8/25/2037		119		119

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,327,743)				1,336,706

ASSET-BACKED SECURITIES — 7.9%
ABFC Trust Series 2006-OPT2, Class A2, 2.57%, 10/25/2036‡(l)		20,669		19,828
Accredited Mortgage Loan Trust Series 2003-3, Class A1, 5.21%, 1/25/2034‡(j)		1,974		2,069
ACE Securities Corp. Home Equity Loan Trust Series 2006-FM1, Class A2B, 2.52%, 7/25/2036‡(l)		28,927		10,302
Ally Auto Receivables Trust Series 2017-5, Class A3, 1.99%, 3/15/2022		17,933		17,881
American Express Credit Account Master Trust Series 2017-8, Class A, 2.56%, 5/16/2022(l)		23,504		23,510
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-7, Class M1, 3.70%, 8/25/2033‡(l)		611		611
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2003-HE7, Class M2, 4.15%, 12/15/2033‡(l)		921		926
Bear Stearns Asset-Backed Securities Trust Series 2004-SD1, Class M2, 5.82%, 12/25/2042‡(j)		827		831
Capital One Multi-Asset Execution Trust Series 2014-A4, Class A4, 2.80%, 6/15/2022(l)		34,007		34,026
Carrington Mortgage Loan Trust
Series 2005-NC5, Class M1, 2.91%, 10/25/2035‡(l)		18,972		19,006
Series 2006-NC2, Class A3, 2.58%, 6/25/2036‡(l)		23,358		23,111
Series 2007-RFC1, Class A2, 2.53%, 12/25/2036‡(l)		2,125		2,118
Series 2007-FRE1, Class A2, 2.63%, 2/25/2037(l)		5,851		5,825
Series 2007-HE1, Class A2, 2.58%, 6/25/2037‡(l)		3,507		3,488

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Centex Home Equity Loan Trust Series 2005-A, Class M2, 3.18%, 1/25/2035‡(l)		2,652		2,617
Citibank Credit Card Issuance Trust
Series 2017-A9, Class A9, 1.80%, 9/20/2021		26,596		26,536
Series 2017-A4, Class A4, 2.69%, 4/7/2022(l)		24,622		24,637
Series 2016-A3, Class A3, 2.96%, 12/7/2023(l)		9,605		9,671
Series 2017-A7, Class A7, 2.84%, 8/8/2024(l)		35,729		35,784
Countrywide Asset-Backed Certificates
Series 2006-8, Class 2A3, 2.59%, 12/25/2035‡(l)		8,906		8,803
Series 2006-BC3, Class 2A3, 2.67%, 2/25/2037‡(l)		6,853		6,833
Series 2007-2, Class 2A3, 2.57%, 8/25/2037‡(l)		7,502		7,380
Series 2007-8, Class 2A3, 2.62%, 11/25/2037‡(l)		17,866		17,711
Credit-Based Asset Servicing & Securitization LLC Series 2006-CB8, Class A1, 2.57%, 10/25/2036‡(l)		12,200		11,255
CWABS Asset-Backed Certificates Trust
Series 2006-14, Class 2A2, 2.58%, 2/25/2037‡(l)		1,149		1,148
Series 2006-18, Class 2A2, 2.59%, 3/25/2037‡(l)		13,752		13,643
Series 2006-11, Class 3AV2, 2.59%, 9/25/2046‡(l)		7,016		6,919
CWABS, Inc. Asset-Backed Certificates Series 2004-1, Class M2, 3.25%, 3/25/2034‡(l)		519		517
Discover Card Execution Note Trust
Series 2017-A3, Class A3, 2.67%, 10/17/2022(l)		6,183		6,191
Series 2017-A1, Class A1, 2.93%, 7/15/2024(l)		8,864		8,921
Ellington Loan Acquisition Trust
Series 2007-2, Class A2E, 3.53%, 5/25/2037‡(a)(l)		2,171		2,178
FBR Securitization Trust
Series 2005-2, Class M2, 3.18%, 9/25/2035‡(l)		14,372		14,407
Series 2005-5, Class M1, 3.12%, 11/25/2035‡(l)		9,212		9,184
Fieldstone Mortgage Investment Trust Series 2006-2, Class 2A3, 2.70%, 7/25/2036‡(l)		3,587		2,031
First Franklin Mortgage Loan Trust
Series 2006-FF8, Class IA1, 2.57%, 7/25/2036‡(l)		14,237		14,111
Series 2006-FF12, Class A4, 2.57%, 9/25/2036‡(l)		1,630		1,617
Series 2006-FF14, Class A5, 2.59%, 10/25/2036‡(l)		25,599		25,148
Ford Credit Auto Owner Trust
Series 2015-B, Class B, 2.04%, 10/15/2020		18,928		18,915
Series 2017-C, Class A3, 2.01%, 3/15/2022		22,893		22,829
Series 2016-2, Class A, 2.03%, 12/15/2027(a)		19,412		19,292
FREED ABS Trust
Series 2018-1, Class B, 4.56%, 7/18/2024‡(a)		4,084		4,163
Series 2019-1, Class B, 3.87%, 6/18/2026(a)		4,705		4,752
Fremont Home Loan Trust
Series 2005-1, Class M4, 3.45%, 6/25/2035‡(l)		4,112		4,126
Series 2006-1, Class 1A1, 2.58%, 4/25/2036(l)		11,335		11,275
GSAA Home Equity Trust
Series 2007-5, Class 1AV1, 2.53%, 5/25/2037‡(l)		7,477		3,695
Series 2007-7, Class 1A2, 2.61%, 7/25/2037‡(l)		3,156		3,049
GSAMP Trust
Series 2005-WMC1, Class M1, 3.16%, 9/25/2035‡(l)		4,022		4,011
Series 2006-FM1, Class A1, 2.59%, 4/25/2036‡(l)		12,727		9,915
Series 2006-HE3, Class A2C, 2.59%, 5/25/2046(l)		12,683		12,527
Series 2007-HE1, Class A2C, 2.58%, 3/25/2047‡(l)		19,543		19,196
Home Equity Asset Trust Series 2005-9, Class 2A4, 2.77%, 4/25/2036‡(l)		731		731
Home Equity Mortgage Loan Asset-Backed Trust
Series 2004-B, Class M2, 3.55%, 11/25/2034‡(l)		923		923
Series 2006-C, Class 2A, 2.56%, 8/25/2036‡(l)		14,867		14,047
Series 2006-C, Class 3A3, 2.58%, 8/25/2036‡(l)		4,588		4,443
JP Morgan Mortgage Acquisition Trust
Series 2006-CW2, Class AV4, 2.58%, 8/25/2036‡(l)		590		586
Series 2007-CH3, Class A1A, 2.60%, 3/25/2037‡(l)		30,494		30,351
Long Beach Mortgage Loan Trust Series 2004-3, Class M1, 3.28%, 7/25/2034‡(l)		995		987
MASTR Asset-Backed Securities Trust
Series 2006-HE4, Class A2, 2.54%, 11/25/2036‡(l)		6,310		2,971
Series 2006-HE4, Class A3, 2.58%, 11/25/2036‡(l)		8,091		3,843

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-H1, Class 1A1, 3.43%, 10/25/2037‡(l)		12,557		12,721
Morgan Stanley ABS Capital I, Inc. Trust
Series 2004-SD3, Class M1, 3.48%, 6/25/2034‡(a)(l)		756		757
Series 2005-HE3, Class M4, 3.40%, 7/25/2035‡(l)		3,057		3,061
Series 2007-HE7, Class A2B, 3.43%, 7/25/2037‡(l)		3,848		3,821
Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV3, 2.61%, 6/25/2037‡(l)		3,355		3,344
New Century Home Equity Loan Trust
Series 2003-5, Class AI7, 5.06%, 11/25/2033‡(l)		5		6
Series 2006-2, Class A2B, 2.59%, 8/25/2036‡(l)		12,992		12,475
Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2006-HE1, Class M1, 2.84%, 2/25/2036‡(l)		2,601		2,610
NovaStar Mortgage Funding Trust
Series 2006-4, Class A2C, 2.58%, 9/25/2036‡(l)		12,811		7,015
Series 2006-4, Class A2D, 2.68%, 9/25/2036‡(l)		4,847		2,687
Series 2007-1, Class A1A, 2.56%, 3/25/2037‡(l)		20,169		15,224
Onemain Financial Issuance Trust Series 2018-1A, Class D, 4.08%, 3/14/2029‡(a)		3,336		3,405
OneMain Financial Issuance Trust
Series 2015-2A, Class D, 5.64%, 7/18/2025‡(a)		15,224		15,294
Series 2016-2A, Class C, 5.67%, 3/20/2028‡(a)(j)		6,153		6,194
Series 2016-1A, Class B, 4.57%, 2/20/2029‡(a)		6,352		6,451
Series 2018-1A, Class C, 3.77%, 3/14/2029‡(a)		6,713		6,845
Series 2019-1A, Class B, 3.79%, 2/14/2031‡(a)		9,495		9,729
Series 2017-1A, Class A2, 3.25%, 9/14/2032(a)(l)		9,141		9,161
Series 2017-1A, Class C, 3.35%, 9/14/2032‡(a)		3,761		3,756
Series 2017-1A, Class D, 4.52%, 9/14/2032‡(a)		35,917		36,071
Option One Mortgage Loan Trust
Series 2004-3, Class M2, 3.28%, 11/25/2034‡(l)		772		777
Series 2005-3, Class M2, 3.16%, 8/25/2035(l)		3,070		3,075
Ownit Mortgage Loan Trust Series 2006-1, Class AV, 2.66%, 12/25/2035‡(l)		7,657		7,594
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WHQ3, Class M3, 3.13%, 6/25/2035‡(l)		9,874		9,883
People’s Choice Home Loan Securities Trust Series 2005-4, Class 1A2, 2.95%, 12/25/2035‡(l)		2,213		2,176
Popular ABS Mortgage Pass-Through Trust Series 2005-4, Class M1, 2.89%, 9/25/2035‡(l)		7,478		7,509
RAAC Trust Series 2007-SP2, Class A2, 2.83%, 6/25/2047‡(l)		2,085		2,085
RASC Trust
Series 2005-KS2, Class M1, 3.07%, 3/25/2035‡(l)		1,812		1,814
Series 2007-KS3, Class AI3, 2.68%, 4/25/2037‡(l)		4,974		4,935
Regional Management Issuance Trust
Series 2018-1, Class A, 3.83%, 7/15/2027(a)		7,550		7,581
Series 2018-2, Class A, 4.56%, 1/18/2028(a)		7,126		7,283
Renaissance Home Equity Loan Trust
Series 2005-4, Class A3, 5.56%, 2/25/2036(j)		13		13
Saxon Asset Securities Trust
Series 2002-3, Class AF6, 5.41%, 5/25/2031‡(j)		1,306		1,358
Series 2001-3, Class AV1, 2.97%, 9/25/2031‡(l)		2,896		2,899
Series 2007-1, Class A2C, 2.58%, 1/25/2047‡(l)		7,419		7,332
Securitized Asset-Backed Receivables LLC Trust
Series 2006-NC3, Class A1, 2.57%, 9/25/2036‡(l)		13,286		9,340
Series 2007-NC2, Class A2B, 2.57%, 1/25/2037‡(l)		4,098		3,231
Soundview Home Loan Trust
Series 2005-2, Class M5, 3.42%, 7/25/2035‡(l)		3,383		3,410
Series 2005-OPT3, Class A1, 2.69%, 11/25/2035‡(l)		6,006		6,005
Series 2006-1, Class A4, 2.73%, 2/25/2036‡(l)		5,066		5,065
Series 2006-OPT1, Class 1A1, 2.61%, 3/25/2036‡(l)		20,044		19,992
Series 2006-OPT2, Class A3, 2.61%, 5/25/2036‡(l)		3,136		3,132
Series 2006-OPT4, Class 1A1, 2.58%, 6/25/2036‡(l)		17,333		17,189
Series 2006-OPT3, Class 1A1, 2.58%, 6/25/2036‡(l)		28,677		28,593
Series 2006-EQ1, Class A3, 2.59%, 10/25/2036‡(l)		8,219		8,180
Series 2007-1, Class 2A3, 2.60%, 3/25/2037‡(l)		4,679		4,663
Series 2007-OPT3, Class 2A3, 2.61%, 8/25/2037‡(l)		4,349		4,266

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Springleaf Funding Trust
Series 2015-AA, Class A, 3.16%, 11/15/2024(a)		2,195		2,195
Series 2017-AA, Class B, 3.10%, 7/15/2030(a)		7,463		7,464
Series 2017-AA, Class C, 3.86%, 7/15/2030‡(a)		1,943		1,977
Structured Asset Investment Loan Trust
Series 2005-4, Class M3, 3.15%, 5/25/2035‡(l)		3,666		3,680
Series 2006-2, Class A3, 2.79%, 4/25/2036(l)		11,444		11,249
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC5, Class A4, 2.60%, 12/25/2036‡(l)		2,486		2,432
Series 2007-WF1, Class A4, 2.63%, 2/25/2037‡(l)		8,556		8,524
Terwin Mortgage Trust Series 2006-3, Class 2A2, 2.64%, 4/25/2037(a)(l)		5,038		4,969
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2006-3, Class A2, 2.58%, 1/25/2037‡(l)		2,533		2,526

TOTAL ASSET-BACKED SECURITIES (Cost $992,927)				1,002,424

LOAN ASSIGNMENTS — 5.8%(n)
Aerospace & Defense — 0.0%(c)
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 10/4/2024(b)(o)		609		535
TransDigm Group, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 6/9/2023(b)		3,855		3,785

				4,320

Auto Components — 0.1%
USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.60%, 5/16/2024(b)		7,914		7,685

Building Products — 0.0%(c)
Continental Building Products, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 8/18/2023(b)		2,419		2,403
Summit Materials LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 11/21/2024(b)		2,406		2,391

				4,794

Chemicals — 0.1%
Momentive Performance, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 5.65%, 5/15/2024(b)(o)		7,125		7,094
Starfruit US Holdco, 1st Lien Senior Secured Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.72%, 10/1/2025(b)		3,985		3,949

				11,043

Commercial Services & Supplies — 0.2%
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.12%, 5/24/2024(b)		7,494		7,427
Nielsen Finance LLC, 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 4.46%, 10/4/2023(b)		3,820		3,757
Prime Security Services Borrower LLC, Term Loan B-1 (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 5/2/2022(b)		9,185		9,086

				20,270

Communications Equipment — 0.1%
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.69%, 12/15/2024(b)		4,558		4,458
CommScope, Inc., 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 4/6/2026(b)		5,562		5,534
Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 7/2/2025(b)		4,742		4,713

				14,705

Consumer Finance — 0.1%
Flying Fortress Holdings LLC, Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 4.35%, 10/30/2022(b)		11,801		11,773

Containers & Packaging — 0.3%
Berry Global, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 2.00%), 4.45%, 10/1/2022(b)		3,900		3,868
(ICE LIBOR USD 1 Month + 2.00%), 4.45%, 1/19/2024(b)		1,687		1,670
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 4/3/2024(b)		14,244		13,857

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Consolidated Container, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 5/22/2024(b)		3,865		3,826
Crown Americas, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.45%, 4/3/2025(b)		633		635
Flex Acquisition Co., Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.63%, 12/29/2023(b)		2,512		2,407
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 2/5/2023(b)		4,841		4,795
Viskase Cos., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 1/30/2021(b)		2,882		2,745

				33,803

Diversified Consumer Services — 0.1%
Spin Holdco, Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 11/14/2022(b)		4,820		4,723
St George’s University Scholastic Services LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.94%, 7/17/2025(b)		4,052		4,058

				8,781

Diversified Financial Services — 0.0%(c)
Quidditch Acquisition, Inc., 1st Lien Cov-Lite Term Loan (ICE LIBOR USD 1 Month + 7.00%), 9.43%, 3/21/2025(b)		891		891

Diversified Telecommunication Services — 0.5%
Centurylink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 1/31/2025(b)		17,930		17,422
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 10/2/2024(b)(o)		11,219		11,193
Consolidated Communications, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 10/5/2023(b)		996		972
Dawn Acquisition LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 6.35%, 12/31/2025(b)		3,245		3,119
Getty Images, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 7.00%, 2/19/2026(b)		3,988		3,971
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 5/16/2024(b)		768		760
Intelsat Jackson Holdings, 1st Lien Term Loan (Luxembourg) (ICE LIBOR USD 1 Month + 3.75%), 6.18%, 11/27/2023(b)		8,385		8,263
Level 3 Financing, Inc., Tranche B Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 2/22/2024(b)		8,665		8,520
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.94%, 11/1/2024(b)		2,389		2,282
Zayo Group LLC, Term Loan B-2 (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 1/19/2024(b)		3,825		3,821

				60,323

Electric Utilities — 0.0%(c)
Carroll County Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.60%, 2/16/2026(b)		2,556		2,568
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 1/30/2024(b)		2,483		2,453
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 1/30/2024(b)		140		139

				5,160

Electrical Equipment — 0.0%(c)
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.94%, 8/1/2025(b)		4,740		4,727

Electronic Equipment, Instruments & Components — 0.1%
II-VI, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.00%, 5/8/2026(b)(o)		8,616		8,546
VeriFone Systems, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.52%, 8/20/2025(b)		1,912		1,886

				10,432

Entertainment — 0.1%
AMC Entertainment Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 4/22/2026(b)(o)		5,415		5,390

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 4.56%, 11/1/2023(b)		5,807		5,735

				11,125

Equity Real Estate Investment Trusts (REITs) — 0.0%(c)
GGP, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 8/27/2025(b)		5,138		4,994

Food & Staples Retailing — 0.3%
Albertson’s LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 6/22/2023(b)		12,846		12,780
Albertson’s LLC, 1st Lien Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 11/17/2025(b)		7,567		7,511
Moran Foods LLC, Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.60%, 12/5/2023(b)		15,914		8,256
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.69%, 10/22/2025(b)		7,009		5,992

				34,539

Food Products — 0.1%
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%; ICE LIBOR USD 3 Month + 1.75%), 5.22%, 4/6/2024(b)		8,988		8,749
Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.69%), 6.13%, 5/23/2025(b)		2,347		2,290
JBS USA LLC, 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.50%), 5.03%, 5/1/2026(b)		1,603		1,599

				12,638

Health Care Equipment & Supplies — 0.0%(c)
Mallinckrodt International Finance SA, Term Loan (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.53%, 2/24/2025(b)		1,752		1,531
Mallinckrodt International Finance SA, Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.35%, 9/24/2024(b)(o)		550		483

				2,014

Health Care Providers & Services — 0.4%
21st Century Oncology, Inc., 1st Lien Revolver Term Loan (ICE LIBOR USD 3 Month + 6.13%), 7.79%, 1/14/2022‡(b)		678		677
Air Medical Group Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.68%, 3/14/2025(b)		10,001		9,789
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 10/10/2025(b)		22,553		20,477
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%), 5.35%, 6/7/2023(b)		11,482		11,217
Sound Inpatient Physicians Holdings LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.19%, 6/26/2026(b)		537		534
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 2/6/2024(b)		7,718		6,941

				50,590

Healthcare Providers & Services — 0.0%(c)
NVA Holdings, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 3.50%), 5.94%, 2/2/2025(b)		2,063		2,055

Hotels, Restaurants & Leisure — 0.1%
1011778 BC ULC, 1st Lien Term Loan B (Canada) (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 2/16/2024(b)		4,461		4,401
CEOC LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 10/7/2024(b)		1,985		1,962
Equinox Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 3/8/2024(b)		4,787		4,766
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 10/4/2023(b)		1,653		1,642
MGM Resorts International, 1st Lien Term Loan A (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 12/21/2023(b)		2,630		2,607

				15,378

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Household Products — 0.1%
Clover Merger Sub, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.94%, 9/26/2024(b)		5,173		4,953
Kronos Acquisition Intermediate Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 6.43%, 5/15/2023(b)		2,470		2,332

				7,285

Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp., Term Loan (ICE LIBOR USD 3 Month + 2.50%), 5.11%, 1/15/2024(b)(o)		4,784		4,753
ExGen Renewables IV LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.53%, 11/28/2024(b)		3,469		3,290
Invenergy LLC, Term Loan (ICE LIBOR USD 3 Month + 3.50%), 6.10%, 8/28/2025(b)		3,335		3,354
Talen Energy Supply LLC, Term Loan B-1 (ICE LIBOR USD 1 Month + 4.00%), 6.44%, 7/15/2023(b)		1,423		1,419
Talen Energy Supply, Term Loan B-2 (ICE LIBOR USD 1 Month + 4.00%), 6.45%, 4/15/2024(b)		3,211		3,202

				16,018

Insurance — 0.2%
Alliant Holdings I, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.43%, 5/9/2025(b)		7,819		7,610
Asurion LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.50%), 8.94%, 8/4/2025(b)		1,862		1,891
Asurion LLC, Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 11/3/2024(b)		5,219		5,192
HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 5.34%, 4/25/2025(b)		7,584		7,379

				22,072

IT Services — 0.3%
BMC Software Finance, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 6.85%, 10/2/2025(b)		4,714		4,626
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 7.43%, 2/6/2026(b)		2,628		2,622
Ensono LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.25%), 7.68%, 6/27/2025(b)		934		930
Evergreen Skills Lux SARL, 1st Lien Initial Term Loan (ICE LIBOR USD 1 Month + 4.75%), 7.19%, 4/28/2021(b)		3,777		3,179
Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 9.38%, 7/12/2023(b)		4,525		3,779
GTT Communications, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 5/31/2025(b)		3,640		3,357
Optiv Security, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 2/1/2024(b)		4,640		4,309
Optiv Security, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 7.25%), 9.69%, 1/31/2025(b)		5,350		4,895
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)		4,874		4,503
Web.Com Group, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.20%, 10/10/2025(b)		3,388		3,346

				35,546

Leisure Products — 0.2%
Delta 2 SARL, 1st Lien Term loan B (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 2/1/2024(b)		3,015		2,941
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.62%, 5/15/2022‡(b)		3,204		3,185
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.95%, 12/22/2025(b)		11,305		10,740
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 2/14/2025(b)		10,167		9,964

				26,830

Machinery — 0.1%
Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 3/28/2025(b)		10,068		9,655

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Materials — 0.0%(c)
Gates Global LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 4/1/2024(b)		2,913		2,889

Media — 0.4%
Altice Financing SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.18%, 1/31/2026(b)		4,856		4,637
CBS Radio, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.18%, 11/18/2024(b)		1,979		1,975
Cineworld Finance US, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 2/28/2025(b)		3,637		3,571
Hoya Midco LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.94%, 6/30/2024(b)		5,932		5,825
iHeartCommunications, Inc., Exit Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.58%, 5/1/2026(b)		7,437		7,439
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 1/31/2025(b)		3,922		3,911
Numericable US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.69%), 6.13%, 1/31/2026(b)		2,462		2,365
Sinclair Broadcast Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 1/3/2024(b)		3,811		3,792
Tribune Media Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 1/26/2024(b)		2,242		2,238
Tribune Media Co., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 12/27/2020(b)		2,804		2,801
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.75%, 8/18/2023(b)		833		831
Unitymedia Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.44%, 6/1/2023(b)		1,730		1,721
Univision Communications, Inc., 1st Lien Term Loan C-5 (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 3/15/2024(b)		4,565		4,325
Zuffa LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.75%, 8/18/2023(b)		7,517		7,496

				52,927

Multiline Retail — 0.1%
Neiman Marcus Group, Inc., Other Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.72%, 10/25/2020(b)(o)		12,013		10,800

Oil, Gas & Consumable Fuels — 0.5%
California Resources Corp., 1st Lien Second Out Term Loan (ICE LIBOR USD 1 Month + 10.38%), 12.80%, 12/31/2021(b)		6,630		6,676
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 1 Month + 4.75%), 7.18%, 12/31/2022(b)		7,137		6,774
Encino Acquisition Partners Holdings, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.19%, 10/29/2025(b)		1,483		1,364
Epic Crude Services LP, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 7.44%, 3/2/2026(b)		12,025		11,841
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%; ICE LIBOR USD 3 Month + 5.25%), 7.78%, 8/25/2023(b)		14,769		12,160
Kestrel Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.69%, 6/2/2025(b)		5,985		5,815
Lower Cadence Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.50%), 6.44%, 5/8/2026(b)(o)		2,006		2,002
MEG Energy Corp., 1st Lien Term Loan B (Canada) (ICE LIBOR USD 1 Month + 3.50%), 5.94%, 12/31/2023(b)		2,616		2,609
Prairie Eci Acquiror LP, 1st Lien Term Loan (ICE LIBOR USD 6 Month + 4.75%), 7.37%, 3/11/2026(b)		1,082		1,089
Ultra Resources, Inc., Term Loan (ICE LIBOR USD 1 Month + 0.25%), 6.18%, 4/12/2024(b)		17,006		14,081

				64,411

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Personal Products — 0.0%(c)
Revlon Consumer Products Corp., Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.02%, 9/7/2023(b)		2,416		1,955

Pharmaceuticals — 0.1%
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.47%, 6/2/2025(b)		14,417		14,361

Real Estate Management & Development — 0.1%
CityCenter Holdings LLC, Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.69%, 4/18/2024(b)		9,044		8,949

Software — 0.3%
Ascend Learning LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 7/12/2024(b)		3,122		3,089
Barracuda Networks, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.77%, 2/12/2025(b)		1,612		1,606
Greeneden US Holdings II LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.69%, 12/1/2023(b)		3,038		3,004
Infor US, Inc., Tranche B-6 Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 2/1/2022(b)		5,160		5,138
Landesk Software Group, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 6.72%, 1/20/2024(b)		2,692		2,672
Landesk Software Group, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 9.00%), 11.47%, 1/20/2025(b)		2,820		2,768
Misys, Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.10%, 6/13/2024(b)		4,722		4,619
Qlik Technologies, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.37%, 4/26/2024(b)		4,216		4,154
SolarWinds Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 2/5/2024(b)		2,568		2,546
Solera LLC, Dollar Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.19%, 3/3/2023(b)		3,321		3,296
Sonicwall, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 10.02%, 5/18/2026(b)		700		651

				33,543

Specialty Retail — 0.5%
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 9.94%, 10/12/2038‡(b)(p)		4,510		6,991
Michaels Stores, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.93%, 1/30/2023(b)		2,531		2,493
Party City Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.94%, 8/19/2022(b)		2,410		2,392
Petco Animal Supplies, Inc., 1st Lien Term Loan B-1 (ICE LIBOR USD 3 Month + 3.25%), 5.83%, 1/26/2023(b)		11,747		8,945
PetSmart, Inc., Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.72%, 3/11/2022(b)		12,457		11,965
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 7.60%, 4/16/2026(b)		28,973		27,959

				60,745

Technology Hardware, Storage & Peripherals — 0.1%
Financial & Risk US Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.19%, 10/1/2025(b)		1,217		1,186
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%; ICE LIBOR USD 3 Month + 8.25%), 6.83%, 5/16/2025(b)		5,244		5,145
Quest Software US Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 8.25%), 10.83%, 5/18/2026(b)		1,104		1,085
Radiate Holdco LLC, Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.44%, 2/1/2024(b)		2,413		2,375

				9,791

Textiles, Apparel & Luxury Goods — 0.0%(c)
Samsonite IP Holdings SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 4.19%, 4/25/2025(b)		2,913		2,853

Transportation Infrastructure — 0.0%(c)
Sirva Worldwide, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 9.50%), 12.07%, 8/3/2026(b)		800		640

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Wireless Telecommunication Services — 0.1%
A2Z Wireless Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.00%), 8.47%, 5/1/2023(b)(o)			3,575		3,338
Sprint Communications, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 5.00%, 2/2/2024(b)			6,591		6,438
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 7.44%, 3/9/2023(b)			5,676		5,276
Syniverse Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 9.00%), 11.44%, 3/11/2024(b)			1,520		1,148

					16,200

TOTAL LOAN ASSIGNMENTS (Cost $757,345)					729,510

		Shares (000)
CLOSED END FUNDS — 1.0%
Advent Claymore Convertible Securities and Income Fund			178		2,533
BlackRock Corporate High Yield Fund, Inc.			3,392		34,460
BlackRock Debt Strategies Fund, Inc.			1,044		10,951
Blackstone/GSO Strategic Credit Fund			1,247		17,911
Eaton Vance Floating-Rate Income Trust			557		7,514
Eaton Vance Senior Income Trust			742		4,536
Invesco Dynamic Credit Opportunities Fund			839		9,095
Invesco Senior Income Trust			465		1,933
Nuveen Credit Strategies Income Fund			1,670		12,876
Nuveen Floating Rate Income Opportunity Fund			499		4,783
PGIM Global High Yield Fund, Inc.			833		11,417
Voya Prime Rate Trust			452		2,137

TOTAL CLOSED END FUNDS (Cost $116,964)					120,146

		Principal Amount (000)
CONVERTIBLE BONDS — 0.6%
Biotechnology — 0.0%(c)
BioMarin Pharmaceutical, Inc. 0.60%, 8/1/2024			930		940
Exact Sciences Corp. 1.00%, 1/15/2025			1,198		1,876

					2,816

Capital Markets — 0.1%
Ares Capital Corp. 3.75%, 2/1/2022			1,314		1,317
Deutsche Bank AG (Germany) 1.00%, 5/1/2023			1,065		1,011
Orpar SA (France) Zero Coupon, 6/20/2024(g)	EUR		900		1,080
SBI Holdings, Inc. (Japan) Zero Coupon, 9/14/2020(g)	JPY		120,000		1,658

					5,066

Communications Equipment — 0.0%(c)
Finisar Corp. 0.50%, 12/15/2036			1,350		1,299
Viavi Solutions, Inc. 1.00%, 3/1/2024			948		1,045

					2,344

Construction & Engineering — 0.0%(c)
Dycom Industries, Inc. 0.75%, 9/15/2021			702		673

Construction Materials — 0.0%(c)
Cemex SAB de CV (Mexico) 3.72%, 3/15/2020			741		736

Diversified Consumer Services — 0.0%(c)
Chegg, Inc. 0.13%, 3/15/2025(a)			782		761

Electronic Equipment, Instruments & Components — 0.0%(c)
Vishay Intertechnology, Inc. 2.25%, 6/15/2025(a)			1,537		1,363

Energy Equipment & Services — 0.0%(c)
Ensco Jersey Finance Ltd. 3.00%, 1/31/2024			1,197		904
TechnipFMC plc (United Kingdom) 0.88%, 1/25/2021(g)	EUR		600		693
Transocean, Inc. 0.50%, 1/30/2023			1,261		1,220

					2,817

Entertainment — 0.0%(c)
iQIYI, Inc. (China) 2.00%, 4/1/2025(a)			1,053		951
Live Nation Entertainment, Inc. 2.50%, 3/15/2023			1,736		1,960

					2,911

Health Care Equipment & Supplies — 0.0%(c)
Wright Medical Group, Inc. 1.63%, 6/15/2023(a)			1,329		1,480

Hotels, Restaurants & Leisure — 0.0%(c)
Caesars Entertainment Corp. 5.00%, 10/1/2024			983		1,395
Huazhu Group Ltd. (China) 0.38%, 11/1/2022			498		505

					1,900

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount (000)		Value (000)
Household Durables — 0.0%(c)
Sony Corp. (Japan) Series 6, Zero Coupon, 9/30/2022	JPY		163,000		1,881

Interactive Media & Services — 0.0%(c)
Twitter, Inc. 1.00%, 9/15/2021			1,770		1,692
Weibo Corp. (China) 1.25%, 11/15/2022			2,074		1,812
Zillow Group, Inc. 2.00%, 12/1/2021			570		626

					4,130

Internet & Direct Marketing Retail — 0.1%
Booking Holdings, Inc. 0.35%, 6/15/2020			2,551		3,290
Ctrip.com International Ltd. (China)
1.00%, 7/1/2020			1,014		984
1.99%, 7/1/2025			1,856		1,908
IAC FinanceCo, Inc. 0.88%, 10/1/2022(a)			700		1,070
Liberty Expedia Holdings, Inc. 1.00%, 6/30/2047(a)			445		436
MercadoLibre, Inc. (Argentina) 2.00%, 8/15/2028(a)			847		1,235

					8,923

IT Services — 0.1%
Akamai Technologies, Inc. 0.13%, 5/1/2025			897		922
Euronet Worldwide, Inc. 0.75%, 3/15/2049(a)			1,807		2,087
Square, Inc. 0.50%, 5/15/2023(a)			1,747		1,916
Twilio, Inc. 0.25%, 6/1/2023			615		1,200

					6,125

Life Sciences Tools & Services — 0.0%(c)
Illumina, Inc. 0.50%, 6/15/2021			1,343		1,824

Machinery — 0.0%(c)
Fortive Corp. 0.88%, 2/15/2022(a)			480		486

Media — 0.0%(c)
DISH Network Corp.
2.38%, 3/15/2024			1,634		1,417
3.38%, 8/15/2026			1,063		977
Liberty Interactive LLC 1.75%, 9/30/2046(a)			439		532
Liberty Media Corp. 1.38%, 10/15/2023			1,673		1,832

					4,758

Multi-Utilities — 0.0%(c)
CenterPoint Energy, Inc. 4.52%, 9/15/2029(j)			11,006 Units		520

Oil, Gas & Consumable Fuels — 0.1%
Chesapeake Energy Corp. 5.50%, 9/15/2026(j)			5,690		4,609
Golar LNG Ltd. (Bermuda) 2.75%, 2/15/2022			933		863
TOTAL SA (France) Series FP, 0.50%, 12/2/2022(g)			800		827

					6,299

Pharmaceuticals — 0.0%(c)
Jazz Investments I Ltd. 1.88%, 8/15/2021			885		870
Medicines Co. (The) 2.75%, 7/15/2023			997		962
Supernus Pharmaceuticals, Inc. 0.63%, 4/1/2023			732		693

					2,525

Semiconductors & Semiconductor Equipment — 0.1%
Advanced Micro Devices, Inc. 2.13%, 9/1/2026			531		1,861
Intel Corp. 3.25%, 8/1/2039			412		891
Microchip Technology, Inc.
1.63%, 2/15/2025			1,126		1,823
1.63%, 2/15/2027			1,370		1,494
2.25%, 2/15/2037			452		491
NXP Semiconductors NV (Netherlands) 1.00%, 12/1/2019			889		910
ON Semiconductor Corp. 1.00%, 12/1/2020			993		1,128
Silicon Laboratories, Inc. 1.38%, 3/1/2022			859		1,004

					9,602

Software — 0.1%
Atlassian, Inc. 0.63%, 5/1/2023			608		996
DocuSign, Inc. 0.50%, 9/15/2023(a)			486		517
FireEye, Inc. 0.88%, 6/1/2024(a)			438		426
New Relic, Inc. 0.50%, 5/1/2023			844		966
Nuance Communications, Inc. 1.00%, 12/15/2035			1,503		1,412
Palo Alto Networks, Inc. 0.75%, 7/1/2023(a)			2,445		2,529
Pluralsight, Inc. 0.38%, 3/1/2024(a)			403		435
RingCentral, Inc. Zero Coupon, 3/15/2023			303		472
ServiceNow, Inc. Zero Coupon, 6/1/2022			935		1,840

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
Splunk, Inc. 1.13%, 9/15/2025(a)		585		623
Workday, Inc. 0.25%, 10/1/2022		830		1,234

				11,450

Technology Hardware, Storage & Peripherals — 0.0%(c)
Western Digital Corp. 1.50%, 2/1/2024(a)		653		558

TOTAL CONVERTIBLE BONDS (Cost $81,460)				81,948

COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.6%
Lehman Brothers Small Balance Commercial Mortgage Trust Series 2007-2A, Class 1A3, 2.70%, 6/25/2037(a)(l)		4,872		4,812
Velocity Commercial Capital Loan Trust
Series 2014-1, Class M6, 8.72%, 9/25/2044‡(a)(l)		774		819
Series 2015-1, Class M3, 7.05%, 6/25/2045(a)(l)		7,372		7,657
Series 2015-1, Class M4, 7.40%, 6/25/2045(a)(l)		387		406
Series 2015-1, Class M5, 8.29%, 6/25/2045‡(a)(l)		2,924		3,105
Series 2016-1, Class M3, 6.81%, 4/25/2046‡(a)(l)		5,668		5,934
Series 2016-1, Class M7, 8.88%, 4/25/2046‡(a)(l)		4,748		5,098
Series 2016-1, Class M5, 8.88%, 4/25/2046‡(a)(l)		5,151		5,690
Series 2016-2, Class AFX, 3.00%, 10/25/2046(l)		6,130		6,098
Series 2016-2, Class M2, 4.46%, 10/25/2046‡(l)		1,188		1,207
Series 2016-2, Class M3, 5.50%, 10/25/2046‡(l)		1,360		1,418
Series 2016-2, Class M4, 7.23%, 10/25/2046‡(l)		1,774		1,859
Series 2017-1, Class AFL, 3.68%, 5/25/2047(a)(l)		8,373		8,397
Series 2017-1, Class M3, 5.35%, 5/25/2047‡(a)(l)		2,802		2,865
Series 2017-1, Class M4, 6.40%, 5/25/2047‡(a)(l)		3,231		3,372
Series 2017-1, Class M5, 7.95%, 5/25/2047‡(a)(l)		2,039		2,160
Series 2017-2, Class M4, 5.00%, 11/25/2047‡(a)(l)		3,854		3,890
Series 2018-1, Class M3, 4.41%, 4/25/2048‡(a)		1,386		1,426
Series 2018-1, Class M4, 5.01%, 4/25/2048‡(a)		886		912
Series 2018-1, Class M5, 6.26%, 4/25/2048‡(a)		452		465
Series 2018-2, Class M2, 4.51%, 10/26/2048‡(a)(l)		1,498		1,549
Series 2018-2, Class M3, 4.72%, 10/26/2048‡(a)(l)		1,419		1,469
Series 2018-2, Class M4, 5.32%, 10/26/2048‡(a)(l)		3,887		4,016

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $73,841)				74,624

	Shares (000)
COMMON STOCKS — 0.4%
Aerospace & Defense — 0.0%(c)
Remington Outdoor Co., Inc.*‡		310		465

Capital Markets — 0.1%
UCI Holdings LLC (New Zealand)*‡		273		6,279

Chemicals — 0.1%
Reichhold , Inc.*‡		9		7,290

Commercial Services & Supplies — 0.0%(c)
Remington LLC*‡		10,415		—	(i)

Communications Equipment — 0.0%(c)
Aspect Software, Class CR2*‡		111		—	(i)
Aspect Software, Inc., Class CR1*‡		275		—	(i)
Goodman Networks, Inc.*‡		213		—	(i)

				—	(i)

Energy Equipment & Services — 0.0%(c)
Telford Offshore Holdings Ltd. (Cayman Islands)*‡		204		115

Equity Real Estate Investment Trusts (REITs) — 0.1%
VICI Properties, Inc.		693		15,361

Health Care Providers & Services — 0.0%(c)
21st Century Oncology, Inc.*‡		16		574

Hotels, Restaurants & Leisure — 0.0%(c)
Caesars Entertainment Corp.*		203		1,781

Media — 0.1%
Clear Channel Outdoor Holdings, Inc.*		711		3,614
iHeartMedia, Inc., Class A*		35		582

				4,196

Mortgage Real Estate Investment Trusts (REITs) — 0.0%(c)
Ready Capital Corp.		56		812

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Shares (000)		Value (000)
Oil, Gas & Consumable Fuels — 0.0%(c)
Halcon Resources Corp.*		489		105
Nine Point Energy Holdings, Inc.*‡		87		437
Penn Virginia Corp.*		37		1,130
Ultra Petroleum Corp.*		95		35

				1,707

Software — 0.0%(c)
Avaya Holdings Corp.*		109		1,375
Digital Turbine, Inc.*‡		1		—	(i)

				1,375

Specialty Retail — 0.0%(c)
Claire’s Stores, Inc.*‡		6		3,805

Wireless Telecommunication Services — 0.0%(c)
NII Holdings, Inc.*		777		1,475

TOTAL COMMON STOCKS (Cost $57,235)				45,235

	Principal Amount (000)
PRIVATE PLACEMENTS — 0.3%
Residential Loans — 0.3%
8995 Collins LLC (ICE LIBOR USD 1 Month + 7.50%), 9.97%, 11/4/2019‡(b)(Cost $40,600)		40,600		40,600

	Shares (000)
CONVERTIBLE PREFERRED STOCKS — 0.1%
Automobiles — 0.0%(c)
General Motors Co.
5.25%, 3/6/2032‡		1,533		—	(i)
1.50%, 7/15/2033‡		1,545		—	(i)

				—	(i)

Banks — 0.1%
Bank of America Corp. Series L, 7.25% ($1,000 par value)		2		2,599
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		2		3,300

				5,899

Chemicals — 0.0%(c)
International Flavors & Fragrances, Inc. 6.00%, 9/15/2021 ($50 par value)		26		1,324

Electric Utilities — 0.0%(c)
American Electric Power Co., Inc. 6.13%, 3/15/2022 ($50 par value)		10		538
NextEra Energy, Inc. 6.12%, 9/1/2019 ($50 par value)		19		1,218

				1,756

Equity Real Estate Investment Trusts (REITs) — 0.0%(c)
Crown Castle International Corp. Series A, 6.88%, 8/1/2020 ($1,000 par value)		1		1,158

Food Products — 0.0%(c)
Bunge Ltd. 4.88% ($100 par value)		9		878

Health Care Equipment & Supplies — 0.0%(c)
Becton Dickinson and Co. Series A, 6.13%, 5/1/2020 ($50 par value)		38		2,230
Danaher Corp. Series A, 4.75%, 4/15/2022 ($1,000 par value)		1		1,281

				3,511

Machinery — 0.0%(c)
Colfax Corp. 5.75%, 1/15/2022		4		507
Fortive Corp. Series A, 5.00%, 7/1/2021 ($1,000 par value)		1		972
Stanley Black & Decker, Inc. 5.38%, 5/15/2020 ($100 par value)		5		460

				1,939

Multi-Utilities — 0.0%(c)
Sempra Energy Series A, 6.00%, 1/15/2021 ($100 par value)		19		2,048

TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $18,366)				18,513

PREFERRED STOCKS — 0.1%
Aerospace & Defense — 0.0%(c)
Rolls-Royce Holdings plc (United Kingdom)*‡		20		4,214

Automobiles — 0.0%(c)
General Motors Co.
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)

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Shares (000)		Value (000)
Banks — 0.0%(c)
GMAC Capital Trust I Series 2, (ICE LIBOR USD 3 Month + 5.79%), 8.30%, 2/15/2040 ($25 par value)(b)		156		4,018

Communications Equipment — 0.0%(c)
Goodman Networks, Inc. (Preference) *‡		253		3

Oil, Gas & Consumable Fuels — 0.0%(c)
Nine Point Energy Holdings, Inc. *‡		2		1,722

Specialty Retail — 0.1%
Claire’s Stores, Inc. *‡		3		5,523

TOTAL PREFERRED STOCKS (Cost $9,804)				15,480

	Principal Amount (000)
FOREIGN GOVERNMENT SECURITIES — 0.1%
Export-Import Bank of Korea (South Korea) (ICE LIBOR USD 3 Month + 0.58%), 3.19%, 6/1/2021(b) (Cost $15,470)		15,470		15,475

	No. of Warrants (000)
WARRANTS — 0.0%(c)
Aerospace & Defense — 0.0%(c)
Remington Outdoor Co., Inc. expiring 5/15/2022, price 1.00 USD*‡		108		—	(i)

Oil, Gas & Consumable Fuels — 0.0%(c)
Ultra Petroleum Corp. expiring 7/14/2025, price 1.00 USD (Canada)*		62		3

Road & Rail — 0.0%(c)
Jack Cooper Enterprises, Inc.
expiring 4/26/2027, price 1.00 USD*‡		36		—	(i)
expiring 10/29/2027, price 1.00*‡		36		—	(i)

				—	(i)

Wireless Telecommunication Services — 0.0%(c)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD*‡		265		4,245

TOTAL WARRANTS (Cost $4,749)				4,248

	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		882

	Principal Amount (000)
SHORT-TERM INVESTMENTS — 29.1%
CERTIFICATES OF DEPOSIT — 5.5%
Chiba Bank Ltd. (Japan) 2.62%, 7/23/2019		30,000		30,004
Industrial & Commercial Bank of China Ltd. (China)
2.71%, 6/3/2019		46,900		46,901
2.66%, 8/2/2019		290,000		290,033
Natixis SA (France) (ICE LIBOR USD 3 Month + 0.15%), 2.75%, 10/15/2019(b)		114,000		114,041
Nordea Bank Abp (Finland) (ICE LIBOR USD 1 Month + 0.17%), 2.62%, 6/13/2019(b)		110,000		110,008
Sumitomo Mitsui Trust Bank Ltd. (Japan) 2.60%, 7/11/2019		28,700		28,705
Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 1 Month + 0.17%), 2.62%, 6/13/2019(b)		50,000		50,004
Toronto-Dominion Bank (The) (Canada) (ICE LIBOR USD 1 Month + 0.23%), 2.69%, 10/9/2019(b)		25,000		25,011

TOTAL CERTIFICATES OF DEPOSIT (Cost $694,600)				694,707

COMMERCIAL PAPER — 13.9%
Canada Government Bond (Canada)
2.45%, 8/14/2019(m)		200,000		198,977
2.45%, 8/21/2019(m)		200,000		198,881
Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 1 Month + 0.32%), 2.84%, 10/1/2019(a)(b)		48,500		48,538

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)		Value (000)
DNB Bank ASA (Norway) (ICE LIBOR USD 1 Month + 0.13%), 2.62%, 12/12/2019(a)(b)		50,000		50,005
Erste Abwicklungsanstalt (Germany) 2.55%, 7/10/2019(a)(m)		90,000		89,753
First Abu Dhabi Bank PJSC (United Arab Emirates)
2.60%, 6/5/2019(m)		39,567		39,553
2.52%, 8/2/2019(a)(m)		100,000		99,566
HSBC Bank plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.04%), 2.60%, 11/14/2019(a)(b)		216,000		216,009
Industrial & Commercial Bank of China Ltd. (China) 2.72%, 6/26/2019(a)(m)		100,000		99,821
Kreditanstalt fuer Wiederaufbau (Germany)
2.52%, 7/2/2019(m)		89,100		88,908
2.52%, 7/3/2019(m)		96,588		96,374
2.52%, 7/15/2019(m)		242,800		242,064
LMA-Americas LLC 2.57%, 6/3/2019(m)		28,030		28,024
MetLife Short Term Funding LLC 2.54%, 7/22/2019(m)		3,400		3,388
Mont Blanc Capital Corp. 2.57%, 6/18/2019(m)		2,000		1,998
MUFG Bank Ltd. (Japan) 2.63%, 10/1/2019(m)		25,000		24,786
National Australia Bank Ltd. (Australia) (ICE LIBOR USD 1 Month + 0.16%), 2.63%, 4/24/2020(a)(b)		47,500		47,491
Royal Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.21%), 2.84%, 1/8/2020(a)(b)		120,000		120,126
Toronto-Dominion Bank (The) (Canada) (ICE LIBOR USD 1 Month + 0.21%), 2.70%, 9/13/2019(a)(b)		70,000		70,028

TOTAL COMMERCIAL PAPER (Cost $1,764,127)				1,764,290

	Shares (000)
INVESTMENT COMPANIES — 7.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.27%(q)(r) (Cost $924,751)		924,751		924,751

	Principal Amount (000)
REPURCHASE AGREEMENTS — 2.3%
Bofa Securities, Inc., 2.85%, dated 5/31/2019, due 9/10/2019, repurchase price $65,525, collateralized by Collateralized Mortgage Obligations, 0.00%, due 5/25/2049, Sovereign Government Securities, 5.88% - 7.65, due 4/25/2021 - 6/15/2035, with the value of $70,200.		65,000		65,000
Citigroup Global Markets Holdings, Inc., 2.81%, dated 5/31/2019, due 7/18/2019, repurchase price $31,116, collateralized by Asset-Backed Securities, 1.60% - 4.20%, due 2/16/2021 - 4/20/2032, with the value of $33,109.		31,000		31,000
Citigroup Global Markets Holdings, Inc., 2.88%, dated 5/31/2019, due 10/2/2019, repurchase price $31,308, collateralized by Asset-Backed Securities, 0.00% - 7.25%, due 4/17/2023 - 10/6/2040, Collateralized Mortgage Obligations, 3.66% - 5.75%, due 5/25/2036 - 5/28/2036, with the value of $34,049.		31,000		31,000
Societe Generale SA, 2.66%, dated 5/31/2019, due 6/6/2019, repurchase price $170,075, collateralized by Corporate Notes and Bonds, 4.50% - 10.75%, due 6/21/2021 - 6/5/2115, Sovereign Government Securities, 4.25% - 11.88%, due 9/26/2022 - 4/16/2043, with the value of $183,695.		170,000		170,000

TOTAL REPURCHASE AGREEMENTS (Cost $297,000)				297,000

U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills 2.39%, 8/8/2019(m)(s)(Cost $5,914)		5,941		5,916
TOTAL SHORT-TERM INVESTMENTS (Cost $3,686,392)				3,686,664

	Shares (000)
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.33%(q)(r) (Cost $8,419)		8,419		8,419
TOTAL LONG POSITIONS (Cost $12,698,805)				12,660,933

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount (000)			Value (000)
SHORT POSITIONS — 0.0%(c)
CORPORATE BONDS — 0.0%(c)
Health Care Equipment & Supplies — 0.0%(c)
Mallinckrodt International Finance SA 4.75%, 4/15/2023		(5,000	)		(3,125	)

Media — 0.0%(c)
Cablevision Systems Corp. 8.00%, 4/15/2020		(2,000	)		(2,070	)

TOTAL CORPORATE BONDS (Proceeds $(6,492))					(5,195	)

TOTAL SHORT POSITIONS (Proceeds $(6,492))					(5,195	)

Total Investments — 99.8% (Cost $12,692,313)					12,655,738
Other Assets Less Liabilities — 0.2%					31,823

Net Assets — 100.0%					12,687,561

Percentages indicated are based on net assets.


Abbreviations
ABS		Asset-backed securities
CSMC		Credit Suisse Mortgage Trust
DN		Discount Notes
EUR		Euro
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
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.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REMIC		Real Estate Mortgage Investment Conduit
SCA		Limited partnership with share capital
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.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2019.
(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 May 31, 2019.
(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 May 31, 2019.
(k)		The security or a portion of this security is on loan at May 31, 2019. The total value of securities on loan at May 31, 2019 is approximately $7,989,000.
(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 May 31, 2019.
(m)		The rate shown is the effective yield as of May 31, 2019.
(n)		Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


(o)		All or a portion of this security is unsettled as of May 31, 2019. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(p)		Fund is subject to legal or contractual restrictions on the resale of the security.
(q)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(r)		The rate shown is the current yield as of May 31, 2019.
(s)		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.

Futures contracts outstanding as of May 31, 2019 (amounts in thousands, except number of contracts):


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 5 Year Note		1,601			09/2019		USD		187,980			842

												842

Short Contracts
3 Month Eurodollar		(217	)		06/2019		USD		(52,913	)		(200	)
3 Month Eurodollar		(240	)		09/2019		USD		(58,653	)		(387	)
U.S. Treasury 2 Year Note		(456	)		09/2019		USD		(97,905	)		(272	)
U.S. Treasury 5 Year Note		(180	)		09/2019		USD		(21,134	)		(112	)
U.S. Treasury 10 Year Note		(2,971	)		09/2019		USD		(376,713	)		(2,398	)
U.S. Treasury Ultra Bond		(273	)		09/2019		USD		(48,091	)		(807	)
3 Month Eurodollar		(644	)		12/2019		USD		(157,635	)		(760	)
3 Month Eurodollar		(108	)		06/2020		USD		(26,525	)		(327	)

												(5,263	)

												(4,421	)


Abbreviations
USD		United States Dollar

Forward foreign currency exchange contracts outstanding as of May 31, 2019 (amounts in thousands):


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	1,177		USD	1,315	State Street Corp.		6/3/2019		—	(a)
JPY	616,094		USD	5,627	Citibank, NA		6/3/2019		59
JPY	148,506		USD	1,352	HSBC Bank, NA		6/3/2019		18
JPY	164,798		USD	1,482	Merrill Lynch International		6/3/2019		38
USD	4,081		EUR	3,627	Citibank, NA		6/3/2019		28
JPY	305,107		USD	2,794	Australia & New Zealand Banking Group Ltd.		7/5/2019		29
USD	2,751		EUR	2,450	State Street Corp.		7/5/2019		7
JPY	9,932,580		USD	90,715	State Street Corp.		7/31/2019		1,370
USD	90,535		EUR	78,830	State Street Corp.		7/31/2019		2,036

Total unrealized appreciation									3,585

EUR	2,450		USD	2,744	State Street Corp.		6/3/2019		(7	)
USD	7,703		JPY	859,145	Barclays Bank plc		6/3/2019		(225	)
USD	632		JPY	70,252	Merrill Lynch International		6/3/2019		(16	)
EUR	1,166		USD	1,306	TD Bank Financial Group		7/5/2019		(1	)
USD	490		JPY	53,549	BNP Paribas		7/5/2019		(6	)
USD	5,642		JPY	616,094	Citibank, NA		7/5/2019		(58	)

Total unrealized depreciation									(313	)

Net unrealized appreciation									3,272

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Abbreviations
EUR		Euro
JPY		Japanese Yen
USD		United States Dollar

(a)		Amount rounds to less than one thousand.

Over-the-Counter (“OTC”) Credit default swap contracts outstanding - buy protection⁽¹⁾ as of May 31, 2019 (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 ($)
ABX.HE.AAA.06-2		0.11		Monthly	Bank of America NA		5/25/2046		0.50	USD	6,970		1,309			(1,025	)		284
ABX.HE.AAA.06-2		0.11		Monthly	Bank of America NA		5/25/2046		0.50	USD	14,170		2,771			(2,194	)		577
ABX.HE.AAA.06-2		0.11		Monthly	Barclays Bank plc		5/25/2046		0.50	USD	13,370		3,974			(3,429	)		545
ABX.HE.AAA.06-2		0.11		Monthly	Credit Suisse International		5/25/2046		0.50	USD	6,600		1,840			(1,571	)		269
ABX.HE.AAA.06-2		0.11		Monthly	Credit Suisse International		5/25/2046		0.50	USD	13,380		3,404			(2,859	)		545
CMBX.NA.A.6		2.00		Monthly	Barclays Bank plc		5/11/2063		2.01	USD	7,270		(117	)		133			16
CMBX.NA.A.6		2.00		Monthly	Citibank, NA		5/11/2063		2.01	USD	7,000		(56	)		72			16
CMBX.NA.A.6		2.00		Monthly	Goldman Sachs International		5/11/2063		2.01	USD	7,230		(108	)		124			16
CMBX.NA.A.6		2.00		Monthly	Goldman Sachs International		5/11/2063		2.01	USD	7,220		(128	)		144			16
CMBX.NA.A.6		2.00		Monthly	Morgan Stanley		5/11/2063		2.01	USD	7,260		(113	)		128			15
CMBX.NA.BBB-.4		5.00		Monthly	Citibank, NA		2/17/2051		45.17	USD	6,900		5,855			(5,760	)		95
CMBX.NA.BBB-.4		5.00		Monthly	Citibank, NA		2/17/2051		45.17	USD	10,550		8,434			(8,289	)		145

													27,065			(24,526	)		2,539

Centrally Cleared Credit default swap contracts outstanding - buy protection⁽¹⁾ as of May 31, 2019 (amounts in thousands):


Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Maturity Date		Implied Credit Spread (%)⁽²⁾		Notional Amount⁽³⁾		Upfront Payments (Receipts) ($)⁽⁴⁾			Unrealized Appreciation (Depreciation) ($)			Value ($)
CDX.EM.31-V1		1.00		Quarterly		6/20/2024		2.11	USD	121,270		4,035			1,835			5,870
United Mexican States, 4.15%, 03/28/2027		1.00		Quarterly		6/20/2024		1.30	USD	138,910		2,378			(701	)		1,677

												6,413			1,134			7,547

CDX.NA.HY.32-V1		5.00		Quarterly		6/20/2024		3.94	USD	22,875		(1,365	)		95			(1,270	)
CDX.NA.IG.32-V1		1.00		Quarterly		6/20/2024		0.70	USD	178,350		(2,708	)		(155	)		(2,863	)
iTraxx Europe 31.2		1.00		Quarterly		6/20/2024		0.71	EUR	336,890		(5,778	)		(419	)		(6,197	)
People’s Republic of China, 7.50%, 10/28/2027		1.00		Quarterly		6/20/2024		0.59	USD	119,070		(2,629	)		74			(2,555	)

												(12,480	)		(405	)		(12,885	)

												(6,067	)		729			(5,338	)

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

(1)

(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).

OTC Total return swap contracts outstanding as of May 31, 2019 (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

)

465

182

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

(50

)

228

178

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

)

431

120

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

)

347

141

(850

)

1,471

621


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

Summary of total swap contracts outstanding as of May 31, 2019 (amounts in thousands):


	Net Upfront Payments (Receipts) ($)			Value ($)
Assets
OTC Credit default swap contracts outstanding - buy protection		27,065			2,539
OTC Total return swap contracts outstanding		(850	)		621

Total OTC swap contracts outstanding		26,215			3,160

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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 (the “Underlying Funds”) are valued at each Underlying Fund’s 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 Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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
Common Stocks
Aerospace & Defense	$	—	$	—	$	465		$	465
Capital Markets		—		—		6,279			6,279
Chemicals		—		—		7,290			7,290
Commercial Services & Supplies		—		—		—	(a)		—	(a)
Communications Equipment		—		—		—	(a)		—	(a)
Energy Equipment & Services		—		—		115			115
Health Care Providers & Services		—		—		574			574
Oil, Gas & Consumable Fuels		1,270		—		437			1,707
Software		1,375		—		—	(a)		1,375
Specialty Retail		—		—		3,805			3,805
Other Common Stocks		23,625		—		—			23,625

Total Common Stocks		26,270		—		18,965			45,235

Preferred Stocks
Aerospace & Defense		—		—		4,214			4,214
Automobiles		—		—		—	(a)		—	(a)
Banks		4,018		—		—			4,018
Communications Equipment		—		—		3			3
Oil, Gas & Consumable Fuels		—		—		1,722			1,722
Specialty Retail		—		—		5,523			5,523

Total Preferred Stocks		4,018		—		11,462			15,480

Convertible Preferred Stocks
Automobiles		—		—		—	(a)		—	(a)
Banks		5,899		—		—			5,899
Chemicals		1,324		—		—			1,324
Electric Utilities		1,756		—		—			1,756
Equity Real Estate Investment Trusts (REITs)		1,158		—		—			1,158
Food Products		878		—		—			878
Health Care Equipment & Supplies		3,511		—		—			3,511
Machinery		1,939		—		—			1,939
Multi-Utilities		2,048		—		—			2,048

Total Convertible Preferred Stocks		18,513		—		—	(a)		18,513

Debt Securities
Asset-Backed Securities	$	—	$	335,562	$	666,862		$	1,002,424
Collateralized Mortgage Obligations		—		1,219,098		117,608			1,336,706
Commercial Mortgage-Backed Securities		—		27,370		47,254			74,624
Convertible Bonds		—		81,948		—			81,948
Corporate Bonds
Chemicals		—		62,971		—	(a)		62,971
Communications Equipment		—		12,266		—	(a)		12,266
Electric Utilities		—		32,013		41			32,054
Health Care Providers & Services		—		170,718		3,699			174,417
Media		—		252,870		—	(a)		252,870
Wireless Telecommunication Services		—		95,855		—	(a)		95,855
Other Corporate Bonds		—		3,067,904		—			3,067,904

Total Corporate Bonds		—		3,694,597		3,740			3,698,337

Foreign Government Securities		—		15,475		—			15,475
Private Placements
Residential Loans		—		—		40,600			40,600
Closed End Funds		120,146		—		—			120,146
U.S. Government Agency Securities		—		1,781,722		—			1,781,722
Loan Assignments
Health Care Providers & Services		—		48,958		1,632			50,590

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Leisure Products		—			23,645			3,185			26,830
Specialty Retail		—			53,754			6,991			60,745
Other Loan Assignments		—			591,345			—			591,345

Total Loan Assignments		—			717,702			11,808			729,510

Rights		—			—			882			882
Warrants
Aerospace & Defense		—			—			—	(a)		—	(a)
Road & Rail		—			—			—	(a)		—	(a)
Wireless Telecommunication Services		—			—			4,245			4,245
Other Warrants		—			3			—			3

Total Warrants		—			3			4,245			4,248

Short-Term Investments
Certificates of Deposit		—			694,707			—			694,707
Commercial Paper		—			1,764,290			—			1,764,290
Investment Companies		924,751			—			—			924,751
Repurchase Agreements		—			297,000			—			297,000
U.S. Treasury Obligations		—			5,916			—			5,916
Investment of cash collateral from securities loaned		8,419			—			—			8,419

Total Investments in Securities	$	1,102,117		$	10,635,390		$	923,426		$	12,660,933

Liabilities
Debt Securities
Corporate Bonds	$	—		$	(5,195	)	$	—		$	(5,195	)

Total Liabilities for Securities Sold Short	$	—		$	(5,195	)		—		$	(5,195	)

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	3,585		$	—		$	3,585
Futures Contracts		842			—			—			842
Swaps		—			4,076			—			4,076

Total Appreciation in Other Financial Instruments	$	842		$	7,661		$	—		$	8,503

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(313	)	$	—		$	(313	)
Futures Contracts		(5,263	)		—			—			(5,263	)
Swaps		—			(26,402	)		—			(26,402	)

Total Depreciation in Other Financial Instruments	$	(5,263	)	$	(26,715	)	$	—		$	(31,978	)

(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, 2019			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 May 31, 2019
Investments in Securities
Asset-Backed Securities	$	673,292		$	—	$	4,374		$	713		$	25,925	$	(37,442	)	$	—	$	—	$	666,862
Collateralized Mortgage Obligations		89,229			36		234			(99	)		23,646		(23,778	)		28,340		—		117,608
Commercial Mortgage-Backed Securities		44,348			—		576			(5	)		2,653		(318	)		—		—		47,254
Common Stocks — Aerospace & Defense		543			—		(78	)		—			—		—			—		—		465
Common Stocks — Capital Markets		5,392			—		887			—			—		—			—		—		6,279
Common Stocks — Chemicals		8,158			—		(868	)		—			—		—			—		—		7,290
Common Stocks — Commercial Services & Supplies		—	(a)		—		—			—			—		—			—		—		—	(a)
Common Stocks — Communications Equipment		—	(a)		—		—			—			—		—			—		—		—	(a)
Common Stocks — Energy Equipment & Services		255			—		(140	)		—			—		—			—		—		115
Common Stocks — Health Care Providers & Services		731			—		(157	)		—			—		—			—		—		574
Common Stock — Oil, Gas & Consumable Fuels		436			—		—			—			1		—			—		—		437
Common Stocks — Software		—	(a)		—		—	(a)		—			—		—			—		—		—	(a)
Common Stocks — Specialty Retail		4,653			—		(849	)		—			1		—			—		—		3,805
Convertible Preferred Stocks — Automobiles		—	(a)		—		—			—			—		—			—		—		—	(a)
Corporate Bonds — Chemicals		—	(a)		—		—			—			—		—			—		—		—	(a)
Corporate Bonds — Communications Equipment		—	(a)		—		—			—			—		—			—		—		—	(a)
Corporate Bonds — Electric Utilities		206			12		(165	)		—			—		(12	)		—		—		41
Corporate Bonds — Health Care Providers & Services		3,593			—		(12	)		—			118		—			—		—		3,699
Corporate Bond — Media		—			—		—	(a)		—			—		—			—		—		—	(a)
Corporate Bonds — Wireless Telecommunication Services		—	(a)		—		—			—			—		—			—		—		—	(a)
Loan Assignments — Health Care Providers & Services		1,633			—		(1	)		1			—		(1	)		—		—		1,632
Loan Assignments — Leisure Products		3,164			—		—			—			21		—			—		—		3,185
Loan Assignments — Specialty Retail		6,766			—		226			—			—		(1	)		—		—		6,991
Preferred Stocks — Aerospace & Defense		5,173			—		(958	)		—			—		(1	)		—		—		4,214
Preferred Stocks — Automobiles		—	(a)		—		—			—			—		—			—		—		—	(a)
Preferred Stocks — Communications Equipment		2			—		—			—			1		—			—		—		3
Preferred Stocks — Oil, Gas & Consumable Fuels		1,722			—		—			—			—		—			—		—		1,722
Preferred Stocks — Specialty Retail		5,211			—		312			—			—		—			—		—		5,523
Private Placement — Residential Loanss		40,600			—		—			—			—		—			—		—		40,600
Rights — Independent Power and Renewable Electricity Producers		860			—		22			—			—		—			—		—		882
Warrants — Aerospace & Defense		—			—		—			—			—		—			—		—		—	(a)
Warrants — Road & Rail		—	(a)		—		—			—			—		—			—		—		—	(a)
Warrants — Wireless Telecommunication Services		—	(a)		—		(504	)		—			4,749		—			—		—		4,245

Total	$	895,967		$	48	$	2,899		$	610		$	57,115	$	(61,553	)	$	28,340	$	—	$	923,426

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.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2019, which were valued using significant unobservable inputs (level 3) amounted to approximately $2,956,000.

There were no significant transfers between level 2 and level 3 during the period ended May 31, 2019.

Strategic Income Opportunities Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)


	Fair Value at May 31, 2019			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (c)
	$	7,727		Market Comparable Companies	EBITDA Multiple (a)	4.5x — 6.0x (5.92x)
		6,279		Comparable Transaction	Transaction Price	$23.00 ($23.00)
		0		Pending Distibution Amount	Discount for potential outcome (b)	100.00% (100.00%)

Common Stock		14,006

		1,722		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	20.00% (20.00%)
		3		Market Comparable Companies	EBITDA Multiple (a)	5.0x (5.0x)
					Discount for potential outcome (b)	30.00% (30.00%)
		0		Pending Distibution Amount	Discount for potential outcome (b)	100.00% (100.00%)

Preferred Stock		1,725

		3,699		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	17.54% (17.54%)
		—		Market Comparable Companies	EBITDA Multiple (a)	6.0x (6.0x)
		—		Pending Distibution Amount	Discount for potential outcome (b)	100.00% (100.00%)

Corporate Bond		3,699

		40,600		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	9.99% (9.99%)

Private Placements		40,600

		666,862		Discounted Cash Flow	Constant Prepayment Rate	1.00% — 40.00% 8.66%)
					Constant Default Rate	0.00% — 6.60% (3.03%)
					Yield (Discount Rate of Cash Flows)	2.41% — 5.95% (3.16%)

Asset-Backed Securities		666,863

		112,292		Discounted Cash Flow	Constant Prepayment Rate	8.50% — 12.00% (10.04%)
					Yield (Discount Rate of Cash Flows)	2.69% — 4.28% (3.58%)

Collateralized Mortgage Obligations		112,292

		35,403		Discounted Cash Flow	Constant Prepayment Rate	100.00% (100.00%)
					Constant Default Rate	0.00% — 7.00% (2.51%)
					Yield (Discount Rate of Cash Flows)	3.26% — 6.59% (4.95%)

Commercial Mortgage-Backed Securities		35,403

		1,633		Pending Distribution Amount	Expected Recovery	0.00% — 100.00% (100.00%)

Loan Assignments		1,633

		—	(d)	Pending Distribution Amount	Expected Recovery	0.00% (0.00%)

Warrants		—	(d)

Total	$	876,221

The table above does not include certain level 3 investments that are valued by brokers and pricing services. At May 31, 2019, the value of these investments was approximately $47,205,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

(a)	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)	Unobservable inputs were weighted by the relative fair value of the instruments.

(d)	Amount rounds to less than one thousand.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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 May 31, 2019, the total market value of matrix-priced securities represents 0.30% of the Fund’s net assets.


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2019		Shares at May 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.33%(a)(b)	$	—	$	8,419	$	—	$	—	$	—	$	8,419		8,419	$	—	(c)	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.27%(a)(b)		936,216		2,727,849		2,739,314		—		—		924,751		924,751		6,085			—

Total	$	936,216	$	2,736,268	$	2,739,314	$	—	$	—	$	933,170			$	6,085		$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

(c)	Amount rounds to less than one thousand.

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.

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 Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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, index and total return to manage credit, currency, inflation and total return 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 for OTC Swaps.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

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 MAY 31, 2019 (Unaudited) (continued)

Total 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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
MUNICIPAL BONDS — 89.9%(a)
Alabama — 0.9%
Utility — 0.9%
Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021(b)		2,000		2,085

Alaska — 0.1%
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Alaska Industrial Development and Export Authority, Providence Health and Services Series 2011A, Rev., 5.50%, 10/1/2041		325		350

Arizona — 6.6%
Education — 2.6%
Arizona Industrial Development Authority, Fire MESA and Red Rock Campus Projects
Series 2019A, Rev., 3.55%, 7/15/2029(c)		1,360		1,375
Series 2019A, Rev., 5.00%, 7/15/2039(c)		1,325		1,448
Series 2019A, Rev., 5.00%, 7/15/2049(c)		1,675		1,811
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project
Series 2018A, Rev., 5.00%, 7/1/2032		350		409
Series 2018A, Rev., 5.00%, 7/1/2033		150		174
Series 2018A, Rev., 5.00%, 7/1/2037		200		230
La Paz County Industrial Development Authority, Charter School Solutions-Harmony Public Schools Project
Series 2018A, Rev., 5.00%, 2/15/2028		200		226
Series 2018A, Rev., 5.00%, 2/15/2038		405		454

				6,127

Industrial Development Revenue/Pollution Control Revenue — 3.9%
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project
Series 2019A, Rev., 5.00%, 1/1/2037		1,000		1,131
Series 2019A, Rev., 5.00%, 1/1/2038		1,000		1,124
Series 2019A, Rev., 4.25%, 1/1/2039		1,000		1,039
Series 2019A, Rev., 4.50%, 1/1/2049		2,000		2,106
Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects
Series 2018A, Rev., 5.00%, 7/15/2028(c)		1,000		1,076
Series 2018A, Rev., 5.75%, 7/15/2038(c)		1,000		1,103
Glendale Industrial Development Authority, Terraces of Phoenix Project
Series 2018A, Rev., 4.00%, 7/1/2028		450		470
Series 2018A, Rev., 5.00%, 7/1/2033		600		653
Series 2018A, Rev., 5.00%, 7/1/2038		300		323

				9,025

Utility — 0.1%
City of Mesa, Utility System
Rev., AGM, 5.25%, 7/1/2029(d)		160		212
Rev., AGM, 5.25%, 7/1/2029		40		52

				264

Total Arizona				15,416

California — 3.6%
Education — 1.3%
California Community College Financing Authority, Orange Coast Properties LLC - Orange Coast College Project
Rev., 5.00%, 5/1/2037		750		862
Rev., 5.00%, 5/1/2038		400		459
California Public Finance Authority, Laverne Elementary Preparatory Academy
Series 2019A, Rev., 4.25%, 6/15/2029(c)		795		813
Series 2019A, Rev., 5.00%, 6/15/2039(c)		785		809
California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2018A, Rev., AGM, Zero Coupon, 8/1/2030		200		160

				3,103

General Obligation — 0.3%
Pomona Unified School District Series C, GO, 6.00%, 8/1/2029(d)		160		224
San Mateo Union High School District, Capital Appreciation, Election of 2006 Series A, GO, Zero Coupon, 9/1/2028		100		70
Sunnyvale Elementary School District, Election 2004 Series C, GO, 5.50%, 9/1/2034		175		250

				544

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Hospital — 1.6%
California Health Facilities Financing Authority, Children’s Hospital Series 2017A, Rev., 5.00%, 8/15/2047		500		577
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2047		200		229
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2029		200		235
California Statewide Communities Development Authority, Adventist Health System Series 2018A, Rev., 3.50%, 3/1/2038		2,000		2,075
Palomar Health Rev., 5.00%, 11/1/2039		500		558

				3,674

Housing — 0.2%
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032		245		259
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035		240		256

				515

Industrial Development Revenue/Pollution Control Revenue — 0.1%
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project Series 2015B-2, Rev., AMT, 3.13%, 11/3/2025(b)		250		265

Utility — 0.1%
Los Angeles Department of Water and Power, Water System Series A, Rev., 5.25%, 7/1/2039		250		265

Total California				8,366

Colorado — 4.5%
Education — 0.7%
Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project
Series 2018A, Rev., 5.00%, 12/1/2032		500		596
Series 2018A, Rev., 5.00%, 12/1/2033		500		593
Series 2018A, Rev., 4.00%, 12/1/2048		500		526

				1,715

General Obligation — 3.2%
Bradburn Metropolitan District No. 2
Series 2018A, GO, 5.00%, 12/1/2038		500		549
Series 2018B, GO, 7.25%, 12/15/2047		500		511
Broadway Station Metropolitan District No. 2
Series 2019A, GO, 5.00%, 12/1/2035		730		753
Series 2019A, GO, 5.13%, 12/1/2048		1,500		1,547
Cottonwood Highlands Metropolitan District No. 1 Series 2019A, GO, 5.00%, 12/1/2049(c)		900		921
Cross Creek Metropolitan District No. 2, Unlimited Tax GO, AGM, 4.00%, 12/1/2045		1,000		1,061
Painted Prairie Metropolitain District No. 2 GO, 5.25%, 12/1/2048		2,000		2,036

				7,378

Hospital — 0.5%
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series A, Rev., 5.25%, 5/15/2028		1,000		1,163

Utility — 0.1%
Public Authority for Colorado Energy, Natural Gas Purchase Series 2008, Rev., 6.13%, 11/15/2023		110		122

Total Colorado				10,378

Connecticut — 0.6%
Education — 0.1%
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series A, Rev., 5.25%, 11/15/2024		200		211

General Obligation — 0.5%
State of Connecticut Series A, GO, 5.00%, 4/15/2037		1,000		1,190

Total Connecticut				1,401

Delaware — 0.4%
Housing — 0.1%
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		180		183

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Industrial Development Revenue/Pollution Control Revenue — 0.3%
Delaware Economic Development Authority, Acts Retirement-Life Communities, Inc. Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048		700		797

Total Delaware				980

Florida — 4.4%
Education — 1.1%
Florida Higher Educational Facilities Financial Authority, St. Leo University Project Series 2019, Rev., 5.00%, 3/1/2039		750		858
Lakeland Educational Facilities, Southern College Project Series 2012A, Rev., 5.00%, 9/1/2025		500		548
Pinellas County Educational Facilities Authority, Pinellas Academy of Math and Science Project Series 2018A, Rev., 4.13%, 12/15/2028(c)		1,180		1,221

				2,627

Hospital — 0.8%
Miami Beach Health Facilities Authority, Mount Sinai Medical Center Rev., 5.00%, 11/15/2029		545		624
Sarasota County Health Facilities Authority, Sunnyside Village Project Rev., 5.00%, 5/15/2038		1,050		1,172

				1,796

Housing — 0.0%(e)
Florida Housing Finance Corp., Homeowner Mortgage, Special Program Series 2009A-1, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2028		5		5

Industrial Development Revenue/Pollution Control Revenue — 0.4%
Polk County Industrial Development Authority, Retirement Facilities, Carpenter’s Home Estates
Series 2019A, Rev., 5.00%, 1/1/2029(f)		450		515
Series 2019A, Rev., 5.00%, 1/1/2039(f)		400		447

				962

Other Revenue — 0.7%
Capital Trust Agency Inc., H-Bay Ministries, Inc., Superior Residences Project
Series 2018B, Rev., 3.75%, 7/1/2023		170		172
Series 2018B, Rev., 4.00%, 7/1/2028		375		383
Series 2018B, Rev., 4.25%, 7/1/2033		610		620
Series 2018B, Rev., 4.50%, 7/1/2038		500		510

				1,685

Prerefunded — 0.1%
Charlotte County, Utility System Rev., AGM, 5.25%, 10/1/2021(d)		70		76

Utility — 1.3%
Charlotte County, Utility System Rev., AGM, 5.25%, 10/1/2024		130		141
County of Palm Beach, Tuscan Gardens of Delray Beach Project
Series 2018-A, Rev., 4.25%, 10/1/2029(b)		1,000		1,082
Series 2018C, Rev., 6.25%, 10/1/2029(b)		1,000		1,042
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		690

				2,982

Total Florida				10,133

Georgia — 0.7%
Housing — 0.0%(e)
Georgia Housing and Finance Authority, Single Family Mortgage Series B, Rev., AMT, 4.00%, 12/1/2029		25		26

Other Revenue — 0.1%
Downtown Smyrna Development Authority Rev., 5.25%, 2/1/2028		240		283

Transportation — 0.2%
City of Atlanta, Airport Series 2012C, Rev., 5.00%, 1/1/2042		500		533

Utility — 0.4%
Burke County Development Authority, Oglethorpe Power Corp., Vogtle Project Series 2017C, Rev., 4.13%, 11/1/2045		750		793

Total Georgia				1,635

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Guam — 0.1%
Water & Sewer — 0.1%
Guam Government Waterworks Authority, Water and Wastewater System (Guam) Rev., 5.00%, 7/1/2019		200		200

Idaho — 0.1%
Education — 0.1%
Idaho Housing and Finance Association, Compass Public Charter School, Inc. Project Series A, Rev., 4.63%, 7/1/2029(c)		180		193

Illinois — 8.4%
Education — 1.3%
Illinois Finance Authority, University of Illinois, Champaign Project
Series 2019A, Rev., 5.00%, 10/1/2036		300		361
Series 2019A, Rev., 5.00%, 10/1/2037		400		480
Series 2019A, Rev., 5.00%, 10/1/2038		400		479
Series 2019A, Rev., 5.00%, 10/1/2039		350		419
Series 2019A, Rev., 5.00%, 10/1/2044		1,000		1,189

				2,928

General Obligation — 4.1%
Des Plaines Valley Public Library District GO, 5.50%, 1/1/2030		125		127
Grundy & Will Counties Community Unit School District No. 1 Coal City GO, 5.00%, 2/1/2027		600		700
Metropolitan Water Reclamation District of Greater Chicago Series C, GO, 5.25%, 12/1/2027		50		63
State of Illinois
Series 2012, GO, 4.13%, 3/1/2028		170		175
Series 2017C, GO, 5.00%, 11/1/2029		3,000		3,430
Series 2017A, GO, 4.00%, 12/1/2033		5,000		5,177

				9,672

Hospital — 1.7%
Upper Illinois River Valley Development Authority, Morris Hospital
Series 2018, Rev., 5.00%, 12/1/2027		1,145		1,337
Series 2018, Rev., 5.00%, 12/1/2028		1,050		1,237
Series 2018, Rev., 5.00%, 12/1/2029		875		1,029
Series 2018, Rev., 5.00%, 12/1/2033		250		284
Series 2018, Rev., 5.00%, 12/1/2034		20		23

				3,910

Other Revenue — 0.7%
Metropolitan Pier and Exposition Authority, Mccormick Place Expansion Project Series 2012B, Rev., 5.00%, 12/15/2028		1,610		1,716

Prerefunded — 0.1%
Lake County Community Consolidated School District No. 50 Woodland Series C, GO, 5.25%, 1/1/2021(d)		150		159

Transportation — 0.4%
Chicago O’Hare International Airport, Transportation Infrastructure Properties LLC (TRIPS) Obligated Group Rev., AMT, 5.00%, 7/1/2038		500		579
Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024		250		300

				879

Water & Sewer — 0.1%
City of Chicago, Waterworks, Second Lien Rev., AMBAC, BHAC-CR, 5.75%, 11/1/2030		150		186

Total Illinois				19,450

Indiana — 0.8%
Education — 0.7%
City of Anderson, Economic Development, Anderson University Rev., 6.00%, 10/1/2042		1,500		1,598

Housing — 0.0%(e)
Indiana Housing and Community Development Authority, Home First Mortgage
Series C, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/1/2027		30		31
Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2028		15		15

				46

Water & Sewer — 0.1%
Indiana State Finance Authority, Wastewater Utility, First Lien Series 2011A, Rev., 5.25%, 10/1/2031		250		270

Total Indiana				1,914

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Iowa — 1.4%
Education — 0.2%
Iowa Student Loan Liquidity Corp., Student Loan Series A, Rev., AMT, 3.75%, 12/1/2033		550		571

Housing — 0.6%
Iowa Finance Authority, Northcrest Inc. Project
Series 2018A, Rev., 5.00%, 3/1/2028		980		1,085
Series 2018A, Rev., 5.00%, 3/1/2038		250		272

				1,357

Utility — 0.6%
Iowa Finance Authority, Phs Council Bluffs, Inc. Project
Rev., 3.95%, 8/1/2023		150		153
Rev., 4.45%, 8/1/2028		250		260
Rev., 5.00%, 8/1/2033		485		510
Rev., 5.00%, 8/1/2038		370		385

				1,308

Total Iowa				3,236

Kansas — 1.1%
Hospital — 1.1%
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc.
Series A, Rev., 5.00%, 5/15/2032		500		559
Series A, Rev., 5.00%, 5/15/2039		850		934
City of Wichita, Health Care Facilities, Presbyterian Manors, Inc.
Series 2018 I, Rev., 5.00%, 5/15/2033		500		549
Series I, Rev., 5.00%, 5/15/2038		500		542

				2,584

Total Kansas				2,584

Kentucky — 0.7%
Hospital — 0.7%
City of Ashland, Kings Daughters Medical Center
Series 2016A, Rev., 4.00%, 2/1/2036		1,000		1,011
Series 2016A, Rev., 5.00%, 2/1/2040		500		544

				1,555

Total Kentucky				1,555

Louisiana — 0.4%
Hospital — 0.3%
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2042		500		574

Housing — 0.0%(e)
East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program Series 2009A-2, Rev., GNMA/FNMA/FHLMC, 4.75%, 10/1/2029		40		40

Transportation — 0.1%
New Orleans Aviation Board, General Airport, North Terminal Project Series B, Rev., AMT, 5.00%, 1/1/2048		250		282

Total Louisiana				896

Maine — 0.0%(e)
Prerefunded — 0.0%(e)
Maine Health and Higher Educational Facilities Authority Series A, Rev., 5.00%, 7/1/2023(d)		25		28

Maryland — 1.0%
Education — 0.7%
County of Frederick, Educational Facilities, Mount St. Mary’s University Series A, Rev., 5.00%, 9/1/2037(c)		1,500		1,653

Hospital — 0.3%
Maryland Health and Higher Educational Facilities Authority, Broadmead Issue Series A, Rev., 5.00%, 7/1/2032		500		577

Transportation — 0.0%(e)
Maryland Economic Development Corp. Series A, Rev., 5.13%, 6/1/2020(d)		40		41

Total Maryland				2,271

Massachusetts — 4.2%
Education — 2.1%
Massachusetts Development Finance Agency, Emerson College
Rev., 5.00%, 1/1/2037		500		578
Rev., 5.00%, 1/1/2038		405		468
Rev., 5.00%, 1/1/2043		500		576
Massachusetts Development Finance Agency, Emmanuel College Series 2016A, Rev., 5.00%, 10/1/2043		500		565
Massachusetts Development Finance Agency, Suffolk University
Rev., 5.00%, 7/1/2036		450		536
Rev., 5.00%, 7/1/2037		605		720
Massachusetts Educational Financing Authority Series B, Rev., AMT, 3.63%, 7/1/2034		1,000		1,056
Massachusetts State College Building Authority Series B, Rev., XLCA, 5.50%, 5/1/2028		350		434

				4,933

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Other Revenue — 1.6%
Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Rev., 4.13%, 10/1/2042(c)		2,000		2,045
Massachusetts Development Finance Agency, Orchid Cove, Inc.
Rev., 4.00%, 10/1/2029		925		1,012
Rev., 4.00%, 10/1/2039		500		517
Rev., 5.00%, 10/1/2039		250		279

				3,853

Transportation — 0.4%
Massachusetts Bay Transportation Authority Series B, Rev., NATL-RE, 5.50%, 7/1/2028		300		397
Massachusetts Port Authority Series A, Rev., 5.00%, 7/1/2044		500		568

				965

Water & Sewer — 0.1%
Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2032		100		139

Total Massachusetts				9,890

Michigan — 2.4%
Education — 0.3%
Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032		750		820

General Obligation — 0.7%
City of Detroit
GO, 5.00%, 4/1/2035		500		539
GO, 5.00%, 4/1/2036		500		537
GO, 5.00%, 4/1/2037		500		535

				1,611

Industrial Development Revenue/Pollution Control Revenue — 0.0%(e)
Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020		85		88

Transportation — 0.2%
Wayne County Airport Authority, Detroit Metropolitan Airport Series B, Rev., AMT, 5.00%, 12/1/2021		400		432

Utility — 1.2%
Michigan Strategic Fund, I-75 Improvement Project Rev., AMT, AGM, 4.13%, 6/30/2035		2,500		2,701

Total Michigan				5,652

Minnesota — 0.7%
Hospital — 0.3%
City of Minneapolis, Health Care System, Fairview Health Services Series A, Rev., 4.00%, 11/15/2038		750		817

Housing — 0.4%
City of Apple Valley, Minnesota Senior Housing, Orchard Path Project Rev., 4.25%, 9/1/2038		750		769
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		5		5
Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		100		101
Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program Series A, Rev., AMT, GNMA/FNMA/FHLMC, 4.25%, 7/1/2028		10		10
Minnesota Housing Finance Agency, Residential Housing Finance Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		5		5

				890

Total Minnesota				1,707

Mississippi — 0.1%
Other Revenue — 0.1%
Mississippi Development Bank, Harrison County, Coliseum and Convention Center
Series A, Rev., 5.25%, 1/1/2030		160		204
Series 2010A, Rev., 5.25%, 1/1/2034		100		129

				333

Total Mississippi				333

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Missouri — 1.9%
Education — 1.2%
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects
Series 2019A, Rev., 5.00%, 2/1/2029		550		623
Series 2019A, Rev., 5.00%, 2/1/2034		1,010		1,123
Series 2019A, Rev., 5.00%, 2/1/2042		1,000		1,096

				2,842

General Obligation — 0.1%
Independence School District, Direct Deposit Program Series A, GO, 5.25%, 3/1/2031		250		266

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		45		46
Series E-4, Rev., AMT, GNMA/FNMA/FHLMC, 4.25%, 11/1/2030		40		41

				87

Industrial Development Revenue/Pollution Control Revenue — 0.3%
St Louis County Industrial Development Authority, Friendship Village Series 2018A, Rev., 5.00%, 9/1/2028		630		725

Transportation — 0.2%
Bi-State Development Agency, Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2025		400		484

Total Missouri				4,404

Montana — 0.7%
General Obligation — 0.2%
Cascade County Elementary School District No. 1 Great Falls, School Building GO, 3.63%, 7/1/2038		335		360

Hospital — 0.4%
Montana Facility Finance Authority, Bozeman Deaconess Health Services Obligated Group Rev., 3.63%, 6/1/2043		1,000		1,022

Housing — 0.1%
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038		130		135

Transportation — 0.0%(e)
City of Billings, Airport Series 2010A, Rev., AMT, 5.00%, 7/1/2020		100		103

Total Montana				1,620

Nevada — 0.2%
Transportation — 0.2%
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048		375		395

New Hampshire — 0.2%
Education — 0.2%
City of Manchester, School Facilities
Rev., NATL-RE, 5.50%, 6/1/2026		200		250
Rev., NATL-RE, 5.50%, 6/1/2027		100		128

				378

Housing — 0.0%(e)
New Hampshire Housing Finance Authority, Single Family Mortgage Series 2011A, Rev., AMT, 5.25%, 7/1/2028		30		30

Total New Hampshire				408

New Jersey — 3.9%
Education — 1.0%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan
Series 2018A, Rev., AMT, 3.75%, 12/1/2031		750		804
Series 2018A, Rev., AMT, 4.00%, 12/1/2032		400		435
Series A, Rev., AMT, 4.00%, 12/1/2033		500		540
Series 2018A, Rev., AMT, 4.00%, 12/1/2034		300		323
Series A, Rev., AMT, 4.00%, 12/1/2035		200		216

				2,318

Hospital — 0.7%
New Jersey Health Care Facilities Financing Authority, St. Josephs Healthcare System Rev., 5.00%, 7/1/2041		1,500		1,667

Industrial Development Revenue/Pollution Control Revenue — 1.4%
New Jersey Economic Development Authority, Charter School, Golden Door Charter School Project
Series 2018A, Rev., 5.13%, 11/1/2029(c)		210		224
Series 2018-A, Rev., 6.25%, 11/1/2038(c)		525		592

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
New Jersey Economic Development Authority, Charter School, Marion P. Thomas Charter School, Inc. Project Series 2018-A, Rev., 5.00%, 10/1/2033(c)		1,000		1,049
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039		1,200		1,294

				3,159

Transportation — 0.8%
New Jersey Economic Development Authority, Motor Vehicle Surplus Series A, Rev., NATL-RE, 5.25%, 7/1/2024		380		435
New Jersey Transportation Trust Fund Authority, Transportation Program Series AA, Rev., 5.25%, 6/15/2033		1,335		1,468

				1,903

Total New Jersey				9,047

New Mexico — 0.0%(e)
Housing — 0.0%(e)
New Mexico Mortgage Finance Authority, Single Family Mortgage Program
Series 2011B, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 3/1/2028		65		67
Series A, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 9/1/2030		30		31

				98

Total New Mexico				98

New York — 2.7%
Education — 0.8%
Build Resource Corp., Inwood Academy for Leadership Charter School Project
Series 2018A, Rev., 4.88%, 5/1/2031(c)		500		531
Series 2018A, Rev., 5.13%, 5/1/2038(c)		250		266
Onondaga Civic Development Corp., Le Moyne College Project
Rev., 5.00%, 1/1/2037		300		344
Rev., 5.00%, 1/1/2038		200		229
Rev., 5.00%, 1/1/2043		500		571

				1,941

Hospital — 0.5%
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042		1,000		1,027

Housing — 0.2%
Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project Series 2019, Rev., 5.00%, 7/1/2042		365		418

Other Revenue — 0.5%
New York Liberty Development Corp., Goldman Sachs Headquarters Rev., 5.25%, 10/1/2035		525		693
New York State Environmental Facilities Corp., Revolving Funds, Pooled Financing Series 2005B, Rev., 5.50%, 10/15/2030(d)		390		535

				1,228

Transportation — 0.4%
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project
Rev., AMT, 4.00%, 1/1/2036		500		532
Rev., AMT, 5.00%, 1/1/2036		375		438

				970

Water & Sewer — 0.3%
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution
Series EE, Rev., 5.38%, 6/15/2043		440		465
Series BB, Rev., 5.25%, 6/15/2044		250		270

				735

Total New York				6,319

North Carolina — 0.5%
Hospital — 0.5%
North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Davidson Project Series 2019A, Rev., 5.00%, 1/1/2034		1,000		1,130

North Dakota — 0.1%
Housing — 0.0%(e)
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2012A, Rev., 3.75%, 7/1/2042		60		62

Utility — 0.1%
McLean County, Solid Waste Facilities, Great River Energy Project Series A, Rev., 4.88%, 7/1/2026		210		216

Total North Dakota				278

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Ohio — 3.0%
Education — 1.7%
Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project
Rev., 5.00%, 12/1/2028		500		555
Rev., 5.00%, 12/1/2033		270		292
Rev., 5.00%, 12/1/2038		685		728
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034		2,000		2,246

				3,821

General Obligation — 0.1%
County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction and Improvement GO, NATL-RE, 5.25%, 12/1/2025		185		226
Greene County Series 2007A, GO, AMBAC, 5.25%, 12/1/2028		45		57

				283

Hospital — 0.2%
City of Centerville, Graceworks Lutheran Services Rev., 5.00%, 11/1/2027		380		430
Franklin County Health Care Improvement, Presbyterian Services Series 2010A, Rev., 5.00%, 7/1/2020		100		100

				530

Housing — 0.0%(e)
Ohio Housing Finance Agency, Single Family Mortgage
Series 2011 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2028		25		26
Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2028		15		15

				41

Transportation — 1.0%
Cleveland-Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project
Rev., 5.00%, 12/1/2033		1,000		1,140
Rev., 5.25%, 12/1/2038		500		571
Rev., 5.50%, 12/1/2043		500		575

				2,286

Total Ohio				6,961

Oklahoma — 0.9%
Hospital — 0.5%
Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series B, Rev., 5.00%, 8/15/2038		1,000		1,141

Transportation — 0.3%
Tulsa Airports Improvement Trust
Series A, Rev., AMT, 5.00%, 6/1/2024		300		340
Series A, Rev., AMT, 5.00%, 6/1/2025		420		475

				815

Water & Sewer — 0.1%
Oklahoma City Water Utilities Trust, Water and Sewer System Rev., 5.38%, 7/1/2040		220		236

Total Oklahoma				2,192

Oregon — 0.9%
General Obligation — 0.1%
Clackamas County School District No. 7J, Lake Oswego GO, AGM, 5.25%, 6/1/2025		165		199
Linn County Community School District No. 9 Lebanon GO, NATL-RE, 5.50%, 6/15/2030		20		26

				225

Hospital — 0.7%
Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project
Series 2018A, Rev., 5.00%, 5/15/2038		220		241
Series 2018A, Rev., 5.00%, 5/15/2043		310		336
Salem Hospital Facility Authority, Capital Manor Project Rev., 5.00%, 5/15/2038		1,000		1,145

				1,722

Housing — 0.0%(e)
Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030		30		31

Prerefunded — 0.1%
State of Oregon, University Systems Projects Series G, GO, 5.25%, 8/2/2021(d)		105		113

Total Oregon				2,091

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Pennsylvania — 10.3%
Education — 1.9%
Allegheny County Higher Education Building Authority, Duquesne University Series 2011A, Rev., 5.00%, 3/1/2020		160		164
Chambersburg Area Municipal Authority, Wilson College Rev., 5.50%, 10/1/2033		2,000		2,086
Dallas Area Municipal Authority, Misericordia University Project
Rev., 3.25%, 5/1/2023		200		201
Rev., 5.00%, 5/1/2029		650		733
Rev., 5.00%, 5/1/2039		1,100		1,230

				4,414

General Obligation — 2.8%
Aliquippa School District
GO, 3.75%, 12/1/2033		2,000		2,145
GO, 3.88%, 12/1/2037		1,250		1,332
The School Board of Philadelphia County Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,346
Wilkes-Barre Area School District
Series 2019, GO, 3.50%, 4/15/2038		370		382
Series 2019, GO, 3.50%, 4/15/2039		230		237
Series 2019, GO, 3.75%, 4/15/2044		1,000		1,042

				6,484

Hospital — 4.1%
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2038		500		541
Allegheny County Hospital Development Authority, Medical Center Series 2019A, Rev., 4.00%, 7/15/2037		2,000		2,203
Berks County Industrial Development Authority, Healthcare Facilities
Rev., 5.00%, 5/15/2033		500		560
Series 2017A, Rev., 5.00%, 5/15/2037		250		277
Rev., 5.00%, 5/15/2038		500		551
Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037		1,000		1,166
Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc. Project
Series 2019B, Rev., 2.88%, 12/15/2023		1,000		1,000
Series 2019A, Rev., 5.00%, 6/15/2032		545		624
Series 2019A, Rev., 5.00%, 6/15/2033		570		650
Series 2019A, Rev., 5.00%, 6/15/2038		1,110		1,247
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038		750		831

				9,650

Housing — 0.0%(e)
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2011- 112, Rev., AMT, 5.00%, 4/1/2028		30		31

Industrial Development Revenue/Pollution Control Revenue — 1.1%
Luzerne County Industrial Development Authority Rev., AGM, 5.00%, 12/15/2024		70		79
Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project
Series 2019, Rev., 4.00%, 12/1/2034		170		185
Series 2019, Rev., 4.00%, 12/1/2035		175		189
Series 2019, Rev., 4.00%, 12/1/2036		175		189
Series 2019, Rev., 4.00%, 12/1/2037		100		107
Series 2019, Rev., 4.00%, 12/1/2038		100		107
Series 2019, Rev., 5.00%, 12/1/2044		350		397
Series 2019, Rev., 5.00%, 12/1/2049		500		566
Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018-A, Rev., 4.50%, 6/1/2029(c)		700		726

				2,545

Other Revenue — 0.2%
Allentown Neighborhood Improvement Zone Development Authority, City Center Project
Rev., 5.00%, 5/1/2033(c)		250		286
Rev., 5.00%, 5/1/2042(c)		250		278

				564

Transportation — 0.2%
Allegheny County Airport Authority, Pittsburgh International Airport Series 2012A-1, Rev., 5.00%, 1/1/2026		350		375

Total Pennsylvania				24,063

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Rhode Island — 0.2%
Education — 0.1%
Rhode Island Student Loan Authority, Senior Series 2017A, Rev., AMT, 5.00%, 12/1/2024		100		115

Transportation — 0.1%
Rhode Island Commerce Corp. Series B, Rev., 5.00%, 7/1/2022		250		274

Total Rhode Island				389

South Carolina — 0.7%
Industrial Development Revenue/Pollution Control Revenue — 0.7%
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Homes Series 2018A, Rev., 5.00%, 4/1/2033		1,485		1,615

South Dakota — 0.3%
Education — 0.3%
South Dakota Health and Educational Facilities Authority, Sanford Health Rev., 5.00%, 11/1/2045		500		562

Housing — 0.0%(e)
South Dakota Housing Development Authority, Homeownership Mortgage Series 2012A, Rev., AMT, 4.50%, 5/1/2031		70		72

Total South Dakota				634

Tennessee — 0.5%
Housing — 0.5%
Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project
Rev., 4.50%, 6/1/2028(c)		500		536
Rev., 5.13%, 6/1/2036(c)		425		470
Tennessee Housing Development Agency, Homeownership Program
Series A, Rev., AMT, 4.50%, 7/1/2031		40		41
Series 1A, Rev., AMT, 4.50%, 1/1/2038		85		88

				1,135

Total Tennessee				1,135

Texas — 3.4%
Education — 2.2%
Arlington Higher Education Finance Corp., Winfree Academy Charter Schools
Series 2019A, Rev., 5.15%, 8/15/2029		450		468
Series 2019A, Rev., 5.75%, 8/15/2043		1,000		1,059
New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series A, Rev., 5.50%, 7/1/2054		1,000		1,045
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039		1,000		1,077
Newark Higher Education Finance Corp., Austin Achieve Public Schools, Inc.
Rev., 4.25%, 6/15/2028		150		152
Rev., 5.00%, 6/15/2033		150		155
Rev., 5.00%, 6/15/2038		250		257
Permanent University Fund - Texas A&M University System
Series B, Rev., 5.25%, 7/1/2028		140		182
Series B, Rev., 5.25%, 7/1/2030		395		529
Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center Series A, Rev., 5.25%, 12/1/2039		170		192

				5,116

General Obligation — 0.1%
North East Independent School District GO, PSF-GTD, 5.25%, 2/1/2027		200		251

Hospital — 0.4%
Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project Rev., 4.00%, 7/15/2045		940		942

Housing — 0.0%(e)
Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029		35		36

Other Revenue — 0.5%
City of Temple,Reinvestment Zone Series A, Rev., 5.00%, 8/1/2028(c)		1,000		1,103

Prerefunded — 0.1%
La Vernia Higher Education Finance Corp., Lifeschool of Dallas Series A, Rev., 6.25%, 8/15/2019(d)		60		61
Texas State Public Finance Authority Charter School Finance Corp., Cosmos Foundation, Inc. Series A, Rev., 6.00%, 2/15/2020(d)		100		103

				164

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Transportation — 0.1%
Dallas Area Rapid Transit, Senior Lien Rev., AMBAC, 5.25%, 12/1/2029		130		172

Water & Sewer — 0.0%(e)
City of Houston, Combined Utility System, Capital Appreciation Series A, Rev., AGM, Zero Coupon, 12/1/2027(d)		30		25

Total Texas				7,809

Utah — 0.3%
Other Revenue — 0.3%
Utah Transit Authority, Sales Tax
Series C, Rev., AGM, 5.25%, 6/15/2025		40		48
Series 2006C, Rev., AGM, 5.25%, 6/15/2032		450		600

				648

Total Utah				648

Vermont — 0.3%
Education — 0.3%
Vermont Student Assistance Corp., Education Loan
Series A, Rev., AMT, 4.00%, 6/15/2032		200		210
Series A, Rev., AMT, 4.00%, 6/15/2033		250		262
Series 2018A, Rev., AMT, 4.00%, 6/15/2034		200		209

				681

Total Vermont				681

Virginia — 3.6%
Education — 0.4%
Danville Industrial Development Authority, Averett University Series A, Rev., 4.75%, 10/1/2032		760		790

Housing — 1.9%
Norfolk Redevelopment and Housing Authority, Harbors Edge Project
Series 2019B, Rev., 4.00%, 1/1/2025		2,000		2,001
Series 2019A, Rev., 5.00%, 1/1/2034		1,000		1,090
Series 2019A, Rev., 4.38%, 1/1/2039		1,250		1,313

				4,404

Industrial Development Revenue/Pollution Control Revenue — 1.3%
Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living
Series 2019A, Rev., 4.75%, 9/1/2029		1,000		1,029
Series 2019A, Rev., 5.00%, 9/1/2034		2,000		2,060

				3,089

Prerefunded — 0.0%(e)
Virginia Resources Authority, Infrastructure, Pooled Financing Program Series 2011A, Rev., 5.00%, 11/1/2021(d)		70		76

Total Virginia				8,359

Washington — 4.3%
General Obligation — 1.1%
Pend Oreille County, Public Hospital District No. 1
GO, 5.00%, 12/1/2033		1,000		1,132
GO, 5.00%, 12/1/2038		1,255		1,407

				2,539

Housing — 0.8%
Washington State Housing Finance Commission, Homeownership Program Series A, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 4/1/2029		35		36
Washington State Housing Finance Commission, The Heart Stone Project
Series 2018A, Rev., 4.50%, 7/1/2028(c)		965		1,062
Series 2018A, Rev., 5.00%, 7/1/2038(c)		825		904

				2,002

Other Revenue — 0.6%
Washington State Housing Finance Commission, Judson Park Project
Rev., 4.00%, 7/1/2028(c)		535		566
Rev., 5.00%, 7/1/2033(c)		535		594
Rev., 5.00%, 7/1/2038(c)		300		328

				1,488

Utility — 1.8%
Pend Oreille County, Public Utility District No. 1, Box Canyon Production System Rev., 5.00%, 1/1/2039		3,605		4,099

Total Washington				10,128

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)			Value ($000)
West Virginia — 1.3%
Hospital — 1.3%
West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc.
Series 2019A, Rev., 5.00%, 9/1/2038		1,250			1,483
Series 2019A, Rev., 5.00%, 9/1/2039		1,400			1,657

					3,140

Total West Virginia					3,140

Wisconsin — 5.0%
Education — 4.2%
Public Finance Authority, Community School of Davidson Project
Rev., 3.75%, 10/1/2023		365			369
Rev., 5.00%, 10/1/2033		775			844
Public Finance Authority, Minnesota College of Osteopathic Medicine
Series 2019A-1, Rev., 5.50%, 12/1/2048(c)		575			629
Series 2019A-2, Rev., 7.25%, 12/1/2048(c)		1,500			1,563
Public Finance Authority, Piedmont Community Charter School
Rev., 5.00%, 6/15/2027		160			186
Rev., 5.00%, 6/15/2028		505			593
Rev., 5.00%, 6/15/2034		215			250
Rev., 5.00%, 6/15/2039		390			447
Rev., 5.00%, 6/15/2049		1,000			1,134
Public Finance Authority, Wilson Preparatory Academy
Series 2019A, Rev., 4.13%, 6/15/2029(c)		545			547
Series 2019A, Rev., 5.00%, 6/15/2039(c)		500			520
Series 2019A, Rev., 5.00%, 6/15/2049(c)		1,100			1,138
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc. Project Series A, Rev., 4.25%, 9/15/2035		1,500			1,506

					9,726

Other Revenue — 0.8%
Public Finance Authority Rev., 4.25%, 10/1/2038(c)		2,000			2,027

Total Wisconsin					11,753

Wyoming — 1.5%
Housing — 0.0%(e)
Wyoming Community Development Authority Housing Series 1, Rev., AMT, 4.00%, 6/1/2032		10			10

Utility — 1.5%
County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry Fork Station Facilities Series 2019A, Rev., 3.63%, 7/15/2039		3,355			3,415

Total Wyoming					3,425

TOTAL MUNICIPAL BONDS (Cost $199,647)					209,375

LOAN ASSIGNMENTS — 0.4%(g)
Diversified Telecommunication Services — 0.0%(e)
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.99%, 11/1/2024(h)		24			23

Oil, Gas & Consumable Fuels — 0.4%
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 7.87%, 8/25/2023(h)		1,113			916

TOTAL LOAN ASSIGNMENTS (Cost $1,114)					939

	Shares (000)
COMMON STOCKS — 0.0%(e)
Oil, Gas & Consumable Fuels — 0.0%(e)
Southcross Holdco Equity*‡ (Cost $11)		—	(i)		18

SHORT-TERM INVESTMENTS — 11.8%
INVESTMENT COMPANIES — 11.8%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.51%(j)(k)(Cost $27,478)		27,478			27,478

Total Investments — 102.1% (Cost $228,250)					237,810
Liabilities in Excess of Other Assets — (2.1%)					(4,941	)

Net Assets — 100.0%					232,869

Percentages indicated are based on net assets.

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
LIQ		Liquidity Agreement
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)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2019.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)		Security is prerefunded or escrowed to maturity.
(e)		Amount rounds to less than 0.1% of net assets.
(f)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)		Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(h)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2019.
(i)		Amount rounds to less than one thousand.
(j)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(k)		The rate shown is the current yield as of May 31, 2019.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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.

•

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.

•

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	$	—	$	—	$	18	$	18
Debt Securities
Municipal Bonds		—		209,375		—		209,375
Loan Assignments		—		939		—		939
Short-Term Investments
Investment Companies		27,478		—		—		27,478

Total Investments in Securities	$	27,478	$	210,314	$	18	$	237,810

There were no transfers into and out of level 3 for the period ended May 31, 2019.


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.51%(a)(b)	$	12,206	$	61,863	$	46,589	$	(2	)	$	—	$	27,478		27,478	$	81	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited)


Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 56.0%
Aerospace & Defense — 0.9%
Airbus SE (France) 3.15%, 4/10/2027(a)		500		509
Boeing Co. (The)
2.35%, 10/30/2021		1,000		1,001
3.55%, 3/1/2038		500		491
Lockheed Martin Corp. 3.80%, 3/1/2045		300		301
Northrop Grumman Corp.
3.25%, 8/1/2023		520		532
3.85%, 4/15/2045		250		247
TransDigm, Inc. 6.25%, 3/15/2026(a)		550		561
United Technologies Corp.
2.80%, 5/4/2024		750		750
4.15%, 5/15/2045		300		304

				4,696

Air Freight & Logistics — 0.5%
FedEx Corp.
3.40%, 1/14/2022		500		511
3.40%, 2/15/2028		500		506
4.10%, 2/1/2045		500		461
United Parcel Service, Inc. 3.40%, 3/15/2029		1,000		1,033

				2,511

Airlines — 0.5%
Delta Air Lines, Inc.
2.60%, 12/4/2020		1,000		997
3.80%, 4/19/2023		500		511
Southwest Airlines Co.
2.75%, 11/6/2019		500		500
3.00%, 11/15/2026		500		491

				2,499

Auto Components — 0.2%
Adient US LLC 7.00%, 5/15/2026(a)		80		80
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		52		50
6.25%, 3/15/2026		15		14
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(a)		35		30
Dana, Inc.
6.00%, 9/15/2023		500		509
5.50%, 12/15/2024		415		413
Delphi Technologies plc 5.00%, 10/1/2025(a)		25		21

				1,117

Automobiles — 1.6%
BMW US Capital LLC (Germany) 3.10%, 4/12/2021(a)		1,000		1,009
Daimler Finance North America LLC (Germany)
2.25%, 3/2/2020(a)		750		748
2.20%, 10/30/2021(a)		750		738
2.85%, 1/6/2022(a)		500		500
Fiat Chrysler Automobiles NV (United Kingdom) 5.25%, 4/15/2023		500		521
General Motors Co. 4.88%, 10/2/2023		1,000		1,042
Hyundai Capital America 2.55%, 4/3/2020(a)		1,000		997
Nissan Motor Acceptance Corp.
2.15%, 9/28/2020(a)		1,000		991
1.90%, 9/14/2021(a)		750		733
2.65%, 7/13/2022(a)		750		743
3.45%, 3/15/2023(a)		500		508

				8,530

Banks — 7.1%
Australia & New Zealand Banking Group Ltd. (Australia) 2.13%, 8/19/2020		1,000		997
Banco Santander SA (Spain)
3.85%, 4/12/2023		400		409
4.38%, 4/12/2028		400		410
Bank of America Corp.
Series L, 2.25%, 4/21/2020		500		499
4.20%, 8/26/2024		750		785
4.00%, 1/22/2025		750		775
Series L, 3.95%, 4/21/2025		500		512
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026(b)		750		756
(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038(b)		500		523
(ICE LIBOR USD 3 Month + 1.99%), 4.44%, 1/20/2048(b)		250		269
(ICE LIBOR USD 3 Month + 1.19%), 3.95%, 1/23/2049(b)		400		398
Barclays Bank plc (United Kingdom) 2.65%, 1/11/2021		1,500		1,497
Barclays plc (United Kingdom)
2.75%, 11/8/2019		1,500		1,498
3.65%, 3/16/2025		750		736
BNP Paribas SA (France)
2.38%, 5/21/2020		1,000		998
2.95%, 5/23/2022(a)		200		200
3.50%, 3/1/2023(a)		1,000		1,014
Citigroup, Inc.
2.40%, 2/18/2020		500		499
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(b)		1,000		999
4.40%, 6/10/2025		500		524
5.50%, 9/13/2025		1,000		1,111
6.63%, 6/15/2032		320		400
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039(b)		500		498
(ICE LIBOR USD 3 Month + 1.84%), 4.28%, 4/24/2048(b)		300		316
Discover Bank 3.35%, 2/6/2023		1,000		1,013
HSBC Holdings plc (United Kingdom)
2.65%, 1/5/2022		1,000		997
4.25%, 3/14/2024		400		414
(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025(b)		750		765
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028(b)		500		511

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
HSBC USA, Inc. 2.35%, 3/5/2020		1,500		1,496
ING Groep NV (Netherlands) 4.05%, 4/9/2029		750		767
Lloyds Banking Group plc (United Kingdom) 4.38%, 3/22/2028		750		771
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.67%, 7/25/2022		750		749
Mizuho Bank Ltd. (Japan) 2.40%, 3/26/2020(a)		1,000		999
Mizuho Financial Group, Inc. (Japan)
2.95%, 2/28/2022		750		756
2.84%, 9/13/2026		750		747
Royal Bank of Scotland Group plc (United Kingdom)
3.88%, 9/12/2023		1,000		1,006
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025(b)		500		506
Santander Holdings USA, Inc. 2.65%, 4/17/2020		1,000		999
Santander UK plc (United Kingdom) 2.38%, 3/16/2020		750		749
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.78%, 7/12/2022		1,000		1,006
3.54%, 1/17/2028		500		522
SunTrust Bank 3.00%, 2/2/2023		750		759
SunTrust Banks, Inc. 2.70%, 1/27/2022		750		752
Toronto-Dominion Bank (The) (Canada) 2.55%, 1/25/2021		1,500		1,504
UBS Group Funding Switzerland AG (Switzerland) (ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023(a)(b)		1,000		994
Wells Fargo & Co.
3.00%, 2/19/2025		500		500
3.00%, 10/23/2026		1,000		990
Wells Fargo Bank NA
3.55%, 8/14/2023		1,000		1,031
6.60%, 1/15/2038		300		403

				38,329

Beverages — 1.4%
Anheuser-Busch Cos. LLC (Belgium) 4.70%, 2/1/2036		1,000		1,033
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
6.88%, 11/15/2019		700		711
4.15%, 1/23/2025		500		528
Bacardi Ltd. (Bermuda) 5.15%, 5/15/2038(a)		500		502
Constellation Brands, Inc. 3.70%, 12/6/2026		500		510
Keurig Dr Pepper, Inc.
4.06%, 5/25/2023(a)		500		520
3.40%, 11/15/2025		500		500
2.55%, 9/15/2026		750		700
Molson Coors Brewing Co. 2.25%, 3/15/2020		1,500		1,495
PepsiCo, Inc.
3.00%, 10/15/2027		500		507
4.25%, 10/22/2044		446		496

				7,502

Biotechnology — 0.5%
AbbVie, Inc. 4.30%, 5/14/2036		500		488
Amgen, Inc. 4.40%, 5/1/2045		1,000		1,006
Celgene Corp. 2.88%, 8/15/2020		500		503
Gilead Sciences, Inc. 3.50%, 2/1/2025		500		514

				2,511

Building Products — 0.2%
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027(a)		500		489
JELD-WEN, Inc. 4.63%, 12/15/2025(a)		15		14
Johnson Controls International plc 4.50%, 2/15/2047		350		354
Owens Corning 4.40%, 1/30/2048		400		342

				1,199

Capital Markets — 4.4%
Ameriprise Financial, Inc. 2.88%, 9/15/2026		500		493
Apollo Management Holdings LP 5.00%, 3/15/2048(a)		500		510
Bank of New York Mellon Corp. (The) (ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023(b)		750		752
BlackRock, Inc. 3.25%, 4/30/2029		500		512
Blackstone Holdings Finance Co. LLC 4.00%, 10/2/2047(a)		300		284
Brookfield Finance, Inc. (Canada) 3.90%, 1/25/2028		500		499
Cboe Global Markets, Inc. 3.65%, 1/12/2027		1,000		1,032
Charles Schwab Corp. (The) 3.25%, 5/22/2029		500		507
CME Group, Inc. 3.00%, 3/15/2025		500		512
Credit Suisse AG (Switzerland)
3.00%, 10/29/2021		700		705
3.63%, 9/9/2024		1,000		1,039
Credit Suisse Group AG (Switzerland) (ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029(a)(b)		500		499
Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032		300		413

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Deutsche Bank AG (Germany)
2.70%, 7/13/2020		1,000		990
3.15%, 1/22/2021		1,500		1,482
3.38%, 5/12/2021		500		495
3.95%, 2/27/2023		1,000		987
E*TRADE Financial Corp. 2.95%, 8/24/2022		750		752
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023(b)		500		500
4.25%, 10/21/2025		1,500		1,554
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029(b)		750		758
6.45%, 5/1/2036		750		911
5.15%, 5/22/2045		300		327
Jefferies Group LLC 4.15%, 1/23/2030		750		696
Lehman Brothers Holdings, Inc.
0.00%, 8/21/2009(c)(d)		1,350		23
0.00%, 5/25/2049(d)		850		15
5.86%, 12/31/2049‡(d)		3,795		—	(e)
Moody’s Corp. 2.63%, 1/15/2023		750		746
Morgan Stanley
5.50%, 1/26/2020		395		402
3.70%, 10/23/2024		750		776
3.95%, 4/23/2027		500		510
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029(b)		750		764
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038(b)		500		502
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039(b)		400		428
Neuberger Berman Group LLC 4.88%, 4/15/2045(a)		300		277
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032(b)		500		499
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		500		506
UBS AG (Switzerland) 2.20%, 6/8/2020(a)		1,000		996

				23,653

Chemicals — 0.7%
Ashland LLC 4.75%, 8/15/2022(f)		500		515
Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023(a)		750		768
Dow Chemical Co. (The)
4.13%, 11/15/2021		500		516
3.50%, 10/1/2024		500		510
4.38%, 11/15/2042		250		238
Huntsman International LLC 5.13%, 11/15/2022		150		157
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024(a)		200		194
LyondellBasell Industries NV 4.63%, 2/26/2055		250		232
PPG Industries, Inc. 3.20%, 3/15/2023		750		766
Reichhold Industries, Inc. 9.00%, 5/1/2018‡(a)(d)		283		—
Venator Finance SARL 5.75%, 7/15/2025(a)		105		93

				3,989

Commercial Services & Supplies — 0.1%
Nielsen Finance LLC
4.50%, 10/1/2020		135		134
5.00%, 4/15/2022(a)		500		496

				630

Communications Equipment — 0.5%
Cisco Systems, Inc. 2.20%, 9/20/2023		1,000		991
CommScope Technologies LLC 6.00%, 6/15/2025(a)		1,750		1,588

				2,579

Construction & Engineering — 0.0%(g)
Zekelman Industries, Inc. 9.88%, 6/15/2023(a)		99		104

Consumer Finance — 3.8%
AerCap Ireland Capital DAC (Ireland) 3.30%, 1/23/2023		500		499
Ally Financial, Inc.
4.13%, 2/13/2022		105		106
4.63%, 5/19/2022		25		25
4.63%, 3/30/2025		395		404
American Express Co.
3.40%, 2/27/2023		750		768
3.00%, 10/30/2024		750		754
3.13%, 5/20/2026		500		502
American Express Credit Corp. 2.38%, 5/26/2020		750		749
American Honda Finance Corp. 3.38%, 12/10/2021		500		512
Capital One Financial Corp.
2.50%, 5/12/2020		1,000		998
3.20%, 1/30/2023		500		506
3.30%, 10/30/2024		750		755
3.75%, 7/28/2026		500		495
3.80%, 1/31/2028		500		500
Caterpillar Financial Services Corp. 2.85%, 6/1/2022		500		506
Discover Financial Services 4.10%, 2/9/2027		500		506
Ford Motor Credit Co. LLC
2.60%, 11/4/2019		1,000		999
2.43%, 6/12/2020		1,000		993
3.22%, 1/9/2022		750		741
2.98%, 8/3/2022		750		733
4.38%, 8/6/2023		500		503
3.81%, 1/9/2024		500		485
3.82%, 11/2/2027		500		459
General Motors Financial Co., Inc.
3.15%, 6/30/2022		1,000		993
4.00%, 1/15/2025		1,000		989
3.85%, 1/5/2028		750		703
Harley-Davidson Financial Services, Inc.
2.15%, 2/26/2020(a)		750		746
2.40%, 6/15/2020(a)		1,000		995

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Hyundai Capital Services, Inc. (South Korea) 3.00%, 3/6/2022(a)		500		499
John Deere Capital Corp.
3.35%, 6/12/2024		500		516
2.65%, 6/24/2024		500		500
Springleaf Finance Corp. 6.63%, 1/15/2028		45		46
Synchrony Financial 2.70%, 2/3/2020		1,000		999

				20,484

Containers & Packaging — 0.3%
Bemis Co., Inc. 3.10%, 9/15/2026		500		480
Berry Global Escrow Corp.
4.88%, 7/15/2026(a)		145		144
5.63%, 7/15/2027(a)		55		56
Reynolds Group Issuer, Inc. 5.75%, 10/15/2020		785		786

				1,466

Diversified Consumer Services — 0.1%
Service Corp. International
7.50%, 4/1/2027		310		360
5.13%, 6/1/2029		75		77

				437

Diversified Financial Services — 0.2%
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		500		475
Siemens Financieringsmaatschappij NV (Germany)
3.13%, 3/16/2024(a)		500		512
4.20%, 3/16/2047(a)		300		321

				1,308

Diversified Telecommunication Services — 2.7%
AT&T, Inc.
3.20%, 3/1/2022		750		760
3.90%, 3/11/2024		600		625
3.95%, 1/15/2025		500		521
4.50%, 5/15/2035		500		503
6.00%, 8/15/2040		300		343
5.35%, 9/1/2040		850		915
CCO Holdings LLC
5.88%, 4/1/2024(a)		345		357
5.50%, 5/1/2026(a)		155		159
5.13%, 5/1/2027(a)		705		705
CenturyLink, Inc. Series T, 5.80%, 3/15/2022		700		712
Cincinnati Bell, Inc. 7.00%, 7/15/2024(a)		10		9
Cogent Communications Group, Inc. 5.38%, 3/1/2022(a)		650		666
Deutsche Telekom International Finance BV (Germany) 2.23%, 1/17/2020(a)		1,000		997
Frontier Communications Corp.
11.00%, 9/15/2025		770		485
8.50%, 4/1/2026(a)		65		62
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023		1,431		1,284
8.50%, 10/15/2024(a)		35		34
Level 3 Financing, Inc.
5.63%, 2/1/2023		750		753
5.38%, 1/15/2024		31		31
Sprint Capital Corp. 8.75%, 3/15/2032		730		838
Verizon Communications, Inc.
3.38%, 2/15/2025		69		71
4.02%, 12/3/2029(a)		974		1,029
4.50%, 8/10/2033		500		540
4.40%, 11/1/2034		500		532
4.27%, 1/15/2036		577		597
5.01%, 4/15/2049		500		565
Windstream Services LLC 9.00%, 6/30/2025(a)(d)		646		432

				14,525

Electric Utilities — 1.5%
AEP Transmission Co. LLC 3.75%, 12/1/2047		300		302
Alabama Power Co. 3.75%, 3/1/2045		300		303
Appalachian Power Co. 6.38%, 4/1/2036		300		382
Commonwealth Edison Co. 3.70%, 3/1/2045		300		297
DTE Electric Co. 3.70%, 3/15/2045		300		301
Duke Energy Carolinas LLC
6.00%, 1/15/2038		435		579
3.75%, 6/1/2045		300		302
Duke Energy Corp.
1.80%, 9/1/2021		750		738
2.65%, 9/1/2026		500		482
Entergy Arkansas LLC 3.75%, 2/15/2021		535		545
Eversource Energy Series M, 3.30%, 1/15/2028		500		507
Gulf Power Co. Series A, 3.30%, 5/30/2027		500		513
MidAmerican Energy Co. 3.10%, 5/1/2027		500		507
NSTAR Electric Co. 3.20%, 5/15/2027		500		510
Potomac Electric Power Co. 4.15%, 3/15/2043		250		265
Public Service Electric & Gas Co. 3.00%, 5/15/2027		500		502
Xcel Energy, Inc.
4.70%, 5/15/2020		730		736
3.35%, 12/1/2026		500		510

				8,281

Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 4.00%, 4/1/2025		500		512

Energy Equipment & Services — 0.0%(g)
Calfrac Holdings LP (Canada) 8.50%, 6/15/2026(a)		10		7

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Halliburton Co. 3.50%, 8/1/2023		250		257
Nabors Industries, Inc. 5.75%, 2/1/2025		15		12
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)		11		11
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		4		4

				291

Entertainment — 0.9%
Activision Blizzard, Inc. 2.60%, 6/15/2022		250		250
AMC Entertainment Holdings, Inc. 5.75%, 6/15/2025		200		182
NBCUniversal Media LLC 4.38%, 4/1/2021		1,065		1,101
Netflix, Inc.
5.88%, 11/15/2028		24		25
5.38%, 11/15/2029(a)		50		51
Viacom, Inc. 4.25%, 9/1/2023		1,250		1,305
Walt Disney Co. (The) 6.40%, 12/15/2035(a)		1,025		1,380
Warner Media LLC
3.60%, 7/15/2025		500		510
5.35%, 12/15/2043		330		356

				5,160

Equity Real Estate Investment Trusts (REITs) — 1.0%
American Tower Corp.
2.80%, 6/1/2020		500		500
3.45%, 9/15/2021		500		508
AvalonBay Communities, Inc. 3.45%, 6/1/2025		500		514
Boston Properties LP
3.20%, 1/15/2025		250		253
2.75%, 10/1/2026		500		480
CoreCivic, Inc. 4.63%, 5/1/2023		225		221
Crown Castle International Corp. 3.15%, 7/15/2023		1,000		1,004
GEO Group, Inc. (The)
5.13%, 4/1/2023		400		376
5.88%, 10/15/2024		230		213
GLP Capital LP 5.75%, 6/1/2028		20		22
Kimco Realty Corp. 4.25%, 4/1/2045		350		345
RHP Hotel Properties LP 5.00%, 4/15/2023		200		201
Uniti Group LP 8.25%, 10/15/2023		500		446
VICI Properties 1 LLC 8.00%, 10/15/2023		107		116

				5,199

Food & Staples Retailing — 0.7%
Costco Wholesale Corp. 2.75%, 5/18/2024		500		506
CVS Pass-Through Trust 7.51%, 1/10/2032(a)		594		713
Kroger Co. (The) 2.65%, 10/15/2026		750		711
Rite Aid Corp. 6.13%, 4/1/2023(a)		40		33
Sysco Corp. 3.55%, 3/15/2025		500		516
Walgreens Boots Alliance, Inc.
3.80%, 11/18/2024		500		512
4.65%, 6/1/2046		350		332
Walmart, Inc. 4.05%, 6/29/2048		350		381

				3,704

Food Products — 1.2%
B&G Foods, Inc. 5.25%, 4/1/2025		51		49
Campbell Soup Co. 3.95%, 3/15/2025		500		512
Conagra Brands, Inc. 4.30%, 5/1/2024		500		525
General Mills, Inc.
3.20%, 2/10/2027		500		497
4.70%, 4/17/2048		500		515
Grupo Bimbo SAB de CV (Mexico) 4.88%, 6/30/2020(a)		495		505
Hershey Co. (The) 3.38%, 8/15/2046		350		342
Kellogg Co. 3.40%, 11/15/2027		500		499
Mondelez International Holdings Netherlands BV 2.00%, 10/28/2021(a)		750		737
Mondelez International, Inc. 3.63%, 5/7/2023		500		516
Post Holdings, Inc. 5.00%, 8/15/2026(a)		105		103
Smithfield Foods, Inc. 3.35%, 2/1/2022(a)		1,000		985
Tyson Foods, Inc. 3.95%, 8/15/2024		250		262
Unilever Capital Corp. (United Kingdom) 2.60%, 5/5/2024		500		500

				6,547

Gas Utilities — 0.1%
KeySpan Gas East Corp. 2.74%, 8/15/2026(a)		500		484

Health Care Equipment & Supplies — 0.6%
Abbott Laboratories 3.88%, 9/15/2025		1,000		1,057
Becton Dickinson and Co. 2.40%, 6/5/2020		1,000		997
Boston Scientific Corp. 4.13%, 10/1/2023		250		263
Hill-Rom Holdings, Inc. 5.75%, 9/1/2023(a)		255		261
Mallinckrodt International Finance SA 5.50%, 4/15/2025(a)		30		19
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		750		769

				3,366

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Health Care Providers & Services — 2.7%
Aetna, Inc. 3.50%, 11/15/2024		500		507
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(a)		451		420
AmerisourceBergen Corp. 4.30%, 12/15/2047		300		278
Cigna Corp. 4.13%, 11/15/2025(a)		500		522
Community Health Systems, Inc. 8.63%, 1/15/2024(a)		15		15
CVS Health Corp.
2.80%, 7/20/2020		1,000		1,002
4.10%, 3/25/2025		1,000		1,035
5.05%, 3/25/2048		500		508
DaVita, Inc. 5.00%, 5/1/2025		535		505
Encompass Health Corp. 5.75%, 11/1/2024		376		378
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		25		21
Express Scripts Holding Co. 2.25%, 6/15/2019		750		750
HCA, Inc.
7.50%, 2/15/2022		1,300		1,424
5.38%, 2/1/2025		2,155		2,252
Humana, Inc. 3.95%, 3/15/2027		500		509
Laboratory Corp. of America Holdings 3.20%, 2/1/2022		500		506
Quest Diagnostics, Inc. 3.50%, 3/30/2025		500		512
Tenet Healthcare Corp.
4.50%, 4/1/2021		250		251
8.13%, 4/1/2022		284		296
6.75%, 6/15/2023		2,075		2,067
UnitedHealth Group, Inc.
4.63%, 7/15/2035		250		280
4.75%, 7/15/2045		500		566

				14,604

Hotels, Restaurants & Leisure — 1.9%
Boyne USA, Inc. 7.25%, 5/1/2025(a)		5		6
Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026		27		27
Hyatt Hotels Corp. 4.38%, 9/15/2028		500		522
International Game Technology plc 6.25%, 2/15/2022(a)		750		775
Marriott International, Inc. 2.30%, 1/15/2022		1,000		986
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026(a)		20		21
McDonald’s Corp.
3.38%, 5/26/2025		500		514
3.50%, 3/1/2027		500		515
4.60%, 5/26/2045		300		323
4.88%, 12/9/2045		300		331
MGM Resorts International 6.00%, 3/15/2023		1,475		1,556
Royal Caribbean Cruises Ltd. 2.65%, 11/28/2020		1,500		1,501
Sabre GLBL, Inc. 5.38%, 4/15/2023(a)		300		302
Starbucks Corp.
2.20%, 11/22/2020		1,500		1,492
3.55%, 8/15/2029		600		609
3.75%, 12/1/2047		300		280
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		500		490

				10,250

Household Durables — 0.1%
Tempur Sealy International, Inc. 5.63%, 10/15/2023		600		606

Household Products — 0.1%
Energizer Holdings, Inc. 7.75%, 1/15/2027(a)		10		10
Kimberly-Clark Corp. 3.90%, 5/4/2047		350		366
Procter & Gamble Co. (The) 3.50%, 10/25/2047		350		366

				742

Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. 4.88%, 5/15/2023		700		703
Calpine Corp. 5.25%, 6/1/2026(a)		66		64
NRG Energy, Inc. 6.63%, 1/15/2027		700		745

				1,512

Industrial Conglomerates — 0.3%
Honeywell International, Inc.
1.85%, 11/1/2021		500		494
2.50%, 11/1/2026		400		393
Ingersoll-Rand Luxembourg Finance SA 3.50%, 3/21/2026		500		508

				1,395

Insurance — 1.5%
Aflac, Inc. 3.63%, 6/15/2023		400		418
Allstate Corp. (The)
3.28%, 12/15/2026		500		516
5.55%, 5/9/2035		400		491
American International Group, Inc.
3.88%, 1/15/2035		500		481
4.50%, 7/16/2044		500		505
Aon plc 4.25%, 12/12/2042		275		270
Chubb INA Holdings, Inc. 3.15%, 3/15/2025		500		511
Liberty Mutual Group, Inc. 6.50%, 5/1/2042(a)		400		507
Lincoln National Corp.
4.00%, 9/1/2023		250		263
3.80%, 3/1/2028		500		515
MetLife, Inc. 4.05%, 3/1/2045		300		310

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
New York Life Global Funding 1.95%, 2/11/2020(a)		750		747
Nuveen Finance LLC 4.13%, 11/1/2024(a)		1,000		1,065
Prudential Financial, Inc. 4.35%, 2/25/2050		400		427
Willis North America, Inc. 3.60%, 5/15/2024		1,000		1,020

				8,046

Interactive Media & Services — 0.3%
Alphabet, Inc. 2.00%, 8/15/2026		900		862
Baidu, Inc. (China) 2.88%, 7/6/2022		1,000		993

				1,855

Internet & Direct Marketing Retail — 1.0%
Alibaba Group Holding Ltd. (China)
2.50%, 11/28/2019		1,000		999
4.00%, 12/6/2037		500		493
Amazon.com, Inc.
1.90%, 8/21/2020		1,000		995
2.80%, 8/22/2024		500		507
3.88%, 8/22/2037		400		427
4.25%, 8/22/2057		400		439
eBay, Inc. 3.60%, 6/5/2027		500		501
Expedia Group, Inc. 4.50%, 8/15/2024		1,000		1,061

				5,422

IT Services — 1.0%
First Data Corp. 5.75%, 1/15/2024(a)		914		935
GCI LLC 6.75%, 6/1/2021		241		241
International Business Machines Corp.
1.88%, 8/1/2022		750		734
4.15%, 5/15/2039		400		410
Mastercard, Inc.
2.95%, 11/21/2026		500		506
3.65%, 6/1/2049		300		305
Visa, Inc.
2.15%, 9/15/2022		1,000		995
4.30%, 12/14/2045		300		341
Zayo Group LLC
6.00%, 4/1/2023		750		770
5.75%, 1/15/2027(a)		45		46

				5,283

Leisure Products — 0.1%
Hasbro, Inc. 3.50%, 9/15/2027		500		500
Mattel, Inc. 6.75%, 12/31/2025(a)		46		45
Vista Outdoor, Inc. 5.88%, 10/1/2023		77		73

				618

Life Sciences Tools & Services — 0.1%
Agilent Technologies, Inc. 3.05%, 9/22/2026		750		724

Machinery — 0.2%
CNH Industrial Capital LLC 4.88%, 4/1/2021		500		514
Snap-on, Inc. 3.25%, 3/1/2027		500		510

				1,024

Media — 3.2%
Altice Financing SA (Luxembourg) 6.63%, 2/15/2023(a)		750		762
Altice Luxembourg SA (Luxembourg)
7.75%, 5/15/2022(a)		600		611
10.50%, 5/15/2027(a)		200		200
CBS Corp. 2.90%, 1/15/2027		1,000		944
Charter Communications Operating LLC (ICE LIBOR USD 3 Month + 1.65%), 4.23%, 2/1/2024(b)		85		85
Clear Channel Worldwide Holdings, Inc.
Series A, 6.50%, 11/15/2022		201		205
Series B, 6.50%, 11/15/2022		1,583		1,615
Comcast Corp.
1.63%, 1/15/2022		1,000		979
3.38%, 2/15/2025		500		514
3.15%, 2/15/2028		500		500
4.40%, 8/15/2035		400		433
6.95%, 8/15/2037		350		484
4.50%, 1/15/2043		250		270
Cox Communications, Inc.
3.85%, 2/1/2025(a)		500		513
3.50%, 8/15/2027(a)		500		496
CSC Holdings LLC 10.88%, 10/15/2025(a)		694		788
Discovery Communications LLC
2.75%, 11/15/2019		250		250
3.50%, 6/15/2022		500		510
3.45%, 3/15/2025		500		501
4.13%, 5/15/2029		500		503
DISH DBS Corp.
5.00%, 3/15/2023		795		745
5.88%, 11/15/2024		1,900		1,706
7.75%, 7/1/2026		200		183
Entercom Media Corp. 6.50%, 5/1/2027(a)		55		56
Gray Television, Inc. 7.00%, 5/15/2027(a)		15		16
Meredith Corp. 6.88%, 2/1/2026		15		15
Nexstar Broadcasting, Inc.
6.13%, 2/15/2022(a)		400		404
5.88%, 11/15/2022		113		115
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		300		313
Sinclair Television Group, Inc. 6.13%, 10/1/2022		500		507
Sirius XM Radio, Inc.
6.00%, 7/15/2024(a)		605		622
5.38%, 4/15/2025(a)		500		503
UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025(a)		400		405

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Videotron Ltd. (Canada) 5.38%, 6/15/2024(a)		550		572

				17,325

Metals & Mining — 0.2%
Alcoa Nederland Holding BV 6.75%, 9/30/2024(a)		200		204
Gold Fields Orogen Holdings BVI Ltd. (South Africa) 4.88%, 10/7/2020(a)		1,005		1,019

				1,223

Multiline Retail — 0.3%
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/2021(a)		40		20
8.75% (cash), 10/15/2021(a)(h)		546		282
Target Corp.
2.30%, 6/26/2019		500		500
2.50%, 4/15/2026		750		741
3.63%, 4/15/2046		300		292

				1,835

Multi-Utilities — 0.9%
Berkshire Hathaway Energy Co. 3.80%, 7/15/2048		500		493
Consolidated Edison Co. of New York, Inc.
4.45%, 3/15/2044		250		269
4.63%, 12/1/2054		350		387
Dominion Energy, Inc.
5.20%, 8/15/2019		630		633
2.56%, 7/1/2020(f)		1,000		997
Series C, 4.90%, 8/1/2041		250		274
4.70%, 12/1/2044		250		272
DTE Energy Co. Series C, 3.50%, 6/1/2024		300		308
Sempra Energy 3.80%, 2/1/2038		500		470
TECO Finance, Inc. 5.15%, 3/15/2020		560		570

				4,673

Oil, Gas & Consumable Fuels — 2.8%
BP Capital Markets America, Inc. 3.02%, 1/16/2027		500		496
BP Capital Markets plc (United Kingdom)
2.52%, 1/15/2020		750		750
3.81%, 2/10/2024		500		523
Brazos Valley Longhorn LLC 6.88%, 2/1/2025		30		29
Crestwood Midstream Partners LP 5.63%, 5/1/2027(a)		70		69
Denbury Resources, Inc. 9.25%, 3/31/2022(a)		181		175
Energy Transfer Operating LP 5.15%, 3/15/2045		300		291
Enterprise Products Operating LLC 7.55%, 4/15/2038		385		522
EP Energy LLC 9.38%, 5/1/2024(a)		1,010		317
Exxon Mobil Corp. 3.57%, 3/6/2045		300		303
Jagged Peak Energy LLC 5.88%, 5/1/2026		5		5
Kinder Morgan, Inc.
3.05%, 12/1/2019		135		135
3.15%, 1/15/2023		750		753
5.05%, 2/15/2046		300		306
Marathon Petroleum Corp. 3.63%, 9/15/2024		1,000		1,023
MEG Energy Corp. (Canada)
6.38%, 1/30/2023(a)		300		265
7.00%, 3/31/2024(a)		562		501
MPLX LP 4.80%, 2/15/2029		860		913
Oasis Petroleum, Inc. 6.88%, 1/15/2023		41		39
Parsley Energy LLC 5.63%, 10/15/2027(a)		60		59
Petroleos Mexicanos (Mexico)
5.38%, 3/13/2022		500		514
6.50%, 3/13/2027		1,000		1,007
Phillips 66 4.65%, 11/15/2034		250		269
Phillips 66 Partners LP
3.61%, 2/15/2025		500		512
3.75%, 3/1/2028		500		496
4.90%, 10/1/2046		300		307
Reliance Industries Ltd. (India) 4.13%, 1/28/2025(a)		500		514
Sabine Pass Liquefaction LLC 5.75%, 5/15/2024		500		548
Southwestern Energy Co. 7.50%, 4/1/2026		41		39
Sunoco Logistics Partners Operations LP 4.00%, 10/1/2027		500		496
Targa Resources Partners LP 5.88%, 4/15/2026		15		16
TransCanada PipeLines Ltd. (Canada) 6.10%, 6/1/2040		345		416
Valero Energy Corp. 3.40%, 9/15/2026		750		743
Valero Energy Partners LP 4.50%, 3/15/2028		500		529
Western Midstream Operating LP 4.50%, 3/1/2028		500		495
Williams Cos., Inc. (The)
7.88%, 9/1/2021		20		22
4.00%, 9/15/2025		500		520
5.75%, 6/24/2044		500		546

				15,463

Paper & Forest Products — 0.1%
Georgia-Pacific LLC 3.16%, 11/15/2021(a)		500		506

Personal Products — 0.0%(g)
Coty, Inc. 6.50%, 4/15/2026(a)		165		158
High Ridge Brands Co. 8.88%, 3/15/2025(a)		41		4

				162

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Pharmaceuticals — 1.2%
Bausch Health Cos., Inc.
5.88%, 5/15/2023(a)		132		132
7.00%, 3/15/2024(a)		284		297
6.13%, 4/15/2025(a)		172		168
9.00%, 12/15/2025(a)		46		50
7.00%, 1/15/2028(a)		75		74
Bayer US Finance II LLC (Germany)
3.38%, 7/15/2024(a)		500		492
4.20%, 7/15/2034(a)		400		371
Bristol-Myers Squibb Co.
3.40%, 7/26/2029(a)		600		617
4.13%, 6/15/2039(a)		300		312
Eli Lilly & Co. 3.70%, 3/1/2045		300		303
GlaxoSmithKline Capital, Inc. (United Kingdom) 2.80%, 3/18/2023		750		756
Merck & Co., Inc. 2.75%, 2/10/2025		500		503
Mylan NV 3.15%, 6/15/2021		1,000		995
Teva Pharmaceutical Finance Netherlands III BV (Israel) 1.70%, 7/19/2019		655		651
Zoetis, Inc. 3.45%, 11/13/2020		750		759

				6,480

Professional Services — 0.1%
IHS Markit Ltd. 3.63%, 5/1/2024		500		504

Road & Rail — 1.4%
Avis Budget Car Rental LLC
6.38%, 4/1/2024(a)		200		206
5.25%, 3/15/2025(a)		550		529
Burlington Northern Santa Fe LLC 5.75%, 5/1/2040		500		626
Canadian National Railway Co. (Canada) 6.25%, 8/1/2034		300		405
CSX Corp. 3.40%, 8/1/2024		750		778
Herc Rentals, Inc.
7.50%, 6/1/2022(a)		91		94
7.75%, 6/1/2024(a)		94		99
Hertz Corp. (The)
7.38%, 1/15/2021		550		547
7.63%, 6/1/2022(a)		82		83
6.25%, 10/15/2022		950		907
5.50%, 10/15/2024(a)		56		47
Norfolk Southern Corp. 3.15%, 6/1/2027		500		502
Penske Truck Leasing Co. LP 3.38%, 2/1/2022(a)		500		507
Ryder System, Inc. 2.65%, 3/2/2020		500		500
Union Pacific Corp.
2.95%, 3/1/2022		1,500		1,519
3.38%, 2/1/2035		250		241

				7,590

Semiconductors & Semiconductor Equipment — 0.9%
Broadcom Corp. 3.63%, 1/15/2024		1,000		991
Intel Corp.
2.45%, 7/29/2020		1,000		1,000
2.88%, 5/11/2024		1,000		1,015
QUALCOMM, Inc. 2.90%, 5/20/2024		1,000		1,001
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(a)		910		947

				4,954

Software — 0.8%
CA, Inc. 4.50%, 8/15/2023		250		258
CDK Global, Inc. 5.25%, 5/15/2029(a)		50		50
Infor US, Inc. 6.50%, 5/15/2022		1,165		1,177
Microsoft Corp.
2.88%, 2/6/2024		1,000		1,022
4.10%, 2/6/2037		500		553
4.00%, 2/12/2055		350		377
Oracle Corp.
3.40%, 7/8/2024		500		516
3.80%, 11/15/2037		300		302
4.38%, 5/15/2055		300		320

				4,575

Specialty Retail — 0.7%
Home Depot, Inc. (The)
2.00%, 6/15/2019		500		500
2.63%, 6/1/2022		500		504
3.90%, 6/15/2047		350		362
Lowe’s Cos., Inc. 3.65%, 4/5/2029		500		506
Michaels Stores, Inc. 5.88%, 12/15/2020(a)		500		501
PetSmart, Inc.
7.13%, 3/15/2023(a)		505		452
8.88%, 6/1/2025(a)		41		38
Staples, Inc.
7.50%, 4/15/2026(a)		150		143
10.75%, 4/15/2027(a)		155		148
Tiffany & Co. 3.80%, 10/1/2024		500		517

				3,671

Technology Hardware, Storage & Peripherals — 0.4%
Dell International LLC
6.02%, 6/15/2026(a)		475		512
5.30%, 10/1/2029(a)		500		512
Hewlett Packard Enterprise Co. 4.40%, 10/15/2022(f)		1,000		1,047

				2,071

Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc. 3.88%, 11/1/2045		300		313
Under Armour, Inc.
3.25%, 6/15/2026		500		462

				775

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)			Value ($000)
Tobacco — 0.6%
Altria Group, Inc.
2.63%, 1/14/2020		500			499
2.63%, 9/16/2026		750			702
3.88%, 9/16/2046		400			335
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		1,000			990
Philip Morris International, Inc.
2.38%, 8/17/2022		500			498
2.75%, 2/25/2026		500			497

					3,521

Trading Companies & Distributors — 0.1%
Air Lease Corp. 3.25%, 3/1/2025		500			492

Water Utilities — 0.1%
Aquarion Co. 4.00%, 8/15/2024(a)		500			518

Wireless Telecommunication Services — 0.7%
America Movil SAB de CV (Mexico) 5.00%, 3/30/2020		197			201
Sprint Corp.
7.88%, 9/15/2023		2,450			2,632
7.63%, 2/15/2025		750			793
T-Mobile USA, Inc.
6.38%, 3/1/2025		120			124
6.38%, 3/1/2025‡		120			—

					3,750

TOTAL CORPORATE BONDS (Cost $304,296)					303,782

MORTGAGE-BACKED SECURITIES — 27.4%
FHLMC Gold Pools, 20 Year Pool # G30450, 6.00%, 1/1/2029		8			8
FHLMC Gold Pools, 30 Year
Pool # C80364, 7.00%, 12/1/2025		2			2
Pool # D68081, 7.00%, 2/1/2026		—	(e)		—	(e)
Pool # C00464, 8.00%, 5/1/2026		1			1
Pool # C80409, 8.00%, 6/1/2026		—	(e)		—	(e)
Pool # D72441, 8.00%, 6/1/2026		1			1
Pool # D72330, 8.00%, 7/1/2026		2			2
Pool # D78618, 7.50%, 2/1/2027		12			13
Pool # G02125, 6.00%, 2/1/2036		3			4
Pool # A53165, 6.00%, 10/1/2036		63			69
Pool # A56599, 6.00%, 1/1/2037		12			14
Pool # G08205, 6.00%, 6/1/2037		1			1
Pool # G03362, 6.00%, 9/1/2037		90			101
Pool # G03819, 6.00%, 1/1/2038		13			14
Pool # G08276, 6.00%, 6/1/2038		17			19
Pool # A80908, 6.00%, 8/1/2038		221			248
GNMA I, 30 Year Pool # 550851, 7.00%, 9/15/2031		122			141
GNMA I, 30 Year, Single Family
TBA, 3.00%, 6/15/2049(i)		11,350			11,531
TBA, 3.50%, 6/15/2049(i)		15,900			16,350
TBA, 4.00%, 6/15/2049(i)		10,960			11,365
UMBS, 15 Year, Single Family
TBA, 3.50%, 10/25/2027(i)		5,100			5,240
TBA, 2.50%, 6/25/2033(i)		3,600			3,601
TBA, 3.00%, 6/25/2033(i)		5,100			5,175
UMBS, 30 Year
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			6
Pool # 787555, 6.50%, 2/1/2035		14			16
Pool # 787556, 7.00%, 2/1/2035		20			23
Pool # 787563, 6.50%, 3/1/2035		69			83
Pool # 787564, 7.00%, 3/1/2035		19			20
Pool # 787565, 7.50%, 3/1/2035		3			3
Pool # 924041, 6.00%, 5/1/2037		263			295
Pool # AY3845, 4.00%, 5/1/2045		2,734			2,892
Pool # AY8492, 4.00%, 6/1/2045		2,738			2,895
Pool # AZ0913, 4.00%, 6/1/2045		1,431			1,513
UMBS, 30 Year, Single Family
TBA, 5.50%, 8/25/2034(i)		2,000			2,138
TBA, 4.00%, 9/25/2043(i)		20,680			21,343
TBA, 3.00%, 6/25/2048(i)		19,100			19,184
TBA, 3.50%, 6/25/2048(i)		34,300			34,990
TBA, 4.50%, 6/25/2048(i)		8,600			8,984

TOTAL MORTGAGE-BACKED SECURITIES (Cost $146,967)					148,292

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 6.5%
Alternative Loan Trust
Series 2005-J3, Class 3A1, 6.50%, 9/25/2034		85		81
Series 2006-J2, Class A1, 2.93%, 4/25/2036(c)		88		51
Angel Oak Mortgage Trust I LLC
Series 2018-1, Class A2, 3.31%, 4/27/2048(a)(c)		241		242
Series 2018-2, Class A2, 3.78%, 7/27/2048(a)(c)		233		237
Series 2019-1, Class A2, 4.02%, 11/25/2048(a)(c)		330		336
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022(a)		382		384
Arroyo Mortgage Trust
Series 2018-1, Class A1, 3.76%, 4/25/2048(a)(c)		797		815
Series 2019-1, Class A2, 4.06%, 1/25/2049(a)(c)		409		417
Banc of America Funding Trust
Series 2014-R7, Class 1A1, 2.58%, 5/26/2036(a)(c)		72		70
Series 2014-R7, Class 2A1, 2.57%, 9/26/2036(a)(c)		45		44
Series 2015-R4, Class 5A1, 2.64%, 10/25/2036(a)(c)		306		298
Banc of America Mortgage Trust
Series 2005-A, Class 3A1, 5.00%, 2/25/2035(c)		6		6
Series 2007-3, Class 1A1, 6.00%, 9/25/2037		135		131
Bunker Hill Loan Depositary Trust Series 2019-1, Class A2, 3.82%, 10/26/2048(a)(f)		122		124
CHL Mortgage Pass-Through Trust Series 2007-5, Class A6, 2.78%, 5/25/2037(c)		19		13
Citigroup Mortgage Loan Trust
Series 2014-12, Class 1A4, 2.60%, 8/25/2036(a)(c)		155		151
Series 2014-10, Class 1A1, 2.61%, 11/25/2036(a)(c)		54		52
Series 2014-10, Class 4A1, 2.65%, 2/25/2037(a)(c)		71		67
Series 2014-12, Class 2A4, 3.70%, 2/25/2037(a)(c)		54		55
Series 2014-C, Class A, 3.25%, 2/25/2054(a)(c)		147		147
COLT Mortgage Loan Trust Series 2018-1, Class A2, 2.98%, 2/25/2048(a)(c)		40		40
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1M1, 3.18%, 4/25/2031(a)(c)		314		314
Series 2019-R01, Class 2M1, 3.28%, 7/25/2031(a)(c)		409		410
Series 2019-R02, Class 1M1, 3.28%, 8/25/2031(a)(c)		871		873
Series 2019-R03, Class 1M1, 3.18%, 9/25/2031(a)(c)		546		546
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-5, Class 4A1, 6.00%, 9/25/2034		128		133
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-29, Class 7A1, 6.50%, 12/25/2033		30		33
CSMC
Series 2011-12R, Class 3A1, 3.76%, 7/27/2036(a)(c)		9		9
Series 2014-11R, Class 9A1, 2.62%, 10/27/2036(a)(c)		35		35
Series 2014-10R, Class 4A1, 2.98%, 12/27/2036(a)(c)		3		3
Series 2014-11R, Class 8A1, 2.56%, 4/27/2037(a)(c)		12		12
Deephave Residential Mortgage Trust Series 2019-2A, Class B1, 4.72%, 4/25/2059(a)(c)		187		190
Deephaven Residential Mortgage Trust
Series 2018-3A, Class A2, 3.89%, 8/25/2058(a)(c)		171		173
Series 2018-4A, Class A2, 4.18%, 10/25/2058(a)(c)		391		397
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 1A1, 2.93%, 2/25/2035(c)		7		7
Ellington Financial Mortgage Trust Series 2017-1, Class A3, 2.84%, 10/25/2047(a)(c)		55		55
FHLMC REMIC Series 2980, Class QB, 6.50%, 5/15/2035		39		45
FHLMC Stacr Trust Series 2018-HQA2, Class M1, 3.18%, 10/25/2048(a)(c)		1,451		1,454
FHLMC Structured Agency Credit Risk Debt Notes
Series 2015-DN1, Class M3, 6.58%, 1/25/2025(c)		524		554
Series 2016-DNA2, Class M3, 7.08%, 10/25/2028(c)		1,191		1,307
Series 2016-HQA2, Class M2, 4.68%, 11/25/2028(c)		283		287
Series 2017-DNA1, Class M1, 3.63%, 7/25/2029(c)		700		703
Series 2017-HQA1, Class M1, 3.63%, 8/25/2029(c)		424		426
Series 2017-HQA2, Class M1, 3.23%, 12/25/2029(c)		145		145
Series 2017-DNA3, Class M1, 3.18%, 3/25/2030(c)		222		222
Series 2018-HQA1, Class M1, 3.13%, 9/25/2030(c)		930		931
FNMA Trust
Series 2003-W3, Class 2A5, 5.36%, 6/25/2042		17		19

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
FNMA, Connecticut Avenue Securities
Series 2014-C02, Class 1M1, 3.38%, 5/25/2024‡(c)		23		23
Series 2014-C03, Class 1M2, 5.43%, 7/25/2024(c)		487		516
Series 2015-C03, Class 1M2, 7.43%, 7/25/2025‡(c)		839		932
Series 2015-C04, Class 1M2, 8.13%, 4/25/2028(c)		660		742
Series 2016-C04, Class 1M1, 3.88%, 1/25/2029(c)		334		336
Series 2016-C05, Class 2M2, 6.88%, 1/25/2029(c)		1,346		1,452
Series 2016-C06, Class 1M1, 3.73%, 4/25/2029(c)		873		878
Series 2017-C01, Class 1M1, 3.73%, 7/25/2029(c)		556		559
Series 2017-C03, Class 1M1, 3.38%, 10/25/2029(c)		921		923
Series 2017-C04, Class 2M1, 3.28%, 11/25/2029(c)		34		34
Series 2017-C05, Class 1M1, 2.98%, 1/25/2030(c)		225		225
Series 2017-C06, Class 1M1, 3.18%, 2/25/2030(c)		1,019		1,020
Series 2017-C06, Class 2M1, 3.18%, 2/25/2030(c)		131		131
Series 2017-C07, Class 1M1, 3.08%, 5/25/2030(c)		394		394
Series 2017-C07, Class 2M1, 3.08%, 5/25/2030(c)		613		613
Series 2018-C01, Class 1M1, 3.03%, 7/25/2030(c)		2,212		2,211
Series 2018-C02, Class 2M1, 3.08%, 8/25/2030(c)		222		222
Series 2018-C03, Class 1M1, 3.11%, 10/25/2030(c)		272		272
Series 2018-C04, Class 2M1, 3.18%, 12/25/2030(c)		167		167
Series 2018-C05, Class 1M1, 3.15%, 1/25/2031(c)		1,397		1,398
Series 2018-C06, Class 1M1, 2.98%, 3/25/2031(c)		410		410
Series 2018-C06, Class 2M1, 2.98%, 3/25/2031(c)		338		338
GSMSC Resecuritization Trust Series 2014-1R, Class 1A, 2.65%, 4/26/2037(a)(c)		36		36
GSR Mortgage Loan Trust Series 2006-3F, Class 2A7, 5.75%, 3/25/2036		137		145
HarborView Mortgage Loan Trust
Series 2004-9, Class 2A, 4.15%, 12/19/2034(c)		8		8
Series 2006-9, Class 2A1A, 2.65%, 11/19/2036(c)		68		62
Homeward Opportunities Fund I Trust Series 2018-1, Class A2, 3.90%, 6/25/2048(a)(c)		307		312
Impac CMB Trust Series 2005-1, Class 2A1, 2.94%, 4/25/2035(c)		252		251
JP Morgan Mortgage Trust Series 2005-S2, Class 4A3, 5.50%, 9/25/2020		129		119
MASTR Alternative Loan Trust Series 2005-5, Class 3A1, 5.75%, 8/25/2035		127		104
New Residential Mortgage Loan Trust Series 2018-NQM1, Class A2, 4.09%, 11/25/2048(a)(c)		278		286
Nomura Resecuritization Trust Series 2015-2R, Class 4A1, 2.98%, 12/26/2036(a)(c)		48		47
RALI Trust Series 2006-QS11, Class 1A1, 6.50%, 8/25/2036		669		617
RBSSP Resecuritization Trust Series 2012-6, Class 10A2, 2.63%, 8/26/2036(a)(c)		266		260
RESI Finance LP (Cayman Islands) Series 2003-D, Class B3, 3.75%, 12/10/2035‡(a)(c)		54		33
Residential Asset Securitization Trust
Series 2005-A15, Class 1A7, 6.00%, 2/25/2036		164		167
Series 2006-R1, Class A2, 2.83%, 1/25/2046(c)		678		296
Residential Mortgage Loan Trust Series 2019-1, Class A2, 4.09%, 10/25/2058(a)(c)		550		557
RFMSI Trust Series 2006-S9, Class A1, 6.25%, 9/25/2036		143		140
SG Residential Mortgage Trust Series 2018-1, Class A2, 3.58%, 4/27/2048(a)(c)		66		67
STACR Trust
Series 2018-HRP1, Class M2, 4.08%, 4/25/2043‡(a)(c)		1,912		1,924
Series 2018-HRP2, Class M1, 3.28%, 2/25/2047‡(a)(c)		286		286
Starwood Mortgage Residential Trust
Series 2018-IMC1, Class A2, 3.89%, 3/25/2048(a)(c)		323		328
Series 2018-IMC2, Class A2, 4.22%, 10/25/2048(a)(c)		249		255
Thornburg Mortgage Securities Trust Series 2007-4, Class 3A1, 4.08%, 9/25/2037(c)		6		6
Towd Point Mortgage Trust Series 2017-6, Class A1, 2.75%, 10/25/2057‡(a)(c)		325		325
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021(a)(f)		230		230
Verus Securitization Trust Series 2017-2A, Class A2, 2.64%, 7/25/2047(a)(c)		83		82

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series 2018-1, Class A2, 3.03%, 2/25/2048(a)(c)		52		52
Series 2018-INV1, Class B1, 4.55%, 3/25/2058‡(a)(c)		158		158
Series 2018-2, Class A2, 3.78%, 6/1/2058(a)(c)		199		200
Series 2018-3, Class A2, 4.18%, 10/25/2058(a)(c)		309		316
Series 2018-INV2, Class A2, 4.40%, 10/25/2058(a)(c)		339		346
Series 2019-2, Class A1, 3.21%, 4/25/2059(a)(c)		535		535
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-7, Class 1A2, 2.88%, 9/25/2035(c)		15		12
Wells Fargo Mortgage-Backed Securities Trust Series 2005-16, Class A8, 5.75%, 12/25/2035		21		23

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $35,094)				35,425

U.S. GOVERNMENT AGENCY SECURITIES — 4.8%
FHLB
DN, 2.39%, 6/25/2019(j)		20,000		19,972
1.75%, 6/12/2020		2,600		2,588
2.88%, 9/13/2024		1,500		1,560
FNMA 1.88%, 9/24/2026				1,960

TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $26,130)				26,080

ASSET-BACKED SECURITIES — 2.7%
ABFC Trust Series 2006-OPT2, Class A2, 2.57%, 10/25/2036‡(c)		244		234
ACE Securities Corp. Home Equity Loan Trust Series 2006-FM1, Class A2B, 2.52%, 7/25/2036‡(c)		220		78
American Airlines Pass-Through Trust Series 2017-1, Class AA, 3.65%, 2/15/2029		450		462
Carrington Mortgage Loan Trust
Series 2005-NC5, Class M1, 2.91%, 10/25/2035‡(c)		166		166
Series 2007-RFC1, Class A2, 2.53%, 12/25/2036‡(c)		56		56
Series 2007-HE1, Class A2, 2.58%, 6/25/2037‡(c)		136		136
Citibank Credit Card Issuance Trust
Series 2017-A4, Class A4, 2.69%, 4/7/2022(c)		263		263
Series 2016-A3, Class A3, 2.96%, 12/7/2023(c)		369		372
Series 2017-A7, Class A7, 2.84%, 8/8/2024(c)		1,488		1,490
Countrywide Asset-Backed Certificates
Series 2007-2, Class 2A3, 2.57%, 8/25/2037‡(c)		170		167
Series 2007-8, Class 2A3, 2.62%, 11/25/2037‡(c)		695		689
Credit-Based Asset Servicing & Securitization LLC Series 2006-CB8, Class A1, 2.57%, 10/25/2036‡(c)		132		122
CWABS Asset-Backed Certificates Trust Series 2006-18, Class 2A2, 2.59%, 3/25/2037‡(c)		342		340
CWABS Revolving Home Equity Loan Trust
Series 2004-I, Class A, 2.73%, 2/15/2034‡(c)		12		12
Series 2004-K, Class 2A, 2.74%, 2/15/2034‡(c)		12		13
CWABS, Inc. Asset-Backed Certificates
Series 2003-5, Class MF1, 5.13%, 1/25/2034‡(c)		247		251
Series 2004-1, Class M1, 3.18%, 3/25/2034‡(c)		182		183
Series 2004-1, Class M2, 3.25%, 3/25/2034‡(c)		41		41
Series 2004-1, Class 3A, 2.99%, 4/25/2034‡(c)		10		9
Discover Card Execution Note Trust
Series 2017-A3, Class A3, 2.67%, 10/17/2022(c)		258		258
Series 2017-A1, Class A1, 2.93%, 7/15/2024(c)		375		378
FBR Securitization Trust Series 2005-2, Class M2, 3.18%, 9/25/2035‡(c)		594		595
First Franklin Mortgage Loan Trust Series 2006-FF14, Class A5, 2.59%, 10/25/2036‡(c)		604		594
Ford Credit Auto Owner Trust Series 2016-2, Class A, 2.03%, 12/15/2027(a)		803		798
FREED ABS Trust Series 2019-1, Class B, 3.87%, 6/18/2026(a)		195		197
Fremont Home Loan Trust Series 2005-1, Class M4, 3.45%, 6/25/2035‡(c)		178		178
GSAA Home Equity Trust Series 2007-7, Class 1A2, 2.61%, 7/25/2037‡(c)		124		119
GSAMP Trust
Series 2005-WMC1, Class M1, 3.16%, 9/25/2035‡(c)		89		88
Series 2006-FM1, Class A1, 2.59%, 4/25/2036‡(c)		159		124

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
Series 2006-HE3, Class A2C, 2.59%, 5/25/2046(c)		146		144
Series 2007-HE1, Class A2C, 2.58%, 3/25/2047‡(c)		213		210
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-C, Class 3A3, 2.58%, 8/25/2036‡(c)		105		102
JP Morgan Mortgage Acquisition Trust Series 2006-CW2, Class AV4, 2.58%, 8/25/2036‡(c)		13		13
Long Beach Mortgage Loan Trust Series 2004-1, Class M2, 3.25%, 2/25/2034‡(c)		42		42
MASTR Asset-Backed Securities Trust
Series 2006-HE4, Class A2, 2.54%, 11/25/2036‡(c)		84		40
Series 2006-HE4, Class A3, 2.58%, 11/25/2036‡(c)		108		51
Morgan Stanley ABS Capital I, Inc. Trust
Series 2005-HE3, Class M4, 3.40%, 7/25/2035‡(c)		125		125
Series 2007-HE7, Class A2B, 3.43%, 7/25/2037‡(c)		88		88
New Century Home Equity Loan Trust
Series 2005-1, Class M1, 3.10%, 3/25/2035‡(c)		638		639
Series 2006-2, Class A2B, 2.59%, 8/25/2036‡(c)		99		95
NovaStar Mortgage Funding Trust
Series 2006-4, Class A2C, 2.58%, 9/25/2036‡(c)		155		85
Series 2006-4, Class A2D, 2.68%, 9/25/2036‡(c)		16		9
Series 2007-1, Class A1A, 2.56%, 3/25/2037‡(c)		268		202
OneMain Financial Issuance Trust
Series 2015-2A, Class D, 5.64%, 7/18/2025‡(a)		606		609
Series 2018-1A, Class C, 3.77%, 3/14/2029‡(a)		198		202
Series 2019-1A, Class B, 3.79%, 2/14/2031‡(a)		371		380
Series 2017-1A, Class C, 3.35%, 9/14/2032‡(a)		110		110
Series 2017-1A, Class D, 4.52%, 9/14/2032‡(a)		1,100		1,104
Ownit Mortgage Loan Trust Series 2006-1, Class AV, 2.66%, 12/25/2035‡(c)		170		168
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WHQ3, Class M3, 3.13%, 6/25/2035‡(c)		408		409
RASC Trust Series 2007-KS3, Class AI3, 2.68%, 4/25/2037‡(c)		114		113
Regional Management Issuance Trust
Series 2018-1, Class A, 3.83%, 7/15/2027(a)		372		374
Series 2018-2, Class A, 4.56%, 1/18/2028(a)		280		286
Securitized Asset-Backed Receivables LLC Trust Series 2006-NC3, Class A1, 2.57%, 9/25/2036‡(c)		120		85
Soundview Home Loan Trust Series 2007-OPT3, Class 2A3, 2.61%, 8/25/2037‡(c)		120		118
Springleaf Funding Trust
Series 2015-AA, Class A, 3.16%, 11/15/2024(a)		85		85
Series 2017-AA, Class B, 3.10%, 7/15/2030(a)		224		224
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC5, Class A4, 2.60%, 12/25/2036‡(c)		56		55

TOTAL ASSET-BACKED SECURITIES (Cost $14,352)				14,580

U.S. TREASURY OBLIGATIONS — 1.4%
U.S. Treasury Bonds
4.50%, 2/15/2036		1,300		1,697
3.00%, 2/15/2048		4,730		5,134
3.00%, 8/15/2048		290		315
3.00%, 2/15/2049		500		544

TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,018)				7,690

COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.9%
Commercial Mortgage Trust
Series 2012-CR3, Class A3, 2.82%, 10/15/2045		1,225		1,233
Series 2012-CR5, Class A3, 2.54%, 12/10/2045		815		818
Lehman Brothers Small Balance Commercial Mortgage Trust Series 2007-2A, Class 1A3, 2.70%, 6/25/2037(a)(c)		240		237
UBS-Barclays Commercial Mortgage Trust Series 2012-C3, Class A4, 3.09%, 8/10/2049		730		744
Velocity Commercial Capital Loan Trust
Series 2015-1, Class M3, 7.05%, 6/25/2045(a)(c)		131		136
Series 2015-1, Class M5, 8.29%, 6/25/2045‡(a)(c)		100		106
Series 2016-1, Class M3, 6.81%, 4/25/2046‡(a)(c)		104		109
Series 2016-1, Class M7, 8.88%, 4/25/2046‡(a)(c)		185		199

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)			Value ($000)
Series 2016-1, Class M5, 8.88%, 4/25/2046‡(a)(c)		154			170
Series 2016-2, Class M3, 5.50%, 10/25/2046‡(c)		100			104
Series 2017-1, Class AFL, 3.68%, 5/25/2047(a)(c)		338			339
Series 2017-1, Class M3, 5.35%, 5/25/2047‡(a)(c)		100			102
Series 2017-2, Class M4, 5.00%, 11/25/2047‡(a)(c)		80			81
Series 2018-2, Class M2, 4.51%, 10/26/2048‡(a)(c)		98			101
Series 2018-2, Class M3, 4.72%, 10/26/2048‡(a)(c)		98			102
Series 2018-2, Class M4, 5.32%, 10/26/2048‡(a)(c)		221			228

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $4,712)					4,809

FOREIGN GOVERNMENT SECURITIES — 0.5%
Export-Import Bank of Korea (South Korea) 2.25%, 1/21/2020		750			749
Israel Government AID Bond (Israel) 3.25%, 1/17/2028		1,000			1,035
Korea Development Bank (The) (South Korea) 3.38%, 3/12/2023		750			771

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $2,491)					2,555


	Shares (000)
CLOSED END FUNDS — 0.3%
BlackRock Corporate High Yield Fund, Inc.		52			526
BlackRock Debt Strategies Fund, Inc.		16			171
Blackstone/GSO Strategic Credit Fund		17			247
Eaton Vance Floating-Rate Income Trust		8			105
Eaton Vance Senior Income Trust		10			63
Invesco Dynamic Credit Opportunities Fund		12			129
Nuveen Credit Strategies Income Fund		15			115
Nuveen Floating Rate Income Opportunity Fund		7			70
PGIM Global High Yield Fund, Inc.		12			160

TOTAL CLOSED END FUNDS (Cost $1,586)					1,586

COMMON STOCKS — 0.2%
Chemicals — 0.1%
Reichhold , Inc.*‡		—	(e)		364

Equity Real Estate Investment Trusts (REITs) — 0.1%
VICI Properties, Inc.		24			524

Hotels, Restaurants & Leisure — 0.0%(g)
Caesars Entertainment Corp.*		14			122

Specialty Retail — 0.0%(g)
Claire’s Stores, Inc.*‡		—	(e)		162

TOTAL COMMON STOCKS (Cost $930)					1,172


	Principal Amount ($000)
LOAN ASSIGNMENTS — 0.2%(k)
Health Care Providers & Services — 0.0%(g)
Air Medical Group Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.68%, 3/14/2025(b)		105			103

Media — 0.1%
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.75%, 8/18/2023(b)		137			137

Oil, Gas & Consumable Fuels — 0.0%(g)
MEG Energy Corp., 1st Lien Term Loan B (Canada) (ICE LIBOR USD 1 Month + 3.50%), 5.94%, 12/31/2023(b)		19			19

Specialty Retail — 0.1%
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 9.94%, 10/12/2038‡(b)(l)		252			391
Petco Animal Supplies, Inc., 1st Lien Term Loan B-1 (ICE LIBOR USD 3 Month + 3.25%), 5.83%, 1/26/2023(b)		63			48
PetSmart, Inc., Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.72%, 3/11/2022(b)		209			201

					640

TOTAL LOAN ASSIGNMENTS (Cost $774)					899


	Shares (000)
PREFERRED STOCKS — 0.0%(g)
Specialty Retail — 0.0%(g)
Claire’s Stores, Inc.*‡ (Cost $83)		—	(e)		235

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)			Value ($000)
CONVERTIBLE BONDS — 0.0%(g)
Oil, Gas & Consumable Fuels — 0.0%(g)
Chesapeake Energy Corp. 5.50%, 9/15/2026(f) (Cost $130)		130			105


	No. of Warrants (000)
WARRANTS — 0.0%(g)
Road & Rail — 0.0%(g)
Jack Cooper Enterprises, Inc. expiring 10/29/2027, price 1.00 USD*‡ (Cost $—)		—	(e)		—


	Principal Amount ($000)
SHORT-TERM INVESTMENTS — 23.9%
CERTIFICATES OF DEPOSIT — 4.1%
Industrial & Commercial Bank of China Ltd. (China) 2.66%, 8/2/2019		10,000			10,001
Natixis SA (France) (ICE LIBOR USD 3 Month + 0.15%), 2.75%, 10/15/2019(b)		5,000			5,002
Nordea Bank Abp (Finland) (ICE LIBOR USD 1 Month + 0.17%), 2.62%, 6/13/2019(b)		2,000			2,000
Toronto-Dominion Bank (The) (Canada) (ICE LIBOR USD 1 Month + 0.23%), 2.69%, 10/9/2019(b)		5,000			5,002

TOTAL CERTIFICATES OF DEPOSIT (Cost $22,000)					22,005

COMMERCIAL PAPER — 10.5%
Erste Abwicklungsanstalt (Germany) 2.55%, 7/10/2019(a)(j)		10,000			9,973
First Abu Dhabi Bank PJSC (United Arab Emirates) 2.52%, 8/2/2019(a)(j)		5,000			4,978
HSBC Bank plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.04%), 2.60%, 11/14/2019(a)(b)(j)		9,000			9,000
Kreditanstalt fuer Wiederaufbau (Germany) 2.52%, 7/2/2019(j)		10,000			9,979
MetLife Short Term Funding LLC 2.54%, 7/22/2019(j)		10,000			9,965
MUFG Bank Ltd. (Japan)2.63%, 10/1/2019(j)		8,000			7,931
Royal Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.21%), 2.84%, 1/8/2020(a)(b)(j)		5,000			5,005

TOTAL COMMERCIAL PAPER (Cost $56,823)					56,831


	Shares (000)
INVESTMENT COMPANIES — 6.8%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.27%(m)(n) (Cost $36,909)		36,909			36,909


	Principal Amount ($000)
REPURCHASE AGREEMENTS — 2.3%
Bofa Securities, Inc., 2.85%, dated 5/31/2019, due 9/10/2019, repurchase price $2,520, collateralized by Corporate Notes and Bonds, 0.00%, due 6/18/2019 - 10/4/2019, with the value of $2,625.		2,500			2,500
Citigroup Global Markets Holdings, Inc., 2.81%, dated 5/31/2019, due 7/18/2019, repurchase price $1,305, collateralized by Sovereign Government Securities, 0.00% - 7.63%, due 11/1/2023 - 12/31/2038, with the value of $1,609.		1,300			1,300
Citigroup Global Markets Holdings, Inc., 2.88%, dated 5/31/2019, due 10/2/2019, repurchase price $1,818, collateralized by Asset-Backed Securities, 0.00% - 29.58%, due 7/10/2030 - 6/15/2044, with the value of $1,980.		1,800			1,800
Societe Generale SA, 2.66%, dated 5/31/2019, due 6/6/2019, repurchase price $7,003, collateralized by Corporate Notes and Bonds, 4.63% - 11.50%, due 3/1/2020 - 2/15/2029, Sovereign Government Securities, 4.25% - 10.13% , due 9/26/2022 - 4/26/2029, with the value of $7,564.		7,000			7,000

TOTAL REPURCHASE AGREEMENTS (Cost $12,600)					12,600

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


Investments	Principal Amount ($000)		Value ($000)
U.S. TREASURY OBLIGATIONS — 0.2%
U.S. Treasury Bills 2.39%, 8/8/2019(j)(o) (Cost $1,160)		1,165		1,160

TOTAL SHORT-TERM INVESTMENTS (Cost $129,492)				129,505

Total Investments — 124.8% (Cost $674,055)				676,715
Liabilities in Excess of Other Assets — (24.8%)				(134,620	)

Net Assets — 100.0%				542,095

Percentages indicated are based on net assets.


Abbreviations
ABS		Asset-backed securities
CSMC		Credit Suisse Mortgage Trust
DN		Discount Notes
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
PJSC		Public Joint Stock Company
REMIC		Real Estate Mortgage Investment Conduit
TBA		To Be Announced; Security is subject to delayed delivery
UMBS		Uniform Mortgage-Backed 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.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2019.
(c)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2019.
(d)		Defaulted security.
(e)		Amount rounds to less than one thousand.
(f)		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 May 31, 2019.
(g)		Amount rounds to less than 0.1% of net assets.
(h)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(i)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(j)		The rate shown is the effective yield as of May 31, 2019.
(k)		Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(l)		Fund is subject to legal or contractual restrictions on the resale of the security.
(m)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(n)		The rate shown is the current yield as of May 31, 2019.
(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 MAY 31, 2019 (Unaudited) (continued)

Futures contracts outstanding as of May 31, 2019 (amounts in thousands, except number of contracts):


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 5 Year Note		34			09/2019		USD		3,992			18
U.S. Treasury 10 Year Note		3			09/2019		USD		380			2
U.S. Treasury 10 Year Ultra Note		118			09/2019		USD		16,122			126
U.S. Treasury Long Bond		67			09/2019		USD		10,310			110
U.S. Treasury Ultra Bond		140			09/2019		USD		24,662			409
3 Month Eurodollar		3			12/2019		USD		734			6

												671

Short Contracts
U.S. Treasury 2 Year Note		(5	)		09/2019		USD		(1,073	)		(3	)
U.S. Treasury 5 Year Note		(5	)		09/2019		USD		(587	)		(3	)
U.S. Treasury 10 Year Note		(10	)		09/2019		USD		(1,268	)		(9	)
U.S. Treasury Ultra Bond		(6	)		09/2019		USD		(1,057	)		(18	)

												(33	)

												638


Abbreviations
USD		United States Dollar

Forward foreign currency exchange contracts outstanding as of May 31, 2019 (amounts in thousands):

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation) ($)

JPY

192,780

USD

1,761

State Street Corp.

7/31/2019

USD

1,757

EUR

1,530

State Street Corp.

7/31/2019

Net unrealized appreciation


Abbreviations
EUR		Euro
JPY		Japanese Yen
USD		United States Dollar

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

Over- the- Counter (“OTC”) Credit default swap contracts outstanding - buy protection⁽¹⁾ as of May 31, 2019 (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 ($)
ABX.HE.AAA.06-2		0.11		Monthly	Bank of America NA		5/25/2046		0.50		USD 40		8			(6	)		2
ABX.HE.AAA.06-2		0.11		Monthly	Bank of America NA		5/25/2046		0.50		USD 60		12			(9	)		3
ABX.HE.AAA.06-2		0.11		Monthly	Barclays Bank plc		5/25/2046		0.50		USD 60		18			(15	)		3
ABX.HE.AAA.06-2		0.11		Monthly	Credit Suisse International		5/25/2046		0.50		USD 30		8			(7	)		1
ABX.HE.AAA.06-2		0.11		Monthly	Credit Suisse International		5/25/2046		0.50		USD 60		15			(13	)		2
CMBX.NA.A.6		2.00		Monthly	Goldman Sachs International		5/11/2063		2.01		USD 90		(1	)		1			—	(a)
CMBX.NA.BBB-.4		5.00		Monthly	Citibank, NA		2/17/2051		45.17		USD 180		153			(150	)		3
CMBX.NA.BBB-.4		5.00		Monthly	Citibank, NA		2/17/2051		45.17		USD 210		168			(165	)		3
CMBX.NA.A.6		2.00		Monthly	Barclays Bank plc		5/11/2063		2.01		USD 80		(1	)		1			—	(a)
CMBX.NA.A.6		2.00		Monthly	Citibank, NA		5/11/2063		2.01		USD 90		(1	)		1			—	(a)
CMBX.NA.A.6		2.00		Monthly	Goldman Sachs International		5/11/2063		2.01		USD 90		(2	)		2			—	(a)
CMBX.NA.A.6		2.00		Monthly	Morgan Stanley		5/11/2063		2.01		USD 80		(1	)		1			—	(a)

													376			(359	)		17

Centrally Cleared Credit default swap contracts outstanding - buy protection⁽¹⁾ as of May 31, 2019 (amounts in thousands):


Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Maturity Date		Implied Credit Spread (%)⁽²⁾		Notional Amount⁽³⁾		Upfront Payments (Receipts) ($)⁽⁴⁾			Unrealized Appreciation (Depreciation) ($)			Value ($)
CDX.EM.31-V1		1.00		Quarterly		6/20/2024		2.11		USD 2,400		80			36			116
United Mexican States, 4.15%, 3/28/2027		1.00		Quarterly		6/20/2024		1.30		USD 2,680		46			(14	)		32

												126			22			148

CDX.NA.HY.32-V1		5.00		Quarterly		6/20/2024		3.94		USD 480		(29	)		2			(27	)
CDX.NA.IG.32-V1		1.00		Quarterly		6/20/2024		0.70		USD 3,530		(54	)		(3	)		(57	)
iTraxx Europe 31.2		1.00		Quarterly		6/20/2024		0.71		EUR 6,650		(114	)		(8	)		(122	)
People’s Republic of China, 7.50%, 10/28/2027		1.00		Quarterly		6/20/2024		0.59		USD 2,290		(50	)		2			(48	)

												(247	)		(7	)		(254	)

												(121	)		15			(106	)


(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.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


(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).

OTC Total return swap contracts outstanding as of May 31, 2019 (amounts in thousands):

Reference Entity

Payments

Made by

Fund

Payments

Received by

Fund

Frequency

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

)


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.

Summary of total swap contracts outstanding as of May 31, 2019 (amounts in thousands):


	Net Upfront Payments (Receipts) ($)			Value ($)
Assets
OTC Credit default swap contracts outstanding - buy protection		376			17
OTC Total return swap contracts outstanding		(15	)		12

Total OTC swap contracts outstanding		361			29

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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 are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange 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.

•

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (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
Common Stocks
Chemicals	$	—		$	—		$	364		$	364
Specialty Retail		—			—			162			162
Other Common Stocks		646			—			—			646

Total Common Stocks		646			—			526			1,172

Closed End Funds		1,586			—			—			1,586
Preferred Stocks		—			—			235			235
Debt Securities
Asset-Backed Securities		—			5,331			9,249			14,580
Collateralized Mortgage Obligations		—			31,744			3,681			35,425
Commercial Mortgage-Backed Securities		—			3,507			1,302			4,809
Convertible Bonds		—			105			—			105
Corporate Bonds
Capital Markets		—			23,653			—	(a)		23,653
Chemicals		—			3,989			—	(b)		3,989
Wireless Telecommunication Services		—			3,750			—	(b)		3,750
Other Corporate Bonds		—			272,390			—			272,390

Total Corporate Bonds		—			303,782			—	(a)		303,782

Foreign Government Securities		—			2,555			—			2,555
Loan Assignments
Specialty Retail		—			249			391			640
Other Loan Assignments		—			259			—			259

Total Loan Assignments		—			508			391			899

Mortgage-Backed Securities		—			148,292			—			148,292
U.S. Government Agency Securities		—			26,080			—			26,080
U.S. Treasury Obligations		—			7,690			—			7,690
Warrants		—			—			—	(b)		—	(b)
Short-Term Investments
Certificates of Deposit		—			22,005			—			22,005
Commercial Paper		—			56,831			—			56,831
Investment Companies		36,909			—			—			36,909
Repurchase Agreements		—			12,600			—			12,600
U.S. Treasury Obligations		—			1,160			—			1,160

Total Short-Term Investments		36,909			92,596			—	(a)		129,505

Total Investments in Securities	$	39,141		$	622,190		$	15,384		$	676,715

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	66		$	—		$	66
Futures Contracts		671			—			—			671
Swaps		—			73			—			73

Total Appreciation in Other Financial Instruments	$	671		$	139		$	—		$	810

Depreciation in Other Financial Instruments
Futures Contracts	$	(33	)	$	—		$	—		$	(33	)
Swaps		—			(390	)		—			(390	)

Total Depreciation in Other Financial Instruments	$	(33	)	$	(390	)	$	—		$	(423	)

(a)	Amount rounds to less than one thousand.

(b)	Value is zero.

There were no significant transfers between level 2 and level 3 during the period ended May 31, 2019.

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, 2019			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 May 31, 2019
Investments in Securities:
Asset-Backed Securities	$	8,520		$	—		$	64		$	8		$	1,070	$	(413	)	$	—	$	—	$	9,249
Collateralized Mortgage Obligations		2,541			1			4			(4	)		904		(858	)		1,093		—		3,681
Commercial Mortgage-Backed Securities		1,196			—	(a)		12			—	(a)		101		(7	)		—		—		1,302
Common Stocks — Chemicals		408			—			(44	)		—			—		—			—		—		364
Common Stocks — Specialty Retail		198			—			(36	)		—			—		—			—		—		162
Corporate Bonds — Capital Markets		—	(a)		—			—			—			—		—			—		—		—	(a)
Corporate Bonds — Chemicals		—	(b)		—			—			—			—		—			—		—		—	(b)
Corporate Bonds — Wireless Telecommunication Services		—	(b)		—			—			—			—		—			—		—		—	(b)
Loan Assignments — Specialty Retail		379			—			12			—			—		—			—		—		391
Preferred Stocks — Specialty Retail		222			—			13			—			—		—			—		—		235
Warrants — Road & Rail		—	(b)		—			—			—			—		—			—		—		—	(b)

	$	13,464		$	1		$	25		$	4		$	2,075	$	(1,278	)	$	1,093	$	—	$	15,384

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.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)


	Fair Value at May 31, 2019			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)^(d)
	$	364		Market Comparable Companies	EBITDA Multiple (a)	6.0x (6.0x)

Common Stock		364

		—	(b )	Market Comparable Companies	Discount for lack of marketability (c)	100.00% (100.00%)

Corporate Bond		—

		9,250		Discounted Cash Flow	Constant Prepayment Rate	0.00% — 35.00% (12.55%)
					Constant Default Rate	0.00% — 6.60% (2.85%)
					Yield (Discount Rate of Cash Flows)	2.31% — 4.84% (3.35%)

Asset-Backed Securities		9,250

		3,490		Discounted Cash Flow	Constant Prepayment Rate	8.50% — 10.00% (9.86%)
					Yield (Discount Rate of Cash Flows)	2.71% — 4.28% (3.73%)

Collateralized Mortgage Obligations		3,490

		994		Discounted Cash Flow	Constant Prepayment Rate	100.00% (100.00%)
					Constant Default Rate	0.00% — 7.00% (3.37%)
					Yield (Discount Rate of Cash Flows)	3.26% — 6.22% (4.55%)

Commercial Mortgage-Backed Securities		994

		—		Terms of Exchange Offer	Expected Recovery	0.00% (0.00%)

Warrants		—

Total	$	14,098

The table above does not include level 3 securities that are valued by brokers and pricing services. At May 31, 2019, the value of these securities was approximately $1,286,000. 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)	Securities senior in the issuing entity capital structure result in this security being valued at zero.

(c)	Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(d)	Unobservable inputs were weighted by the relative fair value of the instruments.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)


For the period ended May 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2019		Shares at May 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.27% (a) (b)	$	49,087	$	78,399	$	90,577	$	—	$	—	$	36,909		36,909	$	266	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of May 31, 2019.

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 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 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, while cash deposited is considered restricted.

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 Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2019 (Unaudited) (continued)

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 and total return, to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return 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 for OTC Swaps.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

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

Credit Default Swaps

Total Return Swaps