JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited)

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

Investments	Principal Amount (000)			Value (000)
CORPORATE BONDS — 49.6%
Argentina — 0.1%
Agua y Saneamientos Argentinos SA 6.63%, 2/1/2023(a)			3,850		1,160
Australia — 0.1%
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022(b)			230		234
5.13%, 5/15/2024(b)			230		237
Westpac Banking Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034(c)			980		1,054
					1,525
Azerbaijan — 0.1%
State Oil Co. of the Azerbaijan Republic 4.75%, 3/13/2023(a)			2,273		2,370
Belgium — 0.9%
Anheuser-Busch Cos. LLC 4.90%, 2/1/2046			4,955		5,746
Anheuser-Busch InBev SA/NV 2.00%, 3/17/2028(a)		EUR	900		1,064
Anheuser-Busch InBev Worldwide, Inc.
4.75%, 1/23/2029			2,570		3,036
4.90%, 1/23/2031			1,630		1,989
KBC Group NV (EUR Swap Annual 5 Year + 4.69%), 4.75%, 3/5/2024(a)(c)(d)(e) EUR 5,600					6,372
Solvay Finance SA
(EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023(a)(c)(d)(e)		EUR	2,271		2,669
(EUR Swap Annual 5 Year + 5.22%), 5.87%, 6/3/2024(a)(c)(d)(e)		EUR	500		596
Telenet Finance Luxembourg Notes SARL 3.50%, 3/1/2028(a)		EUR	2,000		2,284
					23,756
Brazil — 0.8%
Banco do Brasil SA (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.40%), 6.25%, 4/15/2024(a)(c)(d)(e)			1,431		1,196
Klabin Austria GmbH 7.00%, 4/3/2049(a)			3,595		3,660
MV24 Capital BV 6.75%, 6/1/2034(b)			3,175		2,937
Petrobras Global Finance BV
5.60%, 1/3/2031			7,130		7,009
6.90%, 3/19/2049			4,560		4,531
					19,333
Canada — 0.6%
Advanz Pharma Corp. Ltd. 8.00%, 9/6/2024			687		625
Bombardier, Inc.
6.00%, 10/15/2022(b)			210		135
6.13%, 1/15/2023(b)			597		363
7.50%, 12/1/2024(b)			287		175
7.88%, 4/15/2027(b)			267		161
Emera US Finance LP
3.55%, 6/15/2026			3,916		4,260
4.75%, 6/15/2046			2,050		2,323
MEG Energy Corp.
6.50%, 1/15/2025(b)			1,952		1,924
7.13%, 2/1/2027(b)			829		755
NOVA Chemicals Corp.
5.00%, 5/1/2025(b)			570		504
5.25%, 6/1/2027(b)			296		251
Open Text Corp. 5.88%, 6/1/2026(b)			272		281
Precision Drilling Corp.
7.75%, 12/15/2023			720		390
5.25%, 11/15/2024			180		92
7.13%, 1/15/2026(b)			684		342
Stars Group Holdings BV 7.00%, 7/15/2026(b)			245		260
Videotron Ltd. 5.38%, 6/15/2024(b)			1,300		1,378
					14,219
Chile — 0.2%
Empresa de Transporte de Pasajeros Metro SA 4.70%, 5/7/2050(b)			2,890		3,311
Kenbourne Invest SA 6.88%, 11/26/2024(b)			2,760		2,753
					6,064
China — 0.5%
China Evergrande Group
7.50%, 6/28/2023(a)			3,911		3,199
8.75%, 6/28/2025(a)			5,070		3,939
GCL New Energy Holdings Ltd. 7.10%, 1/30/2021(a)			1,062		498
New Metro Global Ltd. 6.50%, 4/23/2021(a)			2,750		2,750
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)(c)(d)(e)			635		508
Yuzhou Properties Co. Ltd.
8.38%, 10/30/2024(a)			2,610		2,495
					13,389
Denmark — 0.2%
Danske Bank A/S 5.00%, 1/12/2022(b)			1,940		2,033
DKT Finance ApS 7.00%, 6/17/2023(a)		EUR	900		1,004

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
Nykredit Realkredit A/S Series CCE, 1.00%, 10/1/2050(a)		DKK	9,057		1,325
TDC A/S 5.00%, 3/2/2022(f)		EUR	1,100		1,261
					5,623
France — 3.3%
Accor SA
1.25%, 1/25/2024(a)		EUR	500		527
(EUR Swap Annual 5 Year + 4.56%), 4.37%, 1/30/2024(a)(c)(d)(e)		EUR	600		621
Altice France SA
7.38%, 5/1/2026(b)			1,875		1,978
5.88%, 2/1/2027(a)		EUR	1,350		1,590
3.38%, 1/15/2028(b)		EUR	659		706
Autoroutes du Sud de la France SA 1.38%, 2/21/2031(a) EUR 7,200					8,387
Banijay Entertainment SASU
3.50%, 3/1/2025(b)		EUR	549		585
3.50%, 3/1/2025(a)		EUR	467		498
Banijay Group SAS 6.50%, 3/1/2026(b)		EUR	342		338
BPCE SA
3.00%, 5/22/2022(b)			1,124		1,154
5.15%, 7/21/2024(b)			8,195		8,960
4.88%, 4/1/2026(b)			1,880		2,085
(EUR Swap Annual 5 Year + 2.37%), 2.75%, 11/30/2027(a)(c)		EUR	1,200		1,371
Burger King France SAS 6.00%, 5/1/2024(a)		EUR	1,000		1,089
Casino Guichard Perrachon SA 1.87%, 6/13/2022(a)		EUR	500		530
Credit Agricole SA
2.38%, 7/1/2021(b)			3,770		3,839
3.25%, 10/4/2024(b)			2,150		2,282
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(b)(c)(d)(e)			5,150		5,897
Elis SA
1.88%, 2/15/2023(a)		EUR	1,600		1,755
2.88%, 2/15/2026(a)		EUR	2,100		2,255
Europcar Mobility Group
4.13%, 11/15/2024(a)		EUR	500		354
4.00%, 4/30/2026(a)		EUR	350		228
Faurecia SE
2.63%, 6/15/2025(a)		EUR	650		696
3.13%, 6/15/2026(a)		EUR	1,200		1,296
La Financiere Atalian SASU
4.00%, 5/15/2024(a)		EUR	1,550		1,118
5.13%, 5/15/2025(a)		EUR	1,016		733
Orano SA
3.25%, 9/4/2020(a)		EUR	1,400		1,558
3.13%, 3/20/2023(a)		EUR	700		788
4.88%, 9/23/2024		EUR	2,300		2,751
Parts Europe SA 4.38%, 5/1/2022(a)		EUR	750		713
Picard Groupe SAS
(EURIBOR 3 Month + 3.00%), 3.00%, 11/30/2023(a)(c)		EUR	1,000		1,052
Quatrim SASU
5.88%, 1/15/2024(a)		EUR	700		792
5.88%, 1/15/2024(b)		EUR	476		537
Renault SA
1.25%, 6/24/2025(a)		EUR	1,500		1,511
2.00%, 9/28/2026(a)		EUR	100		101
Rexel SA
2.63%, 6/15/2024(a)		EUR	2,350		2,582
2.13%, 6/15/2025(a)		EUR	1,000		1,088
2.75%, 6/15/2026(a)		EUR	1,000		1,096
Societe Generale SA
(EUR Swap Annual 5 Year + 5.54%), 6.75%, 4/7/2021(a)(c)(d)(e)		EUR	850		937
(USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021(b)(c)(d)(e)			1,190		1,198
SPIE SA 3.13%, 3/22/2024(a)		EUR	2,900		3,187
Total Capital International SA
2.83%, 1/10/2030			4,885		5,235
3.13%, 5/29/2050			800		808
TOTAL SA
(EUR Swap Annual 5 Year + 3.78%), 3.87%, 5/18/2022(a)(c)(d)(e)		EUR	1,750		2,025
(EUR Swap Annual 5 Year + 1.77%), 1.75%, 4/4/2024(a)(c)(d)(e)		EUR	4,000		4,416
Vallourec SA
6.63%, 10/15/2022(a)		EUR	449		319
6.38%, 10/15/2023(a)		EUR	200		133
2.25%, 9/30/2024(a)		EUR	1,900		1,136
					84,835
Germany — 0.9%
CBR Fashion Finance BV 5.13%, 10/1/2022(a)		EUR	1,175		1,042
CeramTec BondCo GmbH 5.25%, 12/15/2025(a)		EUR	1,500		1,519
Cheplapharm Arzneimittel GmbH 3.50%, 2/11/2027(b)		EUR	1,230		1,340
Deutsche Bank AG 4.25%, 10/14/2021			993		1,007
Douglas GmbH 6.25%, 7/15/2022(a)		EUR	350		320
IHO Verwaltungs GmbH 3.75% (cash), 9/15/2026(a)(g)		EUR	1,200		1,262
Kirk Beauty One GmbH 8.75%, 7/15/2023(a)		EUR	350		196
LANXESS AG (EUR Swap Annual 5 Year + 4.51%), 4.50%, 12/6/2076(a)(c)		EUR	750		862

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
Nidda BondCo GmbH 5.00%, 9/30/2025(a)		EUR	3,225		3,508
Nidda Healthcare Holding GmbH
3.50%, 9/30/2024(a)		EUR	2,659		2,908
3.50%, 9/30/2024(b)		EUR	825		902
ProGroup AG 3.00%, 3/31/2026(a)		EUR	787		819
RWE AG (EUR Swap Annual 5 Year + 3.25%), 3.50%, 4/21/2075(a)(c)		EUR	800		914
Tele Columbus AG 3.88%, 5/2/2025(a)		EUR	726		737
thyssenkrupp AG
1.38%, 3/3/2022(a)		EUR	2,900		3,108
1.88%, 3/6/2023(a)		EUR	400		416
2.88%, 2/22/2024(a)		EUR	300		313
2.50%, 2/25/2025(a)		EUR	1,400		1,429
WEPA Hygieneprodukte GmbH 2.88%, 12/15/2027(a)		EUR	800		879
					23,481
Greece — 0.5%
Alpha Bank AE 2.50%, 2/5/2023(a)		EUR	10,700		12,303
Ellaktor Value plc
6.38%, 12/15/2024(b)		EUR	300		247
6.38%, 12/15/2024(a)		EUR	300		248
OTE plc 3.50%, 7/9/2020(a)		EUR	700		777
					13,575
Guatemala — 0.0%(h)
Comunicaciones Celulares SA 6.88%, 2/6/2024(a)			700		711
Hong Kong — 0.1%
Metropolitan Light Co. Ltd. 5.50%, 11/21/2022(b)			1,931		1,929
Indonesia — 0.2%
Medco Platinum Road Pte. Ltd. 6.75%, 1/30/2025(a)			1,027		874
Pertamina Persero PT 3.65%, 7/30/2029(b)			3,619		3,731
					4,605
Ireland — 0.7%
AerCap Ireland Capital DAC
5.00%, 10/1/2021			1,515		1,475
4.63%, 7/1/2022			3,765		3,548
Allied Irish Banks plc
(EUR Swap Annual 5 Year + 7.34%), 7.38%, 12/3/2020(a)(c)(d)(e)		EUR	487		540
(EUR Swap Annual 5 Year + 3.95%), 4.13%, 11/26/2025(a)(c)		EUR	3,100		3,416
Avolon Holdings Funding Ltd.
3.95%, 7/1/2024(b)			2,337		1,928
4.38%, 5/1/2026(b)			1,075		876
eircom Finance DAC 3.50%, 5/15/2026(a)		EUR	2,930		3,318
Smurfit Kappa Acquisitions ULC
2.75%, 2/1/2025(a)		EUR	1,700		1,944
2.88%, 1/15/2026(a)		EUR	1,750		2,006
					19,051
Italy — 1.7%
Atlantia SpA
1.63%, 2/3/2025(a)		EUR	800		854
1.88%, 7/13/2027(a)		EUR	400		421
Autostrade per l’Italia SpA
1.88%, 11/4/2025(a)		EUR	900		942
1.75%, 6/26/2026(a)		EUR	975		1,005
1.88%, 9/26/2029(a)		EUR	850		872
Banca Monte dei Paschi di Siena SpA 2.00%, 1/29/2024(a)		EUR	5,820		6,761
Enel Finance International NV
3.63%, 5/25/2027(b)			3,570		3,802
3.50%, 4/6/2028(b)			3,665		3,891
Leonardo SpA
4.50%, 1/19/2021		EUR	1,700		1,923
4.88%, 3/24/2025		EUR	2,000		2,457
Rossini SARL 6.75%, 10/30/2025(a)		EUR	1,600		1,900
Saipem Finance International BV
3.75%, 9/8/2023(a)		EUR	1,000		1,125
2.63%, 1/7/2025(a)		EUR	3,000		3,239
Telecom Italia Capital SA
6.38%, 11/15/2033			1,324		1,480
6.00%, 9/30/2034			68		73
Telecom Italia Finance SA 7.75%, 1/24/2033		EUR	950		1,433
Telecom Italia SpA
3.25%, 1/16/2023(a)		EUR	4,300		4,889
3.00%, 9/30/2025(a)		EUR	1,700		1,900
3.63%, 5/25/2026(a)		EUR	4,850		5,585
					44,552
Kazakhstan — 0.2%
KazMunayGas National Co. JSC 4.75%, 4/19/2027(a)			4,910		5,201
Luxembourg — 0.9%
Altice Financing SA 7.50%, 5/15/2026(b)			1,825		1,921
Altice Finco SA 4.75%, 1/15/2028(a)		EUR	2,025		2,001
Altice France Holding SA
8.00%, 5/15/2027(b)		EUR	2,823		3,324
4.00%, 2/15/2028(a)		EUR	1,000		996

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
ARD Finance SA
5.00% (cash), 6/30/2027(b)(g)		EUR	771		809
5.00% (cash), 6/30/2027(a)(g)(i)		EUR	500		524
INEOS Group Holdings SA
5.38%, 8/1/2024(a)		EUR	750		835
5.63%, 8/1/2024(b)			500		495
Intelsat Jackson Holdings SA
5.50%, 8/1/2023			902		476
8.00%, 2/15/2024(b)(f)			743		750
8.50%, 10/15/2024(b)			2,785		1,587
Matterhorn Telecom SA
3.13%, 9/15/2026(b)		EUR	874		946
3.13%, 9/15/2026(a)		EUR	200		216
Monitchem HoldCo 3 SA
5.25%, 3/15/2025(a)		EUR	500		558
5.25%, 3/15/2025(b)		EUR	188		210
Picard Bondco SA 5.50%, 11/30/2024(a)		EUR	1,300		1,392
SES SA (EUR Swap Annual 5 Year + 4.66%), 4.62%, 1/2/2022(a)(c)(d)(e)		EUR	4,000		4,429
Summer BC Holdco A SARL 9.25%, 10/31/2027(a)		EUR	577		480
Summer BC Holdco B SARL 5.75%, 10/31/2026(a)		EUR	938		973
Swissport Financing SARL 9.00%, 2/15/2025(a)		EUR	500		40
					22,962
Malaysia — 0.2%
Petronas Capital Ltd.
3.50%, 4/21/2030(b)			1,740		1,926
4.55%, 4/21/2050(b)			1,580		1,949
					3,875
Mexico — 1.2%
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		1,242
Banco Nacional de Comercio Exterior SNC (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 8/11/2026(b)(c)			1,900		1,837
BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033(b)(c)			4,300		3,930
Elementia SAB de CV 5.50%, 1/15/2025(b)			1,940		1,409
Petroleos Mexicanos
6.75%, 9/21/2047			20,400		15,835
6.95%, 1/28/2060(b)			7,095		5,421
					29,674
Morocco — 0.1%
OCP SA 6.88%, 4/25/2044(a)			2,280		2,563
Netherlands — 1.0%
ABN AMRO Bank NV 4.75%, 7/28/2025(b)			3,555		3,843
ING Groep NV (EUR Swap Annual 5 Year + 1.25%), 1.62%, 9/26/2029(a)(c)		EUR	700		771
Lincoln Financing SARL
3.63%, 4/1/2024(a)		EUR	900		907
3.63%, 4/1/2024(b)		EUR	560		564
OCI NV 3.13%, 11/1/2024(a)		EUR	454		494
Sigma Holdco BV 5.75%, 5/15/2026(a)		EUR	2,493		2,712
Starfruit Finco BV 6.50%, 10/1/2026(a)		EUR	2,075		2,269
Sunshine Mid BV 6.50%, 5/15/2026(a)		EUR	2,500		2,726
Trivium Packaging Finance BV
3.75%, 8/15/2026(b)(f)		EUR	520		564
3.75%, 8/15/2026(a)(f)		EUR	300		326
5.50%, 8/15/2026(b)(f)			200		210
8.50%, 8/15/2027(b)(f)			200		211
UPC Holding BV
5.50%, 1/15/2028(b)			200		193
3.88%, 6/15/2029(a)		EUR	700		722
UPCB Finance IV Ltd. 4.00%, 1/15/2027(a)		EUR	1,634		1,821
UPCB Finance VII Ltd. 3.63%, 6/15/2029(a)		EUR	1,666		1,785
Ziggo Bond Co. BV 3.38%, 2/28/2030(b)		EUR	3,124		3,286
Ziggo BV
4.25%, 1/15/2027(a)		EUR	1,980		2,275
2.88%, 1/15/2030(b)		EUR	165		179
2.88%, 1/15/2030(a)		EUR	100		109
					25,967
Nigeria — 0.0%(h)
United Bank for Africa plc 7.75%, 6/8/2022(a)			1,200		1,146
Oman — 0.1%
Oztel Holdings SPC Ltd. 6.63%, 4/24/2028(a)			2,300		2,084
Peru — 0.3%
Nexa Resources SA 5.38%, 5/4/2027(a)			4,523		4,319
Southern Copper Corp. 5.88%, 4/23/2045			3,070		3,671
					7,990

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
Portugal — 0.4%
EDP Finance BV
5.25%, 1/14/2021(b)			400		408
2.38%, 3/23/2023(a)		EUR	2,000		2,334
3.63%, 7/15/2024(b)			6,630		7,094
					9,836
Qatar — 0.1%
ABQ Finance Ltd. 3.50%, 2/22/2022(a)			2,600		2,638
Ras Laffan Liquefied Natural Gas Co. Ltd. II 5.30%, 9/30/2020(a)			350		351
					2,989
Singapore — 0.2%
Oversea-Chinese Banking Corp. Ltd. 0.38%, 3/1/2023(a)		EUR	5,550		6,239
South Africa — 0.1%
Liquid Telecommunications Financing plc 8.50%, 7/13/2022(a)			1,357		1,224
Spain — 1.7%
AI Candelaria Spain SLU 7.50%, 12/15/2028(a)			2,290		2,228
Banco Bilbao Vizcaya Argentaria SA
(EUR Swap Annual 5 Year + 9.18%), 8.87%, 4/14/2021(a)(c)(d)(e)		EUR	2,400		2,771
(EUR Swap Annual 5 Year + 6.04%), 6.00%, 3/29/2024(a)(c)(d)(e)		EUR	3,000		3,222
Banco Santander SA 3.25%, 4/4/2026(a)		EUR	200		237
CaixaBank SA
(EUR Swap Annual 5 Year + 6.50%), 6.75%, 6/13/2024(a)(c)(d)(e)		EUR	1,600		1,747
(EUR Swap Annual 5 Year + 3.35%), 3.50%, 2/15/2027(a)(c)		EUR	2,000		2,242
Cellnex Telecom SA 2.88%, 4/18/2025(a)		EUR	1,300		1,513
Cirsa Finance International SARL
6.25%, 12/20/2023(a)		EUR	1,339		1,345
4.75%, 5/22/2025(a)		EUR	390		381
eDreams ODIGEO SA 5.50%, 9/1/2023(a)		EUR	1,250		1,124
Grifols SA
1.63%, 2/15/2025(b)		EUR	1,430		1,555
3.20%, 5/1/2025(a)		EUR	1,900		2,121
2.25%, 11/15/2027(a)		EUR	1,100		1,197
2.25%, 11/15/2027(b)		EUR	201		219
Grupo Antolin-Irausa SA
3.25%, 4/30/2024(a)		EUR	400		369
3.38%, 4/30/2026(a)		EUR	400		364
Naturgy Finance BV (EUR Swap Annual 8 Year + 3.35%), 4.13%, 11/18/2022(a)(c)(d)(e)		EUR	1,000		1,131
NorteGas Energia Distribucion SA 2.07%, 9/28/2027(a)		EUR	1,100		1,261
Repsol International Finance BV (EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075(a)(c)		EUR	3,650		4,214
Telefonica Emisiones SA 4.67%, 3/6/2038			930		1,062
Telefonica Europe BV
(EUR Swap Annual 5 Year + 2.33%), 2.63%, 3/7/2023(a)(c)(d)(e)		EUR	3,100		3,353
Series NC5, (EUR Swap Annual 5 Year + 2.45%), 3.00%, 9/4/2023(a)(c)(d)(e)		EUR	1,800		1,951
(EUR Swap Annual 10 Year + 4.30%), 5.87%, 3/31/2024(a)(c)(d)(e)		EUR	5,800		6,976
(EUR Swap Annual 8 Year + 2.97%), 3.88%, 6/22/2026(a)(c)(d)(e)		EUR	500		555
					43,138
Sweden — 0.3%
Dometic Group AB 3.00%, 5/8/2026(a)		EUR	1,000		994
Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.69%), 6.25%, 3/1/2024(a)(c)(d)(e)			600		624
Telefonaktiebolaget LM Ericsson 1.88%, 3/1/2024(a)		EUR	1,450		1,620
Verisure Midholding AB 5.75%, 12/1/2023(a)		EUR	3,276		3,626
Volvo Car AB 2.00%, 1/24/2025(a)		EUR	1,400		1,475
					8,339
Switzerland — 1.2%
Credit Suisse Group AG
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023(b)(c)(d)(e)			7,280		7,825
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024(b)(c)(d)(e)			3,591		3,755
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%, 8/21/2026(b)(c)(d)(e)			1,260		1,276

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029(b)(c)			1,585		1,709
(SOFR + 3.73%), 4.19%, 4/1/2031(b)(c)			3,650		4,048
Dufry One BV 2.50%, 10/15/2024(a)		EUR	2,000		1,920
Glencore Finance Europe Ltd. 1.63%, 1/18/2022(a)		EUR	900		996
UBS Group AG
(EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022(a)(c)(d)(e)		EUR	4,950		5,708
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025(a)(c)(d)(e)			3,450		3,760
					30,997
Taiwan — 0.1%
Competition Team Technologies Ltd. 3.75%, 3/12/2024(a)			2,490		2,618
Turkey — 0.1%
Turkiye Garanti Bankasi A/S 5.25%, 9/13/2022(a)			3,340		3,320
United Arab Emirates — 0.0%(h)
Mashreqbank PSC 4.25%, 2/26/2024(a)			466		479
Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025(b)			667		295
					774
United Kingdom — 2.8%
Arqiva Broadcast Finance plc 6.75%, 9/30/2023(a)		GBP	600		765
Barclays plc
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023(c)(d)(e)			294		289
4.84%, 5/9/2028			710		764
(ICE LIBOR USD 3 Month + 3.05%), 5.09%, 6/20/2030(c)			305		340
BAT Capital Corp.
3.56%, 8/15/2027			3,645		3,830
4.39%, 8/15/2037			2,620		2,750
4.54%, 8/15/2047			3,240		3,440
British Telecommunications plc 1.75%, 3/10/2026(a)		EUR	2,500		2,880
CPUK Finance Ltd. 4.25%, 8/28/2022(a)		GBP	1,400		1,567
EC Finance plc 2.38%, 11/15/2022(a)		EUR	400		395
eG Global Finance plc 4.38%, 2/7/2025(a)		EUR	2,275		2,379
FCE Bank plc
1.88%, 6/24/2021(a)		EUR	300		323
0.87%, 9/13/2021(a)		EUR	500		528
1.13%, 2/10/2022(a)		EUR	850		896
Fiat Chrysler Automobiles NV 3.75%, 3/29/2024(a)		EUR	1,600		1,840
HSBC Holdings plc
(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025(c)			3,980		4,261
4.95%, 3/31/2030			535		628
Iceland Bondco plc 4.63%, 3/15/2025(a)		GBP	1,100		1,168
Jaguar Land Rover Automotive plc
5.88%, 11/15/2024(b)		EUR	385		325
6.88%, 11/15/2026(b)		EUR	256		218
Nationwide Building Society (U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.39%), 5.88%, 12/20/2024(a)(c)(d)(e)		GBP	200		246
NEW Look Financing plc 12.00% (Blend (cash 8.00% + PIK 4.00%)), 5/3/2024(a)(g)(i)		GBP	791		503
Nomad Foods Bondco plc 3.25%, 5/15/2024(a)		EUR	1,800		2,014
Reynolds American, Inc. 4.45%, 6/12/2025			2,965		3,278
Royal Bank of Scotland Group plc
(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021(c)(d)(e)			2,000		2,077
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023(c)			7,562		7,779
3.88%, 9/12/2023			830		879
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030(c)			1,750		1,976
Santander UK Group Holdings plc
1.13%, 9/8/2023(a)		EUR	711		782
4.75%, 9/15/2025(b)			1,520		1,606
Standard Chartered plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 4.64%, 4/1/2031(b)(c)			3,600		4,015
Synlab Unsecured Bondco plc 8.25%, 7/1/2023(a)		EUR	2,950		3,324
Top Gun Realisations 74 plc 6.50%, 7/1/2022(a)(j)		GBP	513		120
Virgin Media Finance plc 4.50%, 1/15/2025(a)		EUR	3,100		3,477
Vodafone Group plc
5.25%, 5/30/2048			3,050		3,954
4.88%, 6/19/2049			1,649		2,054
4.25%, 9/17/2050			920		1,056
(EUR Swap Annual 5 Year + 2.67%), 3.10%, 1/3/2079(a)(c)		EUR	4,000		4,452
					73,178

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
United States — 27.7%
A10 Revolving Asset Financing I LLC 6.39%, 1/9/2020‡(b)(i)			250		250
AbbVie, Inc.
3.60%, 5/14/2025			4,175		4,606
2.95%, 11/21/2026(b)			2,850		3,056
3.20%, 11/21/2029(b)			1,705		1,827
4.05%, 11/21/2039(b)			2,415		2,710
4.70%, 5/14/2045			862		1,029
4.45%, 5/14/2046			1,385		1,603
4.25%, 11/21/2049(b)			1,995		2,285
ACCO Brands Corp. 5.25%, 12/15/2024(b)			920		925
ACE Cash Express, Inc. 12.00%, 12/15/2022(b)			834		626
Adient Global Holdings Ltd.
3.50%, 8/15/2024(a)		EUR	750		716
4.88%, 8/15/2026(b)			700		588
Adient US LLC 7.00%, 5/15/2026(b)			605		620
ADT Security Corp. (The) 4.13%, 6/15/2023			290		291
Ahern Rentals, Inc. 7.38%, 5/15/2023(b)			853		371
Air Lease Corp.
3.25%, 3/1/2025			1,400		1,296
3.25%, 10/1/2029			2,050		1,746
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(b)			425		404
Air Products and Chemicals, Inc. 2.05%, 5/15/2030			870		902
Albertsons Cos., Inc.
3.50%, 2/15/2023(b)			300		301
6.63%, 6/15/2024			1,581		1,635
5.75%, 3/15/2025			424		436
7.50%, 3/15/2026(b)			100		112
4.63%, 1/15/2027(b)			605		614
4.88%, 2/15/2030(b)			425		440
Alcoa Nederland Holding BV 6.75%, 9/30/2024(b)			350		355
Allied Universal Holdco LLC
6.63%, 7/15/2026(b)			93		98
9.75%, 7/15/2027(b)			94		100
Allison Transmission, Inc. 4.75%, 10/1/2027(b)			277		269
Ally Financial, Inc. 5.75%, 11/20/2025			1,500		1,560
Altria Group, Inc.
1.70%, 6/15/2025		EUR	3,700		4,190
2.20%, 6/15/2027		EUR	3,300		3,806
4.80%, 2/14/2029			3,830		4,386
3.40%, 5/6/2030			750		791
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025			1,197		308
5.88%, 11/15/2026			225		56
6.13%, 5/15/2027			226		57
Ameren Corp. 3.50%, 1/15/2031			2,750		3,055
American Axle & Manufacturing, Inc.
6.63%, 10/15/2022			285		283
6.25%, 4/1/2025			1,503		1,417
6.25%, 3/15/2026			288		268
6.50%, 4/1/2027			900		841
American International Group, Inc. 3.90%, 4/1/2026			1,270		1,395
American Tower Corp.
REIT, 1.38%, 4/4/2025		EUR	2,170		2,429
REIT, 3.95%, 3/15/2029			3,340		3,789
AmeriGas Partners LP 5.50%, 5/20/2025			505		525
Amgen, Inc. 2.30%, 2/25/2031			1,070		1,106
Antero Midstream Partners LP 5.75%, 3/1/2027(b)			100		79
Antero Resources Corp. 5.13%, 12/1/2022			1,563		1,094
Apple, Inc. 3.85%, 5/4/2043			2,585		3,182
Aramark International Finance SARL 3.13%, 4/1/2025(a)		EUR	1,400		1,464
Ardagh Packaging Finance plc
2.75%, 3/15/2024(a)		EUR	1,100		1,228
6.00%, 2/15/2025(b)			1,465		1,510
2.13%, 8/15/2026(a)		EUR	600		647
Ashland Services BV 2.00%, 1/30/2028(b)		EUR	457		473
AT&T, Inc.
2.95%, 7/15/2026			824		867
2.30%, 6/1/2027			1,380		1,396
3.15%, 9/4/2036		EUR	900		1,117
3.50%, 6/1/2041			2,620		2,638
4.75%, 5/15/2046			880		1,026
Avis Budget Car Rental LLC
6.38%, 4/1/2024(b)			925		765
5.25%, 3/15/2025(b)			1,445		1,149
5.75%, 7/15/2027(b)			264		202
Avis Budget Finance plc 4.13%, 11/15/2024(a)		EUR	1,350		1,119
Axalta Coating Systems LLC 4.25%, 8/15/2024(a)		EUR	2,300		2,491
Ball Corp.
4.38%, 12/15/2023		EUR	2,350		2,836
1.50%, 3/15/2027		EUR	500		535
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.37%), 2.74%, 1/23/2022(c)			5,025		5,078
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(c)			3,047		3,184

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025(c)(d)(e)			235		247
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026(c)(d)(e)			474		519
(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027(c)			4,060		4,456
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029(c)			1,875		2,118
(ICE LIBOR USD 3 Month + 1.19%), 2.88%, 10/22/2030(c)			3,282		3,449
Bank of New York Mellon Corp. (The) Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.36%), 4.70%, 9/20/2025(c)(d)(e)			1,390		1,430
Bausch Health Americas, Inc.
9.25%, 4/1/2026(b)			725		805
8.50%, 1/31/2027(b)			298		326
Bausch Health Cos., Inc.
6.50%, 3/15/2022(b)			123		125
5.50%, 3/1/2023(b)			17		17
4.50%, 5/15/2023(a)		EUR	3,400		3,736
5.88%, 5/15/2023(b)			148		148
7.00%, 3/15/2024(b)			263		272
6.13%, 4/15/2025(b)			3,500		3,552
5.50%, 11/1/2025(b)			407		420
9.00%, 12/15/2025(b)			643		703
5.75%, 8/15/2027(b)			29		31
7.00%, 1/15/2028(b)			227		239
5.00%, 1/30/2028(b)			240		232
7.25%, 5/30/2029(b)			252		272
5.25%, 1/30/2030(b)			1,024		1,006
Becton Dickinson and Co.
1.40%, 5/24/2023		EUR	471		526
2.82%, 5/20/2030			3,965		4,214
3.79%, 5/20/2050			1,220		1,370
Belden, Inc.
2.88%, 9/15/2025(a)		EUR	450		467
3.38%, 7/15/2027(a)		EUR	2,700		2,853
Berkshire Hathaway Energy Co. 3.70%, 7/15/2030(b)			4,575		5,260
Berry Global, Inc.
5.50%, 5/15/2022			120		119
5.63%, 7/15/2027(b)			176		185
Biogen, Inc. 2.25%, 5/1/2030			1,120		1,135
Blue Racer Midstream LLC 6.13%, 11/15/2022(b)			1,165		1,137
Boeing Co. (The)
4.88%, 5/1/2025			3,550		3,768
5.04%, 5/1/2027			4,270		4,533
3.50%, 3/1/2039			2,500		2,104
5.71%, 5/1/2040			1,080		1,182
Boston Scientific Corp. 3.75%, 3/1/2026			485		549
Boyd Gaming Corp. 6.38%, 4/1/2026			545		542
Boyne USA, Inc. 7.25%, 5/1/2025(b)			381		403
Bristol-Myers Squibb Co.
3.40%, 7/26/2029(b)			855		978
4.25%, 10/26/2049(b)			1,195		1,571
Broadcom, Inc.
2.25%, 11/15/2023(b)			4,340		4,405
4.25%, 4/15/2026(b)			2,105		2,254
Brookfield Property REIT, Inc.
REIT, 5.75%, 5/15/2026(b)			548		416
Buckeye Partners LP 4.13%, 12/1/2027			435		420
Caesars Resort Collection LLC 5.25%, 10/15/2025(b)			120		107
Callon Petroleum Co. 6.13%, 10/1/2024			221		73
Capital One Financial Corp.
3.50%, 6/15/2023			1,615		1,703
3.80%, 1/31/2028			2,930		3,078
Catalent Pharma Solutions, Inc.
4.88%, 1/15/2026(b)			117		120
5.00%, 7/15/2027(b)			46		47
2.38%, 3/1/2028(b)		EUR	415		434
CCO Holdings LLC
5.88%, 4/1/2024(b)			4,591		4,716
5.75%, 2/15/2026(b)			4,430		4,619
5.13%, 5/1/2027(b)			5,845		6,137
5.88%, 5/1/2027(b)			185		194
5.00%, 2/1/2028(b)			455		477
5.38%, 6/1/2029(b)			198		213
4.75%, 3/1/2030(b)			1,108		1,158
CDK Global, Inc. 5.25%, 5/15/2029(b)			497		507
CDW LLC 4.25%, 4/1/2028			1,186		1,206
Cedar Fair LP 5.25%, 7/15/2029(b)			66		62
Centene Corp.
5.25%, 4/1/2025(b)			710		731
4.25%, 12/15/2027			857		895
4.63%, 12/15/2029			1,700		1,830
CenterPoint Energy, Inc. 2.95%, 3/1/2030			1,923		2,025
Central Garden & Pet Co. 6.13%, 11/15/2023			1,000		1,022
CenturyLink, Inc.
Series W, 6.75%, 12/1/2023			285		310
Series Y, 7.50%, 4/1/2024			915		1,007
5.63%, 4/1/2025			79		81

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
5.13%, 12/15/2026(b)			1,930		1,949
Series G, 6.88%, 1/15/2028			184		192
CF Industries, Inc. 4.50%, 12/1/2026(b)			2,360		2,545
Charter Communications Operating LLC
4.91%, 7/23/2025			1,333		1,526
5.38%, 5/1/2047			2,844		3,366
4.80%, 3/1/2050			1,725		1,921
3.70%, 4/1/2051			1,815		1,750
Chemours Co. (The)
7.00%, 5/15/2025			1,965		1,911
4.00%, 5/15/2026		EUR	400		379
5.38%, 5/15/2027			160		144
Cheniere Energy Partners LP
5.25%, 10/1/2025			54		55
5.63%, 10/1/2026			54		55
Chesapeake Energy Corp. 11.50%, 1/1/2025(b)			1,018		69
Chevron Corp.
1.55%, 5/11/2025			4,390		4,525
2.24%, 5/11/2030			1,860		1,960
Cinemark USA, Inc. 5.13%, 12/15/2022			210		187
CIT Group, Inc.
4.75%, 2/16/2024			2		2
5.25%, 3/7/2025			168		168
Citibank NA (ICE LIBOR USD 3 Month + 0.53%), 3.16%, 2/19/2022(c)			5,110		5,190
Citigroup, Inc.
Series Q, (ICE LIBOR USD 3 Month + 4.10%), 5.95%, 8/15/2020(c)(d)(e)			2,509		2,345
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023(c)			3,660		3,766
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(c)			1,265		1,305
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025(c)(d)(e)			1,320		1,351
(SOFR + 3.91%), 4.41%, 3/31/2031(c)			5,950		6,853
(SOFR + 2.11%), 2.57%, 6/3/2031(c)			2,395		2,393
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024			1,866		1,697
5.13%, 8/15/2027(b)			1,504		1,504
Clearway Energy Operating LLC 5.75%, 10/15/2025			290		309
Clorox Co. (The) 1.80%, 5/15/2030			460		464
CNG Holdings, Inc. 12.50%, 6/15/2024(b)			121		105
Colfax Corp.
6.00%, 2/15/2024(b)			460		478
6.38%, 2/15/2026(b)			83		87
Comcast Corp.
3.75%, 4/1/2040			2,531		2,900
4.60%, 8/15/2045			2,310		2,922
3.40%, 7/15/2046			2,000		2,187
3.45%, 2/1/2050			2,200		2,438
CommScope Technologies LLC
6.00%, 6/15/2025(b)			1,394		1,355
5.00%, 3/15/2027(b)			142		130
CommScope, Inc. 6.00%, 3/1/2026(b)			630		662
Community Health Systems, Inc.
6.25%, 3/31/2023			441		428
8.63%, 1/15/2024(b)			352		354
8.00%, 3/15/2026(b)			447		436
Concho Resources, Inc. 3.75%, 10/1/2027			1,123		1,175
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(b)			288		199
Constellium SE
6.63%, 3/1/2025(b)			545		554
4.25%, 2/15/2026(a)		EUR	1,541		1,589
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(b)			1,345		861
Coty, Inc.
4.00%, 4/15/2023(a)		EUR	584		569
4.75%, 4/15/2026(a)		EUR	300		287
Crestwood Midstream Partners LP
6.25%, 4/1/2023(f)			485		462
5.75%, 4/1/2025			910		846
5.63%, 5/1/2027(b)			100		87
Crown Americas LLC 4.75%, 2/1/2026			274		285
Crown Castle International Corp.
REIT, 3.30%, 7/1/2030			260		281
REIT, 4.15%, 7/1/2050			345		396
Crown European Holdings SA
4.00%, 7/15/2022(a)		EUR	2,700		3,102
2.63%, 9/30/2024(a)		EUR	3,150		3,505
3.38%, 5/15/2025(a)		EUR	400		456
CSC Holdings LLC
5.38%, 7/15/2023(b)			360		365
10.88%, 10/15/2025(b)			1,620		1,754
5.50%, 5/15/2026(b)			1,050		1,097
6.50%, 2/1/2029(b)			1,380		1,524
CSX Corp.
2.40%, 2/15/2030			5,860		6,127
3.35%, 9/15/2049			2,730		2,942
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026(b)			224		187
Curo Group Holdings Corp. 8.25%, 9/1/2025(b)			1,246		989
CVR Partners LP 9.25%, 6/15/2023(b)			1,715		1,612

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
CVS Health Corp.
4.30%, 3/25/2028			3,045		3,472
4.13%, 4/1/2040			1,735		2,002
Darling Global Finance BV 3.63%, 5/15/2026(a)		EUR	2,438		2,734
DaVita, Inc.
5.13%, 7/15/2024			241		246
5.00%, 5/1/2025			1,600		1,642
DCP Midstream Operating LP
3.88%, 3/15/2023			580		548
6.75%, 9/15/2037(b)			535		439
Deere & Co. 3.75%, 4/15/2050			210		253
Delek Logistics Partners LP 6.75%, 5/15/2025			429		414
Dell International LLC
6.02%, 6/15/2026(b)			5,145		5,811
5.30%, 10/1/2029(b)			1,690		1,838
Delphi Technologies plc 5.00%, 10/1/2025(b)			1,005		1,037
Diamond Sports Group LLC 6.63%, 8/15/2027(b)			638		384
DISH DBS Corp.
6.75%, 6/1/2021			754		769
5.88%, 7/15/2022			425		437
5.00%, 3/15/2023			954		950
5.88%, 11/15/2024			4,140		4,087
7.75%, 7/1/2026			985		1,022
Dole Food Co., Inc. 7.25%, 6/15/2025(b)			283		269
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(b)			1,272		884
Duke Energy Ohio, Inc. 2.13%, 6/1/2030			2,051		2,107
Edison International 3.55%, 11/15/2024			2,140		2,228
Embarq Corp. 8.00%, 6/1/2036			590		630
Encompass Health Corp.
5.75%, 11/1/2024			770		775
5.75%, 9/15/2025			650		666
Endo Dac
6.00%, 7/15/2023(b)			347		270
6.00%, 2/1/2025(b)(f)			285		210
Energizer Gamma Acquisition BV 4.63%, 7/15/2026(a)		EUR	1,217		1,364
Energizer Holdings, Inc. 5.50%, 6/15/2025(b)			1,400		1,433
Energy Transfer Operating LP
5.25%, 4/15/2029			1,125		1,205
3.75%, 5/15/2030			1,325		1,306
EnLink Midstream Partners LP Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022(c)(d)(e)			140		39
Entegris, Inc. 4.63%, 2/10/2026(b)			1,090		1,112
Entercom Media Corp.
7.25%, 11/1/2024(b)			350		282
6.50%, 5/1/2027(b)			416		366
Enterprise Development Authority (The) 12.00%, 7/15/2024(b)			1,040		1,022
Envision Healthcare Corp. 8.75%, 10/15/2026(b)			258		114
EP Energy LLC
9.38%, 5/1/2024(b)(j)			1,382		1
8.00%, 11/29/2024(b)(j)			967		10
8.00%, 2/15/2025(b)(j)			684		1
7.75%, 5/15/2026(b)(j)			956		124
ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025(b)			1,378		1,340
Evergy Metro, Inc. Series 2020, 2.25%, 6/1/2030			1,974		2,027
Exela Intermediate LLC 10.00%, 7/15/2023(b)			994		169
Exelon Generation Co. LLC 4.25%, 6/15/2022			1,565		1,649
FirstEnergy Corp.
Series B, 3.90%, 7/15/2027			4,885		5,480
2.65%, 3/1/2030			3,180		3,315
Ford Motor Credit Co. LLC
3.02%, 3/6/2024		EUR	1,200		1,258
4.39%, 1/8/2026			200		188
4.54%, 8/1/2026			785		736
4.27%, 1/9/2027			685		623
Fox Corp. 4.03%, 1/25/2024			1,248		1,372
Freeport-McMoRan, Inc.
3.55%, 3/1/2022			37		37
3.88%, 3/15/2023			820		827
5.40%, 11/14/2034			525		520
Frontier Communications Corp.
7.63%, 4/15/2024			135		44
6.88%, 1/15/2025			1,710		534
11.00%, 9/15/2025(j)			251		88
8.50%, 4/1/2026(b)			856		820
GCI LLC 6.88%, 4/15/2025			500		519
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/2025			4,315		4,386
4.42%, 11/15/2035			3,695		3,689
General Motors Co.
5.15%, 4/1/2038			1,600		1,546
5.20%, 4/1/2045			395		377
Genesis Energy LP
6.00%, 5/15/2023			641		604
7.75%, 2/1/2028			544		509
GEO Group, Inc. (The) REIT, 5.88%, 10/15/2024			965		799
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/2021			2,575		2,592
1.38%, 7/26/2022(a)		EUR	500		563

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
3.50%, 4/1/2025			2,830		3,037
4.25%, 10/21/2025			1,815		2,017
3.50%, 11/16/2026			6,460		6,965
3.85%, 1/26/2027			3,770		4,154
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(c)			20		22
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038(c)			2,015		2,240
Goodyear Tire & Rubber Co. (The) 4.88%, 3/15/2027			924		850
Gray Television, Inc.
5.13%, 10/15/2024(b)			26		26
5.88%, 7/15/2026(b)			400		413
7.00%, 5/15/2027(b)			373		394
Gulfport Energy Corp.
6.00%, 10/15/2024			496		290
6.38%, 1/15/2026			126		63
H&E Equipment Services, Inc. 5.63%, 9/1/2025			1,215		1,187
HCA, Inc.
5.88%, 5/1/2023			1,399		1,521
5.38%, 2/1/2025			5,855		6,427
5.88%, 2/15/2026			3,070		3,437
4.50%, 2/15/2027			1,840		2,032
Herc Holdings, Inc. 5.50%, 7/15/2027(b)			1,570		1,529
Hertz Corp. (The)
7.63%, 6/1/2022(b)			680		294
5.50%, 10/15/2024(b)			1,600		288
7.13%, 8/1/2026(b)			265		45
6.00%, 1/15/2028(b)			685		115
Hess Corp. 5.80%, 4/1/2047			970		974
Hilton Domestic Operating Co., Inc.
5.13%, 5/1/2026			247		248
4.88%, 1/15/2030			204		203
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024			215		205
Hilton Worldwide Finance LLC
4.63%, 4/1/2025			562		558
4.88%, 4/1/2027			611		606
Hologic, Inc. 4.38%, 10/15/2025(b)			247		253
Home Depot, Inc. (The) 2.70%, 4/15/2030			4,050		4,420
Howmet Aerospace, Inc.
5.13%, 10/1/2024			622		631
5.90%, 2/1/2027			920		928
6.75%, 1/15/2028			83		84
Hughes Satellite Systems Corp. 6.63%, 8/1/2026			788		822
iHeartCommunications, Inc.
6.38%, 5/1/2026			330		345
8.38%, 5/1/2027			770		720
5.25%, 8/15/2027(b)			1,140		1,117
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 3.33%, 12/21/2065(b)(c)			500		216
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 3.57%, 12/21/2065(b)(c)			535		241
International Business Machines Corp. 2.85%, 5/15/2040			1,640		1,660
International Game Technology plc
6.25%, 2/15/2022(b)			1,725		1,760
4.75%, 2/15/2023(a)		EUR	1,800		1,973
3.50%, 7/15/2024(a)		EUR	500		518
6.50%, 2/15/2025(b)			200		206
2.38%, 4/15/2028(b)		EUR	542		524
2.38%, 4/15/2028(a)		EUR	200		193
IQVIA, Inc.
3.50%, 10/15/2024(a)		EUR	2,000		2,242
3.25%, 3/15/2025(a)		EUR	2,900		3,251
2.88%, 9/15/2025(a)		EUR	325		362
5.00%, 10/15/2026(b)			1,390		1,472
Iron Mountain, Inc.
REIT, 5.75%, 8/15/2024			645		649
REIT, 3.00%, 1/15/2025(a)		EUR	1,900		2,004
REIT, 4.88%, 9/15/2027(b)			237		238
REIT, 5.25%, 3/15/2028(b)			297		301
ITC Holdings Corp.
3.35%, 11/15/2027			3,290		3,527
2.95%, 5/14/2030(b)			4,075		4,292
JB Poindexter & Co., Inc. 7.13%, 4/15/2026(b)			36		36
JBS USA LUX SA
5.88%, 7/15/2024(b)			121		123
5.75%, 6/15/2025(b)			397		406
6.75%, 2/15/2028(b)			372		403
6.50%, 4/15/2029(b)			298		324
L Brands, Inc. 7.50%, 6/15/2029			196		172
L3Harris Technologies, Inc. 4.85%, 4/27/2035			2,510		3,102
LABL Escrow Issuer LLC 6.75%, 7/15/2026(b)			1,375		1,433
Ladder Capital Finance Holdings LLLP
REIT, 5.25%, 3/15/2022(b)			236		221
REIT, 5.25%, 10/1/2025(b)			233		198
Lamar Media Corp.
5.75%, 2/1/2026			46		48
4.00%, 2/15/2030(b)			185		178
Level 3 Financing, Inc.
5.13%, 5/1/2023			198		198

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
5.38%, 1/15/2024			160		162
5.38%, 5/1/2025			1,231		1,265
5.25%, 3/15/2026			38		39
LKQ European Holdings BV 3.63%, 4/1/2026(a)		EUR	2,699		3,026
LKQ Italia Bondco SpA 3.88%, 4/1/2024(a)		EUR	1,530		1,753
Lowe’s Cos., Inc. 4.50%, 4/15/2030			1,689		2,032
LTF Merger Sub, Inc. 8.50%, 6/15/2023(b)			770		604
Mallinckrodt International Finance SA 5.50%, 4/15/2025(b)			1,135		227
Marriott Ownership Resorts, Inc.
6.50%, 9/15/2026			437		434
4.75%, 1/15/2028(b)			15		13
Martin Midstream Partners LP 7.25%, 2/15/2021			543		318
Match Group, Inc. 5.00%, 12/15/2027(b)			58		61
Mattel, Inc.
3.15%, 3/15/2023			243		231
6.75%, 12/31/2025(b)			1,764		1,839
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024(b)			570		566
7.25%, 4/15/2025(b)			630		567
Meredith Corp. 6.88%, 2/1/2026			1,460		1,352
MetLife, Inc. 6.40%, 12/15/2036			435		504
MGM Growth Properties Operating Partnership LP REIT, 5.75%, 2/1/2027			258		271
MGM Resorts International
6.00%, 3/15/2023			3,460		3,468
4.63%, 9/1/2026			307		293
Morgan Stanley
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024(c)			5,850		6,246
3.70%, 10/23/2024			3,110		3,413
(SOFR + 1.15%), 2.72%, 7/22/2025(c)			2,015		2,113
(SOFR + 3.12%), 3.62%, 4/1/2031(c)			4,790		5,318
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038(c)			3,985		4,570
MPH Acquisition Holdings LLC 7.13%, 6/1/2024(b)			373		352
MTS Systems Corp. 5.75%, 8/15/2027(b)			174		157
Nabors Industries Ltd. 7.25%, 1/15/2026(b)			345		197
Nationstar Mortgage Holdings, Inc. 8.13%, 7/15/2023(b)			850		867
Navient Corp. 5.00%, 3/15/2027			385		329
NCR Corp.
5.75%, 9/1/2027(b)			955		948
6.13%, 9/1/2029(b)			265		264
Neiman Marcus Group Ltd. LLC
14.00% (cash), 4/25/2024(b)(g)(j)			7,837		1,802
8.00%, 10/25/2024(b)(j)			2,474		62
Netflix, Inc.
3.00%, 6/15/2025(b)		EUR	671		769
4.38%, 11/15/2026			92		97
4.88%, 4/15/2028			1,550		1,655
4.63%, 5/15/2029		EUR	2,400		2,942
5.38%, 11/15/2029(b)			180		200
4.88%, 6/15/2030(b)			272		294
New Albertsons LP
7.45%, 8/1/2029			197		205
8.00%, 5/1/2031			480		509
Newell Brands, Inc. 4.70%, 4/1/2026(f)			1,280		1,325
Nexstar Broadcasting, Inc. 5.63%, 7/15/2027(b)			912		935
NextEra Energy Capital Holdings, Inc. 2.25%, 6/1/2030			1,420		1,447
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025(b)			326		328
Nielsen Finance LLC 5.00%, 4/15/2022(b)			1,312		1,310
NIKE, Inc. 3.38%, 3/27/2050			1,250		1,445
Noble Energy, Inc.
3.85%, 1/15/2028			4,468		4,064
4.20%, 10/15/2049			1,260		1,021
Noble Holding International Ltd.
7.88%, 2/1/2026(b)			192		50
6.20%, 8/1/2040			220		4
5.25%, 3/15/2042			217		7
Novelis Corp.
5.88%, 9/30/2026(b)			255		261
4.75%, 1/30/2030(b)			615		584
NRG Energy, Inc.
6.63%, 1/15/2027			965		1,028
5.75%, 1/15/2028			250		272
Nuance Communications, Inc. 5.63%, 12/15/2026			318		337
Oasis Petroleum, Inc.
6.88%, 3/15/2022			5		1
6.88%, 1/15/2023			2,020		341
6.25%, 5/1/2026(b)			400		66
OI European Group BV
4.00%, 3/15/2023(b)			190		188
3.13%, 11/15/2024(a)		EUR	650		710
Oracle Corp. 2.95%, 4/1/2030			5,500		6,035
Outfront Media Capital LLC
5.63%, 2/15/2024			150		151
5.00%, 8/15/2027(b)			175		170
Panther BF Aggregator 2 LP 6.25%, 5/15/2026(b)			850		865

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(b)			150		153
Parsley Energy LLC 5.25%, 8/15/2025(b)			645		624
PBF Holding Co. LLC 6.00%, 2/15/2028(b)			475		399
Penske Automotive Group, Inc. 5.50%, 5/15/2026			520		512
Performance Food Group, Inc. 5.50%, 10/15/2027(b)			209		205
PetSmart, Inc.
7.13%, 3/15/2023(b)			695		674
5.88%, 6/1/2025(b)			2,344		2,344
Pfizer, Inc.
2.55%, 5/28/2040			890		899
2.70%, 5/28/2050			1,750		1,736
Philip Morris International, Inc.
1.50%, 5/1/2025			1,530		1,561
2.10%, 5/1/2030			860		867
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026(b)			1,765		1,600
Pilgrim’s Pride Corp.
5.75%, 3/15/2025(b)			702		718
5.88%, 9/30/2027(b)			305		317
Plantronics, Inc. 5.50%, 5/31/2023(b)			580		444
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022(b)(g)			680		595
Post Holdings, Inc.
5.00%, 8/15/2026(b)			18		19
5.75%, 3/1/2027(b)			500		521
5.50%, 12/15/2029(b)			289		302
PVH Corp. 3.63%, 7/15/2024(b)		EUR	967		1,064
QEP Resources, Inc.
6.88%, 3/1/2021			88		61
5.38%, 10/1/2022			353		201
5.63%, 3/1/2026			97		52
Quicken Loans LLC 5.75%, 5/1/2025(b)			663		676
Rain CII Carbon LLC 7.25%, 4/1/2025(b)			925		842
Raytheon Technologies Corp.
3.95%, 8/16/2025			368		419
4.13%, 11/16/2028			2,620		3,037
3.75%, 11/1/2046			1,880		2,116
Realty Income Corp. REIT, 3.00%, 1/15/2027			1,785		1,832
Revlon Consumer Products Corp. 6.25%, 8/1/2024			280		45
Rite Aid Corp.
6.13%, 4/1/2023(b)			798		742
7.50%, 7/1/2025(b)			462		459
Rockwell Collins, Inc. 3.50%, 3/15/2027			6,830		7,351
Roper Technologies, Inc. 3.80%, 12/15/2026			3,855		4,315
Ryman Hospitality Properties, Inc. REIT, 4.75%, 10/15/2027(b)			184		156
SBA Communications Corp. REIT, 4.88%, 9/1/2024			330		339
Schlumberger Holdings Corp.
3.75%, 5/1/2024(b)			4,885		5,128
3.90%, 5/17/2028(b)			1,670		1,742
Scientific Games International, Inc. 5.00%, 10/15/2025(b)			458		428
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026			1,195		1,241
4.50%, 10/15/2029			390		400
Sempra Energy 3.80%, 2/1/2038			1,865		1,999
Sensata Technologies BV 5.00%, 10/1/2025(b)			129		134
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(b)			2,065		2,173
Shire Acquisitions Investments Ireland DAC
2.40%, 9/23/2021			1,250		1,275
3.20%, 9/23/2026			3,000		3,312
Silgan Holdings, Inc.
3.25%, 3/15/2025		EUR	2,500		2,793
2.25%, 6/1/2028(b)		EUR	333		360
Sinclair Television Group, Inc. 5.63%, 8/1/2024(b)			986		976
Sirius XM Radio, Inc.
4.63%, 5/15/2023(b)			355		356
4.63%, 7/15/2024(b)			183		187
5.38%, 4/15/2025(b)			189		194
5.38%, 7/15/2026(b)			145		150
5.00%, 8/1/2027(b)			1,552		1,622
5.50%, 7/1/2029(b)			251		268
Six Flags Entertainment Corp. 4.88%, 7/31/2024(b)			75		71
SM Energy Co. 5.00%, 1/15/2024			56		30
Solera LLC 10.50%, 3/1/2024(b)			223		227
Southern California Edison Co.
Series A, 4.20%, 3/1/2029			2,217		2,553
2.25%, 6/1/2030			503		499
Series 13-A, 3.90%, 3/15/2043			564		603
3.65%, 2/1/2050			1,278		1,345
Southwestern Energy Co. 6.20%, 1/23/2025(f)			1,080		970
Spectrum Brands, Inc.
4.00%, 10/1/2026(a)		EUR	1,300		1,355
5.00%, 10/1/2029(b)			1,350		1,318
Springleaf Finance Corp.
7.75%, 10/1/2021			15		15
5.63%, 3/15/2023			625		613
7.13%, 3/15/2026			1,472		1,450

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
Sprint Capital Corp. 8.75%, 3/15/2032			1,686		2,424
Sprint Communications, Inc. 7.00%, 8/15/2020			321		323
Sprint Corp.
7.88%, 9/15/2023			4,006		4,547
7.63%, 2/15/2025			4,080		4,758
7.63%, 3/1/2026			756		904
SPX FLOW, Inc. 5.63%, 8/15/2024(b)			960		970
SS&C Technologies, Inc. 5.50%, 9/30/2027(b)			630		662
Standard Industries, Inc.
6.00%, 10/15/2025(b)			371		385
5.00%, 2/15/2027(b)			34		35
4.75%, 1/15/2028(b)			1,415		1,424
Staples, Inc.
7.50%, 4/15/2026(b)			1,345		1,175
10.75%, 4/15/2027(b)			1,210		823
State Street Corp. (SOFR + 2.60%), 2.90%, 3/30/2026(b)(c)			355		382
Station Casinos LLC 5.00%, 10/1/2025(b)			378		340
Summit Materials LLC
6.13%, 7/15/2023			125		126
5.13%, 6/1/2025(b)			436		427
Summit Midstream Holdings LLC 5.50%, 8/15/2022			370		178
Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045			2,010		1,963
Targa Resources Partners LP
5.25%, 5/1/2023			610		613
6.75%, 3/15/2024			745		758
5.00%, 1/15/2028			1,272		1,237
Target Corp. 2.65%, 9/15/2030			1,180		1,283
Team Health Holdings, Inc. 6.38%, 2/1/2025(b)			1,339		743
TEGNA, Inc. 4.63%, 3/15/2028(b)			505		480
Tempur Sealy International, Inc. 5.50%, 6/15/2026			1,520		1,524
Tenet Healthcare Corp.
8.13%, 4/1/2022			665		695
6.75%, 6/15/2023			1,000		1,048
4.63%, 9/1/2024(b)			89		90
5.13%, 5/1/2025			400		406
4.88%, 1/1/2026(b)			3,080		3,165
5.13%, 11/1/2027(b)			332		343
Tenneco, Inc. 5.00%, 7/15/2026			590		301
Terex Corp. 5.63%, 2/1/2025(b)			1,142		1,062
TerraForm Power Operating LLC
4.25%, 1/31/2023(b)			344		350
5.00%, 1/31/2028(b)			260		277
Texas Competitive Electric Holdings Co. LLC
8.50%, 10/20/2020‡(j)			250		—	(k)
8.50%, 12/31/2020‡(j)			125		—	(k)
Texas Instruments, Inc. 1.75%, 5/4/2030			1,215		1,238
T-Mobile USA, Inc.
6.50%, 1/15/2024			1,055		1,078
5.13%, 4/15/2025			162		165
6.50%, 1/15/2026			207		218
4.50%, 2/1/2026			1,288		1,324
3.75%, 4/15/2027(b)			6,130		6,628
4.75%, 2/1/2028			1,515		1,610
3.88%, 4/15/2030(b)			3,125		3,388
4.50%, 4/15/2050(b)			1,790		2,013
TransDigm, Inc.
6.50%, 7/15/2024			190		186
6.50%, 5/15/2025			414		401
6.25%, 3/15/2026(b)			488		499
Transocean Pontus Ltd. 6.13%, 8/1/2025(b)			205		193
Transocean Poseidon Ltd. 6.88%, 2/1/2027(b)			126		113
Transocean Proteus Ltd. 6.25%, 12/1/2024(b)			158		150
Transocean, Inc. 7.50%, 1/15/2026(b)			417		225
Trinseo Materials Operating SCA 5.38%, 9/1/2025(b)			546		521
Triumph Group, Inc. 7.75%, 8/15/2025			715		465
Tronox, Inc. 6.50%, 4/15/2026(b)			344		325
UGI International LLC 3.25%, 11/1/2025(a)		EUR	1,721		1,811
United Rentals North America, Inc.
5.88%, 9/15/2026			1,565		1,643
6.50%, 12/15/2026			352		376
5.50%, 5/15/2027			2,645		2,807
United States Steel Corp.
6.88%, 8/15/2025			101		68
6.25%, 3/15/2026			295		188
UnitedHealth Group, Inc. 2.00%, 5/15/2030			1,620		1,668
USA Compression Partners LP 6.88%, 4/1/2026			157		151
Verizon Communications, Inc.
4.33%, 9/21/2028			2,410		2,878
4.86%, 8/21/2046			2,940		3,945
VICI Properties LP
REIT, 3.50%, 2/15/2025(b)			220		212
REIT, 4.25%, 12/1/2026(b)			893		885
REIT, 3.75%, 2/15/2027(b)			240		232
REIT, 4.63%, 12/1/2029(b)			614		612
REIT, 4.13%, 8/15/2030(b)			245		236

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
Vista Outdoor, Inc. 5.88%, 10/1/2023			965		912
Vistra Energy Corp. 5.88%, 6/1/2023			238		240
Vistra Operations Co. LLC 5.50%, 9/1/2026(b)			332		349
W&T Offshore, Inc. 9.75%, 11/1/2023(b)			529		299
Walt Disney Co. (The) 4.95%, 10/15/2045			2,500		3,203
Waste Management, Inc. 4.00%, 7/15/2039			760		862
Welbilt, Inc. 9.50%, 2/15/2024			1,070		963
Wells Fargo & Co.
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027(c)			7,030		7,471
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028(c)			3,320		3,604
(ICE LIBOR USD 3 Month + 1.00%), 2.57%, 2/11/2031(c)			4,205		4,245
4.90%, 11/17/2045			1,210		1,458
Whiting Petroleum Corp.
5.75%, 3/15/2021(j)			1,133		133
6.63%, 1/15/2026(j)			150		17
William Carter Co. (The) 5.63%, 3/15/2027(b)			752		768
Williams Cos., Inc. (The) 4.00%, 9/15/2025			2,475		2,669
Windstream Services LLC 8.63%, 10/31/2025(b)(f)			770		459
WMG Acquisition Corp.
5.50%, 4/15/2026(b)			296		305
3.63%, 10/15/2026(a)		EUR	1,400		1,575
Wolverine Escrow LLC 9.00%, 11/15/2026(b)			1,280		852
WPX Energy, Inc.
8.25%, 8/1/2023			583		622
5.75%, 6/1/2026			373		373
Wyndham Destinations, Inc.
4.25%, 3/1/2022			18		18
5.40%, 4/1/2024(f)			94		88
6.35%, 10/1/2025(f)			243		230
5.75%, 4/1/2027(f)			99		89
Wynn Las Vegas LLC 5.50%, 3/1/2025(b)			1,875		1,818
Wynn Resorts Finance LLC 5.13%, 10/1/2029(b)			244		234
Xcel Energy, Inc. 3.40%, 6/1/2030			840		938
XPO Logistics, Inc.
6.13%, 9/1/2023(b)			484		490
6.75%, 8/15/2024(b)			592		616
Zoetis, Inc.
2.00%, 5/15/2030			1,840		1,852
3.00%, 5/15/2050			710		731
					712,877
TOTAL CORPORATE BONDS (Cost $1,307,454)					1,277,169
FOREIGN GOVERNMENT SECURITIES — 21.3%
Bahrain — 0.3%
Kingdom of Bahrain
6.00%, 9/19/2044(a)			5,641		5,066
7.50%, 9/20/2047(a)			2,297		2,334
					7,400
Benin — 0.2%
Benin Government Bond 5.75%, 3/26/2026(b)		EUR	4,490		4,419
China — 2.3%
People’s Republic of China 3.29%, 5/23/2029		CNY	400,000		58,074
Colombia — 0.5%
Republic of Colombia
3.00%, 1/30/2030			6,640		6,621
5.00%, 6/15/2045			4,620		5,244
					11,865
Cyprus — 0.6%
Republic of Cyprus
2.75%, 6/27/2024(a)		EUR	3,170		3,840
2.38%, 9/25/2028(a)		EUR	4,841		5,881
2.75%, 2/26/2034(a)		EUR	5,460		6,924
					16,645
Czech Republic — 0.5%
Czech Republic 2.00%, 10/13/2033		CZK	288,750		13,558
Dominican Republic — 0.4%
Dominican Republic Government Bond
6.88%, 1/29/2026(b)			2,390		2,458
9.75%, 6/5/2026(b)		DOP	192,300		2,788
6.85%, 1/27/2045(a)			1,680		1,576
5.88%, 1/30/2060(b)			4,040		3,420
					10,242
Egypt — 0.6%
Arab Republic of Egypt
5.75%, 5/29/2024(b)			2,260		2,267
7.60%, 3/1/2029(b)			3,830		3,875
7.05%, 1/15/2032(b)			4,140		3,916
7.63%, 5/29/2032(b)			2,800		2,751
8.88%, 5/29/2050(b)			2,030		2,005
					14,814
El Salvador — 0.3%
Republic of El Salvador
7.75%, 1/24/2023(a)			1,744		1,562
7.12%, 1/20/2050(b)			6,711		5,140
					6,702

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
Ethiopia — 0.1%
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024(a)			2,950		2,741
Greece — 1.1%
Hellenic Republic
1.88%, 7/23/2026(a)		EUR	6,399		7,374
3.88%, 3/12/2029(a)		EUR	8,480		11,215
1.88%, 2/4/2035(a)		EUR	9,340		10,692
					29,281
Hungary — 0.2%
Hungary Government Bond 7.63%, 3/29/2041			3,250		5,408
Indonesia — 0.2%
Republic of Indonesia 5.38%, 10/17/2023(a)			5,200		5,728
Israel — 0.4%
State of Israel Government Bond
3.38%, 1/15/2050			7,840		8,271
4.50%, 4/3/2120			1,520		1,849
					10,120
Italy — 2.2%
Buoni Poliennali del Tesoro 3.85%, 9/1/2049(a)		EUR	14,801		21,322
Italian Republic Government Bond
2.38%, 10/17/2024			20,243		20,171
2.88%, 10/17/2029			15,840		15,428
					56,921
Ivory Coast — 0.3%
Republic of Cote d’Ivoire 6.88%, 10/17/2040(b)		EUR	7,400		7,478
Jamaica — 0.2%
Jamaica Government Bond
8.00%, 3/15/2039			1,396		1,572
7.88%, 7/28/2045			2,823		3,118
					4,690
Jordan — 0.1%
Hashemite Kingdom of Jordan 6.13%, 1/29/2026(a)			3,059		3,058
Kazakhstan — 0.3%
Republic of Kazakhstan 1.50%, 9/30/2034(b)		EUR	6,252		6,393
Kenya — 0.2%
Republic of Kenya
6.88%, 6/24/2024(a)			3,360		3,224
8.25%, 2/28/2048(a)			1,909		1,781
					5,005
Lebanon — 0.0%(h)
Lebanese Republic
6.65%, 4/22/2024(a)(j)			3,207		552
6.65%, 11/3/2028(a)(j)			3,134		542
					1,094
Mexico — 0.5%
Mex Bonos Desarr Fix Rt Series M 20, 8.50%, 5/31/2029		MXN	248,000		12,981
Morocco — 0.2%
Kingdom of Morocco
1.50%, 11/27/2031(b)		EUR	4,250		4,124
5.50%, 12/11/2042(a)			1,271		1,450
					5,574
Nigeria — 0.2%
Federal Republic of Nigeria
7.14%, 2/23/2030(a)			4,360		3,812
7.88%, 2/16/2032(a)			2,610		2,307
					6,119
Oman — 0.3%
Sultanate of Oman Government Bond 5.38%, 3/8/2027(a)			10,090		8,419
Pakistan — 0.1%
Third Pakistan International Sukuk Co. Ltd. (The) 5.50%, 10/13/2021(a)			3,950		3,818
Panama — 0.3%
Republic of Panama
4.50%, 4/1/2056			2,390		2,818
3.87%, 7/23/2060			5,300		5,793
					8,611
Paraguay — 0.3%
Republic of Paraguay
5.00%, 4/15/2026(a)			4,180		4,535
5.00%, 4/15/2026(b)			360		391
4.95%, 4/28/2031(b)			1,420		1,529
					6,455
Peru — 0.7%
Republic of Peru
2.78%, 1/23/2031			6,560		6,901
6.95%, 8/12/2031(a)		PEN	30,160		10,825
					17,726
Philippines — 0.2%
Republic of Philippines 2.95%, 5/5/2045			5,550		5,765
Portugal — 3.3%
Obrigacoes do Tesouro
2.88%, 10/15/2025(a)		EUR	42,553		54,531
1.95%, 6/15/2029(a)		EUR	6,035		7,608
3.88%, 2/15/2030(a)		EUR	4,980		7,304
Portuguese Republic 5.13%, 10/15/2024(a)			12,380		14,319
					83,762
Qatar — 0.5%
State of Qatar
3.75%, 4/16/2030(b)			1,111		1,235
4.63%, 6/2/2046(a)			528		651
5.10%, 4/23/2048(a)			5,270		6,892
4.40%, 4/16/2050(b)			2,960		3,515
					12,293

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)			Value (000)
Romania — 0.3%
Romania Government Bond
2.12%, 7/16/2031(b)		EUR	2,619		2,673
4.63%, 4/3/2049(b)		EUR	3,467		4,319
					6,992
Russia — 0.8%
Russian Federation
6.00%, 10/6/2027		RUB	225,630		3,351
7.25%, 5/10/2034		RUB	359,479		5,843
7.70%, 3/16/2039		RUB	200,720		3,470
5.88%, 9/16/2043(a)			5,400		7,707
					20,371
Serbia — 0.1%
Republic of Serbia 1.50%, 6/26/2029(b)		EUR	3,130		3,240
South Korea — 0.2%
Korea Housing Finance Corp. 0.10%, 6/18/2024(b)		EUR	5,105		5,673
Spain — 1.6%
Bonos and Obligaciones del Estado
0.60%, 10/31/2029(a)		EUR	12,320		13,869
1.25%, 10/31/2030(a)		EUR	22,185		26,323
1.85%, 7/30/2035(a)		EUR	200		253
					40,445
Sri Lanka — 0.1%
Democratic Socialist Republic of Sri Lanka
6.35%, 6/28/2024(b)			1,830		1,027
7.55%, 3/28/2030(b)			2,200		1,187
					2,214
Ukraine — 0.4%
Ukraine Government Bond
7.75%, 9/1/2026(a)			6,370		6,344
7.38%, 9/25/2032(a)			4,000		3,810
					10,154
Uruguay — 0.2%
Oriental Republic of Uruguay 5.10%, 6/18/2050			4,435		5,434
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $554,176)					547,682
ASSET-BACKED SECURITIES — 8.7%
Cayman Islands — 1.6%
ACIS CLO Ltd. Series 2017-7A, Class A1, 2.04%, 5/1/2027(b)(i)			567		558
AIMCO CLO Series 2017-AA, Class A, 2.40%, 7/20/2029(b)(i)			1,125		1,105
Apidos CLO XXX Series XXXA, Class A2, 2.74%, 10/18/2031(b)(i)			1,190		1,148
Bain Capital Credit CLO Series 2017-1A, Class A1, 2.39%, 7/20/2030(b)(i)			2,000		1,937
BlueMountain CLO Ltd. Series 2014-2A, Class BR2, 2.89%, 10/20/2030‡(b)(i)			1,360		1,319
Cedar Funding II CLO Ltd. Series 2013-1A, Class A1R, 2.23%, 6/9/2030(b)(i)			4,750		4,669
CFIP CLO Ltd. Series 2017-1A, Class A, 2.36%, 1/18/2030(b)(i)			5,200		5,086
CIFC Funding Ltd. Series 2014-5A, Class BR2, 2.93%, 10/17/2031‡(b)(i)			600		577
Dryden Senior Loan Fund Series 2017-49A, Class A, 2.35%, 7/18/2030(b)(i)			2,014		1,977
LCM XVI LP Series 16A, Class A2R, 2.40%, 10/15/2031(b)(i)			1,860		1,821
Newark BSL CLO 2 Ltd. Series 2017-1A, Class A1, 2.26%, 7/25/2030(b)(i)			4,630		4,548
OCP CLO Ltd. Series 2017-13A, Class A1A, 2.48%, 7/15/2030(b)(i)			4,160		4,073
Octagon Investment Partners 30 Ltd. Series 2017-1A, Class A1, 2.46%, 3/17/2030(b)(i)			1,627		1,599
Renew Series 2017-1A, Class B, 5.75%, 9/20/2052‡(b)			376		386
Shackleton CLO Ltd. Series 2014-6RA, Class B, 2.86%, 7/17/2028(b)(i)			440		427
TIAA CLO II Ltd. Series 2017-1A, Class A, 2.42%, 4/20/2029(b)(i)			2,456		2,406
Trestles CLO Ltd. Series 2017-1A, Class A1A, 2.28%, 7/25/2029(b)(i)			3,620		3,560
Voya CLO Ltd. Series 2017-2A, Class A1, 2.43%, 6/7/2030(b)(i)			4,335		4,251
					41,447
United States — 7.1%
5AIF Juniper 2 LLC Series 2018-1, Class A, 5.45%, 8/15/2022‡(b)			11,025		11,025
ABFC Trust Series 2004-OPT2, Class M2, 1.67%, 7/25/2033‡(i)			17		17

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)		Value (000)
ACC Trust
Series 2018-1, Class B, 4.82%, 5/20/2021(b)		132		132
Series 2019-1, Class A, 3.75%, 5/20/2022(b)		624		625
Series 2018-1, Class C, 6.81%, 2/21/2023(b)		1,202		1,195
Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033‡(b)		1,793		1,800
ACE Securities Corp. Home Equity Loan Trust Series 2004-OP1, Class M2, 1.74%, 4/25/2034‡(i)		70		67
American Airlines Pass-Through Trust
Series 2015-1, Class B, 3.70%, 5/1/2023		290		176
American Credit Acceptance Receivables Trust
Series 2017-1, Class D, 3.54%, 3/13/2023(b)		489		491
Series 2016-4, Class D, 4.11%, 4/12/2023(b)		732		733
Series 2019-3, Class B, 2.59%, 8/14/2023(b)		3,680		3,707
Series 2017-3, Class D, 3.43%, 10/10/2023(b)		1,094		1,106
Series 2018-2, Class E, 5.16%, 9/10/2024(b)		460		464
Series 2018-3, Class C, 3.75%, 10/15/2024(b)		1,010		1,014
Series 2018-3, Class E, 5.17%, 10/15/2024(b)		670		666
Series 2019-2, Class D, 3.41%, 6/12/2025(b)		3,640		3,496
Series 2019-3, Class C, 2.76%, 9/12/2025(b)		1,200		1,198
Series 2019-3, Class D, 2.89%, 9/12/2025(b)		1,224		1,172
Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-W3, Class A3, 0.99%, 2/25/2034‡(i)		73		67
Avis Budget Rental Car Funding AESOP LLC Series 2018-1A, Class C, 4.73%, 9/20/2024(b)		680		538
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033(b)		813		709
Series 2018-1, Class B, 6.05%, 2/15/2033‡(b)		1,743		1,347
Series 2018-2, Class C, 6.66%, 6/15/2033(b)		2,511		1,742
CIG Auto Receivables Trust
Series 2019-1A, Class B, 3.59%, 8/15/2024(b)		3,255		3,139
Series 2019-1A, Class C, 3.82%, 8/15/2024(b)		785		719
Series 2017-1A, Class C, 5.33%, 12/16/2024(b)		400		401
Conn’s Receivables Funding LLC
Series 2019-A, Class B, 4.36%, 10/16/2023‡(b)		1,318		1,272
Series 2019-A, Class C, 5.29%, 10/16/2023‡(b)		1,187		1,077
Consumer Loan Underlying Bond Credit Trust Series 2018-NP1, Class C, 4.74%, 5/15/2024‡(b)		420		418
Continental Airlines Pass-Through Trust Series 2007-1, Class A, 5.98%, 4/19/2022		103		92
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 1.29%, 12/25/2032‡(i)		32		32
Series 2004-2, Class M1, 0.92%, 5/25/2034‡(i)		54		53
Series 2004-ECC2, Class M2, 1.14%, 12/25/2034‡(i)		990		974
CPS Auto Receivables Trust
Series 2019-B, Class C, 3.35%, 1/15/2024(b)		2,710		2,720
Credit Acceptance Auto Loan Trust
Series 2018-3A, Class B, 3.89%, 10/15/2027(b)		930		938
Series 2018-3A, Class C, 4.04%, 12/15/2027(b)		1,060		1,067
Diamond Resorts Owner Trust
Series 2018-1, Class C, 4.53%, 1/21/2031‡(b)		2,948		2,826
Drive Auto Receivables Trust
Series 2018-3, Class D, 4.30%, 9/16/2024		4,432		4,526
Series 2018-4, Class D, 4.09%, 1/15/2026		4,770		4,869
Driven Brands Funding LLC
Series 2019-2A, Class A2, 3.98%, 10/20/2049(b)		1,831		1,690
DT Auto Owner Trust
Series 2018-3A, Class C, 3.79%, 7/15/2024(b)		4,350		4,390
Series 2017-4A, Class E, 5.15%, 11/15/2024(b)		1,650		1,657
Series 2018-1A, Class E, 5.42%, 3/17/2025(b)		645		640
Exeter Automobile Receivables Trust
Series 2018-3A, Class C, 3.71%, 6/15/2023(b)		1,647		1,665
Series 2018-2A, Class D, 4.04%, 3/15/2024(b)		3,300		3,341
Series 2019-3A, Class C, 2.79%, 5/15/2024(b)		1,625		1,635
Series 2018-3A, Class D, 4.35%, 6/17/2024(b)		3,650		3,657
Series 2018-3A, Class E, 5.43%, 8/15/2024(b)		900		884

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (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(b)		1,880		1,787
Series 2018-2A, Class E, 5.33%, 5/15/2025(b)		1,790		1,794
Series 2018-3A, Class F, 6.55%, 8/25/2025(b)		880		795
First Franklin Mortgage Loan Trust Series 2004-FF5, Class A1, 0.89%, 8/25/2034‡(i)		85		84
Flagship Credit Auto Trust
Series 2018-3, Class A, 3.07%, 2/15/2023(b)		143		144
Series 2016-3, Class E, 6.25%, 10/15/2023(b)		910		918
Series 2018-3, Class C, 3.79%, 12/16/2024(b)		1,090		1,101
FREED ABS Trust
Series 2018-1, Class A, 3.61%, 7/18/2024(b)		321		320
Series 2018-1, Class B, 4.56%, 7/18/2024‡(b)		600		582
Series 2020-FP1, Class A, 2.52%, 3/18/2027(b)		2,068		2,039
Series 2020-FP1, Class B, 3.06%, 3/18/2027‡(b)		2,600		2,422
Series 2020-FP1, Class C, 4.37%, 3/18/2027‡(b)		1,250		881
Fremont Home Loan Trust Series 2004-2, Class M2, 1.10%, 7/25/2034(i)		11		10
GLS Auto Receivables Issuer Trust Series 2019-1A, Class C, 3.87%, 12/16/2024(b)		2,000		1,986
GMAT Trust Series 2013-1A, Class M, 5.00%, 11/25/2043‡(b)(i)		199		148
Home Equity Asset Trust Series 2004-6, Class M2, 1.07%, 12/25/2034‡(i)		39		37
Lendingpoint Funding Trust Series 2018-1, Class B, 6.18%, 11/15/2024‡(b)(i)		5,667		5,667
Lendmark Funding Trust
Series 2018-1A, Class B, 4.09%, 12/21/2026‡(b)		730		671
Series 2018-1A, Class C, 5.03%, 12/21/2026‡(b)		1,700		1,540
LV Tower 52 Issuer Series 2013-1, Class M, 7.75%, 7/15/2019‡(b)		1,772		1,788
Mariner Finance Issuance Trust Series 2018-AA, Class A, 4.20%, 11/20/2030(b)		3,425		3,320
Marlette Funding Trust
Series 2017-3A, Class C, 4.01%, 12/15/2024‡(b)		789		788
Series 2018-1A, Class B, 3.19%, 3/15/2028‡(b)		98		98
Series 2018-1A, Class C, 3.69%, 3/15/2028(b)		1,815		1,803
Series 2018-1A, Class D, 4.85%, 3/15/2028‡(b)		450		429
Series 2018-3A, Class A, 3.20%, 9/15/2028(b)		76		76
Merrill Lynch Mortgage Investors Trust Series 2003-OPT1, Class M1, 1.14%, 7/25/2034(i)		59		56
MFA LLC
Series 2017-NPL1, Class A1, 3.35%, 11/25/2047‡(b)(f)		3,889		3,845
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048‡(b)(f)		2,142		1,963
Mid-State Capital Corp. Trust Series 2006-1, Class M2, 6.74%, 10/15/2040‡(b)		109		117
Morgan Stanley ABS Capital I, Inc. Trust Series 2004-HE1, Class M1, 1.02%, 1/25/2034‡(i)		19		19
New Century Home Equity Loan Trust Series 2003-4, Class M2, 2.90%, 10/25/2033‡(i)		19		19
OL SP LLC
Series 2018, Class C, 4.25%, 2/9/2030‡		992		861
Series 2018, Class B, 4.61%, 2/9/2030‡		1,018		991
OnDeck Asset Securitization Trust LLC
Series 2018-1A, Class B, 4.02%, 4/18/2022‡(b)		500		494
Series 2018-1A, Class C, 4.52%, 4/18/2022‡(b)		470		462
OneMain Direct Auto Receivables Trust
Series 2018-1A, Class B, 3.71%, 4/14/2025(b)		1,493		1,506
Series 2018-1A, Class D, 4.40%, 1/14/2028(b)		1,810		1,792
OneMain Financial Issuance Trust
Series 2018-1A, Class D, 4.08%, 3/14/2029‡(b)		1,250		1,129
Series 2020-1A, Class A, 3.84%, 5/14/2032(b)		2,200		2,245
Series 2017-1A, Class D, 4.52%, 9/14/2032‡(b)		1,100		945
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 2.52%, 4/25/2023(b)(i)		1,980		1,732
PNMAC GMSR Issuer Trust
Series 2018-GT1, Class A, 3.02%, 2/25/2023(b)(i)		1,400		1,250
Series 2018-GT2, Class A, 2.82%, 8/25/2025(b)(i)		3,690		3,246

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)		Value (000)
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024(b)		490		492
Series 2018-1A, Class C, 3.75%, 10/15/2024(b)		4,370		4,431
Series 2018-1A, Class D, 4.14%, 10/15/2024(b)		1,145		1,141
Pretium Mortgage Credit Partners I LLC Series 2019-NPL2, Class A2, 5.93%, 12/27/2058‡(b)(f)		2,500		2,236
Progress Residential Trust Series 2018-SFR3, Class E, 4.87%, 10/17/2035‡(b)		4,720		4,703
RASC Trust
Series 2005-EMX1, Class M1, 0.81%, 3/25/2035‡(i)		948		931
Series 2005-KS2, Class M1, 0.81%, 3/25/2035‡(i)		32		31
Renaissance Home Equity Loan Trust
Series 2005-1, Class AF6, 4.97%, 5/25/2035‡(f)		155		160
Series 2005-2, Class M1, 5.05%, 8/25/2035‡(f)		840		883
Santander Drive Auto Receivables Trust
Series 2016-2, Class E, 4.38%, 9/15/2023		3,200		3,207
Series 2018-4, Class D, 3.98%, 12/15/2025		3,070		3,134
Santander Prime Auto Issuance Notes Trust Series 2018-A, Class F, 6.80%, 9/15/2025(b)		1,163		1,146
Santander Revolving Auto Loan Trust
Series 2019-A, Class A, 2.51%, 1/26/2032(b)		2,760		2,734
Series 2019-A, Class C, 3.00%, 1/26/2032(b)		2,960		2,799
Series 2019-A, Class D, 3.45%, 1/26/2032(b)		4,000		3,722
Saxon Asset Securities Trust Series 2004-3, Class M1, 1.07%, 12/26/2034‡(i)		231		217
SoFi Consumer Loan Program LLC Series 2017-6, Class B, 3.52%, 11/25/2026‡(b)		1,584		1,541
SoFi Consumer Loan Program Trust
Series 2018-1, Class B, 3.65%, 2/25/2027(b)		1,250		1,244
Series 2018-1, Class C, 3.97%, 2/25/2027‡(b)		730		626
Springleaf Funding Trust Series 2016-AA, Class B, 3.80%, 11/15/2029(b)		700		701
Structured Asset Investment Loan Trust Series 2003-BC10, Class A4, 1.17%, 10/25/2033‡(i)		84		82
Tricolor Auto Securitization Trust Series 2018-2A, Class A, 3.96%, 10/15/2021(b)		180		180
Vantage Data Centers Issuer LLC Series 2018-1A, Class A2, 4.07%, 2/16/2043(b)		1,867		1,888
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047‡(b)(f)		639		613
Westlake Automobile Receivables Trust
Series 2018-3A, Class E, 4.90%, 12/15/2023(b)		780		781
Series 2018-2A, Class E, 4.86%, 1/16/2024(b)		1,220		1,241
Series 2018-1A, Class F, 5.60%, 7/15/2024(b)		5,470		5,090
Series 2018-2A, Class F, 6.04%, 1/15/2025(b)		1,701		1,594
Series 2018-3A, Class F, 6.02%, 2/18/2025(b)		1,060		991
Series 2019-2A, Class F, 5.00%, 3/16/2026(b)		1,880		1,496
				182,104
TOTAL ASSET-BACKED SECURITIES (Cost $230,461)				223,551
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.7%
United Kingdom — 0.3%
Brass NO 8 plc Series 8A, Class A1, 1.09%, 11/16/2066(b)(i)		3,009		2,982
Lanark Master Issuer plc Series 2019-1A, Class 1A1, 2.45%, 12/22/2069(b)(i)		1,128		1,126
Permanent Master Issuer plc
Series 2018-1A, Class 1A1, 1.60%, 7/15/2058(b)(i)		2,141		2,138
Series 2019-1A, Class 1A1, 1.77%, 7/15/2058(b)(i)		1,760		1,755
				8,001
United States — 7.4%
Acre Series 2017-B, 8.39%, 12/22/2021		3,000		3,000
Alternative Loan Trust
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		3,363		3,435
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		69		68

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)		Value (000)
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		1,134		1,075
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		2,748		2,728
Angel Oak Mortgage Trust
Series 2019-5, Class A1, 2.59%, 10/25/2049(b)(i)		7,272		7,323
Series 2020-1, Class A1, 2.47%, 12/25/2059(b)(i)		3,062		3,071
Angel Oak Mortgage Trust I LLC
Series 2018-PB1, Class A, 4.00%, 8/25/2021(b)		651		652
Series 2019-2, Class A1, 3.63%, 3/25/2049(b)(i)		4,025		4,073
Series 2019-4, Class A3, 3.30%, 7/26/2049(b)(i)		1,046		1,057
Antler Mortgage Trust Series 2018-RTL1, Class M, 7.39%, 5/25/2023‡(b)(f)		5,800		4,173
Chase Mortgage Finance Trust Series 2007-A1, Class 2A3, 4.45%, 2/25/2037(i)		47		45
CHL GMSR Issuer Trust Series 2018-GT1, Class A, 2.92%, 5/25/2023(b)(i)		1,210		1,043
CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037		1,425		1,091
CIM Trust Series 2019-INV3, Class A11, 1.44%, 8/25/2049(b)(i)		3,049		3,007
COLT Mortgage Loan Trust
Series 2019-4, Class A1, 2.58%, 11/25/2049(b)(i)		1,781		1,779
Series 2020-1, Class A1, 2.49%, 2/25/2050(b)(i)		4,666		4,693
Connecticut Avenue Securities Trust Series 2019-R07, Class 1M2, 2.27%, 10/25/2039‡(b)(i)		3,700		3,487
Deephaven Residential Mortgage Trust
Series 2019-4A, Class A1, 2.79%, 10/25/2059(b)(i)		3,069		3,072
Series 2020-1, Class A1, 2.34%, 1/25/2060(b)(i)		10,094		9,981
Series 2020-1, Class A3, 2.65%, 1/25/2060(b)(i)		3,462		3,423
DSLA Mortgage Loan Trust Series 2005-AR4, Class 2A1A, 0.43%, 8/19/2045(i)		774		696
FHLMC STACR Trust Series 2018-HQA2, Class M2, 2.47%, 10/25/2048(b)(i)		1,450		1,337
FHLMC Structured Agency Credit Risk Debt Notes Series 2016-HQA4, Class M3, 4.07%, 4/25/2029(i)		2,750		2,805
FHLMC, REMIC
Series 3775, Class LI, IO, 3.50%, 12/15/2020		58		—	(k)
Series 3914, Class LS, IF, IO, 6.62%, 8/15/2026(i)		471		48
Series 4304, Class DI, IO, 2.50%, 1/15/2027		324		12
Series 4030, Class IL, IO, 3.50%, 4/15/2027		309		20
Series 4043, Class PI, IO, 2.50%, 5/15/2027		1,469		82
Series 4057, Class UI, IO, 3.00%, 5/15/2027		846		51
Series 4120, Class UI, IO, 3.00%, 10/15/2027		647		37
Series 4323, Class IW, IO, 3.50%, 4/15/2028		210		11
Series 4311, Class QI, IO, 3.00%, 10/15/2028		933		48
Series 4324, Class AI, IO, 3.00%, 11/15/2028		555		34
Series 4313, Class UI, IO, 3.00%, 3/15/2029		1,068		77
Series 4280, Class KI, IO, 3.50%, 9/15/2031		813		34
Series 3716, Class PI, IO, 4.50%, 4/15/2038		66		2
Series 3459, Class JS, IF, IO, 6.07%, 6/15/2038(i)		365		83
Series 4119, Class LI, IO, 3.50%, 6/15/2039		243		11
Series 3907, Class AI, IO, 5.00%, 5/15/2040		204		12
Series 4018, Class HI, IO, 4.50%, 3/15/2041		287		29
Series 4073, Class IQ, IO, 4.00%, 7/15/2042		317		46
Series 4173, Class I, IO, 4.00%, 3/15/2043		793		143
Series 4305, Class SK, IF, IO, 6.42%, 2/15/2044(i)		7,068		1,595
Series 4372, Class SY, IF, IO, 5.92%, 8/15/2044(i)		1,071		192
Series 4585, Class JI, IO, 4.00%, 5/15/2045		2,154		318
Series 4694, Class SA, IF, IO, 5.92%, 6/15/2047(i)		5,950		937
Series 4689, Class SD, IF, IO, 5.97%, 6/15/2047(i)		12,794		2,473
Series 4714, Class SA, IF, IO, 5.97%, 8/15/2047(i)		9,636		2,080
FHLMC, STRIPS
Series 319, Class S2, IF, IO, 5.82%, 11/15/2043(i)		17,030		3,343

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)		Value (000)
FNMA, Connecticut Avenue Securities
Series 2015-C03, Class 2M2, 5.17%, 7/25/2025(i)		1,546		1,563
Series 2016-C03, Class 2M2, 6.07%, 10/25/2028(i)		539		571
Series 2016-C06, Class 1M2, 4.42%, 4/25/2029(i)		1,685		1,739
Series 2017-C06, Class 1M2, 2.82%, 2/25/2030(i)		1,678		1,645
FNMA, REMIC
Series 2011-144, Class SA, IF, IO, 6.48%, 11/25/2025(i)		287		12
Series 2012-145, Class EI, IO, 3.00%, 1/25/2028		1,377		93
Series 2013-15, IO, 2.50%, 3/25/2028		2,064		110
Series 2014-35, Class KI, IO, 3.00%, 6/25/2029		1,464		124
Series 2014-44, Class QI, IO, 3.00%, 8/25/2029		861		55
Series 2012-120, Class DI, IO, 3.00%, 3/25/2031		610		32
Series 2013-66, Class IE, IO, 3.00%, 8/25/2032		7,143		474
Series 2013-61, Class HI, IO, 3.00%, 6/25/2033		5,179		529
Series 2013-64, Class LI, IO, 3.00%, 6/25/2033		1,053		107
Series 2012-148, Class JI, IO, 3.50%, 12/25/2039		147		8
Series 2010-102, Class IP, IO, 5.00%, 12/25/2039		50		2
Series 2012-118, Class DI, IO, 3.50%, 1/25/2040		140		7
Series 2013-5, Class BI, IO, 3.50%, 3/25/2040		157		9
Series 2012-93, Class SE, IF, IO, 5.93%, 9/25/2042(i)		2,847		640
Series 2012-93, Class SG, IF, IO, 5.93%, 9/25/2042(i)		700		149
Series 2012-133, Class NS, IF, IO, 5.98%, 12/25/2042(i)		5,697		1,314
Series 2014-14, Class SA, IF, IO, 5.78%, 4/25/2044(i)		10,272		2,054
Series 2015-40, Class LS, IF, IO, 6.00%, 6/25/2045(i)		5,085		1,155
Series 2015-85, Class SA, IF, IO, 5.45%, 11/25/2045(i)		6,353		1,299
Series 2016-25, Class SL, IF, IO, 5.83%, 5/25/2046(i)		5,639		1,310
Series 2016-39, Class LS, IF, IO, 5.83%, 7/25/2046(i)		16,348		3,922
Series 2016-61, Class ST, IF, IO, 5.83%, 9/25/2046(i)		11,255		2,767
Series 2016-75, Class SC, IF, IO, 5.93%, 10/25/2046(i)		14,006		3,027
Series 2017-13, Class AS, IF, IO, 5.88%, 2/25/2047(i)		10,589		2,383
Series 2019-42, Class SK, IF, IO, 5.88%, 8/25/2049(i)		8,488		1,642
Series 2017-57, Class SA, IF, IO, 5.93%, 8/25/2057(i)		5,544		1,022
FNMA, STRIPS
Series 410, Class C12, IO, 5.50%, 7/25/2024		939		32
Series 401, Class C6, IO, 4.50%, 10/25/2029		723		41
FWD Securitization Trust Series 2020-INV1, Class A1, 2.24%, 1/25/2050(b)(i)		5,558		5,528
GCAT Trust Series 2020-NQM1, Class A1, 2.25%, 1/25/2060(b)(f)		8,933		8,900
GNMA
Series 2003-69, Class SB, IF, IO, 6.42%, 8/16/2033(i)		846		83
Series 2011-13, Class S, IF, IO, 5.77%, 1/16/2041(i)		606		128
Series 2017-107, Class KS, IF, IO, 6.03%, 7/20/2047(i)		9,898		1,827
Series 2019-42, Class SJ, IF, IO, 5.88%, 4/20/2049(i)		7,809		1,206
Series 2019-115, Class SD, IF, IO, 5.93%, 9/20/2049(i)		3,398		472
Series 2015-H13, Class GI, IO, 1.77%, 4/20/2065(i)		4,147		189
Series 2017-H14, Class FG, 3.49%, 6/20/2067(i)		1,830		1,859
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		3,927		3,933

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)		Value (000)
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036(b)(i)		143		73
HarborView Mortgage Loan Trust Series 2007-6, Class 2A1A, 0.36%, 8/19/2037(i)		167		144
Homeward Opportunities Fund I Trust
Series 2018-1, Class A1, 3.77%, 6/25/2048(b)(i)		837		846
Series 2019-1, Class M1, 3.95%, 1/25/2059‡(b)(i)		2,050		1,926
Hunt Companies Finance Trust, Inc. 7.25%, 2/13/2025		6,000		6,000
JP Morgan Alternative Loan Trust Series 2006-A2, Class 1A1, 0.35%, 5/25/2036(i)		2,505		2,214
LHOME Mortgage Trust
Series 2019-RTL2, Class A1, 3.84%, 3/25/2024(b)		2,250		2,120
Series 2019-RTL3, Class A1, 3.87%, 7/25/2024(b)		2,380		2,221
Series 2019-RTL3, Class A2, 4.34%, 7/25/2024(b)(f)		1,380		1,228
MASTR Alternative Loan Trust Series 2003-5, Class 30B1, 5.91%, 8/25/2033‡(i)		252		257
OBX Trust
Series 2020-INV1, Class A11, 1.39%, 12/25/2049(b)(i)		2,765		2,591
Series 2019-EXP1, Class 2A1B, 1.12%, 1/25/2059(b)(i)		3,116		3,052
Series 2020-EXP1, Class 2A1, 0.92%, 2/25/2060(b)(i)		1,327		1,308
P-stlb 9.25%, 10/11/2022‡		3,800		3,800
SART 4.75%, 7/15/2024		4,436		4,347
Starwood Mortgage Residential Trust
Series 2019-INV1, Class A1, 2.61%, 9/27/2049(b)(i)		2,677		2,646
Series 2020-1, Class A1, 2.27%, 2/25/2050(b)(i)		4,112		4,107
Structured Adjustable Rate Mortgage Loan Trust Series 2005-1, Class 5A1, 3.78%, 2/25/2035(i)		201		193
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021(b)(f)		4,190		3,964
Verus Securitization Trust
Series 2018-2, Class A1, 3.68%, 6/1/2058(b)(i)		1,898		1,917
Series 2019-1, Class A1, 3.84%, 2/25/2059(b)(i)		2,398		2,421
Series 2019-INV3, Class A1, 2.69%, 11/25/2059(b)(i)		5,375		5,285
Series 2020-1, Class A1, 2.42%, 1/25/2060(b)(i)		3,450		3,464
				188,918
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $199,382)				196,919
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.4%
Cayman Islands — 0.1%
GPMT Ltd. Series 2018-FL1, Class B, 1.72%, 11/21/2035‡(b)(i)		2,520		2,196
United States — 4.3%
BAMLL Re-REMIC Trust Series 2013-FRR3, Class A, PO, 6/26/2023(b)		4,375		3,666
Banc of America Commercial Mortgage Trust Series 2007-5, Class AJ, 5.82%, 2/10/2051(i)		2,605		2,785
BANK
Series 2019-BN20, Class XA, IO, 0.84%, 9/15/2062(i)		8,457		481
Series 2020-BN25, Class XA, IO, 0.89%, 1/15/2063(i)		80,541		5,181
BXMT Ltd. Series 2017-FL1, Class D, 2.88%, 6/15/2035‡(b)(i)		4,650		3,838
Citigroup Commercial Mortgage Trust Series 2015-P1, Class D, 3.23%, 9/15/2048‡(b)		1,220		794
Commercial Mortgage Trust Series 2020-CBM, Class D, 3.63%, 2/10/2037‡(b)(i)		5,920		5,131
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		15		14
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.30%, 7/25/2023(i)		67,456		565
Series K729, Class X1, IO, 0.36%, 10/25/2024(i)		28,654		375
Series K731, Class X3, IO, 2.11%, 5/25/2025(i)		3,460		286

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)		Value (000)
Series K078, Class X3, IO, 2.21%, 10/25/2028(i)		10,990		1,531
Series K091, Class A2, 3.51%, 3/25/2029		1,975		2,313
Series K158, Class A2, 3.90%, 12/25/2030(i)		1,270		1,520
Series K155, Class A2, 3.75%, 11/25/2032		8,750		10,449
Series K-1511, Class X3, IO, 3.42%, 4/25/2034(i)		7,620		2,312
Series K153, Class X3, IO, 3.77%, 4/25/2035(i)		5,560		1,640
Series K036, Class X3, IO, 2.11%, 12/25/2041(i)		31,545		2,080
Series K720, Class X3, IO, 1.33%, 8/25/2042(i)		39,172		945
Series K041, Class X3, IO, 1.64%, 11/25/2042(i)		30,520		1,960
Series K718, Class X3, IO, 1.44%, 2/25/2043(i)		112,228		2,287
Series K054, Class X3, IO, 1.60%, 4/25/2043(i)		66,098		4,382
Series K047, Class X3, IO, 1.49%, 6/25/2043(i)		28,400		1,747
Series K050, Class X3, IO, 1.55%, 10/25/2043(i)		21,110		1,451
Series K052, Class X3, IO, 1.61%, 1/25/2044(i)		15,770		1,035
Series K726, Class X3, IO, 2.13%, 7/25/2044(i)		6,381		453
Series K067, Class X3, IO, 2.11%, 9/25/2044(i)		25,210		3,105
Series K729, Class X3, IO, 1.97%, 11/25/2044(i)		7,055		533
Series K724, Class X3, IO, 1.87%, 12/25/2044(i)		10,996		661
Series K071, Class X3, IO, 2.01%, 11/25/2045(i)		19,450		2,336
Series K072, Class X3, IO, 2.14%, 12/25/2045(i)		12,354		1,596
Series K089, Class X3, IO, 2.30%, 1/25/2046(i)		11,650		1,735
Series K088, Class X3, IO, 2.35%, 2/25/2047(i)		12,520		1,961
Series K094, Class X3, IO, 2.12%, 7/25/2047(i)		4,450		649
FNMA ACES Series 2016-M4, Class X2, IO, 2.65%, 1/25/2039(i)		7,796		553
FREMF Series 2018-KF46, Class B, 2.28%, 3/25/2028(b)(i)		1,734		1,366
FREMF Mortgage Trust
Series 2017-KF29, Class B, 4.00%, 2/25/2024(b)(i)		1,051		923
Series 2017-KF31, Class B, 3.23%, 4/25/2024(b)(i)		685		580
Series 2017-KF36, Class B, 2.98%, 8/25/2024(b)(i)		1,020		866
Series 2017-KF38, Class B, 2.83%, 9/25/2024(b)(i)		582		497
Series 2017-KF41, Class B, 2.83%, 11/25/2024(b)(i)		443		384
Series 2018-KF42, Class B, 2.53%, 12/25/2024(b)(i)		1,791		1,552
Series 2018-KF45, Class B, 2.28%, 3/25/2025(b)(i)		540		454
Series 2018-KF47, Class B, 2.33%, 5/25/2025(b)(i)		701		597
Series 2016-KF24, Class B, 5.33%, 10/25/2026(b)(i)		253		246
Series 2017-KF40, Class B, 3.03%, 11/25/2027(b)(i)		1,060		858
Series 2018-KF50, Class B, 2.23%, 7/25/2028(b)(i)		1,497		1,254
Series 2017-K67, Class C, 3.94%, 9/25/2049(b)(i)		1,090		1,031
Series 2017-K729, Class B, 3.67%, 11/25/2049(b)(i)		900		899
Series 2017-K728, Class B, 3.65%, 11/25/2050(b)(i)		4,200		4,228
Series 2017-K728, Class C, 3.65%, 11/25/2050(b)(i)		1,265		1,222
GNMA
Series 2013-48, IO, 0.63%, 7/16/2054(i)		26,457		872
Series 2017-9, IO, 0.73%, 1/16/2057(i)		17,504		956
Series 2017-151, IO, 0.71%, 9/16/2057(i)		4,470		245
Series 2016-157, IO, 0.95%, 11/16/2057(i)		12,797		815
Series 2016-119, IO, 1.10%, 4/16/2058(i)		9,641		548
Series 2017-54, IO, 0.64%, 12/16/2058(i)		9,154		456
Series 2017-23, IO, 0.74%, 5/16/2059(i)		12,122		650
Harvest Commercial Capital Loan Trust Series 2019-1, Class A, 3.29%, 9/25/2046(b)(i)		2,672		2,572
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 5.91%, 7/15/2044(i)		351		346
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039‡(i)		2,051		1,190
Morgan Stanley Capital I Trust
Series 2006-T23, Class D, 6.19%, 8/12/2041‡(b)(i)		1,367		1,377
Series 2005-HQ7, Class E, 5.38%, 11/14/2042‡(i)		1,233		1,220

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)		Value (000)
Nationslink Funding Corp. Commercial Loan Pass-Through Certificates Series 1999-LTL1, Class E, 5.00%, 1/22/2026‡(b)		286		291
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048(b)(i)		3,539		3,574
Series 2019-3, Class A, 3.03%, 10/25/2049(b)(i)		1,619		1,593
Series 2020-1, Class AFX, 2.61%, 2/25/2050(b)(i)		4,532		4,414
				110,426
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $120,847)				112,622
CONVERTIBLE BONDS — 3.1%
China — 0.4%
GDS Holdings Ltd. 2.00%, 6/1/2025		1,880		2,289
Huazhu Group Ltd. 0.38%, 11/1/2022		3,860		3,845
Trip.com Group Ltd. 1.00%, 7/1/2020		3,115		3,113
				9,247
United States — 2.7%
Air Transport Services Group, Inc. 1.13%, 10/15/2024		1,750		1,638
Callaway Golf Co. 2.75%, 5/1/2026(b)		708		782
Cree, Inc. 0.88%, 9/1/2023		3,445		3,776
DocuSign, Inc. 0.50%, 9/15/2023		2,150		4,291
Envestnet, Inc. 1.75%, 6/1/2023		2,905		3,547
Etsy, Inc. Zero Coupon, 3/1/2023		1,890		4,284
FireEye, Inc. 0.88%, 6/1/2024		2,320		2,057
Fortive Corp. 0.88%, 2/15/2022		3,670		3,504
Guess?, Inc. 2.00%, 4/15/2024		1,845		1,202
II-VI, Inc. 0.25%, 9/1/2022		5,305		6,250
Integra LifeSciences Holdings Corp. 0.50%, 8/15/2025(b)		1,710		1,620
Knowles Corp. 3.25%, 11/1/2021		3,260		3,458
Live Nation Entertainment, Inc. 2.50%, 3/15/2023		3,255		3,321
Microchip Technology, Inc. 1.63%, 2/15/2027		2,630		3,540
Nuance Communications, Inc.
1.50%, 11/1/2035		2,887		3,433
1.00%, 12/15/2035		1,473		1,614
Nutanix, Inc. Zero Coupon, 1/15/2023		3,430		3,034
ON Semiconductor Corp. 1.00%, 12/1/2020		4,580		4,877
Redfin Corp. 1.75%, 7/15/2023		570		681
Silicon Laboratories, Inc. 0.63%, 6/15/2025(b)		370		383
Snap, Inc. 0.75%, 8/1/2026(b)		3,630		3,882
Southwest Airlines Co. 1.25%, 5/1/2025		945		1,063
Square, Inc. 0.50%, 5/15/2023		3,725		4,648
Vocera Communications, Inc. 1.50%, 5/15/2023		855		802
Zillow Group, Inc. 2.00%, 12/1/2021		1,955		2,485
				70,172
TOTAL CONVERTIBLE BONDS (Cost $75,891)				79,419
LOAN ASSIGNMENTS — 1.1%(l)
Canada — 0.0%(h)
Concordia Healthcare Corp., Initial Dollar Term Loan (ICE LIBOR USD 3 Month + 5.50%), 6.57%, 9/6/2024(c)		677		600
Luxembourg — 0.0%(h)
Intelsat Jackson Holdings, 1st Lien Term Loan (1-MONTH PRIME + 2.75%), 6.00%, 11/27/2023(c)		1,084		1,089
United States — 1.1%
At Home Holding III, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 6/3/2022(c)		422		275
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.43%, 12/15/2024(c)		460		427
Brookfield WEC Holdings Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.40%, 8/1/2025(c)		1,457		1,422

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)		Value (000)
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 12/31/2022(c)		839		213
Calpine Corp., Term Loan (ICE LIBOR USD 1 Month + 2.25%), 2.43%, 1/15/2024(c)		494		483
CBS Radio, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.67%, 11/18/2024(c)		574		518
Centurylink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.42%, 3/15/2027(c)		791		758
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024(c)		511		506
Cineworld Finance US, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 3.32%, 2/28/2025(c)		395		291
CityCenter Holdings LLC, Term B Loan (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/18/2024(c)		337		315
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 8.42%, 12/18/2026(c)(m)		1,684		1,280
CommScope, Inc., 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 3.25%), 3.42%, 4/6/2026(c)		1,325		1,270
Consolidated Container, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 5/22/2024(c)		375		362
CPV Shore Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.93%, 12/29/2025(c)		255		232
Dawn Acquisition LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 5.20%, 12/31/2025(c)		364		334
Delta 2 SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 2/1/2024(c)		547		515
Diamond Sports Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.42%, 8/24/2026(c)		1,289		1,103
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/6/2024(c)		1,145		1,118
Edgewater Generation LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.92%, 12/13/2025(c)		275		257
EIF Channelview Cogeneration LLC, Term Loan (ICE LIBOR USD 2 Month + 4.25%; ICE LIBOR USD 3 Month + 4.25%), 5.25%, 5/3/2025(c)		320		319
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 3.92%, 10/10/2025(c)		494		321
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.00%, 5/16/2022‡(c)		63		63
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100(c)(j)		257		—
Flex Acquisition Co., Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 4.43%, 12/29/2023(c)		288		271
Frontera Generation Holdings LLC, 1st Lien Senior Secured Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.39%, 5/2/2025(c)		491		301
GGP, Inc., 1st Lien Term Loan B REIT, (ICE LIBOR USD 1 Month + 2.50%), 2.67%, 8/27/2025(c)		929		702
Greeneden US Holdings II LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.42%, 12/1/2023(c)		333		322
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 5/16/2024(c)		1,961		1,866
HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 2.75%), 4.02%, 4/25/2025(c)		458		440

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Principal Amount (000)		Value (000)
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 2/5/2025(c)		1,088		1,022
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024(c)		347		282
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024(c)		20		16
MedRisk, Inc., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.92%, 12/27/2024(c)		235		217
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.43%, 4/1/2024‡(c)		386		386
Moran Foods LLC, 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 4/1/2025‡(c)		366		287
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 4.20%, 6/7/2023(c)		1,301		1,247
Pelican Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 5/1/2025(c)		771		682
Pelican Products, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.75%), 8.75%, 5/1/2026(c)		350		274
Penn National Gaming, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 10/15/2025(c)		676		633
Prime Security Services Borrower LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 9/23/2026(c)		842		820
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 5.01%, 5/16/2025(c)		589		561
Quidditch Acquisition, Inc., 1st Lien Cov-Lite Term Loan (ICE LIBOR USD 3 Month + 7.00%), 8.45%, 3/21/2025(c)		235		196
Red Ventures LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.67%, 11/8/2024(c)		330		314
Sonicwall, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 7.88%, 5/18/2026(c)		175		142
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.69%, 4/16/2026(c)		694		613
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 2/6/2024(c)		986		715
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 4/29/2026(c)		787		753
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.42%, 10/22/2025(c)		1,091		1,023
USI, Inc., Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.17%, 5/16/2024(c)		210		201
WestJet Airlines Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 4.00%, 12/11/2026(c)		971		706
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 2.30%, 11/1/2023(c)		420		411
				27,785
TOTAL LOAN ASSIGNMENTS (Cost $32,954)				29,474
SUPRANATIONAL — 0.1%
Supranational — 0.1%
African Export-Import Bank (The) 5.25%, 10/11/2023(a) (Cost $2,525)		2,380		2,498
	Shares (000)
PREFERRED STOCKS — 0.1%
United States — 0.1%
Claire’s Stores, Inc. *‡		1		1,526

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

Investments	Shares (000)		Value (000)
Goodman Networks, Inc. (Preference) *‡		1		—	(k)
MYT Holding Co., 10.00%, 6/7/2029(b)		494		267
TOTAL PREFERRED STOCKS (Cost $889)				1,793
COMMON STOCKS — 0.1%
Canada — 0.0%(h)
Advanz Pharma Corp. Ltd.*		35		120
New Zealand — 0.0%(h)
UCI Holdings LLC*‡		4		95
United Kingdom — 0.0%(h)
Topcompany Ltd.*‡		5,027		6
United States — 0.1%
Avaya Holdings Corp.*		22		317
Claire’s Stores, Inc.*‡		1		692
Clear Channel Outdoor Holdings, Inc.*		71		68
Goodman Networks, Inc.*‡		1		—
iHeartMedia, Inc., Class A*		4		31
Moran Foods Backstop Equity*‡		23		23
Penn Virginia Corp.*		2		19
Remington Outdoor Co., Inc.*‡		5		6
Vistra Energy Corp.		6		127
				1,283
TOTAL COMMON STOCKS (Cost $2,489)				1,504
	No. of Warrants (000)
WARRANTS — 0.0%(h)
Canada — 0.0%(h)
Ultra Petroleum Corp. expiring 7/14/2025, price 1.00 USD*		46		1
United States — 0.0%(h)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD*‡		36		290
TOTAL WARRANTS (Cost $648)				291
	No. of Rights (000)
RIGHTS — 0.0%(h)
United States — 0.0%(h)
Vistra Energy Corp., expiring 12/31/2049*‡ (Cost $—)		6		7
	Shares (000)
SHORT-TERM INVESTMENTS — 2.6%
INVESTMENT COMPANIES — 2.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.44%(n)(o) (Cost $68,169)		68,154		68,222
Total Investments — 98.8% (Cost $2,595,885)				2,541,151
Other Assets Less Liabilities — 1.2%				32,066
Net Assets — 100.0%				2,573,217

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
CNY	China Yuan
CZK	Czech Republic Koruna
DKK	Danish Krone
DOP	Dominican Republic Peso
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
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of May 31, 2020. 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

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

MXN	Mexican Peso
PEN	Peruvian Nuevo Sol
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.
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
RUB	Russian Ruble
SCA	Limited partnership with share capital
SOFR	Secured Overnight Financing Rate
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
(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)	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, 2020.
(d)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of May 31, 2020.
(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, 2020.
(g)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(h)	Amount rounds to less than 0.1% of net assets.
(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, 2020.
(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)	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.
(o)	The rate shown is the current yield as of May 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of May 31, 2020 (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		1,592			06/2020		AUD		158,078			1,514
Canada 10 Year Bond		681			09/2020		CAD		76,066			133
U.S. Treasury 10 Year Note		342			09/2020		USD		47,559			58
U.S. Treasury 10 Year Ultra Note		298			09/2020		USD		46,861			57
U.S. Treasury Ultra Bond		147			09/2020		USD		31,959			(376)
												1,386
Short Contracts
Euro-Bobl		(8	)		06/2020		EUR		(1,200	)		(1	)
Euro-Bund		(909	)		06/2020		EUR		(173,877	)		1,835
Euro-Buxl		(15	)		06/2020		EUR		(3,523	)		71
U.S. Treasury 2 Year Note		(4	)		09/2020		USD		(883	)		—	(a)
U.S. Treasury 5 Year Note		(313	)		09/2020		USD		(39,321	)		(52	)
U.S. Treasury 10 Year Ultra Note		(76	)		09/2020		USD		(11,951	)		(45	)
U.S. Treasury Long Bond		(155	)		09/2020		USD		(27,609	)		(95	)
												1,713
												3,099

Abbreviations
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
USD	United States Dollar
(a)	Amount rounds to less than one thousand.

Forward foreign currency exchange contracts outstanding as of May 31, 2020 (amounts in thousands):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	3,598	USD	3,899	Goldman Sachs International		6/3/2020		95
EUR	2,275	USD	2,483	Standard Chartered Bank		6/3/2020		43
EUR	362	USD	393	State Street Corp.		6/3/2020		9
GBP	1,250	USD	1,543	BNP Paribas		6/3/2020		—	(a)
GBP	5,327	USD	6,574	State Street Corp.		6/3/2020		5
USD	9,836	GBP	7,863	State Street Corp.		6/3/2020		125
AUD	4,430	USD	2,872	Goldman Sachs International		6/23/2020		81
EUR	12,412	USD	13,717	Merrill Lynch International		6/23/2020		66
EUR	27,423	USD	29,627	State Street Corp.		6/23/2020		826
RUB	1,317,088	USD	18,254	Citibank, NA**		6/23/2020		391
USD	58,587	CNY	417,014	Goldman Sachs International**		6/23/2020		93
EUR	1,068	USD	1,181	Merrill Lynch International		7/6/2020		6
EUR	3,096	USD	3,402	Standard Chartered Bank		7/6/2020		37
USD	13,047	EUR	11,702	HSBC Bank, NA		7/6/2020		48
USD	310,172	EUR	278,794	State Street Corp.		7/6/2020		479
Total unrealized appreciation								2,304
EUR	278,794	USD	309,963	State Street Corp.		6/3/2020		(482	)
GBP	1,287	USD	1,614	Barclays Bank plc		6/3/2020		(24	)

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

USD	307,128	EUR	282,283	Merrill Lynch International	6/3/2020	(6,226	)
USD	687	EUR	633	Royal Bank of Canada	6/3/2020	(15	)
USD	2,321	EUR	2,114	State Street Corp.	6/3/2020	(25	)
JPY	321,391	USD	2,981	Barclays Bank plc	6/23/2020	—	(a)
JPY	10,721,882	USD	100,403	BNP Paribas	6/23/2020	(955	)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
USD	2,856	AUD	4,430	BNP Paribas		6/23/2020		(97	)
USD	1,302	AUD	1,973	State Street Corp.		6/23/2020		(13	)
USD	12,537	BRL	72,490	Citibank, NA**		6/23/2020		(1,031	)
USD	1,261	CAD	1,776	HSBC Bank, NA		6/23/2020		(29	)
USD	12,333	CZK	314,347	HSBC Bank, NA		6/23/2020		(636	)
USD	276,733	EUR	255,401	HSBC Bank, NA		6/23/2020		(6,894	)
USD	2,306	EUR	2,107	State Street Corp.		6/23/2020		(34	)
USD	12,964	MXN	299,000	Merrill Lynch International		6/23/2020		(477	)
USD	10,779	PEN	37,368	Citibank, NA**		6/23/2020		(123	)
USD	5,496	RUB	406,388	Citibank, NA**		6/23/2020		(257	)
USD	24,439	TRY	173,243	Barclays Bank plc		6/23/2020		(799	)
USD	4,248	EUR	3,893	Goldman Sachs International		7/6/2020		(76	)
USD	8,411	EUR	7,626	Merrill Lynch International		7/6/2020		(61	)
USD	6,575	GBP	5,327	State Street Corp.		7/6/2020		(5	)
Total unrealized depreciation								(18,259	)
Net unrealized depreciation								(15,955	)

Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNY	China Yuan
CZK	Czech Republic Koruna
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
MXN	Mexican Peso
PEN	Peruvian Nuevo Sol
RUB	Russian Ruble
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^(a) as of May 31, 2020 (amounts in thousands):

Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Maturity Date		Implied Credit Spread (%)(b)		Notional Amount(c)		Upfront Payments (Receipts) ($)(d)		Unrealized Appreciation (Depreciation) ($)			Value ($)
CDX.NA.EM.32-V2		1.00		Quarterly		12/20/2024		2.78		USD 17,957		1,015		281			1,296
CDX.NA.EM.32-V2		1.00		Quarterly		12/20/2024		2.78		USD 10,725		1,075		(301	)		774
CDX.NA.EM.32-V2		1.00		Quarterly		12/20/2024		2.78		USD 10,725		1,075		(301	)		774
CDX.NA.EM.32-V2		1.00		Quarterly		12/20/2024		2.78		USD 20,275		2,029		(565	)		1,464
CDX.NA.EM.32-V2		1.00		Quarterly		12/20/2024		2.78		USD 22,392		2,401		(785	)		1,616
CDX.NA.EM.32-V2		1.00		Quarterly		12/20/2024		2.78		USD 9,308		1,007		(335	)		672
CDX.NA.HY.34-V3		5.00		Quarterly		6/20/2025		5.48		USD 104,328		5,060		(4,001	)		1,059
												13,662		(6,007	)		7,655

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Maturity Date		Implied Credit Spread (%)(b)		Notional Amount(c)		Upfront Payments (Receipts) ($)(d)			Unrealized Appreciation (Depreciation) ($)			Value ($)
iTraxx.Europe.Crossover.33-V1		5.00		Quarterly		6/20/2025		4.29		EUR 72,035		6,565			(9,829	)		(3,264	)
iTraxx.Europe.Crossover.33-V1		5.00		Quarterly		6/20/2025		4.29		EUR 13,700		(181	)		(440	)		(621	)
iTraxx.Europe.Crossover.33-V1		5.00		Quarterly		6/20/2025		4.29		EUR 23,000		(201	)		(841	)		(1,042	)
												6,183			(11,110	)		(4,927	)
												19,845			(17,117	)		2,728

(a) 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.

(b) 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.

(c) 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.

(d) 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

A. Valuation of Investments – Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

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/or 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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for 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 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.

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.

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

Futures contracts are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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, 2020.

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 (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
Cayman Islands	$	—		$	39,165		$	2,282	$	41,447
United States		—			123,126			58,978		182,104
Total Asset-Backed Securities		—			162,291			61,260		223,551
Collateralized Mortgage Obligations
United Kingdom		—			8,001			—		8,001
United States		—			175,275			13,643		188,918
Total Collateralized Mortgage
Obligations		—			183,276			13,643		196,919
Commercial Mortgage-Backed Securities
Cayman Islands		—			—			2,196		2,196
United States		—			96,585			13,841		110,426
Total Commercial Mortgage-Backed Securities		—			96,585			16,037		112,622
Common Stocks
Canada		120			—			—		120
New Zealand		—			—			95		95
United Kingdom		—			—			6		6
United States		562			—			721		1,283
Total Common Stocks		682			—			822		1,504
Convertible Bonds		—			79,419			—		79,419
Corporate Bonds
Argentina		—			1,160			—		1,160
Australia		—			1,525			—		1,525
Azerbaijan		—			2,370			—		2,370
Belgium		—			23,756			—		23,756
Brazil		—			19,333			—		19,333
Canada		—			14,219			—		14,219
Chile		—			6,064			—		6,064
China		—			13,389			—		13,389
Denmark		—			5,623			—		5,623
France		—			84,835			—		84,835
Germany		—			23,481			—		23,481
Greece		—			13,575			—		13,575
Guatemala		—			711			—		711
Hong Kong		—			1,929			—		1,929
Indonesia		—			4,605			—		4,605
Ireland		—			19,051			—		19,051
Italy		—			44,552			—		44,552
Kazakhstan		—			5,201			—		5,201
Luxembourg		—			22,962			—		22,962
Malaysia		—			3,875			—		3,875
Mexico		—			29,674			—		29,674
Morocco		—			2,563			—		2,563
Netherlands		—			25,967			—		25,967
Nigeria		—			1,146			—		1,146
Oman		—			2,084			—		2,084
Peru		—			7,990			—		7,990
Portugal		—			9,836			—		9,836
Qatar		—			2,989			—		2,989
Singapore		—			6,239			—		6,239
South Africa		—			1,224			—		1,224
Spain		—			43,138			—		43,138
Sweden		—			8,339			—		8,339
Switzerland		—			30,997			—		30,997
Taiwan		—			2,618			—		2,618
Turkey		—			3,320			—		3,320
United Arab Emirates		—			774			—		774
United Kingdom		—			73,178			—		73,178
United States		—			712,627			250		712,877
Total Corporate Bonds		—			1,276,919			250		1,277,169
Foreign Government Securities		—			547,682			—		547,682
Loan Assignments
Canada		—			600			—		600
Luxembourg		—			1,089			—		1,089
United States		—			27,049			736		27,785
Total Loan Assignments		—			28,738			736		29,474
Preferred Stocks
United States		—			267			1,526		1,793
Rights		—			—			7		7
Supranational		—			2,498			—		2,498
Warrants
Canada		—			1			—		1
United States		—			—			290		290
Total Warrants		—			1			290		291
Short-Term Investments
Investment Companies		68,222			—			—		68,222
Total Investments in Securities	$	68,904		$	2,377,676		$	94,571	$	2,541,151
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange
Contracts	$	—		$	2,304		$	—	$	2,304
Futures Contracts		3,668			—			—		3,668
Swaps		—			281			—		281
Total Appreciation in Other Financial Instruments	$	3,668		$	2,585		$	—	$	6,253
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(18,259	)	$	—	$	(18,259	)
Futures Contracts		(569	)		—			—		(569	)
Swaps		—			(17,398	)		—		(17,398	)
Total Depreciation in Other Financial Instruments	$	(569	)	$	(35,657	)	$	—	$	(36,226	)

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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 29, 2020		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, 2020
Investments in Securities:
Asset-Backed Securities —  Cayman Islands	$	3,991	$	(101	)	$	(47	)	$	—	(a)	$	—	$	(1,561	)	$	—	$	—		$	2,282
Asset-Backed Securities — United States		69,167		—			(3,654	)		5			—		(6,540	)		—		—			58,978
Collateralized Mortgage Obligations — United States		12,055		—			(2,108	)		—	(a)		—		(9	)		3,705		—			13,643
Commercial Mortgage-Backed Securities — Cayman Islands		2,519		—			(323	)		—			—		—			—		—			2,196
Commercial Mortgage-Backed Securities — United States		14,274		(489	)		(2,441	)		—	(a)		—		(4,867	)		7,364		—			13,841
Common Stocks — Canada		14		—			—			—			—		—			—		(14	)		—
Common Stocks — New Zealand		101		—			(6	)		—			—		—			—		—			95
Common Stocks — United Kingdom		7		—			(1	)		—			—		—			—		—			6
Common Stocks — United States		771		—			(51	)		—			13		—			—		(12	)		721
Corporate Bonds — Luxembourg		3,476		—			(211	)		3			—		(3,268	)		—		—			—
Corporate Bonds — United States		250		89			—	(a)		—			—		(89	)		—		—			250
Loan Assignments — United States		63		—			181			9			483		—			—		—			736
Preferred Stocks — United States		1,475		—			51			—			—		—			—		—			1,526
Rights — United States		7		—			—	(a)		—			—		—			—		—			7
Warrants — United States		507		—			(217	)		—			—		—			—		—			290
Total	$	108,677	$	(501	)	$	(8,827	)	$	17		$	496	$	(16,334	)	$	11,069	$	(26	)	$	94,571

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, 2020, which were valued using significant unobservable inputs (level 3), amounted to approximately $(8,427,000).

There were no significant transfers into or out of level 3 for the period ended May 31, 2020.

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at May 31, 2020			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	23	(b)	Market Comparable Companies	EBITDA Multiple (c)	5.0x (5.0x)
Common Stock		23	(b)
		—	(d)	Market Comparable Companies	EBITDA Multiple (c)	5.0x (5.0x)
					Discount for potential outcome (e)	30.00% (30.00%)
Preferred Stock		—	(d)
		39,929		Discounted Cash Flow	Constant Prepayment Rate	0.00% — 35.00% (14.96%)
					Constant Default Rate	0.00% — 20.00% (0.31%)
					Yield (Discount Rate of Cash Flows)	1.53% — 26.34% (8.65%)
Asset-Backed Securities		39,929
		5,670		Discounted Cash Flow	Constant Prepayment Rate	8.33% — 20.00% (13.32%)
					Constant Default Rate	0.00% — 1.59% (0.11%)
					Yield (Discount Rate of Cash Flows)	3.76% — 5.37% (4.26%)
Collateralized Mortgage Obligations		5,670
		10,003		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	(17.64)% — 199.00% (29.36%)
Commercial Mortgage-Backed Securities		10,003
		386		Terms of Exchange Offer	Expected Recovery	100.00% (100.00%)
		287		Market Comparable Companies	EBITDA Multiple (e)	6.0x (6.0x)
Loan Assignments		673
Total	$	56,298

# The table above does not include certain level 3 securities that are valued by brokers and pricing services. At May 31, 2020, the value of these investments was approximately $38,273,000. 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.

(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 such multiples when pricing the investments.

(d) Amount rounds to less than one thousand.

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

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

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

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

For the period ended May 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2020		Shares at May 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.44%(a)(b)	$	16,648	$	537,996	$	486,376	$	(96	)	$	50	$	68,222		68,154	$	196	$	—

(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, 2020.

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 potential 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 against collateral posted to a segregated account by one party for the benefit of the other.

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (unaudited) (continued)

Counterparty credit risk may be mitigated to the extent a counterparty posts additional 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.

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 is 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. dollars without the delivery of the 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, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

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 swaps, to manage credit risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated 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 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.

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (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

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.