JPMorgan Corporate Bond 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 — 97.6%
Aerospace & Defense — 3.9%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030(a)		8,255		8,944
Boeing Co. (The)
2.80%, 3/1/2023		270		267
4.51%, 5/1/2023		13,050		13,480
4.88%, 5/1/2025		2,325		2,468
2.25%, 6/15/2026		5,780		5,377
5.04%, 5/1/2027		9,150		9,714
5.15%, 5/1/2030		1,600		1,709
3.60%, 5/1/2034		123		113
3.25%, 2/1/2035		3,855		3,332
5.71%, 5/1/2040		2,735		2,994
3.38%, 6/15/2046		1,000		745
General Dynamics Corp. 3.75%, 5/15/2028		535		619
Howmet Aerospace, Inc.
5.13%, 10/1/2024		100		101
5.90%, 2/1/2027		200		202
L3Harris Technologies, Inc.
3.83%, 4/27/2025		415		448
4.40%, 6/15/2028		940		1,085
Leidos, Inc.
2.95%, 5/15/2023(a)		1,190		1,232
3.63%, 5/15/2025(a)		510		547
4.38%, 5/15/2030(a)		5,461		6,014
Lockheed Martin Corp.
1.85%, 6/15/2030		1,610		1,647
4.07%, 12/15/2042		3,183		3,973
3.80%, 3/1/2045		1,750		2,115
2.80%, 6/15/2050		3,490		3,661
Northrop Grumman Corp. 3.25%, 1/15/2028		8,587		9,516
Raytheon Technologies Corp.
3.95%, 8/16/2025		100		114
4.13%, 11/16/2028		15,490		17,957
4.45%, 11/16/2038		3,595		4,331
3.75%, 11/1/2046		855		962
Rockwell Collins, Inc. 4.35%, 4/15/2047		160		183
				103,850
Air Freight & Logistics — 0.0%(b)
XPO Logistics, Inc. 6.75%, 8/15/2024(a)		75		78
Auto Components — 0.0%(b)
Adient US LLC 7.00%, 5/15/2026(a)		20		21
Allison Transmission, Inc. 5.00%, 10/1/2024(a)		50		50
American Axle & Manufacturing, Inc. 6.25%, 4/1/2025		180		170
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(a)		200		201
Icahn Enterprises LP 6.25%, 5/15/2026		230		230
Panther BF Aggregator 2 LP 6.25%, 5/15/2026(a)		100		102
				774
Automobiles — 0.3%
Daimler Finance North America LLC (Germany)
3.40%, 2/22/2022(a)		470		479
2.55%, 8/15/2022(a)		720		724
Ford Motor Co. 9.00%, 4/22/2025		490		515
General Motors Co.
5.00%, 4/1/2035		640		643
5.40%, 4/1/2048		585		563
Hyundai Capital America
2.85%, 11/1/2022(a)		320		318
2.38%, 2/10/2023(a)		490		483
Volkswagen Group of America Finance LLC (Germany)
2.70%, 9/26/2022(a)		610		620
3.20%, 9/26/2026(a)		900		927
3.75%, 5/13/2030(a)		3,000		3,177
				8,449
Banks — 18.7%
AIB Group plc (Ireland)
4.75%, 10/12/2023(a)		4,085		4,326
(ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025(a)(c)		920		958
Australia & New Zealand Banking Group Ltd. (Australia) (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026(a)(c)(d)(e)		200		221
Banco Santander SA (Spain)
3.13%, 2/23/2023		8,400		8,665
2.71%, 6/27/2024		3,800		3,929
4.25%, 4/11/2027		5,600		6,058
3.49%, 5/28/2030		800		819
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024(c)		110		117
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024(c)		1,500		1,624
4.00%, 1/22/2025		2,740		2,991
Series L, 3.95%, 4/21/2025		9,190		10,041
(ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026(c)		685		698
3.25%, 10/21/2027		615		672
Series L, 4.18%, 11/25/2027		7,070		7,931
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028(c)		21,500		23,751
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028(c)		9,525		10,486
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028(c)		11,550		12,567

JPMorgan Corporate Bond 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 + 1.31%), 4.27%, 7/23/2029(c)		440		506
(ICE LIBOR USD 3 Month + 1.19%), 2.88%, 10/22/2030(c)		4,745		4,986
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031(c)		3,790		3,858
(SOFR + 2.15%), 2.59%, 4/29/2031(c)		3,940		4,050
(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038(c)		75		88
Bank of Montreal (Canada) (USD Swap Semi 5 Year + 1.43%), 3.80%, 12/15/2032(c)		230		240
Bank of Nova Scotia (The) (Canada) 1.63%, 5/1/2023		750		764
Banque Federative du Credit Mutuel SA (France)
2.13%, 11/21/2022(a)		2,000		2,032
2.38%, 11/21/2024(a)		1,990		2,062
Barclays Bank plc (United Kingdom) 1.70%, 5/12/2022		4,560		4,622
Barclays plc (United Kingdom)
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023(c)(d)(e)		400		394
(ICE LIBOR USD 3 Month + 1.36%), 4.34%, 5/16/2024(c)		400		425
(ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025(c)		550		586
5.20%, 5/12/2026		430		472
BNP Paribas SA (France)
3.80%, 1/10/2024(a)		1,200		1,282
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025(a)(c)		700		765
4.38%, 9/28/2025(a)		2,610		2,802
Canadian Imperial Bank of Commerce (Canada)
(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023(c)		1,955		2,012
Capital One Bank USA NA 3.38%, 2/15/2023		250		259
CIT Group, Inc. 6.13%, 3/9/2028		250		259
Citigroup, Inc.
Series Q, (ICE LIBOR USD 3 Month + 4.10%), 5.95%, 8/15/2020(c)(d)(e)		760		710
(SOFR + 0.87%), 2.31%, 11/4/2022(c)		480		486
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023(c)(d)(e)		120		121
3.50%, 5/15/2023		1,500		1,582
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(c)		575		593
(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024(c)		2,360		2,540
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025(c)(d)(e)		3,857		3,356
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025(c)		360		383
(SOFR + 2.75%), 3.11%, 4/8/2026(c)		8,990		9,465
4.30%, 11/20/2026		6,179		6,877
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028(c)		26,875		29,523
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028(c)		3,780		4,082
(SOFR + 1.42%), 2.98%, 11/5/2030(c)		5,350		5,562
(SOFR + 3.91%), 4.41%, 3/31/2031(c)		3,050		3,513
(SOFR + 2.11%), 2.57%, 6/3/2031(c)		3,405		3,402
5.30%, 5/6/2044		200		254
Commonwealth Bank of Australia (Australia)
4.50%, 12/9/2025(a)		6,750		7,571
3.74%, 9/12/2039(a)		200		203
Cooperatieve Rabobank UA (Netherlands)
3.88%, 9/26/2023(a)		635		689
2.63%, 7/22/2024(a)		4,330		4,497
3.75%, 7/21/2026		6,950		7,521
Credit Agricole SA (France)
3.75%, 4/24/2023(a)		250		265
3.25%, 10/4/2024(a)		6,800		7,219
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(a)(c)(d)(e)		400		458
4.13%, 1/10/2027(a)		525		582
3.25%, 1/14/2030(a)		3,000		3,109
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 3.80%, 6/9/2023		250		265
Danske Bank A/S (Denmark)
5.00%, 1/12/2022(a)		3,405		3,568
2.70%, 3/2/2022(a)		200		204
5.38%, 1/12/2024(a)		500		546
(ICE LIBOR USD 3 Month + 1.59%), 3.24%, 12/20/2025(a)(c)		860		878
DNB Bank ASA (Norway) 2.15%, 12/2/2022(a)		520		536
Federation des Caisses Desjardins du Quebec (Canada)
2.25%, 10/30/2020(a)		500		504
2.05%, 2/10/2025(a)		1,120		1,136
Fifth Third Bank NA 3.85%, 3/15/2026		270		296
HSBC Holdings plc (United Kingdom)
4.25%, 3/14/2024		250		266

JPMorgan Corporate Bond 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 + 0.99%), 3.95%, 5/18/2024(c)			650		694
(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025(c)			1,095		1,172
(ICE LIBOR USD 3 Month + 1.14%), 2.63%, 11/7/2025(c)			3,520		3,619
4.30%, 3/8/2026			650		728
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026(c)			5,770		6,376
4.95%, 3/31/2030			6,605		7,754
KBC Group NV (Belgium) (EUR Swap Annual 5 Year + 4.69%), 4.75%, 3/5/2024(c)(d)(e)(f)	EUR		200		228
KeyBank NA 3.40%, 5/20/2026			295		316
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 3.87%, 7/9/2025(c)			5,250		5,576
4.58%, 12/10/2025			470		509
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026(c)			575		581
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.76%, 7/26/2023			12,840		13,748
2.19%, 2/25/2025			8,320		8,529
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023(c)			565		577
(ICE LIBOR USD 3 Month + 0.63%), 0.99%, 5/25/2024(c)			2,240		2,159
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 5/25/2026(c)			3,000		3,040
National Australia Bank Ltd. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034(a)(c)			850		901
NatWest Markets plc (United Kingdom)
3.63%, 9/29/2022(a)			235		244
2.38%, 5/21/2023(a)			5,630		5,679
Royal Bank of Scotland Group plc (United Kingdom)
6.13%, 12/15/2022			4,005		4,323
3.88%, 9/12/2023			1,590		1,684
6.00%, 12/19/2023			6,000		6,610
5.13%, 5/28/2024			5,000		5,380
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024(c)			2,855		3,065
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025(c)			4,000		4,270
Santander UK Group Holdings plc (United Kingdom)
3.57%, 1/10/2023			4,800		4,937
(ICE LIBOR USD 3 Month + 1.08%), 3.37%, 1/5/2024(c)			400		415
Santander UK plc (United Kingdom) 2.88%, 6/18/2024			2,045		2,164
Societe Generale SA (France)
3.88%, 3/28/2024(a)			200		211
2.63%, 10/16/2024(a)			1,885		1,893
2.63%, 1/22/2025(a)			285		286
4.25%, 4/14/2025(a)			5,670		5,870
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025(a)(c)(d)(e)			1,200		1,284
4.75%, 11/24/2025(a)			4,780		5,066
4.25%, 8/19/2026(a)			3,350		3,496
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.20%), 2.74%, 9/10/2022(a)(c)			885		890
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023(a)(c)			500		517
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026(a)(c)			17,805		17,922
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 4.64%, 4/1/2031(a)(c)			3,470		3,870
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.70%, 7/16/2024			14,490		15,165
2.35%, 1/15/2025			2,560		2,647
Svenska Handelsbanken AB (Sweden) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.69%), 6.25%, 3/1/2024(c)(d)(e)(f)			400		416
Truist Bank
(ICE LIBOR USD 3 Month + 0.74%), 3.69%, 8/2/2024(c)			225		243
3.30%, 5/15/2026			200		214
Truist Financial Corp. Series P, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.61%), 1.00%, 9/1/2025(c)(d)(e)			2,650		2,673
UniCredit SpA (Italy)
6.57%, 1/14/2022(a)			6,500		6,774
(EUR Swap Annual 5 Year + 2.80%), 2.73%, 1/15/2032(c)(f)	EUR		400		391

JPMorgan Corporate Bond 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)
Wells Fargo & Co.
3.07%, 1/24/2023		1,145		1,179
3.75%, 1/24/2024		95		102
(SOFR + 1.60%), 1.65%, 6/2/2024(c)		9,240		9,266
(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025(c)		1,215		1,247
(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026(c)		435		441
3.00%, 4/22/2026		2,000		2,142
(SOFR + 2.00%), 2.19%, 4/30/2026(c)		10,510		10,649
4.10%, 6/3/2026		4,370		4,790
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027(c)		6,550		6,961
4.30%, 7/22/2027		3,624		4,079
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028(c)		18,045		19,588
4.15%, 1/24/2029		1,000		1,142
(ICE LIBOR USD 3 Month + 1.00%), 2.57%, 2/11/2031(c)		10,515		10,615
(ICE LIBOR USD 3 Month + 3.77%), 4.48%, 4/4/2031(c)		6,315		7,378
(SOFR + 2.53%), 3.07%, 4/30/2041(c)		1,015		1,016
4.40%, 6/14/2046		665		751
Westpac Banking Corp. (Australia)
2.65%, 1/16/2030		350		372
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031(c)		1,706		1,864
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034(c)		205		220
				489,988
Beverages — 2.6%
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.00%, 1/17/2043		1,820		1,896
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.90%, 1/23/2031		3,235		3,947
4.38%, 4/15/2038		2,820		3,129
4.35%, 6/1/2040		4,000		4,466
3.75%, 7/15/2042		160		163
4.44%, 10/6/2048		3,550		3,874
5.55%, 1/23/2049		1,000		1,254
4.50%, 6/1/2050		13,275		14,836
Coca-Cola Co. (The)
2.50%, 6/1/2040		9,685		9,738
2.60%, 6/1/2050		3,755		3,696
Coca-Cola Femsa SAB de CV (Mexico) 2.75%, 1/22/2030		2,705		2,749
Constellation Brands, Inc.
3.15%, 8/1/2029		1,020		1,065
3.75%, 5/1/2050		700		721
Diageo Capital plc (United Kingdom) 1.38%, 9/29/2025		1,420		1,435
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050		1,596		1,618
Keurig Dr Pepper, Inc.
4.06%, 5/25/2023		3,180		3,466
4.42%, 12/15/2046		240		283
3.80%, 5/1/2050		4,000		4,353
PepsiCo, Inc.
3.50%, 3/19/2040		1,520		1,819
3.60%, 8/13/2042		200		234
Pernod Ricard SA (France) 5.75%, 4/7/2021(a)		2,400		2,491
				67,233
Biotechnology — 2.3%
AbbVie, Inc.
2.15%, 11/19/2021(a)		1,115		1,136
3.45%, 3/15/2022(a)		460		479
3.25%, 10/1/2022(a)		355		371
2.30%, 11/21/2022(a)		530		547
2.80%, 3/15/2023(a)		617		639
3.80%, 3/15/2025(a)		185		204
3.60%, 5/14/2025		265		292
3.20%, 5/14/2026		330		359
3.20%, 11/21/2029(a)		8,230		8,818
4.50%, 5/14/2035		580		689
4.05%, 11/21/2039(a)		8,640		9,696
4.63%, 10/1/2042(a)		150		179
4.40%, 11/6/2042		3,675		4,272
4.45%, 5/14/2046		640		741
4.25%, 11/21/2049(a)		6,780		7,768
Amgen, Inc.
2.30%, 2/25/2031		6,070		6,271
3.15%, 2/21/2040		3,460		3,612
3.38%, 2/21/2050		2,845		3,012
Biogen, Inc.
2.25%, 5/1/2030		420		426
3.15%, 5/1/2050		4,485		4,342
Gilead Sciences, Inc.
4.00%, 9/1/2036		2,120		2,586
4.80%, 4/1/2044		3,600		4,738
				61,177
Building Products — 0.1%
American Woodmark Corp. 4.88%, 3/15/2026(a)		105		102
Carrier Global Corp.
2.24%, 2/15/2025(a)		845		846
2.49%, 2/15/2027(a)		210		204
JELD-WEN, Inc. 4.88%, 12/15/2027(a)		110		103
Standard Industries, Inc. 5.00%, 2/15/2027(a)		170		175
				1,430

JPMorgan Corporate Bond 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)
Capital Markets — 6.6%
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)			2,770		2,850
Credit Suisse AG (Switzerland) 2.80%, 4/8/2022			2,870		2,974
Credit Suisse Group AG (Switzerland)
(USD Swap Semi 5 Year + 5.11%), 7.13%, 7/29/2022(c)(d)(e)(f)			390		402
(ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024(a)(c)			1,900		2,029
(SOFR + 1.56%), 2.59%, 9/11/2025(a)(c)			6,941		7,098
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%, 8/21/2026(a)(c)(d)(e)			570		577
4.28%, 1/9/2028(a)			3,705		4,054
(SOFR + 3.73%), 4.19%, 4/1/2031(a)(c)			6,785		7,526
Goldman Sachs Group, Inc. (The)
Series M, (ICE LIBOR USD 3 Month + 3.92%), 4.37%, 7/6/2020(c)(d)(e)			478		428
3.50%, 4/1/2025			11,735		12,595
3.50%, 11/16/2026			14,935		16,102
3.85%, 1/26/2027			1,295		1,427
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(c)			13,500		14,753
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029(c)			9,575		10,585
3.80%, 3/15/2030			640		708
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038(c)			725		806
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039(c)			2,500		2,872
Macquarie Bank Ltd. (Australia) 2.30%, 1/22/2025(a)			455		469
Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028(a)(c)			215		226
Mellon Capital IV Series 1, (ICE LIBOR USD 3 Month + 0.57%), 4.00%, 7/6/2020(c)(d)(e)			1,075		961
Morgan Stanley
Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 7/15/2020(c)(d)(e)			371		330
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024(c)			1,240		1,324
Series F, 3.88%, 4/29/2024			11,636		12,740
(SOFR + 1.15%), 2.72%, 7/22/2025(c)			7,540		7,907
3.88%, 1/27/2026			1,000		1,125
(SOFR + 1.99%), 2.19%, 4/28/2026(c)			5,715		5,871
1.88%, 4/27/2027	EUR		200		239
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028(c)			20,190		22,186
(SOFR + 1.14%), 2.70%, 1/22/2031(c)			4,525		4,656
(SOFR + 3.12%), 3.62%, 4/1/2031(c)			3,480		3,864
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038(c)			1,070		1,227
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 5.25%, 9/15/2020(c)(d)(e)			3,122		2,942
(SOFR + 2.60%), 2.90%, 3/30/2026(a)(c)			4,660		5,010
(ICE LIBOR USD 3 Month + 1.03%), 4.14%, 12/3/2029(c)			1,000		1,187
(SOFR + 2.65%), 3.15%, 3/30/2031(a)(c)			330		365
UBS AG (Switzerland)
1.75%, 4/21/2022(a)			2,675		2,719
7.63%, 8/17/2022			5,600		6,188
UBS Group AG (Switzerland)
(USD Swap Semi 5 Year + 5.50%), 6.87%, 3/22/2021(c)(d)(e)(f)			260		263
3.49%, 5/23/2023(a)			780		813
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025(c)(d)(e)(f)			450		490
4.13%, 9/24/2025(a)			750		837
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030(a)(c)			3,000		3,169
					174,894
Chemicals — 0.3%
Air Products and Chemicals, Inc.
2.05%, 5/15/2030			470		487
2.70%, 5/15/2040			3,300		3,422
2.80%, 5/15/2050			755		790
CF Industries, Inc. 4.95%, 6/1/2043			200		211
Chemours Co. (The) 7.00%, 5/15/2025			150		146
Dow Chemical Co. (The) 4.55%, 11/30/2025			2,000		2,234
Mosaic Co. (The) 4.05%, 11/15/2027			581		591
NOVA Chemicals Corp. (Canada) 5.25%, 6/1/2027(a)			200		169
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029			200		205
Valvoline, Inc. 4.38%, 8/15/2025(a)			170		173
					8,428

JPMorgan Corporate Bond 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)
Commercial Services & Supplies — 0.5%
ACCO Brands Corp. 5.25%, 12/15/2024(a)		170		171
ADT Security Corp. (The) 4.13%, 6/15/2023		200		201
Aramark Services, Inc. 4.75%, 6/1/2026		100		99
Brink’s Co. (The) 4.63%, 10/15/2027(a)		185		173
Nielsen Finance LLC 5.00%, 4/15/2022(a)		105		105
Prime Security Services Borrower LLC 5.75%, 4/15/2026(a)		127		131
Republic Services, Inc.
4.75%, 5/15/2023		1,250		1,389
3.38%, 11/15/2027		3,560		3,928
2.30%, 3/1/2030		1,420		1,467
3.05%, 3/1/2050		670		675
Waste Management, Inc. 4.00%, 7/15/2039		5,300		6,009
				14,348
Communications Equipment — 0.0%(b)
CommScope, Inc.
5.00%, 6/15/2021(a)		200		198
6.00%, 3/1/2026(a)		165		174
				372
Construction & Engineering — 0.0%(b)
MasTec, Inc. 4.88%, 3/15/2023		250		250
Consumer Finance — 1.0%
AerCap Ireland Capital DAC (Ireland)
4.45%, 12/16/2021		5,000		4,746
3.50%, 1/15/2025		2,265		1,920
Ally Financial, Inc. 5.75%, 11/20/2025		300		312
Avolon Holdings Funding Ltd. (Ireland)
3.95%, 7/1/2024(a)		5,000		4,126
2.88%, 2/15/2025(a)		2,546		1,949
4.38%, 5/1/2026(a)		490		399
General Motors Financial Co., Inc.
5.20%, 3/20/2023		6,000		6,246
4.15%, 6/19/2023		2,000		2,031
3.85%, 1/5/2028		155		150
John Deere Capital Corp. 2.25%, 9/14/2026		2,245		2,374
Navient Corp. 7.25%, 1/25/2022		200		199
Park Aerospace Holdings Ltd. (Ireland) 5.50%, 2/15/2024(a)		413		355
Springleaf Finance Corp. 7.13%, 3/15/2026		250		246
				25,053
Containers & Packaging — 0.0%(b)
Ardagh Packaging Finance plc 6.00%, 2/15/2025(a)		200		206
Berry Global, Inc. 4.88%, 7/15/2026(a)		300		314
International Paper Co. 4.35%, 8/15/2048		50		57
LABL Escrow Issuer LLC 6.75%, 7/15/2026(a)		30		31
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024(a)		200		199
Reynolds Group Issuer, Inc. 5.13%, 7/15/2023(a)		170		172
				979
Diversified Consumer Services — 0.2%
Duke University
Series 2020, 2.83%, 10/1/2055		4,260		4,441
Pepperdine University
Series 2020, 3.30%, 12/1/2059		190		197
President & Fellows of Harvard College 2.52%, 10/15/2050		640		663
Service Corp. International
4.63%, 12/15/2027		23		24
5.13%, 6/1/2029		250		270
University of Chicago (The)
Series 20B, 2.76%, 4/1/2045		770		780
William Marsh Rice University 2.60%, 5/15/2050		200		203
				6,578
Diversified Financial Services — 1.4%
CK Hutchison International 16 Ltd. (United Kingdom) 1.88%, 10/3/2021(a)		300		301
CK Hutchison International 17 II Ltd. (United Kingdom)
2.75%, 3/29/2023(a)		775		797
3.25%, 9/29/2027(a)		220		234
CK Hutchison International 19 Ltd. (United Kingdom) 3.25%, 4/11/2024(a)		635		674
EDP Finance BV (Portugal) 3.63%, 7/15/2024(a)		200		214
GE Capital Funding LLC 4.05%, 5/15/2027(a)		5,700		5,859
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/2020		610		614
3.37%, 11/15/2025		845		859
4.42%, 11/15/2035		2,695		2,691
Hutchison Whampoa International 14 Ltd. (United Kingdom) 3.63%, 10/31/2024(a)		243		261
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 3.41%, 2/28/2022(a)		305		311

JPMorgan Corporate Bond 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)
National Rural Utilities Cooperative Finance Corp.
3.25%, 11/1/2025		480		527
3.40%, 2/7/2028		1,715		1,913
Shell International Finance BV (Netherlands)
2.38%, 4/6/2025		5,230		5,571
2.38%, 11/7/2029		3,750		3,919
2.75%, 4/6/2030		8,895		9,622
4.55%, 8/12/2043		785		983
3.75%, 9/12/2046		60		68
Siemens Financieringsmaatschappij NV (Germany)
3.25%, 5/27/2025(a)		750		828
4.40%, 5/27/2045(a)		1,400		1,777
				38,023
Diversified Telecommunication Services — 3.7%
Altice France SA (France) 7.38%, 5/1/2026(a)		200		211
AT&T, Inc.
4.45%, 4/1/2024		745		824
2.95%, 7/15/2026		5,920		6,232
3.80%, 2/15/2027		3,795		4,146
2.30%, 6/1/2027		3,660		3,702
4.30%, 2/15/2030		5,000		5,681
2.75%, 6/1/2031		3,610		3,635
5.25%, 3/1/2037		115		140
3.50%, 6/1/2041		4,250		4,279
4.30%, 12/15/2042		7,548		8,336
4.80%, 6/15/2044		2,170		2,498
4.75%, 5/15/2046		1,935		2,256
5.15%, 11/15/2046		280		342
4.55%, 3/9/2049		1,395		1,582
Bell Canada, Inc. (Canada) 4.30%, 7/29/2049		500		603
CCO Holdings LLC
5.50%, 5/1/2026(a)		400		423
5.13%, 5/1/2027(a)		335		352
5.00%, 2/1/2028(a)		55		58
4.75%, 3/1/2030(a)		525		548
4.50%, 8/15/2030(a)		395		410
CenturyLink, Inc.
5.63%, 4/1/2025		130		134
5.13%, 12/15/2026(a)		185		187
Deutsche Telekom International Finance BV (Germany) 3.60%, 1/19/2027(a)		5,000		5,472
Embarq Corp. 8.00%, 6/1/2036		100		107
Level 3 Financing, Inc.
5.38%, 5/1/2025		230		236
4.63%, 9/15/2027(a)		119		122
Sprint Capital Corp. 8.75%, 3/15/2032		95		137
Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034		205		221
Telefonica Emisiones SA (Spain)
4.10%, 3/8/2027		5,470		6,062
4.67%, 3/6/2038		325		371
4.90%, 3/6/2048		530		620
Verizon Communications, Inc.
4.33%, 9/21/2028		13,410		16,015
4.02%, 12/3/2029		7,085		8,348
4.40%, 11/1/2034		235		288
4.27%, 1/15/2036		8,120		9,784
3.85%, 11/1/2042		55		64
4.13%, 8/15/2046		475		584
4.86%, 8/21/2046		2,500		3,354
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029(a)		200		210
Zayo Group Holdings, Inc. 4.00%, 3/1/2027(a)		100		99
				98,673
Electric Utilities — 6.9%
Alabama Power Co. 3.85%, 12/1/2042		90		104
Appalachian Power Co. 6.38%, 4/1/2036		135		169
Baltimore Gas & Electric Co. 3.20%, 9/15/2049		1,085		1,149
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028(a)		11,360		12,399
4.55%, 11/15/2030(a)		2,105		2,502
Commonwealth Edison Co.
4.70%, 1/15/2044		600		773
3.70%, 3/1/2045		2,960		3,342
3.65%, 6/15/2046		1,060		1,199
Series 123, 3.75%, 8/15/2047		1,250		1,450
3.00%, 3/1/2050		160		166
Duke Energy Carolinas LLC
2.95%, 12/1/2026		650		719
4.25%, 12/15/2041		2,500		3,038
3.20%, 8/15/2049		290		314
Duke Energy Florida LLC
3.80%, 7/15/2028		1,150		1,334
2.50%, 12/1/2029		420		449
3.40%, 10/1/2046		5,160		5,723
Duke Energy Indiana LLC
3.75%, 5/15/2046		1,633		1,876
2.75%, 4/1/2050		190		191
Duke Energy Ohio, Inc. 2.13%, 6/1/2030		1,800		1,850
Duke Energy Progress LLC
3.70%, 9/1/2028		2,630		3,028
3.70%, 10/15/2046		175		201
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027(a)		1,313		1,311
Edison International
2.40%, 9/15/2022		5,700		5,739
3.13%, 11/15/2022		2,130		2,193
2.95%, 3/15/2023		1,000		1,020
3.55%, 11/15/2024		2,990		3,113

JPMorgan Corporate Bond 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)
4.95%, 4/15/2025		5,250		5,721
4.13%, 3/15/2028		3,750		3,896
Emera US Finance LP (Canada)
2.70%, 6/15/2021		530		537
3.55%, 6/15/2026		1,986		2,160
4.75%, 6/15/2046		2,961		3,356
Enel Finance International NV (Italy)
4.25%, 9/14/2023(a)		3,820		4,120
4.63%, 9/14/2025(a)		1,243		1,411
3.50%, 4/6/2028(a)		320		340
4.88%, 6/14/2029(a)		620		733
6.00%, 10/7/2039(a)		2,923		3,743
Entergy Arkansas LLC
4.00%, 6/1/2028		240		274
4.95%, 12/15/2044		100		108
Entergy Louisiana LLC
2.40%, 10/1/2026		975		1,007
4.95%, 1/15/2045		462		502
Entergy Texas, Inc.
3.45%, 12/1/2027		432		466
4.00%, 3/30/2029		295		336
3.55%, 9/30/2049		485		527
Evergy Kansas Central, Inc. 3.25%, 9/1/2049		165		172
Evergy Metro, Inc. Series 2020, 2.25%, 6/1/2030		2,699		2,772
Evergy, Inc.
4.85%, 6/1/2021		2,020		2,077
2.90%, 9/15/2029		7,129		7,433
FirstEnergy Corp.
Series B, 4.25%, 3/15/2023		985		1,064
Series B, 3.90%, 7/15/2027		1,750		1,962
2.65%, 3/1/2030		224		234
Florida Power & Light Co.
4.95%, 6/1/2035		1,265		1,761
4.05%, 6/1/2042		250		311
3.70%, 12/1/2047		2,400		2,883
Fortis, Inc. (Canada) 3.06%, 10/4/2026		3,381		3,626
Interstate Power and Light Co. 2.30%, 6/1/2030		970		979
ITC Holdings Corp.
4.05%, 7/1/2023		427		457
3.25%, 6/30/2026		1,010		1,090
2.95%, 5/14/2030(a)		9,380		9,881
Jersey Central Power & Light Co. 4.30%, 1/15/2026(a)		1,000		1,146
Louisville Gas & Electric Co. 4.65%, 11/15/2043		235		286
Metropolitan Edison Co. 4.00%, 4/15/2025(a)		273		305
MidAmerican Energy Co. 4.25%, 5/1/2046		1,420		1,779
Mississippi Power Co. 3.95%, 3/30/2028		2,100		2,337
Narragansett Electric Co. (The) 3.40%, 4/9/2030(a)		520		583
NextEra Energy Capital Holdings, Inc.
3.15%, 4/1/2024		1,221		1,310
3.50%, 4/1/2029		120		136
2.25%, 6/1/2030		5,010		5,104
NRG Energy, Inc.
7.25%, 5/15/2026		161		173
4.45%, 6/15/2029(a)		220		237
NSTAR Electric Co. 3.20%, 5/15/2027		2,560		2,846
Ohio Power Co. 4.00%, 6/1/2049		110		131
Oncor Electric Delivery Co. LLC
2.75%, 5/15/2030(a)		2,200		2,393
3.70%, 5/15/2050(a)		305		365
PacifiCorp
2.70%, 9/15/2030		1,780		1,922
4.13%, 1/15/2049		1,145		1,391
3.30%, 3/15/2051		4,232		4,615
PECO Energy Co. 4.80%, 10/15/2043		135		172
Pennsylvania Electric Co.
3.25%, 3/15/2028(a)		455		488
3.60%, 6/1/2029(a)		420		464
Potomac Electric Power Co. 3.60%, 3/15/2024		120		130
Public Service Co. of Colorado
Series 35, 1.90%, 1/15/2031		3,395		3,430
Series 34, 3.20%, 3/1/2050		110		120
Series 36, 2.70%, 1/15/2051		1,720		1,724
Public Service Electric & Gas Co. 2.70%, 5/1/2050		1,920		1,918
Sierra Pacific Power Co. 2.60%, 5/1/2026		1,020		1,093
Southern California Edison Co.
Series E, 3.70%, 8/1/2025		680		745
Series B, 3.65%, 3/1/2028		335		371
2.25%, 6/1/2030		13,360		13,257
4.50%, 9/1/2040		170		195
Series 13-A, 3.90%, 3/15/2043		28		30
Series C, 3.60%, 2/1/2045		525		544
3.65%, 2/1/2050		65		68
Southern Co. (The) 4.25%, 7/1/2036		200		224
Southwestern Electric Power Co. Series J, 3.90%, 4/1/2045		550		582
Tucson Electric Power Co. 4.00%, 6/15/2050		729		834
Union Electric Co. 2.95%, 3/15/2030		4,507		4,939
Vistra Operations Co. LLC 5.00%, 7/31/2027(a)		227		237
Wisconsin Power & Light Co. 3.65%, 4/1/2050		160		180
Xcel Energy, Inc. 3.40%, 6/1/2030		200		223
				180,318

JPMorgan Corporate Bond 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)
Electrical Equipment — 0.0%(b)
Sensata Technologies BV 5.00%, 10/1/2025(a)		215		223
Electronic Equipment, Instruments & Components — 0.0%(b)
Anixter, Inc. 6.00%, 12/1/2025		20		21
CDW LLC 5.00%, 9/1/2025		165		170
				191
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027		3,055		3,171
Halliburton Co.
3.80%, 11/15/2025		8		8
4.85%, 11/15/2035		145		147
Schlumberger Holdings Corp. 3.90%, 5/17/2028(a)		830		866
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		25		24
				4,216
Entertainment — 0.4%
Live Nation Entertainment, Inc. 6.50%, 5/15/2027(a)		165		175
Netflix, Inc.
4.88%, 4/15/2028		50		53
5.88%, 11/15/2028		245		279
TWDC Enterprises 18 Corp. 3.00%, 7/30/2046		615		623
Walt Disney Co. (The)
2.00%, 9/1/2029		4,205		4,262
3.50%, 5/13/2040		1,500		1,641
2.75%, 9/1/2049		2,530		2,457
WMG Acquisition Corp. 5.00%, 8/1/2023(a)		100		101
				9,591
Equity Real Estate Investment Trusts (REITs) — 2.9%
Alexandria Real Estate Equities, Inc.
3.80%, 4/15/2026		1,662		1,822
4.90%, 12/15/2030		1,280		1,553
American Tower Corp.
5.00%, 2/15/2024		710		808
3.38%, 10/15/2026		1,580		1,740
2.75%, 1/15/2027		5,875		6,267
3.13%, 1/15/2027		1,827		1,955
3.95%, 3/15/2029		3,528		4,003
Crown Castle International Corp.
3.65%, 9/1/2027		2,500		2,752
3.30%, 7/1/2030		6,630		7,171
4.15%, 7/1/2050		665		764
ESH Hospitality, Inc. 5.25%, 5/1/2025(a)		25		24
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(a)		200		214
Healthcare Trust of America Holdings LP
3.50%, 8/1/2026		4,980		5,127
3.10%, 2/15/2030		5,000		4,752
Healthpeak Properties, Inc. 3.00%, 1/15/2030		5,960		5,787
Iron Mountain, Inc. 4.88%, 9/15/2029(a)		200		201
Life Storage LP 4.00%, 6/15/2029		2,725		2,818
MGM Growth Properties Operating Partnership LP 5.75%, 2/1/2027		185		194
Prologis LP
3.25%, 10/1/2026		2,000		2,206
2.25%, 4/15/2030		720		739
Scentre Group Trust 1 (Australia) 3.25%, 10/28/2025(a)		945		951
Simon Property Group LP
3.38%, 10/1/2024		2,900		2,960
3.25%, 9/13/2049		2,588		2,104
UDR, Inc.
2.95%, 9/1/2026		170		171
3.20%, 1/15/2030		3,230		3,379
3.00%, 8/15/2031		50		51
Ventas Realty LP
4.13%, 1/15/2026		500		503
3.85%, 4/1/2027		170		168
4.40%, 1/15/2029		155		158
5.70%, 9/30/2043		300		317
VICI Properties LP 4.25%, 12/1/2026(a)		150		149
WEA Finance LLC (France) 2.88%, 1/15/2027(a)		4,085		3,799
Welltower, Inc.
3.63%, 3/15/2024		4,100		4,193
4.00%, 6/1/2025		4,635		4,840
2.70%, 2/15/2027		290		279
3.10%, 1/15/2030		1,140		1,089
				76,008
Food & Staples Retailing — 0.9%
Albertsons Cos., Inc.
5.75%, 3/15/2025		110		113
4.88%, 2/15/2030(a)		330		342
Alimentation Couche-Tard, Inc. (Canada)
2.95%, 1/25/2030(a)		515		517
3.80%, 1/25/2050(a)		325		308
CK Hutchison International 20 Ltd. (United Kingdom)
2.50%, 5/8/2030(a)		4,065		4,092
3.38%, 5/8/2050(a)		1,480		1,573
Costco Wholesale Corp.
1.60%, 4/20/2030		5,250		5,291
1.75%, 4/20/2032		6,150		6,186
Kroger Co. (The) 3.88%, 10/15/2046		1,219		1,332
Walmart, Inc.
3.95%, 6/28/2038		2,770		3,420
3.63%, 12/15/2047		1,000		1,213
				24,387

JPMorgan Corporate Bond 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)
Food Products — 0.4%
Campbell Soup Co. 3.95%, 3/15/2025			2,805		3,114
Hershey Co. (The) 2.65%, 6/1/2050			1,720		1,744
Kraft Heinz Foods Co.
3.95%, 7/15/2025			200		210
4.38%, 6/1/2046			50		47
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026(a)			250		259
Mondelez International, Inc. 2.75%, 4/13/2030			3,000		3,162
Post Holdings, Inc. 4.63%, 4/15/2030(a)			345		340
Tyson Foods, Inc.
4.00%, 3/1/2026			615		695
3.55%, 6/2/2027			1,000		1,094
4.55%, 6/2/2047			215		260
					10,925
Gas Utilities — 0.7%
Atmos Energy Corp. 3.00%, 6/15/2027			2,900		3,134
Boston Gas Co.
3.15%, 8/1/2027(a)			7,560		8,096
3.00%, 8/1/2029(a)			120		127
Dominion Energy Gas Holdings LLC Series A, 2.50%, 11/15/2024			240		251
KeySpan Gas East Corp. 2.74%, 8/15/2026(a)			630		668
ONE Gas, Inc. 2.00%, 5/15/2030			810		822
Piedmont Natural Gas Co., Inc.
3.50%, 6/1/2029			3,740		4,203
3.35%, 6/1/2050			1,470		1,544
Southern California Gas Co. 4.45%, 3/15/2044			160		195
					19,040
Health Care Equipment & Supplies — 1.3%
Abbott Laboratories 4.90%, 11/30/2046			2,490		3,513
Becton Dickinson and Co.
3.36%, 6/6/2024			4,275		4,610
3.70%, 6/6/2027			3,135		3,505
2.82%, 5/20/2030			6,345		6,744
3.79%, 5/20/2050			2,200		2,471
Boston Scientific Corp.
1.90%, 6/1/2025			8,549		8,677
4.55%, 3/1/2039			1,180		1,430
Medtronic Global Holdings SCA 1.75%, 7/2/2049	EUR		315		342
Stryker Corp.
1.95%, 6/15/2030			1,500		1,492
2.90%, 6/15/2050			1,225		1,230
					34,014
Health Care Providers & Services — 3.6%
Aetna, Inc.
2.75%, 11/15/2022			5,663		5,870
4.13%, 11/15/2042			1,050		1,157
3.88%, 8/15/2047			985		1,080
Anthem, Inc.
2.38%, 1/15/2025			2,830		2,974
2.88%, 9/15/2029			3,940		4,234
4.63%, 5/15/2042			200		246
Centene Corp.
5.38%, 6/1/2026(a)			230		243
3.38%, 2/15/2030			420		423
Cigna Corp.
3.75%, 7/15/2023			113		123
3.50%, 6/15/2024(a)			5,195		5,610
3.40%, 3/1/2027(a)			760		834
3.05%, 10/15/2027(a)			2,360		2,537
4.38%, 10/15/2028			4,500		5,281
3.20%, 3/15/2040			3,955		4,162
3.40%, 3/15/2050			340		365
Cigna Holding Co. 3.25%, 4/15/2025			1,058		1,134
Cottage Health Obligated Group Series 2020, 3.30%, 11/1/2049			140		144
CVS Health Corp.
3.00%, 8/15/2026			1,240		1,354
4.30%, 3/25/2028			6,495		7,406
3.75%, 4/1/2030			3,405		3,811
4.13%, 4/1/2040			7,010		8,087
4.25%, 4/1/2050			1,785		2,093
DaVita, Inc. 5.00%, 5/1/2025			203		208
Encompass Health Corp. 4.50%, 2/1/2028			350		355
Express Scripts Holding Co. 3.90%, 2/15/2022			303		316
HCA, Inc.
4.75%, 5/1/2023			750		812
5.00%, 3/15/2024			2,320		2,556
5.25%, 4/15/2025			370		420
5.88%, 2/15/2026			50		56
4.50%, 2/15/2027			8,575		9,469
5.63%, 9/1/2028			400		459
5.88%, 2/1/2029			165		192
4.13%, 6/15/2029			2,900		3,150
5.25%, 6/15/2049			789		929
Memorial Health Services 3.45%, 11/1/2049			260		257
Tenet Healthcare Corp.
4.63%, 7/15/2024			300		303
4.88%, 1/1/2026(a)			173		178
6.25%, 2/1/2027(a)			55		57
Texas Health Resources Series 2019, 3.37%, 11/15/2051			135		137
UnitedHealth Group, Inc. 3.10%, 3/15/2026			1,775		1,971

JPMorgan Corporate Bond 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)
2.88%, 8/15/2029		3,915		4,365
3.50%, 8/15/2039		200		230
2.75%, 5/15/2040		946		983
4.20%, 1/15/2047		6,205		7,715
				94,286
Health Care Technology — 0.0%(b)
IQVIA, Inc. 5.00%, 5/15/2027(a)		200		209
Hotels, Restaurants & Leisure — 0.4%
1011778 BC ULC (Canada) 5.00%, 10/15/2025(a)		100		101
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/2024		200		200
5.13%, 5/1/2026		30		30
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		14		14
Marriott International, Inc. Series EE, 5.75%, 5/1/2025		100		108
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		30		30
McDonald’s Corp.
3.70%, 2/15/2042		520		574
3.63%, 5/1/2043		575		626
3.63%, 9/1/2049		980		1,066
4.20%, 4/1/2050		120		142
MGM Resorts International
6.00%, 3/15/2023		250		251
4.63%, 9/1/2026		35		33
Sabre GLBL, Inc. 5.38%, 4/15/2023(a)		100		95
Six Flags Entertainment Corp. 5.50%, 4/15/2027(a)		30		28
Starbucks Corp.
2.55%, 11/15/2030		3,315		3,386
3.75%, 12/1/2047		215		226
3.35%, 3/12/2050		3,500		3,469
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		180		174
Wynn Resorts Finance LLC 5.13%, 10/1/2029(a)		180		173
Yum! Brands, Inc. 7.75%, 4/1/2025(a)		155		171
				10,897
Household Durables — 0.0%(b)
Lennar Corp.
4.75%, 11/15/2022(g)		75		78
4.50%, 4/30/2024		100		106
Newell Brands, Inc. 4.70%, 4/1/2026(g)		278		287
Tempur Sealy International, Inc. 5.50%, 6/15/2026		230		231
				702
Household Products — 0.4%
Central Garden & Pet Co. 5.13%, 2/1/2028		250		256
Clorox Co. (The) 1.80%, 5/15/2030		3,130		3,157
Energizer Holdings, Inc. 7.75%, 1/15/2027(a)		235		256
Kimberly-Clark Corp. 3.10%, 3/26/2030		3,000		3,425
Procter & Gamble Co. (The) 3.55%, 3/25/2040		1,430		1,725
Reckitt Benckiser Treasury Services plc (United Kingdom)
2.38%, 6/24/2022(a)		270		278
2.75%, 6/26/2024(a)		1,180		1,246
3.00%, 6/26/2027(a)		800		861
Spectrum Brands, Inc.
5.75%, 7/15/2025		200		207
5.00%, 10/1/2029(a)		200		195
				11,606
Independent Power and Renewable Electricity Producers — 0.6%
AES Corp. (The)
3.30%, 7/15/2025(a)		4,110		4,173
6.00%, 5/15/2026		200		212
3.95%, 7/15/2030(a)		1,575		1,581
Calpine Corp. 5.25%, 6/1/2026(a)		165		171
Exelon Generation Co. LLC 3.25%, 6/1/2025		6,860		7,101
Southern Power Co.
4.15%, 12/1/2025		1,000		1,130
5.15%, 9/15/2041		175		189
Series F, 4.95%, 12/15/2046		1,110		1,196
				15,753
Industrial Conglomerates — 0.9%
General Electric Co.
2.70%, 10/9/2022		130		133
3.10%, 1/9/2023		125		129
3.45%, 5/1/2027		8,895		8,807
3.63%, 5/1/2030		6,120		6,052
4.13%, 10/9/2042		2,447		2,254
Honeywell International, Inc. 2.80%, 6/1/2050		1,540		1,615
Roper Technologies, Inc. 2.95%, 9/15/2029		3,280		3,477
				22,467
Insurance — 1.1%
Aflac, Inc.
3.60%, 4/1/2030		798		921
4.00%, 10/15/2046		1,377		1,528
American International Group, Inc.
3.40%, 6/30/2030		3,000		3,148
3.88%, 1/15/2035		865		942
Berkshire Hathaway Finance Corp.
1.85%, 3/12/2030		1,000		1,027
4.30%, 5/15/2043		1,320		1,662
4.20%, 8/15/2048		7,240		8,990
4.25%, 1/15/2049		80		100
Guardian Life Insurance Co. of America (The)
4.88%, 6/19/2064(a)		530		663
3.70%, 1/22/2070(a)		565		539

JPMorgan Corporate Bond 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)
Harborwalk Funding Trust (ICE LIBOR USD 3 Month + 3.19%), 5.08%, 2/15/2069(a)(c)			155		183
MetLife, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.58%), 5.25%, 7/6/2020(c)(d)(e)			1,400		1,253
6.40%, 12/15/2036			750		869
4.13%, 8/13/2042			315		361
New York Life Insurance Co. 3.75%, 5/15/2050(a)			450		505
Northwestern Mutual Life Insurance Co. (The) 3.85%, 9/30/2047(a)			280		317
Pricoa Global Funding I 3.45%, 9/1/2023(a)			590		633
Prudential Financial, Inc.
3.00%, 3/10/2040			305		305
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043(c)			200		207
3.91%, 12/7/2047			35		37
3.94%, 12/7/2049			170		181
3.70%, 3/13/2051			1,250		1,313
Reliance Standard Life Global Funding II
2.63%, 7/22/2022(a)			343		347
3.85%, 9/19/2023(a)			390		414
Swiss Re Finance Luxembourg SA (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049(a)(c)			200		220
Teachers Insurance & Annuity Association of America
4.27%, 5/15/2047(a)			480		564
(ICE LIBOR USD 3 Month + 2.66%), 4.38%, 9/15/2054(a)(c)			1,050		1,103
Travelers Cos., Inc. (The) 2.55%, 4/27/2050			930		903
					29,235
Internet & Direct Marketing Retail — 0.4%
Amazon.com, Inc. 3.88%, 8/22/2037			7,705		9,447
IT Services — 1.6%
Fidelity National Information Services, Inc. 3.75%, 5/21/2029			526		608
Fiserv, Inc. 3.50%, 7/1/2029			1,240		1,368
Gartner, Inc. 5.13%, 4/1/2025(a)			170		173
Global Payments, Inc.
2.65%, 2/15/2025			310		326
3.20%, 8/15/2029			1,140		1,205
2.90%, 5/15/2030			2,110		2,188
International Business Machines Corp.
1.70%, 5/15/2027			8,890		9,022
1.95%, 5/15/2030			4,070		4,065
2.85%, 5/15/2040			7,450		7,539
2.95%, 5/15/2050			1,000		1,007
Mastercard, Inc. 3.35%, 3/26/2030			6,600		7,640
VeriSign, Inc. 5.25%, 4/1/2025			150		165
Visa, Inc. 2.70%, 4/15/2040			7,055		7,480
					42,786
Leisure Products — 0.0%(b)
Mattel, Inc. 6.75%, 12/31/2025(a)			240		250
Life Sciences Tools & Services — 0.2%
Avantor, Inc. 6.00%, 10/1/2024(a)			200		210
Thermo Fisher Scientific, Inc.
4.50%, 3/25/2030			4,600		5,620
1.88%, 10/1/2049	EUR		335		360
					6,190
Machinery — 0.5%
Caterpillar, Inc. 3.25%, 4/9/2050			1,800		1,979
Deere & Co. 3.10%, 4/15/2030			3,445		3,869
Otis Worldwide Corp.
2.57%, 2/15/2030(a)			4,090		4,132
3.36%, 2/15/2050(a)			150		151
SPX FLOW, Inc. 5.88%, 8/15/2026(a)			170		171
Stanley Black & Decker, Inc. 3.40%, 3/1/2026			3,000		3,283
					13,585
Media — 4.0%
Altice Financing SA (Luxembourg) 7.50%, 5/15/2026(a)			200		211
Charter Communications Operating LLC
4.91%, 7/23/2025			1,015		1,162
2.80%, 4/1/2031			4,470		4,469
5.38%, 5/1/2047			365		432
5.75%, 4/1/2048			120		148
5.13%, 7/1/2049			4,975		5,773
4.80%, 3/1/2050			4,015		4,471
3.70%, 4/1/2051			3,500		3,374
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027(a)			255		255
Comcast Corp.
2.35%, 1/15/2027			7,604		8,040
3.30%, 4/1/2027			1,025		1,137
4.15%, 10/15/2028			8,000		9,464
3.40%, 4/1/2030			10,195		11,495
3.20%, 7/15/2036			3,775		4,067

JPMorgan Corporate Bond 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)
3.90%, 3/1/2038		593		691
3.25%, 11/1/2039		385		421
3.75%, 4/1/2040		9,525		10,916
3.40%, 7/15/2046		200		219
3.45%, 2/1/2050		2,490		2,759
4.05%, 11/1/2052		260		311
Cox Communications, Inc.
3.35%, 9/15/2026(a)		450		488
3.50%, 8/15/2027(a)		2,000		2,160
4.80%, 2/1/2035(a)		1,070		1,296
4.60%, 8/15/2047(a)		105		123
CSC Holdings LLC
5.50%, 4/15/2027(a)		200		212
5.75%, 1/15/2030(a)		200		211
Diamond Sports Group LLC 5.38%, 8/15/2026(a)		25		20
Discovery Communications LLC
3.95%, 3/20/2028		5,405		5,835
4.13%, 5/15/2029		1,190		1,273
3.63%, 5/15/2030		2,550		2,694
4.95%, 5/15/2042		265		283
5.30%, 5/15/2049		80		91
DISH DBS Corp.
5.00%, 3/15/2023		435		433
5.88%, 11/15/2024		70		69
Fox Corp. 3.50%, 4/8/2030		4,690		5,034
Gray Television, Inc. 7.00%, 5/15/2027(a)		75		79
iHeartCommunications, Inc. 5.25%, 8/15/2027(a)		250		245
Lamar Media Corp.
5.75%, 2/1/2026		200		208
4.00%, 2/15/2030(a)		50		48
Midcontinent Communications 5.38%, 8/15/2027(a)		170		173
Nexstar Broadcasting, Inc. 5.63%, 7/15/2027(a)		250		256
Sirius XM Radio, Inc.
5.38%, 4/15/2025(a)		32		33
5.00%, 8/1/2027(a)		325		339
Time Warner Cable LLC
5.88%, 11/15/2040		2,140		2,627
5.50%, 9/1/2041		620		731
4.50%, 9/15/2042		520		557
ViacomCBS, Inc.
4.75%, 5/15/2025		7,000		7,702
4.38%, 3/15/2043		80		76
4.60%, 1/15/2045		1,700		1,645
Videotron Ltd. (Canada) 5.13%, 4/15/2027(a)		327		344
				105,100
Metals & Mining — 0.6%
Alcoa Nederland Holding BV 6.13%, 5/15/2028(a)		200		195
Arconic Corp. 6.13%, 2/15/2028(a)		85		83
Freeport-McMoRan, Inc.
3.88%, 3/15/2023		200		201
4.55%, 11/14/2024		14		14
5.45%, 3/15/2043		200		198
Glencore Finance Canada Ltd. (Switzerland) 5.55%, 10/25/2042(a)(g)		310		328
Glencore Funding LLC (Switzerland)
4.63%, 4/29/2024(a)		2,750		2,942
4.00%, 3/27/2027(a)		4,010		4,211
Newcrest Finance Pty. Ltd. (Australia)
3.25%, 5/13/2030(a)		4,400		4,592
4.20%, 5/13/2050(a)		410		442
Nucor Corp. 2.00%, 6/1/2025		1,330		1,354
				14,560
Multiline Retail — 0.1%
Macy’s, Inc. 8.38%, 6/15/2025(a)		170		172
Nordstrom, Inc. 8.75%, 5/15/2025(a)		160		172
Target Corp. 2.65%, 9/15/2030		3,270		3,556
				3,900
Multi-Utilities — 2.6%
Ameren Corp.
2.50%, 9/15/2024		617		656
3.50%, 1/15/2031		7,680		8,532
Berkshire Hathaway Energy Co.
4.05%, 4/15/2025(a)		1,107		1,249
3.70%, 7/15/2030(a)		15,880		18,257
CenterPoint Energy, Inc.
Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023(c)(d)(e)		1,949		1,852
2.95%, 3/1/2030		517		544
CMS Energy Corp.
2.95%, 2/15/2027		6,000		6,240
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050(c)		3,020		3,088
Dominion Energy, Inc.
2.72%, 8/15/2021(g)		210		214
3.90%, 10/1/2025		2,230		2,482
Series D, 2.85%, 8/15/2026		2,334		2,461
Series C, 4.05%, 9/15/2042		160		174
NiSource, Inc.
2.95%, 9/1/2029		3,330		3,575
3.60%, 5/1/2030		5,022		5,675
Puget Energy, Inc.
6.00%, 9/1/2021		1,400		1,472
4.10%, 6/15/2030(a)		3,200		3,391
San Diego Gas & Electric Co.
2.50%, 5/15/2026		210		222
4.30%, 4/1/2042		315		362
Series TTT, 4.10%, 6/15/2049		240		283

JPMorgan Corporate Bond 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)
3.32%, 4/15/2050		720		767
Southern Co. Gas Capital Corp. 3.25%, 6/15/2026		6,000		6,336
				67,832
Oil, Gas & Consumable Fuels — 7.9%
BP Capital Markets America, Inc.
3.41%, 2/11/2026		185		203
3.02%, 1/16/2027		827		887
3.54%, 4/6/2027		16,375		17,841
4.23%, 11/6/2028		1,965		2,279
3.00%, 2/24/2050		1,045		1,018
BP Capital Markets plc (United Kingdom) 3.28%, 9/19/2027		340		369
Buckeye Partners LP 5.60%, 10/15/2044		115		95
Cameron LNG LLC
2.90%, 7/15/2031(a)		40		41
3.30%, 1/15/2035(a)		400		425
Chevron Corp.
2.00%, 5/11/2027		2,210		2,307
2.98%, 5/11/2040		940		1,006
Cimarex Energy Co. 3.90%, 5/15/2027		220		215
Columbia Pipeline Group, Inc. 4.50%, 6/1/2025		3,674		4,123
Concho Resources, Inc. 3.75%, 10/1/2027		5,006		5,240
Diamondback Energy, Inc.
2.88%, 12/1/2024		2,091		2,033
4.75%, 5/31/2025		1,310		1,371
3.25%, 12/1/2026		976		948
3.50%, 12/1/2029		2,052		1,998
Enbridge, Inc. (Canada)
3.50%, 6/10/2024		650		692
3.13%, 11/15/2029		11,495		11,909
4.50%, 6/10/2044		375		388
Energy Transfer Operating LP
2.90%, 5/15/2025		4,160		4,149
4.75%, 1/15/2026		245		261
4.20%, 4/15/2027		2,944		3,013
3.75%, 5/15/2030		2,400		2,366
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030(c)(d)(e)		255		210
5.80%, 6/15/2038		1,700		1,753
6.05%, 6/1/2041		170		179
5.15%, 2/1/2043		280		265
5.15%, 3/15/2045		750		721
5.00%, 5/15/2050		2,000		1,916
Eni SpA (Italy)
Series X-R, 4.00%, 9/12/2023(a)		2,850		3,016
Series X-R, 4.75%, 9/12/2028(a)		205		226
4.25%, 5/9/2029(a)		400		423
Enterprise Products Operating LLC
2.80%, 1/31/2030		1,000		1,036
4.45%, 2/15/2043		5,665		6,165
4.25%, 2/15/2048		225		243
3.70%, 1/31/2051		3,835		3,858
Equinor ASA (Norway)
1.75%, 1/22/2026		1,200		1,226
2.38%, 5/22/2030		1,230		1,268
Exxon Mobil Corp.
2.99%, 3/19/2025		1,480		1,620
3.48%, 3/19/2030		320		363
2.61%, 10/15/2030		9,650		10,269
3.00%, 8/16/2039		375		398
3.10%, 8/16/2049		260		270
4.33%, 3/19/2050		170		211
3.45%, 4/15/2051		1,500		1,640
Hess Corp. 5.80%, 4/1/2047		435		437
Kinder Morgan Energy Partners LP
3.50%, 3/1/2021		2,250		2,276
5.00%, 10/1/2021		2,500		2,594
4.70%, 11/1/2042		2,655		2,872
Kinder Morgan, Inc. 5.30%, 12/1/2034		240		276
Magellan Midstream Partners LP 3.95%, 3/1/2050		3,000		2,963
Marathon Petroleum Corp.
4.50%, 5/1/2023		7,192		7,645
4.75%, 9/15/2044		143		145
MEG Energy Corp. (Canada) 6.50%, 1/15/2025(a)		25		25
MPLX LP
Series WI, 4.50%, 7/15/2023		300		315
4.88%, 12/1/2024		2,000		2,146
4.00%, 3/15/2028		1,000		1,029
4.50%, 4/15/2038		2,402		2,382
4.70%, 4/15/2048		295		299
Newfield Exploration Co. 5.75%, 1/30/2022		250		241
Noble Energy, Inc.
3.90%, 11/15/2024		2,000		1,977
3.85%, 1/15/2028		123		112
4.95%, 8/15/2047		3,000		2,563
4.20%, 10/15/2049		605		490
ONEOK, Inc.
5.85%, 1/15/2026		2,000		2,210
3.40%, 9/1/2029		1,405		1,299
4.45%, 9/1/2049		1,255		1,146
Phillips 66 4.88%, 11/15/2044		29		36
Phillips 66 Partners LP
2.45%, 12/15/2024		4,500		4,433
3.15%, 12/15/2029		2,725		2,667
4.90%, 10/1/2046		120		128
Plains All American Pipeline LP
3.65%, 6/1/2022		2,500		2,504
4.65%, 10/15/2025		355		364

JPMorgan Corporate Bond 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)
4.50%, 12/15/2026		180		183
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030(a)		3,850		4,214
Spectra Energy Partners LP 3.38%, 10/15/2026		200		211
Suncor Energy, Inc. (Canada)
3.60%, 12/1/2024		210		222
3.10%, 5/15/2025		10,290		10,770
Sunoco Logistics Partners Operations LP
4.00%, 10/1/2027		330		331
5.30%, 4/1/2044		1,330		1,312
5.35%, 5/15/2045		330		322
Targa Resources Partners LP 5.00%, 1/15/2028		30		29
Total Capital International SA (France)
3.46%, 2/19/2029		4,755		5,295
2.83%, 1/10/2030		4,610		4,940
3.46%, 7/12/2049		410		439
3.13%, 5/29/2050		1,830		1,849
Total Capital SA (France) 3.88%, 10/11/2028		2,420		2,783
TransCanada PipeLines Ltd. (Canada)
4.25%, 5/15/2028		3,020		3,425
4.63%, 3/1/2034		468		536
Transcanada Trust (Canada)
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076(c)		600		615
(ICE LIBOR USD 3 Month + 4.15%), 5.50%, 9/15/2079(c)		277		270
Transcontinental Gas Pipe Line Co. LLC 3.25%, 5/15/2030(a)		8,000		8,513
Valero Energy Corp. 2.70%, 4/15/2023		2,270		2,349
Williams Cos., Inc. (The)
3.60%, 3/15/2022		6,042		6,218
3.35%, 8/15/2022		3,455		3,568
				206,421
Paper & Forest Products — 0.2%
Georgia-Pacific LLC 1.75%, 9/30/2025(a)		5,500		5,618
Personal Products — 0.1%
Edgewell Personal Care Co. 5.50%, 6/1/2028(a)		165		171
Estee Lauder Cos., Inc. (The) 2.38%, 12/1/2029		2,960		3,136
Prestige Brands, Inc. 6.38%, 3/1/2024(a)		45		46
				3,353
Pharmaceuticals — 3.5%
AstraZeneca plc (United Kingdom)
3.13%, 6/12/2027		4,000		4,368
4.00%, 1/17/2029		515		608
4.00%, 9/18/2042		230		281
Bausch Health Americas, Inc. 9.25%, 4/1/2026(a)		335		372
Bausch Health Cos., Inc.
6.13%, 4/15/2025(a)		155		157
5.50%, 11/1/2025(a)		200		207
5.75%, 8/15/2027(a)		125		134
Bristol-Myers Squibb Co.
3.88%, 8/15/2025(a)		7,327		8,325
3.45%, 11/15/2027(a)		3,078		3,521
4.35%, 11/15/2047(a)		1,250		1,616
4.25%, 10/26/2049(a)		3,140		4,129
Elanco Animal Health, Inc. 4.66%, 8/27/2021(g)		75		76
Eli Lilly and Co.
3.70%, 3/1/2045		1,000		1,170
2.25%, 5/15/2050		5,350		5,034
EMD Finance LLC (Germany) 3.25%, 3/19/2025(a)		2,000		2,146
Johnson & Johnson 3.40%, 1/15/2038		570		664
Merck & Co., Inc. 3.70%, 2/10/2045		4,087		4,929
Novartis Capital Corp. (Switzerland)
2.20%, 8/14/2030		3,455		3,648
3.70%, 9/21/2042		1,580		1,895
4.00%, 11/20/2045		115		145
2.75%, 8/14/2050		2,500		2,627
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(a)		100		102
Pfizer, Inc.
3.60%, 9/15/2028		678		798
2.63%, 4/1/2030		5,620		6,116
1.70%, 5/28/2030		6,299		6,322
2.55%, 5/28/2040		4,245		4,291
2.70%, 5/28/2050		3,380		3,406
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		405		447
Takeda Pharmaceutical Co. Ltd. (Japan)
4.00%, 11/26/2021		650		680
4.40%, 11/26/2023		2,750		3,055
5.00%, 11/26/2028		7,650		9,372
Zoetis, Inc.
4.50%, 11/13/2025		755		869
3.00%, 9/12/2027		1,475		1,614
2.00%, 5/15/2030		4,180		4,208
4.70%, 2/1/2043		130		166
3.00%, 5/15/2050		4,595		4,728
				92,226
Road & Rail — 1.4%
Avis Budget Car Rental LLC 6.38%, 4/1/2024(a)		35		29
Burlington Northern Santa Fe LLC
5.15%, 9/1/2043		1,260		1,684
3.90%, 8/1/2046		625		734
3.05%, 2/15/2051		8,955		9,286

JPMorgan Corporate Bond 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)
Canadian Pacific Railway Co. (Canada) 3.70%, 2/1/2026		500		549
CSX Corp.
3.25%, 6/1/2027		2,030		2,241
2.40%, 2/15/2030		2,365		2,473
3.80%, 11/1/2046		290		320
3.80%, 4/15/2050		2,460		2,858
Hertz Corp. (The) 5.50%, 10/15/2024(a)		35		6
Norfolk Southern Corp.
3.80%, 8/1/2028		2,000		2,271
3.95%, 10/1/2042		575		647
3.05%, 5/15/2050		5,766		5,844
Union Pacific Corp.
3.60%, 9/15/2037		70		77
4.38%, 9/10/2038		265		319
3.55%, 8/15/2039		1,580		1,746
4.30%, 6/15/2042		255		300
3.35%, 8/15/2046		1,795		1,869
3.25%, 2/5/2050		3,500		3,702
				36,955
Semiconductors & Semiconductor Equipment — 1.3%
Broadcom, Inc.
3.15%, 11/15/2025(a)		10,120		10,488
3.46%, 9/15/2026(a)		3,057		3,140
4.11%, 9/15/2028(a)		2,315		2,433
4.15%, 11/15/2030(a)		3,725		3,872
Intel Corp. 2.45%, 11/15/2029		2,500		2,679
Microchip Technology, Inc. 4.25%, 9/1/2025(a)		170		171
NXP BV (Netherlands)
4.13%, 6/1/2021(a)		1,870		1,924
4.63%, 6/15/2022(a)		400		421
4.63%, 6/1/2023(a)		323		348
QUALCOMM, Inc.
2.15%, 5/20/2030		5,350		5,487
3.25%, 5/20/2050		460		492
Texas Instruments, Inc. 1.75%, 5/4/2030		2,385		2,431
				33,886
Software — 2.0%
CDK Global, Inc. 4.88%, 6/1/2027		230		239
Microsoft Corp.
3.50%, 2/12/2035		270		327
4.20%, 11/3/2035		4,660		6,118
3.45%, 8/8/2036		9,005		10,622
3.50%, 11/15/2042		365		440
3.75%, 2/12/2045		410		511
3.70%, 8/8/2046		2,550		3,182
Nuance Communications, Inc. 5.63%, 12/15/2026		100		106
Oracle Corp.
2.50%, 4/1/2025		420		446
2.80%, 4/1/2027		7,355		7,975
3.90%, 5/15/2035		614		728
3.85%, 7/15/2036		311		360
3.80%, 11/15/2037		3,135		3,566
3.60%, 4/1/2040		6,890		7,619
3.60%, 4/1/2050		8,380		9,335
SS&C Technologies, Inc. 5.50%, 9/30/2027(a)		30		32
				51,606
Specialty Retail — 1.3%
Home Depot, Inc. (The)
2.50%, 4/15/2027		1,000		1,089
3.30%, 4/15/2040		9,900		11,056
3.13%, 12/15/2049		1,990		2,172
3.35%, 4/15/2050		1,500		1,695
Lowe’s Cos., Inc. 4.50%, 4/15/2030		8,935		10,749
Penske Automotive Group, Inc. 5.50%, 5/15/2026		100		99
PetSmart, Inc.
7.13%, 3/15/2023(a)		175		170
5.88%, 6/1/2025(a)		165		165
Staples, Inc. 7.50%, 4/15/2026(a)		150		131
TJX Cos., Inc. (The) 3.50%, 4/15/2025		5,745		6,419
				33,745
Technology Hardware, Storage & Peripherals — 0.9%
Apple, Inc.
3.85%, 5/4/2043		1,030		1,268
3.45%, 2/9/2045		1,975		2,285
2.95%, 9/11/2049		3,225		3,484
2.65%, 5/11/2050		7,705		7,903
Dell International LLC
6.02%, 6/15/2026(a)		6,687		7,553
4.90%, 10/1/2026(a)		1,191		1,287
EMC Corp. 3.38%, 6/1/2023		174		175
NCR Corp. 5.75%, 9/1/2027(a)		280		278
Western Digital Corp. 4.75%, 2/15/2026		350		368
				24,601
Textiles, Apparel & Luxury Goods — 0.3%
NIKE, Inc.
3.25%, 3/27/2040		4,435		4,947
3.38%, 3/27/2050		1,520		1,757
				6,704
Thrifts & Mortgage Finance — 1.1%
BPCE SA (France)
3.00%, 5/22/2022(a)		4,541		4,661
5.70%, 10/22/2023(a)		11,000		12,067
4.63%, 7/11/2024(a)		1,550		1,650
5.15%, 7/21/2024(a)		3,415		3,734
2.38%, 1/14/2025(a)		1,885		1,906
4.88%, 4/1/2026(a)		200		222
3.38%, 12/2/2026		250		274
3.25%, 1/11/2028(a)		250		268

JPMorgan Corporate Bond 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)
2.70%, 10/1/2029(a)			315		331
Nationwide Building Society (United Kingdom)
(ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023(a)(c)			360		371
(ICE LIBOR USD 3 Month + 1.06%), 3.77%, 3/8/2024(a)(c)			200		210
(ICE LIBOR USD 3 Month + 1.39%), 4.36%, 8/1/2024(a)(c)			200		214
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.39%), 5.88%, 12/20/2024(c)(d)(e)(f)	GBP		200		246
(USD ICE Swap Rate 5 Year + 1.85%), 4.12%, 10/18/2032(a)(c)			2,500		2,576
					28,730
Tobacco — 2.5%
Altria Group, Inc.
4.40%, 2/14/2026			72		82
4.80%, 2/14/2029			10,500		12,026
3.40%, 5/6/2030			280		295
3.88%, 9/16/2046			5,915		5,816
4.45%, 5/6/2050			2,700		2,915
BAT Capital Corp. (United Kingdom)
3.22%, 9/6/2026			985		1,026
4.70%, 4/2/2027			4,000		4,474
3.56%, 8/15/2027			10,270		10,791
3.46%, 9/6/2029			2,750		2,827
4.91%, 4/2/2030			5,350		6,134
4.39%, 8/15/2037			4,665		4,896
Imperial Brands Finance plc (United Kingdom)
3.13%, 7/26/2024(a)			835		848
4.25%, 7/21/2025(a)			1,000		1,060
3.50%, 7/26/2026(a)			1,877		1,922
Philip Morris International, Inc.
1.50%, 5/1/2025			2,900		2,960
2.10%, 5/1/2030			5,470		5,512
4.38%, 11/15/2041			1,475		1,725
3.88%, 8/21/2042			650		719
4.13%, 3/4/2043			650		736
					66,764
Trading Companies & Distributors — 0.6%
Air Lease Corp.
3.50%, 1/15/2022			6,000		5,742
3.25%, 3/1/2025			5,600		5,183
3.63%, 4/1/2027			3,355		2,949
3.63%, 12/1/2027			365		324
3.00%, 2/1/2030			39		33
Herc Holdings, Inc. 5.50%, 7/15/2027(a)			70		68
United Rentals North America, Inc.
6.50%, 12/15/2026			200		214
5.50%, 5/15/2027			200		212
4.88%, 1/15/2028			30		31
					14,756
Water Utilities — 0.3%
American Water Capital Corp.
3.75%, 9/1/2028			2,000		2,282
2.80%, 5/1/2030			5,650		6,030
3.45%, 5/1/2050			300		329
					8,641
Wireless Telecommunication Services — 1.9%
America Movil SAB de CV (Mexico) 3.63%, 4/22/2029			435		475
Hughes Satellite Systems Corp. 5.25%, 8/1/2026			165		171
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049			2,850		3,162
Sprint Corp.
7.13%, 6/15/2024			200		227
7.63%, 2/15/2025			300		349
7.63%, 3/1/2026			55		66
T-Mobile USA, Inc.
6.38%, 3/1/2025			150		155
3.50%, 4/15/2025(a)			1,010		1,082
3.75%, 4/15/2027(a)			24,470		26,457
4.75%, 2/1/2028			305		324
3.88%, 4/15/2030(a)			2,395		2,596
4.38%, 4/15/2040(a)			2,210		2,437
Vodafone Group plc (United Kingdom)
4.13%, 5/30/2025			560		633
4.38%, 5/30/2028			1,500		1,755
5.00%, 5/30/2038			305		373
4.38%, 2/19/2043			500		565
4.25%, 9/17/2050			8,420		9,667
					50,494
TOTAL CORPORATE BONDS (Cost $2,505,568)					2,572,795
ASSET-BACKED SECURITIES — 0.2%
Air Canada Pass-Through Trust (Canada) Series 2017-1, Class AA, 3.30%, 1/15/2030(a)			194		169
American Airlines Pass-Through Trust Series 2016-2, Class AA, 3.20%, 6/15/2028			179		161
Series 2019-1, Class AA, 3.15%, 2/15/2032			335		299
British Airways Pass-Through Trust (United Kingdom) Series 2019-1, Class AA, 3.30%, 12/15/2032(a)			130		113
Delta Air Lines Pass-Through Trust Series 2019-1, Class AA, 3.20%, 4/25/2024			160		151

JPMorgan Corporate Bond 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 Airlines Pass-Through Trust
Series 2016-2, Class AA, 2.88%, 10/7/2028		5,207		4,741
Series 2019-1, Class AA, 4.15%, 8/25/2031		149		140
Series 2019-2, Class AA, 2.70%, 5/1/2032		130		116
TOTAL ASSET-BACKED SECURITIES (Cost $5,913)				5,890
	Shares (000)
PREFERRED STOCKS — 0.1%
Banks — 0.1%
Wells Fargo & Co. Series Z, 4.75%, 3/15/2025 ($25 par value)(h)		114		2,712
Electric Utilities — 0.0%(b)
SCE Trust II 5.10%, 5/5/2020 ($25 par value)(h)		19		451
SCE Trust VI 5.00%, 6/26/2022 ($25 par value)(h)		10		213
Southern Co. (The) Series 2020, 4.95%, 1/30/2080 ($25 par value)		9		216
				880
TOTAL PREFERRED STOCKS (Cost $3,550)				3,592
	Principal Amount (000)
U.S. TREASURY OBLIGATIONS — 0.0%(b)
U.S. Treasury Bonds
4.50%, 2/15/2036		160		245
2.00%, 2/15/2050		175		200
TOTAL U.S. TREASURY OBLIGATIONS (Cost $405)				445
MUNICIPAL BONDS — 0.0%(b)(i)
Colorado — 0.0%(b)
Hospital — 0.0%(b)
Colorado Health Facilities Authority, Sanford Health Series 2019B, Rev., 3.80%, 11/1/2044 (Cost $327)		320		327
	Shares (000)
SHORT-TERM INVESTMENTS — 2.9%
INVESTMENT COMPANIES — 2.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.44%(j)(k) (Cost $65,168)		65,131		65,196
	Principal Amount (000)
U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bills
0.11%, 7/23/2020(l)(m)		9,823		9,821
0.03%, 9/17/2020(m)		146		146
TOTAL U.S. TREASURY OBLIGATIONS (Cost $9,967)				9,967
TOTAL SHORT-TERM INVESTMENTS (Cost $75,135)				75,163
Total Investments — 100.8% (Cost $2,590,898)				2,658,212
Liabilities in Excess of Other Assets — (0.8)%				(22,399	)
Net Assets — 100.0%				2,635,813

Percentages indicated are based on net assets.

Abbreviations
EUR	Euro
GBP	British Pound

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
Rev.	Revenue
SCA	Limited partnership with share capital
SOFR	Secured Overnight Financing Rate
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Amount rounds to less than 0.1% of net assets.
(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)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(g)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of May 31, 2020.
(h)	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of May 31, 2020.
(i)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(j)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(k)	The rate shown is the current yield as of May 31, 2020.
(l)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(m)	The rate shown is the effective yield as of May 31, 2020.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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
U.S. Treasury 2 Year Note		743			09/2020		USD		164,081			16
U.S. Treasury 5 Year Note		161			09/2020		USD		20,226			38
U.S. Treasury Long Bond		507			09/2020		USD		90,309			347
U.S. Treasury Ultra Bond		577			09/2020		USD		125,443			18
												419
Short Contracts
Euro-Bobl		(5	)		06/2020		EUR		(750	)		6
Euro-Bund		(1	)		06/2020		EUR		(191	)		3
Euro-Buxl		(4	)		06/2020		EUR		(939	)		36
U.S. Treasury 10 Year Note		(1,299	)		09/2020		USD		(180,642	)		(208	)
U.S. Treasury 10 Year Ultra Note		(1,632	)		09/2020		USD		(256,632	)		(927	)
												(1,090	)
												(671	)

Abbreviations
EUR	Euro
USD	United States Dollar

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
GBP	196	USD	240	BNP Paribas		6/3/2020		2
USD	1,732	EUR	1,556	State Street Corp.		7/6/2020		3
Total unrealized appreciation								5
EUR	1,556	USD	1,730	State Street Corp.		6/3/2020		(3	)
USD	198	EUR	183	Citibank, NA		6/3/2020		(5	)
USD	1,473	EUR	1,354	Merrill Lynch International		6/3/2020		(30	)
USD	21	EUR	19	State Street Corp.		6/3/2020		—	(a)
USD	238	GBP	196	Standard Chartered Bank		6/3/2020		(4	)
Total unrealized depreciation								(42	)
Net unrealized depreciation								(37	)

Abbreviations
EUR	Euro
GBP	British Pound
USD	United States Dollar
(a)	Amount rounds to less than one thousand.

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.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (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	$	—		$	5,890		$	—	$	5,890
Corporate Bonds		—			2,572,795			—		2,572,795
Municipal Bonds		—			327			—		327
Preferred Stocks		3,592			—			—		3,592
U.S. Treasury Obligations		—			445			—		445
Short-Term Investments
Investment Companies		65,196			—			—		65,196
U.S. Treasury Obligations		—			9,967			—		9,967
Total Short-Term Investments		65,196			9,967			—		75,163
Total Investments in Securities	$	68,788		$	2,589,424		$	—	$	2,658,212
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	5		$	—	$	5
Futures Contracts		464			—			—		464
Total Appreciation in Other Financial Instruments	$	464		$	5		$	—	$	469
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(42	)	$	—	$	(42	)
Futures Contracts		(1,135	)		—			—		(1,135	)
Total Depreciation in Other Financial Instruments	$	(1,135	)	$	(42	)	$	—	$	(1,177	)

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)	$	17,884	$	2,786,127	$	2,738,940	$	99	$	26	$	65,196		65,131	$	137		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)		—		4,000		4,000		—		—		—		—		—	(c)		—
Total	$	17,884	$	2,790,127	$	2,742,940	$	99	$	26	$	65,196			$	137		$	—

(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) Amount rounds to less than one thousand.

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

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

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

1). Futures Contracts — The Fund used treasury 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.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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.