JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 30.8%
Aerospace & Defense — 0.4%
Bombardier, Inc. (Canada)
6.00%, 10/15/2022(a)		338		218
7.50%, 12/1/2024(a)		589		359
7.50%, 3/15/2025(a)		5,000		3,038
BWX Technologies, Inc. 5.38%, 7/15/2026(a)		1,885		1,938
Howmet Aerospace, Inc.
5.13%, 10/1/2024		4,373		4,438
5.90%, 2/1/2027		3,054		3,081
6.75%, 1/15/2028		118		119
5.95%, 2/1/2037		110		109
TransDigm, Inc.
6.50%, 7/15/2024		340		333
6.25%, 3/15/2026(a)		5,712		5,841
Triumph Group, Inc.
5.25%, 6/1/2022		50		41
6.25%, 9/15/2024(a)		2,566		2,200
7.75%, 8/15/2025		2,540		1,651
				23,366
Air Freight & Logistics — 0.1%
XPO Logistics, Inc.
6.13%, 9/1/2023(a)		3,005		3,043
6.75%, 8/15/2024(a)		3,998		4,157
				7,200
Airlines — 0.0%(b)
American Airlines Group, Inc. 5.00%, 6/1/2022(a)		383		222
United Airlines Holdings, Inc.
5.00%, 2/1/2024		266		194
4.88%, 1/15/2025		388		271
				687
Auto Components — 1.0%
Adient Global Holdings Ltd. 4.88%, 8/15/2026(a)		3,620		3,039
Adient US LLC 7.00%, 5/15/2026(a)		4,760		4,880
Allison Transmission, Inc.
5.00%, 10/1/2024(a)		1,130		1,138
4.75%, 10/1/2027(a)		1,648		1,599
5.88%, 6/1/2029(a)		3,485		3,520
American Axle & Manufacturing, Inc.
6.63%, 10/15/2022		215		213
6.25%, 4/1/2025		9,630		9,075
6.25%, 3/15/2026		828		770
6.50%, 4/1/2027		3,140		2,936
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(a)		884		566
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(a)		2,380		2,392
Dana, Inc. 5.38%, 11/15/2027		2,745		2,632
Delphi Technologies plc 5.00%, 10/1/2025(a)		2,940		3,035
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023		813		790
5.00%, 5/31/2026		503		465
4.88%, 3/15/2027		583		537
Icahn Enterprises LP
6.25%, 2/1/2022		1,575		1,583
6.75%, 2/1/2024		370		376
4.75%, 9/15/2024		500		483
6.38%, 12/15/2025		237		239
6.25%, 5/15/2026		4,191		4,212
IHO Verwaltungs GmbH (Germany) 4.75% (cash), 9/15/2026(a)(c)		4,960		4,754
JB Poindexter & Co., Inc. 7.13%, 4/15/2026(a)		331		329
Panther BF Aggregator 2 LP
6.25%, 5/15/2026(a)		2,900		2,951
8.50%, 5/15/2027(a)		2,780		2,728
Tenneco, Inc.
5.38%, 12/15/2024		540		359
5.00%, 7/15/2026		1,335		681
				56,282
Automobiles — 0.0%(b)
General Motors Co. 5.00%, 4/1/2035		240		241
Jaguar Land Rover Automotive plc (United Kingdom) 4.50%, 10/1/2027(a)		1,237		844
				1,085
Banks — 0.6%
Banco Mercantil del Norte SA (Mexico) (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.47%), 7.50%, 6/27/2029(d)(e)(f)(g)		3,700		3,534
Bank of America Corp.
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025(d)(e)(g)		716		754
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026(d)(e)(g)		34		37
Barclays plc (United Kingdom)
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023(d)(e)(g)		9,750		9,603
4.38%, 9/11/2024		200		211
CIT Group, Inc.
5.00%, 8/1/2023		1,725		1,729
4.75%, 2/16/2024		121		121
5.25%, 3/7/2025		1,094		1,097
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020(d)(e)(g)		43		42
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023(d)(e)(g)		865		869

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025(d)(e)(g)		4,714		4,826
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026(d)(e)(g)		83		88
Credit Agricole SA (France) (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(a)(d)(e)(g)		200		229
Development Bank of the Republic of Belarus JSC (Belarus) 6.75%, 5/2/2024(a)		2,600		2,529
HSBC Holdings plc (United Kingdom) (USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025(d)(e)(g)		800		808
ING Groep NV (Netherlands) (USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022(d)(e)(f)(g)		900		925
National Australia Bank Ltd. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034(a)(e)		1,400		1,484
Royal Bank of Scotland Group plc (United Kingdom)
(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021(d)(e)(g)		500		519
6.00%, 12/19/2023		665		733
Skandinaviska Enskilda Banken AB (Sweden) (USD Swap Semi 5 Year + 3.49%), 5.63%, 5/13/2022(d)(e)(f)(g)		400		398
Societe Generale SA (France)
(USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021(a)(d)(e)(g)		739		744
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025(a)(d)(e)(g)		200		214
Standard Chartered plc (United Kingdom) (USD Swap Semi 5 Year + 6.30%), 7.50%, 4/2/2022(a)(d)(e)(g)		500		513
				32,007
Beverages — 0.0%(b)
Cott Holdings, Inc. (Canada) 5.50%, 4/1/2025(a)		110		111
Building Products — 0.4%
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027(a)		125		125
American Woodmark Corp. 4.88%, 3/15/2026(a)		1,525		1,483
Builders FirstSource, Inc. 6.75%, 6/1/2027(a)		1,696		1,785
Elementia SAB de CV (Mexico) 5.50%, 1/15/2025(f)		1,400		1,017
James Hardie International Finance DAC
4.75%, 1/15/2025(a)		450		451
5.00%, 1/15/2028(a)		500		511
JELD-WEN, Inc.
4.63%, 12/15/2025(a)		440		417
4.88%, 12/15/2027(a)		950		891
Masonite International Corp.
5.75%, 9/15/2026(a)		3,330		3,397
5.38%, 2/1/2028(a)		2,710		2,737
PGT Innovations, Inc. 6.75%, 8/1/2026(a)		265		270
Standard Industries, Inc.
6.00%, 10/15/2025(a)		205		213
5.00%, 2/15/2027(a)		340		350
4.75%, 1/15/2028(a)		7,193		7,240
Summit Materials LLC
6.13%, 7/15/2023		71		71
5.13%, 6/1/2025(a)		260		255
6.50%, 3/15/2027(a)		1,145		1,159
				22,372
Capital Markets — 0.2%
Goldman Sachs Group, Inc. (The)
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(d)(e)(g)		5,070		4,641
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025(d)(e)(g)		4,072		3,909
LPL Holdings, Inc. 5.75%, 9/15/2025(a)		1,150		1,196
MSCI, Inc. 5.38%, 5/15/2027(a)		2,543		2,734
UBS Group AG (Switzerland) (USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025(d)(e)(f)(g)		250		272
				12,752
Chemicals — 0.8%
Axalta Coating Systems LLC 4.88%, 8/15/2024(a)		800		810
Chemours Co. (The)
6.63%, 5/15/2023		970		972
7.00%, 5/15/2025		7,326		7,124
CVR Partners LP 9.25%, 6/15/2023(a)		2,392		2,248
GCP Applied Technologies, Inc. 5.50%, 4/15/2026(a)		2,485		2,449
Hexion, Inc. 7.88%, 7/15/2027(a)		3,110		2,795
Huntsman International LLC 5.13%, 11/15/2022		200		208

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024(a)		2,500		2,475
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024(a)		3,250		3,002
5.00%, 5/1/2025(a)		1,272		1,126
5.25%, 6/1/2027(a)		3,451		2,922
Olin Corp. 5.63%, 8/1/2029		2,620		2,368
Rain CII Carbon LLC 7.25%, 4/1/2025(a)		150		137
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026		1,775		1,844
4.50%, 10/15/2029		2,975		3,049
Starfruit Finco BV (Netherlands) 8.00%, 10/1/2026(a)		6,070		6,272
Trinseo Materials Operating SCA 5.38%, 9/1/2025(a)		2,026		1,935
Tronox Finance plc 5.75%, 10/1/2025(a)		251		235
Tronox, Inc. 6.50%, 4/15/2026(a)		1,804		1,707
Valvoline, Inc. 4.38%, 8/15/2025		15		15
				43,693
Commercial Services & Supplies — 0.5%
ACCO Brands Corp. 5.25%, 12/15/2024(a)		2,689		2,702
ADT Security Corp. (The)
4.13%, 6/15/2023		246		247
4.88%, 7/15/2032(a)		505		474
Allied Universal Holdco LLC
6.63%, 7/15/2026(a)		242		254
9.75%, 7/15/2027(a)		72		77
Aramark Services, Inc.
5.00%, 4/1/2025(a)		620		623
5.00%, 2/1/2028(a)		5,726		5,640
Brink’s Co. (The) 4.63%, 10/15/2027(a)		995		931
Clean Harbors, Inc. 4.88%, 7/15/2027(a)		2,860		2,960
Covanta Holding Corp.
5.88%, 3/1/2024		200		201
5.88%, 7/1/2025		1,390		1,372
Harsco Corp. 5.75%, 7/31/2027(a)		139		136
KAR Auction Services, Inc. 5.13%, 6/1/2025(a)		2,015		1,904
Nielsen Co. Luxembourg SARL (The)
5.50%, 10/1/2021(a)		185		185
5.00%, 2/1/2025(a)		146		147
Nielsen Finance LLC 5.00%, 4/15/2022(a)		5,180		5,172
Prime Security Services Borrower LLC
5.25%, 4/15/2024(a)		653		681
5.75%, 4/15/2026(a)		4,665		4,805
				28,511
Communications Equipment — 0.4%
CommScope Technologies LLC 6.00%, 6/15/2025(a)		4,389		4,267
CommScope, Inc.
5.50%, 3/1/2024(a)		170		175
5.50%, 6/15/2024(a)		448		440
6.00%, 3/1/2026(a)		7,760		8,160
8.25%, 3/1/2027(a)		4,945		5,155
Nokia OYJ (Finland)
4.38%, 6/12/2027		2,600		2,742
6.63%, 5/15/2039		215		236
Plantronics, Inc. 5.50%, 5/31/2023(a)		2,380		1,821
				22,996
Construction & Engineering — 0.1%
AECOM 5.13%, 3/15/2027		1,928		2,046
Aeropuerto Internacional de Tocumen SA (Panama) 6.00%, 11/18/2048(f)		2,100		2,172
Bioceanico Sovereign Certificate Ltd. (Cayman Islands) Zero Coupon, 6/5/2034(f)		3,400		2,325
MasTec, Inc. 4.88%, 3/15/2023		452		452
				6,995
Construction Materials — 0.0%(b)
Cemex SAB de CV (Mexico) 5.70%, 1/11/2025(a)		600		592
Consumer Finance — 0.6%
Ally Financial, Inc.
4.13%, 2/13/2022		35		36
5.13%, 9/30/2024		128		133
4.63%, 3/30/2025		1,366		1,407
5.75%, 11/20/2025		5,925		6,162
8.00%, 11/1/2031		418		527
Avolon Holdings Funding Ltd. (Ireland)
5.13%, 10/1/2023(a)		160		135
5.25%, 5/15/2024(a)		355		300
Curo Group Holdings Corp. 8.25%, 9/1/2025(a)		1,166		926
FirstCash, Inc. 5.38%, 6/1/2024(a)		156		156
Ford Motor Credit Co. LLC
4.69%, 6/9/2025		2,470		2,365
4.39%, 1/8/2026		1,500		1,410
4.54%, 8/1/2026		3,245		3,043
4.27%, 1/9/2027		1,840		1,674
General Motors Financial Co., Inc. 5.25%, 3/1/2026		270		282
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 6.50% (cash), 9/15/2024(a)(c)		3,580		1,948

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 3.57%, 12/21/2065(a)(e)		1,135		511
Navient Corp. 6.13%, 3/25/2024		5,680		5,325
Park Aerospace Holdings Ltd. (Ireland)
4.50%, 3/15/2023(a)		350		297
5.50%, 2/15/2024(a)		990		850
Springleaf Finance Corp.
6.13%, 5/15/2022		245		246
5.63%, 3/15/2023		272		267
6.88%, 3/15/2025		935		923
7.13%, 3/15/2026		3,932		3,873
6.63%, 1/15/2028		4,603		4,395
				37,191
Containers & Packaging — 0.9%
Ardagh Packaging Finance plc
6.00%, 2/15/2025(a)		8,155		8,406
5.25%, 8/15/2027(a)		6,082		5,991
Ball Corp. 4.00%, 11/15/2023		40		42
Berry Global, Inc.
5.13%, 7/15/2023		187		189
4.50%, 2/15/2026(a)		525		528
4.88%, 7/15/2026(a)		6,780		7,086
5.63%, 7/15/2027(a)		291		306
Crown Americas LLC 4.75%, 2/1/2026		860		894
Greif, Inc. 6.50%, 3/1/2027(a)		1,690		1,707
Intertape Polymer Group, Inc. (Canada) 7.00%, 10/15/2026(a)		32		33
LABL Escrow Issuer LLC 6.75%, 7/15/2026(a)		7,145		7,447
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024(a)		5,060		5,022
7.25%, 4/15/2025(a)		5,185		4,667
OI European Group BV 4.00%, 3/15/2023(a)		14		14
Sealed Air Corp.
5.13%, 12/1/2024(a)		1,995		2,159
5.50%, 9/15/2025(a)		250		271
Smurfit Kappa Treasury Funding DAC (Ireland) 7.50%, 11/20/2025		950		1,119
Trivium Packaging Finance BV (Netherlands)
5.50%, 8/15/2026(a)(h)		6,991		7,334
8.50%, 8/15/2027(a)(h)		1,545		1,630
				54,845
Distributors — 0.2%
Performance Food Group, Inc. 5.50%, 10/15/2027(a)		4,207		4,123
Wolverine Escrow LLC
8.50%, 11/15/2024(a)		2,565		1,706
9.00%, 11/15/2026(a)		5,895		3,925
				9,754
Diversified Consumer Services — 0.1%
Service Corp. International
5.38%, 5/15/2024		300		307
7.50%, 4/1/2027		535		594
4.63%, 12/15/2027		2,455		2,583
5.13%, 6/1/2029		3,309		3,565
				7,049
Diversified Financial Services — 0.2%
ACE Cash Express, Inc. 12.00%, 12/15/2022(a)		412		309
MPH Acquisition Holdings LLC 7.13%, 6/1/2024(a)		1,203		1,137
Petronas Capital Ltd. (Malaysia)
4.55%, 4/21/2050(a)		2,710		3,341
4.80%, 4/21/2060(a)		2,170		2,857
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026(a)		2,967		3,167
8.25%, 11/15/2026(a)		201		220
				11,031
Diversified Telecommunication Services — 3.0%
Altice France Holding SA (Luxembourg)
10.50%, 5/15/2027(a)		5,232		5,795
6.00%, 2/15/2028(a)		1,450		1,410
Altice France SA (France)
7.38%, 5/1/2026(a)		11,290		11,910
8.13%, 2/1/2027(a)		400		440
5.50%, 1/15/2028(a)		3,500		3,598
CCO Holdings LLC
5.88%, 4/1/2024(a)		4,334		4,452
5.38%, 5/1/2025(a)		265		272
5.75%, 2/15/2026(a)		4,531		4,724
5.50%, 5/1/2026(a)		1,337		1,414
5.13%, 5/1/2027(a)		18,685		19,620
5.88%, 5/1/2027(a)		3,380		3,541
5.00%, 2/1/2028(a)		12,412		13,000
5.38%, 6/1/2029(a)		1,229		1,324
4.75%, 3/1/2030(a)		4,817		5,034
CenturyLink, Inc.
Series W, 6.75%, 12/1/2023		388		421
Series Y, 7.50%, 4/1/2024		3,707		4,078
5.63%, 4/1/2025		2,711		2,792
5.13%, 12/15/2026(a)		6,300		6,363
4.00%, 2/15/2027(a)		2,090		2,084
Series G, 6.88%, 1/15/2028		17		18
Cincinnati Bell, Inc.
7.00%, 7/15/2024(a)		1,740		1,792
8.00%, 10/15/2025(a)		325		336
DKT Finance ApS (Denmark) 9.38%, 6/17/2023(a)		1,150		1,156
Embarq Corp. 8.00%, 6/1/2036		1,643		1,753
Frontier Communications Corp.
7.63%, 4/15/2024		158		51
6.88%, 1/15/2025		357		112

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
11.00%, 9/15/2025(i)		369		130
8.50%, 4/1/2026(a)		2,274		2,178
8.00%, 4/1/2027(a)		5,235		5,385
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023		8,602		4,538
8.00%, 2/15/2024(a)(h)		5,129		5,174
8.50%, 10/15/2024(a)		5,163		2,943
9.75%, 7/15/2025(a)		1,765		1,019
Level 3 Financing, Inc.
5.63%, 2/1/2023		152		152
5.38%, 1/15/2024		375		380
5.38%, 5/1/2025		4,436		4,557
5.25%, 3/15/2026		1,416		1,466
4.63%, 9/15/2027(a)		3,585		3,674
SES GLOBAL Americas Holdings GP (Luxembourg) 5.30%, 3/25/2044(a)		110		105
Sprint Capital Corp.
6.88%, 11/15/2028		148		183
8.75%, 3/15/2032		10,816		15,548
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		6,765		7,560
6.00%, 9/30/2034		2,211		2,382
7.72%, 6/4/2038		3,920		4,758
Telecom Italia SpA (Italy) 5.30%, 5/30/2024(a)		500		524
Virgin Media Finance plc (United Kingdom) 6.00%, 10/15/2024(a)		1,350		1,387
Virgin Media Secured Finance plc (United Kingdom)
5.50%, 8/15/2026(a)		2,560		2,669
5.50%, 5/15/2029(a)		6,015		6,316
Windstream Services LLC 8.63%, 10/31/2025(a)(h)		477		284
				170,802
Electric Utilities — 0.4%
Cleveland Electric Illuminating Co. (The) 4.55%, 11/15/2030(a)		500		594
Empresa de Transmision Electrica SA (Panama) 5.13%, 5/2/2049(a)		1,100		1,195
Eskom Holdings SOC Ltd. (South Africa) 5.75%, 1/26/2021(f)		3,900		3,695
Fenix Power Peru SA (Peru) 4.32%, 9/20/2027(f)		2,678		2,634
Inkia Energy Ltd. (Peru) 5.88%, 11/9/2027(f)		2,200		2,134
Instituto Costarricense de Electricidad (Costa Rica)
6.95%, 11/10/2021(f)		1,300		1,227
6.38%, 5/15/2043(f)		690		447
NextEra Energy Operating Partners LP
4.25%, 7/15/2024(a)		213		220
4.25%, 9/15/2024(a)		52		54
4.50%, 9/15/2027(a)		201		213
NRG Energy, Inc.
7.25%, 5/15/2026		2,315		2,491
6.63%, 1/15/2027		165		176
5.75%, 1/15/2028		3,519		3,828
5.25%, 6/15/2029(a)		294		320
Terraform Global Operating LLC 6.13%, 3/1/2026(a)		190		187
Vistra Operations Co. LLC
5.50%, 9/1/2026(a)		501		526
5.63%, 2/15/2027(a)		1,370		1,456
5.00%, 7/31/2027(a)		3,380		3,536
				24,933
Electrical Equipment — 0.0%(b)
Sensata Technologies BV
4.88%, 10/15/2023(a)		255		262
5.63%, 11/1/2024(a)		200		209
5.00%, 10/1/2025(a)		517		537
				1,008
Electronic Equipment, Instruments & Components — 0.2%
Anixter, Inc. 6.00%, 12/1/2025		766		789
CDW LLC
5.50%, 12/1/2024		390		424
5.00%, 9/1/2025		468		484
4.25%, 4/1/2028		6,300		6,408
Sensata Technologies, Inc. 4.38%, 2/15/2030(a)		1,325		1,289
				9,394
Energy Equipment & Services — 0.2%
Archrock Partners LP 6.88%, 4/1/2027(a)		1,701		1,624
Nabors Industries Ltd. 7.25%, 1/15/2026(a)		3,575		2,038
Nabors Industries, Inc. 5.75%, 2/1/2025		414		128
Noble Holding International Ltd.
7.95%, 4/1/2025(h)		59		2
7.88%, 2/1/2026(a)		140		36
6.20%, 8/1/2040		92		2
5.25%, 3/15/2042		41		1
Precision Drilling Corp. (Canada)
6.50%, 12/15/2021		5		5
7.75%, 12/15/2023		75		41
5.25%, 11/15/2024		201		103
7.13%, 1/15/2026(a)		3,376		1,688
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025(a)		660		292
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		4,978		4,680
Transocean Poseidon Ltd. 6.88%, 2/1/2027(a)		259		233
Transocean Proteus Ltd. 6.25%, 12/1/2024(a)		313		297
Transocean, Inc.
7.25%, 11/1/2025(a)		8		4
7.50%, 1/15/2026(a)		464		251
8.00%, 2/1/2027(a)		1,645		888

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
USA Compression Partners LP
6.88%, 4/1/2026		1,030		992
6.88%, 9/1/2027		13		12
				13,317
Entertainment — 0.4%
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		2,788		718
5.88%, 11/15/2026		248		62
6.13%, 5/15/2027		267		67
Cinemark USA, Inc. 4.88%, 6/1/2023		3,316		2,931
Live Nation Entertainment, Inc.
4.88%, 11/1/2024(a)		3,410		3,257
5.63%, 3/15/2026(a)		643		620
4.75%, 10/15/2027(a)		1,820		1,691
Netflix, Inc.
5.88%, 2/15/2025		50		56
4.88%, 4/15/2028		3,845		4,104
5.88%, 11/15/2028		5,335		6,070
5.38%, 11/15/2029(a)		202		224
4.88%, 6/15/2030(a)		1,855		2,003
WMG Acquisition Corp.
4.88%, 11/1/2024(a)		100		101
5.50%, 4/15/2026(a)		525		541
				22,445
Equity Real Estate Investment Trusts (REITs) — 0.9%
Brookfield Property REIT, Inc. 5.75%, 5/15/2026(a)		3,421		2,600
CoreCivic, Inc. 5.00%, 10/15/2022		55		54
Diversified Healthcare Trust 4.75%, 2/15/2028		2,690		2,234
Equinix, Inc.
5.88%, 1/15/2026		2,018		2,114
5.38%, 5/15/2027		285		307
ESH Hospitality, Inc.
5.25%, 5/1/2025(a)		4,950		4,813
4.63%, 10/1/2027(a)		2,315		2,191
GEO Group, Inc. (The) 5.88%, 10/15/2024		250		207
GLP Capital LP
5.25%, 6/1/2025		225		226
5.75%, 6/1/2028		250		248
HAT Holdings I LLC 5.25%, 7/15/2024(a)		483		489
Iron Mountain, Inc.
6.00%, 8/15/2023		385		389
5.75%, 8/15/2024		2,775		2,792
4.88%, 9/15/2027(a)		3,444		3,462
5.25%, 3/15/2028(a)		763		774
4.88%, 9/15/2029(a)		1,325		1,328
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		4,022		4,193
5.75%, 2/1/2027		2,400		2,517
MPT Operating Partnership LP 4.63%, 8/1/2029		1,472		1,457
RHP Hotel Properties LP 5.00%, 4/15/2023		875		812
Ryman Hospitality Properties, Inc. 4.75%, 10/15/2027(a)		5,575		4,732
SBA Communications Corp. 4.88%, 9/1/2024		1,225		1,258
Uniti Group LP
6.00%, 4/15/2023(a)		4,795		4,687
8.25%, 10/15/2023		99		93
7.13%, 12/15/2024(a)		65		59
VICI Properties LP
3.50%, 2/15/2025(a)		590		568
4.25%, 12/1/2026(a)		3,443		3,411
3.75%, 2/15/2027(a)		1,945		1,877
4.63%, 12/1/2029(a)		1,532		1,528
4.13%, 8/15/2030(a)		2,240		2,162
				53,582
Food & Staples Retailing — 0.4%
Albertsons Cos., Inc.
6.63%, 6/15/2024		467		483
5.75%, 3/15/2025		2,304		2,368
7.50%, 3/15/2026(a)		1,480		1,652
4.63%, 1/15/2027(a)		1,755		1,781
5.88%, 2/15/2028(a)		1,317		1,410
4.88%, 2/15/2030(a)		1,160		1,202
Cencosud SA (Chile) 6.63%, 2/12/2045(f)		2,600		2,707
New Albertsons LP
6.63%, 6/1/2028		8		8
7.45%, 8/1/2029		113		118
8.00%, 5/1/2031		870		922
Rite Aid Corp.
6.13%, 4/1/2023(a)		4,846		4,507
7.50%, 7/1/2025(a)		2,814		2,793
Tesco plc (United Kingdom) 6.15%, 11/15/2037(a)		870		1,053
				21,004
Food Products — 0.5%
B&G Foods, Inc. 5.25%, 4/1/2025		2,741		2,816
Darling Ingredients, Inc. 5.25%, 4/15/2027(a)		1,640		1,706
Dole Food Co., Inc. 7.25%, 6/15/2025(a)		650		618
JBS USA LUX SA
5.88%, 7/15/2024(a)		598		608
5.75%, 6/15/2025(a)		1,228		1,257
6.75%, 2/15/2028(a)		1,253		1,356
6.50%, 4/15/2029(a)		757		823
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026(a)		3,030		3,136
Pilgrim’s Pride Corp.
5.75%, 3/15/2025(a)		2,695		2,756
5.88%, 9/30/2027(a)		397		413
Post Holdings, Inc.
5.00%, 8/15/2026(a)		1,352		1,386
5.75%, 3/1/2027(a)		342		357
5.63%, 1/15/2028(a)		100		105

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
5.50%, 12/15/2029(a)		4,455		4,654
4.63%, 4/15/2030(a)		1,095		1,080
Sigma Holdco BV (Netherlands) 7.88%, 5/15/2026(a)		3,000		3,075
				26,146
Gas Utilities — 0.1%
AmeriGas Partners LP
5.63%, 5/20/2024		189		198
5.50%, 5/20/2025		3,952		4,110
5.88%, 8/20/2026		2,038		2,161
5.75%, 5/20/2027		277		294
				6,763
Health Care Equipment & Supplies — 0.2%
Hill-Rom Holdings, Inc.
5.00%, 2/15/2025(a)		1,093		1,123
4.38%, 9/15/2027(a)		3,560		3,653
Hologic, Inc. 4.38%, 10/15/2025(a)		4,315		4,411
Teleflex, Inc. 4.88%, 6/1/2026		386		398
				9,585
Health Care Providers & Services — 2.2%
Acadia Healthcare Co., Inc.
6.13%, 3/15/2021		26		26
5.13%, 7/1/2022		165		164
5.63%, 2/15/2023		738		737
6.50%, 3/1/2024		211		213
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(a)		375		356
Centene Corp.
4.75%, 1/15/2025		421		435
5.25%, 4/1/2025(a)		873		899
5.38%, 6/1/2026(a)		7,395		7,819
4.25%, 12/15/2027		3,261		3,407
4.63%, 12/15/2029		3,950		4,252
3.38%, 2/15/2030		1,140		1,148
Community Health Systems, Inc.
6.25%, 3/31/2023		4,288		4,159
8.63%, 1/15/2024(a)		5,285		5,311
8.13%, 6/30/2024(a)		815		583
8.00%, 3/15/2026(a)		101		99
DaVita, Inc.
5.13%, 7/15/2024		946		965
5.00%, 5/1/2025		8,223		8,439
Encompass Health Corp.
5.75%, 11/1/2024		378		380
5.75%, 9/15/2025		1,960		2,009
4.50%, 2/1/2028		4,630		4,700
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		1,122		494
HCA, Inc.
5.88%, 5/1/2023		355		386
5.38%, 2/1/2025		2,180		2,393
5.88%, 2/15/2026		8,253		9,239
5.25%, 6/15/2026		145		165
5.63%, 9/1/2028		11,934		13,679
5.88%, 2/1/2029		17,085		19,860
3.50%, 9/1/2030		1,515		1,492
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022(a)(c)		456		399
Team Health Holdings, Inc. 6.38%, 2/1/2025(a)		1,018		565
Tenet Healthcare Corp.
8.13%, 4/1/2022		255		266
6.75%, 6/15/2023		1,765		1,849
4.63%, 7/15/2024		1,712		1,733
4.63%, 9/1/2024(a)		86		87
5.13%, 5/1/2025		3,302		3,351
4.88%, 1/1/2026(a)		9,842		10,115
6.25%, 2/1/2027(a)		10,278		10,639
5.13%, 11/1/2027(a)		2,291		2,365
				125,178
Health Care Technology — 0.1%
IQVIA, Inc.
5.00%, 10/15/2026(a)		2,787		2,951
5.00%, 5/15/2027(a)		2,912		3,035
				5,986
Hotels, Restaurants & Leisure — 1.8%
1011778 BC ULC (Canada)
4.25%, 5/15/2024(a)		1,658		1,677
5.00%, 10/15/2025(a)		2,725		2,754
3.88%, 1/15/2028(a)		1,970		1,941
Boyd Gaming Corp.
6.38%, 4/1/2026		2,069		2,058
6.00%, 8/15/2026		1,625		1,580
Boyne USA, Inc. 7.25%, 5/1/2025(a)		594		628
Caesars Resort Collection LLC 5.25%, 10/15/2025(a)		2,240		1,992
CCM Merger, Inc. 6.00%, 3/15/2022(a)		1,038		971
Cedar Fair LP
5.38%, 4/15/2027		24		23
5.25%, 7/15/2029(a)		1,975		1,867
Cirsa Finance International SARL (Spain) 7.88%, 12/20/2023(a)		1,820		1,651
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(a)		726		501
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(a)		851		591
Eldorado Resorts, Inc. 6.00%, 4/1/2025		1,525		1,557
Enterprise Development Authority (The) 12.00%, 7/15/2024(a)		1,032		1,014
Gateway Casinos & Entertainment Ltd. (Canada) 8.25%, 3/1/2024(a)		982		835
Hilton Domestic Operating Co., Inc.
5.13%, 5/1/2026		4,492		4,505
4.88%, 1/15/2030		1,404		1,397
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		459		438

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		1,379		1,369
4.88%, 4/1/2027		3,059		3,036
International Game Technology plc
6.25%, 2/15/2022(a)		2,135		2,180
6.50%, 2/15/2025(a)		1,825		1,880
6.25%, 1/15/2027(a)		3,085		3,133
IRB Holding Corp. 6.75%, 2/15/2026(a)		858		803
KFC Holding Co. 4.75%, 6/1/2027(a)		1,440		1,493
LTF Merger Sub, Inc. 8.50%, 6/15/2023(a)		150		118
Marriott Ownership Resorts, Inc.
6.50%, 9/15/2026		3,565		3,538
4.75%, 1/15/2028(a)		18		16
Merlin Entertainments Ltd. (United Kingdom) 5.75%, 6/15/2026(a)		3,050		2,929
MGM Resorts International
6.00%, 3/15/2023		745		747
5.75%, 6/15/2025		4,453		4,443
4.63%, 9/1/2026		4,428		4,229
5.50%, 4/15/2027		4,150		4,032
Motion Bondco DAC (United Kingdom) 6.63%, 11/15/2027(a)		500		415
Royal Caribbean Cruises Ltd.
10.88%, 6/1/2023(a)		1,180		1,234
11.50%, 6/1/2025(a)		3,418		3,624
Sabre GLBL, Inc.
5.38%, 4/15/2023(a)		4,975		4,713
5.25%, 11/15/2023(a)		875		823
Scientific Games International, Inc. 5.00%, 10/15/2025(a)		4,321		4,041
Six Flags Entertainment Corp.
4.88%, 7/31/2024(a)		3,291		3,094
5.50%, 4/15/2027(a)		1,740		1,618
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026(a)		3,716		3,939
Station Casinos LLC
5.00%, 10/1/2025(a)		3,136		2,818
4.50%, 2/15/2028(a)		760		670
Wyndham Destinations, Inc.
4.25%, 3/1/2022		8		8
5.40%, 4/1/2024(h)		169		159
6.35%, 10/1/2025(h)		143		135
5.75%, 4/1/2027(h)		2,506		2,266
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		5,189		5,030
Wynn Resorts Finance LLC 5.13%, 10/1/2029(a)		4,453		4,276
Yum! Brands, Inc. 4.75%, 1/15/2030(a)		3,563		3,693
				104,482
Household Durables — 0.4%
Lennar Corp.
5.88%, 11/15/2024		117		127
4.75%, 5/30/2025		874		933
5.25%, 6/1/2026		490		527
5.00%, 6/15/2027		515		555
4.75%, 11/29/2027		4,746		5,172
Newell Brands, Inc.
4.70%, 4/1/2026(h)		4,000		4,141
5.87%, 4/1/2036(h)		2,780		2,905
PulteGroup, Inc. 5.00%, 1/15/2027		1,460		1,548
Tempur Sealy International, Inc.
5.63%, 10/15/2023		1,162		1,162
5.50%, 6/15/2026		6,754		6,772
Toll Brothers Finance Corp. 3.80%, 11/1/2029		595		582
				24,424
Household Products — 0.4%
Central Garden & Pet Co. 5.13%, 2/1/2028		2,775		2,838
Energizer Holdings, Inc.
5.50%, 6/15/2025(a)		4,105		4,202
7.75%, 1/15/2027(a)		5,700		6,213
Spectrum Brands, Inc.
6.13%, 12/15/2024		673		690
5.75%, 7/15/2025		4,325		4,460
5.00%, 10/1/2029(a)		2,578		2,517
				20,920
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The)
5.50%, 4/15/2025		3,838		3,933
5.13%, 9/1/2027		500		530
Calpine Corp.
5.75%, 1/15/2025		49		50
5.25%, 6/1/2026(a)		5,201		5,386
Clearway Energy Operating LLC
5.75%, 10/15/2025		55		59
5.00%, 9/15/2026		316		323
Vistra Energy Corp. 5.88%, 6/1/2023		72		73
				10,354
Industrial Conglomerates — 0.0%(b)
Grupo KUO SAB de CV (Mexico) 5.75%, 7/7/2027(a)		1,100		899
Insurance — 0.0%(b)
Harborwalk Funding Trust (ICE LIBOR USD 3 Month + 3.19%), 5.08%, 2/15/2069(a)(e)		600		709
Internet & Direct Marketing Retail — 0.1%
Go Daddy Operating Co. LLC 5.25%, 12/1/2027(a)		551		579
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026(a)		2,900		2,629
				3,208
IT Services — 0.1%
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025(a)		283		286
Cogent Communications Group, Inc. 5.38%, 3/1/2022(a)		1,515		1,556

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Exela Intermediate LLC 10.00%, 7/15/2023(a)		998		170
Gartner, Inc. 5.13%, 4/1/2025(a)		1,813		1,850
VeriSign, Inc. 4.75%, 7/15/2027		5		5
				3,867
Leisure Products — 0.2%
Mattel, Inc.
3.15%, 3/15/2023		765		727
6.75%, 12/31/2025(a)		8,363		8,718
5.88%, 12/15/2027(a)		2,635		2,681
Vista Outdoor, Inc. 5.88%, 10/1/2023		350		331
				12,457
Life Sciences Tools & Services — 0.1%
Avantor, Inc. 6.00%, 10/1/2024(a)		7,180		7,537
Machinery — 0.1%
Amsted Industries, Inc. 5.63%, 7/1/2027(a)		116		118
ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023(a)		530		538
Colfax Corp.
6.00%, 2/15/2024(a)		1,935		2,012
6.38%, 2/15/2026(a)		23		24
EnPro Industries, Inc. 5.75%, 10/15/2026		265		260
Hillman Group, Inc. (The) 6.38%, 7/15/2022(a)		130		117
RBS Global, Inc. 4.88%, 12/15/2025(a)		525		522
SPX FLOW, Inc.
5.63%, 8/15/2024(a)		1,135		1,146
5.88%, 8/15/2026(a)		295		297
Tennant Co. 5.63%, 5/1/2025		679		681
Wabash National Corp. 5.50%, 10/1/2025(a)		660		563
Welbilt, Inc. 9.50%, 2/15/2024		295		266
				6,544
Marine — 0.1%
MV24 Capital BV (Brazil)
6.75%, 6/1/2034(a)		4,349		4,022
6.75%, 6/1/2034(f)		493		456
				4,478
Media — 2.9%
Altice Financing SA (Luxembourg) 7.50%, 5/15/2026(a)		7,710		8,118
AMC Networks, Inc.
5.00%, 4/1/2024		2,730		2,737
4.75%, 8/1/2025		1,785		1,798
Charter Communications Operating LLC
4.91%, 7/23/2025		30		34
6.38%, 10/23/2035		221		290
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024		4,560		4,148
5.13%, 8/15/2027(a)		8,909		8,909
CSC Holdings LLC
6.75%, 11/15/2021		115		121
5.38%, 7/15/2023(a)		200		203
5.25%, 6/1/2024		1,168		1,232
7.75%, 7/15/2025(a)		200		209
6.63%, 10/15/2025(a)		1,600		1,673
10.88%, 10/15/2025(a)		8,280		8,964
5.50%, 4/15/2027(a)		400		423
5.38%, 2/1/2028(a)		210		223
6.50%, 2/1/2029(a)		6,970		7,695
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026(a)		369		307
Diamond Sports Group LLC
5.38%, 8/15/2026(a)		7,656		6,086
6.63%, 8/15/2027(a)		2,667		1,605
DISH DBS Corp.
6.75%, 6/1/2021		730		745
5.88%, 7/15/2022		580		596
5.00%, 3/15/2023		704		701
5.88%, 11/15/2024		20,640		20,377
7.75%, 7/1/2026		8,220		8,528
Entercom Media Corp.
7.25%, 11/1/2024(a)		2,875		2,315
6.50%, 5/1/2027(a)		1,123		988
GCI LLC
6.63%, 6/15/2024(a)		615		645
6.88%, 4/15/2025		1,725		1,792
Gray Television, Inc.
5.13%, 10/15/2024(a)		109		110
5.88%, 7/15/2026(a)		1,237		1,277
7.00%, 5/15/2027(a)		3,427		3,620
iHeartCommunications, Inc.
6.38%, 5/1/2026		3,253		3,400
8.38%, 5/1/2027		1,354		1,266
5.25%, 8/15/2027(a)		3,128		3,065
Lamar Media Corp.
5.00%, 5/1/2023		15		15
5.75%, 2/1/2026		1,030		1,072
3.75%, 2/15/2028(a)		710		689
4.00%, 2/15/2030(a)		500		481
Liberty Interactive LLC 8.25%, 2/1/2030		275		254
Meredith Corp. 6.88%, 2/1/2026		4,270		3,955
Midcontinent Communications 5.38%, 8/15/2027(a)		326		333
Nexstar Broadcasting, Inc.
5.63%, 8/1/2024(a)		1,235		1,260
5.63%, 7/15/2027(a)		5,683		5,825
Outfront Media Capital LLC 5.00%, 8/15/2027(a)		3,463		3,371
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		220		232

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Sinclair Television Group, Inc.
5.63%, 8/1/2024(a)		890		881
5.88%, 3/15/2026(a)		184		180
5.13%, 2/15/2027(a)		3,210		2,987
Sirius XM Radio, Inc.
4.63%, 7/15/2024(a)		202		207
5.38%, 4/15/2025(a)		786		807
5.38%, 7/15/2026(a)		1,264		1,311
5.00%, 8/1/2027(a)		10,277		10,739
5.50%, 7/1/2029(a)		1,664		1,776
TEGNA, Inc.
4.63%, 3/15/2028(a)		1,360		1,292
5.00%, 9/15/2029(a)		2,090		1,980
Telenet Finance Luxembourg Notes SARL (Belgium) 5.50%, 3/1/2028(a)		2,400		2,496
UPC Holding BV (Netherlands) 5.50%, 1/15/2028(a)		2,900		2,800
ViacomCBS, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057(e)		530		505
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(e)		509		514
Videotron Ltd. (Canada)
5.38%, 6/15/2024(a)		190		201
5.13%, 4/15/2027(a)		7,040		7,401
Ziggo Bond Co. BV (Netherlands) 6.00%, 1/15/2027(a)		1,050		1,097
Ziggo BV (Netherlands)
5.50%, 1/15/2027(a)		2,363		2,485
4.88%, 1/15/2030(a)		2,750		2,833
				164,179
Metals & Mining — 0.7%
Alcoa Nederland Holding BV
6.75%, 9/30/2024(a)		2,500		2,538
7.00%, 9/30/2026(a)		945		969
6.13%, 5/15/2028(a)		3,085		3,008
Allegheny Technologies, Inc. 7.88%, 8/15/2023(h)		135		124
ArcelorMittal SA (Luxembourg) 7.25%, 10/15/2039(h)		200		238
Commercial Metals Co.
4.88%, 5/15/2023		40		40
5.38%, 7/15/2027		359		361
Constellium SE
6.63%, 3/1/2025(a)		2,610		2,653
5.88%, 2/15/2026(f)		2,150		2,171
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022(a)		59		60
5.13%, 3/15/2023(a)		165		170
5.13%, 5/15/2024(a)		174		180
4.50%, 9/15/2027(a)		1,830		1,846
Freeport-McMoRan, Inc.
3.55%, 3/1/2022		5		5
3.88%, 3/15/2023		2,491		2,511
4.55%, 11/14/2024		3,415		3,474
4.13%, 3/1/2028		2,488		2,420
5.40%, 11/14/2034		98		97
5.45%, 3/15/2043		2,072		2,048
Glencore Finance Canada Ltd. (Switzerland) 6.00%, 11/15/2041(a)		685		753
Hudbay Minerals, Inc. (Canada)
7.25%, 1/15/2023(a)		160		152
7.63%, 1/15/2025(a)		85		77
Indonesia Asahan Aluminium Persero PT (Indonesia)
6.53%, 11/15/2028(f)		1,050		1,181
6.76%, 11/15/2048(f)		3,600		4,203
Kaiser Aluminum Corp. 4.63%, 3/1/2028(a)		3,750		3,544
Nexa Resources SA (Peru) 5.38%, 5/4/2027(f)		1,900		1,815
Novelis Corp.
5.88%, 9/30/2026(a)		3,762		3,853
4.75%, 1/30/2030(a)		1,620		1,539
Steel Dynamics, Inc.
4.13%, 9/15/2025		399		404
5.00%, 12/15/2026		28		29
United States Steel Corp. 6.25%, 3/15/2026		576		367
				42,830
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
Arbor Realty Trust, Inc. Series QIB, REIT, 4.50%, 3/15/2027(a)		20,000		17,366
Multiline Retail — 0.0%(b)
Neiman Marcus Group Ltd. LLC 14.00% (cash), 4/25/2024(a)(c)(i)		57		13
Oil, Gas & Consumable Fuels — 3.3%
AI Candelaria Spain SLU (Spain) 7.50%, 12/15/2028(f)		4,300		4,184
Antero Midstream Partners LP
5.38%, 9/15/2024		4,290		3,582
5.75%, 3/1/2027(a)		675		532
5.75%, 1/15/2028(a)		695		543
Antero Resources Corp.
5.13%, 12/1/2022		7,592		5,314
5.63%, 6/1/2023		300		174
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026(a)		3,495		2,366
Baytex Energy Corp. (Canada) 8.75%, 4/1/2027(a)		100		51
Blue Racer Midstream LLC
6.13%, 11/15/2022(a)		7,705		7,519
6.63%, 7/15/2026(a)		905		804
Buckeye Partners LP
4.13%, 3/1/2025(a)		1,635		1,604
3.95%, 12/1/2026		2,260		2,171
4.13%, 12/1/2027		1,610		1,554
4.50%, 3/1/2028(a)		1,635		1,582
5.60%, 10/15/2044		900		747
Callon Petroleum Co.
6.25%, 4/15/2023		1,687		548
6.13%, 10/1/2024		294		97
6.38%, 7/1/2026		159		45

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		350		385
Cheniere Energy Partners LP
5.25%, 10/1/2025		3,038		3,068
5.63%, 10/1/2026		32		33
4.50%, 10/1/2029(a)		3,845		3,758
Chesapeake Energy Corp. 11.50%, 1/1/2025(a)		3,304		223
CNX Midstream Partners LP 6.50%, 3/15/2026(a)		207		187
CNX Resources Corp. 5.88%, 4/15/2022		1,910		1,896
Comstock Resources, Inc.
7.50%, 5/15/2025(a)		1,100		971
9.75%, 8/15/2026		1,539		1,431
Crestwood Midstream Partners LP
6.25%, 4/1/2023(h)		340		324
5.75%, 4/1/2025		229		213
5.63%, 5/1/2027(a)		4,235		3,684
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.38%, 12/15/2022(d)(e)(g)		235		143
DCP Midstream Operating LP
3.88%, 3/15/2023		350		331
5.38%, 7/15/2025		4,290		4,148
6.75%, 9/15/2037(a)		124		102
5.60%, 4/1/2044		25		18
Delek Logistics Partners LP 6.75%, 5/15/2025		575		555
Denbury Resources, Inc. 9.00%, 5/15/2021(a)		1,725		742
Diamondback Energy, Inc. 5.38%, 5/31/2025		3,390		3,469
Ecopetrol SA (Colombia) 5.88%, 5/28/2045		4,145		4,307
Energy Transfer Operating LP
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028(d)(e)(g)		223		175
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030(d)(e)(g)		11,705		9,656
5.30%, 4/15/2047		430		421
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022(d)(e)(g)		460		129
4.40%, 4/1/2024		374		300
4.15%, 6/1/2025		4,292		3,455
4.85%, 7/15/2026		1,215		978
Enterprise Products Operating LLC (ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078(e)		194		174
EP Energy LLC
9.38%, 5/1/2024(a)(i)		499		—	(j)
8.00%, 11/29/2024(a)(i)		310		3
7.75%, 5/15/2026(a)(i)		982		128
Extraction Oil & Gas, Inc. 5.63%, 2/1/2026(a)		12		1
Genesis Energy LP
6.00%, 5/15/2023		53		50
6.25%, 5/15/2026		455		405
7.75%, 2/1/2028		2,665		2,492
Global Partners LP
7.00%, 6/15/2023		119		113
7.00%, 8/1/2027		635		552
Gulfport Energy Corp.
6.63%, 5/1/2023		3,075		1,983
6.00%, 10/15/2024		6,189		3,620
6.38%, 1/15/2026		27		14
Hilcorp Energy I LP
5.00%, 12/1/2024(a)		370		325
5.75%, 10/1/2025(a)		163		147
6.25%, 11/1/2028(a)		292		250
Martin Midstream Partners LP 7.25%, 2/15/2021		611		358
Matador Resources Co. 5.88%, 9/15/2026		455		338
MEG Energy Corp. (Canada)
7.00%, 3/31/2024(a)		3,481		3,350
6.50%, 1/15/2025(a)		3,949		3,892
7.13%, 2/1/2027(a)		2,262		2,060
MPLX LP 4.50%, 4/15/2038		750		744
Murphy Oil Corp. 5.75%, 8/15/2025		2,680		2,509
NAK Naftogaz Ukraine via Kondor Finance plc (Ukraine) 7.63%, 11/8/2026(f)		4,700		4,309
Newfield Exploration Co. 5.38%, 1/1/2026		100		89
NuStar Logistics LP
6.00%, 6/1/2026		1,579		1,516
5.63%, 4/28/2027		336		318
Oasis Petroleum, Inc.
6.88%, 3/15/2022		3,819		724
6.88%, 1/15/2023		2,458		415
6.25%, 5/1/2026(a)		1,895		313
Oil and Gas Holding Co. BSCC (The) (Bahrain)
7.63%, 11/7/2024(f)		1,400		1,449
8.38%, 11/7/2028(f)		700		728
Parsley Energy LLC
5.38%, 1/15/2025(a)		1,140		1,120
5.25%, 8/15/2025(a)		2,500		2,419
PBF Holding Co. LLC 6.00%, 2/15/2028(a)		3,460		2,906
PBF Logistics LP 6.88%, 5/15/2023		195		186
Peabody Energy Corp.
6.00%, 3/31/2022(a)		50		34
6.38%, 3/31/2025(a)		236		127

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Petroleos Mexicanos (Mexico)
7.69%, 1/23/2050(f)		1,100		916
7.69%, 1/23/2050(a)		800		666
6.95%, 1/28/2060(a)		15,390		11,759
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022(d)(e)(g)		475		340
QEP Resources, Inc.
5.38%, 10/1/2022		135		77
5.25%, 5/1/2023		85		45
5.63%, 3/1/2026		79		42
Range Resources Corp.
5.00%, 3/15/2023		6,465		5,848
4.88%, 5/15/2025		395		330
SM Energy Co.
6.13%, 11/15/2022		3,580		2,148
5.00%, 1/15/2024		38		20
6.75%, 9/15/2026		179		91
6.63%, 1/15/2027		2,778		1,424
Southern Gas Corridor CJSC (Azerbaijan) 6.88%, 3/24/2026(f)		3,200		3,678
Southwestern Energy Co.
6.20%, 1/23/2025(h)		2,165		1,945
7.50%, 4/1/2026		4,275		3,933
7.75%, 10/1/2027		160		149
State Oil Co. of the Azerbaijan Republic (Azerbaijan) 6.95%, 3/18/2030(f)		2,860		3,225
Summit Midstream Holdings LLC
5.50%, 8/15/2022		130		62
5.75%, 4/15/2025		431		185
Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045		740		723
Sunoco LP
4.88%, 1/15/2023		63		64
5.50%, 2/15/2026		218		219
6.00%, 4/15/2027		623		640
5.88%, 3/15/2028		19		19
Tallgrass Energy Partners LP
5.50%, 9/15/2024(a)		224		214
5.50%, 1/15/2028(a)		54		48
Targa Resources Partners LP
5.25%, 5/1/2023		43		43
4.25%, 11/15/2023		175		171
6.75%, 3/15/2024		2,315		2,354
5.13%, 2/1/2025		170		169
5.88%, 4/15/2026		7,125		7,251
5.38%, 2/1/2027		75		75
6.50%, 7/15/2027		3,016		3,175
5.00%, 1/15/2028		2,230		2,169
6.88%, 1/15/2029		2,240		2,397
TerraForm Power Operating LLC
4.25%, 1/31/2023(a)		255		260
5.00%, 1/31/2028(a)		172		183
Trinidad Petroleum Holdings Ltd. (Trinidad and Tobago) 9.75%, 6/15/2026(a)		4,100		3,576
W&T Offshore, Inc. 9.75%, 11/1/2023(a)		471		266
Whiting Petroleum Corp.
5.75%, 3/15/2021(i)		3,365		395
6.25%, 4/1/2023(i)		2,940		329
6.63%, 1/15/2026(i)		797		92
WPX Energy, Inc.
8.25%, 8/1/2023		1,521		1,624
5.75%, 6/1/2026		2,977		2,977
				184,996
Paper & Forest Products — 0.0%(b)
Clearwater Paper Corp. 4.50%, 2/1/2023		206		204
Personal Products — 0.1%
Coty, Inc. 6.50%, 4/15/2026(a)		280		232
Edgewell Personal Care Co.
4.70%, 5/19/2021		10		10
4.70%, 5/24/2022		2,250		2,318
Prestige Brands, Inc. 6.38%, 3/1/2024(a)		3,750		3,858
Revlon Consumer Products Corp. 6.25%, 8/1/2024		207		33
				6,451
Pharmaceuticals — 0.9%
Advanz Pharma Corp. Ltd. (Canada) 8.00%, 9/6/2024		395		359
Bausch Health Americas, Inc.
9.25%, 4/1/2026(a)		10,452		11,605
8.50%, 1/31/2027(a)		1,849		2,021
Bausch Health Cos., Inc.
6.50%, 3/15/2022(a)		256		260
5.50%, 3/1/2023(a)		7		7
5.88%, 5/15/2023(a)		92		92
7.00%, 3/15/2024(a)		2,949		3,052
6.13%, 4/15/2025(a)		5,981		6,070
5.50%, 11/1/2025(a)		7,253		7,493
9.00%, 12/15/2025(a)		5,295		5,791
5.75%, 8/15/2027(a)		715		765
7.00%, 1/15/2028(a)		140		147
5.00%, 1/30/2028(a)		6,204		5,994
7.25%, 5/30/2029(a)		156		168
5.25%, 1/30/2030(a)		2,673		2,626
Catalent Pharma Solutions, Inc.
4.88%, 1/15/2026(a)		277		283
5.00%, 7/15/2027(a)		980		1,005
Endo Dac
6.00%, 7/15/2023(a)		375		292
5.88%, 10/15/2024(a)		700		683
Mallinckrodt International Finance SA
5.63%, 10/15/2023(a)		445		98
5.50%, 4/15/2025(a)		225		45
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(a)		5,763		5,871
				54,727

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Professional Services — 0.0%(b)
AMN Healthcare, Inc. 5.13%, 10/1/2024(a)		420		421
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026(a)		756		820
				1,241
Real Estate Management & Development — 0.1%
Celulosa Arauco y Constitucion SA (Chile) 4.25%, 4/30/2029(f)		2,300		2,325
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		54		51
Realogy Group LLC 4.88%, 6/1/2023(a)		2,080		1,851
				4,227
Road & Rail — 0.3%
Ashtead Capital, Inc. (United Kingdom)
4.38%, 8/15/2027(a)		500		505
4.00%, 5/1/2028(a)		2,630		2,584
Avis Budget Car Rental LLC
6.38%, 4/1/2024(a)		1,015		839
5.25%, 3/15/2025(a)		3,436		2,731
5.75%, 7/15/2027(a)		648		496
DAE Funding LLC (United Arab Emirates)
4.50%, 8/1/2022(a)		10		9
5.00%, 8/1/2024(a)		440		370
Georgian Railway JSC (Georgia) 7.75%, 7/11/2022(f)		3,000		3,012
Hertz Corp. (The)
7.63%, 6/1/2022(a)		443		192
6.25%, 10/15/2022		185		33
5.50%, 10/15/2024(a)		5,875		1,058
7.13%, 8/1/2026(a)		2,755		468
6.00%, 1/15/2028(a)		1,450		243
Prumo Participacoes e Investimentos S/A (Brazil) 7.50%, 12/31/2031(f)		981		954
Prumo Participacoes e Investimentos SA (Brazil) 7.50%, 12/31/2031(a)		1,373		1,336
				14,830
Semiconductors & Semiconductor Equipment — 0.2%
Amkor Technology, Inc. 6.63%, 9/15/2027(a)		788		833
Broadcom Corp. 3.50%, 1/15/2028		870		892
Entegris, Inc. 4.63%, 2/10/2026(a)		3,955		4,033
NXP BV (Netherlands) 4.63%, 6/1/2023(a)		200		216
Qorvo, Inc. 5.50%, 7/15/2026		2,519		2,639
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(a)		5,275		5,551
				14,164
Software — 0.2%
ACI Worldwide, Inc. 5.75%, 8/15/2026(a)		605		625
Ascend Learning LLC 6.88%, 8/1/2025(a)		1,350		1,343
CDK Global, Inc.
4.88%, 6/1/2027		2,890		2,998
5.25%, 5/15/2029(a)		1,639		1,672
Genesys Telecommunications Laboratories, Inc. SARL 10.00%, 11/30/2024(a)		445		474
NortonLifeLock, Inc. 5.00%, 4/15/2025(a)		176		180
Nuance Communications, Inc. 5.63%, 12/15/2026		684		725
Open Text Corp. (Canada)
5.88%, 6/1/2026(a)		508		525
3.88%, 2/15/2028(a)		1,235		1,218
Solera LLC 10.50%, 3/1/2024(a)		246		250
SS&C Technologies, Inc. 5.50%, 9/30/2027(a)		4,174		4,384
				14,394
Specialty Retail — 0.5%
eG Global Finance plc (United Kingdom) 6.75%, 2/7/2025(a)		2,500		2,531
L Brands, Inc.
5.25%, 2/1/2028		57		48
7.50%, 6/15/2029		1,254		1,104
6.75%, 7/1/2036		4,435		3,696
Penske Automotive Group, Inc. 5.50%, 5/15/2026		3,335		3,285
PetSmart, Inc.
7.13%, 3/15/2023(a)		3,880		3,764
5.88%, 6/1/2025(a)		6,781		6,780
Staples, Inc.
7.50%, 4/15/2026(a)		8,935		7,805
10.75%, 4/15/2027(a)		3,080		2,096
				31,109
Technology Hardware, Storage & Peripherals — 0.3%
Dell International LLC
5.88%, 6/15/2021(a)		99		99
7.13%, 6/15/2024(a)		247		256
6.02%, 6/15/2026(a)		4,170		4,710
EMC Corp. 3.38%, 6/1/2023		2,695		2,708
NCR Corp.
5.75%, 9/1/2027(a)		3,770		3,743
6.13%, 9/1/2029(a)		3,491		3,482
Western Digital Corp. 4.75%, 2/15/2026		3,068		3,229
Xerox Corp. 4.12%, 3/15/2023(h)		282		278
				18,505
Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc. 4.63%, 5/15/2024(a)		35		36
William Carter Co. (The) 5.63%, 3/15/2027(a)		3,510		3,585
				3,621

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Thrifts & Mortgage Finance — 0.1%
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025(a)		2,190		1,862
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023(a)		1,915		1,953
9.13%, 7/15/2026(a)		440		451
Quicken Loans LLC
5.75%, 5/1/2025(a)		983		1,002
5.25%, 1/15/2028(a)		285		288
Radian Group, Inc.
4.50%, 10/1/2024		440		435
4.88%, 3/15/2027		339		318
				6,309
Tobacco — 0.3%
BAT Capital Corp. (United Kingdom)
3.46%, 9/6/2029		11,930		12,265
4.39%, 8/15/2037		1,230		1,291
4.54%, 8/15/2047		910		966
Reynolds American, Inc. (United Kingdom) 5.85%, 8/15/2045		1,360		1,631
				16,153
Trading Companies & Distributors — 0.5%
Ahern Rentals, Inc. 7.38%, 5/15/2023(a)		835		363
Beacon Roofing Supply, Inc. 4.88%, 11/1/2025(a)		2,875		2,716
H&E Equipment Services, Inc. 5.63%, 9/1/2025		2,690		2,629
Herc Holdings, Inc. 5.50%, 7/15/2027(a)		5,058		4,925
United Rentals North America, Inc.
5.50%, 7/15/2025		10		10
4.63%, 10/15/2025		905		920
5.88%, 9/15/2026		205		215
6.50%, 12/15/2026		4,949		5,290
5.50%, 5/15/2027		5,925		6,288
3.88%, 11/15/2027		885		887
4.88%, 1/15/2028		4,625		4,765
WESCO Distribution, Inc. 5.38%, 6/15/2024		245		240
				29,248
Wireless Telecommunication Services — 1.4%
C&W Senior Financing DAC (Ireland) 6.88%, 9/15/2027(a)		2,620		2,585
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		2,620		2,712
6.63%, 8/1/2026		1,919		2,002
Millicom International Cellular SA (Colombia) 5.13%, 1/15/2028(f)		2,600		2,587
Sprint Corp.
7.25%, 9/15/2021		115		121
7.88%, 9/15/2023		1,582		1,796
7.13%, 6/15/2024		7,672		8,699
7.63%, 2/15/2025		6,859		7,999
7.63%, 3/1/2026		15,882		18,979
Telefonica Celular del Paraguay SA (Paraguay)
5.88%, 4/15/2027(a)		800		810
5.88%, 4/15/2027(f)		500		507
T-Mobile USA, Inc.
6.00%, 3/1/2023		200		202
6.50%, 1/15/2024		115		118
6.38%, 3/1/2025		380		392
3.50%, 4/15/2025(a)		1,990		2,131
5.13%, 4/15/2025		75		77
6.50%, 1/15/2026		10,415		10,990
4.50%, 2/1/2026		3,656		3,758
3.75%, 4/15/2027(a)		1,995		2,157
4.75%, 2/1/2028		7,101		7,545
3.88%, 4/15/2030(a)		1,995		2,163
United States Cellular Corp. 6.70%, 12/15/2033		790		851
Vodafone Group plc (United Kingdom) (USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079(e)		3,300		3,821
				83,002
TOTAL CORPORATE BONDS (Cost $1,882,641)				1,776,110
COLLATERALIZED MORTGAGE OBLIGATIONS — 21.5%
ACC 1/15/2021‡		4,821		4,821
Acre Series 2017-B, 8.39%, 12/22/2021		500		500
Adjustable Rate Mortgage Trust Series 2006-2, Class 1A4, 3.92%, 5/25/2036(k)		1,800		1,654
Alternative Loan Trust
Series 2004-18CB, Class 5A1, 6.25%, 9/25/2034		35		37
Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034		23		23
Series 2005-23CB, Class A7, 5.25%, 7/25/2035		30		28
Series 2005-23CB, Class A16, 5.50%, 7/25/2035		83		80
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		574		548
Series 2005-J14, Class A3, 5.50%, 12/25/2035		363		291
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037		679		488
Angel Oak Mortgage Trust
Series 2019-5, Class M1, 3.30%, 10/25/2049‡(a)(k)		8,000		7,478

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019-5, Class B1, 3.96%, 10/25/2049‡(a)(k)		2,470		2,335
Series 2020-1, Class M1, 3.16%, 12/25/2059‡(a)(k)		4,400		4,059
Series 2020-1, Class B1, 3.76%, 12/25/2059‡(a)(k)		1,550		1,438
Angel Oak Mortgage Trust I LLC Series 2018-PB1, Class A, 4.00%, 8/25/2021(a)		148		148
Antler Mortgage Trust
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022(a)		1,673		1,657
Series 2019-RTL1, Class A2, 4.95%, 8/25/2022(a)(k)		2,000		2,045
Series 2019-RTL1, Class M, 6.90%, 1/25/2023‡(a)(k)		3,000		2,997
Series 2018-RTL1, Class M, 7.39%, 5/25/2023‡(a)(h)		1,700		1,223
Arroyo Mortgage Trust
Series 2019-3, Class M1, 4.20%, 10/25/2048‡(a)(k)		1,000		815
Series 2019-2, Class A3, 3.80%, 4/25/2049(a)(k)		1,669		1,625
Banc of America Alternative Loan Trust Series 2005-3, Class 2A1, 5.50%, 4/25/2020		4		4
Banc of America Funding Trust Series 2007-5, Class 4A1, 0.54%, 7/25/2037(k)		481		303
Bear Stearns ALT-A Trust Series 2004-7, Class 2A1, 4.01%, 8/25/2034(k)		152		147
Bear Stearns Asset-Backed Securities Trust Series 2003-AC4, Class M1, 5.66%, 9/25/2033‡(h)		132		123
Bellemeade Re Ltd. (Bermuda)
Series 2018-3A, Class M1B, 2.02%, 10/25/2028‡(a)(k)		779		749
Series 2018-3A, Class M2, 2.92%, 10/25/2028‡(a)(k)		1,140		938
Series 2019-1A, Class M2, 2.87%, 3/25/2029‡(a)(k)		1,000		768
Series 2019-3A, Class B1, 2.67%, 7/25/2029‡(a)(k)		1,000		253
Carter Services, Inc. 5.64%, 2/15/2024‡		1,001		973
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 2.92%, 5/25/2023(a)(k)		840		724
Series 2018-GT1, Class B, 3.67%, 5/25/2023‡(a)(k)		850		601
CIM Trust Series 2019-INV3, Class A11, 1.44%, 8/25/2049(a)(k)		6,308		6,221
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-8, Class 1A5, 5.50%, 11/25/2035		60		58
Citigroup Mortgage Loan Trust, Inc.
Series 2004-NCM2, Class 3CB2, 6.50%, 8/25/2019‡		6		6
Series 2003-1, Class 3A5, 5.25%, 9/25/2033		123		122
COLT Mortgage Loan Trust Series 2020-1, Class A1, 2.49%, 2/25/2050(a)(k)		2,323		2,337
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1ED2, 1.27%, 4/25/2031(a)(k)		398		389
Series 2018-R07, Class 1M2, 2.57%, 4/25/2031(a)(k)		12,687		12,462
Series 2018-R07, Class 1B1, 4.52%, 4/25/2031‡(a)(k)		8,186		6,795
Series 2019-R01, Class 2M2, 2.62%, 7/25/2031‡(a)(k)		20,254		19,950
Series 2019-R01, Class 2B1, 4.52%, 7/25/2031‡(a)(k)		1,000		770
Series 2019-R02, Class 1B1, 4.32%, 8/25/2031‡(a)(k)		10,130		8,331
Series 2019-R04, Class 2B1, 5.42%, 6/25/2039(a)(k)		5,000		3,698
Series 2019-R05, Class 1M2, 2.17%, 7/25/2039‡(a)(k)		2,153		2,114
Series 2019-R05, Class 1B1, 4.27%, 7/25/2039(a)(k)		1,500		1,166
Series 2019-R06, Class 2B1, 3.92%, 9/25/2039(a)(k)		26,974		16,715
Series 2019-R07, Class 1M2, 2.27%, 10/25/2039‡(a)(k)		16,090		15,166
Series 2019-R07, Class 1B1, 3.57%, 10/25/2039‡(a)(k)		3,000		2,151
Series 2020-R01, Class 1M2, 2.22%, 1/25/2040‡(a)(k)		3,800		3,410
Series 2020-R01, Class 1B1, 3.42%, 1/25/2040‡(a)(k)		2,000		1,001
CSFB Mortgage-Backed Pass-Through Certificates Series 2005-4, Class 2A5, 0.72%, 6/25/2035(k)		304		230
CSMA SFR Holdings II (United Kingdom) Zero Coupon, 7/31/2023‡		6,812		6,471
Deephave Residential Mortgage Trust
Series 2019-2A, Class B1, 4.72%, 4/25/2059‡(a)(k)		1,500		1,313
Series 2019-2A, Class B2, 5.79%, 4/25/2059‡(a)(k)		1,500		1,266
Deephaven Residential Mortgage Trust
Series 2019-3A, Class B1, 4.26%, 7/25/2059‡(a)(k)		2,000		1,722
Series 2019-3A, Class B2, 5.66%, 7/25/2059‡(a)(k)		2,000		1,676
Series 2019-4A, Class B1, 3.99%, 10/25/2059‡(a)(k)		6,690		5,857
Series 2019-4A, Class B2, 4.92%, 10/25/2059‡(a)(k)		5,650		4,940
Series 2020-1, Class A1, 2.34%, 1/25/2060(a)(k)		4,443		4,394

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2020-1, Class A3, 2.65%, 1/25/2060(a)(k)		5,622		5,559
Series 2020-1, Class M1, 3.01%, 1/25/2060‡(a)(k)		9,500		8,753
Series 2020-1, Class B1, 3.66%, 1/25/2060‡(a)(k)		4,000		3,697
Deutsche Mortgage Securities, Inc., Mortgage Loan Trust Series 2004-1, Class 3A5, 6.16%, 12/25/2033(h)		160		167
DT Asset Trust 5.84%, 12/16/2022		500		501
Eagle RE Ltd. (Bermuda)
Series 2019-1, Class M1B, 1.97%, 4/25/2029‡(a)(k)		541		517
Series 2019-1, Class M2, 3.47%, 4/25/2029‡(a)(k)		2,240		1,819
FHLMC STACR Trust
Series 2018-HQA2, Class M2, 2.47%, 10/25/2048(a)(k)		8,430		7,775
Series 2018-HQA2, Class B1, 4.42%, 10/25/2048(a)(k)		1,670		1,270
Series 2019-HQA2, Class M2, 2.22%, 4/25/2049(a)(k)		1,647		1,597
FHLMC Structured Agency Credit Risk Debt Notes
Series 2015-HQA2, Class M3, 4.97%, 5/25/2028(k)		3,625		3,767
Series 2016-DNA1, Class M3, 5.72%, 7/25/2028(k)		24,864		26,594
Series 2016-HQA1, Class M3, 6.52%, 9/25/2028(k)		2,261		2,375
Series 2016-HQA2, Class M3, 5.32%, 11/25/2028(k)		19,270		20,082
Series 2016-DNA3, Class M3, 5.17%, 12/25/2028(k)		8,637		9,048
Series 2016-DNA4, Class M3, 3.97%, 3/25/2029(k)		2,500		2,586
Series 2016-HQA3, Class M3, 4.02%, 3/25/2029(k)		6,000		6,112
Series 2016-HQA4, Class M3, 4.07%, 4/25/2029(k)		16,340		16,667
Series 2017-DNA1, Class M2, 3.42%, 7/25/2029(k)		4,412		4,462
Series 2017-HQA1, Class M2, 3.72%, 8/25/2029(k)		11,471		11,507
Series 2017-DNA2, Class M2, 3.62%, 10/25/2029(k)		2,720		2,766
Series 2017-DNA2, Class B1, 5.32%, 10/25/2029(k)		7,000		6,167
Series 2017-HQA2, Class B1, 4.92%, 12/25/2029(k)		2,500		2,040
Series 2017-DNA3, Class M2, 2.67%, 3/25/2030(k)		1,860		1,860
Series 2017-DNA3, Class B1, 4.62%, 3/25/2030(k)		3,500		2,878
Series 2017-HQA3, Class B1, 4.62%, 4/25/2030(k)		1,000		772
Series 2018-HQA1, Class M2, 2.47%, 9/25/2030(k)		9,493		8,850
Series 2018-HQA1, Class B1, 4.52%, 9/25/2030(k)		7,510		6,044
FHLMC, REMIC
Series 4102, Class BI, IO, 3.50%, 8/15/2027		1,833		250
Series 4149, IO, 3.00%, 1/15/2033		552		58
Series 4160, IO, 3.00%, 1/15/2033		1,813		179
Series 4212, Class MI, IO, 3.00%, 6/15/2033		2,328		236
Series 2916, Class S, IF, IO, 7.07%, 1/15/2035(k)		3,047		725
Series 3145, Class GI, IF, IO, 6.42%, 4/15/2036(k)		2,667		588
Series 4116, Class LS, IF, IO, 6.02%, 10/15/2042(k)		417		98
Series 4495, Class PI, IO, 4.00%, 9/15/2043		707		69
Series 4321, Class PI, IO, 4.50%, 1/15/2044		546		84
Series 4670, Class TI, IO, 4.50%, 1/15/2044		983		115
Series 4550, Class DI, IO, 4.00%, 3/15/2044		505		55
Series 4612, Class QI, IO, 3.50%, 5/15/2044		760		68
Series 4612, Class PI, IO, 3.50%, 6/15/2044		62		6
Series 4657, Class QI, IO, 4.00%, 9/15/2044		798		83
Series 4585, Class JI, IO, 4.00%, 5/15/2045		477		71
Series 4628, Class PI, IO, 4.00%, 7/15/2045		496		63
Series 4844, Class PI, IO, 4.50%, 1/15/2046		3,091		169
Series 4842, Class PI, IO, 4.50%, 4/15/2046		642		47
Series 4599, Class SA, IF, IO, 5.82%, 7/15/2046(k)		381		84
Series 4681, Class SD, IF, IO, 5.97%, 5/15/2047(k)		970		186
Series 4694, Class SA, IF, IO, 5.92%, 6/15/2047(k)		1,401		221
Series 4689, Class SD, IF, IO, 5.97%, 6/15/2047(k)		1,386		268
Series 4717, Class SP, IF, IO, 5.92%, 8/15/2047(k)		36,083		8,830
Series 4707, Class SA, IF, IO, 5.97%, 8/15/2047(k)		1,145		261
Series 4709, Class SE, IF, IO, 5.97%, 8/15/2047(k)		952		193
Series 4714, Class SA, IF, IO, 5.97%, 8/15/2047(k)		1,056		228

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 4769, IO, 4.00%, 9/15/2047		7,196		760
Series 4746, Class SC, IF, IO, 5.97%, 1/15/2048(k)		14,926		3,404
Series 4825, Class SE, IF, IO, 6.02%, 9/15/2048(k)		19,211		3,721
Series 4844, Class S, IF, IO, 5.92%, 11/15/2048(k)		12,934		2,208
Series 4910, Class PI, IO, 5.00%, 7/25/2049		3,320		659
Series 4902, Class SA, IF, IO, 5.87%, 8/25/2049(k)		43,123		9,242
Series 4919, Class SH, IF, IO, 5.82%, 9/25/2049(k)		29,404		4,303
Series 4906, Class QS, IF, IO, 5.87%, 9/25/2049(k)		28,460		6,190
Series 4925, Class SA, IF, IO, 5.87%, 10/25/2049(k)		44,177		8,866
Series 4932, Class SA, IF, IO, 5.82%, 11/25/2049(k)		36,946		6,753
Series 4931, Class SY, IF, IO, 5.87%, 11/25/2049(k)		32,724		6,427
Series 4937, Class MS, IF, IO, 5.87%, 12/25/2049(k)		70,827		13,727
Series 4954, Class SY, IF, IO, 5.87%, 2/25/2050(k)		38,614		8,200
Series 4839, Class WS, IF, IO, 5.92%, 8/15/2056(k)		43,408		9,982
FHLMC, STRIPS
Series 304, Class C32, IO, 3.00%, 10/15/2026		401		23
Series 277, Class S6, IF, IO, 5.87%, 9/15/2042(k)		29,847		4,917
Series 311, Class S1, IF, IO, 5.77%, 8/15/2043(k)		1,735		317
Series 342, Class S7, IF, IO, 5.93%, 2/15/2045(k)		17,506		3,811
Flagstar Mortgage Trust Series 2020-1INV, Class A11, 1.02%, 3/25/2050(a)(k)		2,875		2,725
FNMA Class 1M2, 6.17%, 9/25/2028(k)		3,541		3,703
FNMA, Connecticut Avenue Securities
Series 2015-C03, Class 1M2, 5.17%, 7/25/2025‡(k)		4,258		4,252
Series 2016-C01, Class 2M2, 7.12%, 8/25/2028(k)		6,221		6,722
Series 2016-C03, Class 1M2, 5.47%, 10/25/2028(k)		2,976		3,144
Series 2016-C03, Class 2M2, 6.07%, 10/25/2028(k)		1,552		1,643
Series 2016-C05, Class 2M2, 4.62%, 1/25/2029(k)		2,506		2,580
Series 2016-C06, Class 1M2, 4.42%, 4/25/2029(k)		29,362		30,305
Series 2016-C07, Class 2M2, 4.52%, 5/25/2029(k)		7,829		8,024
Series 2017-C01, Class 1M2, 3.72%, 7/25/2029(k)		9,108		9,231
Series 2017-C01, Class 1B1, 5.92%, 7/25/2029(k)		16,485		14,998
Series 2017-C02, Class 2M2, 3.82%, 9/25/2029(k)		14,210		14,206
Series 2017-C02, Class 2B1, 5.67%, 9/25/2029(k)		5,500		4,696
Series 2017-C03, Class 1B1, 5.02%, 10/25/2029(k)		3,000		2,617
Series 2017-C05, Class 1M2, 2.37%, 1/25/2030(k)		13,016		12,605
Series 2017-C05, Class 1B1, 3.77%, 1/25/2030(k)		2,760		2,195
Series 2017-C06, Class 1M2, 2.82%, 2/25/2030(k)		2,871		2,816
Series 2017-C06, Class 2B1, 4.62%, 2/25/2030(k)		8,015		6,491
Series 2017-C07, Class 1B1, 4.17%, 5/25/2030(k)		5,200		4,226
Series 2018-C01, Class 1B1, 3.72%, 7/25/2030(k)		2,870		2,411
Series 2018-C02, Class 2M2, 2.37%, 8/25/2030(k)		1,835		1,742
Series 2018-C03, Class 1M2, 2.32%, 10/25/2030(k)		400		388
Series 2018-C04, Class 2M2, 2.72%, 12/25/2030(k)		5,457		5,251
Series 2018-C04, Class 2B1, 4.67%, 12/25/2030(k)		4,250		3,528
Series 2018-C05, Class 1M2, 2.52%, 1/25/2031(k)		1,423		1,380
Series 2018-C05, Class 1B1, 4.42%, 1/25/2031(k)		3,000		2,490
Series 2018-C06, Class 1M2, 2.17%, 3/25/2031(k)		1,838		1,755
Series 2018-C06, Class 2M2, 2.27%, 3/25/2031(k)		1,227		1,178
Series 2018-C06, Class 1B1, 3.92%, 3/25/2031(k)		15,310		12,709
Series 2018-C06, Class 2B1, 4.27%, 3/25/2031(k)		2,860		2,374
FNMA, REMIC
Series 2016-68, Class BI, IO, 3.00%, 10/25/2031		1,284		107
Series 2012-93, Class FS, IF, IO, 5.98%, 9/25/2032(k)		4,095		774
Series 2013-55, Class AI, IO, 3.00%, 6/25/2033		3,920		378
Series 2003-76, Class SB, IF, IO, 6.88%, 8/25/2033(k)		2,906		549
Series 2006-42, Class LI, IF, IO, 6.39%, 6/25/2036(k)		2,578		466
Series 2011-79, Class SD, IF, IO, 5.73%, 8/25/2041(k)		7,254		1,570
Series 2011-78, Class JS, IF, IO, 5.83%, 8/25/2041(k)		3,197		738

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2012-101, Class SC, IF, IO, 5.83%, 9/25/2042(k)		13,759		2,583
Series 2012-127, Class AI, IO, 4.00%, 11/25/2042		812		112
Series 2012-133, Class HS, IF, IO, 5.98%, 12/25/2042(k)		372		88
Series 2012-133, Class NS, IF, IO, 5.98%, 12/25/2042(k)		1,718		396
Series 2016-6, Class KI, IO, 4.00%, 2/25/2044		655		75
Series 2015-35, Class SA, IF, IO, 5.43%, 6/25/2045(k)		19,027		3,277
Series 2016-43, Class MI, IO, 4.00%, 10/25/2045		546		84
Series 2016-56, Class ST, IF, IO, 5.83%, 8/25/2046(k)		9,146		2,252
Series 2016-63, Class AS, IF, IO, 5.83%, 9/25/2046(k)		194		45
Series 2016-75, Class SC, IF, IO, 5.93%, 10/25/2046(k)		12,917		2,792
Series 2016-90, Class IN, IO, 3.50%, 12/25/2046		704		101
Series 2016-95, Class ES, IF, IO, 5.83%, 12/25/2046(k)		3,165		760
Series 2017-13, Class AS, IF, IO, 5.88%, 2/25/2047(k)		1,179		265
Series 2017-6, Class SB, IF, IO, 5.88%, 2/25/2047(k)		232		49
Series 2017-16, Class SM, IF, IO, 5.88%, 3/25/2047(k)		7,677		1,576
Series 2017-39, Class ST, IF, IO, 5.93%, 5/25/2047(k)		2,868		655
Series 2017-69, Class SG, IF, IO, 5.98%, 9/25/2047(k)		15,628		3,022
Series 2017-70, Class SA, IF, IO, 5.98%, 9/25/2047(k)		1,813		403
Series 2017-69, Class SH, IF, IO, 6.03%, 9/25/2047(k)		1,645		356
Series 2017-81, Class SM, IF, IO, 6.03%, 10/25/2047(k)		30,348		7,504
Series 2017-90, Class SP, IF, IO, 5.98%, 11/25/2047(k)		4,916		1,204
Series 2017-93, Class SA, IF, IO, 5.98%, 11/25/2047(k)		29,615		5,632
Series 2017-102, Class IJ, IO, 3.50%, 12/25/2047		1,839		175
Series 2017-112, Class SC, IF, IO, 5.98%, 1/25/2048(k)		6,131		1,171
Series 2018-16, Class SN, IF, IO, 6.08%, 3/25/2048(k)		4,490		797
Series 2018-27, Class SE, IF, IO, 6.03%, 5/25/2048(k)		5,853		1,328
Series 2018-67, Class SH, IF, IO, 6.03%, 9/25/2048(k)		27,265		5,390
Series 2018-67, Class SN, IF, IO, 6.03%, 9/25/2048(k)		11,082		2,245
Series 2019-32, Class PI, IO, 5.00%, 10/25/2048		2,318		388
Series 2018-73, Class SC, IF, IO, 6.03%, 10/25/2048(k)		8,442		1,681
Series 2018-78, Class SA, IF, IO, 6.03%, 10/25/2048(k)		34,866		6,491
Series 2019-47, Class QI, IO, 4.50%, 6/25/2049		4,754		805
Series 2019-31, Class S, IF, IO, 5.88%, 7/25/2049(k)		20,158		4,494
Series 2019-37, Class CS, IF, IO, 5.88%, 7/25/2049(k)		6,968		1,785
Series 2019-42, Class SK, IF, IO, 5.88%, 8/25/2049(k)		15,921		3,080
Series 2019-68, Class US, IF, IO, 5.83%, 11/25/2049(k)		33,760		6,330
Series 2019-62, Class SP, IF, IO, 5.88%, 11/25/2049(k)		31,502		7,227
Series 2019-65, Class SP, IF, IO, 5.88%, 11/25/2049(k)		41,558		8,271
Series 2019-71, Class PS, IF, IO, 5.88%, 11/25/2049(k)		20,103		3,493
Series 2017-57, Class SA, IF, IO, 5.93%, 8/25/2057(k)		1,383		255
FNMA, STRIPS
Series 421, Class 7, IO, 3.50%, 5/25/2030		375		26
Series 421, Class C3, IO, 4.00%, 7/25/2030		602		56
FTF 8.00%, 9/30/2024		6,500		6,469
GCAT Trust
Series 2020-NQM1, Class M1, 2.93%, 1/25/2060‡(a)(k)		10,871		9,640
Series 2020-NQM1, Class B1, 3.64%, 1/25/2060‡(a)(k)		3,000		2,557
GMACM Mortgage Loan Trust Series 2004-J2, Class A8, 5.75%, 6/25/2034		53		55
GNMA
Series 2013-182, Class MS, IF, IO, 5.97%, 12/20/2043(k)		17,610		4,357
Series 2015-110, Class MS, IF, IO, 5.54%, 8/20/2045(k)		12,474		1,976
Series 2016-33, Class US, IF, IO, 5.88%, 3/20/2046(k)		20,908		4,130
Series 2016-49, Class SB, IF, IO, 5.88%, 4/20/2046(k)		7,804		1,592
Series 2016-83, Class SA, IF, IO, 5.93%, 6/20/2046(k)		4,629		967
Series 2016-108, Class SN, IF, IO, 5.91%, 8/20/2046(k)		22,443		5,100
Series 2016-108, Class SM, IF, IO, 5.93%, 8/20/2046(k)		5,178		1,215
Series 2016-111, Class SA, IF, IO, 5.93%, 8/20/2046(k)		8,769		1,966
Series 2016-120, Class NS, IF, IO, 5.93%, 9/20/2046(k)		5,832		1,307
Series 2016-120, Class SA, IF, IO, 5.93%, 9/20/2046(k)		30,260		6,818

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2016-146, Class NS, IF, IO, 5.93%, 10/20/2046(k)		7,157		1,659
Series 2016-147, Class AS, IF, IO, 5.93%, 10/20/2046(k)		10,721		2,164
Series 2017-192, Class PI, IO, 4.00%, 1/20/2047		2,350		221
Series 2017-36, Class SL, IF, IO, 6.02%, 3/16/2047(k)		12,278		2,642
Series 2019-132, Class KI, IO, 3.50%, 3/20/2047		2,776		278
Series 2017-68, Class DS, IF, IO, 5.98%, 5/20/2047(k)		23,947		5,155
Series 2017-68, Class SA, IF, IO, 5.98%, 5/20/2047(k)		5,382		1,110
Series 2017-80, Class AS, IF, IO, 6.03%, 5/20/2047(k)		6,104		1,313
Series 2017-85, Class SA, IF, IO, 5.98%, 6/20/2047(k)		8,774		1,844
Series 2017-101, Class SK, IF, IO, 6.03%, 7/20/2047(k)		13,645		2,750
Series 2017-107, Class KS, IF, IO, 6.03%, 7/20/2047(k)		12,537		2,314
Series 2017-120, Class ES, IF, IO, 6.03%, 8/20/2047(k)		10,068		2,263
Series 2017-134, Class SB, IF, IO, 6.03%, 9/20/2047(k)		8,486		1,361
Series 2017-134, Class SD, IF, IO, 6.03%, 9/20/2047(k)		12,914		2,780
Series 2017-155, Class KS, IF, IO, 6.03%, 10/20/2047(k)		9,278		2,074
Series 2017-161, Class DS, IF, IO, 6.08%, 10/20/2047(k)		6,189		1,523
Series 2017-163, Class HS, IF, IO, 6.03%, 11/20/2047(k)		17,895		3,258
Series 2017-180, Class SD, IF, IO, 6.03%, 12/20/2047(k)		9,412		2,173
Series 2018-7, Class DS, IF, IO, 5.53%, 1/20/2048(k)		6,328		930
Series 2018-6, Class CS, IF, IO, 6.03%, 1/20/2048(k)		6,903		1,549
Series 2018-36, Class SG, IF, IO, 6.03%, 3/20/2048(k)		5,993		1,314
Series 2018-46, Class AS, IF, IO, 6.03%, 3/20/2048(k)		21,658		5,215
Series 2018-63, Class BS, IF, IO, 6.03%, 4/20/2048(k)		13,920		3,072
Series 2018-63, Class SB, IF, IO, 6.03%, 4/20/2048(k)		7,962		1,855
Series 2018-65, Class DS, IF, IO, 6.03%, 5/20/2048(k)		8,800		2,097
Series 2018-125, Class SU, IF, IO, 6.03%, 9/20/2048(k)		26,499		5,266
Series 2018-147, Class SD, IF, IO, 5.98%, 10/20/2048(k)		5,980		1,177
Series 2019-33, Class PI, IO, 4.00%, 11/20/2048		216		40
Series 2019-1, Class SG, IF, IO, 5.88%, 1/20/2049(k)		21,405		4,188
Series 2019-49, Class SB, IF, IO, 5.37%, 4/20/2049(k)		13,516		2,205
Series 2019-42, Class SJ, IF, IO, 5.88%, 4/20/2049(k)		14,478		2,237
Series 2019-43, Class LS, IF, IO, 5.88%, 4/20/2049(k)		6,276		1,240
Series 2019-65, Class ST, IF, IO, 5.88%, 5/20/2049(k)		22,014		3,438
Series 2019-56, Class GS, IF, IO, 5.98%, 5/20/2049(k)		14,398		2,903
Series 2019-71, Class SA, IF, IO, 5.98%, 6/20/2049(k)		23,645		4,790
Series 2019-71, Class SK, IF, IO, 5.98%, 6/20/2049(k)		20,500		4,359
Series 2019-85, Class CS, IF, IO, 5.93%, 7/20/2049(k)		36,560		7,398
Series 2019-86, Class ST, IF, IO, 5.93%, 7/20/2049(k)		22,983		3,572
Series 2019-89, Class KS, IF, IO, 5.93%, 7/20/2049(k)		28,310		5,088
Series 2019-103, Class SC, IF, IO, 5.88%, 8/20/2049(k)		39,658		6,731
Series 2019-99, Class SJ, IF, IO, 5.88%, 8/20/2049(k)		20,539		3,488
Series 2019-97, Class GS, IF, IO, 5.93%, 8/20/2049(k)		46,520		8,412
Series 2019-115, Class SA, IF, IO, 5.88%, 9/20/2049(k)		19,695		3,618
Series 2019-115, Class US, IF, IO, 5.88%, 9/20/2049(k)		22,522		4,745
Series 2019-119, Class SA, IF, IO, 5.88%, 9/20/2049(k)		35,470		6,877
Series 2019-120, Class DS, IF, IO, 5.88%, 9/20/2049(k)		24,507		4,819
Series 2019-112, Class SE, IF, IO, 5.91%, 9/20/2049(k)		22,369		3,661
Series 2019-115, Class SD, IF, IO, 5.93%, 9/20/2049(k)		49,551		6,879
Series 2019-115, Class SW, IF, IO, 5.93%, 9/20/2049(k)		47,232		8,143
Series 2019-117, Class SA, IF, IO, 5.93%, 9/20/2049(k)		27,557		6,025
Series 2019-132, Class SK, IF, IO, 5.88%, 10/20/2049(k)		29,157		4,704
Series 2019-138, Class SW, IF, IO, 5.88%, 10/20/2049(k)		5,673		1,070
Series 2019-137, Class PI, IO, 3.50%, 11/20/2049		27,929		3,668
Series 2019-158, Class SG, IF, IO, 5.88%, 12/20/2049(k)		29,457		5,032
Series 2020-11, Class LS, IF, IO, 5.88%, 1/20/2050(k)		83,752		14,208
Series 2020-11, Class SN, IF, IO, 5.88%, 1/20/2050(k)		32,101		5,670
Series 2020-33, Class SB, IF, IO, 5.88%, 3/20/2050(k)		34,438		9,123
1.19%, 2/16/2060(k)		111,100		10,827

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2015-H13, Class GI, IO, 1.77%, 4/20/2065(k)		2,725		124
Series 2017-H14, Class FG, 3.49%, 6/20/2067(k)		562		571
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		451		451
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036(a)(k)		180		91
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1, 4.08%, 9/25/2035(k)		204		200
HarborView Mortgage Loan Trust Series 2006-14, Class 1A1A, 0.35%, 1/25/2047(k)		10,331		8,706
Homeward Opportunities Fund I Trust
Series 2019-1, Class M1, 3.95%, 1/25/2059‡(a)(k)		2,220		2,085
Series 2019-1, Class B1, 4.80%, 1/25/2059‡(a)(k)		2,600		2,361
Series 2019-3, Class B1, 4.02%, 11/25/2059‡(a)(k)		5,000		4,130
Hunt Companies Finance Trust, Inc. 7.25%, 2/13/2025		1,500		1,500
Impac CMB Trust Series 2005-1, Class 1A2, 0.79%, 4/25/2035(k)		364		339
IndyMac INDX Mortgage Loan Trust Series 2007-AR21, Class 6A1, 3.45%, 9/25/2037(k)		17,092		13,595
JP Morgan Mortgage Trust Series 2006-S1, Class 1A1, 6.00%, 4/25/2036		63		67
Lehman Mortgage Trust Series 2007-7, Class 5A7, 6.50%, 8/25/2037		15,013		11,008
LHOME Mortgage Trust
Series 2019-RTL1, Class A1, 4.58%, 10/25/2023(a)(h)		1,125		1,084
Series 2019-RTL2, Class A1, 3.84%, 3/25/2024(a)		3,290		3,100
Series 2019-RTL2, Class A2, 4.34%, 3/25/2024(a)(h)		8,580		7,641
Series 2019-RTL3, Class A1, 3.87%, 7/25/2024(a)		14,500		13,530
Series 2019-RTL3, Class A2, 4.34%, 7/25/2024(a)(h)		9,300		8,277
Series 2020-RTL1, Class A1, 3.23%, 10/25/2024(a)		10,000		9,244
Series 2020-RTL1, Class A2, 3.72%, 10/25/2024(a)(h)		4,250		3,782
MASTR Alternative Loan Trust Series 2003-5, Class 30B1, 5.91%, 8/25/2033‡(k)		65		67
MASTR Asset Securitization Trust Series 2003-11, Class 7A2, 5.25%, 12/25/2033		61		62
Merrill Lynch Mortgage Investors Trust Series 2003-A5, Class 2A6, 3.84%, 8/25/2033(k)		97		92
New Residential Mortgage Loan Trust
Series 2019-2A, Class A1IB, IO, 1.00%, 12/25/2057(a)(k)		21,164		611
Series 2018-3A, Class A1IC, IO, 1.50%, 5/25/2058(a)(k)		43,172		1,926
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059‡(a)(k)		3,042		2,815
OBX Trust
Series 2020-INV1, Class A11, 1.39%, 12/25/2049(a)(k)		4,203		3,940
Series 2019-EXP1, Class 2A1B, 1.12%, 1/25/2059(a)(k)		1,345		1,317
Series 2019-EXP3, Class 2A1B, 1.07%, 10/25/2059(a)(k)		2,704		2,602
Series 2020-EXP1, Class 2A1, 0.92%, 2/25/2060(a)(k)		5,122		5,049
P-stlb 9.25%, 10/11/2022‡		7,700		7,700
PMT Credit Risk Transfer Trust
Series 2019-2R, Class A, 2.92%, 5/27/2023(a)(k)		2,778		2,679
Series 2019-1R, Class A, 2.17%, 3/27/2024(a)(k)		6,588		6,466
PRPM
Series 2019-GS1, Class A1, 3.50%, 10/25/2024(a)(k)		12,620		12,145
Series 2019-GS1, Class A2, 4.75%, 10/25/2024(a)(k)		4,958		4,223
PRPM LLC Series 2019-1A, Class A1, 4.50%, 1/25/2024(a)(h)		1,884		1,876
RAAC Trust Series 2005-SP1, Class 4A1, 7.00%, 9/25/2034		126		131
Repo Buyer 8.32%, 5/14/2022‡		3,999		3,999
Repo Buyer RRI Trust 3.06%, 4/14/2055‡		10,212		9,941
RSFR Series 2020-1, Class PT, 4.21%, 2/17/2025(a)(h)		19,939		17,691
SART
4.75%, 7/15/2024		487		478
4.76%, 6/15/2025		1,178		1,166
SART CRR
Series 4, Class B, 4.70%, 10/15/2024‡		2,004		1,945
5.01%, 4/15/2026‡		1,526		1,483
4.60%, 7/15/2026‡		1,888		1,832
Seasoned Credit Risk Transfer Trust Series 2017-3, Class AIO, IO, 0.03%, 7/25/2056(k)		29,343		28

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
STACR Trust
Series 2018-HRP1, Class B1, 3.92%, 4/25/2043‡(a)(k)		2,830		2,000
Series 2018-HRP2, Class M3, 2.57%, 2/25/2047‡(a)(k)		14,145		12,139
Series 2018-DNA3, Class B1, 4.07%, 9/25/2048‡(a)(k)		2,300		1,787
Starwood Mortgage Residential Trust
Series 2018-IMC1, Class B1, 5.29%, 3/25/2048(a)(k)		1,000		941
Series 2019-1, Class M1, 3.76%, 6/25/2049‡(a)(k)		3,500		3,194
Structured Adjustable Rate Mortgage Loan Trust Series 2007-9, Class 1A1, 2.30%, 10/25/2037(k)		2,686		2,377
Structured Asset Mortgage Investments II Trust Series 2007-AR7, Class 1A1, 1.02%, 5/25/2047(k)		17,763		12,780
Toorak Mortgage Corp. Ltd.
Series 2018-1, Class A1, 4.34%, 8/25/2021(a)(h)		940		889
Series 2019-1, Class A1, 4.46%, 3/25/2022(a)(h)		4,430		4,141
Series 2019-2, Class A1, 3.72%, 9/25/2022(h)		7,750		7,163
TVC Mortgage Trust Series 2020-RTL1, Class A2, 3.97%, 9/25/2024(a)(h)		5,500		4,797
Verus Securitization Trust
Series 2018-2, Class A1, 3.68%, 6/1/2058(a)(k)		417		422
Series 2018-INV2, Class A1FL, 1.37%, 10/25/2058(a)(k)		4,935		4,869
Series 2019-4, Class M1, 3.21%, 11/25/2059‡(a)(k)		5,200		4,757
Series 2019-INV3, Class B1, 3.73%, 11/25/2059‡(a)(k)		7,606		6,007
Series 2019-4, Class B1, 3.86%, 11/25/2059‡(a)(k)		2,200		1,807
Series 2019-INV1, Class M1, 4.03%, 12/25/2059‡(a)(k)		1,190		984
Series 2019-INV1, Class B1, 4.99%, 12/25/2059‡(a)		750		617
Series 2020-1, Class A2, 2.64%, 1/25/2060(a)(k)		6,307		6,332
Series 2020-1, Class A3, 2.72%, 1/25/2060(a)(k)		4,483		4,486
Series 2020-1, Class M1, 3.02%, 1/25/2060‡(a)(k)		1,990		1,680
Series 2020-1, Class B1, 3.62%, 1/25/2060‡(a)(k)		1,150		875
Series 2020-2, Class A1, 2.23%, 5/25/2060(a)(k)		1,000		1,000
Visio Trust Series 2019-2, Class B1, 3.91%, 11/25/2054‡(a)(k)		820		673
WaMu Mortgage Pass-Through Certificates Series 2003-S4, Class 2A2, 5.50%, 6/25/2033		142		144
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 4.42%, 8/25/2033(k)		167		162
Series 2004-S2, Class 2A4, 5.50%, 6/25/2034		161		167
Series 2005-AR7, Class A3, 4.21%, 8/25/2035(k)		107		99
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,321,363)				1,247,370
ASSET-BACKED SECURITIES — 15.9%
5AIF Juniper 2 LLC Series 2018-1, Class A, 5.45%, 8/15/2022‡(a)		1,500		1,500
ABFC Trust Series 2002-OPT1, Class M1, 1.26%, 5/25/2032‡(k)		249		240
ACC Trust
Series 2018-1, Class B, 4.82%, 5/20/2021(a)		616		616
Series 2019-1, Class A, 3.75%, 5/20/2022(a)		133		133
Series 2019-1, Class B, 4.47%, 10/20/2022(a)		4,033		3,822
Series 2019-2, Class A, 2.82%, 2/21/2023(a)		4,248		4,270
Series 2018-1, Class C, 6.81%, 2/21/2023(a)		1,510		1,501
Series 2020-A, Class A, 6.00%, 3/20/2023(a)		6,840		6,814
Series 2019-2, Class B, 3.63%, 8/21/2023(a)		4,470		4,501
Series 2019-1, Class C, 6.41%, 2/20/2024(a)		2,280		2,011
Series 2019-2, Class C, 5.24%, 10/21/2024(a)		11,285		9,237
Accelerated Assets LLC
Series 2018-1, Class B, 4.51%, 12/2/2033‡(a)		398		389
Series 2018-1, Class C, 6.65%, 12/2/2033‡(a)		863		867
American Credit Acceptance Receivables Trust
Series 2016-4, Class D, 4.11%, 4/12/2023(a)		114		115
Series 2019-2, Class B, 3.05%, 5/12/2023(a)		490		492
Series 2017-2, Class E, 5.52%, 3/12/2024(a)		1,330		1,346
Series 2018-2, Class E, 5.16%, 9/10/2024(a)		560		565

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2018-3, Class E, 5.17%, 10/15/2024(a)		1,810		1,799
Series 2019-1, Class D, 3.81%, 4/14/2025(a)		1,580		1,579
Series 2019-1, Class E, 4.84%, 4/14/2025(a)		1,035		982
Series 2019-2, Class C, 3.17%, 6/12/2025(a)		790		776
Series 2019-2, Class D, 3.41%, 6/12/2025(a)		6,780		6,512
Series 2019-2, Class E, 4.29%, 6/12/2025(a)		555		469
Series 2019-3, Class E, 3.80%, 9/12/2025(a)		1,393		1,315
Series 2019-4, Class C, 2.69%, 12/12/2025(a)		5,307		5,282
Series 2019-4, Class D, 2.97%, 12/12/2025(a)		5,600		5,363
Series 2019-4, Class E, 3.85%, 12/12/2025(a)		4,990		4,533
Series 2020-1, Class C, 2.19%, 3/13/2026(a)		5,850		5,758
Series 2020-1, Class E, 3.32%, 3/13/2026(a)		10,080		8,471
Series 2020-2, Class C, 3.88%, 4/13/2026(a)		2,000		2,036
Series 2020-2, Class D, 5.65%, 5/13/2026(a)		900		921
AmeriCredit Automobile Receivables Trust Series 2019-1, Class D, 3.62%, 3/18/2025		495		502
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-11, Class M2, 2.64%, 12/25/2033‡(k)		318		310
AMSR Trust
Series 2019-SFR1, Class F, 3.87%, 1/19/2039‡(a)(k)		5,310		4,213
Series 2019-SFR1, Class G, 4.86%, 1/19/2039‡(a)(k)		2,125		1,701
Series 2019-SFR1, Class H, 6.04%, 1/19/2039‡(a)(k)		2,125		1,691
Aqua Finance Trust Series 2019-A, Class C, 4.01%, 7/16/2040‡(a)		7,400		7,214
Arivo Acceptance Auto Loan Receivables Trust
Series 2019-1, Class B, 3.37%, 6/15/2025(a)		4,500		4,447
Series 2019-1, Class C, 4.35%, 6/15/2026(a)		1,500		1,482
Avis Budget Rental Car Funding AESOP LLC
Series 2016-2A, Class A, 2.72%, 11/20/2022(a)		1,400		1,366
Series 2019-1A, Class A, 3.45%, 3/20/2023(a)		4,952		4,893
Series 2017-1A, Class A, 3.07%, 9/20/2023(a)		1,500		1,483
Series 2018-1A, Class C, 4.73%, 9/20/2024(a)		560		443
Series 2019-2A, Class A, 3.35%, 9/22/2025(a)		3,635		3,578
Series 2019-3A, Class A, 2.36%, 3/20/2026(a)		5,500		5,259
BlueMountain CLO Ltd. (Cayman Islands) Series 2012-2A, Class DR2, 3.28%, 11/20/2028‡(a)(k)		1,100		930
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033(a)		270		236
Series 2018-1, Class B, 6.05%, 2/15/2033‡(a)		1,012		782
Series 2018-2, Class C, 6.66%, 6/15/2033(a)		1,057		733
Series 2019-1, Class A, 4.21%, 7/15/2034(a)		8,128		7,094
Series 2019-1, Class C, 6.95%, 7/15/2034‡(a)		5,992		3,499
Camillo Issuer LLC Series 2017-SFR1, Class A, 5.50%, 6/5/2027‡(a)		964		964
CARS-DB4 LP
Series 2020-1A, Class A4, 3.19%, 2/15/2050(a)		3,500		3,395
Series 2020-1A, Class A5, 3.48%, 2/15/2050(a)		3,000		2,847
Series 2020-1A, Class B1, 4.17%, 2/15/2050‡(a)		3,500		3,258
Series 2020-1A, Class B2, 4.52%, 2/15/2050‡(a)		4,290		3,874
Series 2020-1A, Class B3, 4.95%, 2/15/2050‡(a)		4,510		3,958
Carvana Auto Receivables Trust
Series 2019-1A, Class D, 3.88%, 10/15/2024(a)		2,000		1,956
Series 2019-4A, Class D, 3.07%, 7/15/2025(a)		4,591		4,303
Series 2019-1A, Class E, 5.64%, 1/15/2026(a)		500		387
Series 2019-2A, Class E, 5.01%, 4/15/2026(a)		3,000		2,590
Series 2019-3A, Class E, 4.60%, 7/15/2026(a)		9,700		8,033
Series 2019-4A, Class E, 4.70%, 10/15/2026(a)		6,990		5,526
Cascade Asset Trust Series 2019-MH1, Class A, 4.00%, 11/25/2044(a)(k)		8,206		7,959
Centex Home Equity Loan Trust Series 2004-A, Class AF4, 5.01%, 8/25/2032‡(h)		147		150
CIFC Funding Ltd. (Cayman Islands)
Series 2017-1A, Class D, 4.61%, 4/23/2029‡(a)(k)		1,420		1,209
Series 2014-5A, Class BR2, 2.93%, 10/17/2031‡(a)(k)		500		481

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
CIG Auto Receivables Trust
Series 2017-1A, Class B, 3.81%, 5/15/2023(a)		75		75
Series 2017-1A, Class C, 5.33%, 12/16/2024(a)		500		501
Series 2019-1A, Class D, 4.85%, 5/15/2026(a)		1,660		1,244
Conn’s Receivables Funding LLC
Series 2018-A, Class B, 4.65%, 1/15/2023‡(a)		50		49
Series 2018-A, Class C, 6.02%, 1/15/2023‡(a)		224		219
Series 2019-A, Class B, 4.36%, 10/16/2023‡(a)		2,219		2,142
Series 2019-A, Class C, 5.29%, 10/16/2023‡(a)		5,879		5,333
Series 2019-B, Class B, 3.62%, 6/17/2024‡(a)		4,530		4,022
Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2019-54, Class PT, HB, 20.52%, 2/15/2045(a)(k)		22,686		19,102
Series 2020-4, Class PT, HB, 21.09%, 3/15/2045‡(a)(k)		8,024		6,917
Series 2020-8, Class PT, HB, 22.61%, 4/17/2045(a)(k)		8,125		7,193
Consumer Loan Underlying Bond Credit Trust
Series 2017-P2, Class B, 3.56%, 1/15/2024‡(a)		215		215
Series 2018-NP1, Class C, 4.74%, 5/15/2024‡(a)		1,175		1,168
Series 2018-P2, Class C, 5.21%, 10/15/2025‡(a)		1,500		1,229
Series 2019-46, Class PT, 19.45%, 12/15/2044(a)(k)		16,013		13,684
CoreVest American Finance Trust
Series 2019-1, Class E, 5.49%, 3/15/2052‡(a)		575		470
Series 2019-2, Class E, 5.22%, 6/15/2052‡(a)(k)		1,250		990
Series 2019-3, Class XB, IO, 1.39%, 10/15/2052(a)(k)		53,875		5,222
Series 2019-3, Class XA, IO, 2.04%, 10/15/2052(a)(k)		46,717		4,010
Series 2019-3, Class D, 3.76%, 10/15/2052‡(a)		8,689		6,978
Series 2019-3, Class E, 4.74%, 10/15/2052‡(a)(k)		3,650		2,925
CPS Auto Receivables Trust
Series 2018-A, Class D, 3.66%, 12/15/2023(a)		400		400
Series 2019-B, Class C, 3.35%, 1/15/2024(a)		160		161
Series 2020-A, Class B, 2.36%, 2/15/2024(a)		3,200		3,187
Series 2019-A, Class D, 4.35%, 12/16/2024(a)		3,120		3,080
Series 2020-A, Class D, 2.90%, 12/15/2025(a)		1,950		1,850
Credit Acceptance Auto Loan Trust Series 2020-1A, Class B, 2.39%, 4/16/2029(a)		4,550		4,426
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-4, Class M1, 0.89%, 7/25/2034(k)		1,481		1,424
Diamond Resorts Owner Trust
Series 2018-1, Class D, 5.90%, 1/21/2031‡(a)		874		847
Series 2019-1A, Class D, 5.25%, 2/20/2032‡(a)		3,328		3,158
Dominion Financial Services 2 LLC Series 2018-1, Class A, 5.35%, 9/15/2022‡(a)(h)		6,825		6,825
Drive Auto Receivables Trust
Series 2017-1, Class D, 3.84%, 3/15/2023		266		270
Series 2019-3, Class B, 2.65%, 2/15/2024		870		873
Series 2018-3, Class D, 4.30%, 9/16/2024		1,456		1,487
Series 2019-3, Class C, 2.90%, 8/15/2025		2,080		2,083
Series 2019-1, Class D, 4.09%, 6/15/2026		1,290		1,299
Series 2019-3, Class D, 3.18%, 10/15/2026		1,780		1,728
Series 2020-1, Class D, 2.70%, 5/17/2027		2,000		1,875
Driven Brands Funding LLC
Series 2019-1A, Class A2, 4.64%, 4/20/2049(a)		3,614		3,476
Series 2019-2A, Class A2, 3.98%, 10/20/2049(a)		3,950		3,646
DT Auto Owner Trust
Series 2017-2A, Class E, 6.03%, 1/15/2024(a)		1,320		1,346
Series 2018-3A, Class D, 4.19%, 7/15/2024(a)		1,230		1,216
Series 2017-3A, Class E, 5.60%, 8/15/2024(a)		905		915
Series 2019-1A, Class D, 3.87%, 11/15/2024(a)		2,990		2,966
Series 2017-4A, Class E, 5.15%, 11/15/2024(a)		1,925		1,933
Series 2018-1A, Class E, 5.42%, 3/17/2025(a)		1,055		1,046
Series 2019-3A, Class D, 2.96%, 4/15/2025(a)		2,300		2,237
Series 2018-2A, Class E, 5.54%, 6/16/2025(a)		1,200		1,207
Series 2019-4A, Class C, 2.73%, 7/15/2025(a)		7,500		7,467
Series 2020-1A, Class D, 2.55%, 11/17/2025(a)		5,260		4,939

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2018-3A, Class E, 5.33%, 11/17/2025(a)		1,340		1,149
Series 2019-1A, Class E, 4.94%, 2/17/2026(a)		2,735		2,429
Series 2019-3A, Class E, 3.85%, 8/17/2026(a)		3,500		3,398
Series 2020-1A, Class E, 3.48%, 2/16/2027(a)		5,500		4,659
E3 (Cayman Islands) Series 2019-1, Class C, 5.00%, 9/20/2055‡(a)		1,191		1,190
Exeter Automobile Receivables Trust
Series 2015-3A, Class D, 6.55%, 10/17/2022(a)		1,438		1,440
Series 2016-2A, Class D, 8.25%, 4/17/2023(a)		1,411		1,426
Series 2018-3A, Class C, 3.71%, 6/15/2023(a)		738		746
Series 2017-3A, Class C, 3.68%, 7/17/2023(a)		773		774
Series 2016-3A, Class D, 6.40%, 7/17/2023(a)		3,750		3,742
Series 2018-1A, Class D, 3.53%, 11/15/2023(a)		1,500		1,504
Series 2017-2A, Class D, 6.39%, 2/15/2024(a)		1,000		990
Series 2019-3A, Class C, 2.79%, 5/15/2024(a)		2,360		2,375
Series 2018-3A, Class D, 4.35%, 6/17/2024(a)		1,515		1,518
Series 2018-3A, Class E, 5.43%, 8/15/2024(a)		9,255		9,090
Series 2018-1A, Class E, 4.64%, 10/15/2024(a)		2,260		2,149
Series 2017-3A, Class D, 5.28%, 10/15/2024(a)		1,000		970
Series 2019-1A, Class D, 4.13%, 12/16/2024(a)		1,775		1,752
Series 2020-1A, Class C, 2.49%, 1/15/2025(a)		4,940		4,889
Series 2019-2A, Class D, 3.71%, 3/17/2025(a)		1,000		974
Series 2018-2A, Class E, 5.33%, 5/15/2025(a)		1,100		1,102
Series 2018-4A, Class E, 5.38%, 7/15/2025(a)		2,810		2,619
Series 2019-3A, Class D, 3.11%, 8/15/2025(a)		4,260		4,116
Series 2018-3A, Class F, 6.55%, 8/25/2025(a)		5,130		4,631
Series 2019-4A, Class D, 2.58%, 9/15/2025(a)		7,490		7,203
Series 2020-1A, Class D, 2.73%, 12/15/2025(a)		10,000		9,514
Series 2019-1A, Class E, 5.20%, 1/15/2026(a)		6,375		5,322
Series 2019-2A, Class E, 4.68%, 5/15/2026(a)		5,520		4,764
Series 2019-3A, Class E, 4.00%, 8/17/2026(a)		7,092		6,609
Series 2019-4A, Class E, 3.56%, 10/15/2026(a)		11,000		10,449
Series 2020-1A, Class E, 3.74%, 1/15/2027(a)		10,360		8,507
Flagship Credit Auto Trust
Series 2016-1, Class D, 8.59%, 5/15/2023(a)		1,000		1,025
Series 2016-3, Class E, 6.25%, 10/15/2023(a)		1,110		1,120
Series 2017-R, 8.24%, 10/18/2023		703		661
Series 2016-2, Class D, 8.56%, 11/15/2023(a)		1,290		1,335
Series 2017-4, Class D, 3.58%, 1/15/2024(a)		175		172
Series 2017-2, Class E, 5.55%, 7/15/2024(a)		530		538
Series 2019-1, Class D, 4.08%, 2/18/2025(a)		3,833		3,921
Series 2019-4, Class C, 2.77%, 12/15/2025(a)		4,100		4,016
Series 2020-1, Class C, 2.24%, 1/15/2026(a)		10,000		9,627
Series 2020-1, Class D, 2.48%, 3/16/2026(a)		4,000		3,688
Series 2019-2, Class E, 4.52%, 12/15/2026(a)		4,500		4,054
FORA Financial Asset Securitization LLC Series 2019-1, Class A, 4.02%, 10/15/2024(a)		3,950		3,094
Foundation Finance Trust
Series 2019-1A, Class B, 4.22%, 11/15/2034(a)		855		783
Series 2019-1A, Class C, 5.66%, 11/15/2034‡(a)		3,055		2,766
FREED ABS Trust
Series 2018-1, Class B, 4.56%, 7/18/2024‡(a)		600		582
Series 2019-1, Class B, 3.87%, 6/18/2026‡(a)		7,950		7,742
Series 2019-1, Class C, 5.39%, 6/18/2026‡(a)		2,200		1,975
Series 2020-FP1, Class B, 3.06%, 3/18/2027‡(a)		6,150		5,729
Series 2020-FP1, Class C, 4.37%, 3/18/2027‡(a)		5,000		3,522
Genesis Sales Finance Master Trust Series 2019-AA, Class A, 4.68%, 8/20/2023(a)		2,650		2,596
GLS Auto Receivables Issuer Trust
Series 2019-2A, Class B, 3.32%, 3/15/2024(a)		1,748		1,731
Series 2019-4A, Class B, 2.78%, 9/16/2024(a)		1,320		1,308
Series 2019-1A, Class C, 3.87%, 12/16/2024(a)		1,140		1,132

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019-4A, Class C, 3.06%, 8/15/2025(a)		1,050		980
Series 2020-1A, Class C, 2.72%, 11/17/2025(a)		5,000		4,784
Series 2019-1A, Class D, 4.94%, 12/15/2025(a)		830		817
Series 2019-2A, Class D, 4.52%, 2/17/2026(a)		1,000		930
Series 2019-4A, Class D, 4.09%, 8/17/2026(a)		950		868
Series 2020-1A, Class D, 3.68%, 11/16/2026(a)		1,250		1,093
GLS Auto Receivables Trust Series 2018-3A, Class D, 5.34%, 8/15/2025(a)		680		657
Golden Bear LLC Series 2016-R, Class R, 5.65%, 9/20/2047‡(a)		778		763
HERO Funding II (Cayman Islands)
Series 2016-3B, Class B, 5.24%, 9/20/2042‡(a)		482		486
Series 2016-4B, Class B, 4.99%, 9/20/2047‡(a)		373		380
Hertz Vehicle Financing II LP Series 2019-3A, Class C, 3.43%, 12/26/2025(a)		8,500		6,453
Kabbage Funding LLC
Series 2019-1, Class B, 4.07%, 3/15/2024‡(a)		1,000		959
Series 2019-1, Class C, 4.61%, 3/15/2024‡(a)		1,000		845
Series 2019-1, Class D, 5.69%, 3/15/2024‡(a)		13,579		7,334
KREF Ltd. Series 2018-FL1, Class D, 2.73%, 6/15/2036‡(a)(k)		1,680		1,464
Lending Point Asset Securitization Trust Series 2020-1, Class C, 4.14%, 2/10/2026‡(a)		4,500		3,513
Lendingpoint Asset Securitization Trust Series 2019-2, Class B, 3.73%, 11/10/2025‡(a)		12,000		10,882
Lendmark Funding Trust
Series 2018-1A, Class B, 4.09%, 12/21/2026‡(a)		790		726
Series 2018-1A, Class C, 5.03%, 12/21/2026‡(a)		1,305		1,182
Series 2018-2A, Class D, 6.78%, 4/20/2027(a)		2,500		1,626
Series 2019-1A, Class C, 3.90%, 12/20/2027‡(a)		800		659
Series 2019-1A, Class D, 5.34%, 12/20/2027‡(a)		3,000		1,844
Series 2019-2A, Class C, 3.72%, 4/20/2028‡(a)		3,040		2,484
LL ABS Trust
Series 2019-1A, Class A, 2.87%, 3/15/2027(a)		3,983		3,925
Series 2019-1A, Class C, 5.07%, 3/15/2027‡(a)		3,500		2,633
Long Beach Mortgage Loan Trust Series 2003-4, Class M2, 2.79%, 8/25/2033‡(k)		58		59
LP LMS Asset Securitization Trust Series 2019-1A, Class A, 4.21%, 11/10/2025(a)		9,454		9,431
LV Tower 52 Issuer Series 2013-1, Class M, 7.75%, 7/15/2019‡(a)		181		182
Mariner Finance Issuance Trust Series 2019-AA, Class D, 5.44%, 7/20/2032‡(a)		5,120		3,082
Marlette Funding Trust Series 2017-3A, Class C, 4.01%, 12/15/2024‡(a)		197		197
ME Funding LLC Series 2019-1, Class A2, 6.45%, 7/30/2049(a)		23,751		18,141
MFA LLC
Series 2017-NPL1, Class A1, 3.35%, 11/25/2047‡(a)(h)		238		235
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048‡(a)(h)		186		170
New Residential Mortgage LLC
Series 2018-FNT1, Class D, 4.69%, 5/25/2023‡(a)		584		582
Series 2018-FNT1, Class E, 4.89%, 5/25/2023‡(a)		494		492
Octane Receivables Trust
Series 2019-1A, Class A, 3.16%, 9/20/2023(a)		9,035		9,060
Series 2019-1A, Class B, 3.77%, 7/22/2024‡(a)		12,591		12,679
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class C, 4.52%, 4/18/2022‡(a)		540		530
OneMain Direct Auto Receivables Trust Series 2018-1A, Class D, 4.40%, 1/14/2028(a)		580		574
OneMain Financial Issuance Trust
Series 2019-1A, Class B, 3.79%, 2/14/2031‡(a)		745		740
Series 2020-1A, Class A, 3.84%, 5/14/2032(a)		5,300		5,409
Series 2017-1A, Class D, 4.52%, 9/14/2032‡(a)		1,100		945
Series 2018-2A, Class D, 4.29%, 3/14/2033‡(a)		1,500		1,201
Orange Lake Timeshare Trust Series 2019-A, Class D, 4.93%, 4/9/2038‡(a)		3,512		3,292
Oxford Finance Funding LLC Series 2020-1A, Class A2, 3.10%, 2/15/2028(a)		4,000		3,967

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 2.52%, 4/25/2023(a)(k)		4,626		4,046
PNMAC GMSR Issuer Trust
Series 2018-GT1, Class A, 3.02%, 2/25/2023(a)(k)		4,655		4,155
Series 2018-GT2, Class A, 2.82%, 8/25/2025(a)(k)		2,320		2,041
Popular ABS Mortgage Pass-Through Trust Series 2005-3, Class M1, 5.11%, 7/25/2035‡(h)		274		276
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024(a)		1,160		1,164
Series 2018-1A, Class E, 5.03%, 1/15/2026(a)		720		628
Pretium Mortgage Credit Partners I LLC
Series 2019-NPL2, Class A2, 5.93%, 12/27/2058‡(a)(h)		3,020		2,701
Series 2019-CFL1, Class A2, 4.95%, 1/25/2059‡(a)(h)		4,665		3,514
Series 2019-NPL3, Class A2, 4.58%, 7/27/2059‡(a)(h)		2,500		2,037
Progress Residential Trust
Series 2019-SFR1, Class E, 4.47%, 8/17/2035‡(a)		2,000		1,964
Series 2018-SFR3, Class D, 4.43%, 10/17/2035‡(a)		1,047		1,058
Series 2018-SFR3, Class E, 4.87%, 10/17/2035‡(a)		524		522
Series 2019-SFR2, Class E, 4.14%, 5/17/2036‡(a)		4,000		3,880
Series 2019-SFR3, Class E, 3.37%, 9/17/2036‡(a)		6,100		5,727
Prosper Marketplace Issuance Trust Series 2019-2A, Class B, 3.69%, 9/15/2025‡(a)		2,081		2,059
PRPM LLC Series 2020-1A, Class A1, 2.98%, 2/25/2025‡(a)(h)		5,683		5,446
RAMP Trust Series 2002-RS2, Class AI5, 5.55%, 3/25/2032‡(k)		96		98
ReadyCap Lending Small Business Loan Trust Series 2019-2, Class A, 2.75%, 12/27/2044(a)(k)		15,447		14,281
Regional Management Issuance Trust
Series 2018-1, Class A, 3.83%, 7/15/2027(a)		1,800		1,764
Series 2019-1, Class C, 4.11%, 11/15/2028‡(a)		5,110		3,881
Renaissance Home Equity Loan Trust
Series 2003-4, Class M2F, 6.24%, 3/25/2034‡(h)		143		139
Series 2005-2, Class M1, 5.05%, 8/25/2035‡(h)		595		627
Renew (Cayman Islands) Series 2017-1A, Class B, 5.75%, 9/20/2052‡(a)		251		257
Republic Finance Issuance Trust Series 2019-A, Class A, 3.43%, 11/22/2027(a)		4,185		3,999
Santander Drive Auto Receivables Trust
Series 2017-3, Class E, 4.97%, 1/15/2025		5,770		5,859
Series 2019-1, Class D, 3.65%, 4/15/2025		1,410		1,412
Series 2018-2, Class E, 5.02%, 9/15/2025		5,584		5,669
Santander Prime Auto Issuance Notes Trust
Series 2018-A, Class E, 5.04%, 9/15/2025(a)		1,418		1,383
Series 2018-A, Class F, 6.80%, 9/15/2025(a)		2,886		2,845
Santander Revolving Auto Loan Trust
Series 2019-A, Class A, 2.51%, 1/26/2032(a)		4,500		4,457
Series 2019-A, Class C, 3.00%, 1/26/2032(a)		4,120		3,896
Series 2019-A, Class D, 3.45%, 1/26/2032(a)		8,085		7,524
Security National Mortgage Loan Trust Series 2004-2A, Class AF3, 5.77%, 11/25/2034‡(a)(k)		113		113
Shackleton CLO Ltd. (Cayman Islands) Series 2014-6RA, Class B, 2.86%, 7/17/2028(a)(k)		640		621
Sierra Timeshare Receivables Funding LLC
Series 2019-1A, Class D, 4.75%, 1/20/2036‡(a)		809		780
Series 2019-2A, Class D, 4.54%, 5/20/2036‡(a)		2,313		2,147
Series 2019-3A, Class D, 4.18%, 8/20/2036‡(a)		5,318		4,741
Small Business Lending Trust Series 2020-A, Class C, 5.01%, 12/15/2026‡(a)		3,250		2,113
SoFi Consumer Loan Program LLC
Series 2017-6, Class B, 3.52%, 11/25/2026‡(a)		100		98
Series 2017-6, Class C, 4.02%, 11/25/2026‡(a)		100		92
SoFi Consumer Loan Program Trust
Series 2018-1, Class B, 3.65%, 2/25/2027(a)		450		448
Series 2018-1, Class C, 3.97%, 2/25/2027‡(a)		450		386
Sonic Capital LLC
Series 2020-1A, Class A2I, 3.85%, 1/20/2050(a)		5,985		5,543
Series 2020-1A, Class A2II, 4.34%, 1/20/2050(a)		5,985		5,349

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Springleaf Funding Trust
Series 2015-BA, Class B, 3.80%, 5/15/2028‡(a)		900		829
Series 2016-AA, Class B, 3.80%, 11/15/2029(a)		750		751
Stanwich Mortgage Loan Trust Series 2019-NPB2, Class A1, 3.48%, 11/16/2024‡(a)(h)		4,883		4,875
Structured Asset Investment Loan Trust Series 2004-8, Class M3, 1.14%, 9/25/2034‡(k)		185		179
Tesla Auto Lease Trust Series 2019-A, Class D, 3.37%, 1/20/2023(a)		2,700		2,541
Tricolor Auto Securitization Trust Series 2018-1A, Class B, 7.30%, 2/16/2021(a)		2,700		2,798
United Auto Credit Securitization Trust Series 2018-1, Class D, 3.52%, 11/10/2022(a)		204		204
US Auto Funding LLC
Series 2019-1A, Class C, 5.34%, 3/15/2023(a)		7,000		6,760
Series 2018-1A, Class B, 7.50%, 7/15/2023(a)		1,845		1,889
USASF Receivables LLC Series 2017-1, Class B, 7.63%, 9/15/2030(a)		127		126
Vericrest Opportunity Loan Trust
Series 2019-NPL4, Class A1B, 4.15%, 8/25/2049‡(a)(h)		7,850		6,139
Series 2019-NPL4, Class A2, 5.44%, 8/25/2049‡(a)(h)		3,910		2,659
Series 2019-NPL5, Class A1B, 4.25%, 9/25/2049(a)(h)		6,700		5,295
Series 2019-NPL7, Class A1B, 3.97%, 10/25/2049(a)(h)		9,000		7,093
Series 2019-NPL8, Class A1B, 4.09%, 11/25/2049(a)(h)		15,000		11,865
Series 2020-NPL2, Class A1B, 3.67%, 2/25/2050‡(a)(h)		12,000		9,270
Veros Automobile Receivables Trust Series 2018-1, Class D, 5.74%, 8/15/2025(a)		2,500		2,529
VM DEBT TRUST Series 2019-1, 9.50%, 5/31/2024		10,000		8,792
VMD-WL1 4.71%, 1/31/2021(k)		4,933		4,904
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047‡(a)(h)		38		36
VOLT LXXX LLC Series 2019-NPL6, Class A1B, 4.09%, 10/25/2049(a)(h)		7,435		5,865
VOLT LXXXIII LLC Series 2019-NPL9, Class A1B, 4.09%, 11/26/2049(a)(h)		12,130		9,799
VOLT LXXXIV LLC Series 2019-NP10, Class A1B, 3.97%, 12/27/2049(a)(h)		14,250		11,265
VOLT LXXXV LLC Series 2020-NPL1, Class A1B, 3.72%, 1/25/2050‡(a)(h)		25,000		19,592
Voya CLO Ltd. (Cayman Islands) Series 2016-3A, Class CR, 4.39%, 10/18/2031‡(a)(k)		935		745
Welk Resorts LLC Series 2019-AA, Class D, 4.03%, 6/15/2038‡(a)		1,717		1,428
Westlake Automobile Receivables Trust
Series 2018-3A, Class D, 4.00%, 10/16/2023(a)		3,240		3,263
Series 2018-3A, Class E, 4.90%, 12/15/2023(a)		670		671
Series 2018-2A, Class E, 4.86%, 1/16/2024(a)		450		458
Series 2019-1A, Class D, 3.67%, 3/15/2024(a)		3,350		3,417
Series 2019-2A, Class C, 2.84%, 7/15/2024(a)		2,140		2,147
Series 2019-1A, Class E, 4.49%, 7/15/2024(a)		950		955
Series 2018-1A, Class F, 5.60%, 7/15/2024(a)		3,500		3,257
Series 2019-3A, Class C, 2.49%, 10/15/2024(a)		1,630		1,630
Series 2019-3A, Class D, 2.72%, 11/15/2024(a)		1,310		1,276
Series 2018-2A, Class F, 6.04%, 1/15/2025(a)		1,320		1,237
Series 2018-3A, Class F, 6.02%, 2/18/2025(a)		3,690		3,448
Series 2019-3A, Class E, 3.59%, 3/17/2025(a)		600		511
Series 2019-2A, Class E, 4.02%, 4/15/2025(a)		1,080		979
Series 2019-1A, Class F, 5.67%, 2/17/2026(a)		1,769		1,549
Series 2019-2A, Class F, 5.00%, 3/16/2026(a)		1,880		1,496
Series 2019-3A, Class F, 4.72%, 4/15/2026(a)		1,400		1,066
TOTAL ASSET-BACKED SECURITIES (Cost $1,030,106)				919,716
COMMERCIAL MORTGAGE-BACKED SECURITIES — 15.5%
20 Times Square Trust Series 2018-20TS, Class F, 3.10%, 5/15/2035‡(a)(k)		600		496

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
BAMLL Re-REMIC Trust Series 2013-FRR3, Class A, PO, 6/26/2023(a)		7,500		6,285
Banc of America Commercial Mortgage Trust Series 2007-5, Class AJ, 5.82%, 2/10/2051(k)		194		208
Bancorp Commercial Mortgage Trust Series 2019-CRE5, Class D, 2.53%, 3/15/2036‡(a)(k)		1,000		852
BANK
Series 2019-BN21, Class XA, IO, 1.00%, 10/17/2052(k)		125,915		7,724
Series 2019-BN23, Class XA, IO, 0.70%, 12/15/2052(k)		39,025		1,875
Series 2019-BN23, Class E, 2.50%, 12/15/2052‡(a)		3,000		1,367
Series 2017-BNK7, Class D, 2.71%, 9/15/2060‡(a)		1,000		631
Series 2018-BN12, Class D, 3.00%, 5/15/2061‡(a)		1,250		635
Series 2019-BN19, Class XA, IO, 0.96%, 8/15/2061(k)		22,284		1,489
Series 2019-BN20, Class XA, IO, 0.84%, 9/15/2062(k)		55,308		3,142
Series 2019-BN24, Class XA, IO, 0.77%, 11/15/2062(k)		100,654		4,851
Series 2020-BN25, Class XA, IO, 0.89%, 1/15/2063(k)		192,038		12,354
Series 2020-BN25, Class E, 2.50%, 1/15/2063‡(a)		4,250		1,789
Series 2020-BN26, Class XA, IO, 1.36%, 3/15/2063(k)		150,071		12,867
Series 2020-BN26, Class D, 2.50%, 3/15/2063(a)		3,250		1,745
Barclays Commercial Mortgage Trust
Series 2019-C4, Class D, 3.25%, 8/15/2052‡(a)		3,410		2,042
Series 2019-C5, Class XA, IO, 0.89%, 11/15/2052(k)		96,626		5,501
BENCHMARK Mortgage Trust Series 2019-B11, Class D, 3.00%, 5/15/2052‡(a)		1,900		1,124
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class G, 3.43%, 12/15/2037‡(a)(k)		1,000		921
CD Mortgage Trust Series 2017-CD5, Class D, 3.35%, 8/15/2050‡(a)		266		178
CFCRE Commercial Mortgage Trust Series 2016-C6, Class D, 4.21%, 11/10/2049‡(a)(k)		1,900		1,240
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.74%, 1/10/2036‡(a)(k)		790		784
Series 2019-PRM, Class E, 4.89%, 5/10/2036‡(a)		4,500		4,363
Series 2012-GC8, Class D, 4.88%, 9/10/2045‡(a)(k)		1,875		1,504
Series 2015-GC31, Class D, 4.06%, 6/10/2048‡(k)		3,800		3,026
Series 2015-P1, Class D, 3.23%, 9/15/2048‡(a)		2,285		1,487
Series 2017-P7, Class D, 3.25%, 4/14/2050‡(a)		1,294		666
Series 2020-GC46, Class XA, IO, 0.99%, 2/15/2053(k)		166,036		11,428
Series 2019-GC41, Class E, 3.00%, 8/10/2056‡(a)		5,000		2,309
Series 2015-GC33, Class D, 3.17%, 9/10/2058‡		8,000		5,268
Series 2015-GC33, Class E, 4.57%, 9/10/2058‡(a)(k)		4,330		2,653
Series 2019-C7, Class XA, IO, 0.88%, 12/15/2072(k)		148,984		9,165
COMM Mortgage Trust Series 2015-CR22, Class D, 4.11%, 3/10/2048‡(a)(k)		4,174		3,033
Commercial Mortgage Trust
Series 2020-CBM, Class D, 3.63%, 2/10/2037‡(a)(k)		1,630		1,413
Series 2020-CBM, Class E, 3.63%, 2/10/2037‡(a)(k)		2,670		2,112
Series 2020-CBM, Class F, 3.63%, 2/10/2037‡(a)(k)		17,870		13,338
Series 2013-CR8, Class D, 3.95%, 6/10/2046‡(a)(k)		750		641
Series 2013-CR13, Class E, 4.89%, 11/10/2046‡(a)(k)		1,500		838
Series 2014-UBS2, Class D, 5.00%, 3/10/2047‡(a)(k)		3,210		2,685
Series 2014-CR19, Class E, 4.23%, 8/10/2047‡(a)(k)		6,000		3,096
Series 2014-CR19, Class D, 4.73%, 8/10/2047‡(a)(k)		2,500		1,423
Series 2014-UBS5, Class D, 3.50%, 9/10/2047‡(a)		3,760		1,648
Series 2014-CR20, Class E, 3.22%, 11/10/2047‡(a)		1,000		578
Series 2014-CR20, Class D, 3.22%, 11/10/2047‡(a)		2,510		1,560
Series 2014-CR21, Class D, 3.93%, 12/10/2047‡(a)(k)		2,600		1,534
Series 2015-LC19, Class D, 2.87%, 2/10/2048‡(a)		1,000		684
Series 2015-CR23, Class D, 4.29%, 5/10/2048‡(k)		1,490		1,179
Series 2015-LC21, Class E, 3.25%, 7/10/2048‡(a)		3,000		1,440
Series 2015-LC21, Class D, 4.34%, 7/10/2048‡(k)		2,700		1,458
Series 2016-CR28, Class E, 4.15%, 2/10/2049‡(a)(k)		3,588		2,158
Series 2013-CR11, Class D, 5.12%, 8/10/2050‡(a)(k)		3,402		2,359
Series 2019-GC44, Class E, 2.50%, 8/15/2057(a)		3,493		1,724

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		1		1
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class B, 1.41%, 5/15/2036‡(a)(k)		4,400		4,257
CSAIL Commercial Mortgage Trust
Series 2016-C5, Class D, 3.58%, 11/15/2048‡(a)(k)		2,750		1,710
Series 2019-C16, Class C, 4.24%, 6/15/2052‡(k)		2,500		1,987
Series 2019-C18, Class XA, IO, 1.08%, 12/15/2052(k)		53,461		3,629
Series 2019-C18, Class E, 2.50%, 12/15/2052‡(a)		6,515		3,071
Series 2019-C18, Class C, 3.95%, 12/15/2052‡(k)		4,327		3,574
FHLMC Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029(k)		38,620		5,932
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K009, Class X1, IO, 1.21%, 8/25/2020(k)		63,776		66
Series K016, Class X1, IO, 1.48%, 10/25/2021(k)		15,353		252
Series K721, Class X1, IO, 0.32%, 8/25/2022(k)		63,765		415
Series K721, Class X3, IO, 1.30%, 9/25/2022(k)		12,550		350
Series K033, Class X1, IO, 0.30%, 7/25/2023(k)		6,634		56
Series K729, Class X1, IO, 0.36%, 10/25/2024(k)		18,774		245
Series KC03, Class X1, IO, 0.49%, 11/25/2024(k)		99,989		1,926
Series K731, Class X3, IO, 2.11%, 5/25/2025(k)		11,529		954
Series K733, Class X3, IO, 2.19%, 1/25/2026(k)		17,500		1,722
Series KC06, Class X1, IO, 0.90%, 6/25/2026(k)		39,727		1,541
Series K736, Class X1, IO, 1.31%, 7/25/2026(k)		91,978		5,941
Series K734, Class X3, IO, 2.17%, 7/25/2026(k)		26,250		2,775
Series K737, Class X1, IO, 0.64%, 10/25/2026(k)		138,273		4,806
Series KC04, Class X1, IO, 1.25%, 12/25/2026(k)		48,004		2,861
Series K738, Class X1, IO, 1.63%, 1/25/2027(k)		44,694		3,674
Series K064, Class X3, IO, 2.13%, 5/25/2027(k)		18,830		2,230
Series KC05, Class X1, IO, 1.20%, 6/25/2027(k)		107,520		6,511
Series K075, Class X3, IO, 2.13%, 5/25/2028(k)		5,471		720
Series K078, Class X3, IO, 2.21%, 10/25/2028(k)		2,680		373
Series K082, Class X3, IO, 2.21%, 10/25/2028(k)		27,200		3,860
Series K084, Class X3, IO, 2.24%, 11/25/2028(k)		19,450		2,799
Series K090, Class X1, IO, 0.71%, 2/25/2029(k)		32,076		1,701
Series K094, Class X1, IO, 0.88%, 6/25/2029(k)		32,961		2,171
Series K095, Class X1, IO, 0.95%, 6/25/2029(k)		51,815		3,635
Series K097, Class X1, IO, 1.09%, 7/25/2029(k)		74,305		6,117
Series K096, Class X3, IO, 2.11%, 7/25/2029(k)		48,669		6,731
Series K101, Class X3, IO, 1.89%, 10/25/2029(k)		35,000		4,634
Series K090, Class X3, IO, 2.31%, 10/25/2029(k)		97,000		14,637
Series K103, Class X1, IO, 0.76%, 11/25/2029(k)		120,965		6,006
Series K104, Class X1, IO, 1.13%, 1/25/2030(k)		77,152		6,673
Series K105, Class X1, IO, 1.65%, 1/25/2030(k)		52,884		6,170
Series K-1511, Class X3, IO, 3.42%, 4/25/2034(k)		30,261		9,182
Series K723, Class X3, IO, 1.92%, 10/25/2034(k)		6,850		383
Series K153, Class X3, IO, 3.77%, 4/25/2035(k)		4,450		1,313
Series K155, Class X3, IO, 3.12%, 5/25/2036(k)		5,560		1,477
Series K-1510, Class X3, IO, 3.40%, 1/25/2037(k)		24,400		7,306
Series K036, Class X3, IO, 2.11%, 12/25/2041(k)		3,253		215
Series K720, Class X3, IO, 1.33%, 8/25/2042(k)		16,800		405
Series K041, Class X3, IO, 1.64%, 11/25/2042(k)		4,580		294
Series K718, Class X3, IO, 1.44%, 2/25/2043(k)		6,035		123
Series K054, Class X3, IO, 1.60%, 4/25/2043(k)		2,745		182
Series K047, Class X3, IO, 1.49%, 6/25/2043(k)		3,400		209
Series K050, Class X3, IO, 1.55%, 10/25/2043(k)		5,232		360
Series K051, Class X3, IO, 1.61%, 10/25/2043(k)		4,995		359
Series K052, Class X3, IO, 1.61%, 1/25/2044(k)		2,915		191
Series K726, Class X3, IO, 2.13%, 7/25/2044(k)		21,130		1,500
Series K067, Class X3, IO, 2.11%, 9/25/2044(k)		8,580		1,057

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series K727, Class X3, IO, 2.00%, 10/25/2044(k)		15,000		1,125
Series K068, Class X3, IO, 2.06%, 10/25/2044(k)		19,730		2,363
Series K059, Class X3, IO, 1.92%, 11/25/2044(k)		8,000		803
Series K729, Class X3, IO, 1.97%, 11/25/2044(k)		21,410		1,618
Series K724, Class X3, IO, 1.87%, 12/25/2044(k)		4,930		296
Series K070, Class X3, IO, 2.04%, 12/25/2044(k)		42,245		5,138
Series K730, Class X3, IO, 2.04%, 2/25/2045(k)		47,270		3,806
Series K065, Class X3, IO, 2.18%, 7/25/2045(k)		13,305		1,636
Series K071, Class X3, IO, 2.01%, 11/25/2045(k)		12,470		1,497
Series K072, Class X3, IO, 2.14%, 12/25/2045(k)		20,640		2,667
Series K089, Class X3, IO, 2.30%, 1/25/2046(k)		93,789		13,964
Series K087, Class X3, IO, 2.32%, 1/25/2046(k)		41,880		6,313
Series K079, Class X3, IO, 2.26%, 7/25/2046(k)		9,000		1,240
Series K097, Class X3, IO, 2.02%, 9/25/2046(k)		51,390		7,303
Series K081, Class X3, IO, 2.23%, 9/25/2046(k)		29,425		3,954
Series K103, Class X3, IO, 1.91%, 12/25/2046(k)		40,100		5,196
Series K088, Class X3, IO, 2.35%, 2/25/2047(k)		59,034		9,247
Series K093, Class X3, IO, 2.21%, 5/25/2047(k)		50,764		7,612
Series K092, Class X3, IO, 2.25%, 5/25/2047(k)		46,583		7,131
Series K094, Class X3, IO, 2.12%, 7/25/2047(k)		19,360		2,823
Series K095, Class X3, IO, 2.10%, 8/25/2047(k)		66,697		9,630
Series K736, Class X3, IO, 2.01%, 9/25/2047(k)		83,580		8,574
Series K099, Class X3, IO, 2.02%, 10/25/2047(k)		49,100		6,624
Series K098, Class X3, IO, 2.07%, 10/25/2047(k)		95,472		13,126
Series K737, Class X3, IO, 1.77%, 1/25/2048(k)		43,661		4,130
FNMA ACES
Series 2014-M13, Class X2, IO, 0.07%, 8/25/2024(k)		75,377		1,086
Series 2016-M12, Class X2, IO, 0.07%, 9/25/2026(k)		135,489		1,089
Series 2019-M28, Class XAV3, IO, 1.07%, 2/25/2027(k)		41,815		2,303
Series 2017-M8, Class X, IO, 0.12%, 5/25/2027(k)		179,525		2,584
Series 2019-M30, Class X4, IO, 0.96%, 8/25/2028(k)		49,971		2,627
Series 2019-M31, Class X, IO, 0.99%, 9/25/2028(k)		57,797		4,648
Series 2019-M30, Class X1, IO, 0.34%, 11/25/2028(k)		84,886		1,853
Series 2019-M30, Class X2, IO, 0.20%, 12/25/2029(k)		127,923		2,031
Series 2019-M21, Class X2, IO, 1.35%, 2/25/2031(k)		16,945		1,847
Series 2019-M30, Class X5, IO, 0.36%, 5/25/2033(k)		199,359		5,406
Series 2019-M31, Class X1, IO, 1.20%, 4/25/2034(k)		40,805		4,551
Series 2018-M15, Class X, IO, 0.70%, 1/25/2036(k)		9,455		563
Series 2020-M6, Class XL, IO, 1.11%, 11/25/2049(k)		33,740		2,911
FREMF Mortgage Trust
Series 2017-KF29, Class B, 4.00%, 2/25/2024(a)(k)		185		162
Series 2017-KF32, Class B, 2.88%, 5/25/2024(a)(k)		341		294
Series 2017-KF35, Class B, 3.08%, 8/25/2024(a)(k)		215		185
Series 2017-KF38, Class B, 2.83%, 9/25/2024(a)(k)		399		340
Series 2017-KF41, Class B, 2.83%, 11/25/2024(a)(k)		181		157
Series 2018-KF49, Class B, 2.23%, 6/25/2025(a)(k)		778		659
Series 2018-KC02, Class B, 4.09%, 7/25/2025(a)(k)		2,520		2,225
Series 2019-KF58, Class B, 2.48%, 1/25/2026(a)(k)		832		704
Series 2019-KC06, Class B, 3.82%, 9/25/2026(a)(k)		7,609		6,370
Series 2016-KF24, Class B, 5.33%, 10/25/2026(a)(k)		112		110
Series 2017-KF33, Class B, 2.88%, 6/25/2027(a)(k)		142		116
Series 2017-KF40, Class B, 3.03%, 11/25/2027(a)(k)		245		198
Series 2018-KF50, Class B, 2.23%, 7/25/2028(a)(k)		337		283
Series 2018-KF56, Class B, 2.78%, 11/25/2028(a)(k)		1,026		799
Series 2019-KF59, Class B, 2.68%, 2/25/2029(a)(k)		1,000		781
Series 2019-KF61, Class B, 2.53%, 4/25/2029(a)(k)		1,942		1,522
Series 2019-KG01, Class B, 4.16%, 4/25/2029(a)(k)		3,000		2,777
Series 2019-KF63, Class B, 2.68%, 5/25/2029(a)(k)		3,000		2,311

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2019-KF65, Class B, 2.73%, 7/25/2029(a)(k)		1,900		1,465
Series 2019-KF70, Class B, 2.63%, 9/25/2029(a)(k)		3,000		2,299
Series 2019-KF71, Class B, 2.63%, 10/25/2029(a)(k)		5,534		4,234
Series 2019-KF73, Class B, 2.78%, 11/25/2029(a)(k)		7,268		5,545
Series 2019-KW10, Class B, 3.62%, 10/25/2032(a)(k)		5,000		3,767
Series 2016-K53, Class B, 4.02%, 3/25/2049(a)(k)		69		73
Series 2017-K67, Class B, 3.94%, 9/25/2049(a)(k)		145		147
Series 2017-K67, Class C, 3.94%, 9/25/2049(a)(k)		2,010		1,900
Series 2017-K728, Class B, 3.65%, 11/25/2050(a)(k)		250		252
Series 2017-K728, Class C, 3.65%, 11/25/2050(a)(k)		105		101
Series 2019-K734, Class C, 4.05%, 2/25/2051(a)(k)		4,150		3,998
Series 2019-K103, Class B, 3.57%, 12/25/2051(a)(k)		2,303		2,190
Series 2019-K103, Class C, 3.57%, 12/25/2051(a)(k)		1,250		1,100
Series 2019-K102, Class B, 3.65%, 12/25/2051(a)(k)		7,932		7,588
Series 2019-K102, Class C, 3.65%, 12/25/2051(a)(k)		9,100		8,119
Series 2020-K104, Class C, 3.54%, 2/25/2052(a)(k)		13,102		10,950
Series 2019-K94, Class C, 3.97%, 7/25/2052(a)(k)		4,000		3,826
Series 2019-K100, Class B, 3.49%, 11/25/2052(a)(k)		5,188		4,955
Series 2020-K737, Class B, 3.30%, 1/25/2053(a)(k)		3,750		3,673
Series 2020-K737, Class C, 3.30%, 1/25/2053(a)(k)		6,000		5,661
FRR Re-REMIC Trust
Series 2018-C1, Class BK43, 2.90%, 2/27/2048‡(a)(k)		6,013		4,906
Series 2018-C1, Class A725, 2.76%, 2/27/2050(a)		1,000		854
Series 2018-C1, Class B725, 3.10%, 2/27/2050‡(a)(k)		2,225		1,861
GNMA
Series 2013-72, IO, 0.50%, 11/16/2047(k)		145,689		3,723
Series 2014-172, IO, 0.71%, 1/16/2049(k)		41,174		1,348
Series 2012-44, IO, 0.24%, 3/16/2049(k)		8,336		48
Series 2015-48, IO, 0.66%, 2/16/2050(k)		3,687		139
Series 2013-15, IO, 0.61%, 8/16/2051(k)		12,573		329
Series 2013-80, IO, 0.90%, 3/16/2052(k)		34,227		1,232
Series 2015-86, IO, 0.69%, 5/16/2052(k)		31,958		1,253
Series 2013-7, IO, 0.33%, 5/16/2053(k)		81,953		1,525
Series 2012-89, IO, 0.51%, 12/16/2053(k)		18,388		279
Series 2012-115, IO, 0.42%, 4/16/2054(k)		50,224		1,178
Series 2014-124, Class IE, IO, 0.75%, 5/16/2054(k)		21,242		665
Series 2013-48, IO, 0.63%, 7/16/2054(k)		10,173		335
Series 2014-186, IO, 0.71%, 8/16/2054(k)		6,400		233
Series 2014-130, Class IB, IO, 0.84%, 8/16/2054(k)		2,087		72
Series 2015-93, IO, 0.73%, 11/16/2054(k)		35,678		1,202
Series 2013-179, IO, 0.58%, 1/16/2055(k)		61,395		1,059
Series 2013-178, IO, 0.63%, 6/16/2055(k)		48,953		1,128
Series 2016-102, IO, 0.74%, 10/16/2055(k)		34,706		1,475
Series 2015-33, IO, 0.74%, 2/16/2056(k)		44,721		1,872
Series 2015-59, IO, 0.93%, 6/16/2056(k)		10,938		501
Series 2016-97, IO, 1.04%, 7/16/2056(k)		49,247		3,251
Series 2014-110, IO, 0.68%, 1/16/2057(k)		28,228		1,096
Series 2016-177, IO, 0.77%, 1/16/2057(k)		81,524		4,367
Series 2015-172, IO, 0.79%, 3/16/2057(k)		20,260		884
Series 2016-13, IO, 0.85%, 4/16/2057(k)		22,903		1,168
Series 2015-115, IO, 0.55%, 7/16/2057(k)		4,283		162
Series 2016-40, IO, 0.70%, 7/16/2057(k)		47,781		2,053
Series 2017-151, IO, 0.71%, 9/16/2057(k)		19,245		1,055
Series 2017-146, IO, 0.77%, 9/16/2057(k)		51,985		2,983
Series 2017-173, IO, 1.36%, 9/16/2057(k)		19,660		1,591
Series 2016-105, IO, 0.99%, 10/16/2057(k)		19,741		1,134
Series 2016-157, IO, 0.95%, 11/16/2057(k)		36,744		2,341
Series 2016-71, Class QI, IO, 0.96%, 11/16/2057(k)		82,338		4,982
Series 2016-96, IO, 0.98%, 12/16/2057(k)		3,925		239

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2016-155, IO, 0.88%, 2/16/2058(k)		87,311		5,699
Series 2016-130, IO, 1.01%, 3/16/2058(k)		49,599		3,208
Series 2016-92, IO, 0.91%, 4/16/2058(k)		1,571		90
Series 2016-119, IO, 1.10%, 4/16/2058(k)		152,980		8,697
Series 2016-151, IO, 1.06%, 6/16/2058(k)		106,560		7,273
Series 2017-41, IO, 0.77%, 7/16/2058(k)		20,168		1,140
Series 2016-87, IO, 0.97%, 8/16/2058(k)		47,400		2,853
Series 2017-3, IO, 0.88%, 9/16/2058(k)		97,495		5,605
Series 2016-175, IO, 0.89%, 9/16/2058(k)		37,077		2,212
Series 2017-54, IO, 0.64%, 12/16/2058(k)		22,277		1,109
Series 2017-81, IO, 0.81%, 12/16/2058(k)		25,516		1,503
Series 2017-23, IO, 0.74%, 5/16/2059(k)		26,396		1,415
Series 2017-86, IO, 0.78%, 5/16/2059(k)		9,819		555
Series 2017-51, IO, 0.79%, 5/16/2059(k)		14,736		892
Series 2017-148, IO, 0.65%, 7/16/2059(k)		31,084		1,557
Series 2017-69, IO, 0.81%, 7/16/2059(k)		16,355		960
Series 2017-171, IO, 0.69%, 9/16/2059(k)		6,045		344
Series 2018-57, IO, 0.41%, 10/16/2059(k)		122,002		5,541
Series 2017-157, IO, 0.57%, 12/16/2059(k)		9,967		514
Series 2018-9, IO, 0.56%, 1/16/2060(k)		95,839		5,149
Series 2019-67, IO, 0.92%, 2/16/2060(k)		36,566		2,767
Series 2019-135, IO, 0.92%, 2/16/2060(k)		56,580		4,220
Series 2018-106, IO, 0.48%, 4/16/2060(k)		27,997		1,437
Series 2018-119, IO, 0.65%, 5/16/2060(k)		47,310		2,856
Series 2018-98, IO, 0.47%, 8/16/2060(k)		105,084		5,490
Series 2019-9, IO, 0.67%, 8/16/2060(k)		38,953		2,667
Series 2019-32, IO, 0.68%, 5/16/2061(k)		69,582		5,068
Series 2019-53, Class IA, IO, 0.84%, 6/16/2061(k)		12,212		851
Series 2019-155, IO, 0.68%, 7/16/2061(k)		187,597		12,630
Series 2020-28, IO, 0.86%, 11/16/2061(k)		22,216		1,687
Series 2020-43, IO, 1.37%, 11/16/2061(k)		19,942		1,833
Series 2020-14, IO, 0.76%, 2/16/2062(k)		161,161		11,884
Series 2020-2, IO, 0.81%, 3/16/2062(k)		87,372		6,327
Series 2020-27, IO, 0.90%, 3/16/2062(k)		29,402		2,255
Series 2020-23, IO, 0.79%, 4/16/2062(k)		147,238		10,821
Series 2020-38, IO, 0.94%, 4/16/2062(k)		38,908		3,269
Series 2020-50, IO, 0.79%, 6/16/2062(k)		84,916		6,372
GS Mortgage Securities Trust
Series 2012-GCJ9, Class D, 4.74%, 11/10/2045‡(a)(k)		400		329
Series 2013-GC12, Class E, 3.25%, 6/10/2046‡(a)		3,550		2,557
Series 2013-GC12, Class D, 4.45%, 6/10/2046‡(a)(k)		2,240		1,833
Series 2015-GC34, Class D, 2.98%, 10/10/2048‡		1,810		789
Series 2017-GS5, Class D, 3.51%, 3/10/2050‡(a)(k)		2,000		1,328
Series 2020-GC45, Class XA, IO, 0.68%, 2/13/2053(k)		74,895		3,558
Series 2020-GC45, Class E, 2.85%, 2/13/2053‡(a)		7,000		3,082
Series 2020-GC47, Class XA, IO, 1.25%, 5/12/2053(k)		80,879		7,168
Harvest Commercial Capital Loan Trust Series 2019-1, Class A, 3.29%, 9/25/2046(a)(k)		11,658		11,220
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2013-C16, Class D, 5.03%, 12/15/2046‡(a)(k)		250		227
Series 2015-JP1, Class E, 4.24%, 1/15/2049‡(a)(k)		3,250		2,029
JPMBB Commercial Mortgage Securities Trust Series 2015-C33, Class D2, 4.11%, 12/15/2048‡(a)(k)		1,000		686
JPMCC Re-REMIC Trust Series 2015-FRR2, Class BK39, PO, 8/27/2047(a)		1,500		1,272
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 5.91%, 7/15/2044(k)		19		19
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039‡(k)		154		89
MF1 Multi-Family Housing Mortgage Loan Trust Series 2019-Q009, Class B, 3.08%, 4/25/2024‡(a)(k)		4,608		4,368

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
MMFL Re-REMIC Trust Series 2019-1, Class A, 1.57%, 1/28/2024(a)(k)		4,366		3,869
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C15, Class D, 4.91%, 4/15/2047‡(a)(k)		1,000		787
Series 2014-C17, Class D, 4.74%, 8/15/2047‡(a)(k)		6,750		4,464
Series 2014-C18, Class D, 3.39%, 10/15/2047‡(a)		7,157		5,098
Series 2015-C27, Class E, 3.24%, 12/15/2047‡(a)(k)		2,500		1,330
Series 2015-C27, Class F, 3.24%, 12/15/2047‡(a)(k)		6,334		2,998
Series 2014-C19, Class E, 3.25%, 12/15/2047‡(a)		6,500		3,971
Series 2015-C21, Class XA, IO, 0.88%, 3/15/2048(k)		22,358		732
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.28%, 7/11/2040‡(a)(k)		1,000		851
Series 2019-L3, Class D, 2.50%, 11/15/2052(a)(k)		4,500		2,708
Multi-Family Connecticut Avenue Securities Trust
Series 2019-01, Class M7, 1.87%, 10/15/2049‡(a)(k)		6,779		5,795
Series 2019-01, Class M10, 3.42%, 10/15/2049‡(a)(k)		5,000		3,693
PFP Ltd. (Cayman Islands) Series 2019-5, Class D, 2.83%, 4/14/2036‡(a)(k)		3,500		3,079
SBALR Commercial Mortgage Trust
Series 2020-RR1, Class XA, IO, 1.29%, 2/13/2053(k)		95,278		8,322
Series 2020-RR1, Class A2, 2.53%, 2/13/2053		4,000		3,893
Series 2020-RR1, Class B, 3.48%, 2/13/2053‡		11,440		11,019
Series 2020-RR1, Class C, 3.98%, 2/13/2053‡(k)		4,750		4,581
Series 2020-RR1, Class D, 4.06%, 2/13/2053‡(k)		4,750		3,212
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048(a)(k)		4,060		4,101
Series 2018-2, Class M2, 4.51%, 10/26/2048‡(a)(k)		235		226
Series 2018-2, Class M3, 4.72%, 10/26/2048‡(a)(k)		427		403
Series 2019-1, Class A, 3.76%, 3/25/2049(a)(k)		4,190		4,212
Series 2019-1, Class M1, 3.94%, 3/25/2049‡(a)(k)		1,870		1,831
Series 2019-3, Class A, 3.03%, 10/25/2049(a)(k)		4,662		4,588
Wells Fargo Commercial Mortgage Trust
Series 2010-C1, Class C, 5.52%, 11/15/2043‡(a)(k)		1,300		1,292
Series 2015-NXS1, Class E, 2.88%, 5/15/2048‡(a)(k)		3,230		1,948
Series 2017-C38, Class D, 3.00%, 7/15/2050‡(a)		1,000		599
Series 2019-C52, Class XA, IO, 1.62%, 8/15/2052(k)		16,752		1,660
Series 2020-C55, Class D, 2.50%, 2/15/2053‡(a)		4,500		2,527
Series 2020-C55, Class E, 2.50%, 2/15/2053‡(a)		6,850		3,149
Wells Fargo Re-REMIC Trust Series 2013-FRR1, Class BK20, PO, 5/27/2045(a)		3,000		2,612
WFRBS Commercial Mortgage Trust Series 2014-C22, Class D, 3.90%, 9/15/2057‡(a)(k)		6,540		5,232
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $1,026,990)				899,899
MORTGAGE-BACKED SECURITIES — 7.9%
FNMA UMBS, 30 Year Pool # MA4055, 2.50%, 6/1/2050		415,000		430,405
GNMA I 5.93%, 1/20/2050(k)		10,865		1,879
GNMA II, 30 Year
Pool # BF2605, 5.50%, 5/20/2048		1,360		1,510
Pool # BN2462, 4.50%, 6/20/2048		217		233
Pool # BH2761, 4.50%, 9/20/2048		2,757		3,061
Pool # BJ4027, 4.50%, 9/20/2048		621		689
Pool # BJ4052, 4.50%, 9/20/2048		686		760
Pool # BH5219, 4.50%, 10/20/2048		645		715
Pool # BI9909, 4.50%, 10/20/2048		1,417		1,573
Pool # BJ0977, 4.50%, 10/20/2048		608		675
Pool # BJ4126, 4.50%, 10/20/2048		877		974
Pool # BJ4168, 4.50%, 10/20/2048		1,199		1,330
Pool # BJ4297, 4.50%, 10/20/2048		886		983

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Pool # BJ4354, 4.50%, 10/20/2048		689		762
Pool # BJ4396, 4.50%, 10/20/2048		1,206		1,338
Pool # BJ9835, 4.50%, 1/20/2049		1,195		1,341
Pool # BJ9839, 4.38%, 4/20/2049		673		737
Pool # BL9253, 4.50%, 6/20/2049		996		1,080
Pool # BN2463, 4.50%, 6/20/2049		239		259
Pool # BJ9846, 4.50%, 7/20/2049		1,707		1,922
Pool # BM5450, 4.50%, 7/20/2049		1,343		1,471
Pool # BJ9850, 4.50%, 8/20/2049		854		944
Pool # BJ9854, 4.50%, 9/20/2049		1,172		1,320
Pool # BJ9863, 4.50%, 11/20/2049		1,588		1,789
Pool # BQ8922, 4.50%, 12/20/2049		745		863
TOTAL MORTGAGE-BACKED SECURITIES (Cost $458,314)				458,613
FOREIGN GOVERNMENT SECURITIES — 2.4%
Arab Republic of Egypt (Egypt) 7.05%, 1/15/2032(f)		5,600		5,297
Democratic Socialist Republic of Sri Lanka (Sri Lanka)
6.20%, 5/11/2027(f)		7,850		4,276
7.55%, 3/28/2030(a)		990		534
Dominican Republic Government Bond (Dominican Republic) 5.88%, 1/30/2060(a)		13,650		11,556
Federal Republic of Nigeria (Nigeria) 7.14%, 2/23/2030(f)		5,100		4,459
Hashemite Kingdom of Jordan (Jordan) 7.38%, 10/10/2047(f)		4,700		4,346
Kingdom of Bahrain (Bahrain) 7.00%, 10/12/2028(f)		1,900		1,983
Republic of Angola (Angola)
8.00%, 11/26/2029(a)		5,720		3,536
8.00%, 11/26/2029(f)		500		309
9.13%, 11/26/2049(f)		5,100		3,052
Republic of Belarus (Belarus) 6.88%, 2/28/2023(f)		1,600		1,660
Republic of Costa Rica (Costa Rica)
4.38%, 4/30/2025(f)		1,100		906
5.63%, 4/30/2043(f)		1,200		830
Republic of Cote d’Ivoire (Ivory Coast)
6.38%, 3/3/2028(f)		13,737		13,441
5.75%, 12/31/2032(f)(h)		2,618		2,468
Republic of El Salvador (El Salvador)
8.63%, 2/28/2029(f)		5,400		4,608
7.63%, 2/1/2041(f)		4,400		3,405
7.12%, 1/20/2050(f)		3,700		2,834
Republic of Ghana (Ghana)
7.88%, 2/11/2035(a)		1,420		1,217
8.95%, 3/26/2051(f)		500		435
8.75%, 3/11/2061(a)		3,300		2,849
Republic of Guatemala (Guatemala) 4.90%, 6/1/2030(a)		2,100		2,200
Republic of Kenya (Kenya)
6.88%, 6/24/2024(f)		1,700		1,631
8.00%, 5/22/2032(a)		1,780		1,687
8.00%, 5/22/2032(f)		1,400		1,326
Republic of Namibia (Namibia) 5.25%, 10/29/2025(f)		4,900		4,776
Republic of Paraguay (Paraguay)
6.10%, 8/11/2044(f)		6,375		7,457
5.40%, 3/30/2050(a)		2,970		3,263
Republic of Senegal (Senegal)
6.25%, 5/23/2033(f)		1,400		1,308
6.75%, 3/13/2048(f)		4,500		4,053
Republic of South Africa (South Africa) 5.75%, 9/30/2049		6,020		4,906
State of Israel Government Bond (Israel) 4.50%, 4/3/2120		6,050		7,358
State of Qatar (Qatar) 4.40%, 4/16/2050(a)		6,900		8,194
Sultanate of Oman Government Bond (Oman)
4.88%, 2/1/2025(f)		4,100		3,609
5.38%, 3/8/2027(f)		1,400		1,168
Ukraine Government Bond (Ukraine)
7.75%, 9/1/2020(f)		1,700		1,697
8.99%, 2/1/2024(f)		3,400		3,539
9.75%, 11/1/2028(f)		3,700		3,974
United Arab Emirates Government Bond (United Arab Emirates) 3.88%, 4/16/2050(a)		2,100		2,391
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $159,262)				138,538
	Shares (000)
PREFERRED STOCKS — 0.2%
Electric Utilities — 0.2%
SCE Trust II 5.10%, 5/5/2020 ($25 par value)(l)		54		1,313
SCE Trust VI 5.00%, 6/26/2022 ($25 par value)(l)		240		5,250
Southern Co. (The) Series 2020, 4.95%, 1/30/2080 ($25 par value)		193		4,815
				11,378
Insurance — 0.0%(b)
MetLife, Inc. Series F, 4.75%, 3/15/2025 ($25 par value)(l)		97		2,408

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)		Value ($000)
Internet & Direct Marketing Retail — 0.0%(b)
MYT Holding Co. 10.00%, 6/7/2029(a)		16		9
TOTAL PREFERRED STOCKS (Cost $14,275)				13,795
	Principal Amount ($000)
LOAN ASSIGNMENTS — 0.1%(m)
Aerospace & Defense — 0.0%(b)
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.93%, 10/4/2024(e)		4		4
Automobiles — 0.0%(b)
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 3.48%, 8/14/2024(e)		99		89
Chemicals — 0.0%(b)
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 3.20%, 6/1/2024(e)		260		254
Construction & Engineering — 0.0%(b)
Thor, Inc. 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 4.25%), 4.25%, 5/15/2025‡(e)		1,018		993
Containers & Packaging — 0.0%(b)
Viskase Cos., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.70%, 1/30/2021(e)		97		78
Diversified Consumer Services — 0.0%(b)
Ensemble RCM LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 4.44%, 8/3/2026(e)		89		87
Diversified Telecommunication Services — 0.0%(b)
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024(e)		207		205
Intelsat Jackson Holdings, 1st Lien Term Loan (Luxembourg) (1-MONTH PRIME + 2.75%), 6.00%, 11/27/2023(e)		50		50
				255
Electric Utilities — 0.0%(b)
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024(e)		44		35
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024(e)		2		2
				37
Food & Staples Retailing — 0.1%
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.43%, 4/1/2024‡(e)		2,102		2,102
Moran Foods LLC, 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 4/1/2025‡(e)		75		59
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.42%, 10/22/2025(e)		263		247
				2,408
Health Care Providers & Services — 0.0%(b)
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 4.20%, 6/7/2023(e)		1,285		1,232
Hotels, Restaurants & Leisure — 0.0%(b)
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 4.45%, 12/1/2023(e)		291		215
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.50%; ICE LIBOR USD 3 Month + 2.50%), 3.46%, 10/4/2023(e)		612		524
				739
IT Services — 0.0%(b)
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 4.00%, 11/3/2023(e)		146		141
Leisure Products — 0.0%(b)
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.00%, 5/16/2022‡(e)		58		58
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100(e)(i)		247		—
				58
Oil, Gas & Consumable Fuels — 0.0%(b)
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 12/31/2022(e)		220		56

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%; ICE LIBOR USD 3 Month + 5.25%), 6.42%, 8/25/2023(e)		680			390
					446
Pharmaceuticals — 0.0%(b)
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 3 Month + 5.50%), 6.57%, 9/6/2024(e)		678			600
Software — 0.0%(b)
Greeneden US Holdings II LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.42%, 12/1/2023(e)		96			93
Specialty Retail — 0.0%(b)
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 8.42%, 12/18/2026(e)(n)		12			9
TOTAL LOAN ASSIGNMENTS (Cost $7,951)					7,523
MUNICIPAL BONDS — 0.0%(b)(o)
California — 0.0%(b)
Education — 0.0%(b)
Regents of the University of California Series R, Rev., 5.77%, 5/15/2043		140			204
University of California Series J, Rev., 4.13%, 5/15/2045		100			119
					323
General Obligation — 0.0%(b)
Los Angeles Community College District Series E, GO, 6.75%, 8/1/2049		100			170
Hospital — 0.0%(b)
University of California, Medical Center Series F, Rev., 6.58%, 5/15/2049		255			389
Water & Sewer — 0.0%(b)
Orange County Water District Series 2017B, Rev., 4.06%, 8/15/2041		290			308
Total California					1,190
Colorado — 0.0%(b)
Hospital — 0.0%(b)
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045		175			186
Illinois — 0.0%(b)
Education — 0.0%(b)
Illinois Finance Authority Series A, Rev., 4.00%, 10/1/2049		25			26
Indiana — 0.0%(b)
Other Revenue — 0.0%(b)
Indianapolis Local Public Improvement Bond Bank, Marion County Health and Hospital Series B-2, Rev., 6.12%, 1/15/2040		240			337
New Jersey — 0.0%(b)
Transportation — 0.0%(b)
New Jersey Transportation Trust Fund Authority, Transportation System Series 2012A, Rev., 5.00%, 6/15/2042		25			25
Texas — 0.0%(b)
Transportation — 0.0%(b)
North Texas Tollway Authority System Series B, Rev., 6.72%, 1/1/2049		131			218
TOTAL MUNICIPAL BONDS (Cost $1,742)					1,982
	Shares (000)
COMMON STOCKS — 0.0%(b)
Aerospace & Defense — 0.0%(b)
Remington Outdoor Co., Inc.*‡		5			6
Capital Markets — 0.0%(b)
UCI Holdings LLC (New Zealand)*‡		2			33
Food & Staples Retailing — 0.0%(b)
Moran Foods Backstop Equity*‡		45			45
Media — 0.0%(b)
Clear Channel Outdoor Holdings, Inc.*		6			6
iHeartMedia, Inc., Class A*		—	(j)		2
					8
Oil, Gas & Consumable Fuels — 0.0%(b)
Battalion Oil Corp.*		1			4
Specialty Retail — 0.0%(b)
Claire’s Stores, Inc.*‡		—	(j)		5
TOTAL COMMON STOCKS (Cost $124)					101

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
CONVERTIBLE BONDS — 0.0%(b)
Oil, Gas & Consumable Fuels — 0.0%(b)
Whiting Petroleum Corp. 1.25%, 4/1/2020(i)(Cost $149)		149		19
	No. of Warrants (000)
WARRANTS — 0.0%(b)
Wireless Telecommunication Services — 0.0%(b)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD*‡ (Cost $37)		2		17
	Shares (000)
SHORT-TERM INVESTMENTS — 10.7%
INVESTMENT COMPANIES — 10.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.44%(p)(q)(Cost $618,917)		618,625		619,243
TOTAL SHORT-TERM INVESTMENTS (Cost $618,917)				619,243
Total Investments — 105.0% (Cost $6,521,871)				6,082,926
Liabilities in Excess of Other Assets — (5.0)%				(291,068	)
Net Assets — 100.0%				5,791,858

Percentages indicated are based on net assets.

Abbreviations
ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
CIFC	Commercial Industrial Finance Corp.
CJSC	Closed Joint Stock Company
CLO	Collateralized Loan Obligations
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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
OYJ	Public Limited Company
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
PT	Limited liability company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
Re-REMIC	Combined Real Estate Mortgage Investment Conduit
Rev.	Revenue
SCA	Limited partnership with share capital
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(d)	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)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2020.
(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.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(g)	Security is an interest bearing note with preferred security characteristics.
(h)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of May 31, 2020.
(i)	Defaulted security.
(j)	Amount rounds to less than one thousand.
(k)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2020.
(l)	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.
(m)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(n)	Fund is subject to legal or contractual restrictions on the resale of the security.
(o)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(p)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(q)	The rate shown is the current yield as of May 31, 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
U.S. Treasury 2 Year Note		4,776			09/2020		USD		1,054,713			103
U.S. Treasury 5 Year Note		316			09/2020		USD		39,698			73
U.S. Treasury 10 Year Note		304			09/2020		USD		42,275			53
U.S. Treasury 10 Year Ultra Note		1,456			09/2020		USD		228,956			772
U.S. Treasury Long Bond		97			09/2020		USD		17,278			65
U.S. Treasury Ultra Bond		372			09/2020		USD		80,875			(137	)
												929
Short Contracts
U.S. Treasury 2 Year Note		(4,456	)		09/2020		USD		(984,045	)		(105	)
U.S. Treasury 5 Year Note		(1,671	)		09/2020		USD		(209,919	)		(331	)
U.S. Treasury 10 Year Note		(1,481	)		09/2020		USD		(205,952	)		(268	)
U.S. Treasury Ultra Bond		(73	)		09/2020		USD		(15,871	)		4
												(700	)
												229

Abbreviations

USD United States Dollar

Over-the-Counter (“OTC”) 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		Counterparty		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		Barclays Bank plc		12/20/2024		2.80		USD   99,045		9,051		(1,888	)		7,163
CDX.NA.EM.32-V2		1.00		Quarterly		Barclays Bank plc		12/20/2024		2.80		USD   12,381		1,175		(279	)		896
														10,226		(2,167	)		8,059

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

OTC Credit default swap contracts outstanding - sell protection^(e) as of May 31, 2020 (amounts in thousands):

Reference Obligation/ Index	Financing Rate Received by the Fund (%)		Payment Frequency		Counterparty		Maturity Date		Implied Credit Spread (%)(b)		Notional Amount(c)		Upfront Payments (Receipts) ($)(d)			Unrealized Appreciation (Depreciation) ($)			Value ($)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		7.32		USD   5,000		(58	)		(1,264	)		(1,322	)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		7.32		USD   7,500		(41	)		(1,941	)		(1,982	)
CMBX.NA.BBB-.12		3.00		Monthly		Merrill Lynch International		8/17/2061		7.32		USD   5,000		(178	)		(1,144	)		(1,322	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		7.32		USD   5,000		(252	)		(1,070	)		(1,322	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		7.32		USD   2,500		(126	)		(535	)		(661	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		7.32		USD 12,500		(381	)		(2,923	)		(3,304	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		7.32		USD   5,000		(255	)		(1,067	)		(1,322	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		7.32		USD 12,500		(142	)		(3,162	)		(3,304	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		7.32		USD   5,500		(67	)		(1,387	)		(1,454	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		7.32		USD   8,017		(97	)		(2,022	)		(2,119	)
CMBX.NA.BBB-.12		3.00		Monthly		Morgan Stanley		8/17/2061		7.32		USD 12,500		(60	)		(3,244	)		(3,304	)
														(1,657	)		(19,759	)		(21,416	)

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.33-V1		1.00		Quarterly		6/20/2025		2.88		USD   59,500		6,362		(1,298	)		5,064
CDX.NA.EM.33-V1		1.00		Quarterly		6/20/2025		2.88		USD   40,409		4,497		(1,058	)		3,439
CDX.NA.EM.33-V1		1.00		Quarterly		6/20/2025		2.88		USD     9,950		1,070		(223	)		847
CDX.NA.EM.33-V1		1.00		Quarterly		6/20/2025		2.88		USD   10,630		1,185		(281	)		904
CDX.NA.EM.33-V1		1.00		Quarterly		6/20/2025		2.88		USD   40,390		4,504		(1,067	)		3,437
CDX.NA.EM.33-V1		1.00		Quarterly		6/20/2025		2.88		USD   16,150		1,792		(418	)		1,374
CDX.NA.HY.34-V3		5.00		Quarterly		6/20/2025		5.48		USD 383,230		18,363		(14,617	)		3,746
												37,773		(18,962	)		18,811

(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).

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Abbreviations

CDX	Credit Default Swap Index
CMBX	Commercial Mortgage-Backed Securities Index
USD	United States Dollar

Summary of total OTC swap contracts outstanding as of May 31, 2020 (amounts in thousands):

	Net Upfront Payments (Receipts) ($)			Value ($)
Assets
OTC Credit default swap contracts outstanding - buy protection		10,226			8,059
Liabilities
OTC Credit default swap contracts outstanding - sell protection		(1,657	)		(21,416	)

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 Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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 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.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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	$	—	$	664,545	$	255,171	$	919,716
Collateralized Mortgage Obligations		—		1,028,747		218,623		1,247,370
Commercial Mortgage-Backed Securities		—		716,619		183,280		899,899
Common Stocks
Aerospace & Defense		—		—		6		6
Capital Markets		—		—		33		33
Food & Staples Retailing		—		—		45		45
Media		8		—		—		8
Oil, Gas & Consumable Fuels		4		—		—		4
Specialty Retail		—		—		5		5
Total Common Stocks		12		—		89		101
Convertible Bonds		—		19		—		19
Corporate Bonds		—		1,776,110		—		1,776,110
Foreign Government Securities		—		138,538		—		138,538
Loan Assignments
Aerospace & Defense		—		4		—		4
Automobiles		—		89		—		89
Chemicals		—		254		—		254
Construction & Engineering		—		—		993		993
Containers & Packaging		—		78		—		78
Diversified Consumer Services		—		87		—		87
Diversified Telecommunication Services		—		255		—		255
Electric Utilities		—		37		—		37
Food & Staples Retailing		—		247		2,161		2,408
Health Care Providers & Services		—		1,232		—		1,232
Hotels, Restaurants & Leisure		—		739		—		739
IT Services		—		141		—		141
Leisure Products		—		—		58		58
Oil, Gas & Consumable Fuels		—		446		—		446
Pharmaceuticals		—		600		—		600
Software		—		93		—		93
Specialty Retail		—		9		—		9
Total Loan Assignments		—		4,311		3,212		7,523
Mortgage-Backed Securities		—		458,613		—		458,613
Municipal Bonds		—		1,982		—		1,982
Preferred Stocks
Electric Utilities		11,378		—		—		11,378
Insurance		2,408		—		—		2,408
Internet & Direct Marketing Retail		—		9		—		9
Total Preferred Stocks		13,786		9		—		13,795
Warrants		—		—		17		17
Short-Term Investments
Investment Companies		619,243		—		—		619,243

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities	$	633,041		$	4,789,493		$	660,392	$	6,082,926
Appreciation in Other Financial Instruments
Futures Contracts	$	1,070		$	—		$	—	$	1,070
Depreciation in Other Financial Instruments
Futures Contracts	$	(841	)	$	—		$	—	$	(841	)
Swaps		—			(40,888	)		—		(40,888	)
Total Depreciation in Other Financial Instruments	$	(841	)	$	(40,888	)	$	—	$	(41,729	)

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	$	351,115		$	(181	)	$	(52,235	)	$	(13)		$	7,369	$	(12,310	)	$	27,489	$	(66,063	)	$	255,171
Collateralized Mortgage Obligations		170,293			—			(28,788	)		(41	)		3,088		(10,965	)		85,896		(860	)		218,623
Commercial Mortgage-Backed Securities		174,388			(7,626	)		(72,899	)		82			8,220		(37,672	)		118,787		—			183,280
Common Stocks - Aerospace & Defense		4			—			2			—			—		—			—		—			6
Common Stocks - Capital Markets		35			—			(2	)		—			—		—			—		—			33
Common Stocks - Food & Staples Retailing		—			—			43			—			2		—			—		—			45
Common Stocks - Specialty Retail		5			—			—	(a)		—			—		—			—		—			5
Corporate Bonds - Wireless Telecommunication Services		5,977			15			(202	)		19			—		(5,809	)		—		—			—
Loan Assignments - Construction & Engineering		1,064			—			(4	)		4			—		(71	)		—		—			993
Loan Assignments - Food & Staples Retailing		—			—			233			8			1,920		—			—		—			2,161
Loan Assignments - Leisure Products		58			—			—			—			—		—			—		—			58
Warrants - Road & Rail		—	(b)		—			—			—			—		—			—		—			—
Warrants - Wireless Telecommunication Services		29			—			(12	)		—			—		—			—		—			17
Total	$	702,968		$	(7,792	)	$	(153,864	)	$	59		$	20,599	$	(66,827	)	$	232,172	$	(66,923	)	$	660,392

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

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

(a) Amount rounds to less than one thousand.

(b) Value is zero.

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 $(151,939,000).

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended May 31, 2020.

JPMorgan Income 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)
	$	239,577	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (19.54%)
				Constant Default Rate		0.00% - 10.23% (0.32%)
				Yield (Discount Rate of Cash Flows)		2.16% - 31.97% (11.17%)
Asset-Backed Securities		239,577
		167,758	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (15.91%)
				Constant Default Rate		0.00% - 2.90% (0.03%)
				Yield (Discount Rate of Cash Flows)		1.73% - 16.47% (5.67%)
Collateralized Mortgage Obligations		167,758
		180,203	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (1.37%)
				Constant Default Rate		0.00% - 5.00% (0.04%)
				Yield (Discount Rate of Cash Flows)		2.42% - 199.00% (11.14%)
Commercial Mortgage-Backed Securities		180,203
		2,465	Terms of Exchange Offer	Expected Recovery		100.00% (100.00%)
		59	Market Comparable Companies	EBITDA Multiple (b)		6.0x (6.0x)
Loan Assignments
		2,524
Total		590,062

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At May 31, 2020, the value of these investments was approximately $70,330,000. 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) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples 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.

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

For the period ended May 31, 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)	$	34,094	$	1,301,263	$	716,390	$	(48	)	$	324		$	619,243		618,625	$	436	$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares(a)		122,018		10,000		131,936		(73	)		(9	)		—		—		94		—
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)		11,862		38,075		49,937		—			—			—		—		10		—
Total	$	167,974	$	1,349,338	$	898,263	$	(121	)	$	315		$	619,243			$	540	$	—

(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 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.

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.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(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). Swaps — The Fund engaged in various swap transactions, including credit default index 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.

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.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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.