JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 34.0%
Aerospace & Defense — 1.2%
Boeing Co. (The) 4.88%, 5/1/2025		541		574
General Dynamics Corp. 2.25%, 11/15/2022		1,000		1,036
L3Harris Technologies, Inc.
3.85%, 12/15/2026		475		532
4.85%, 4/27/2035		500		618
Lockheed Martin Corp.
2.50%, 11/23/2020		850		858
3.35%, 9/15/2021		211		219
3.55%, 1/15/2026		700		799
Northrop Grumman Corp. 2.93%, 1/15/2025		1,800		1,951
Precision Castparts Corp.
2.50%, 1/15/2023		500		519
3.25%, 6/15/2025		800		883
Raytheon Co. 3.15%, 12/15/2024		476		514
Raytheon Technologies Corp.
3.95%, 8/16/2025		3,450		3,925
4.13%, 11/16/2028		500		580
4.63%, 11/16/2048		550		713
Rockwell Collins, Inc. 3.20%, 3/15/2024		300		318
Textron, Inc. 3.00%, 6/1/2030		1,100		1,049
				15,088
Airlines — 0.0%(a)
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		200		177
Automobiles — 0.1%
BMW US Capital LLC (Germany) 1.85%, 9/15/2021(b)		250		251
Hyundai Capital America
3.00%, 6/20/2022(b)		530		529
2.85%, 11/1/2022(b)		266		265
Volkswagen Group of America Finance LLC (Germany) 2.50%, 9/24/2021(b)		345		347
				1,392
Banks — 5.9%
ABN AMRO Bank NV (Netherlands) 2.65%, 1/19/2021(b)		450		455
ANZ New Zealand Int’l Ltd. (New Zealand) 2.75%, 1/22/2021(b)		700		710
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026(b)		1,000		1,094
Bank of America Corp.
3.30%, 1/11/2023		32		34
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(c)		21		22
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024(c)		3,987		4,241
4.00%, 1/22/2025		1,154		1,260
(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025(c)		1,500		1,561
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026(c)		1,500		1,617
4.45%, 3/3/2026		556		626
Bank of Montreal (Canada)
2.35%, 9/11/2022		100		104
2.50%, 6/28/2024		500		526
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024(b)		1,580		1,685
Bank of Nova Scotia (The) (Canada)
2.80%, 7/21/2021		630		646
2.20%, 2/3/2025		600		624
Barclays plc (United Kingdom)
3.65%, 3/16/2025		1,255		1,330
(ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025(c)		500		532
BNP Paribas SA (France)
3.38%, 1/9/2025(b)		800		849
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025(b)(c)		500		547
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024		1,050		1,114
Capital One Bank USA NA
3.38%, 2/15/2023		660		683
(SOFR + 0.91%), 2.28%, 1/28/2026(c)		1,400		1,379
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(c)		2,000		2,063
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025(c)		1,500		1,596
3.40%, 5/1/2026		650		704
(SOFR + 1.15%), 2.67%, 1/29/2031(c)		2,400		2,433
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039(c)		2,000		2,214
Citizens Financial Group, Inc. 4.30%, 12/3/2025		500		546
Commonwealth Bank of Australia (Australia) 4.50%, 12/9/2025(b)		1,339		1,502
Cooperatieve Rabobank UA (Netherlands)
3.88%, 2/8/2022		903		952
2.63%, 7/22/2024(b)		400		415
Credit Agricole SA (France) 3.75%, 4/24/2023(b)		775		821
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 4.55%, 4/17/2026		500		567
Discover Bank
4.20%, 8/8/2023		447		477
2.45%, 9/12/2024		900		902

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
HSBC Holdings plc (United Kingdom)
4.25%, 3/14/2024		800		852
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024(c)		1,800		1,923
(ICE LIBOR USD 3 Month + 1.14%), 2.63%, 11/7/2025(c)		1,000		1,028
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026(c)		1,250		1,381
Huntington Bancshares, Inc. 2.55%, 2/4/2030		1,600		1,575
ING Groep NV (Netherlands) 3.95%, 3/29/2027		406		451
KeyBank NA 3.30%, 6/1/2025		800		879
Lloyds Bank plc (United Kingdom) 3.30%, 5/7/2021		500		512
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026(c)		350		354
3.75%, 1/11/2027		869		929
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		221		228
3.76%, 7/26/2023		864		925
2.19%, 2/25/2025		1,550		1,589
Mizuho Financial Group, Inc. (Japan)
2.95%, 2/28/2022		580		600
2.60%, 9/11/2022		300		309
Nordea Bank Abp (Finland) 4.25%, 9/21/2022(b)		591		619
PNC Bank NA 2.45%, 11/5/2020		356		358
PNC Financial Services Group, Inc. (The)
4.38%, 8/11/2020		362		365
2.55%, 1/22/2030		800		848
Regions Financial Corp. 2.75%, 8/14/2022		402		411
Royal Bank of Canada (Canada) 4.65%, 1/27/2026		1,097		1,260
Royal Bank of Scotland Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024(c)		1,435		1,541
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030(c)		620		700
Santander UK Group Holdings plc (United Kingdom) 3.13%, 1/8/2021		250		253
Societe Generale SA (France) 4.25%, 9/14/2023(b)		1,200		1,280
Standard Chartered plc (United Kingdom)
5.20%, 1/26/2024(b)		1,200		1,280
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026(b)(c)		600		604
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.70%, 7/16/2024		1,982		2,075
2.45%, 9/27/2024		800		831
Svenska Handelsbanken AB (Sweden) 3.90%, 11/20/2023		442		488
Toronto-Dominion Bank (The) (Canada) 3.15%, 9/17/2020		1,000		1,008
Truist Bank 2.75%, 5/1/2023		1,500		1,584
US Bancorp
Series V, 2.63%, 1/24/2022		732		756
3.60%, 9/11/2024		215		239
Wachovia Corp. 7.57%, 8/1/2026(d)		700		883
Wells Fargo & Co.
3.00%, 2/19/2025		368		394
(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025(c)		1,200		1,232
3.00%, 4/22/2026		800		857
4.30%, 7/22/2027		2,000		2,250
Westpac Banking Corp. (Australia)
2.50%, 6/28/2022		1,100		1,142
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030(c)		500		502
				74,126
Beverages — 1.0%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.15%, 1/23/2025		4,250		4,777
4.75%, 1/23/2029		2,395		2,830
Coca-Cola Co. (The) 1.45%, 6/1/2027		382		388
Coca-Cola Femsa SAB de CV (Mexico) 2.75%, 1/22/2030		250		254
Constellation Brands, Inc.
3.15%, 8/1/2029		400		418
2.88%, 5/1/2030		119		123
Diageo Investment Corp. (United Kingdom) 2.88%, 5/11/2022		1,000		1,044
Keurig Dr Pepper, Inc.
4.42%, 5/25/2025		745		849
4.60%, 5/25/2028		400		474
PepsiCo, Inc.
2.38%, 10/6/2026		200		216
2.63%, 7/29/2029		1,400		1,532
				12,905
Biotechnology — 0.6%
AbbVie, Inc.
2.90%, 11/6/2022		500		524
3.85%, 6/15/2024(b)		1,250		1,366
2.95%, 11/21/2026(b)		578		620
4.25%, 11/14/2028		1,000		1,162
3.20%, 11/21/2029(b)		475		509

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Amgen, Inc. 2.20%, 2/21/2027		356		371
Baxalta, Inc. 3.60%, 6/23/2022		35		37
Biogen, Inc. 2.25%, 5/1/2030		394		399
Gilead Sciences, Inc.
2.55%, 9/1/2020		300		302
3.70%, 4/1/2024		1,456		1,613
3.50%, 2/1/2025		35		39
				6,942
Building Products — 0.0%(a)
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027(b)		222		228
Capital Markets — 2.7%
Ameriprise Financial, Inc. 4.00%, 10/15/2023		550		609
Bank of New York Mellon Corp. (The)
4.15%, 2/1/2021		440		451
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023(c)		1,000		1,036
3.40%, 1/29/2028		1,500		1,708
BlackRock, Inc. 3.20%, 3/15/2027		400		455
Blackstone Holdings Finance Co. LLC 4.75%, 2/15/2023(b)		470		512
Brookfield Finance, Inc. (Canada) 4.25%, 6/2/2026		850		913
Charles Schwab Corp. (The) 3.20%, 3/2/2027		250		274
Credit Suisse AG (Switzerland) 3.63%, 9/9/2024		2,320		2,536
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		600		608
3.95%, 2/27/2023		500		511
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/2021		1,195		1,203
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022(c)		500		511
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023(c)		196		201
4.00%, 3/3/2024		2,250		2,464
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025(c)		403		427
4.25%, 10/21/2025		1,592		1,768
3.50%, 11/16/2026		1,200		1,294
3.85%, 1/26/2027		1,000		1,102
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(c)		384		420
Invesco Finance plc 3.75%, 1/15/2026		436		468
Jefferies Group LLC 6.88%, 4/15/2021		400		417
Macquarie Bank Ltd. (Australia) 2.30%, 1/22/2025(b)		1,000		1,030
Macquarie Group Ltd. (Australia)
6.25%, 1/14/2021(b)		800		825
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030(b)(c)		200		228
Morgan Stanley
5.75%, 1/25/2021		687		710
2.75%, 5/19/2022		400		415
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024(c)		3,600		3,843
3.70%, 10/23/2024		1,000		1,097
5.00%, 11/24/2025		622		716
4.35%, 9/8/2026		880		992
State Street Corp. 3.10%, 5/15/2023		1,724		1,836
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		219		228
UBS AG (Switzerland) 2.45%, 12/1/2020(b)		200		202
UBS Group AG (Switzerland)
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023(b)(c)		700		722
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030(b)(c)		449		474
				33,206
Chemicals — 0.4%
Dow Chemical Co. (The) 3.50%, 10/1/2024		800		848
Ecolab, Inc. 3.25%, 1/14/2023		330		348
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028		93		100
Mosaic Co. (The) 3.25%, 11/15/2022		243		245
Nutrien Ltd. (Canada) 3.38%, 3/15/2025		168		178
Praxair, Inc. 2.20%, 8/15/2022		500		517
Rohm & Haas Co. 7.85%, 7/15/2029		315		439
Sherwin-Williams Co. (The)
3.30%, 2/1/2025		225		241
3.45%, 6/1/2027		670		736
Westlake Chemical Corp. 3.60%, 8/15/2026		1,150		1,158
				4,810
Commercial Services & Supplies — 0.1%
Republic Services, Inc. 3.55%, 6/1/2022		417		437
Waste Management, Inc. 3.45%, 6/15/2029		303		336
				773
Communications Equipment — 0.0%(a)
Cisco Systems, Inc.
2.45%, 6/15/2020		90		90
2.90%, 3/4/2021		181		184
2.95%, 2/28/2026		200		225
				499

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Construction Materials — 0.1%
CRH America, Inc. (Ireland) 3.88%, 5/18/2025(b)		250		270
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		260		274
3.50%, 12/15/2027		300		320
				864
Consumer Finance — 0.7%
AerCap Ireland Capital DAC (Ireland)
3.30%, 1/23/2023		1,200		1,099
3.65%, 7/21/2027		594		494
American Express Co.
3.38%, 5/17/2021		1,000		1,024
2.50%, 7/30/2024		1,000		1,056
American Honda Finance Corp. 2.40%, 6/27/2024		800		825
Avolon Holdings Funding Ltd. (Ireland) 3.95%, 7/1/2024(b)		260		215
Caterpillar Financial Services Corp.
2.75%, 8/20/2021		510		523
2.85%, 6/1/2022		900		937
John Deere Capital Corp.
3.15%, 10/15/2021		650		671
2.70%, 1/6/2023		298		314
3.45%, 3/13/2025		500		560
Toyota Motor Credit Corp. 2.63%, 1/10/2023		800		831
				8,549
Containers & Packaging — 0.2%
International Paper Co. 3.80%, 1/15/2026		950		1,052
Packaging Corp. of America 3.00%, 12/15/2029		300		315
WRKCo, Inc.
3.00%, 9/15/2024		350		358
4.90%, 3/15/2029		150		173
				1,898
Diversified Financial Services — 0.8%
AIG Global Funding
2.15%, 7/2/2020(b)		550		551
2.30%, 7/1/2022(b)		200		206
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		900		899
Hutchison Whampoa International 12 II Ltd. (United Kingdom) 3.25%, 11/8/2022(b)		490		508
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 3.96%, 9/19/2023(b)		820		880
National Rural Utilities Cooperative Finance Corp. 3.40%, 2/7/2028		1,250		1,394
ORIX Corp. (Japan) 2.90%, 7/18/2022		277		287
Shell International Finance BV (Netherlands)
3.40%, 8/12/2023		150		163
3.25%, 5/11/2025		2,500		2,770
2.88%, 5/10/2026		788		859
3.88%, 11/13/2028		500		580
Siemens Financieringsmaatschappij NV (Germany) 3.13%, 3/16/2024(b)		400		431
				9,528
Diversified Telecommunication Services — 1.1%
AT&T, Inc.
3.55%, 6/1/2024		600		646
3.95%, 1/15/2025		1,183		1,296
3.40%, 5/15/2025		2,900		3,128
4.10%, 2/15/2028		200		223
4.30%, 2/15/2030		1,500		1,704
Telefonica Emisiones SA (Spain) 5.46%, 2/16/2021		114		117
Verizon Communications, Inc.
5.15%, 9/15/2023		1,600		1,829
2.63%, 8/15/2026		1,000		1,078
4.33%, 9/21/2028		1,508		1,801
4.02%, 12/3/2029		533		628
4.40%, 11/1/2034		350		429
5.25%, 3/16/2037		320		431
				13,310
Electric Utilities — 1.9%
Arizona Public Service Co. 3.35%, 6/15/2024		372		403
Baltimore Gas & Electric Co. 2.80%, 8/15/2022		1,595		1,653
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028(b)		476		519
4.55%, 11/15/2030(b)		290		345
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021(b)		237		241
Connecticut Light & Power Co. (The) Series A, 3.20%, 3/15/2027		700		770
DTE Electric Co.
3.90%, 6/1/2021		200		205
2.65%, 6/15/2022		197		204
3.65%, 3/15/2024		500		542
Duke Energy Carolinas LLC
3.95%, 11/15/2028		1,500		1,774
6.45%, 10/15/2032		50		69
Duke Energy Corp. 3.55%, 9/15/2021		233		240
Duke Energy Indiana LLC 3.75%, 7/15/2020		160		161
Duke Energy Progress LLC 2.80%, 5/15/2022		461		479
Edison International 3.55%, 11/15/2024		600		625
Enel Finance International NV (Italy)
4.63%, 9/14/2025(b)		425		483
3.63%, 5/25/2027(b)		450		479

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Entergy Arkansas LLC
3.05%, 6/1/2023		765		803
3.50%, 4/1/2026		260		292
Entergy Mississippi LLC 2.85%, 6/1/2028		269		283
Evergy, Inc.
4.85%, 6/1/2021		813		836
2.90%, 9/15/2029		368		384
FirstEnergy Corp. Series B, 4.25%, 3/15/2023		700		756
Fortis, Inc. (Canada) 3.06%, 10/4/2026		341		366
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		100		105
Interstate Power & Light Co. 4.10%, 9/26/2028		1,000		1,133
ITC Holdings Corp. 2.95%, 5/14/2030(b)		251		264
Kentucky Utilities Co. 3.30%, 10/1/2025		200		215
Louisville Gas & Electric Co. Series 25, 3.30%, 10/1/2025		94		102
Niagara Mohawk Power Corp. 3.51%, 10/1/2024(b)		938		1,030
Ohio Power Co. Series M, 5.38%, 10/1/2021		1,200		1,276
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		300		391
Pennsylvania Electric Co. 3.25%, 3/15/2028(b)		256		274
PPL Capital Funding, Inc. 4.20%, 6/15/2022		752		797
PPL Electric Utilities Corp. 2.50%, 9/1/2022		224		230
Progress Energy, Inc. 4.40%, 1/15/2021		260		264
Public Service Co. of Colorado 3.20%, 11/15/2020		74		74
Public Service Co. of New Hampshire 3.50%, 11/1/2023		283		305
Public Service Co. of Oklahoma 4.40%, 2/1/2021		220		224
Southern California Edison Co. 3.88%, 6/1/2021		958		979
Southern Co. (The) 3.25%, 7/1/2026		500		551
Virginia Electric & Power Co. Series C, 2.75%, 3/15/2023		1,600		1,678
				22,804
Electrical Equipment — 0.0%(a)
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		350		362
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 3.88%, 1/12/2028		926		946
Energy Equipment & Services — 0.1%
Halliburton Co.
8.75%, 2/15/2021		750		786
3.80%, 11/15/2025		22		23
Schlumberger Holdings Corp. 3.75%, 5/1/2024(b)		460		483
Schlumberger Investment SA 3.30%, 9/14/2021(b)		233		237
				1,529
Entertainment — 0.2%
Walt Disney Co. (The)
3.70%, 10/15/2025		1,000		1,126
7.43%, 10/1/2026		600		790
				1,916
Equity Real Estate Investment Trusts (REITs) — 1.3%
Alexandria Real Estate Equities, Inc.
3.95%, 1/15/2027		285		314
3.38%, 8/15/2031		475		515
American Tower Corp.
3.50%, 1/31/2023		860		917
2.40%, 3/15/2025		400		418
American Tower Trust #1 3.07%, 3/15/2023(b)		500		512
AvalonBay Communities, Inc.
3.35%, 5/15/2027		225		242
2.45%, 1/15/2031		900		925
Boston Properties LP 3.80%, 2/1/2024		909		969
Brixmor Operating Partnership LP 3.85%, 2/1/2025		375		376
Crown Castle International Corp. 4.45%, 2/15/2026		1,200		1,360
Duke Realty LP 3.63%, 4/15/2023		672		698
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(b)		163		175
Healthcare Trust of America Holdings LP 3.10%, 2/15/2030		269		256
Healthpeak Properties, Inc. 3.88%, 8/15/2024		2,098		2,241
National Retail Properties, Inc. 3.60%, 12/15/2026		247		253
Realty Income Corp.
3.25%, 10/15/2022		600		627
3.88%, 7/15/2024		400		423
Regency Centers LP 2.95%, 9/15/2029		266		255
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025(b)		400		407
Simon Property Group LP
2.00%, 9/13/2024		1,200		1,161
2.45%, 9/13/2029		520		478
SITE Centers Corp. 3.63%, 2/1/2025		100		99
UDR, Inc.
2.95%, 9/1/2026		106		107
3.20%, 1/15/2030		583		610
Ventas Realty LP
3.75%, 5/1/2024		470		471
3.50%, 2/1/2025		90		90
4.13%, 1/15/2026		158		159

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Welltower, Inc. 4.50%, 1/15/2024		900		947
				16,005
Food & Staples Retailing — 0.4%
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030(b)		187		188
Costco Wholesale Corp. 2.75%, 5/18/2024		1,094		1,185
Kroger Co. (The)
4.50%, 1/15/2029		950		1,144
5.40%, 7/15/2040		92		119
Sysco Corp. 3.25%, 7/15/2027		200		203
Walmart, Inc.
3.30%, 4/22/2024		200		219
3.05%, 7/8/2026		700		785
3.70%, 6/26/2028		1,000		1,184
				5,027
Food Products — 0.5%
Archer-Daniels-Midland Co. 3.25%, 3/27/2030		561		634
Campbell Soup Co.
3.95%, 3/15/2025		300		333
2.38%, 4/24/2030		576		583
Cargill, Inc. 3.30%, 3/1/2022(b)		900		938
General Mills, Inc. 4.00%, 4/17/2025		1,200		1,356
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		89		103
Mondelez International, Inc. 2.75%, 4/13/2030		18		19
Smithfield Foods, Inc. 5.20%, 4/1/2029(b)		556		584
Tyson Foods, Inc.
2.25%, 8/23/2021		313		318
3.90%, 9/28/2023		500		545
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		200		222
				5,635
Gas Utilities — 0.1%
Atmos Energy Corp. 2.63%, 9/15/2029		350		373
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		843		854
ONE Gas, Inc. 2.00%, 5/15/2030		248		252
				1,479
Health Care Equipment & Supplies — 0.6%
Abbott Laboratories
3.88%, 9/15/2025		1,284		1,481
3.75%, 11/30/2026		650		761
Becton Dickinson and Co.
3.36%, 6/6/2024		100		108
3.70%, 6/6/2027		1,500		1,677
Boston Scientific Corp. 3.75%, 3/1/2026		500		566
Medtronic, Inc. 3.50%, 3/15/2025		1,868		2,116
Zimmer Biomet Holdings, Inc.
3.70%, 3/19/2023		174		184
3.55%, 4/1/2025		530		570
				7,463
Health Care Providers & Services — 1.1%
Anthem, Inc.
3.30%, 1/15/2023		700		743
3.65%, 12/1/2027		1,000		1,131
Cigna Corp. 3.50%, 6/15/2024(b)		400		432
CommonSpirit Health 3.35%, 10/1/2029		733		738
CVS Health Corp.
3.70%, 3/9/2023		1,000		1,071
4.10%, 3/25/2025		2,934		3,280
HCA, Inc. 4.13%, 6/15/2029		1,250		1,358
Laboratory Corp. of America Holdings 3.25%, 9/1/2024		1,000		1,073
Quest Diagnostics, Inc.
2.95%, 6/30/2030		93		98
2.80%, 6/30/2031		391		404
UnitedHealth Group, Inc.
4.70%, 2/15/2021		255		259
3.38%, 11/15/2021		187		193
2.75%, 2/15/2023		365		385
2.88%, 3/15/2023		645		687
3.75%, 7/15/2025		1,200		1,373
				13,225
Hotels, Restaurants & Leisure — 0.2%
McDonald’s Corp.
3.38%, 5/26/2025		1,250		1,378
3.80%, 4/1/2028		440		506
Starbucks Corp.
2.70%, 6/15/2022		326		339
2.25%, 3/12/2030		850		846
				3,069
Independent Power and Renewable Electricity Producers — 0.0%(a)
Exelon Generation Co. LLC
3.40%, 3/15/2022		90		93
4.25%, 6/15/2022		90		95
				188
Industrial Conglomerates — 0.2%
General Electric Co. 5.88%, 1/14/2038		70		78
Honeywell International, Inc. 4.25%, 3/1/2021		1,200		1,233
Roper Technologies, Inc.
3.00%, 12/15/2020		208		210
3.80%, 12/15/2026		1,000		1,120
				2,641
Insurance — 1.4%
AIA Group Ltd. (Hong Kong) 3.60%, 4/9/2029(b)		595		645
Allstate Corp. (The) 3.15%, 6/15/2023		651		696

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
American International Group, Inc.
3.75%, 7/10/2025		818		892
3.90%, 4/1/2026		400		439
Assurant, Inc. 4.20%, 9/27/2023		145		152
Athene Global Funding 2.75%, 6/25/2024(b)		550		547
Chubb INA Holdings, Inc. 2.70%, 3/13/2023		1,900		2,001
CNA Financial Corp.
3.95%, 5/15/2024		499		538
4.50%, 3/1/2026		364		394
Guardian Life Global Funding
2.50%, 5/8/2022(b)		500		516
3.40%, 4/25/2023(b)		230		243
Jackson National Life Global Funding 3.05%, 4/29/2026(b)		1,135		1,204
Liberty Mutual Group, Inc.
4.25%, 6/15/2023(b)		210		224
4.57%, 2/1/2029(b)		1,640		1,848
Lincoln National Corp. 4.20%, 3/15/2022		864		914
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		449		513
Marsh & McLennan Cos., Inc. 3.88%, 3/15/2024		700		768
Metropolitan Life Global Funding I
3.88%, 4/11/2022(b)		426		448
3.00%, 1/10/2023(b)		1,600		1,686
New York Life Global Funding 2.35%, 7/14/2026(b)		953		1,000
Principal Financial Group, Inc. 3.13%, 5/15/2023		471		493
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025(b)		650		837
				16,998
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc.
3.15%, 8/22/2027		900		1,023
3.88%, 8/22/2037		350		429
				1,452
IT Services — 0.2%
DXC Technology Co. 4.25%, 4/15/2024		151		159
Fidelity National Information Services, Inc. 3.75%, 5/21/2029		208		240
International Business Machines Corp. 3.50%, 5/15/2029		1,800		2,056
Western Union Co. (The) 3.60%, 3/15/2022		100		104
				2,559
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc. 3.20%, 8/15/2027		1,250		1,382
Machinery — 0.2%
Illinois Tool Works, Inc. 3.50%, 3/1/2024		1,400		1,533
Parker-Hannifin Corp. 3.30%, 11/21/2024		228		244
Stanley Black & Decker, Inc. 3.40%, 3/1/2026		900		985
Xylem, Inc. 3.25%, 11/1/2026		111		120
				2,882
Media — 1.1%
Charter Communications Operating LLC 4.91%, 7/23/2025		2,460		2,816
Comcast Corp.
3.00%, 2/1/2024		1,168		1,258
3.70%, 4/15/2024		1,500		1,659
3.38%, 2/15/2025		1,226		1,356
3.95%, 10/15/2025		209		239
3.15%, 3/1/2026		221		245
3.90%, 3/1/2038		1,136		1,324
Cox Communications, Inc. 3.50%, 8/15/2027(b)		615		664
Discovery Communications LLC 3.95%, 3/20/2028		900		972
Fox Corp. 4.71%, 1/25/2029		910		1,064
Grupo Televisa SAB (Mexico) 4.63%, 1/30/2026		285		305
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		500		730
ViacomCBS, Inc. 3.70%, 8/15/2024		1,019		1,077
				13,709
Metals & Mining — 0.2%
Anglo American Capital plc (South Africa) 4.50%, 3/15/2028(b)		1,000		1,058
Glencore Funding LLC (Switzerland) 4.88%, 3/12/2029(b)		500		544
Nucor Corp. 4.00%, 8/1/2023		305		331
Steel Dynamics, Inc. 3.45%, 4/15/2030		28		28
				1,961
Multiline Retail — 0.2%
Dollar General Corp. 3.50%, 4/3/2030		1,750		1,957
Target Corp. 2.25%, 4/15/2025		959		1,022
				2,979
Multi-Utilities — 0.3%
CMS Energy Corp. 2.95%, 2/15/2027		170		177
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		690		776
Consumers Energy Co. 2.85%, 5/15/2022		137		142
Dominion Energy, Inc. Series B, 2.75%, 9/15/2022		350		364

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
NiSource, Inc.
2.65%, 11/17/2022		184		190
3.85%, 2/15/2023		300		317
3.95%, 3/30/2048		100		112
Sempra Energy 4.05%, 12/1/2023		192		208
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		939		958
				3,244
Oil, Gas & Consumable Fuels — 3.3%
Apache Corp. 4.25%, 1/15/2030		500		440
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027(b)		922		999
BP Capital Markets America, Inc.
3.22%, 11/28/2023		750		802
3.22%, 4/14/2024		3,067		3,302
Cameron LNG LLC 2.90%, 7/15/2031(b)		146		151
Chevron Corp.
3.19%, 6/24/2023		285		306
2.95%, 5/16/2026		1,200		1,329
CNOOC Finance 2014 ULC (China) 4.25%, 4/30/2024		833		911
Ecopetrol SA (Colombia)
4.13%, 1/16/2025		467		473
5.38%, 6/26/2026		773		820
Enbridge, Inc. (Canada) 2.50%, 1/15/2025		400		412
Energy Transfer Operating LP
3.60%, 2/1/2023		267		273
4.90%, 2/1/2024		570		607
4.05%, 3/15/2025		182		191
2.90%, 5/15/2025		2,700		2,694
Eni SpA (Italy) Series X-R, 4.00%, 9/12/2023(b)		1,145		1,212
Enterprise Products Operating LLC
3.35%, 3/15/2023		225		238
3.90%, 2/15/2024		263		287
3.75%, 2/15/2025		850		935
3.70%, 2/15/2026		651		726
3.95%, 2/15/2027		596		664
Equinor ASA (Norway) 2.88%, 4/6/2025		1,179		1,270
Exxon Mobil Corp.
2.71%, 3/6/2025		1,200		1,298
2.61%, 10/15/2030		1,268		1,349
Kinder Morgan, Inc. 3.15%, 1/15/2023		1,500		1,565
Magellan Midstream Partners LP 4.25%, 2/1/2021		1,294		1,314
Marathon Petroleum Corp. 3.63%, 9/15/2024		964		1,002
MPLX LP
3.38%, 3/15/2023		200		206
4.13%, 3/1/2027		518		535
4.25%, 12/1/2027		118		124
Newfield Exploration Co. 5.38%, 1/1/2026		1,200		1,064
Noble Energy, Inc.
3.85%, 1/15/2028		350		318
3.25%, 10/15/2029		600		520
ONEOK Partners LP 3.38%, 10/1/2022		600		605
ONEOK, Inc. 3.40%, 9/1/2029		1,000		924
Phillips 66 3.90%, 3/15/2028		700		782
Plains All American Pipeline LP
3.65%, 6/1/2022		705		706
3.85%, 10/15/2023		800		805
Suncor Energy, Inc. (Canada)
3.60%, 12/1/2024		1,350		1,429
5.95%, 12/1/2034		300		351
Sunoco Logistics Partners Operations LP 5.95%, 12/1/2025		506		569
TC PipeLines LP 3.90%, 5/25/2027		141		144
Texas Eastern Transmission LP 2.80%, 10/15/2022(b)		1,153		1,167
Total Capital Canada Ltd. (France) 2.75%, 7/15/2023		821		870
Total Capital International SA (France)
2.70%, 1/25/2023		200		210
3.75%, 4/10/2024		600		664
TransCanada PipeLines Ltd. (Canada) 3.75%, 10/16/2023		2,345		2,522
Williams Cos., Inc. (The) 3.90%, 1/15/2025		262		280
				40,365
Pharmaceuticals — 1.1%
Bristol-Myers Squibb Co.
3.95%, 10/15/2020(b)		700		709
2.00%, 8/1/2022		1,210		1,234
3.25%, 8/15/2022(b)		600		634
2.90%, 7/26/2024(b)		1,000		1,080
3.40%, 7/26/2029(b)		561		642
Eli Lilly and Co. 3.38%, 3/15/2029		600		690
Merck & Co., Inc. 3.40%, 3/7/2029		750		863
Mylan, Inc. 3.13%, 1/15/2023(b)		600		611
Novartis Capital Corp. (Switzerland) 3.00%, 11/20/2025		1,153		1,279
Pfizer, Inc. 3.20%, 9/15/2023		3,200		3,504
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		700		773
Zoetis, Inc. 3.00%, 9/12/2027		900		985
				13,004

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Real Estate Management & Development — 0.0%(a)
Mitsui Fudosan Co. Ltd. (Japan) 3.65%, 7/20/2027(b)		219		240
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.88%, 3/20/2027(b)		325		341
				581
Road & Rail — 1.0%
Burlington Northern Santa Fe LLC
3.60%, 9/1/2020		125		125
4.10%, 6/1/2021		2,000		2,052
Canadian Pacific Railway Co. (Canada) 4.50%, 1/15/2022		1,146		1,204
CSX Corp.
3.25%, 6/1/2027		1,068		1,178
4.25%, 3/15/2029		500		592
ERAC USA Finance LLC
4.50%, 8/16/2021(b)		315		325
3.85%, 11/15/2024(b)		650		673
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		400		450
Norfolk Southern Corp.
2.90%, 2/15/2023		562		591
3.85%, 1/15/2024		750		819
2.90%, 6/15/2026		200		219
Penske Truck Leasing Co. LP 4.20%, 4/1/2027(b)		1,250		1,323
Ryder System, Inc. 4.63%, 6/1/2025		800		868
Union Pacific Corp.
3.75%, 3/15/2024		800		873
3.25%, 1/15/2025		850		925
2.40%, 2/5/2030		600		627
				12,844
Semiconductors & Semiconductor Equipment — 0.6%
Analog Devices, Inc.
2.95%, 1/12/2021		600		608
3.13%, 12/5/2023		122		130
Broadcom, Inc. 4.11%, 9/15/2028(b)		2,687		2,823
Intel Corp. 2.45%, 11/15/2029		1,400		1,500
QUALCOMM, Inc.
3.25%, 5/20/2027		913		1,016
2.15%, 5/20/2030		691		709
Texas Instruments, Inc. 2.75%, 3/12/2021		790		803
				7,589
Software — 0.6%
Microsoft Corp.
3.13%, 11/3/2025		1,800		2,034
2.40%, 8/8/2026		1,200		1,318
Oracle Corp.
2.50%, 5/15/2022		540		559
2.95%, 11/15/2024		1,600		1,742
2.65%, 7/15/2026		1,800		1,949
6.50%, 4/15/2038		50		75
				7,677
Specialty Retail — 0.6%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		250		267
AutoZone, Inc. 4.00%, 4/15/2030		823		926
Home Depot, Inc. (The)
3.75%, 2/15/2024		486		539
2.95%, 6/15/2029		1,500		1,666
Lowe’s Cos., Inc.
3.13%, 9/15/2024		1,004		1,087
3.65%, 4/5/2029		638		721
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		300		331
3.60%, 9/1/2027		463		507
TJX Cos., Inc. (The) 3.50%, 4/15/2025		669		747
				6,791
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.
2.75%, 1/13/2025		1,700		1,852
3.20%, 5/13/2025		1,154		1,297
2.90%, 9/12/2027		2,474		2,770
				5,919
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		1,000		1,052
Philip Morris International, Inc. 3.38%, 8/11/2025		850		938
				1,990
Trading Companies & Distributors — 0.2%
Air Lease Corp.
3.88%, 7/3/2023		400		377
3.63%, 4/1/2027		1,240		1,089
Aircastle Ltd. 4.40%, 9/25/2023		550		464
BOC Aviation Ltd. (Singapore)
2.38%, 9/15/2021(b)		500		501
3.50%, 10/10/2024(b)		400		410
				2,841
Water Utilities — 0.1%
American Water Capital Corp. 3.40%, 3/1/2025		664		732
Wireless Telecommunication Services — 0.4%
America Movil SAB de CV (Mexico) 3.13%, 7/16/2022		693		708
Rogers Communications, Inc. (Canada) 3.63%, 12/15/2025		608		681
T-Mobile USA, Inc. 3.88%, 4/15/2030(b)		1,400		1,518
Vodafone Group plc (United Kingdom) 3.75%, 1/16/2024		1,800		1,957
				4,864
TOTAL CORPORATE BONDS (Cost $397,084)				418,947

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
U.S. TREASURY OBLIGATIONS — 18.7%
U.S. Treasury Inflation Indexed Notes
0.13%, 4/15/2021(e)		24,751		26,807
0.13%, 4/15/2022(e)		61,779		65,763
0.38%, 7/15/2027		30,684		34,611
U.S. Treasury Inflation Linked Notes
0.13%, 1/15/2023		85,133		96,252
0.13%, 1/15/2030		6,225		6,628
TOTAL U.S. TREASURY OBLIGATIONS (Cost $227,360)				230,061
COMMERCIAL MORTGAGE-BACKED SECURITIES — 13.2%
20 Times Square Trust Series 2018-20TS, Class A, 3.10%, 5/15/2035(b)(f)		1,162		1,116
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036(b)		1,400		1,322
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ08, Class A2, 2.36%, 8/25/2022		271		277
Series KJ13, Class A2, 2.86%, 8/25/2022		1,096		1,134
Series KJ18, Class A2, 3.07%, 8/25/2022		1,171		1,218
Series KF12, Class A, 1.03%, 9/25/2022(f)		33		33
Series KJ09, Class A2, 2.84%, 9/25/2022		361		377
Series KSMC, Class A2, 2.62%, 1/25/2023		6,000		6,271
Series K027, Class A2, 2.64%, 1/25/2023		800		835
Series KJ11, Class A2, 2.93%, 1/25/2023		1,112		1,176
Series K029, Class A2, 3.32%, 2/25/2023		2,045		2,175
Series K034, Class A2, 3.53%, 7/25/2023(f)		5,000		5,409
Series K036, Class A2, 3.53%, 10/25/2023(f)		3,000		3,261
Series K038, Class A2, 3.39%, 3/25/2024		4,768		5,207
Series K727, Class AM, 3.04%, 7/25/2024		1,400		1,483
Series K039, Class A2, 3.30%, 7/25/2024		2,550		2,796
Series J22F, Class A2, 4.09%, 9/25/2024		356		394
Series K729, Class A2, 3.14%, 10/25/2024		1,219		1,332
Series K041, Class A2, 3.17%, 10/25/2024		7,000		7,688
Series K046, Class A2, 3.21%, 3/25/2025		2,503		2,768
Series KL3L, Class ALNZ, 3.32%, 4/25/2025(f)		2,000		2,239
Series KPLB, Class A, 2.77%, 5/25/2025		1,750		1,893
Series K048, Class A2, 3.28%, 6/25/2025(f)		3,480		3,870
Series K049, Class A2, 3.01%, 7/25/2025		2,469		2,718
Series KLU2, Class A7, 2.23%, 9/25/2025(f)		550		588
Series K056, Class A2, 2.53%, 5/25/2026		4,000		4,333
Series K058, Class A1, 2.34%, 7/25/2026		1,720		1,817
Series K737, Class AM, 2.10%, 10/25/2026		3,110		3,294
Series K060, Class A2, 3.30%, 10/25/2026		2,000		2,264
Series K066, Class A2, 3.12%, 6/25/2027		1,362		1,535
Series K067, Class A2, 3.19%, 7/25/2027		1,686		1,906
Series K069, Class A2, 3.19%, 9/25/2027(f)		3,500		3,962
Series K070, Class A2, 3.30%, 11/25/2027(f)		910		1,038
Series K072, Class A2, 3.44%, 12/25/2027		473		545
Series K073, Class A2, 3.35%, 1/25/2028		2,759		3,161
Series K081, Class A1, 3.88%, 2/25/2028		1,260		1,426
Series K077, Class A2, 3.85%, 5/25/2028(f)		1,690		2,007
Series K078, Class A2, 3.85%, 6/25/2028		1,541		1,821
Series K079, Class A2, 3.93%, 6/25/2028		3,600		4,281
Series K083, Class A2, 4.05%, 9/25/2028(f)		594		714
FNMA ACES
Series 2013-M7, Class A2, 2.28%, 12/27/2022		1,653		1,701
Series 2013-M9, Class A2, 2.39%, 1/25/2023(f)		4,738		4,898
Series 2013-M13, Class A2, 2.55%, 4/25/2023(f)		1,807		1,890
Series 2014-M1, Class A2, 3.23%, 7/25/2023(f)		2,566		2,705
Series 2014-M2, Class A2, 3.51%, 12/25/2023(f)		6,015		6,456
Series 2014-M3, Class A2, 3.48%, 1/25/2024(f)		2,324		2,517
Series 2014-M8, Class A2, 3.06%, 6/25/2024(f)		5,693		6,120
Series 2014-M9, Class A2, 3.10%, 7/25/2024(f)		4,639		4,980

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2014-M13, Class A2, 3.02%, 8/25/2024(f)		1,892		2,027
Series 2016-M6, Class A2, 2.49%, 5/25/2026		800		855
Series 2015-M10, Class A2, 3.09%, 4/25/2027(f)		1,400		1,527
Series 2017-M8, Class A2, 3.06%, 5/25/2027(f)		1,500		1,651
Series 2017-M12, Class A2, 3.08%, 6/25/2027(f)		4,145		4,591
Series 2017-M13, Class A2, 2.94%, 9/25/2027(f)		472		522
Series 2018-M2, Class A2, 2.90%, 1/25/2028(f)		3,400		3,761
Series 2018-M4, Class A2, 3.04%, 3/25/2028(f)		2,415		2,716
Series 2018-M9, Class APT2, 3.12%, 4/25/2028(f)		3,600		4,018
Series 2018-M14, Class A2, 3.58%, 8/25/2028(f)		400		464
Series 2017-M5, Class A2, 3.17%, 4/25/2029(f)		3,500		3,979
Series 2018-M3, Class A2, 3.09%, 2/25/2030(f)		1,384		1,565
Series 2018-M13, Class A1, 3.70%, 3/25/2030(f)		741		852
FREMF Mortgage Trust
Series 2015-K44, Class B, 3.68%, 1/25/2048(b)(f)		1,500		1,556
Series 2016-K722, Class B, 3.84%, 7/25/2049(b)(f)		735		745
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.55%, 12/12/2049‡(b)(f)		452		—	(g)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A3, 3.67%, 2/15/2047		930		938
Morgan Stanley Capital I Trust Series 2007-HQ11, Class X, IO, 0.17%, 2/12/2044‡(b)(f)		283		—	(g)
MRCD Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036(b)		300		298
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030(b)		866		882
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		1,486		1,535
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,040		1,071
VNDO Mortgage Trust Series 2013-PENN, Class A, 3.81%, 12/13/2029(b)		2,750		2,759
WFRBS Commercial Mortgage Trust Series 2012-C6, Class A4, 3.44%, 4/15/2045		1,743		1,769
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $152,787)				163,032
ASSET-BACKED SECURITIES — 11.9%
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023(b)		333		335
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025(b)		442		391
Series 2017-1, Class AA, 3.30%, 1/15/2030(b)		198		173
Ally Auto Receivables Trust
Series 2017-2, Class A3, 1.78%, 8/16/2021		30		30
Series 2017-3, Class A3, 1.74%, 9/15/2021		44		44
Series 2018-1, Class A3, 2.35%, 6/15/2022		383		386
Series 2018-2, Class A3, 2.92%, 11/15/2022		1,282		1,296
Series 2019-1, Class A3, 2.91%, 9/15/2023		522		534
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		35		29
Series 2013-2, Class A, 4.95%, 1/15/2023		487		382
Series 2016-2, Class A, 3.65%, 6/15/2028		108		80
Series 2016-3, Class AA, 3.00%, 10/15/2028		173		151
Series 2017-1, Class AA, 3.65%, 2/15/2029		240		223
American Credit Acceptance Receivables Trust
Series 2019-1, Class A, 3.06%, 7/12/2022(b)		59		59
Series 2019-4, Class B, 2.43%, 10/12/2023(b)		455		460
American Express Credit Account Master Trust
Series 2019-1, Class A, 2.87%, 10/15/2024		1,120		1,169
AmeriCredit Automobile Receivables Trust
Series 2017-3, Class A3, 1.90%, 3/18/2022		40		40
Series 2017-4, Class A3, 2.04%, 7/18/2022		62		62
Series 2018-1, Class A3, 3.07%, 12/19/2022		782		788
Series 2018-2, Class A3, 3.15%, 3/20/2023		1,089		1,104

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2018-3, Class A3, 3.38%, 7/18/2023		5,600		5,695
Series 2019-1, Class A3, 2.97%, 11/20/2023		485		493
Series 2019-2, Class A3, 2.28%, 1/18/2024		1,850		1,875
Series 2020-1, Class A3, 1.11%, 8/19/2024		820		817
Ascentium Equipment Receivables Trust Series 2017-1A, Class A3, 2.29%, 6/10/2021(b)		52		52
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026(b)		710		663
BA Credit Card Trust
Series 2018-A2, Class A2, 3.00%, 9/15/2023		6,750		6,901
Series 2019-A1, Class A1, 1.74%, 1/15/2025		1,600		1,643
BMW Vehicle Lease Trust Series 2018-1, Class A3, 3.26%, 7/20/2021		170		172
Business Jet Securities LLC Series 2018-1, Class A, 4.34%, 2/15/2033(b)		610		532
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		463		464
CarMax Auto Owner Trust
Series 2016-4, Class A3, 1.40%, 8/15/2021		23		23
Series 2017-1, Class A3, 1.98%, 11/15/2021		216		216
Series 2017-3, Class A3, 1.97%, 4/15/2022		169		170
Series 2017-4, Class A3, 2.11%, 10/17/2022		104		105
Series 2018-1, Class A3, 2.48%, 11/15/2022		377		382
Series 2018-2, Class A3, 2.98%, 1/17/2023		6,223		6,313
Series 2018-3, Class A3, 3.13%, 6/15/2023		1,948		1,989
Series 2018-4, Class A3, 3.36%, 9/15/2023		277		286
Series 2019-1, Class A3, 3.05%, 3/15/2024		800		824
Series 2020-1, Class A3, 1.89%, 12/16/2024		692		711
Carvana Auto Receivables Trust Series 2019-2A, Class C, 3.00%, 6/17/2024(b)		1,100		1,095
Citibank Credit Card Issuance Trust Series 2018-A1, Class A1, 2.49%, 1/20/2023		6,794		6,884
CNH Equipment Trust
Series 2017-A, Class A3, 2.07%, 5/16/2022		123		123
Series 2017-B, Class A3, 1.86%, 9/15/2022		135		135
Series 2017-C, Class A3, 2.08%, 2/15/2023		171		173
Continental Airlines Pass-Through Trust Series 2007-1, Class A, 5.98%, 4/19/2022		243		217
CoreVest American Finance Trust Series 2019-3, Class A, 2.71%, 10/15/2052(b)		298		296
CPS Auto Receivables Trust
Series 2019-D, Class A, 2.17%, 12/15/2022(b)		134		134
Series 2020-A, Class A, 2.09%, 5/15/2023(b)		402		403
Credit Acceptance Auto Loan Trust
Series 2017-3A, Class A, 2.65%, 6/15/2026(b)		107		107
Series 2018-1A, Class A, 3.01%, 2/16/2027(b)		371		373
Series 2018-2A, Class A, 3.47%, 5/17/2027(b)		1,295		1,306
Series 2019-3A, Class A, 2.38%, 11/15/2028(b)		265		263
Series 2020-1A, Class A, 2.01%, 2/15/2029(b)		1,575		1,563
Dell Equipment Finance Trust Series 2019-1, Class A3, 2.83%, 3/22/2024(b)		1,090		1,107
Drive Auto Receivables Trust
Series 2019-1, Class A3, 3.18%, 10/17/2022		152		152
Series 2019-4, Class A3, 2.16%, 5/15/2023		255		256
Series 2020-1, Class A3, 2.02%, 11/15/2023		385		388
Series 2018-2, Class C, 3.63%, 8/15/2024		565		568
DT Auto Owner Trust
Series 2018-3A, Class A, 3.02%, 2/15/2022(b)		53		53
Series 2019-1A, Class A, 3.08%, 9/15/2022(b)		140		141
Series 2019-2A, Class C, 3.18%, 2/18/2025(b)		650		651
Exeter Automobile Receivables Trust
Series 2019-3A, Class A, 2.59%, 9/15/2022(b)		355		356
Series 2019-4A, Class A, 2.18%, 1/17/2023(b)		291		292
Series 2020-1A, Class A, 2.05%, 6/15/2023(b)		490		492
Fifth Third Auto Trust Series 2019-1, Class A4, 2.69%, 11/16/2026		355		366
First Investors Auto Owner Trust
Series 2017-2A, Class A2, 2.27%, 7/15/2022(b)		30		30

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2018-1A, Class A2, 3.22%, 1/17/2023(b)		331		332
Series 2019-1A, Class A, 2.89%, 3/15/2024(b)		388		391
Flagship Credit Auto Trust
Series 2018-2, Class A, 2.97%, 10/17/2022(b)		369		371
Series 2018-3, Class A, 3.07%, 2/15/2023(b)		244		245
Series 2017-2, Class B, 2.57%, 4/15/2023(b)		79		79
Series 2019-2, Class A, 2.83%, 10/16/2023(b)		2,457		2,494
Series 2019-2, Class B, 2.92%, 4/15/2025(b)		650		654
Series 2019-4, Class C, 2.77%, 12/15/2025(b)		310		304
Ford Credit Auto Lease Trust
Series 2018-B, Class A4, 3.30%, 2/15/2022		819		833
Series 2019-A, Class A3, 2.90%, 5/15/2022		4,205		4,262
Series 2020-A, Class A3, 1.85%, 3/15/2023		600		607
Ford Credit Auto Owner Trust
Series 2017-A, Class A3, 1.67%, 6/15/2021		6		6
Series 2018-B, Class A4, 3.38%, 3/15/2024		340		350
FREED ABS Trust Series 2020-FP1, Class A, 2.52%, 3/18/2027(b)		595		587
GLS Auto Receivables Issuer Trust Series 2019-2A, Class A, 3.06%, 4/17/2023(b)		217		219
GM Financial Automobile Leasing Trust
Series 2018-3, Class A3, 3.18%, 6/21/2021		654		658
Series 2018-1, Class A4, 2.68%, 12/20/2021		757		758
Series 2019-1, Class A3, 2.98%, 12/20/2021		800		808
Series 2019-3, Class A3, 2.03%, 6/20/2022		810		817
GM Financial Consumer Automobile Series 2017-1A, Class A3, 1.78%, 10/18/2021(b)		42		42
GM Financial Consumer Automobile Receivables Trust
Series 2018-1, Class A3, 2.32%, 7/18/2022		134		135
Series 2018-2, Class A3, 2.81%, 12/16/2022		987		1,003
Series 2018-3, Class A3, 3.02%, 5/16/2023		6,325		6,454
Harley-Davidson Motorcycle Trust Series 2019-A, Class A3, 2.34%, 2/15/2024		865		871
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048(b)		293		303
Honda Auto Receivables Owner Trust
Series 2017-3, Class A3, 1.79%, 9/20/2021		75		75
Series 2018-2, Class A3, 3.01%, 5/18/2022		901		914
Series 2018-3, Class A3, 2.95%, 8/22/2022		4,318		4,379
Series 2019-4, Class A3, 1.83%, 1/18/2024		525		537
Hyundai Auto Lease Securitization Trust
Series 2018-B, Class A4, 3.20%, 6/15/2022(b)		1,275		1,293
Series 2019-A, Class A3, 2.98%, 7/15/2022(b)		6,685		6,766
Hyundai Auto Receivables Trust
Series 2017-A, Class A3, 1.76%, 8/16/2021		57		57
Series 2017-B, Class A3, 1.77%, 1/18/2022		202		203
Series 2018-A, Class A3, 2.79%, 7/15/2022		717		725
Series 2018-B, Class A3, 3.20%, 12/15/2022		655		669
John Deere Owner Trust
Series 2017-B, Class A3, 1.82%, 10/15/2021		35		35
Series 2018-B, Class A3, 3.08%, 11/15/2022		1,228		1,246
Kabbage Funding LLC Series 2019-1, Class A, 3.83%, 3/15/2024‡(b)		300		297
Mercedes-Benz Auto Lease Trust
Series 2018-A, Class A3, 2.41%, 2/16/2021		3		3
Series 2018-B, Class A3, 3.21%, 9/15/2021		524		528
Series 2019-A, Class A3, 3.10%, 11/15/2021		255		258
Series 2019-B, Class A3, 2.00%, 10/17/2022		75		76
Series 2020-A, Class A3, 1.84%, 12/15/2022		722		729
Nissan Auto Lease Trust
Series 2020-A, Class A2A, 1.80%, 5/16/2022		5,600		5,638
Series 2019-B, Class A3, 2.27%, 7/15/2022		495		502
Series 2019-A, Class A4, 2.78%, 7/15/2024		305		312
Nissan Auto Receivables Owner Trust
Series 2017-C, Class A3, 2.12%, 4/18/2022		159		160
Series 2018-C, Class A3, 3.22%, 6/15/2023		980		1,010

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024(b)		1,606		1,629
Santander Drive Auto Receivables Trust
Series 2019-1, Class A3, 3.00%, 12/15/2022		191		191
Series 2019-2, Class A3, 2.59%, 5/15/2023		405		407
Santander Retail Auto Lease Trust
Series 2018-A, Class A3, 2.93%, 5/20/2021(b)		520		522
Series 2019-A, Class A3, 2.77%, 6/20/2022(b)		1,820		1,847
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025(b)		17		17
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		137		118
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		2,600		2,665
Tesla Auto Lease Trust
Series 2018-B, Class A, 3.71%, 8/20/2021(b)		664		674
Series 2019-A, Class A3, 2.16%, 10/20/2022(b)		370		376
Toyota Auto Receivables Owner Trust
Series 2020-A, Class A2, 1.67%, 11/15/2022		5,600		5,652
Series 2020-A, Class A3, 1.66%, 5/15/2024		350		357
United Airlines Pass-Through Trust
Series 2016-1, Class AA, 3.10%, 7/7/2028		1,215		1,110
Series 2016-2, Class AA, 2.88%, 10/7/2028		1,215		1,106
Series 2018-1, Class AA, 3.50%, 3/1/2030		765		693
US Auto Funding LLC Series 2019-1A, Class B, 3.99%, 12/15/2022(b)		700		700
Vericrest Opportunity Loan Trust
Series 2019-NPL4, Class A1A, 3.35%, 8/25/2049‡(b)(d)		378		362
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050‡(b)(d)		1,410		1,332
Series 2020-NPL5, Class A1A, 2.98%, 3/25/2050‡(b)(d)		999		943
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		1,040		1,065
VOLT LXXXV LLC Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050‡(b)(d)		811		765
VOLT LXXXVII LLC Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050(b)(d)		1,480		1,404
World Financial Network Credit Card Master Trust
Series 2018-A, Class A, 3.07%, 12/16/2024		2,677		2,700
Series 2018-B, Class A, 3.46%, 7/15/2025		1,564		1,584
World Omni Auto Receivables Trust
Series 2020-A, Class A3, 1.70%, 1/17/2023		1,955		1,967
Series 2017-B, Class A3, 1.95%, 2/15/2023		191		193
Series 2018-C, Class A3, 3.13%, 11/15/2023		6,860		7,024
Series 2019-B, Class A3, 2.59%, 7/15/2024		917		944
World Omni Automobile Lease Securitization Trust
Series 2018-A, Class A3, 2.83%, 7/15/2021		438		439
Series 2018-B, Class A3, 3.19%, 12/15/2021		894		906
Series 2019-A, Class A3, 2.94%, 5/16/2022		900		914
TOTAL ASSET-BACKED SECURITIES (Cost $146,309)				146,587
MORTGAGE-BACKED SECURITIES — 9.8%
FHLMC Gold Pools, 15 Year Pool # G13603, 5.50%, 2/1/2024		5		5
FHLMC Gold Pools, 20 Year
Pool # C91030, 5.50%, 5/1/2027		64		70
Pool # C91802, 3.50%, 1/1/2035		5,073		5,440
FHLMC Gold Pools, 30 Year
Pool # A15232, 5.00%, 10/1/2033		153		174
Pool # A57681, 6.00%, 12/1/2036		1		1
Pool # G06493, 4.50%, 5/1/2041		889		989
FHLMC Gold Pools, Other Pool # U90690, 3.50%, 6/1/2042		1,077		1,167
FHLMC UMBS, 30 Year Pool # ZM6956, 4.50%, 6/1/2048		2,340		2,596
FNMA Pool # AM2292, ARM, 0.68%, 1/1/2023(f)		812		810
FNMA UMBS, 15 Year Pool # 995381, 6.00%, 1/1/2024		2		2

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
FNMA UMBS, 20 Year
Pool # MA1138, 3.50%, 8/1/2032		797		855
Pool # AP9584, 3.00%, 10/1/2032		3,586		3,818
FNMA UMBS, 30 Year
Pool # AL0045, 6.00%, 12/1/2032		298		343
Pool # 735503, 6.00%, 4/1/2035		76		88
Pool # 888460, 6.50%, 10/1/2036		466		570
Pool # 888890, 6.50%, 10/1/2037		11		13
Pool # 949320, 7.00%, 10/1/2037		44		48
Pool # 995149, 6.50%, 10/1/2038		26		31
Pool # 994410, 7.00%, 11/1/2038		225		274
Pool # AD9151, 5.00%, 8/1/2040		547		629
Pool # AE0681, 4.50%, 12/1/2040		1,086		1,208
Pool # BM3500, 4.00%, 9/1/2047		2,166		2,409
Pool # BM3499, 4.00%, 12/1/2047		2,396		2,614
Pool # BE8354, 4.00%, 3/1/2048		1,684		1,796
FNMA, Other
Pool # AM3165, 3.05%, 10/1/2020		1,791		1,790
Pool # 465973, 3.59%, 10/1/2020		1,015		1,014
Pool # 466430, 3.37%, 11/1/2020		1,380		1,380
Pool # 468066, 4.30%, 6/1/2021		3,038		3,115
Pool # 468614, 3.86%, 7/1/2021		1,102		1,121
Pool # 468159, 4.26%, 7/1/2021		943		962
Pool # AM6602, 2.63%, 9/1/2021		1,310		1,329
Pool # 469873, 3.03%, 12/1/2021		1,169		1,193
Pool # AL2044, 3.82%, 5/1/2022(f)		1,535		1,579
Pool # 471513, 2.90%, 6/1/2022		1,009		1,038
Pool # 471881, 2.67%, 7/1/2022		2,000		2,054
Pool # 471828, 2.65%, 8/1/2022		2,000		2,055
Pool # AM1804, 2.19%, 12/1/2022		846		873
Pool # AM1619, 2.34%, 12/1/2022		2,342		2,424
Pool # AM2285, 2.41%, 1/1/2023		3,447		3,563
Pool # AL3594, 2.70%, 4/1/2023(f)		2,041		2,132
Pool # AM3301, 2.35%, 5/1/2023		2,176		2,263
Pool # AM3244, 2.52%, 5/1/2023		3,000		3,128
Pool # AM3432, 2.40%, 7/1/2023		2,975		3,092
Pool # AM4628, 3.69%, 11/1/2023		1,127		1,220
Pool # AM4716, 3.38%, 12/1/2023		1,441		1,554
Pool # AM7290, 2.97%, 12/1/2024		397		429
Pool # AM8674, 2.81%, 4/1/2025		2,200		2,375
Pool # AM8846, 2.68%, 5/1/2025		1,913		2,048
Pool # AN0029, 3.10%, 9/1/2025		2,438		2,675
Pool # AN1413, 2.49%, 5/1/2026		836		896
Pool # AN1497, 2.61%, 6/1/2026		860		930
Pool # AN1243, 2.64%, 6/1/2026		1,600		1,734
Pool # AN1247, 2.64%, 6/1/2026		1,576		1,708
Pool # AN3076, 2.46%, 10/1/2026		1,700		1,828
Pool # BL1211, 4.01%, 2/1/2027		593		678
Pool # AM8529, 3.03%, 4/1/2027		2,397		2,663
Pool # AN6732, 2.83%, 5/1/2027		1,200		1,318
Pool # AN7338, 3.06%, 11/1/2027		1,000		1,120
Pool # AN7943, 3.10%, 1/1/2028		2,500		2,812
Pool # AN1161, 3.05%, 4/1/2028		994		1,116
Pool # AN9486, 3.57%, 6/1/2028		3,716		4,322
Pool # AN2069, 2.35%, 8/1/2028		1,440		1,552
Pool # AN2466, 2.57%, 8/1/2028		2,370		2,590
Pool # AM4410, 4.25%, 10/1/2028		1,621		1,862
Pool # BL0907, 3.88%, 12/1/2028		700		828
Pool # AN6158, 2.99%, 7/1/2029		500		566
Pool # AN6099, 3.04%, 7/1/2029		500		567

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Pool # BM4162, 3.20%, 10/1/2029(f)		494			564
Pool # BL4333, 2.52%, 11/1/2029		1,200			1,314
Pool # 109707, 3.80%, 9/1/2033		820			945
Pool # MA1125, 4.00%, 7/1/2042		1,625			1,776
Pool # MA1437, 3.50%, 5/1/2043		1,822			1,973
Pool # MA1463, 3.50%, 6/1/2043		1,667			1,805
FNMA/FHLMC UMBS, Single Family, 30 Year
Series -, TBA, 2.00%, 7/25/2050(h)		2,820			2,869
TBA, 2.50%, 7/25/2050(h)		3,500			3,623
GNMA II, 30 Year
Pool # 4245, 6.00%, 9/20/2038		137			158
Pool # BA7567, 4.50%, 5/20/2048		2,976			3,233
Pool # BI0416, 4.50%, 11/20/2048		266			291
Pool # BM9692, 4.50%, 7/20/2049		1,167			1,285
TOTAL MORTGAGE-BACKED SECURITIES (Cost $115,212)					121,282
COLLATERALIZED MORTGAGE OBLIGATIONS — 8.6%
Bear Stearns ALT-A Trust Series 2004-6, Class 1A, 0.81%, 7/25/2034(f)		74			74
CHL Mortgage Pass-Through Trust Series 2004-8, Class 2A1, 4.50%, 6/25/2019		—	(g)		—	(g)
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3A4, 5.25%, 9/25/2033		11			11
Series 2004-HYB4, Class WA, 4.04%, 12/25/2034‡(f)		27			26
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27, Class 5A4, 5.25%, 11/25/2033		20			20
FHLMC, REMIC
Series 3874, Class DW, 3.50%, 6/15/2021		433			437
Series 3372, Class BD, 4.50%, 10/15/2022		—	(g)		—	(g)
Series 2626, Class JC, 5.00%, 6/15/2023		368			383
Series 2649, Class WB, 3.50%, 7/15/2023		227			233
Series 1578, Class K, 6.90%, 9/15/2023		8			8
Series 2685, Class DT, 5.00%, 10/15/2023		288			301
Series 2687, Class JH, 5.00%, 10/15/2023		70			73
Series 2701, Class AC, 5.00%, 11/15/2023		474			497
Series 3521, Class B, 4.00%, 4/15/2024		366			380
Series 3544, Class BC, 4.00%, 6/15/2024		34			35
Series 3546, Class NB, 4.00%, 6/15/2024		1,600			1,665
Series 3562, Class JC, 4.00%, 8/15/2024		736			768
Series 3563, Class BD, 4.00%, 8/15/2024		486			507
Series 3571, Class MY, 4.00%, 9/15/2024		175			182
Series 3575, Class EB, 4.00%, 9/15/2024		505			526
Series 3577, Class B, 4.00%, 9/15/2024		800			837
Series 3578, Class KB, 4.00%, 9/15/2024		123			129
Series 2989, Class TG, 5.00%, 6/15/2025		472			501
Series 2988, Class TY, 5.50%, 6/15/2025		20			21
Series 3816, Class HA, 3.50%, 11/15/2025		1,588			1,692
Series 3087, Class KX, 5.50%, 12/15/2025		54			58
Series 3787, Class AY, 3.50%, 1/15/2026		682			717
Series 3794, Class LB, 3.50%, 1/15/2026		604			635
Series 3102, Class CE, 5.50%, 1/15/2026		708			756
Series 3123, Class HT, 5.00%, 3/15/2026		76			81
Series 3121, Class JD, 5.50%, 3/15/2026		23			25
Series 3150, Class EQ, 5.00%, 5/15/2026		266			284
Series 3898, Class KH, 3.50%, 6/15/2026		821			869
Series 3885, Class AC, 4.00%, 6/15/2026		563			588
Series 3911, Class B, 3.50%, 8/15/2026		909			959
Series 3959, Class PB, 3.00%, 11/15/2026		2,500			2,704
Series 4337, Class VJ, 3.50%, 6/15/2027		1,784			1,904
Series 3337, Class MD, 5.50%, 6/15/2027		43			47
Series 2110, Class PG, 6.00%, 1/15/2029		105			119

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 3563, Class LB, 4.00%, 8/15/2029		24		26
Series 3653, Class B, 4.50%, 4/15/2030		153		168
Series 3824, Class EY, 3.50%, 3/15/2031		387		418
Series 2525, Class AM, 4.50%, 4/15/2032		629		705
Series 2441, Class GF, 6.50%, 4/15/2032		23		27
Series 2436, Class MC, 7.00%, 4/15/2032		14		16
Series 2760, Class KT, 4.50%, 9/15/2032		89		99
Series 2505, Class D, 5.50%, 9/15/2032		122		142
Series 2544, Class KE, 5.50%, 12/15/2032		68		78
Series 2557, Class HL, 5.30%, 1/15/2033		164		190
Series 2575, Class PE, 5.50%, 2/15/2033		47		54
Series 2586, Class WG, 4.00%, 3/15/2033		202		225
Series 2596, Class QD, 4.00%, 3/15/2033		175		193
Series 2621, Class QH, 5.00%, 5/15/2033		182		204
Series 2649, Class PJ, 3.50%, 6/15/2033		12		12
Series 2624, Class QH, 5.00%, 6/15/2033		249		287
Series 2648, Class BK, 5.00%, 7/15/2033		19		21
Series 4238, Class UY, 3.00%, 8/15/2033		3,650		3,994
Series 2673, Class PE, 5.50%, 9/15/2033		414		487
Series 2696, Class DG, 5.50%, 10/15/2033		354		410
Series 2725, Class TA, 4.50%, 12/15/2033		284		338
Series 2733, Class ME, 5.00%, 1/15/2034		351		405
Series 2768, Class PK, 5.00%, 3/15/2034		261		291
Series 3659, Class VG, 5.00%, 9/15/2034		515		532
Series 2934, Class KG, 5.00%, 2/15/2035		260		299
Series 3077, Class TO, PO, 4/15/2035		17		16
Series 2960, Class JH, 5.50%, 4/15/2035		745		864
Series 3082, Class PW, 5.50%, 12/15/2035		54		64
Series 3084, Class BH, 5.50%, 12/15/2035		1,170		1,375
Series 3098, Class KG, 5.50%, 1/15/2036		1,051		1,216
Series 3136, Class CO, PO, 4/15/2036		32		30
Series 3145, Class AJ, 5.50%, 4/15/2036		40		46
Series 3819, Class ZQ, 6.00%, 4/15/2036		754		896
Series 3200, PO, 8/15/2036		73		70
Series 3270, Class AT, 5.50%, 1/15/2037		36		42
Series 3272, Class PA, 6.00%, 2/15/2037		8		10
Series 3348, Class HT, 6.00%, 7/15/2037		59		69
Series 3747, Class PA, 4.00%, 4/15/2038		109		110
Series 4085, Class FB, 0.58%, 1/15/2039(f)		225		225
Series 3501, Class A, 4.50%, 1/15/2039		203		220
Series 3508, Class PK, 4.00%, 2/15/2039		5		5
Series 3513, Class A, 4.50%, 2/15/2039		19		22
Series 4219, Class JA, 3.50%, 8/15/2039		1,118		1,147
Series 3827, Class BM, 5.50%, 8/15/2039		208		212
Series 3653, Class HJ, 5.00%, 4/15/2040		889		1,022
Series 3677, Class KB, 4.50%, 5/15/2040		1,604		1,805
Series 3677, Class PB, 4.50%, 5/15/2040		969		1,073
Series 3904, Class EC, 2.00%, 8/15/2040		184		186
Series 3715, Class PC, 4.50%, 8/15/2040		224		252
Series 3955, Class HB, 3.00%, 12/15/2040		245		256
Series 3828, Class PU, 4.50%, 3/15/2041		97		103
Series 3852, Class TP, IF, 5.50%, 5/15/2041(f)		411		457
Series 3956, Class EB, 3.25%, 11/15/2041		1,841		2,000
Series 3963, Class JB, 4.50%, 11/15/2041		1,650		1,927
Series 4026, Class MQ, 4.00%, 4/15/2042		121		135
Series 4616, Class HP, 3.00%, 9/15/2046		2,206		2,382
Series 3688, Class GT, 7.37%, 11/15/2046(f)		38		46
FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042		1,044		1,168

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
FNMA, REMIC
Series 2010-103, Class GB, 4.00%, 9/25/2020		21			21
Series 2010-135, Class HE, 3.00%, 1/25/2021		3			3
Series 2011-75, Class BL, 3.50%, 8/25/2021		490			495
Series 2007-113, Class DB, 4.50%, 12/25/2022		—	(g)		—	(g)
Series 2003-5, Class EQ, 5.50%, 2/25/2023		29			30
Series 2003-48, Class TC, 5.00%, 6/25/2023		37			39
Series 2003-55, Class HY, 5.00%, 6/25/2023		33			34
Series 2008-70, Class BY, 4.00%, 8/25/2023		17			18
Series 2006-22, Class CE, 4.50%, 8/25/2023		109			113
Series 2008-65, Class CD, 4.50%, 8/25/2023		—	(g)		—	(g)
Series 2004-44, Class KT, 6.00%, 6/25/2024		128			133
Series 2004-53, Class NC, 5.50%, 7/25/2024		50			53
Series 2009-71, Class MB, 4.50%, 9/25/2024		31			33
Series 2004-70, Class EB, 5.00%, 10/25/2024		103			107
Series 2010-49, Class KB, 4.00%, 5/25/2025		613			636
Series 2010-41, Class DC, 4.50%, 5/25/2025		200			208
Series 1997-57, Class PN, 5.00%, 9/18/2027		131			142
Series 2009-39, Class LB, 4.50%, 6/25/2029		108			117
Series 2009-96, Class DB, 4.00%, 11/25/2029		150			162
Series 2010-28, Class DE, 5.00%, 4/25/2030		310			346
Series 2001-63, Class TC, 6.00%, 12/25/2031		61			71
Series 2001-81, Class HE, 6.50%, 1/25/2032		163			192
Series 2002-75, Class GB, 5.50%, 11/25/2032		82			87
Series 2011-39, Class ZA, 6.00%, 11/25/2032		657			764
Series 2002-85, Class PE, 5.50%, 12/25/2032		55			63
Series 2003-21, Class OU, 5.50%, 3/25/2033		37			43
Series 2003-26, Class EB, 3.50%, 4/25/2033		800			876
Series 2003-23, Class CH, 5.00%, 4/25/2033		46			53
Series 2003-63, Class YB, 5.00%, 7/25/2033		137			156
Series 2003-69, Class N, 5.00%, 7/25/2033		250			287
Series 2003-80, Class QG, 5.00%, 8/25/2033		378			418
Series 2003-85, Class QD, 5.50%, 9/25/2033		150			175
Series 2003-94, Class CE, 5.00%, 10/25/2033		36			39
Series 2005-5, Class CK, 5.00%, 1/25/2035		272			299
Series 2005-29, Class WC, 4.75%, 4/25/2035		481			528
Series 2005-48, Class TD, 5.50%, 6/25/2035		288			334
Series 2005-53, Class MJ, 5.50%, 6/25/2035		368			429
Series 2005-62, Class CP, 4.75%, 7/25/2035		24			24
Series 2005-58, Class EP, 5.50%, 7/25/2035		33			37
Series 2005-68, Class BE, 5.25%, 8/25/2035		250			294
Series 2005-68, Class PG, 5.50%, 8/25/2035		151			172
Series 2005-110, Class MB, 5.50%, 9/25/2035		2			2
Series 2005-102, Class PG, 5.00%, 11/25/2035		490			569
Series 2005-110, Class GL, 5.50%, 12/25/2035		576			644
Series 2006-49, Class PA, 6.00%, 6/25/2036		64			76
Series 2009-19, Class PW, 4.50%, 10/25/2036		368			415
Series 2006-114, Class HE, 5.50%, 12/25/2036		407			478
Series 2007-33, Class HE, 5.50%, 4/25/2037		34			39
Series 2007-71, Class KP, 5.50%, 7/25/2037		61			68
Series 2007-71, Class GB, 6.00%, 7/25/2037		245			292
Series 2007-65, Class KI, IF, IO, 6.45%, 7/25/2037(f)		9			1
Series 2009-86, Class OT, PO, 10/25/2037		46			43
Series 2013-83, Class CA, 3.50%, 10/25/2037		290			292
Series 2010-9, Class MD, 5.00%, 2/25/2038		92			96
Series 2011-22, Class MA, 6.50%, 4/25/2038		80			82
Series 2008-72, Class BX, 5.50%, 8/25/2038		23			27
Series 2008-74, Class B, 5.50%, 9/25/2038		11			13
Series 2009-62, Class HJ, 6.00%, 5/25/2039		273			295

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Series 2009-37, Class KI, IF, IO, 5.83%, 6/25/2039(f)		11		2
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		15		3
Series 2009-92, Class AD, 6.00%, 11/25/2039		791		879
Series 2009-112, Class ST, IF, IO, 6.08%, 1/25/2040(f)		111		24
Series 2010-22, Class PE, 5.00%, 3/25/2040		2,474		2,789
Series 2010-37, Class CY, 5.00%, 4/25/2040		1,415		1,618
Series 2010-35, Class SB, IF, IO, 6.25%, 4/25/2040(f)		43		7
Series 2010-54, Class EA, 4.50%, 6/25/2040		53		58
Series 2010-64, Class DM, 5.00%, 6/25/2040		8		9
Series 2010-71, Class HJ, 5.50%, 7/25/2040		187		218
Series 2010-123, Class BP, 4.50%, 11/25/2040		3,507		3,948
Series 2011-5, Class CP, 4.50%, 11/25/2040		204		218
Series 2011-41, Class KL, 4.00%, 5/25/2041		1,006		1,146
Series 2011-50, Class LP, 4.00%, 6/25/2041		500		566
Series 2012-137, Class CF, 0.47%, 8/25/2041(f)		562		558
Series 2012-103, Class DA, 3.50%, 10/25/2041		235		246
Series 2012-14, Class DE, 3.50%, 3/25/2042		1,000		1,101
Series 2012-139, Class JA, 3.50%, 12/25/2042		552		607
Series 2013-104, Class CY, 5.00%, 10/25/2043		2,250		2,857
Series 2019-65, Class PA, 2.50%, 5/25/2048		482		500
Series 2009-96, Class CB, 4.00%, 11/25/2049		28		30
FNMA, STRIPS
Series 293, Class 1, PO, 12/25/2024		16		15
Series 314, Class 1, PO, 7/25/2031		46		45
GNMA
Series 2002-44, Class JC, 6.00%, 7/20/2032		28		28
Series 2002-79, Class KL, 5.50%, 11/20/2032		280		294
Series 2003-10, Class KJ, 5.50%, 2/20/2033		77		85
Series 2003-29, Class PD, 5.50%, 4/16/2033		287		319
Series 2003-33, Class NE, 5.50%, 4/16/2033		160		175
Series 2003-65, Class AP, 5.50%, 8/20/2033		103		118
Series 2003-77, Class TK, 5.00%, 9/16/2033		394		433
Series 2004-16, Class GC, 5.50%, 2/20/2034		1,073		1,230
Series 2004-54, Class BG, 5.50%, 7/20/2034		24		27
Series 2004-93, Class PD, 5.00%, 11/16/2034		707		811
Series 2004-101, Class BE, 5.00%, 11/20/2034		567		642
Series 2005-11, Class PL, 5.00%, 2/20/2035		259		295
Series 2005-26, Class XY, 5.50%, 3/20/2035		989		1,140
Series 2005-33, Class AY, 5.50%, 4/16/2035		254		292
Series 2005-49, Class B, 5.50%, 6/20/2035		86		99
Series 2005-51, Class DC, 5.00%, 7/20/2035		212		235
Series 2005-56, Class BD, 5.00%, 7/20/2035		33		38
Series 2006-7, Class ND, 5.50%, 8/20/2035		33		38
Series 2007-37, Class LB, 5.50%, 6/16/2037		241		279
Series 2007-79, Class BL, 5.75%, 8/20/2037		179		206
Series 2008-7, Class PQ, 5.00%, 2/20/2038		450		521
Series 2008-9, Class PW, 5.25%, 2/20/2038		558		637
Series 2009-106, Class ST, IF, IO, 5.83%, 2/20/2038(f)		168		27
Series 2008-23, Class YA, 5.25%, 3/20/2038		129		148
Series 2008-35, Class NF, 5.00%, 4/20/2038		131		148
Series 2008-34, Class PG, 5.25%, 4/20/2038		154		177
Series 2008-33, Class PB, 5.50%, 4/20/2038		471		532
Series 2008-38, Class BG, 5.00%, 5/16/2038		739		837
Series 2008-43, Class NB, 5.50%, 5/20/2038		214		245
Series 2010-7, Class EA, 5.00%, 6/16/2038		70		72
Series 2008-56, Class PX, 5.50%, 6/20/2038		418		474
Series 2008-58, Class PE, 5.50%, 7/16/2038		1,118		1,291
Series 2008-62, Class SA, IF, IO, 5.98%, 7/20/2038(f)		3		1
Series 2008-76, Class US, IF, IO, 5.73%, 9/20/2038(f)		94		18

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Series 2011-97, Class WA, 6.13%, 11/20/2038(f)		1,070			1,259
Series 2008-95, Class DS, IF, IO, 7.13%, 12/20/2038(f)		89			19
Series 2009-14, Class AG, 4.50%, 3/20/2039		150			168
Series 2009-72, Class SM, IF, IO, 6.07%, 8/16/2039(f)		216			45
Series 2009-61, Class AP, 4.00%, 8/20/2039		19			21
Series 2010-130, Class BD, 4.00%, 12/20/2039		340			368
Series 2010-157, Class OP, PO, 12/20/2040		186			177
Series 2014-H11, Class VA, 1.52%, 6/20/2064(f)		1,531			1,528
Series 2015-H20, Class FA, 1.49%, 8/20/2065(f)		2,117			2,112
Series 2015-H26, Class FG, 1.54%, 10/20/2065(f)		1,507			1,505
GSR Mortgage Loan Trust Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		116			118
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 4.11%, 11/25/2033(f)		253			248
Series 2007-A1, Class 5A5, 3.97%, 7/25/2035(f)		52			50
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.35%, 4/21/2034(f)		65			64
MASTR Asset Securitization Trust Series 2003-11, Class 8A1, 5.50%, 12/25/2033		55			58
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1, 0.81%, 10/25/2028(f)		124			119
Series 2004-B, Class A1, 0.67%, 5/25/2029(f)		176			167
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.62%, 4/25/2034(f)		38			40
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		8			8
Prime Mortgage Trust Series 2004-2, Class A2, 4.75%, 11/25/2019		1			1
RALI Trust Series 2004-QS3, Class CB, 5.00%, 3/25/2019		—	(g)		—	(g)
Seasoned Credit Risk Transfer Trust
Series 2019-3, Class M55D, 4.00%, 10/25/2058‡		636			692
Series 2020-1, Class M55G, 3.00%, 8/25/2059		5,740			6,018
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028		732			775
Sequoia Mortgage Trust Series 2004-11, Class A1, 0.77%, 12/20/2034(f)		306			287
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 0.87%, 1/19/2034(f)		138			130
Thornburg Mortgage Securities Trust Series 2004-4, Class 3A, 3.48%, 12/25/2044(f)		183			176
Vendee Mortgage Trust Series 2003-2, Class Z, 5.00%, 5/15/2033		605			700
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR11, Class A6, 4.17%, 10/25/2033(f)		127			120
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $100,796)					105,916
U.S. GOVERNMENT AGENCY SECURITIES — 1.1%
FNMA 2.63%, 9/6/2024		11,959			13,091
Resolution Funding Corp. STRIPS 1.82%, 7/15/2020(i)		800			800
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $12,676)					13,891
FOREIGN GOVERNMENT SECURITIES — 0.4%
Republic of Colombia (Colombia)
3.00%, 1/30/2030		900			898
7.38%, 9/18/2037		300			413
Republic of Panama (Panama)
4.00%, 9/22/2024		347			375
3.16%, 1/23/2030		400			422
United Mexican States (Mexico)
3.63%, 3/15/2022		568			590
4.00%, 10/2/2023		694			734
3.60%, 1/30/2025		1,076			1,126
4.13%, 1/21/2026		332			355
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $4,682)					4,913

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)		Value ($000)
SHORT-TERM INVESTMENTS — 2.5%
INVESTMENT COMPANIES — 2.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.44%(j)(k) (Cost $30,562)		30,558		30,589
Total Investments — 100.2% (Cost $1,187,468)				1,235,218
Liabilities in Excess of Other Assets — (0.2)%				(2,581	)
Net Assets — 100.0%				1,232,637

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2020.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index 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.
LIBOR	London Interbank Offered Rate
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(a) Amount rounds to less than 0.1% of net assets.

(b) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2020.

(d) 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.

(e) All or a portion of this security is deposited with the broker as initial margin for centrally cleared swaps.

(f) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2020.

(g) Amount rounds to less than one thousand.

(h) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

(i) The rate shown is the effective yield as of May 31, 2020.

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

(k) The rate shown is the current yield as of May 31, 2020.

‡ Value determined using significant unobservable inputs.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Centrally Cleared Inflation-linked swap contracts outstanding as of May 31, 2020 (amounts in thousands):

Floating Rate Index(a)	Fixed Rate	Pay/ Receive Floating Rate		Maturity Date		Notional Amount		Upfront Payments  (Receipts) ($)		Value and Unrealized Appreciation (Depreciation) ($)
CPI-U at termination	(0.02)% at termination		Receive		3/30/2022		USD 25,114				140
CPI-U at termination	0.07% at termination		Receive		4/7/2022		USD 30,909				116
CPI-U at termination	0.54% at termination		Receive		3/31/2025		USD 28,560		—  (b)		505
CPI-U at termination	0.58% at termination		Receive		4/2/2025		USD 49,920				781
CPI-U at termination	0.58% at termination		Receive		4/2/2025		USD 51,563				799
CPI-U at termination	0.73% at termination		Receive		3/30/2025		USD 18,779		—  (b)		152
CPI-U at termination	0.78% at termination		Receive		3/24/2030		USD 49,200		—  (b)		2,754
CPI-U at termination	0.85% at termination		Receive		3/24/2030		USD 31,474				1,557
CPI-U at termination	0.91% at termination		Receive		3/19/2030		USD 24,101				1,030
CPI-U at termination	(1.00)% at termination		Receive		4/13/2021		USD 62,352				227
CPI-U at termination	1.08% at termination		Receive		3/26/2030		USD 6,253				154
CPI-U at termination	1.23% at termination		Receive		3/17/2030		USD 14,000				126
CPI-U at termination	1.24% at termination		Receive		3/17/2030		USD 54,814				451
									—  (b)		8,792
CPI-U at termination	1.02% at termination		Receive		3/4/2021		USD 9,742				(156)
CPI-U at termination	1.18% at termination		Receive		3/4/2022		USD 33,402				(580)
CPI-U at termination	1.19% at termination		Receive		2/28/2021		USD 23,000				(400)
CPI-U at termination	1.35% at termination		Receive		3/4/2025		USD 13,361				(310)
CPI-U at termination	1.37% at termination		Receive		3/4/2025		USD 6,680				(164)
CPI-U at termination	1.37% at termination		Receive		3/4/2025		USD 13,361				(323)
CPI-U at termination	1.38% at termination		Receive		3/6/2025		USD 32,505				(799)
CPI-U at termination	1.42% at termination		Receive		3/5/2025		USD 15,543				(415)
CPI-U at termination	1.69% at termination		Receive		2/19/2025		USD 10,986				(448)
CPI-U at termination	1.70% at termination		Receive		2/14/2025		USD 8,175				(337)
											(3,932)
									—  (b)		4,860

Abbreviations
CPI-U	Consumer Price Index for All Urban Consumers
USD	United States Dollar

(a)   Value of floating rate index at May 31, 2020 was 2.56%.

(b)   Amount rounds to less than one thousand.

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

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

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.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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.

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

Swaps are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Asset-Backed Securities	$	—	$	142,888		$	3,699		$	146,587
Collateralized Mortgage Obligations		—		105,198			718			105,916
Commercial Mortgage-Backed Securities		—		163,032			—	(a)		163,032
Corporate Bonds		—		418,947			—			418,947
Foreign Government Securities		—		4,913			—			4,913
Mortgage-Backed Securities		—		121,282			—			121,282
U.S. Government Agency Securities		—		13,891			—			13,891
U.S. Treasury Obligations		—		230,061			—			230,061
Short-Term Investments
Investment Companies		30,589		—			—			30,589
Total Investments in Securities	$	30,589	$	1,200,212		$	4,417		$	1,235,218
Appreciation in Other Financial Instruments
Swaps	$	—	$	8,792		$	—		$	8,792
Depreciation in Other Financial Instruments
Swaps	$	—	$	(3,932	)	$	—		$	(3,932	)

(a) Amount rounds to less than one thousand.

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

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)	$	36,595	$	316,071	$	322,128	$	27	$	24	$	30,589		30,558	$	65	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)		1,453		5,416		6,869		—		—		—		—		1		—
Total	$	38,048	$	321,487	$	328,997	$	27	$	24	$	30,589			$	66	$	—

(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 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) below describe the various derivatives used by the Fund.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(1). Swaps — The Fund engaged in various swap transactions, including inflation-linked swaps, to manage inflation 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.

Inflation-Linked Swaps

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