JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 49.2%
Aerospace & Defense — 0.4%
Airbus SE (France) 3.15%, 4/10/2027(a)		500		504
Boeing Co. (The) 3.55%, 3/1/2038		500		410
Howmet Aerospace, Inc. 6.88%, 5/1/2025		10		11
Lockheed Martin Corp. 1.85%, 6/15/2030		500		512
Northrop Grumman Corp. 3.85%, 4/15/2045		250		286
Raytheon Technologies Corp. 4.15%, 5/15/2045		300		355
Spirit AeroSystems, Inc. 7.50%, 4/15/2025(a)		24		24
				2,102
Air Freight & Logistics — 0.4%
FedEx Corp.
3.40%, 1/14/2022		500		521
3.40%, 2/15/2028		500		534
4.10%, 2/1/2045		500		487
United Parcel Service, Inc. 3.40%, 9/1/2049		300		327
				1,869
Airlines — 0.4%
Delta Air Lines, Inc.
2.60%, 12/4/2020		1,000		993
3.80%, 4/19/2023		500		444
Southwest Airlines Co. 2.63%, 2/10/2030		500		415
				1,852
Auto Components — 0.2%
Adient US LLC
9.00%, 4/15/2025(a)		12		13
7.00%, 5/15/2026(a)		80		82
Allison Transmission, Inc. 5.00%, 10/1/2024(a)		100		101
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		187		176
6.25%, 3/15/2026		15		14
Clarios Global LP 6.75%, 5/15/2025(a)		14		15
Cooper-Standard Automotive, Inc.
13.00%, 6/1/2024(a)		30		31
5.63%, 11/15/2026(a)		35		22
Dana, Inc. 5.50%, 12/15/2024		215		215
Delphi Technologies plc 5.00%, 10/1/2025(a)		100		103
Tenneco, Inc.
5.38%, 12/15/2024		30		20
5.00%, 7/15/2026		10		5
				797
Automobiles — 1.2%
BMW US Capital LLC (Germany) 3.10%, 4/12/2021(a)		1,000		1,013
Daimler Finance North America LLC (Germany)
2.85%, 1/6/2022(a)		500		504
3.10%, 8/15/2029(a)		500		481
Ford Motor Co.
8.50%, 4/21/2023		18		19
9.00%, 4/22/2025		18		18
9.63%, 4/22/2030		17		19
General Motors Co.
6.13%, 10/1/2025		15		16
6.80%, 10/1/2027		15		17
Hyundai Capital America
2.85%, 11/1/2022(a)		750		746
2.65%, 2/10/2025(a)		1,000		949
Nissan Motor Acceptance Corp.
1.90%, 9/14/2021(a)		750		712
2.65%, 7/13/2022(a)		750		699
Volkswagen Group of America Finance LLC (Germany) 2.50%, 9/24/2021(a)		800		804
				5,997
Banks — 6.9%
Australia & New Zealand Banking Group Ltd. (Australia) 2.13%, 8/19/2020		1,000		1,004
Banco Santander SA (Spain)
3.85%, 4/12/2023		400		422
4.38%, 4/12/2028		400		437
Bank of America Corp.
Series L, 3.95%, 4/21/2025		500		546
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026(b)		750		809
(ICE LIBOR USD 3 Month + 1.18%), 3.19%, 7/23/2030(b)		1,500		1,611
(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038(b)		500		589
(ICE LIBOR USD 3 Month + 1.99%), 4.44%, 1/20/2048(b)		250		307
Barclays plc (United Kingdom) 3.65%, 3/16/2025		750		795
BNP Paribas SA (France) 2.95%, 5/23/2022(a)		200		205
Capital One Bank USA NA (SOFR + 0.91%), 2.28%, 1/28/2026(b)		500		492
Citigroup, Inc.
(SOFR + 1.67%), 1.68%, 5/15/2024(b)		750		757
5.50%, 9/13/2025		1,000		1,170
(SOFR + 1.42%), 2.98%, 11/5/2030(b)		500		520
(SOFR + 2.11%), 2.57%, 6/3/2031(b)		500		499
6.63%, 6/15/2032		320		424
(ICE LIBOR USD 3 Month + 1.84%), 4.28%, 4/24/2048(b)		300		359
Credit Agricole SA (France) 3.38%, 1/10/2022(a)		1,700		1,753
Discover Bank 3.35%, 2/6/2023		1,000		1,028

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
HSBC Holdings plc (United Kingdom)
2.65%, 1/5/2022		1,000		1,025
(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025(b)		750		803
(SOFR + 1.93%), 2.10%, 6/4/2026(b)		1,000		998
(SOFR + 2.39%), 2.85%, 6/4/2031(b)		500		499
ING Groep NV (Netherlands) 4.05%, 4/9/2029		750		842
Lloyds Banking Group plc (United Kingdom) 4.38%, 3/22/2028		750		840
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.67%, 7/25/2022		750		774
2.19%, 2/25/2025		750		769
3.20%, 7/18/2029		750		807
Mizuho Financial Group, Inc. (Japan)
2.95%, 2/28/2022		750		776
2.84%, 9/13/2026		750		789
(ICE LIBOR USD 3 Month + 1.31%), 2.87%, 9/13/2030(b)		500		521
Royal Bank of Scotland Group plc (United Kingdom)
3.88%, 9/12/2023		1,000		1,059
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025(b)		500		534
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.78%, 7/12/2022		1,000		1,032
3.54%, 1/17/2028		500		547
2.72%, 9/27/2029		500		521
Truist Bank 3.00%, 2/2/2023		750		789
Truist Financial Corp. 2.70%, 1/27/2022		750		775
Wells Fargo & Co.
(SOFR + 1.60%), 1.65%, 6/2/2024(b)		1,000		1,004
3.00%, 2/19/2025		500		535
(SOFR + 2.10%), 2.39%, 6/2/2028(b)		750		757
(SOFR + 2.53%), 3.07%, 4/30/2041(b)		500		500
Wells Fargo Bank NA
3.55%, 8/14/2023		1,000		1,079
6.60%, 1/15/2038		300		422
Westpac Banking Corp. (Australia)
2.00%, 1/13/2023		1,000		1,034
2.65%, 1/16/2030		500		531
				34,289
Beverages — 1.4%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.15%, 1/23/2025		500		562
4.90%, 1/23/2031		1,000		1,220
Coca-Cola Co. (The)
1.45%, 6/1/2027		500		508
2.13%, 9/6/2029		750		789
Constellation Brands, Inc. 3.70%, 12/6/2026		500		552
Keurig Dr Pepper, Inc.
3.40%, 11/15/2025		500		549
2.55%, 9/15/2026		750		793
PepsiCo, Inc.
0.75%, 5/1/2023		1,000		1,008
3.00%, 10/15/2027		500		560
4.25%, 10/22/2044		446		554
				7,095
Biotechnology — 0.3%
AbbVie, Inc. 4.30%, 5/14/2036		500		578
Amgen, Inc. 4.40%, 5/1/2045		500		613
Gilead Sciences, Inc. 3.50%, 2/1/2025		500		558
				1,749
Building Products — 0.3%
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027(a)		500		515
Griffon Corp. 5.75%, 3/1/2028		40		40
JELD-WEN, Inc. 6.25%, 5/15/2025(a)		15		15
Johnson Controls International plc 4.50%, 2/15/2047		350		401
Owens Corning 4.40%, 1/30/2048		400		384
PGT Innovations, Inc. 6.75%, 8/1/2026(a)		20		20
Standard Industries, Inc. 5.00%, 2/15/2027(a)		70		72
				1,447
Capital Markets — 4.3%
Apollo Management Holdings LP 5.00%, 3/15/2048(a)		500		555
Bank of New York Mellon Corp. (The) (ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023(b)		750		777
BlackRock, Inc. 3.25%, 4/30/2029		500		570
Blackstone Holdings Finance Co. LLC 4.00%, 10/2/2047(a)		300		308
Brookfield Finance, Inc. (Canada) 3.90%, 1/25/2028		500		524
Cboe Global Markets, Inc. 3.65%, 1/12/2027		1,000		1,100
Charles Schwab Corp. (The) 3.25%, 5/22/2029		500		552
CME Group, Inc. 3.00%, 3/15/2025		500		549
Credit Suisse AG (Switzerland)
3.00%, 10/29/2021		700		722
2.10%, 11/12/2021		750		765
Credit Suisse Group AG (Switzerland) (ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029(a)(b)		500		539
Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032		300		443

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Deutsche Bank AG (Germany)
2.70%, 7/13/2020		1,000		1,000
3.15%, 1/22/2021		1,500		1,501
3.95%, 2/27/2023		1,000		1,021
E*TRADE Financial Corp. 2.95%, 8/24/2022		750		772
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023(b)		1,000		1,028
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029(b)		750		829
2.60%, 2/7/2030		500		508
5.15%, 5/22/2045		300		378
Intercontinental Exchange, Inc. 2.10%, 6/15/2030		500		505
Lehman Brothers Holdings, Inc.
0.00%, 8/21/2009(c)(d)		1,350		15
0.00%, 5/25/2049(d)		850		10
Morgan Stanley
3.70%, 10/23/2024		750		823
(SOFR + 1.99%), 2.19%, 4/28/2026(b)		500		514
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029(b)		750		834
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038(b)		500		573
Nasdaq, Inc. 3.25%, 4/28/2050		500		511
Neuberger Berman Group LLC 4.88%, 4/15/2045(a)		300		284
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032(b)		500		524
Owl Rock Capital Corp. 4.00%, 3/30/2025		1,000		919
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		500		521
UBS Group AG (Switzerland) (ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023(a)(b)		1,000		1,031
				21,505
Chemicals — 0.5%
Chemours Co. (The) 7.00%, 5/15/2025		55		53
Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023(a)		750		782
Dow Chemical Co. (The) 4.38%, 11/15/2042		250		275
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024(a)		200		198
NOVA Chemicals Corp. (Canada) 5.25%, 6/1/2027(a)		60		51
PPG Industries, Inc. 3.20%, 3/15/2023		750		795
Reichhold Industries, Inc. 11.03%, 5/1/2018‡(a)(d)		283		—
Valvoline, Inc. 4.38%, 8/15/2025(a)		28		28
Venator Finance SARL
9.50%, 7/1/2025(a)		25		25
5.75%, 7/15/2025(a)		105		67
				2,274
Commercial Services & Supplies — 0.1%
ACCO Brands Corp. 5.25%, 12/15/2024(a)		35		35
ADT Security Corp. (The) 4.88%, 7/15/2032(a)		18		17
Aramark Services, Inc. 5.00%, 2/1/2028(a)		30		30
Brink’s Co. (The) 4.63%, 10/15/2027(a)		15		14
Nielsen Finance LLC 4.50%, 10/1/2020		135		135
Republic Services, Inc. 2.30%, 3/1/2030		500		517
				748
Communications Equipment — 0.1%
CommScope Technologies LLC 6.00%, 6/15/2025(a)		465		452
CommScope, Inc.
6.00%, 3/1/2026(a)		55		58
8.25%, 3/1/2027(a)		20		21
				531
Construction & Engineering — 0.0%(e)
Zekelman Industries, Inc. 9.88%, 6/15/2023(a)		40		40
Consumer Finance — 3.5%
AerCap Ireland Capital DAC (Ireland) 3.30%, 1/23/2023		500		458
Ally Financial, Inc. 4.63%, 5/19/2022		25		26
American Express Co.
3.40%, 2/27/2023		750		799
3.13%, 5/20/2026		500		547
American Honda Finance Corp. 3.38%, 12/10/2021		500		516
Capital One Financial Corp.
3.20%, 1/30/2023		500		518
3.65%, 5/11/2027		750		783
3.80%, 1/31/2028		500		525
Caterpillar Financial Services Corp.
2.85%, 6/1/2022		500		520
1.45%, 5/15/2025		1,000		1,025
Discover Financial Services 4.10%, 2/9/2027		500		524
Ford Motor Credit Co. LLC
2.43%, 6/12/2020		1,000		997
3.22%, 1/9/2022		750		721
2.98%, 8/3/2022		750		716
4.38%, 8/6/2023		500		483
3.81%, 1/9/2024		500		469
4.54%, 8/1/2026		200		188
4.27%, 1/9/2027		250		227
General Motors Financial Co., Inc.
3.15%, 6/30/2022		1,000		997
4.00%, 1/15/2025		1,000		1,007
3.85%, 1/5/2028		750		726

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Harley-Davidson Financial Services, Inc. 2.40%, 6/15/2020(a)		1,000		1,000
Hyundai Capital Services, Inc. (South Korea) 3.00%, 3/6/2022(a)		500		504
John Deere Capital Corp.
3.35%, 6/12/2024		500		547
2.80%, 7/18/2029		500		551
Springleaf Finance Corp. 6.63%, 1/15/2028		39		37
Toyota Motor Credit Corp. 1.35%, 8/25/2023		2,000		2,018
				17,429
Containers & Packaging — 0.2%
Ardagh Packaging Finance plc 5.25%, 8/15/2027(a)		200		197
Bemis Co., Inc. 3.10%, 9/15/2026		500		506
Berry Global, Inc. 4.88%, 7/15/2026(a)		140		146
LABL Escrow Issuer LLC 6.75%, 7/15/2026(a)		20		21
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024(a)		85		84
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027(a)		26		27
				981
Distributors — 0.0%(e)
Performance Food Group, Inc. 6.88%, 5/1/2025(a)		5		5
Wolverine Escrow LLC
9.00%, 11/15/2026(a)		50		33
13.13%, 11/15/2027(a)		20		13
				51
Diversified Consumer Services — 0.0%(e)
Service Corp. International
7.50%, 4/1/2027		145		161
5.13%, 6/1/2029		65		70
				231
Diversified Financial Services — 0.3%
Shell International Finance BV (Netherlands) 2.38%, 11/7/2029		750		784
Siemens Financieringsmaatschappij NV (Germany)
3.13%, 3/16/2024(a)		500		538
4.20%, 3/16/2047(a)		300		391
				1,713
Diversified Telecommunication Services — 2.0%
AT&T, Inc.
3.20%, 3/1/2022		750		777
3.95%, 1/15/2025		500		548
3.60%, 7/15/2025		500		543
2.75%, 6/1/2031		500		503
6.00%, 8/15/2040		300		387
5.35%, 9/1/2040		850		1,059
5.35%, 12/15/2043(f)		330		400
CCO Holdings LLC
5.88%, 4/1/2024(a)		345		354
5.75%, 2/15/2026(a)		600		626
5.13%, 5/1/2027(a)		355		373
CenturyLink, Inc.
5.13%, 12/15/2026(a)		35		35
4.00%, 2/15/2027(a)		30		30
Cincinnati Bell, Inc. 7.00%, 7/15/2024(a)		10		10
Frontier Communications Corp.
11.00%, 9/15/2025(d)		250		88
8.50%, 4/1/2026(a)		125		120
8.00%, 4/1/2027(a)		60		62
Intelsat Jackson Holdings SA (Luxembourg) 5.50%, 8/1/2023		581		306
Level 3 Financing, Inc. 5.63%, 2/1/2023		750		751
Sprint Capital Corp. 8.75%, 3/15/2032		335		482
Verizon Communications, Inc.
3.38%, 2/15/2025		69		77
4.50%, 8/10/2033		500		620
4.40%, 11/1/2034		500		613
4.27%, 1/15/2036		577		696
5.01%, 4/15/2049		500		693
Windstream Services LLC 9.00%, 6/30/2025(a)(d)		401		20
				10,173
Electric Utilities — 3.0%
Alabama Power Co. 3.75%, 3/1/2045		300		333
Appalachian Power Co. 6.38%, 4/1/2036		300		377
Commonwealth Edison Co. 3.70%, 3/1/2045		300		339
DTE Electric Co. 3.70%, 3/15/2045		300		342
Duke Energy Carolinas LLC
6.00%, 1/15/2038		435		622
3.75%, 6/1/2045		300		347
Duke Energy Corp. 1.80%, 9/1/2021		750		759
Entergy Arkansas LLC 3.75%, 2/15/2021		535		543
Eversource Energy
Series M, 3.30%, 1/15/2028		500		545
3.45%, 1/15/2050		300		312
Exelon Corp. 3.50%, 6/1/2022(f)		2,001		2,081
Georgia Power Co. Series B, 3.70%, 1/30/2050		300		332
Gulf Power Co. Series A, 3.30%, 5/30/2027		500		542
MidAmerican Energy Co. 3.10%, 5/1/2027		500		546
Nevada Power Co. Series DD, 2.40%, 5/1/2030		500		526

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
New England Power Co. (United Kingdom) 3.80%, 12/5/2047(a)		500		555
NextEra Energy Capital Holdings, Inc.
2.40%, 9/1/2021		2,000		2,046
2.90%, 4/1/2022		2,000		2,080
2.25%, 6/1/2030		500		509
Potomac Electric Power Co. 4.15%, 3/15/2043		250		297
Public Service Electric & Gas Co. 3.00%, 5/15/2027		500		545
Vistra Operations Co. LLC 5.63%, 2/15/2027(a)		25		27
Xcel Energy, Inc. 3.35%, 12/1/2026		500		555
				15,160
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 4.00%, 4/1/2025		500		529
Energy Equipment & Services — 0.2%
Calfrac Holdings LP (Canada) 8.50%, 6/15/2026(a)		10		—	(g)
Halliburton Co.
3.50%, 8/1/2023		14		14
2.92%, 3/1/2030		1,000		917
Nabors Industries Ltd. 7.25%, 1/15/2026(a)		15		9
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)		10		9
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)		37		35
Transocean, Inc. 8.00%, 2/1/2027(a)		60		32
				1,016
Entertainment — 0.4%
Activision Blizzard, Inc. 2.60%, 6/15/2022		250		259
Cinemark USA, Inc. 8.75%, 5/1/2025(a)		12		13
Live Nation Entertainment, Inc. 6.50%, 5/15/2027(a)		19		20
Netflix, Inc. 4.88%, 6/15/2030(a)		65		70
Walt Disney Co. (The) 6.40%, 12/15/2035		1,275		1,877
WMG Acquisition Corp. 5.00%, 8/1/2023(a)		15		15
				2,254
Equity Real Estate Investment Trusts (REITs) — 0.6%
American Tower Corp.
3.45%, 9/15/2021		500		517
4.40%, 2/15/2026		500		574
AvalonBay Communities, Inc. 2.30%, 3/1/2030		250		254
Boston Properties LP
3.20%, 1/15/2025		250		262
2.75%, 10/1/2026		500		515
CoreCivic, Inc. 4.63%, 5/1/2023		225		218
GEO Group, Inc. (The)
5.13%, 4/1/2023		120		105
5.88%, 10/15/2024		30		25
Kimco Realty Corp. 4.25%, 4/1/2045		350		311
RHP Hotel Properties LP 5.00%, 4/15/2023		200		186
Uniti Group LP 8.25%, 10/15/2023		36		34
VICI Properties LP
3.75%, 2/15/2027(a)		20		19
4.63%, 12/1/2029(a)		105		105
4.13%, 8/15/2030(a)		10		10
				3,135
Food & Staples Retailing — 1.0%
Albertsons Cos., Inc.
3.50%, 2/15/2023(a)		15		15
4.63%, 1/15/2027(a)		25		25
5.88%, 2/15/2028(a)		52		56
4.88%, 2/15/2030(a)		20		21
Costco Wholesale Corp. 1.75%, 4/20/2032		750		754
CVS Pass-Through Trust 7.51%, 1/10/2032(a)		564		664
Kroger Co. (The) 2.20%, 5/1/2030		1,000		1,024
Rite Aid Corp.
6.13%, 4/1/2023(a)		26		24
7.50%, 7/1/2025(a)		14		14
Sysco Corp.
3.55%, 3/15/2025		500		526
5.65%, 4/1/2025		10		11
5.95%, 4/1/2030		5		6
Walgreens Boots Alliance, Inc. 3.80%, 11/18/2024		500		540
Walmart, Inc.
3.25%, 7/8/2029		1,000		1,159
4.05%, 6/29/2048		350		449
				5,288
Food Products — 0.9%
Conagra Brands, Inc. 4.30%, 5/1/2024		500		553
General Mills, Inc. 5.40%, 6/15/2040		500		656
Grupo Bimbo SAB de CV (Mexico) 4.88%, 6/30/2020(a)		122		122
Hershey Co. (The)
0.90%, 6/1/2025		500		503
3.38%, 8/15/2046		350		368
Kellogg Co.
3.40%, 11/15/2027		500		547
2.10%, 6/1/2030		500		500
Kraft Heinz Foods Co. 4.88%, 2/15/2025(a)		20		20
Lamb Weston Holdings, Inc.
4.63%, 11/1/2024(a)		20		20
4.88%, 5/15/2028(a)		12		13
Mondelez International, Inc. 3.63%, 5/7/2023		500		539
Post Holdings, Inc. 5.00%, 8/15/2026(a)		75		77
Tyson Foods, Inc. 3.95%, 8/15/2024		250		276
Unilever Capital Corp. (United Kingdom) 2.60%, 5/5/2024		500		535
				4,729

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Gas Utilities — 0.1%
KeySpan Gas East Corp. 2.74%, 8/15/2026(a)		500		530
Health Care Equipment & Supplies — 0.7%
Abbott Laboratories 3.88%, 9/15/2025		1,000		1,154
Becton Dickinson and Co. 2.40%, 6/5/2020		1,000		1,000
Stryker Corp. 1.15%, 6/15/2025		750		749
Teleflex, Inc. 4.25%, 6/1/2028(a)		40		41
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		750		792
				3,736
Health Care Providers & Services — 1.9%
Aetna, Inc. 3.50%, 11/15/2024		500		540
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(a)		31		29
Centene Corp. 5.38%, 6/1/2026(a)		200		212
Community Health Systems, Inc. 8.63%, 1/15/2024(a)		15		15
CVS Health Corp.
2.80%, 7/20/2020		1,000		1,000
4.30%, 3/25/2028		462		527
4.78%, 3/25/2038		500		609
5.05%, 3/25/2048		500		642
DaVita, Inc. 5.00%, 5/1/2025		215		221
Encompass Health Corp. 4.50%, 2/1/2028		35		36
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		25		11
HCA, Inc. 5.38%, 2/1/2025		1,120		1,229
Humana, Inc. 3.95%, 3/15/2027		500		561
Laboratory Corp. of America Holdings 3.20%, 2/1/2022		500		518
Quest Diagnostics, Inc.
3.50%, 3/30/2025		500		548
2.80%, 6/30/2031		500		517
Radiology Partners, Inc. 9.25%, 2/1/2028(a)		25		24
Tenet Healthcare Corp.
8.13%, 4/1/2022		39		41
6.75%, 6/15/2023		160		168
4.63%, 7/15/2024		190		192
7.50%, 4/1/2025(a)		14		15
5.13%, 5/1/2025		15		15
4.88%, 1/1/2026(a)		45		46
6.25%, 2/1/2027(a)		15		16
UnitedHealth Group, Inc.
2.88%, 8/15/2029		600		669
4.63%, 7/15/2035		250		326
4.75%, 7/15/2045		500		670
				9,397
Hotels, Restaurants & Leisure — 1.4%
Boyne USA, Inc. 7.25%, 5/1/2025(a)		25		26
Carnival Corp. 11.50%, 4/1/2023(a)		14		15
Cedar Fair LP 5.50%, 5/1/2025(a)		15		15
Hilton Domestic Operating Co., Inc.
5.38%, 5/1/2025(a)		6		6
5.75%, 5/1/2028(a)		9		9
Hyatt Hotels Corp.
5.38%, 4/23/2025		10		10
5.75%, 4/23/2030		10		11
International Game Technology plc 6.25%, 2/15/2022(a)		250		255
IRB Holding Corp. 7.00%, 6/15/2025(a)		15		16
Marriott International, Inc.
Series EE, 5.75%, 5/1/2025		10		11
4.63%, 6/15/2030		12		12
Marriott Ownership Resorts, Inc. 6.13%, 9/15/2025(a)		21		22
McDonald’s Corp.
3.50%, 3/1/2027		500		557
4.60%, 5/26/2045		300		369
4.88%, 12/9/2045		300		381
MGM Resorts International
6.00%, 3/15/2023		360		361
5.50%, 4/15/2027		288		280
Royal Caribbean Cruises Ltd.
2.65%, 11/28/2020		1,500		1,456
10.88%, 6/1/2023(a)		14		15
11.50%, 6/1/2025(a)		41		43
Sabre GLBL, Inc. 9.25%, 4/15/2025(a)		15		16
Six Flags Entertainment Corp.
4.88%, 7/31/2024(a)		35		33
5.50%, 4/15/2027(a)		25		23
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025(a)		16		17
Starbucks Corp.
2.20%, 11/22/2020		1,500		1,511
1.30%, 5/7/2022		1,250		1,266
3.75%, 12/1/2047		300		315
Station Casinos LLC 4.50%, 2/15/2028(a)		40		35
Vail Resorts, Inc. 6.25%, 5/15/2025(a)		12		13
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		100		97
Yum! Brands, Inc. 7.75%, 4/1/2025(a)		10		11
				7,207
Household Durables — 0.0%(e)
Newell Brands, Inc.
4.88%, 6/1/2025		5		5
4.70%, 4/1/2026(f)		10		10
5.87%, 4/1/2036(f)		30		32
				47

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Household Products — 0.3%
Central Garden & Pet Co. 5.13%, 2/1/2028		125		128
Clorox Co. (The) 1.80%, 5/15/2030		500		504
Energizer Holdings, Inc.
6.38%, 7/15/2026(a)		13		14
7.75%, 1/15/2027(a)		100		109
Kimberly-Clark Corp. 3.90%, 5/4/2047		350		437
Procter & Gamble Co. (The) 3.50%, 10/25/2047		350		423
Spectrum Brands, Inc. 5.75%, 7/15/2025		125		129
				1,744
Industrial Conglomerates — 0.3%
Honeywell International, Inc.
1.85%, 11/1/2021		500		510
2.50%, 11/1/2026		400		437
1.95%, 6/1/2030		500		512
				1,459
Insurance — 1.1%
Aflac, Inc. 3.63%, 6/15/2023		400		434
Allstate Corp. (The) 5.55%, 5/9/2035		400		562
American International Group, Inc. 4.50%, 7/16/2044		500		561
Aon plc 4.25%, 12/12/2042		275		307
Chubb INA Holdings, Inc. 3.15%, 3/15/2025		500		546
Hartford Financial Services Group, Inc. (The) 2.80%, 8/19/2029		500		510
Liberty Mutual Group, Inc. 3.95%, 10/15/2050(a)		400		408
Lincoln National Corp. 4.00%, 9/1/2023		250		271
MetLife, Inc. 4.05%, 3/1/2045		300		344
Prudential Financial, Inc. 4.35%, 2/25/2050		400		457
Willis North America, Inc. 3.60%, 5/15/2024		1,000		1,061
				5,461
Interactive Media & Services — 0.4%
Alphabet, Inc. 2.00%, 8/15/2026		900		976
Baidu, Inc. (China) 2.88%, 7/6/2022		1,000		1,024
				2,000
Internet & Direct Marketing Retail — 0.9%
Alibaba Group Holding Ltd. (China) 4.00%, 12/6/2037		500		569
Amazon.com, Inc.
1.90%, 8/21/2020		1,000		1,003
2.80%, 8/22/2024		500		545
4.80%, 12/5/2034		800		1,082
4.25%, 8/22/2057		400		548
eBay, Inc. 3.60%, 6/5/2027		500		545
Expedia Group, Inc.
6.25%, 5/1/2025(a)		15		16
7.00%, 5/1/2025(a)		9		10
				4,318
IT Services — 0.8%
Cogent Communications Group, Inc. 5.38%, 3/1/2022(a)		650		668
International Business Machines Corp.
1.70%, 5/15/2027		750		761
4.15%, 5/15/2039		400		476
Mastercard, Inc.
2.95%, 11/21/2026		500		553
3.65%, 6/1/2049		300		360
PayPal Holdings, Inc. 2.85%, 10/1/2029		1,000		1,078
				3,896
Leisure Products — 0.1%
Hasbro, Inc. 3.90%, 11/19/2029		500		500
Mattel, Inc.
6.75%, 12/31/2025(a)		46		48
5.88%, 12/15/2027(a)		100		102
Vista Outdoor, Inc. 5.88%, 10/1/2023		42		40
				690
Life Sciences Tools & Services — 0.2%
Agilent Technologies, Inc. 3.05%, 9/22/2026		750		807
Machinery — 0.1%
Snap-on, Inc. 3.25%, 3/1/2027		500		538
SPX FLOW, Inc. 5.88%, 8/15/2026(a)		4		4
				542
Media — 1.6%
Charter Communications Operating LLC (ICE LIBOR USD 3 Month + 1.65%), 2.34%, 2/1/2024(b)		85		84
Clear Channel Worldwide Holdings, Inc. 9.25%, 2/15/2024		130		118
Comcast Corp.
3.15%, 2/15/2028		500		548
1.95%, 1/15/2031		1,000		1,002
4.40%, 8/15/2035		400		496
4.50%, 1/15/2043		250		311
3.45%, 2/1/2050		300		332
Cox Communications, Inc. 3.85%, 2/1/2025(a)		500		543
CSC Holdings LLC 10.88%, 10/15/2025(a)		694		751
Discovery Communications LLC 4.13%, 5/15/2029		500		535
DISH DBS Corp.
5.88%, 11/15/2024		293		289
7.75%, 7/1/2026		270		280

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Entercom Media Corp. 6.50%, 5/1/2027(a)		45		40
Lamar Media Corp. 4.88%, 1/15/2029(a)		10		10
Meredith Corp. 6.88%, 2/1/2026		70		65
Sinclair Television Group, Inc. 5.13%, 2/15/2027(a)		65		60
Sirius XM Radio, Inc. 5.38%, 4/15/2025(a)		325		333
ViacomCBS, Inc.
4.25%, 9/1/2023		1,250		1,330
4.20%, 5/19/2032		500		516
Videotron Ltd. (Canada) 5.38%, 6/15/2024(a)		225		239
				7,882
Metals & Mining — 0.3%
Alcoa Nederland Holding BV 6.75%, 9/30/2024(a)		200		203
Arconic Corp.
6.00%, 5/15/2025(a)		24		24
6.13%, 2/15/2028(a)		15		15
Freeport-McMoRan, Inc. 4.13%, 3/1/2028		26		25
Gold Fields Orogen Holdings BVI Ltd. (South Africa) 4.88%, 10/7/2020(a)		1,005		1,000
Novelis Corp. 4.75%, 1/30/2030(a)		25		24
United States Steel Corp. 12.00%, 6/1/2025(a)		19		19
				1,310
Multiline Retail — 0.2%
Macy’s, Inc. 8.38%, 6/15/2025(a)		21		21
Neiman Marcus Group Ltd. LLC
14.00% (cash), 4/25/2024(a)(d)(h)		174		40
8.00%, 10/25/2024(a)(d)		33		1
8.75%, 10/25/2024(a)(d)		454		11
Nordstrom, Inc. 8.75%, 5/15/2025(a)		15		16
Target Corp.
2.35%, 2/15/2030		750		799
3.63%, 4/15/2046		300		360
				1,248
Multi-Utilities — 0.7%
Berkshire Hathaway Energy Co. 3.80%, 7/15/2048		500		578
Consolidated Edison Co. of New York, Inc.
4.45%, 3/15/2044		250		302
4.63%, 12/1/2054		350		440
Dominion Energy, Inc.
2.58%, 7/1/2020(f)		1,000		1,001
Series C, 4.90%, 8/1/2041		250		297
4.70%, 12/1/2044		250		300
DTE Energy Co. Series C, 3.50%, 6/1/2024		300		320
Sempra Energy 3.80%, 2/1/2038		500		536
				3,774
Oil, Gas & Consumable Fuels — 1.8%
Antero Midstream Partners LP 5.38%, 9/15/2024		40		33
Baytex Energy Corp. (Canada) 8.75%, 4/1/2027(a)		35		18
BP Capital Markets plc (United Kingdom) 3.81%, 2/10/2024		500		547
Buckeye Partners LP
4.13%, 3/1/2025(a)		20		20
4.50%, 3/1/2028(a)		20		19
Comstock Resources, Inc. 7.50%, 5/15/2025(a)		38		34
Crestwood Midstream Partners LP 5.63%, 5/1/2027(a)		60		52
Denbury Resources, Inc. 9.25%, 3/31/2022(a)		41		16
Energy Transfer Operating LP 5.15%, 3/15/2045		300		288
Enterprise Products Operating LLC 7.55%, 4/15/2038		385		533
EP Energy LLC 9.38%, 5/1/2024(a)(d)		1,010		1
EQT Corp. 7.00%, 2/1/2030(f)		10		11
Exxon Mobil Corp. 2.44%, 8/16/2029		500		531
Genesis Energy LP
6.25%, 5/15/2026		5		4
7.75%, 2/1/2028		23		22
Gulfport Energy Corp.
6.38%, 5/15/2025		8		4
6.38%, 1/15/2026		30		15
Holly Energy Partners LP 5.00%, 2/1/2028(a)		20		20
Kinder Morgan, Inc. 5.05%, 2/15/2046		300		345
Marathon Petroleum Corp. 3.63%, 9/15/2024		1,000		1,039
MEG Energy Corp. (Canada) 7.00%, 3/31/2024(a)		54		52
Oasis Petroleum, Inc. 6.88%, 1/15/2023		41		7
Occidental Petroleum Corp. 2.70%, 8/15/2022		15		14
PBF Holding Co. LLC
9.25%, 5/15/2025(a)		10		11
6.00%, 2/15/2028(a)		20		17
Phillips 66 4.65%, 11/15/2034		250		303
Phillips 66 Partners LP
3.61%, 2/15/2025		500		517
3.75%, 3/1/2028		500		512
Range Resources Corp. 9.25%, 2/1/2026(a)		40		37
Reliance Industries Ltd. (India) 4.13%, 1/28/2025(a)		500		533

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Southwestern Energy Co. 7.50%, 4/1/2026		41		38
Sunoco Logistics Partners Operations LP 4.00%, 10/1/2027		500		501
Total Capital International SA (France) 2.83%, 1/10/2030		500		536
TransCanada PipeLines Ltd. (Canada) 6.10%, 6/1/2040		345		449
Valero Energy Corp. 3.40%, 9/15/2026		750		798
Valero Energy Partners LP 4.50%, 3/15/2028		500		546
Williams Cos., Inc. (The)
7.88%, 9/1/2021		20		22
4.00%, 9/15/2025		500		539
				8,984
Paper & Forest Products — 0.1%
Georgia-Pacific LLC 3.16%, 11/15/2021(a)		500		513
Personal Products — 0.0%(e)
Coty, Inc. 6.50%, 4/15/2026(a)		20		17
Edgewell Personal Care Co. 5.50%, 6/1/2028(a)		20		21
High Ridge Brands Co. 8.88%, 3/15/2025(a)(d)		41		—	(g)
				38
Pharmaceuticals — 1.5%
Bausch Health Americas, Inc. 9.25%, 4/1/2026(a)		325		361
Bausch Health Cos., Inc.
5.88%, 5/15/2023(a)		13		13
7.00%, 3/15/2024(a)		284		294
6.13%, 4/15/2025(a)		172		175
5.50%, 11/1/2025(a)		300		310
9.00%, 12/15/2025(a)		46		50
7.00%, 1/15/2028(a)		65		68
5.00%, 1/30/2028(a)		20		19
5.25%, 1/30/2030(a)		20		20
Bristol-Myers Squibb Co.
2.88%, 8/15/2020(a)		500		503
3.40%, 7/26/2029(a)		600		685
5.00%, 8/15/2045(a)		300		414
Eli Lilly and Co. 2.25%, 5/15/2050		400		376
GlaxoSmithKline Capital, Inc. (United Kingdom) 2.80%, 3/18/2023		750		797
Mallinckrodt International Finance SA 5.50%, 4/15/2025(a)		30		6
Merck & Co., Inc. 2.75%, 2/10/2025		500		548
Mylan NV 3.15%, 6/15/2021		1,000		1,018
Novartis Capital Corp. (Switzerland) 2.75%, 8/14/2050		300		315
Pfizer, Inc. 1.70%, 5/28/2030		500		502
Zoetis, Inc.
3.45%, 11/13/2020		750		757
2.00%, 5/15/2030		500		503
				7,734
Professional Services — 0.1%
IHS Markit Ltd. 3.63%, 5/1/2024		500		522
Jaguar Holding Co. II
4.63%, 6/15/2025(a)		10		10
5.00%, 6/15/2028(a)		10		11
				543
Road & Rail — 0.9%
Avis Budget Car Rental LLC
5.25%, 3/15/2025(a)		155		123
10.50%, 5/15/2025(a)		45		50
Burlington Northern Santa Fe LLC 5.75%, 5/1/2040		500		694
Canadian National Railway Co. (Canada) 6.25%, 8/1/2034		300		444
CSX Corp. 3.40%, 8/1/2024		750		816
Hertz Corp. (The)
7.63%, 6/1/2022(a)		23		10
6.25%, 10/15/2022		290		52
5.50%, 10/15/2024(a)		56		10
Norfolk Southern Corp. 3.15%, 6/1/2027		500		543
Penske Truck Leasing Co. LP 3.38%, 2/1/2022(a)		500		509
Union Pacific Corp.
2.40%, 2/5/2030		750		784
3.38%, 2/1/2035		250		281
				4,316
Semiconductors & Semiconductor Equipment — 1.2%
Broadcom, Inc. 4.11%, 9/15/2028(a)		1,052		1,105
Entegris, Inc. 4.63%, 2/10/2026(a)		60		61
Intel Corp.
2.45%, 7/29/2020		1,000		1,003
2.45%, 11/15/2029		750		804
4.75%, 3/25/2050		300		413
Microchip Technology, Inc. 4.25%, 9/1/2025(a)		12		12
QUALCOMM, Inc.
2.60%, 1/30/2023		2,000		2,100
2.15%, 5/20/2030		500		513
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(a)		200		211
				6,222
Software — 1.4%
Adobe, Inc. 2.15%, 2/1/2027		1,000		1,069
CA, Inc. 4.50%, 8/15/2023		250		260
CDK Global, Inc. 5.25%, 5/15/2029(a)		42		43
Microsoft Corp.
3.13%, 11/3/2025		1,874		2,118
4.00%, 2/12/2055		350		457

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Oracle Corp.
2.40%, 9/15/2023		2,000			2,111
3.40%, 7/8/2024		500			549
3.80%, 11/15/2037		300			341
					6,948
Specialty Retail — 0.6%
Gap, Inc. (The) 8.38%, 5/15/2023(a)		40			43
Home Depot, Inc. (The)
2.63%, 6/1/2022		500			522
2.95%, 6/15/2029		500			556
3.90%, 6/15/2047		350			422
L Brands, Inc.
6.88%, 11/1/2035		10			8
6.75%, 7/1/2036		25			21
Lowe’s Cos., Inc. 3.65%, 4/5/2029		500			565
PetSmart, Inc.
7.13%, 3/15/2023(a)		255			247
8.88%, 6/1/2025(a)		41			41
Staples, Inc.
7.50%, 4/15/2026(a)		150			131
10.75%, 4/15/2027(a)		155			105
Tiffany & Co. 3.80%, 10/1/2024		363			384
					3,045
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.
1.13%, 5/11/2025		1,000			1,016
1.65%, 5/11/2030		500			506
Dell International LLC
5.85%, 7/15/2025(a)		5			6
6.10%, 7/15/2027(a)		10			11
6.20%, 7/15/2030(a)		10			11
Hewlett Packard Enterprise Co. 4.40%, 10/15/2022(f)		1,000			1,071
NCR Corp. 8.13%, 4/15/2025(a)		14			15
					2,636
Textiles, Apparel & Luxury Goods — 0.2%
NIKE, Inc. 3.88%, 11/1/2045		300			366
Under Armour, Inc. 3.25%, 6/15/2026		500			415
					781
Tobacco — 0.5%
Altria Group, Inc.
2.63%, 9/16/2026		750			782
3.88%, 9/16/2046		400			393
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		1,000			1,052
Philip Morris International, Inc. 2.38%, 8/17/2022		500			520
					2,747
Trading Companies & Distributors — 0.1%
H&E Equipment Services, Inc. 5.63%, 9/1/2025		15			15
Herc Holdings, Inc. 5.50%, 7/15/2027(a)		47			46
United Rentals North America, Inc. 6.50%, 12/15/2026		250			266
WESCO Distribution, Inc.
7.13%, 6/15/2025(a)(i)		32			32
7.25%, 6/15/2028(a)(i)		32			32
					391
Water Utilities — 0.1%
Aquarion Co. 4.00%, 8/15/2024(a)		500			552
Wireless Telecommunication Services — 0.4%
Sprint Corp. 7.63%, 2/15/2025		645			751
T-Mobile USA, Inc.
6.38%, 3/1/2025		120			124
3.50%, 4/15/2025(a)		25			27
6.50%, 1/15/2026		350			369
3.75%, 4/15/2027(a)		25			27
3.88%, 4/15/2030(a)		10			11
United States Cellular Corp. 6.70%, 12/15/2033		35			38
Vodafone Group plc (United Kingdom) 4.88%, 6/19/2049		500			623
					1,970
TOTAL CORPORATE BONDS (Cost $238,954)					248,452
MORTGAGE-BACKED SECURITIES — 25.9%
FHLMC Gold Pools, 20 Year Pool # G30450, 6.00%, 1/1/2029		6			7
FHLMC Gold Pools, 30 Year
Pool # C80364, 7.00%, 12/1/2025		2			2
Pool # C00464, 8.00%, 5/1/2026		1			1
Pool # C80409, 8.00%, 6/1/2026		—	(g)		—	(g)
Pool # D72330, 8.00%, 7/1/2026		1			1
Pool # D78618, 7.50%, 2/1/2027		7			8
Pool # G02125, 6.00%, 2/1/2036		3			3
Pool # A53165, 6.00%, 10/1/2036		49			55
Pool # A56599, 6.00%, 1/1/2037		9			11
Pool # G08205, 6.00%, 6/1/2037		1			1
Pool # G03362, 6.00%, 9/1/2037		72			83
Pool # G03819, 6.00%, 1/1/2038		10			12
Pool # G08276, 6.00%, 6/1/2038		15			17
Pool # A80908, 6.00%, 8/1/2038		194			224

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
FNMA UMBS, 30 Year
Pool # 505614, 6.50%, 7/1/2029		1		1
Pool # 508677, 6.50%, 8/1/2029		5		5
Pool # 520792, 6.50%, 11/1/2029		5		6
Pool # 787555, 6.50%, 2/1/2035		14		16
Pool # 787556, 7.00%, 2/1/2035		14		16
Pool # 787563, 6.50%, 3/1/2035		59		71
Pool # 787564, 7.00%, 3/1/2035		9		10
Pool # 924041, 6.00%, 5/1/2037		209		238
Pool # AY3845, 4.00%, 5/1/2045		2,488		2,823
Pool # AY8492, 4.00%, 6/1/2045		2,313		2,625
Pool # AZ0913, 4.00%, 6/1/2045		1,236		1,402
FNMA/FHLMC UMBS, Single Family, 15 Year
TBA, 2.50%, 6/25/2035(i)		5,500		5,756
TBA, 3.00%, 6/25/2035(i)		3,400		3,584
TBA, 3.50%, 6/25/2035(i)		3,400		3,588
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.50%, 6/25/2050(i)		6,000		6,224
TBA, 3.00%, 6/25/2050(i)		32,850		34,553
TBA, 3.50%, 6/25/2050(i)		26,300		27,747
TBA, 4.00%, 6/25/2050(i)		13,780		14,667
GNMA I, 30 Year Pool # 550851, 7.00%, 9/15/2031		113		132
GNMA I, Single Family, 30 Year
TBA, 4.00%, 6/15/2049(i)		7,260		7,733
TBA, 3.00%, 6/15/2050(i)		7,550		7,970
TBA, 3.50%, 6/15/2050(i)		10,600		11,214
TOTAL MORTGAGE-BACKED SECURITIES (Cost $130,463)				130,806
U.S. TREASURY OBLIGATIONS — 5.8%
U.S. Treasury Bonds
4.50%, 2/15/2036		4,400		6,736
3.00%, 8/15/2048		290		398
2.25%, 8/15/2049		11,970		14,358
2.00%, 2/15/2050		5,000		5,716
1.25%, 5/15/2050		1,900		1,821
TOTAL U.S. TREASURY OBLIGATIONS (Cost $26,256)				29,029
COLLATERALIZED MORTGAGE OBLIGATIONS — 5.2%
Alternative Loan Trust
Series 2006-J2, Class A1, 0.67%, 4/25/2036(c)		79		29
Series 2020-1, Class B1, 3.76%, 12/25/2059‡(a)(c)		143		133
Angel Oak Mortgage Trust I LLC
Series 2018-1, Class A2, 3.31%, 4/27/2048(a)(c)		144		145
Series 2018-2, Class A2, 3.78%, 7/27/2048(a)(c)		141		143
Series 2019-1, Class A2, 4.02%, 11/25/2048(a)(c)		209		213
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022(a)		375		371
Arroyo Mortgage Trust
Series 2018-1, Class A1, 3.76%, 4/25/2048(a)(c)		574		584
Series 2019-1, Class A2, 4.06%, 1/25/2049(a)(c)		396		403
Banc of America Funding Trust
Series 2005-B, Class 3M1, 0.85%, 4/20/2035‡(c)		406		399
Series 2014-R7, Class 1A1, 0.32%, 5/26/2036(a)(c)		56		53
Series 2014-R7, Class 2A1, 0.31%, 9/26/2036(a)(c)		36		33
Series 2015-R4, Class 5A1, 0.64%, 10/25/2036(a)(c)		254		245
Banc of America Mortgage Trust
Series 2005-A, Class 3A1, 4.00%, 2/25/2035(c)		6		5
Series 2007-3, Class 1A1, 6.00%, 9/25/2037		101		97
Bunker Hill Loan Depositary Trust Series 2019-1, Class A2, 3.82%, 10/26/2048(a)(f)		89		91
CHL Mortgage Pass-Through Trust Series 2007-5, Class A6, 0.52%, 5/25/2037(c)		16		9
Citigroup Mortgage Loan Trust
Series 2014-12, Class 1A4, 1.75%, 8/25/2036(a)(c)		93		91
Series 2014-10, Class 1A1, 0.62%, 11/25/2036(a)(c)		45		43
Series 2014-10, Class 4A1, 0.66%, 2/25/2037(a)(c)		59		55
Series 2014-12, Class 2A4, 3.34%, 2/25/2037(a)(c)		48		48
Series 2014-C, Class A, 3.25%, 2/25/2054(a)(c)		86		87
COLT Mortgage Loan Trust Series 2020-1, Class A1, 2.49%, 2/25/2050(a)(c)		1,173		1,179

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Connecticut Avenue Securities Trust
Series 2019-R02, Class 1M2, 2.47%, 8/25/2031‡(a)(c)		234		229
Series 2019-R03, Class 1M2, 2.32%, 9/25/2031(a)(c)		644		630
Series 2019-R04, Class 2M2, 2.27%, 6/25/2039‡(a)(c)		2,917		2,855
Series 2019-R05, Class 1M2, 2.17%, 7/25/2039‡(a)(c)		2,239		2,198
Series 2019-R07, Class 1M1, 0.94%, 10/25/2039‡(a)(c)		609		606
Series 2019-R07, Class 1M2, 2.27%, 10/25/2039‡(a)(c)		612		577
Series 2020-R02, Class 2M1, 0.92%, 1/25/2040(a)(c)		236		233
Series 2020-R01, Class 1M1, 0.97%, 1/25/2040‡(a)(c)		720		712
Series 2020-R01, Class 1M2, 2.22%, 1/25/2040‡(a)(c)		1,899		1,704
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-5, Class 4A1, 6.00%, 9/25/2034		104		106
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-29, Class 7A1, 6.50%, 12/25/2033		29		30
CSMC
Series 2011-12R, Class 3A1, 4.11%, 7/27/2036(a)(c)		5		5
Series 2014-11R, Class 9A1, 0.63%, 10/27/2036(a)(c)		5		5
Series 2014-11R, Class 8A1, 2.44%, 4/27/2037(a)(c)		5		5
Deephave Residential Mortgage Trust Series 2019-2A, Class B1, 4.72%, 4/25/2059‡(a)(c)		187		164
Deephaven Residential Mortgage Trust
Series 2018-3A, Class A2, 3.89%, 8/25/2058(a)(c)		91		91
Series 2018-4A, Class A2, 4.18%, 10/25/2058(a)(c)		220		220
Series 2019-4A, Class B1, 3.99%, 10/25/2059‡(a)(c)		436		382
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 1A1, 0.67%, 2/25/2035(c)		6		5
FHLMC STACR Series 2019-HQA3, Class M2, 2.02%, 9/25/2049(a)(c)		1,755		1,680
FHLMC STACR REMIC Trust Series 2020-DNA2, Class M1, 0.92%, 2/25/2050(a)(c)		207		201
FHLMC STACR Trust Series 2018-HQA2, Class M1, 0.92%, 10/25/2048(a)(c)		307		306
FHLMC Structured Agency Credit Risk Debt Notes Series 2016-HQA2, Class M2, 2.42%, 11/25/2028(c)		4		4
FHLMC, REMIC Series 2980, Class QB, 6.50%, 5/15/2035		31		38
FNMA Trust, Whole Loan Series 2003-W3, Class 2A5, 5.36%, 6/25/2042		16		18
FNMA, Connecticut Avenue Securities Series 2018-C03, Class 1M1, 0.85%, 10/25/2030(c)		7		7
GCAT Trust
Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(a)(c)		933		929
Series 2020-NQM1, Class A1, 2.25%, 1/25/2060(a)(f)		1,864		1,857
GSMSC Resecuritization Trust Series 2014-1R, Class 1A, 0.66%, 4/26/2037(a)(c)		26		26
GSR Mortgage Loan Trust Series 2006-3F, Class 2A7, 5.75%, 3/25/2036		103		108
HarborView Mortgage Loan Trust
Series 2004-9, Class 2A, 3.72%, 12/19/2034(c)		5		4
Series 2006-9, Class 2A1A, 0.38%, 11/19/2036(c)		54		46
Homeward Opportunities Fund I Trust Series 2018-1, Class A2, 3.90%, 6/25/2048(a)(c)		192		194
Impac CMB Trust Series 2005-1, Class 2A1, 0.68%, 4/25/2035(c)		185		173
JP Morgan Mortgage Trust Series 2005-S2, Class 4A3, 5.50%, 9/25/2020		106		93
MASTR Alternative Loan Trust Series 2005-5, Class 3A1, 5.75%, 8/25/2035		115		86
New Residential Mortgage Loan Trust Series 2018-NQM1, Class A2, 4.09%, 11/25/2048(a)(c)		189		194
Nomura Resecuritization Trust Series 2015-2R, Class 4A1, 0.77%, 12/26/2036(a)(c)		37		36
RALI Trust Series 2006-QS11, Class 1A1, 6.50%, 8/25/2036		555		489
RBSSP Resecuritization Trust Series 2012-6, Class 10A2, 0.64%, 8/26/2036(a)(c)		216		208
RESI Finance LP (Cayman Islands) Series 2003-D, Class B3, 1.52%, 12/10/2035‡(a)(c)		30		1
Residential Asset Securitization Trust
Series 2005-A15, Class 1A7, 6.00%, 2/25/2036		136		136
Series 2006-R1, Class A2, 0.57%, 1/25/2046(c)		637		177
Residential Mortgage Loan Trust Series 2019-1, Class A2, 4.09%, 10/25/2058(a)(c)		330		331

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
RFMSI Trust
Series 2006-S9, Class A1, 6.25%, 9/25/2036		122		115
Series 2007-SA4, Class 3A1, 5.03%, 10/25/2037(c)		551		444
SG Residential Mortgage Trust Series 2018-1, Class A2, 3.58%, 4/27/2048(a)(c)		21		21
STACR Trust
Series 2018-DNA2, Class M1, 0.97%, 12/25/2030‡(a)(c)		210		209
Series 2018-HRP1, Class M2, 1.82%, 4/25/2043‡(a)(c)		944		903
Starwood Mortgage Residential Trust
Series 2018-IMC1, Class A2, 3.89%, 3/25/2048(a)(c)		218		219
Series 2018-IMC2, Class A2, 4.22%, 10/25/2048(a)(c)		172		176
Series 2019-1, Class A1, 2.94%, 6/25/2049(a)(c)		490		494
Series 2019-INV1, Class A3, 2.92%, 9/27/2049(a)(c)		117		115
Thornburg Mortgage Securities Trust Series 2007-4, Class 3A1, 3.99%, 9/25/2037(c)		1		1
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021(a)(f)		230		218
Verus Securitization Trust
Series 2018-INV1, Class B1, 4.55%, 3/25/2058‡(a)(c)		158		141
Series 2018-2, Class A2, 3.78%, 6/1/2058(a)(c)		126		127
Series 2018-3, Class A2, 4.18%, 10/25/2058(a)(c)		192		195
Series 2018-INV2, Class A2, 4.40%, 10/25/2058(a)(c)		247		247
Series 2019-INV2, Class B1, 4.45%, 7/25/2059‡(a)(c)		150		121
Series 2020-1, Class B1, 3.62%, 1/25/2060‡(a)(c)		102		78
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-7, Class 1A2, 0.62%, 9/25/2035(c)		12		9
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $27,092)				26,388
ASSET-BACKED SECURITIES — 2.3%
ABFC Trust Series 2006-OPT2, Class A2, 0.31%, 10/25/2036‡(c)		220		200
ACE Securities Corp. Home Equity Loan Trust Series 2006-FM1, Class A2B, 0.26%, 7/25/2036‡(c)		214		68
American Airlines Pass-Through Trust Series 2017-1, Class AA, 3.65%, 2/15/2029		426		395
Carrington Mortgage Loan Trust
Series 2005-NC5, Class M1, 0.65%, 10/25/2035‡(c)		116		116
Series 2007-HE1, Class A2, 0.32%, 6/25/2037‡(c)		45		45
Citibank Credit Card Issuance Trust Series 2016-A3, Class A3, 0.74%, 12/7/2023(c)		369		370
Citigroup Mortgage Loan Trust Series 2007-AMC1, Class A1, 0.33%, 12/25/2036‡(a)(c)		427		276
Countrywide Asset-Backed Certificates
Series 2007-2, Class 2A3, 0.31%, 8/25/2037‡(c)		164		158
Series 2007-8, Class 2A3, 0.36%, 11/25/2037‡(c)		513		502
Credit-Based Asset Servicing & Securitization LLC Series 2006-CB8, Class A1, 0.31%, 10/25/2036‡(c)		121		106
CWABS Asset-Backed Certificates Trust Series 2006-18, Class 2A2, 0.33%, 3/25/2037‡(c)		243		239
CWABS Revolving Home Equity Loan Trust
Series 2004-I, Class A, 0.47%, 2/15/2034‡(c)		8		8
Series 2004-K, Class 2A, 0.48%, 2/15/2034‡(c)		6		6
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M1, 0.92%, 3/25/2034‡(c)		120		119
Series 2004-1, Class M2, 0.99%, 3/25/2034‡(c)		36		35
Series 2004-1, Class 3A, 0.73%, 4/25/2034‡(c)		10		8
Discover Card Execution Note Trust Series 2017-A1, Class A1, 0.67%, 7/15/2024(c)		375		377
FBR Securitization Trust Series 2005-2, Class M2, 0.92%, 9/25/2035‡(c)		448		442
First Franklin Mortgage Loan Trust Series 2006-FF14, Class A5, 0.33%, 10/25/2036‡(c)		476		458
FREED ABS Trust Series 2019-1, Class B, 3.87%, 6/18/2026‡(a)		195		190
Fremont Home Loan Trust Series 2005-1, Class M4, 1.19%, 6/25/2035‡(c)		87		87
GSAA Home Equity Trust
Series 2006-1, Class A2, 0.39%, 1/25/2036‡(c)		205		87
Series 2006-19, Class A2, 0.35%, 12/25/2036‡(c)		189		77
Series 2007-4, Class A1, 0.27%, 3/25/2037‡(c)		57		22
Series 2007-2, Class AF4A, 5.98%, 3/25/2037‡(f)		349		142
Series 2007-7, Class 1A2, 0.35%, 7/25/2037‡(c)		90		85

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
GSAMP Trust
Series 2005-WMC1, Class M1, 0.90%, 9/25/2035‡(c)		71		69
Series 2006-FM1, Class A1, 0.33%, 4/25/2036‡(c)		145		107
Series 2006-HE3, Class A2C, 0.33%, 5/25/2046(c)		105		102
Series 2007-HE1, Class A2C, 0.32%, 3/25/2047‡(c)		177		169
JP Morgan Mortgage Acquisition Trust Series 2006-CW2, Class AV4, 0.32%, 8/25/2036‡(c)		4		4
Long Beach Mortgage Loan Trust
Series 2004-1, Class M2, 0.99%, 2/25/2034‡(c)		37		36
Series 2006-WL1, Class 2A4, 0.85%, 1/25/2046‡(c)		176		174
MASTR Asset-Backed Securities Trust
Series 2005-WF1, Class M4, 1.05%, 6/25/2035‡(c)		368		363
Series 2006-HE4, Class A2, 0.28%, 11/25/2036‡(c)		81		34
Series 2006-HE4, Class A3, 0.32%, 11/25/2036‡(c)		103		45
Morgan Stanley ABS Capital I, Inc. Trust
Series 2005-HE3, Class M4, 1.14%, 7/25/2035‡(c)		69		69
Series 2007-HE7, Class A2B, 1.17%, 7/25/2037‡(c)		75		71
New Century Home Equity Loan Trust
Series 2005-1, Class M1, 0.84%, 3/25/2035‡(c)		503		482
Series 2006-2, Class A2B, 0.33%, 8/25/2036‡(c)		78		73
NovaStar Mortgage Funding Trust
Series 2006-4, Class A2C, 0.32%, 9/25/2036‡(c)		148		77
Series 2006-4, Class A2D, 0.42%, 9/25/2036‡(c)		16		8
Series 2006-5, Class A2C, 0.34%, 11/25/2036‡(c)		485		194
Series 2007-1, Class A1A, 0.30%, 3/25/2037‡(c)		281		198
OneMain Financial Issuance Trust
Series 2018-1A, Class C, 3.77%, 3/14/2029‡(a)		198		183
Series 2019-1A, Class B, 3.79%, 2/14/2031‡(a)		371		369
Series 2017-1A, Class C, 3.35%, 9/14/2032‡(a)		110		104
Series 2017-1A, Class D, 4.52%, 9/14/2032‡(a)		1,100		945
Ownit Mortgage Loan Trust Series 2006-1, Class AV, 0.40%, 12/25/2035‡(c)		104		102
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2005-WHQ2, Class M2, 0.86%, 5/25/2035‡(c)		166		165
Series 2005-WHQ3, Class M3, 0.87%, 6/25/2035‡(c)		150		150
Series 2005-WHQ4, Class M1, 0.64%, 9/25/2035‡(c)		155		154
RASC Trust Series 2007-KS3, Class AI3, 0.42%, 4/25/2037‡(c)		78		77
Regional Management Issuance Trust
Series 2018-1, Class A, 3.83%, 7/15/2027(a)		372		364
Series 2018-2, Class A, 4.56%, 1/18/2028(a)		280		268
Saxon Asset Securities Trust Series 2007-3, Class 2A2, 0.49%, 9/25/2047‡(c)		169		168
Securitized Asset-Backed Receivables LLC Trust Series 2006-NC3, Class A1, 0.31%, 9/25/2036‡(c)		108		76
Soundview Home Loan Trust Series 2007-OPT3, Class 2A3, 0.35%, 8/25/2037‡(c)		219		205
Springleaf Funding Trust Series 2017-AA, Class B, 3.10%, 7/15/2030(a)		224		207
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-GEL4, Class M1, 0.74%, 10/25/2036‡(a)(c)		242		229
Series 2006-BC5, Class A4, 0.34%, 12/25/2036‡(c)		43		41
Towd Point Mortgage Trust Series 2019-HY2, Class A1, 1.17%, 5/25/2058‡(a)(c)		899		884
TOTAL ASSET-BACKED SECURITIES (Cost $12,030)				11,584
U.S. GOVERNMENT AGENCY SECURITIES — 1.5%
FHLB
1.75%, 6/12/2020		2,600		2,601
2.88%, 9/13/2024		1,500		1,652
FNMA 1.88%, 9/24/2026		2,000		2,147
Israel Government AID Bond (Israel) 3.25%, 1/17/2028		1,000		1,114
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $7,142)				7,514

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.9%
Commercial Mortgage Trust
Series 2012-CR3, Class A3, 2.82%, 10/15/2045		1,222			1,242
Series 2012-CR5, Class A3, 2.54%, 12/10/2045		749			755
Harvest Commercial Capital Loan Trust Series 2019-1, Class M4, 4.64%, 9/25/2046‡(a)(c)		145			89
Lehman Brothers Small Balance Commercial Mortgage Trust Series 2007-2A, Class 1A3, 0.76%, 6/25/2037(a)(c)		137			133
UBS-Barclays Commercial Mortgage Trust Series 2012-C3, Class A4, 3.09%, 8/10/2049		721			739
Velocity Commercial Capital Loan Trust
Series 2015-1, Class M3, 7.05%, 6/25/2045(a)(c)		103			103
Series 2015-1, Class M5, 7.80%, 6/25/2045‡(a)(c)		100			95
Series 2016-1, Class M3, 6.81%, 4/25/2046‡(a)(c)		104			104
Series 2016-1, Class M5, 8.66%, 4/25/2046‡(a)(c)		154			147
Series 2016-1, Class M7, 8.66%, 4/25/2046‡(a)(c)		185			170
Series 2016-2, Class M3, 5.50%, 10/25/2046‡(c)		100			97
Series 2017-1, Class AFL, 1.42%, 5/25/2047(a)(c)		132			131
Series 2017-1, Class M3, 5.35%, 5/25/2047‡(a)(c)		100			97
Series 2017-2, Class M4, 5.00%, 11/25/2047‡(a)(c)		68			57
Series 2018-2, Class M2, 4.51%, 10/26/2048‡(a)(c)		92			89
Series 2018-2, Class M3, 4.72%, 10/26/2048‡(a)(c)		94			89
Series 2018-2, Class M4, 5.32%, 10/26/2048‡(a)(c)		194			176
Series 2019-2, Class M1, 3.26%, 7/25/2049‡(a)(c)		177			170
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $4,567)					4,483
	Shares (000)
CLOSED END FUNDS — 0.2%
BlackRock Corporate High Yield Fund, Inc.		52			520
Blackstone/GSO Strategic Credit Fund		17			192
Eaton Vance Floating-Rate Income Trust		8			88
Eaton Vance Senior Income Trust		10			54
Invesco Dynamic Credit Opportunities Fund		8			72
Nuveen Credit Strategies Income Fund		15			89
Nuveen Floating Rate Income Opportunity Fund		7			57
PGIM Global High Yield Fund, Inc.		12			149
TOTAL CLOSED END FUNDS (Cost $1,381)					1,221
	Principal Amount ($000)
FOREIGN GOVERNMENT SECURITIES — 0.2%
Korea Development Bank (The) (South Korea) 3.38%, 3/12/2023(Cost $748)		750			796
LOAN ASSIGNMENTS — 0.2%(j)
Health Care Providers & Services — 0.0%(e)
Air Medical Group Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 3/14/2025(b)		104			99
Hotels, Restaurants & Leisure — 0.0%(e)
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 4/29/2026(b)		136			130
Specialty Retail — 0.2%
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 8.42%, 12/18/2026(b)(k)		495			376
Petco Animal Supplies, Inc., 1st Lien Term Loan B-1 (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 1/26/2023(b)		63			43
PetSmart, Inc., Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 3/11/2022(b)		132			130
					549
TOTAL LOAN ASSIGNMENTS (Cost $870)					778
	Shares (000)
COMMON STOCKS — 0.1%
Chemicals — 0.1%
Reichhold , Inc.*‡		—	(g)		409
Equity Real Estate Investment Trusts (REITs) — 0.0%(e)
VICI Properties, Inc.		6			123
Specialty Retail — 0.0%(e)
Claire’s Stores, Inc.*‡		—	(g)		137
TOTAL COMMON STOCKS (Cost $441)					669

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)			Value ($000)
PREFERRED STOCKS — 0.1%
Internet & Direct Marketing Retail — 0.0%(e)
MYT Holding Co. 10.00%, 6/7/2029(a)		99			54
Specialty Retail — 0.1%
Claire’s Stores, Inc. *‡		—	(g)		304
TOTAL PREFERRED STOCKS (Cost $177)					358
	Principal Amount ($000)
CONVERTIBLE BONDS — 0.0%(e)
Media — 0.0%(e)
DISH Network Corp. 3.38%, 8/15/2026		25			22
Oil, Gas & Consumable Fuels — 0.0%(e)
Chesapeake Energy Corp. 5.50%, 9/15/2026(f)		130			4
TOTAL CONVERTIBLE BONDS (Cost $150)					26
SHORT-TERM INVESTMENTS — 33.8%
COMMERCIAL PAPER — 6.3%
BPCE SA (France) 1.70%, 6/3/2020(a)(l)		10,000			10,000
Exxon Mobil Corp. 1.62%, 6/2/2020(l)		10,000			10,000
Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 1 Month + 0.10%), 0.33%, 11/10/2020(a)(b)		12,000			11,990
TOTAL COMMERCIAL PAPER (Cost $31,998)					31,990
	Shares (000)
INVESTMENT COMPANIES — 26.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.09%(m)(n) (Cost $131,410)		131,410			131,410
	Principal Amount ($000)
REPURCHASE AGREEMENTS — 1.1%
Bofa Securities, Inc., 0.45%, dated 5/29/2020, due 7/20/2020, repurchase price $3,202, collateralized by Municipal Debt Securities, 0.00%, due 7/1/2026, with the value of $3,456.		3,200			3,200
Citigroup Global Markets Holdings, Inc., 0.48%, dated 5/29/2020, due 7/14/2020, repurchase price $2,201, collateralized by Sovereign Government Securities, 5.88% - 9.20%, due 2/21/2024 - 7/6/2028, with the value of $2,431.		2,200			2,200
TOTAL REPURCHASE AGREEMENTS (Cost $5,400)					5,400
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills 0.09%, 7/23/2020(l)(o) (Cost $1,505)		1,505			1,505
TOTAL SHORT-TERM INVESTMENTS (Cost $170,313)					170,305
Total Investments — 125.4% (Cost $620,584)					632,409
Liabilities in Excess of Other Assets — (25.4)%					(128,245	)
Net Assets — 100.0%					504,164

Percentages indicated are based on net assets.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations
ABS	Asset-backed securities
CSMC	Credit Suisse Mortgage Trust
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2020.
(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2020.
(d)	Defaulted security.
(e)	Amount rounds to less than 0.1% of net assets.
(f)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of May 31, 2020.
(g)	Amount rounds to less than one thousand.
(h)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(i)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(j)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(k)	Fund is subject to legal or contractual restrictions on the resale of the security.
(l)	The rate shown is the effective yield as of May 31, 2020.
(m)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(n)	The rate shown is the current yield as of May 31, 2020.
(o)	All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Futures contracts outstanding as of May 31, 2020 (amounts in thousands, except number of contracts):

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 2 Year Note		162			09/2020		USD		35,776			9
U.S. Treasury 5 Year Note		136			09/2020		USD		17,085			40
U.S. Treasury 10 Year Note		190			09/2020		USD		26,422			94
U.S. Treasury 10 Year Ultra Note		17			09/2020		USD		2,673			12
U.S. Treasury Ultra Bond		36			09/2020		USD		7,827			(15	)
												140
Short Contracts
U.S. Treasury 5 Year Note		(1	)		09/2020		USD		(126	)		—	(a)
U.S. Treasury 10 Year Note		(10	)		09/2020		USD		(1,391	)		(4	)
												(4	)
												136

Abbreviations
USD	United States Dollar
(a)	Amount rounds to less than one thousand.

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

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
USD	188		EUR	170	BNP Paribas		8/7/2020		(1	)
USD	252		EUR	230	Goldman Sachs International		8/7/2020		(4	)
Net unrealized depreciation									(5	)

Abbreviations
EUR	Euro
USD	United States Dollar

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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 ($)
ABX.HE.AAA.06-2		0.11		Monthly		Bank of America NA		5/25/2046		0.53		USD 60		12			(9	)		3
ABX.HE.AAA.06-2		0.11		Monthly		Bank of America NA		5/25/2046		0.53		USD 40		8			(6	)		2
ABX.HE.AAA.06-2		0.11		Monthly		Barclays Bank plc		5/25/2046		0.53		USD 60		18			(15	)		3
ABX.HE.AAA.06-2		0.11		Monthly		Credit Suisse International		5/25/2046		0.53		USD 30		8			(7	)		1
ABX.HE.AAA.06-2		0.11		Monthly		Credit Suisse International		5/25/2046		0.53		USD 60		15			(13	)		2
CMBX.NA.A.6		2.00		Monthly		Barclays Bank plc		5/11/2063		2.75		USD 80		(1	)		15			14
CMBX.NA.A.6		2.00		Monthly		Citibank, NA		5/11/2063		2.75		USD 90		(1	)		16			15
CMBX.NA.A.6		2.00		Monthly		Goldman Sachs International		5/11/2063		2.75		USD 90		(1	)		16			15
CMBX.NA.A.6		2.00		Monthly		Goldman Sachs International		5/11/2063		2.75		USD 90		(2	)		16			14
CMBX.NA.A.6		2.00		Monthly		Morgan Stanley		5/11/2063		2.75		USD 80		(1	)		14			13
CMBX.NA.BBB-.4		5.00		Monthly		Citibank, NA		2/17/2051		44.18		USD 180		152			(152	)		—	(e)
CMBX.NA.BBB-.4		5.00		Monthly		Citibank, NA		2/17/2051		44.18		USD 210		168			(168	)		—	(e)
														375			(293	)		82

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 2,500		290			(77	)		213
CDX.NA.HY.34-V3		5.00		Quarterly		6/20/2025		5.48		USD 400		3			1			4
CDX.NA.HY.34-V3		5.00		Quarterly		6/20/2025		5.48		USD 420		(1	)		5			4
												292			(71	)		221
CDX.NA.IG.34-V1		1.00		Quarterly		6/20/2025		0.78		USD 3,600		(5	)		(41	)		(46	)
iTraxx.Europe.Main.33-V1		1.00		Quarterly		6/20/2025		0.72		EUR 6,800		(59	)		(61	)		(120	)
												(64	)		(102	)		(166	)
												228			(173	)		55

(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).
(e)	Amount rounds to less than one thousand.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Reference Entity

Payments Made by Fund

Payments Received by Fund

Frequency of  Payments Made/Received

Counterparty

Maturity Date

Notional Amount

Upfront Payments (Receipts) ($)

Unrealized Appreciation (Depreciation) ($)

Value ($)

IOS Index 4.00% 30 year Fannie Mae Pools (2011)

4.00% and increases in total return of index

1 month USD LIBOR and decreases in total return of index

Monthly

Bank of America NA

1/12/2042

USD 1,700

(6

)

7

1

IOS Index 4.00% 30 year Fannie Mae Pools (2011)

4.00% and increases in total return of index

1 month USD LIBOR and decreases in total return of index

Monthly

Citibank, NA

1/12/2042

USD 1,540

(1

)

2

1

IOS Index 5.00% 30 year Fannie Mae Pools (2010)

5.00% and increases in total return of index

1 month USD LIBOR and decreases in total return of index

Monthly

Citibank, NA

1/12/2041

USD 2,020

(7

)

7

—

(a)

IOS Index 5.00% 30 year Fannie Mae Pools (2010)

5.00% and increases in total return of index

1 month USD LIBOR and decreases in total return of index

Monthly

Credit Suisse International

1/12/2041

USD 704

(1

)

1

—

(a)

(15

)

17

2

Abbreviations
ABX	Asset-Backed Securities Index
CDX	Credit Default Swap Index
CMBX	Commercial Mortgage-Backed Securities Index
EUR	Euro
LIBOR	London Interbank Offered Rate
USD	United States Dollar
(a)	Amount rounds to less than one thousand.

Summary of total 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		375			82
OTC Total return swap contracts outstanding		(15	)		2
Total OTC swap contracts outstanding		360			84

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

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

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2020.

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

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

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

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

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

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Asset-Backed Securities	$	—		$	2,083		$	9,501		$	11,584
Closed End Funds		1,221			—			—			1,221
Collateralized Mortgage Obligations		—			14,976			11,412			26,388
Commercial Mortgage-Backed Securities		—			3,103			1,380			4,483
Common Stocks
Chemicals		—			—			409			409
Equity Real Estate Investment Trusts (REITs)		123			—			—			123
Specialty Retail		—			—			137			137
Total Common Stocks		123			—			546			669
Convertible Bonds		—			26			—			26
Corporate Bonds
Aerospace & Defense		—			2,102			—			2,102
Air Freight & Logistics		—			1,869			—			1,869
Airlines		—			1,852			—			1,852
Auto Components		—			797			—			797
Automobiles		—			5,997			—			5,997
Banks		—			34,289			—			34,289
Beverages		—			7,095			—			7,095
Biotechnology		—			1,749			—			1,749
Building Products		—			1,447			—			1,447
Capital Markets		—			21,505			—			21,505
Chemicals		—			2,274			—	(a)		2,274
Commercial Services & Supplies		—			748			—			748
Communications Equipment		—			531			—			531
Construction & Engineering		—			40			—			40
Consumer Finance		—			17,429			—			17,429
Containers & Packaging		—			981			—			981
Distributors		—			51			—			51
Diversified Consumer Services		—			231			—			231
Diversified Financial Services		—			1,713			—			1,713
Diversified Telecommunication Services		—			10,173			—			10,173
Electric Utilities		—			15,160			—			15,160
Electronic Equipment, Instruments & Components		—			529			—			529
Energy Equipment & Services		—			1,016			—			1,016
Entertainment		—			2,254			—			2,254
Equity Real Estate Investment Trusts (REITs)		—			3,135			—			3,135
Food & Staples Retailing		—			5,288			—			5,288
Food Products		—			4,729			—			4,729
Gas Utilities		—			530			—			530
Health Care Equipment & Supplies		—			3,736			—			3,736
Health Care Providers & Services		—			9,397			—			9,397
Hotels, Restaurants & Leisure		—			7,207			—			7,207
Household Durables		—			47			—			47
Household Products		—			1,744			—			1,744
Industrial Conglomerates		—			1,459			—			1,459
Insurance		—			5,461			—			5,461
Interactive Media & Services		—			2,000			—			2,000
Internet & Direct Marketing Retail		—			4,318			—			4,318
IT Services		—			3,896			—			3,896
Leisure Products		—			690			—			690
Life Sciences Tools & Services		—			807			—			807
Machinery		—			542			—			542
Media		—			7,882			—			7,882
Metals & Mining		—			1,310			—			1,310
Multiline Retail		—			1,248			—			1,248
Multi-Utilities		—			3,774			—			3,774
Oil, Gas & Consumable Fuels		—			8,984			—			8,984
Paper & Forest Products		—			513			—			513
Personal Products		—			38			—			38
Pharmaceuticals		—			7,734			—			7,734
Professional Services		—			543			—			543
Road & Rail		—			4,316			—			4,316
Semiconductors & Semiconductor Equipment		—			6,222			—			6,222
Software		—			6,948			—			6,948
Specialty Retail		—			3,045			—			3,045
Technology Hardware, Storage & Peripherals		—			2,636			—			2,636
Textiles, Apparel & Luxury Goods		—			781			—			781
Tobacco		—			2,747			—			2,747
Trading Companies & Distributors		—			391			—			391
Water Utilities		—			552			—			552
Wireless Telecommunication Services		—			1,970			—			1,970
Total Corporate Bonds		—			248,452			—	(a)		248,452
Foreign Government Securities		—			796			—			796
Loan Assignments		—			778			—			778
Mortgage-Backed Securities		—			130,806			—			130,806
Preferred Stocks
Internet & Direct Marketing Retail		—			54			—			54
Specialty Retail		—			—			304			304
Total Preferred Stocks		—			54			304			358
U.S. Government Agency Securities		—			7,514			—			7,514
U.S. Treasury Obligations		—			29,029			—			29,029
Short-Term Investments
Commercial Paper		—			31,990			—			31,990
Investment Companies		131,410			—			—			131,410
Repurchase Agreements		—			5,400			—			5,400
U.S. Treasury Obligations		—			1,505			—			1,505
Total Short-Term Investments		131,410			38,895			—			170,305
Total Investments in Securities	$	132,754		$	476,512		$	23,143		$	632,409
Appreciation in Other Financial Instruments
Futures Contracts	$	155		$	—		$	—		$	155
Swaps		—			100			—			100
Total Appreciation in Other Financial Instruments	$	155		$	100		$	—		$	255
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(5	)	$	—		$	(5	)
Futures Contracts		(19	)		—			—			(19	)
Swaps		—			(549	)		—			(549	)
Total Depreciation in Other Financial Instruments	$	(19	)	$	(554	)	$	—		$	(573	)

(a) Value is zero.

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

	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	$	9,868		$	8	$	(523	)	$	13		$	—	$	(902	)	$	1,037	$	—	$	9,501
Collateralized Mortgage Obligations		9,614			—		(606	)		—	(a)		3,239		(2,105	)		1,270		—		11,412
Commercial Mortgage-Backed Securities		1,589			—		(196	)		—	(a)		—		(13	)		—		—		1,380
Common Stocks — Chemicals		483			—		(74	)		—			—		—			—		—		409
Common Stocks — Specialty Retail		150			—		(13	)		—			—		—			—		—		137
Corporate Bonds — Chemicals		—	(b)		—		—			—			—		—			—		—		—	(b)
Corporate Bonds — Wireless Telecommunication Services		—	(b)		1		—			—			—		(1	)		—		—		—
Preferred Stocks — Specialty Retail		294			—		10			—			—		—			—		—		304
Warrants — Road & Rail		—	(b)		—		—			—			—		—			—		—		—
Total	$	21,998		$	9	$	(1,402	)	$	13		$	3,239	$	(3,021	)	$	2,307	$	—	$	23,143

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 $(1,388,000).

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

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)
	$	409		Market Comparable Companies	EBITDA Multiple (b)	7.5x (7.5x)
Common Stock		409
		—	(c)	Market Comparable Companies	Discount for lack of marketability (d)	100.00% (100.00%)
Corporate Bond		—	(c)
		9,501		Discounted Cash Flow	Constant Prepayment Rate	0.00% — 35.00% (12.02%)
					Constant Default Rate	0.00% — 5.60% (2.37%)
					Yield (Discount Rate of Cash Flows)	1.57% — 12.74% (3.93%)
Asset-Backed Securities		9,501
		11,410		Discounted Cash Flow	Constant Prepayment Rate	10.00% — 30.00% (11.56%)
					Constant Default Rate	0.00% — 5.60% (0.20%)
					Yield (Discount Rate of Cash Flows)	1.61% — 7.72% (3.58%)
Collateralized Mortgage Obligations		11,410
		1,017		Discounted Cash Flow	Constant Prepayment Rate	100.00% (100.00%)
					Constant Default Rate	0.00% — 7.00% (3.34%)
					Yield (Discount Rate of Cash Flows)	4.75% — 10.16% (7.92%)
Commercial Mortgage-Backed Securities		1,017
Total	$	22,337

# 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 $806,000. 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.

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

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

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

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

For the period ended May 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2020		Shares at May 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.09%(a)(b)	$	51,349	$	163,190	$	83,129	$	—	$	—	$	131,410		131,410	$	64	$	—

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

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

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

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

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

Notes (1) — (3) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in market value on open future contracts are recorded as changes in unrealized appreciation or depreciation. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Forward Foreign Currency Exchange Contracts — The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

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

(3). Swaps — The Fund engaged in various swap transactions, including credit default and total return swaps, to manage credit and total return 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.

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.

Total Return Swaps

The Fund used total return swaps to gain long and/or short exposure to an underlying index. To the extent the total return of the index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. These arrangements involve the periodic exchange of cash flows based on the total return of the underlying index and interest rate obligations.