JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited)

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

Investments	Principal Amount (000)		Value (000)
CORPORATE BONDS — 34.3%
Aerospace & Defense — 0.0%(a)
Bombardier, Inc. (Canada) 7.50%, 3/15/2025(b)		1,170		711
BWX Technologies, Inc. 5.38%, 7/15/2026(b)		570		586
Howmet Aerospace, Inc.
6.88%, 5/1/2025		370		393
5.90%, 2/1/2027		15		15
Spirit AeroSystems, Inc. 7.50%, 4/15/2025(b)		850		845
Triumph Group, Inc. 7.75%, 8/15/2025		1,450		943
				3,493
Air Freight & Logistics — 0.0%(a)
XPO Logistics, Inc. 6.13%, 9/1/2023(b)		1,970		1,995
Airlines — 0.0%(a)
American Airlines Group, Inc. 5.00%, 6/1/2022(b)		275		160
Auto Components — 0.3%
Adient Global Holdings Ltd. 4.88%, 8/15/2026(b)		2,725		2,287
Adient US LLC
9.00%, 4/15/2025(b)		432		461
7.00%, 5/15/2026(b)		4,145		4,249
Allison Transmission, Inc.
5.00%, 10/1/2024(b)		65		65
4.75%, 10/1/2027(b)		1,615		1,567
5.88%, 6/1/2029(b)		2,600		2,626
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		5,941		5,599
6.25%, 3/15/2026		1,420		1,320
Clarios Global LP 6.75%, 5/15/2025(b)		503		522
Cooper-Standard Automotive, Inc.
13.00%, 6/1/2024(b)		995		1,015
5.63%, 11/15/2026(b)		5,812		3,719
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(b)		2,355		2,367
Delphi Technologies plc 5.00%, 10/1/2025(b)		7,161		7,392
Panther BF Aggregator 2 LP 6.25%, 5/15/2026(b)		1,030		1,048
Tenneco, Inc.
5.38%, 12/15/2024		1,870		1,244
5.00%, 7/15/2026		2,064		1,052
				36,533
Automobiles — 3.5%
BMW Finance NV (Germany) (ICE LIBOR USD 3 Month + 0.79%), 1.22%, 8/12/2022(b)(c)		20,550		19,870
BMW US Capital LLC (Germany)
(ICE LIBOR USD 3 Month + 0.50%), 0.93%, 8/13/2021(b)(c)		31,530		31,146
(ICE LIBOR USD 3 Month + 0.53%), 1.84%, 4/14/2022(b)(c)		24,580		23,908
Daimler Finance North America LLC (Germany)
(ICE LIBOR USD 3 Month + 0.55%), 1.11%, 5/4/2021(b)(c)		58,500		57,604
(ICE LIBOR USD 3 Month + 0.67%), 1.21%, 11/5/2021(b)(c)		10,000		9,712
(ICE LIBOR USD 3 Month + 0.90%), 1.29%, 2/15/2022(b)(c)		16,220		15,653
Ford Motor Co.
8.50%, 4/21/2023		604		626
9.00%, 4/22/2025		604		635
9.63%, 4/22/2030		787		874
General Motors Co.
(ICE LIBOR USD 3 Month + 0.90%), 1.80%, 9/10/2021(c)		28,420		26,981
6.13%, 10/1/2025		537		587
6.80%, 10/1/2027		537		610
Hyundai Capital America (ICE LIBOR USD 3 Month + 0.94%), 2.29%, 7/8/2021(b)(c)		59,733		58,216
Nissan Motor Acceptance Corp.
(ICE LIBOR USD 3 Month + 0.63%), 1.83%, 9/21/2021(b)(c)		19,750		18,329
(ICE LIBOR USD 3 Month + 0.89%), 2.20%, 1/13/2022(b)(c)		12,600		11,523
(ICE LIBOR USD 3 Month + 0.65%), 1.96%, 7/13/2022(b)(c)		26,645		23,564
(ICE LIBOR USD 3 Month + 0.69%), 2.06%, 9/28/2022(b)(c)		40,500		35,170
Volkswagen Group of America Finance LLC (Germany)
(ICE LIBOR USD 3 Month + 0.77%), 1.20%, 11/13/2020(b)(c)		16,750		16,680
(ICE LIBOR USD 3 Month + 0.86%), 2.06%, 9/24/2021(b)(c)		8,750		8,625
(ICE LIBOR USD 3 Month + 0.94%), 1.37%, 11/12/2021(b)(c)		23,950		23,574
				383,887
Banks — 10.9%
ABN AMRO Bank NV (Netherlands) (ICE LIBOR USD 3 Month + 0.57%), 0.94%, 8/27/2021(b)(c)		15,820		15,827

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.66%), 1.77%, 7/21/2021(c)		3,270		3,271
(ICE LIBOR USD 3 Month + 0.65%), 1.87%, 6/25/2022(c)		47,102		46,887
(ICE LIBOR USD 3 Month + 1.18%), 2.29%, 10/21/2022(c)		5,863		5,889
(ICE LIBOR USD 3 Month + 1.00%), 2.02%, 4/24/2023(c)		28,501		28,393
(ICE LIBOR USD 3 Month + 0.79%), 2.10%, 3/5/2024(c)		50,941		50,184
Bank of Montreal (Canada)
(ICE LIBOR USD 3 Month + 0.57%), 1.80%, 3/26/2022(c)		33,020		33,060
(SOFR + 0.68%), 0.74%, 3/10/2023(c)		9,200		9,004
Barclays plc (United Kingdom)
(ICE LIBOR USD 3 Month + 2.11%), 2.56%, 8/10/2021(c)		50,595		51,094
(ICE LIBOR USD 3 Month + 1.63%), 2.94%, 1/10/2023(c)		13,980		13,845
(ICE LIBOR USD 3 Month + 1.43%), 1.82%, 2/15/2023(c)		31,130		30,754
(ICE LIBOR USD 3 Month + 1.38%), 1.77%, 5/16/2024(c)		7,776		7,568
BNP Paribas SA (France) (ICE LIBOR USD 3 Month + 0.39%), 0.86%, 8/7/2021(b)(c)		48,680		48,731
Canadian Imperial Bank of Commerce (Canada) (SOFR + 0.80%), 0.86%, 3/17/2023(c)		7,480		7,321
Capital One NA (ICE LIBOR USD 3 Month + 1.15%), 1.91%, 1/30/2023(c)		15,570		15,333
Citibank NA
(ICE LIBOR USD 3 Month + 0.53%), 0.91%, 2/19/2022(c)		16,100		15,991
(ICE LIBOR USD 3 Month + 0.60%), 0.98%, 5/20/2022(c)		6,630		6,598
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 1.19%), 1.75%, 8/2/2021(c)		32,962		33,131
(SOFR + 0.87%), 0.93%, 11/4/2022(c)		8,140		8,028
(ICE LIBOR USD 3 Month + 0.95%), 1.97%, 7/24/2023(c)		24,290		24,098
(ICE LIBOR USD 3 Month + 1.43%), 3.01%, 9/1/2023(c)		43,031		43,300
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025(c)(d)(e)		505		517
Citizens Bank NA (ICE LIBOR USD 3 Month + 0.72%), 1.14%, 2/14/2022(c)		5,700		5,640
Credit Agricole Corporate & Investment Bank SA (France) (ICE LIBOR USD 3 Month + 0.63%), 2.06%, 10/3/2021(c)		30,050		30,052
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) (ICE LIBOR USD 3 Month + 2.29%), 3.43%, 4/16/2021(c)		5,418		5,492
DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.62%), 2.20%, 12/2/2022(b)(c)		24,480		24,368
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.66%), 2.02%, 5/25/2021(c)		8,460		8,532
(ICE LIBOR USD 3 Month + 0.65%), 1.43%, 9/11/2021(c)		24,640		24,645
(ICE LIBOR USD 3 Month + 1.50%), 2.87%, 1/5/2022(c)		34,770		35,061
ING Groep NV (Netherlands) (ICE LIBOR USD 3 Month + 1.15%), 2.52%, 3/29/2022(c)		17,925		17,921
Lloyds Bank plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.49%), 0.96%, 5/7/2021(c)		20,380		20,415
Lloyds Banking Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.80%), 2.00%, 6/21/2021(c)		2,100		2,098
Mitsubishi UFJ Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.65%), 1.64%, 7/26/2021(c)		31,420		31,363
(ICE LIBOR USD 3 Month + 0.70%), 1.70%, 3/7/2022(c)		16,710		16,591
(ICE LIBOR USD 3 Month + 0.79%), 1.78%, 7/25/2022(c)		10,185		10,114
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 1.14%), 1.91%, 9/13/2021(c)		45,940		46,030
(ICE LIBOR USD 3 Month + 0.79%), 2.10%, 3/5/2023(c)		6,830		6,733
(ICE LIBOR USD 3 Month + 0.84%), 2.02%, 7/16/2023(c)		38,920		38,247
(ICE LIBOR USD 3 Month + 0.85%), 1.62%, 9/13/2023(c)		11,100		10,886
(ICE LIBOR USD 3 Month + 0.63%), 0.99%, 5/25/2024(c)		32,860		31,676
MUFG Union Bank NA (SOFR + 0.71%), 1.81%, 12/9/2022(c)		5,590		5,542
National Australia Bank Ltd. (Australia)
(ICE LIBOR USD 3 Month + 0.58%), 1.70%, 9/20/2021(b)(c)		17,260		17,253
(ICE LIBOR USD 3 Month + 0.71%), 1.27%, 11/4/2021(b)(c)		20,450		20,572

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Santander UK plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.62%), 2.20%, 6/1/2021(c)		26,760		26,814
(ICE LIBOR USD 3 Month + 0.66%), 1.05%, 11/15/2021(c)		18,360		18,313
Skandinaviska Enskilda Banken AB (Sweden) (ICE LIBOR USD 3 Month + 0.65%), 1.43%, 12/12/2022(b)(c)		20,420		20,386
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.20%), 2.10%, 9/10/2022(b)(c)		8,210		8,147
(ICE LIBOR USD 3 Month + 1.15%), 2.29%, 1/20/2023(b)(c)		3,950		3,893
Sumitomo Mitsui Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 1.11%), 2.42%, 7/14/2021(c)		5,076		5,095
(ICE LIBOR USD 3 Month + 1.14%), 2.28%, 10/19/2021(c)		27,318		27,455
(ICE LIBOR USD 3 Month + 0.74%), 1.88%, 10/18/2022(c)		33,771		33,536
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 3 Month + 0.27%), 1.11%, 3/17/2021(c)		20,280		20,304
(ICE LIBOR USD 3 Month + 0.53%), 2.11%, 12/1/2022(c)		24,440		24,334
Truist Bank
(ICE LIBOR USD 3 Month + 0.59%), 1.15%, 8/2/2022(c)		11,705		11,673
(SOFR + 0.73%), 1.83%, 3/9/2023(c)		6,070		5,876
Wells Fargo & Co.
(ICE LIBOR USD 3 Month + 0.93%), 1.38%, 2/11/2022(c)		15,321		15,323
(ICE LIBOR USD 3 Month + 1.23%), 1.99%, 10/31/2023(c)		13,696		13,700
Wells Fargo Bank NA
(ICE LIBOR USD 3 Month + 0.50%), 1.54%, 7/23/2021(c)		39,660		39,649
(ICE LIBOR USD 3 Month + 0.66%), 1.66%, 9/9/2022(c)		12,750		12,732
				1,195,285
Beverages — 0.1%
Anheuser-Busch InBev Finance, Inc. (Belgium) (ICE LIBOR USD 3 Month + 1.26%), 1.82%, 2/1/2021(c)		13,176		13,245
Biotechnology — 0.7%
AbbVie, Inc.
(ICE LIBOR USD 3 Month + 0.35%), 0.72%, 5/21/2021(b)(c)		14,650		14,612
(ICE LIBOR USD 3 Month + 0.46%), 0.84%, 11/19/2021(b)(c)		16,300		16,202
(ICE LIBOR USD 3 Month + 0.65%), 1.02%, 11/21/2022(b)(c)		49,580		49,184
				79,998
Building Products — 0.1%
American Woodmark Corp. 4.88%, 3/15/2026(b)		2,120		2,062
Griffon Corp. 5.75%, 3/1/2028		1,110		1,103
JELD-WEN, Inc.
6.25%, 5/15/2025(b)		385		397
4.88%, 12/15/2027(b)		1,015		951
PGT Innovations, Inc. 6.75%, 8/1/2026(b)		590		602
Standard Industries, Inc. 5.00%, 2/15/2027(b)		2,335		2,403
				7,518
Capital Markets — 4.0%
Credit Suisse Group AG (Switzerland) (ICE LIBOR USD 3 Month + 1.20%), 1.94%, 12/14/2023(b)(c)		8,640		8,511
Deutsche Bank AG (Germany)
(ICE LIBOR USD 3 Month + 0.97%), 2.28%, 7/13/2020(c)		33,723		33,723
(ICE LIBOR USD 3 Month + 1.31%), 1.69%, 8/20/2020(c)		28,118		28,119
(ICE LIBOR USD 3 Month + 1.29%), 1.85%, 2/4/2021(c)		13,350		13,146
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 1.11%), 2.10%, 4/26/2022(c)		64,465		64,530
(ICE LIBOR USD 3 Month + 1.05%), 2.36%, 6/5/2023(c)		55,238		54,655
(ICE LIBOR USD 3 Month + 1.00%), 2.02%, 7/24/2023(c)		24,650		24,418
LPL Holdings, Inc. 4.63%, 11/15/2027(b)		410		401
Macquarie Bank Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.45%), 0.95%, 8/6/2021(b)(c)		4,060		4,033
Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.35%), 2.62%, 3/27/2024(b)(c)		17,779		17,660

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Morgan Stanley
(ICE LIBOR USD 3 Month + 1.18%), 2.32%, 1/20/2022(c)		11,625		11,663
(SOFR + 0.83%), 0.89%, 6/10/2022(c)		14,925		14,742
(SOFR + 0.70%), 0.76%, 1/20/2023(c)		20,580		20,154
(ICE LIBOR USD 3 Month + 1.40%), 2.42%, 10/24/2023(c)		88,420		88,674
TD Ameritrade Holding Corp. (ICE LIBOR USD 3 Month + 0.43%), 1.12%, 11/1/2021(c)		7,980		7,932
UBS Group AG (Switzerland)
(ICE LIBOR USD 3 Month + 1.78%), 3.09%, 4/14/2021(b)(c)		3,680		3,732
(ICE LIBOR USD 3 Month + 1.22%), 1.58%, 5/23/2023(b)(c)		28,422		28,510
(ICE LIBOR USD 3 Month + 0.95%), 1.34%, 8/15/2023(b)(c)		19,704		19,598
				444,201
Chemicals — 0.3%
Chemours Co. (The) 6.63%, 5/15/2023		2,295		2,301
CVR Partners LP 9.25%, 6/15/2023(b)		1,910		1,795
DuPont de Nemours, Inc. (ICE LIBOR USD 3 Month + 0.71%), 1.10%, 11/15/2020(c)		16,020		16,021
GCP Applied Technologies, Inc. 5.50%, 4/15/2026(b)		1,485		1,463
Hexion, Inc. 7.88%, 7/15/2027(b)		685		616
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024(b)		2,435		2,411
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024(b)		1,070		988
5.25%, 6/1/2027(b)		1,555		1,317
OCI NV (Netherlands) 5.25%, 11/1/2024(b)		200		196
Rain CII Carbon LLC 7.25%, 4/1/2025(b)		1,180		1,074
Reichhold Industries, Inc. 11.03%, 5/1/2018‡(b)(f)		5,673		—	(g)
Starfruit Finco BV (Netherlands) 8.00%, 10/1/2026(b)		1,285		1,328
Trinseo Materials Operating SCA 5.38%, 9/1/2025(b)		2,075		1,982
Valvoline, Inc. 4.38%, 8/15/2025(b)		930		944
Venator Finance SARL
9.50%, 7/1/2025(b)		770		774
5.75%, 7/15/2025(b)		2,719		1,741
				34,951
Commercial Services & Supplies — 0.1%
ACCO Brands Corp. 5.25%, 12/15/2024(b)		1,215		1,221
ADT Security Corp. (The) 4.88%, 7/15/2032(b)		321		302
Aramark Services, Inc. 5.00%, 2/1/2028(b)		1,260		1,241
Brink’s Co. (The) 4.63%, 10/15/2027(b)		745		697
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 3.33%, 12/21/2065(b)(c)		5,960		2,577
Nielsen Finance LLC 4.50%, 10/1/2020		5,931		5,931
				11,969
Communications Equipment — 0.1%
CommScope Technologies LLC 6.00%, 6/15/2025(b)		3,942		3,832
CommScope, Inc.
6.00%, 3/1/2026(b)		1,870		1,966
8.25%, 3/1/2027(b)		1,425		1,486
Plantronics, Inc. 5.50%, 5/31/2023(b)		1,200		918
				8,202
Construction & Engineering — 0.0%(a)
Zekelman Industries, Inc. 9.88%, 6/15/2023(b)		2,003		1,993
Consumer Finance — 3.2%
American Express Co.
(ICE LIBOR USD 3 Month + 0.53%), 0.91%, 5/17/2021(c)		24,720		24,757
(ICE LIBOR USD 3 Month + 0.60%), 1.14%, 11/5/2021(c)		20,040		20,022
(ICE LIBOR USD 3 Month + 0.62%), 1.00%, 5/20/2022(c)		32,480		32,383
American Honda Finance Corp.
(ICE LIBOR USD 3 Month + 0.35%), 1.12%, 6/11/2021(c)		20,430		20,331
(ICE LIBOR USD 3 Month + 0.54%), 1.81%, 6/27/2022(c)		23,720		23,345
(ICE LIBOR USD 3 Month + 0.37%), 0.82%, 5/10/2023(c)		25,250		24,345
Caterpillar Financial Services Corp.
(ICE LIBOR USD 3 Month + 0.30%), 1.30%, 3/8/2021(c)		16,230		16,200
Series I, (ICE LIBOR USD 3 Month + 0.39%), 0.78%, 5/17/2021(c)		24,110		24,135
Ford Motor Credit Co. LLC
(ICE LIBOR USD 3 Month + 0.79%), 1.57%, 6/12/2020(c)		18,780		18,765
(ICE LIBOR USD 3 Month + 0.81%), 2.18%, 4/5/2021(c)		23,155		21,968
(ICE LIBOR USD 3 Month + 0.88%), 2.19%, 10/12/2021(c)		41,890		39,361
4.39%, 1/8/2026		2,100		1,974
4.54%, 8/1/2026		1,500		1,406
4.27%, 1/9/2027		6,600		6,005

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
General Motors Financial Co., Inc.
(ICE LIBOR USD 3 Month + 0.85%), 2.17%, 4/9/2021(c)		26,100		25,419
(ICE LIBOR USD 3 Month + 1.10%), 1.60%, 11/6/2021(c)		13,471		12,875
Harley-Davidson Financial Services, Inc. (ICE LIBOR USD 3 Month + 0.94%), 2.52%, 3/2/2021(b)(c)		8,200		8,080
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 3.57%, 12/21/2065(b)(c)		295		133
John Deere Capital Corp.
(ICE LIBOR USD 3 Month + 0.40%), 1.40%, 6/7/2021(c)		14,482		14,523
(ICE LIBOR USD 3 Month + 0.49%), 1.26%, 6/13/2022(c)		12,290		12,240
Springleaf Finance Corp. 6.63%, 1/15/2028		908		867
				349,134
Containers & Packaging — 0.1%
Ardagh Packaging Finance plc
6.00%, 2/15/2025(b)		4,760		4,908
5.25%, 8/15/2027(b)		1,635		1,610
Berry Global, Inc. 4.88%, 7/15/2026(b)		3,160		3,303
Greif, Inc. 6.50%, 3/1/2027(b)		1,105		1,116
LABL Escrow Issuer LLC
6.75%, 7/15/2026(b)		1,465		1,527
10.50%, 7/15/2027(b)		985		1,034
Mauser Packaging Solutions Holding Co. 7.25%, 4/15/2025(b)		1,130		1,017
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027(b)		893		940
				15,455
Distributors — 0.0%(a)
Performance Food Group, Inc. 6.88%, 5/1/2025(b)		150		157
Wolverine Escrow LLC
9.00%, 11/15/2026(b)		1,375		916
13.13%, 11/15/2027(b)		530		334
				1,407
Diversified Consumer Services — 0.0%(a)
Service Corp. International
5.38%, 5/15/2024		120		123
7.50%, 4/1/2027		1,145		1,271
				1,394
Diversified Financial Services — 0.1%
ACE Cash Express, Inc. 12.00%, 12/15/2022(b)		2,529		1,897
AIG Global Funding (ICE LIBOR USD 3 Month + 0.46%), 1.68%, 6/25/2021(b)(c)		7,840		7,821
CNG Holdings, Inc. 12.50%, 6/15/2024(b)		329		286
Refinitiv US Holdings, Inc. 6.25%, 5/15/2026(b)		130		139
				10,143
Diversified Telecommunication Services — 0.9%
Altice France Holding SA (Luxembourg)
10.50%, 5/15/2027(b)		2,125		2,354
6.00%, 2/15/2028(b)		565		549
Altice France SA (France)
7.38%, 5/1/2026(b)		1,040		1,097
8.13%, 2/1/2027(b)		1,340		1,474
AT&T, Inc. (ICE LIBOR USD 3 Month + 0.75%), 2.33%, 6/1/2021(c)		1,292		1,297
CCO Holdings LLC
5.88%, 4/1/2024(b)		14,775		15,178
5.38%, 5/1/2025(b)		810		832
5.75%, 2/15/2026(b)		22,235		23,184
5.50%, 5/1/2026(b)		2,225		2,353
5.13%, 5/1/2027(b)		4,500		4,725
5.00%, 2/1/2028(b)		130		136
CenturyLink, Inc.
Series T, 5.80%, 3/15/2022		4,000		4,169
Series Y, 7.50%, 4/1/2024		1,755		1,931
5.63%, 4/1/2025		785		809
5.13%, 12/15/2026(b)		915		924
4.00%, 2/15/2027(b)		400		399
Cincinnati Bell, Inc.
7.00%, 7/15/2024(b)		2,141		2,206
8.00%, 10/15/2025(b)		440		454
Embarq Corp. 8.00%, 6/1/2036		1,498		1,599
Frontier Communications Corp.
6.88%, 1/15/2025		2,067		646
11.00%, 9/15/2025(f)		5,010		1,766
8.50%, 4/1/2026(b)		5,735		5,494
8.00%, 4/1/2027(b)		2,130		2,191
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023		8,719		4,599
8.00%, 2/15/2024(b)(h)		95		96
8.50%, 10/15/2024(b)		1,228		700
9.75%, 7/15/2025(b)		3,770		2,177
Level 3 Financing, Inc.
5.13%, 5/1/2023		110		110
5.38%, 1/15/2024		1,610		1,630
5.38%, 5/1/2025		1,080		1,109
Sprint Capital Corp. 8.75%, 3/15/2032		6,755		9,710
Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034		590		636

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Telecom Italia SpA (Italy) 5.30%, 5/30/2024(b)		975		1,021
Verizon Communications, Inc. (ICE LIBOR USD 3 Month + 1.00%), 1.74%, 3/16/2022(c)		3,984		3,992
Windstream Services LLC
9.00%, 6/30/2025(b)(f)		11,900		595
8.63%, 10/31/2025(b)(h)		385		229
				102,371
Electric Utilities — 0.3%
NextEra Energy Capital Holdings, Inc. (ICE LIBOR USD 3 Month + 0.55%), 0.92%, 8/28/2021(c)		27,650		27,652
Texas Competitive Electric Holdings Co. LLC
11.50%, 10/1/2020‡(f)		5,000		8
8.50%, 10/20/2020‡(f)		37,201		15
8.50%, 12/31/2020‡(f)		24,805		2
Vistra Operations Co. LLC 5.63%, 2/15/2027(b)		500		531
				28,208
Electrical Equipment — 0.0%(a)
Sensata Technologies BV 5.00%, 10/1/2025(b)		3,078		3,193
Electronic Equipment, Instruments & Components — 0.1%
Anixter, Inc. 5.50%, 3/1/2023		15		15
MTS Systems Corp. 5.75%, 8/15/2027(b)		30		27
Tyco Electronics Group SA (Switzerland) (ICE LIBOR USD 3 Month + 0.45%), 1.76%, 6/5/2020(c)		8,020		8,020
				8,062
Energy Equipment & Services — 0.0%(a)
Calfrac Holdings LP (Canada) 8.50%, 6/15/2026(b)		2,145		64
Nabors Industries Ltd. 7.25%, 1/15/2026(b)		385		219
Nabors Industries, Inc. 5.75%, 2/1/2025		970		301
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025(b)		855		378
Telford Offshore Ltd. (United Arab Emirates) 12.00% (PIK), 12/31/2164(d)(e)(i)		4,372		1,190
Transocean Guardian Ltd. 5.88%, 1/15/2024(b)		438		401
Transocean Pontus Ltd. 6.13%, 8/1/2025(b)		1,132		1,064
Transocean, Inc.
7.25%, 11/1/2025(b)		1,315		724
8.00%, 2/1/2027(b)		1,015		548
				4,889
Entertainment — 0.1%
Cinemark USA, Inc. 8.75%, 5/1/2025(b)		373		389
Live Nation Entertainment, Inc.
6.50%, 5/15/2027(b)		601		638
4.75%, 10/15/2027(b)		923		858
NBCUniversal Enterprise, Inc. (ICE LIBOR USD 3 Month + 0.40%), 1.83%, 4/1/2021(b)(c)		4,195		4,203
Netflix, Inc.
5.88%, 11/15/2028		95		108
4.88%, 6/15/2030(b)		50		54
WMG Acquisition Corp. 5.00%, 8/1/2023(b)		850		859
				7,109
Equity Real Estate Investment Trusts (REITs) — 0.2%
CoreCivic, Inc. 4.63%, 5/1/2023		2,455		2,381
ESH Hospitality, Inc. 4.63%, 10/1/2027(b)		1,358		1,285
GEO Group, Inc. (The)
5.13%, 4/1/2023		305		268
5.88%, 10/15/2024		3,830		3,169
Iron Mountain, Inc. 6.00%, 8/15/2023		3,065		3,096
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		1,190		1,240
5.75%, 2/1/2027		630		661
RHP Hotel Properties LP 5.00%, 4/15/2023		3,350		3,108
Uniti Group LP
6.00%, 4/15/2023(b)		15		15
7.13%, 12/15/2024(b)		965		872
VICI Properties LP
3.50%, 2/15/2025(b)		385		371
4.25%, 12/1/2026(b)		1,274		1,262
3.75%, 2/15/2027(b)		345		333
4.63%, 12/1/2029(b)		4,660		4,649
4.13%, 8/15/2030(b)		260		251
				22,961
Food & Staples Retailing — 0.1%
Albertsons Cos., Inc.
3.50%, 2/15/2023(b)		320		322
6.63%, 6/15/2024		181		187
5.75%, 3/15/2025		4,595		4,722
4.63%, 1/15/2027(b)		645		655
4.88%, 2/15/2030(b)		455		471
Rite Aid Corp.
6.13%, 4/1/2023(b)		2,621		2,438
7.50%, 7/1/2025(b)		1,313		1,303
Sysco Corp.
5.65%, 4/1/2025		180		205
5.95%, 4/1/2030		125		150
				10,453
Food Products — 0.8%
Campbell Soup Co. (ICE LIBOR USD 3 Month + 0.63%), 1.37%, 3/15/2021(c)		30,905		30,848

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Conagra Brands, Inc. (ICE LIBOR USD 3 Month + 0.50%), 1.82%, 10/9/2020(c)		15,300		15,286
General Mills, Inc. (ICE LIBOR USD 3 Month + 0.54%), 1.72%, 4/16/2021(c)		30,592		30,627
Kraft Heinz Foods Co. 4.88%, 2/15/2025(b)		795		814
Lamb Weston Holdings, Inc.
4.63%, 11/1/2024(b)		810		844
4.88%, 5/15/2028(b)		422		442
Post Holdings, Inc.
5.75%, 3/1/2027(b)		815		850
5.63%, 1/15/2028(b)		220		230
5.50%, 12/15/2029(b)		220		230
4.63%, 4/15/2030(b)		384		379
TreeHouse Foods, Inc. 6.00%, 2/15/2024(b)		2,615		2,680
				83,230
Health Care Equipment & Supplies — 0.0%(a)
Hologic, Inc. 4.38%, 10/15/2025(b)		856		875
Teleflex, Inc. 4.25%, 6/1/2028(b)		1,340		1,380
				2,255
Health Care Providers & Services — 1.1%
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(b)		1,213		1,152
Centene Corp.
5.38%, 6/1/2026(b)		2,570		2,718
4.25%, 12/15/2027		5,548		5,796
4.63%, 12/15/2029		1,810		1,948
Cigna Corp. (ICE LIBOR USD 3 Month + 0.65%), 1.49%, 9/17/2021(c)		42,230		42,005
Community Health Systems, Inc.
6.25%, 3/31/2023		1,083		1,051
8.63%, 1/15/2024(b)		1,795		1,803
DaVita, Inc. 5.00%, 5/1/2025		5,255		5,393
Encompass Health Corp.
5.75%, 11/1/2024		2,321		2,334
5.75%, 9/15/2025		1,195		1,225
4.50%, 2/1/2028		1,300		1,320
Envision Healthcare Corp. 8.75%, 10/15/2026(b)		5,940		2,614
HCA, Inc.
5.38%, 2/1/2025		12,490		13,710
5.88%, 2/15/2026		15,693		17,568
5.38%, 9/1/2026		65		72
5.63%, 9/1/2028		110		126
3.50%, 9/1/2030		320		315
Radiology Partners, Inc. 9.25%, 2/1/2028(b)		650		628
Tenet Healthcare Corp.
8.13%, 4/1/2022		992		1,037
6.75%, 6/15/2023		4,910		5,143
4.63%, 7/15/2024		30		30
4.63%, 9/1/2024(b)		80		81
7.50%, 4/1/2025(b)		446		486
5.13%, 5/1/2025		265		269
7.00%, 8/1/2025		310		311
4.88%, 1/1/2026(b)		6,850		7,041
6.25%, 2/1/2027(b)		2,059		2,131
5.13%, 11/1/2027(b)		5,060		5,224
US Renal Care, Inc. 10.63%, 7/15/2027(b)		880		915
				124,446
Health Care Technology — 0.0%(a)
IQVIA, Inc. 5.00%, 10/15/2026(b)		915		969
Hotels, Restaurants & Leisure — 0.5%
Boyne USA, Inc. 7.25%, 5/1/2025(b)		980		1,036
Carnival Corp. 11.50%, 4/1/2023(b)		466		496
Cedar Fair LP 5.50%, 5/1/2025(b)		545		553
Chukchansi Economic Development Authority 9.75%, 5/30/2020(b)(f)		11,740		4,930
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(b)		1,362		940
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(b)		962		669
Gateway Casinos & Entertainment Ltd. (Canada) 8.25%, 3/1/2024(b)		689		586
Hilton Domestic Operating Co., Inc.
5.38%, 5/1/2025(b)		220		225
5.13%, 5/1/2026		2,071		2,077
5.75%, 5/1/2028(b)		330		341
Hilton Worldwide Finance LLC 4.63%, 4/1/2025		492		488
Hyatt Hotels Corp.
5.38%, 4/23/2025		255		267
5.75%, 4/23/2030		255		269
IRB Holding Corp. 7.00%, 6/15/2025(b)		395		410
LTF Merger Sub, Inc. 8.50%, 6/15/2023(b)		4,400		3,454
Marriott International, Inc.
Series Y, (ICE LIBOR USD 3 Month + 0.60%), 2.18%, 12/1/2020(c)		16,020		15,820
(ICE LIBOR USD 3 Month + 0.65%), 1.65%, 3/8/2021(c)		5,730		5,637
Series EE, 5.75%, 5/1/2025		335		362
4.63%, 6/15/2030		390		399
Marriott Ownership Resorts, Inc.
6.13%, 9/15/2025(b)		735		762
6.50%, 9/15/2026		950		943

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
MGM Resorts International
5.75%, 6/15/2025		2,783		2,776
5.50%, 4/15/2027		1,202		1,168
Royal Caribbean Cruises Ltd.
10.88%, 6/1/2023(b)		495		518
11.50%, 6/1/2025(b)		1,430		1,516
Sabre GLBL, Inc.
5.25%, 11/15/2023(b)		1,835		1,724
9.25%, 4/15/2025(b)		537		571
Six Flags Entertainment Corp.
4.88%, 7/31/2024(b)		1,790		1,683
5.50%, 4/15/2027(b)		465		432
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025(b)		520		553
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026(b)		15		16
Station Casinos LLC 4.50%, 2/15/2028(b)		1,235		1,088
Vail Resorts, Inc. 6.25%, 5/15/2025(b)		432		454
Wynn Las Vegas LLC 5.50%, 3/1/2025(b)		2,470		2,394
Yum! Brands, Inc. 7.75%, 4/1/2025(b)		270		298
				55,855
Household Durables — 0.0%(a)
Newell Brands, Inc.
4.88%, 6/1/2025		140		145
4.70%, 4/1/2026(h)		1,246		1,290
5.87%, 4/1/2036(h)		260		272
Tempur Sealy International, Inc.
5.63%, 10/15/2023		500		500
5.50%, 6/15/2026		285		286
				2,493
Household Products — 0.1%
Central Garden & Pet Co.
6.13%, 11/15/2023		1,220		1,247
5.13%, 2/1/2028		2,180		2,230
Energizer Holdings, Inc. 7.75%, 1/15/2027(b)		4,215		4,594
Spectrum Brands, Inc. 5.75%, 7/15/2025		4,725		4,873
				12,944
Independent Power and Renewable Electricity Producers — 0.0%(a)
AES Corp. (The) 6.00%, 5/15/2026		15		16
Insurance — 1.0%
AIA Group Ltd. (Hong Kong) (ICE LIBOR USD 3 Month + 0.52%), 1.64%, 9/20/2021(b)(c)		15,830		15,605
Jackson National Life Global Funding (SOFR + 0.60%), 0.66%, 1/6/2023(b)(c)		57,960		56,427
MET Tower Global Funding (SOFR + 0.55%), 0.58%, 1/17/2023(b)(c)		13,740		13,365
Metropolitan Life Global Funding I (SOFR + 0.57%), 0.63%, 1/13/2023(b)(c)		16,850		16,467
Protective Life Global Funding (ICE LIBOR USD 3 Month + 0.52%), 1.89%, 6/28/2021(b)(c)		11,740		11,743
				113,607
Internet & Direct Marketing Retail — 0.2%
eBay, Inc. (ICE LIBOR USD 3 Month + 0.87%), 1.63%, 1/30/2023(c)		15,505		15,367
Expedia Group, Inc.
6.25%, 5/1/2025(b)		540		576
7.00%, 5/1/2025(b)		324		346
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026(b)		2,815		2,552
				18,841
IT Services — 0.3%
Cogent Communications Group, Inc. 5.63%, 4/15/2021(b)		5,901		5,903
Gartner, Inc. 5.13%, 4/1/2025(b)		30		31
International Business Machines Corp. (ICE LIBOR USD 3 Month + 0.40%), 0.83%, 5/13/2021(c)		29,580		29,672
Presidio Holdings, Inc. 4.88%, 2/1/2027(b)		50		50
				35,656
Leisure Products — 0.1%
Mattel, Inc.
3.15%, 3/15/2023		775		736
6.75%, 12/31/2025(b)		6,914		7,208
5.88%, 12/15/2027(b)		925		941
Vista Outdoor, Inc. 5.88%, 10/1/2023		4,934		4,663
				13,548
Life Sciences Tools & Services — 0.0%(a)
Avantor, Inc. 6.00%, 10/1/2024(b)		2,180		2,289
Machinery — 0.2%
EnPro Industries, Inc. 5.75%, 10/15/2026		15		15
Hillman Group, Inc. (The) 6.38%, 7/15/2022(b)		2,235		2,013
Otis Worldwide Corp. (ICE LIBOR USD 3 Month + 0.45%), 2.09%, 4/5/2023(b)(c)		12,320		12,156
SPX FLOW, Inc.
5.63%, 8/15/2024(b)		30		30
5.88%, 8/15/2026(b)		135		136
Stevens Holding Co., Inc. 6.13%, 10/1/2026(b)		30		31
Terex Corp. 5.63%, 2/1/2025(b)		1,500		1,395
Wabash National Corp. 5.50%, 10/1/2025(b)		80		68

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Welbilt, Inc. 9.50%, 2/15/2024		2,480		2,232
				18,076
Media — 0.8%
Altice Financing SA (Luxembourg) 7.50%, 5/15/2026(b)		950		1,000
Charter Communications Operating LLC (ICE LIBOR USD 3 Month + 1.65%), 2.34%, 2/1/2024(c)		3,825		3,787
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024		4,315		3,925
5.13%, 8/15/2027(b)		2,980		2,980
Comcast Corp. (ICE LIBOR USD 3 Month + 0.44%), 1.87%, 10/1/2021(c)		7,940		7,963
CSC Holdings LLC
6.63%, 10/15/2025(b)		1,475		1,542
10.88%, 10/15/2025(b)		20,510		22,205
6.50%, 2/1/2029(b)		300		331
Diamond Sports Group LLC 5.38%, 8/15/2026(b)		610		485
DISH DBS Corp.
5.00%, 3/15/2023		300		299
5.88%, 11/15/2024		10,373		10,240
7.75%, 7/1/2026		9,550		9,908
Entercom Media Corp.
7.25%, 11/1/2024(b)		830		669
6.50%, 5/1/2027(b)		330		290
GCI LLC
6.63%, 6/15/2024(b)		10		10
6.88%, 4/15/2025		750		780
Gray Television, Inc. 7.00%, 5/15/2027(b)		30		32
iHeartCommunications, Inc. 8.38%, 5/1/2027		1,014		948
Lamar Media Corp. 4.88%, 1/15/2029(b)		350		360
Meredith Corp. 6.88%, 2/1/2026		4,790		4,437
Nexstar Broadcasting, Inc.
5.63%, 8/1/2024(b)		1,884		1,922
5.63%, 7/15/2027(b)		1,320		1,353
Sinclair Television Group, Inc. 5.13%, 2/15/2027(b)		3,366		3,132
Sirius XM Radio, Inc.
5.38%, 4/15/2025(b)		7,406		7,599
5.38%, 7/15/2026(b)		50		52
Videotron Ltd. (Canada)
5.38%, 6/15/2024(b)		1,300		1,378
5.13%, 4/15/2027(b)		235		247
				87,874
Metals & Mining — 0.2%
Alcoa Nederland Holding BV
6.75%, 9/30/2024(b)		8,186		8,309
7.00%, 9/30/2026(b)		610		625
Allegheny Technologies, Inc. 5.88%, 12/1/2027		388		313
Arconic Corp.
6.00%, 5/15/2025(b)		858		889
6.13%, 2/15/2028(b)		445		433
Constellium SE 6.63%, 3/1/2025(b)		1,040		1,057
Freeport-McMoRan, Inc.
4.55%, 11/14/2024		4,950		5,037
4.13%, 3/1/2028		1,016		988
Novelis Corp.
5.88%, 9/30/2026(b)		15		15
4.75%, 1/30/2030(b)		670		637
United States Steel Corp. 12.00%, 6/1/2025(b)		653		651
				18,954
Multiline Retail — 0.0%(a)
Macy’s, Inc. 8.38%, 6/15/2025(b)		672		681
Neiman Marcus Group Ltd. LLC
14.00% (cash), 4/25/2024(b)(f)(i)		6,298		1,449
8.00%, 10/25/2024(b)(f)		6,068		152
8.75%, 10/25/2024(b)(f)		8,045		201
Nordstrom, Inc. 8.75%, 5/15/2025(b)		405		435
				2,918
Multi-Utilities — 0.3%
Sempra Energy
(ICE LIBOR USD 3 Month + 0.50%), 1.72%, 1/15/2021(c)		4,103		4,084
(ICE LIBOR USD 3 Month + 0.45%), 1.19%, 3/15/2021(c)		29,380		29,337
				33,421
Oil, Gas & Consumable Fuels — 1.2%
Antero Midstream Partners LP 5.38%, 9/15/2024		2,120		1,770
Antero Resources Corp. 5.13%, 12/1/2022		1,905		1,334
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026(b)		185		125
Baytex Energy Corp. (Canada) 8.75%, 4/1/2027(b)		960		485
Blue Racer Midstream LLC 6.13%, 11/15/2022(b)		3,675		3,587
Buckeye Partners LP
4.13%, 3/1/2025(b)		575		564
4.13%, 12/1/2027		680		657
4.50%, 3/1/2028(b)		575		556
Callon Petroleum Co. 6.25%, 4/15/2023		1,626		528
Chesapeake Energy Corp. 11.50%, 1/1/2025(b)		530		36
Comstock Resources, Inc. 7.50%, 5/15/2025(b)		2,285		2,017
Crestwood Midstream Partners LP 6.25%, 4/1/2023(h)		2,050		1,953

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.38%, 12/15/2022(c)(d)(e)		1,545		939
DCP Midstream Operating LP 5.38%, 7/15/2025		145		140
Denbury Resources, Inc. 9.25%, 3/31/2022(b)		1,261		504
Enbridge, Inc. (Canada) (ICE LIBOR USD 3 Month + 0.70%), 1.44%, 6/15/2020(c)		12,370		12,370
EnLink Midstream LLC 5.38%, 6/1/2029		609		471
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022(c)(d)(e)		1,490		417
4.40%, 4/1/2024		880		706
4.15%, 6/1/2025		115		93
4.85%, 7/15/2026		1,040		837
EP Energy LLC
9.38%, 5/1/2024(b)(f)		12,127		12
8.00%, 11/29/2024(b)(f)		643		6
8.00%, 2/15/2025(b)(f)		1,045		1
7.75%, 5/15/2026(b)(f)		9,647		1,255
EQT Corp. 7.00%, 2/1/2030(h)		150		159
Genesis Energy LP
6.50%, 10/1/2025		55		50
6.25%, 5/15/2026		120		107
7.75%, 2/1/2028		708		662
Gulfport Energy Corp.
6.00%, 10/15/2024		1,510		883
6.38%, 5/15/2025		310		155
6.38%, 1/15/2026		1,020		510
Holly Energy Partners LP 5.00%, 2/1/2028(b)		475		468
MEG Energy Corp. (Canada)
7.00%, 3/31/2024(b)		1,302		1,253
6.50%, 1/15/2025(b)		607		598
7.13%, 2/1/2027(b)		730		665
MPLX LP
(ICE LIBOR USD 3 Month + 0.90%), 1.90%, 9/9/2021(c)		5,690		5,507
(ICE LIBOR USD 3 Month + 1.10%), 2.10%, 9/9/2022(c)		4,060		3,833
Oasis Petroleum, Inc.
6.88%, 1/15/2023		3,101		524
6.25%, 5/1/2026(b)		930		153
Occidental Petroleum Corp.
(ICE LIBOR USD 3 Month + 1.25%), 1.68%, 8/13/2021(c)		17,061		16,273
(ICE LIBOR USD 3 Month + 1.45%), 1.84%, 8/15/2022(c)		18,325		16,034
2.70%, 8/15/2022		970		887
PBF Holding Co. LLC
9.25%, 5/15/2025(b)		327		354
6.00%, 2/15/2028(b)		515		433
Range Resources Corp. 4.88%, 5/15/2025		1,195		999
SM Energy Co.
6.13%, 11/15/2022		1,069		642
5.63%, 6/1/2025		1,085		564
Southwestern Energy Co.
6.20%, 1/23/2025(h)		1,650		1,482
7.50%, 4/1/2026		1,463		1,346
Spectra Energy Partners LP (ICE LIBOR USD 3 Month + 0.70%), 2.01%, 6/5/2020(c)		30,084		30,083
Summit Midstream Holdings LLC 5.75%, 4/15/2025		2,835		1,213
Tallgrass Energy Partners LP 5.50%, 1/15/2028(b)		160		143
Targa Resources Partners LP
6.75%, 3/15/2024		6,405		6,513
6.50%, 7/15/2027		933		982
Whiting Petroleum Corp.
5.75%, 3/15/2021(f)		695		82
6.25%, 4/1/2023(f)		60		7
6.63%, 1/15/2026(f)		985		113
Williams Cos., Inc. (The) 7.88%, 9/1/2021		3,520		3,793
WPX Energy, Inc. 8.25%, 8/1/2023		1,181		1,261
				130,094
Personal Products — 0.0%(a)
Coty, Inc. 6.50%, 4/15/2026(b)		605		501
Edgewell Personal Care Co. 5.50%, 6/1/2028(b)		680		704
High Ridge Brands Co. 8.88%, 3/15/2025(b)(f)		3,888		39
Prestige Brands, Inc.
6.38%, 3/1/2024(b)		410		422
5.13%, 1/15/2028(b)		260		264
				1,930
Pharmaceuticals — 0.6%
Advanz Pharma Corp. Ltd. (Canada) 8.00%, 9/6/2024		1,573		1,431
Bausch Health Americas, Inc.
9.25%, 4/1/2026(b)		2,805		3,114
8.50%, 1/31/2027(b)		2,408		2,632
Bausch Health Cos., Inc.
5.88%, 5/15/2023(b)		333		333
7.00%, 3/15/2024(b)		13,791		14,271
6.13%, 4/15/2025(b)		8,158		8,279
9.00%, 12/15/2025(b)		8,019		8,771
7.00%, 1/15/2028(b)		1,480		1,555
5.00%, 1/30/2028(b)		503		486
5.25%, 1/30/2030(b)		488		479
Bayer US Finance II LLC (Germany) (ICE LIBOR USD 3 Month + 0.63%), 1.85%, 6/25/2021(b)(c)		7,780		7,738

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Bristol-Myers Squibb Co. (ICE LIBOR USD 3 Month + 0.38%), 0.77%, 5/16/2022(b)(c)		3,216		3,215
Endo Dac 6.00%, 7/15/2023(b)		1,744		1,358
Mallinckrodt International Finance SA
5.63%, 10/15/2023(b)		790		174
5.50%, 4/15/2025(b)		7,315		1,463
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(b)		2,150		2,190
Zoetis, Inc. (ICE LIBOR USD 3 Month + 0.44%), 0.82%, 8/20/2021(c)		5,915		5,908
				63,397
Professional Services — 0.0%(a)
Jaguar Holding Co. II
4.63%, 6/15/2025(b)		294		304
5.00%, 6/15/2028(b)		295		306
				610
Road & Rail — 0.1%
Avis Budget Car Rental LLC
6.38%, 4/1/2024(b)		4,655		3,852
10.50%, 5/15/2025(b)		1,515		1,685
Hertz Corp. (The)
7.63%, 6/1/2022(b)		1,267		548
5.50%, 10/15/2024(b)		4,923		886
7.13%, 8/1/2026(b)		1,035		176
6.00%, 1/15/2028(b)		1,345		226
				7,373
Semiconductors & Semiconductor Equipment — 0.1%
Entegris, Inc. 4.63%, 2/10/2026(b)		2,365		2,412
MagnaChip Semiconductor Corp. (South Korea) 6.63%, 7/15/2021(h)		1,229		1,217
Microchip Technology, Inc. 4.25%, 9/1/2025(b)		416		419
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026(b)		3,195		3,362
				7,410
Software — 0.0%(a)
Nuance Communications, Inc. 5.63%, 12/15/2026		503		533
Specialty Retail — 0.2%
Gap, Inc. (The) 8.38%, 5/15/2023(b)		1,415		1,503
L Brands, Inc. 6.75%, 7/1/2036		1,855		1,546
PetSmart, Inc.
7.13%, 3/15/2023(b)		3,791		3,678
5.88%, 6/1/2025(b)		2,799		2,799
8.88%, 6/1/2025(b)		2,163		2,147
Staples, Inc.
7.50%, 4/15/2026(b)		6,770		5,914
10.75%, 4/15/2027(b)		2,280		1,551
				19,138
Technology Hardware, Storage & Peripherals — 0.5%
Dell International LLC
5.85%, 7/15/2025(b)		117		131
6.10%, 7/15/2027(b)		235		264
6.20%, 7/15/2030(b)		580		660
Hewlett Packard Enterprise Co.
(ICE LIBOR USD 3 Month + 0.68%), 1.46%, 3/12/2021(c)		24,630		24,481
(ICE LIBOR USD 3 Month + 0.72%), 2.09%, 10/5/2021(c)		30,469		30,093
NCR Corp.
8.13%, 4/15/2025(b)		374		403
5.75%, 9/1/2027(b)		945		938
6.13%, 9/1/2029(b)		1,090		1,087
				58,057
Textiles, Apparel & Luxury Goods — 0.0%(a)
William Carter Co. (The) 5.63%, 3/15/2027(b)		2,200		2,247
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom)
(ICE LIBOR USD 3 Month + 0.59%), 1.01%, 8/14/2020(c)		1,932		1,932
(ICE LIBOR USD 3 Month + 0.88%), 1.27%, 8/15/2022(c)		20,551		20,276
				22,208
Trading Companies & Distributors — 0.2%
Ahern Rentals, Inc. 7.38%, 5/15/2023(b)		2,442		1,062
Aviation Capital Group LLC (ICE LIBOR USD 3 Month + 0.95%), 2.53%, 6/1/2021(b)(c)		8,020		7,380
H&E Equipment Services, Inc. 5.63%, 9/1/2025		995		972
Herc Holdings, Inc. 5.50%, 7/15/2027(b)		1,740		1,694
United Rentals North America, Inc.
4.63%, 10/15/2025		3,400		3,458
6.50%, 12/15/2026		2,850		3,046
5.50%, 5/15/2027		2,275		2,414
WESCO Distribution, Inc.
7.13%, 6/15/2025(b)(j)		1,080		1,080
7.25%, 6/15/2028(b)(j)		1,080		1,072
				22,178
Wireless Telecommunication Services — 0.4%
Sprint Corp.
7.25%, 9/15/2021		2,045		2,146
7.88%, 9/15/2023		4,188		4,753
7.63%, 2/15/2025		19,875		23,179
7.63%, 3/1/2026		1,207		1,442
T-Mobile USA, Inc.
6.50%, 1/15/2024		1,865		1,907
6.38%, 3/1/2025		4,425		4,564
3.50%, 4/15/2025(b)		710		760
6.50%, 1/15/2026		5,840		6,162
3.75%, 4/15/2027(b)		710		768
3.88%, 4/15/2030(b)		435		472

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
United States Cellular Corp. 6.70%, 12/15/2033		2,655		2,860
				49,013
TOTAL CORPORATE BONDS (Cost $3,925,916)				3,799,789
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.3%
Adjustable Rate Mortgage Trust
Series 2005-5, Class 5A1, 3.78%, 9/25/2035(k)		3,847		3,271
Series 2005-10, Class 1A21, 4.03%, 1/25/2036(k)		1,011		892
Alternative Loan Trust
Series 2004-5CB, Class 2A1, 5.00%, 5/25/2019		68		69
Series 2005-20CB, Class 4A1, 5.25%, 7/25/2020		99		99
Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020		97		96
Series 2005-J11, Class 5A1, 5.50%, 11/25/2020		502		488
Series 2006-J3, Class 2A1, 4.75%, 12/25/2020		153		124
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025		611		593
Series 2006-J2, Class A1, 0.67%, 4/25/2036(k)		3,458		1,288
Series 2006-24CB, Class A1, 6.00%, 8/25/2036		1,229		907
Series 2006-24CB, Class A23, 6.00%, 8/25/2036		2,215		1,634
Series 2006-25CB, Class A9, 6.00%, 10/25/2036		2,962		2,296
Series 2006-28CB, Class A17, 6.00%, 10/25/2036		547		397
Series 2006-31CB, Class A3, 6.00%, 11/25/2036		1,856		1,478
Series 2006-41CB, Class 2A17, 6.00%, 1/25/2037		427		315
Series 2007-5CB, Class 1A31, 5.50%, 4/25/2037		621		460
American Home Mortgage Assets Trust Series 2006-2, Class 2A1, 0.36%, 9/25/2046(k)		1,339		1,229
Angel Oak Mortgage Trust
Series 2020-1, Class A1, 2.47%, 12/25/2059(b)(k)		123		124
Series 2020-1, Class B1, 3.76%, 12/25/2059‡(b)(k)		2,907		2,696
Angel Oak Mortgage Trust I LLC
Series 2018-1, Class A2, 3.31%, 4/27/2048(b)(k)		4,759		4,793
Series 2018-2, Class A2, 3.78%, 7/27/2048(b)(k)		2,905		2,943
Series 2019-1, Class A2, 4.02%, 11/25/2048(b)(k)		5,378		5,452
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022(b)		9,006		8,919
Arroyo Mortgage Trust
Series 2018-1, Class A1, 3.76%, 4/25/2048(b)(k)		13,678		13,905
Series 2019-1, Class A2, 4.06%, 1/25/2049(b)(k)		9,743		9,911
Banc of America Alternative Loan Trust Series 2006-4, Class 2A1, 6.00%, 5/25/2021		465		465
Banc of America Funding Trust
Series 2005-1, Class 1A1, 5.50%, 2/25/2035		1,336		1,342
Series 2005-B, Class 3M1, 0.85%, 4/20/2035‡(k)		8,519		8,363
Series 2006-1, Class 2A1, 5.50%, 1/25/2036		421		411
Series 2006-D, Class 5A2, 3.58%, 5/20/2036(k)		759		653
Series 2014-R7, Class 1A1, 0.32%, 5/26/2036(b)(k)		5,840		5,527
Series 2014-R7, Class 2A1, 0.31%, 9/26/2036(b)(k)		1,362		1,275
Series 2015-R4, Class 5A1, 0.64%, 10/25/2036(b)(k)		11,296		10,881
Banc of America Mortgage Trust Series 2007-3, Class 1A1, 6.00%, 9/25/2037		2,701		2,604
Bear Stearns ARM Trust Series 2005-12, Class 22A1, 3.70%, 2/25/2036(k)		4,708		4,388
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC5, Class A1, 5.75%, 10/25/2034(h)		2,876		2,885
Bunker Hill Loan Depositary Trust Series 2019-1, Class A2, 3.82%, 10/26/2048(b)(h)		2,326		2,361
Chase Mortgage Finance Trust Series 2005-S1, Class 1A15, 6.00%, 5/25/2035		866		902
CHL Mortgage Pass-Through Trust
Series 2005-21, Class A2, 5.50%, 10/25/2035		417		355
Series 2006-15, Class A1, 6.25%, 10/25/2036		1,349		991
Series 2006-20, Class 1A36, 5.75%, 2/25/2037		557		424
Series 2007-5, Class A6, 0.52%, 5/25/2037(k)		1,628		852
Citicorp Mortgage Securities Trust Series 2007-5, Class 1A9, 6.00%, 6/25/2037		2,057		2,003

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Citigroup Mortgage Loan Trust
Series 2006-4, Class 1A1, 5.50%, 12/25/2035		96		96
Series 2014-10, Class 3A1, 0.89%, 7/25/2036(b)(k)		4,193		4,032
Series 2014-11, Class 4A1, 1.17%, 7/25/2036(b)(k)		2,725		2,578
Series 2014-12, Class 1A4, 1.75%, 8/25/2036(b)(k)		7,593		7,451
Series 2014-10, Class 1A1, 0.62%, 11/25/2036(b)(k)		3,334		3,149
Series 2014-10, Class 4A1, 0.66%, 2/25/2037(b)(k)		5,435		5,058
Series 2014-12, Class 2A4, 3.34%, 2/25/2037(b)(k)		1,923		1,919
Series 2014-C, Class A, 3.25%, 2/25/2054(b)(k)		3,947		3,965
COLT Mortgage Loan Trust
Series 2018-2, Class A2, 3.54%, 7/27/2048(b)(k)		2,704		2,712
Series 2020-1, Class A1, 2.49%, 2/25/2050(b)(k)		23,970		24,112
Connecticut Avenue Securities Trust
Series 2019-R01, Class 2M2, 2.62%, 7/25/2031‡(b)(k)		5,257		5,178
Series 2019-R02, Class 1M2, 2.47%, 8/25/2031‡(b)(k)		4,290		4,194
Series 2019-R03, Class 1M2, 2.32%, 9/25/2031(b)(k)		18,277		17,864
Series 2019-R04, Class 2M2, 2.27%, 6/25/2039‡(b)(k)		59,512		58,245
Series 2019-R05, Class 1M2, 2.17%, 7/25/2039‡(b)(k)		55,004		53,994
Series 2019-R06, Class 2M2, 2.27%, 9/25/2039(b)(k)		47,750		46,553
Series 2019-R07, Class 1M1, 0.94%, 10/25/2039‡(b)(k)		12,474		12,398
Series 2019-R07, Class 1M2, 2.27%, 10/25/2039‡(b)(k)		35,706		33,655
Series 2020-R02, Class 2M1, 0.92%, 1/25/2040(b)(k)		4,566		4,508
Series 2020-R01, Class 1M1, 0.97%, 1/25/2040‡(b)(k)		14,720		14,554
Series 2020-R01, Class 1M2, 2.22%, 1/25/2040‡(b)(k)		37,194		33,382
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-5, Class 1A1, 5.00%, 7/25/2020		101		100
Series 2005-7, Class 3A1, 5.00%, 8/25/2020		7		6
Series 2004-5, Class 4A1, 6.00%, 9/25/2034		1,125		1,153
CSMC
Series 2011-12R, Class 3A1, 4.11%, 7/27/2036(b)(k)		532		528
Series 2014-11R, Class 9A1, 0.63%, 10/27/2036(b)(k)		352		352
Series 2014-11R, Class 8A1, 2.44%, 4/27/2037(b)(k)		485		481
Deephave Residential Mortgage Trust Series 2019-2A, Class B1, 4.72%, 4/25/2059‡(b)(k)		4,463		3,906
Deephaven Residential Mortgage Trust
Series 2017-2A, Class A1, 2.45%, 6/25/2047(b)(k)		1,697		1,686
Series 2018-2A, Class A2, 3.53%, 4/25/2058(b)(k)		4,136		4,167
Series 2018-3A, Class A2, 3.89%, 8/25/2058(b)(k)		2,178		2,188
Series 2018-4A, Class A2, 4.18%, 10/25/2058(b)(k)		5,578		5,589
Series 2019-4A, Class B1, 3.99%, 10/25/2059‡(b)(k)		8,916		7,806
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-AR2, Class A1, 0.32%, 3/25/2037(k)		10,349		9,289
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 2A1, 5.06%, 2/25/2020(k)		202		201
Series 2005-1, Class 1A1, 0.67%, 2/25/2035(k)		1,428		1,340
FHLMC STACR Series 2019-HQA3, Class M2, 2.02%, 9/25/2049(b)(k)		44,816		42,903
FHLMC STACR REMIC Trust Series 2020-DNA2, Class M1, 0.92%, 2/25/2050(b)(k)		4,003		3,899
FHLMC STACR Trust
Series 2018-HQA2, Class M1, 0.92%, 10/25/2048(b)(k)		7,208		7,182
Series 2019-DNA4, Class M2, 2.12%, 10/25/2049(b)(k)		4,000		3,779
FHLMC Structured Agency Credit Risk Debt Notes
Series 2014-DN2, Class M2, 1.82%, 4/25/2024(k)		2,660		2,621
Series 2015-DNA1, Class M2, 2.02%, 10/25/2027(k)		2,303		2,299
Series 2015-DNA3, Class M2, 3.02%, 4/25/2028(k)		2,045		2,050
Series 2016-HQA2, Class M2, 2.42%, 11/25/2028(k)		221		221
FNMA, Connecticut Avenue Securities
Series 2018-C03, Class 1M1, 0.85%, 10/25/2030(k)		144		143
Series 2018-C04, Class 2M2, 2.72%, 12/25/2030(k)		6,994		6,731
GCAT Trust
Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(b)(k)		19,861		19,787
Series 2020-NQM1, Class A1, 2.25%, 1/25/2060(b)(h)		35,749		35,617
GSMSC Resecuritization Trust Series 2014-1R, Class 1A, 0.66%, 4/26/2037(b)(k)		1,014		989

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
GSR Mortgage Loan Trust
Series 2006-9F, Class 9A1, 6.00%, 8/25/2021		66		68
Series 2006-2F, Class 2A1, 5.75%, 2/25/2036		1,405		1,355
Series 2006-3F, Class 2A7, 5.75%, 3/25/2036		1,111		1,165
HarborView Mortgage Loan Trust
Series 2004-9, Class 2A, 3.72%, 12/19/2034(k)		1,331		1,118
Series 2006-9, Class 2A1A, 0.38%, 11/19/2036(k)		4,510		3,842
Series 2007-1, Class 2A1A, 0.30%, 3/19/2037(k)		21,026		18,846
HomeBanc Mortgage Trust Series 2005-4, Class A1, 0.44%, 10/25/2035(k)		5,747		5,708
Homeward Opportunities Fund I Trust Series 2018-1, Class A2, 3.90%, 6/25/2048(b)(k)		4,824		4,873
Impac CMB Trust
Series 2004-6, Class 1A2, 0.95%, 10/25/2034(k)		1,084		1,048
Series 2005-1, Class 2A1, 0.68%, 4/25/2035(k)		8,233		7,692
JP Morgan Mortgage Trust Series 2005-S2, Class 4A3, 5.50%, 9/25/2020		664		584
JP Morgan Seasoned Mortgage Trust Series 2014-1, Class A2, 0.67%, 5/25/2033(b)(k)		7,808		7,518
Lehman Mortgage Trust Series 2006-4, Class 3A1, 5.00%, 8/25/2021		136		139
MASTR Alternative Loan Trust
Series 2004-7, Class 10A1, 6.00%, 6/25/2034		556		596
Series 2005-5, Class 3A1, 5.75%, 8/25/2035		2,208		1,643
NACC Reperforming Loan REMIC Trust Series 2004-R1, Class A1, 6.50%, 3/25/2034(b)		1,263		1,219
New Residential Mortgage Loan Trust Series 2018-NQM1, Class A2, 4.09%, 11/25/2048(b)(k)		4,676		4,806
Nomura Resecuritization Trust Series 2015-2R, Class 4A1, 0.77%, 12/26/2036(b)(k)		2,675		2,576
Prime Mortgage Trust Series 2005-2, Class 2A1, 6.27%, 10/25/2032(k)		1,200		1,202
RALI Trust
Series 2003-QS16, Class A1, 5.00%, 8/25/2018		108		54
Series 2003-QS20, Class CB, 5.00%, 11/25/2018		43		43
Series 2006-QS18, Class 3A3, 5.75%, 12/25/2021		118		111
RBSSP Resecuritization Trust Series 2012-6, Class 10A2, 0.64%, 8/26/2036(b)(k)		6,541		6,319
Residential Asset Securitization Trust
Series 2004-A6, Class A1, 5.00%, 8/25/2019		3		3
Series 2006-R1, Class A2, 0.57%, 1/25/2046(k)		17,430		4,837
Residential Mortgage Loan Trust Series 2019-1, Class A2, 4.09%, 10/25/2058(b)(k)		8,613		8,630
RFMSI Trust
Series 2005-SA2, Class 2A2, 3.98%, 6/25/2035(k)		1,826		1,727
Series 2006-S9, Class A1, 6.25%, 9/25/2036		2,426		2,278
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		1,869		1,709
Series 2006-SA4, Class 2A1, 5.22%, 11/25/2036(k)		1,270		1,087
Series 2006-S12, Class 3A9, 5.75%, 12/25/2036		2,672		2,538
Series 2007-S2, Class A4, 6.00%, 2/25/2037		771		703
Series 2007-SA4, Class 3A1, 5.03%, 10/25/2037(k)		11,471		9,262
SG Residential Mortgage Trust Series 2018-1, Class A2, 3.58%, 4/27/2048(b)(k)		710		704
STACR Trust
Series 2018-DNA2, Class M1, 0.97%, 12/25/2030‡(b)(k)		4,363		4,343
Series 2018-HRP1, Class M2, 1.82%, 4/25/2043‡(b)(k)		23,952		22,925
Starwood Mortgage Residential Trust
Series 2018-IMC1, Class A2, 3.89%, 3/25/2048(b)(k)		5,059		5,091
Series 2018-IMC2, Class A2, 4.22%, 10/25/2048(b)(k)		4,380		4,477
Series 2019-1, Class A1, 2.94%, 6/25/2049(b)(k)		11,118		11,210
Series 2019-INV1, Class A3, 2.92%, 9/27/2049(b)(k)		2,280		2,252
Thornburg Mortgage Securities Trust
Series 2007-4, Class 3A1, 3.99%, 9/25/2037(k)		170		170
Series 2002-4, Class 3A, 4.07%, 12/25/2042(k)		935		887
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021(b)(h)		5,310		5,024
Verus Securitization Trust
Series 2017-1A, Class A2, 3.16%, 1/25/2047(b)(k)		375		373

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Series 2018-INV1, Class B1, 4.55%, 3/25/2058‡(b)(k)		5,320		4,743
Series 2018-2, Class A2, 3.78%, 6/1/2058(b)(k)		3,144		3,176
Series 2018-3, Class A2, 4.18%, 10/25/2058(b)(k)		4,797		4,871
Series 2018-INV2, Class A2, 4.40%, 10/25/2058(b)(k)		6,321		6,345
Series 2019-INV2, Class B1, 4.45%, 7/25/2059‡(b)(k)		3,250		2,621
Series 2020-1, Class A1, 2.42%, 1/25/2060(b)(k)		344		346
Series 2020-1, Class B1, 3.62%, 1/25/2060‡(b)(k)		1,998		1,520
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-7, Class 1A2, 0.62%, 9/25/2035(k)		1,331		1,047
Series 2005-8, Class 1A8, 5.50%, 10/25/2035		110		108
Wells Fargo Alternative Loan Trust Series 2005-1, Class 1A2, 5.50%, 2/25/2035		327		329
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $804,670)				805,532
ASSET-BACKED SECURITIES — 6.1%
ABFC Trust Series 2006-OPT2, Class A2, 0.31%, 10/25/2036‡(k)		18,661		16,967
Accredited Mortgage Loan Trust Series 2003-3, Class A1, 5.21%, 1/25/2034‡(h)		1,663		1,728
ACE Securities Corp. Home Equity Loan Trust Series 2006-FM1, Class A2B, 0.26%, 7/25/2036‡(k)		28,178		8,971
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-7, Class M1, 1.44%, 8/25/2033‡(k)		549		541
Bear Stearns Asset-Backed Securities Trust Series 2004-SD1, Class M2, 5.82%, 12/25/2042‡(h)		784		748
Carrington Mortgage Loan Trust
Series 2005-NC5, Class M1, 0.65%, 10/25/2035‡(k)		13,293		13,167
Series 2006-NC2, Class A3, 0.32%, 6/25/2036‡(k)		16,701		16,353
Series 2007-FRE1, Class A2, 0.37%, 2/25/2037(k)		3,243		3,220
Series 2007-HE1, Class A2, 0.32%, 6/25/2037‡(k)		1,167		1,161
Centex Home Equity Loan Trust Series 2005-A, Class M2, 0.92%, 1/25/2035‡(k)		2,652		2,437
Citibank Credit Card Issuance Trust Series 2016-A3, Class A3, 0.74%, 12/7/2023(k)		9,605		9,642
Citigroup Mortgage Loan Trust Series 2007-AMC1, Class A1, 0.33%, 12/25/2036‡(b)(k)		8,940		5,772
Countrywide Asset-Backed Certificates
Series 2006-8, Class 2A3, 0.33%, 12/25/2035‡(k)		7,168		7,014
Series 2006-BC3, Class 2A3, 0.41%, 2/25/2037‡(k)		3,374		3,351
Series 2007-2, Class 2A3, 0.31%, 8/25/2037‡(k)		6,824		6,597
Series 2007-8, Class 2A3, 0.36%, 11/25/2037‡(k)		13,199		12,916
Credit-Based Asset Servicing & Securitization LLC Series 2006-CB8, Class A1, 0.31%, 10/25/2036‡(k)		11,119		9,749
CWABS Asset-Backed Certificates Trust
Series 2006-18, Class 2A2, 0.33%, 3/25/2037‡(k)		9,764		9,616
Series 2006-11, Class 3AV2, 0.33%, 9/25/2046‡(k)		5,848		5,611
CWABS, Inc. Asset-Backed Certificates Series 2004-1, Class M2, 0.99%, 3/25/2034‡(k)		460		449
Discover Card Execution Note Trust Series 2017-A1, Class A1, 0.67%, 7/15/2024(k)		8,864		8,907
Ellington Loan Acquisition Trust Series 2007-2, Class A2E, 1.27%, 5/25/2037‡(b)(k)		312		312
FBR Securitization Trust
Series 2005-2, Class M2, 0.92%, 9/25/2035‡(k)		10,833		10,687
Series 2005-5, Class M1, 0.86%, 11/25/2035‡(k)		6,633		6,543
Fieldstone Mortgage Investment Trust Series 2006-2, Class 2A3, 1.03%, 7/25/2036‡(k)		3,358		1,903
First Franklin Mortgage Loan Trust
Series 2006-FF8, Class IA1, 0.31%, 7/25/2036‡(k)		11,226		10,926
Series 2006-FF12, Class A4, 0.31%, 9/25/2036‡(k)		1,103		1,084
Series 2006-FF13, Class A1, 0.29%, 10/25/2036(k)		12,818		9,248
Series 2006-FF14, Class A5, 0.33%, 10/25/2036‡(k)		20,166		19,418
FREED ABS Trust
Series 2018-1, Class B, 4.56%, 7/18/2024‡(b)		4,084		3,965
Series 2019-1, Class B, 3.87%, 6/18/2026‡(b)		4,705		4,581

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Fremont Home Loan Trust
Series 2005-1, Class M4, 1.19%, 6/25/2035‡(k)		2,017		2,015
Series 2006-1, Class 1A1, 0.32%, 4/25/2036(k)		8,500		8,345
GSAA Home Equity Trust
Series 2006-1, Class A2, 0.39%, 1/25/2036‡(k)		4,744		2,010
Series 2006-19, Class A2, 0.35%, 12/25/2036‡(k)		3,947		1,604
Series 2007-4, Class A1, 0.27%, 3/25/2037‡(k)		1,188		462
Series 2007-2, Class AF4A, 5.98%, 3/25/2037‡(h)		7,096		2,900
Series 2007-5, Class 1AV1, 0.27%, 5/25/2037‡(k)		7,093		3,093
Series 2007-7, Class 1A2, 0.35%, 7/25/2037‡(k)		2,296		2,157
GSAMP Trust
Series 2005-WMC1, Class M1, 0.90%, 9/25/2035‡(k)		3,221		3,120
Series 2006-FM1, Class A1, 0.33%, 4/25/2036‡(k)		11,591		8,570
Series 2006-FM3, Class A1, 0.31%, 11/25/2036‡(k)		19,147		10,695
Series 2006-HE3, Class A2C, 0.33%, 5/25/2046(k)		9,114		8,896
Series 2007-HE1, Class A2C, 0.32%, 3/25/2047‡(k)		16,242		15,443
Home Equity Mortgage Loan Asset-Backed Trust
Series 2004-B, Class M2, 1.29%, 11/25/2034‡(k)		716		694
Series 2006-C, Class 2A, 0.30%, 8/25/2036‡(k)		12,861		11,467
HSI Asset Securitization Corp. Trust
Series 2006-HE2, Class 2A3, 0.34%, 12/25/2036(k)		24,776		9,210
Series 2007-NC1, Class A2, 0.31%, 4/25/2037(k)		9,038		6,298
Series 2007-NC1, Class A3, 0.35%, 4/25/2037(k)		4,051		2,830
Series 2007-NC1, Class A4, 0.45%, 4/25/2037(k)		5,311		3,733
JP Morgan Mortgage Acquisition Trust
Series 2006-CW2, Class AV4, 0.32%, 8/25/2036‡(k)		172		171
Series 2007-CH3, Class A1A, 0.34%, 3/25/2037‡(k)		19,351		19,158
Long Beach Mortgage Loan Trust
Series 2004-3, Class M1, 1.02%, 7/25/2034‡(k)		912		843
Series 2006-WL1, Class 2A4, 0.85%, 1/25/2046‡(k)		3,612		3,563
MASTR Asset-Backed Securities Trust
Series 2005-WF1, Class M4, 1.05%, 6/25/2035‡(k)		7,759		7,660
Series 2006-HE4, Class A2, 0.28%, 11/25/2036‡(k)		6,043		2,573
Series 2006-HE4, Class A3, 0.32%, 11/25/2036‡(k)		7,748		3,342
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-H1, Class 1A1, 1.17%, 10/25/2037‡(k)		9,899		9,826
Morgan Stanley ABS Capital I, Inc. Trust
Series 2005-HE3, Class M4, 1.14%, 7/25/2035‡(k)		1,693		1,683
Series 2007-HE2, Class A2B, 0.26%, 1/25/2037(k)		13,876		7,441
Series 2007-HE7, Class A2B, 1.17%, 7/25/2037‡(k)		3,264		3,104
Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV3, 0.35%, 6/25/2037‡(k)		1,346		1,340
New Century Home Equity Loan Trust
Series 2003-5, Class AI7, 5.04%, 11/25/2033‡(k)		3		3
Series 2006-2, Class A2B, 0.33%, 8/25/2036‡(k)		10,252		9,552
Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2006-HE1, Class M1, 0.58%, 2/25/2036‡(k)		1,913		1,881
NovaStar Mortgage Funding Trust
Series 2006-4, Class A2C, 0.32%, 9/25/2036‡(k)		12,252		6,383
Series 2006-4, Class A2D, 0.42%, 9/25/2036‡(k)		4,636		2,482
Series 2006-5, Class A2C, 0.34%, 11/25/2036‡(k)		9,497		3,807
Series 2007-1, Class A1A, 0.30%, 3/25/2037‡(k)		19,332		13,497
OneMain Financial Issuance Trust
Series 2016-1A, Class B, 4.57%, 2/20/2029‡(b)		4,092		4,096
Series 2018-1A, Class C, 3.77%, 3/14/2029‡(b)		6,713		6,211
Series 2018-1A, Class D, 4.08%, 3/14/2029‡(b)		3,336		3,013
Series 2019-1A, Class B, 3.79%, 2/14/2031‡(b)		9,495		9,434
Series 2017-1A, Class A2, 0.98%, 9/14/2032(b)(k)		4,692		4,663
Series 2017-1A, Class C, 3.35%, 9/14/2032‡(b)		3,761		3,545
Series 2017-1A, Class D, 4.52%, 9/14/2032‡(b)		35,917		30,869
Option One Mortgage Loan Trust
Series 2004-3, Class M2, 1.02%, 11/25/2034‡(k)		691		640
Series 2005-3, Class M2, 0.90%, 8/25/2035(k)		2,483		2,421

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Ownit Mortgage Loan Trust Series 2006-1, Class AV, 0.40%, 12/25/2035‡(k)		4,673		4,587
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2005-WHQ2, Class M2, 0.86%, 5/25/2035‡(k)		3,311		3,283
Series 2005-WHQ3, Class M3, 0.87%, 6/25/2035‡(k)		3,633		3,624
Series 2005-WHQ4, Class M1, 0.64%, 9/25/2035‡(k)		3,340		3,321
People’s Choice Home Loan Securities Trust Series 2005-4, Class 1A2, 0.69%, 12/25/2035‡(k)		777		771
RAAC Trust Series 2007-SP2, Class A2, 0.57%, 6/25/2047‡(k)		819		817
RASC Trust
Series 2005-KS2, Class M1, 0.81%, 3/25/2035‡(k)		1,338		1,294
Series 2007-KS3, Class AI3, 0.42%, 4/25/2037‡(k)		3,419		3,369
Regional Management Issuance Trust
Series 2018-1, Class A, 3.83%, 7/15/2027(b)		7,550		7,399
Series 2018-2, Class A, 4.56%, 1/18/2028(b)		7,126		6,808
Saxon Asset Securities Trust
Series 2002-3, Class AF6, 5.41%, 5/25/2031‡(h)		1,191		1,232
Series 2007-1, Class A2C, 0.32%, 1/25/2047‡(k)		5,787		5,636
Series 2007-3, Class 2A2, 0.49%, 9/25/2047‡(k)		3,389		3,357
Securitized Asset-Backed Receivables LLC Trust
Series 2006-NC3, Class A1, 0.31%, 9/25/2036‡(k)		11,898		8,370
Series 2007-HE1, Class A2C, 0.33%, 12/25/2036(k)		9,331		2,834
Series 2007-HE1, Class A2D, 0.39%, 12/25/2036(k)		7,154		2,228
Series 2007-NC2, Class A2B, 0.31%, 1/25/2037‡(k)		3,879		3,225
Soundview Home Loan Trust
Series 2005-2, Class M5, 1.16%, 7/25/2035‡(k)		2,254		2,256
Series 2006-1, Class A4, 0.47%, 2/25/2036‡(k)		3,439		3,368
Series 2006-OPT1, Class 1A1, 0.35%, 3/25/2036‡(k)		15,299		14,933
Series 2006-OPT2, Class A3, 0.35%, 5/25/2036‡(k)		1,127		1,124
Series 2006-OPT4, Class 1A1, 0.32%, 6/25/2036‡(k)		13,539		13,226
Series 2006-OPT3, Class 1A1, 0.32%, 6/25/2036‡(k)		22,245		21,862
Series 2006-EQ1, Class A3, 0.33%, 10/25/2036‡(k)		5,856		5,780
Series 2007-1, Class 2A3, 0.34%, 3/25/2037‡(k)		2,169		2,151
Series 2007-OPT3, Class 2A3, 0.35%, 8/25/2037‡(k)		6,161		5,778
Springleaf Funding Trust
Series 2017-AA, Class B, 3.10%, 7/15/2030(b)		7,463		6,889
Series 2017-AA, Class C, 3.86%, 7/15/2030‡(b)		1,943		1,703
Structured Asset Investment Loan Trust
Series 2005-4, Class M3, 0.89%, 5/25/2035‡(k)		2,232		2,212
Series 2006-2, Class A3, 0.53%, 4/25/2036(k)		8,569		8,295
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-GEL4, Class M1, 0.74%, 10/25/2036‡(b)(k)		4,916		4,645
Series 2006-BC5, Class A4, 0.34%, 12/25/2036‡(k)		1,921		1,821
Series 2007-WF1, Class A4, 0.37%, 2/25/2037‡(k)		6,137		6,023
Terwin Mortgage Trust Series 2006-3, Class 2A2, 0.38%, 4/25/2037(b)(k)		4,099		3,938
Towd Point Mortgage Trust
Series 2015-3, Class A4B, 3.50%, 3/25/2054‡(b)(k)		5,311		5,426
Series 2015-4, Class A1B, 2.75%, 4/25/2055(b)(k)		437		440
Series 2019-HY2, Class A1, 1.17%, 5/25/2058‡(b)(k)		19,086		18,774
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2006-3, Class A2, 0.32%, 1/25/2037‡(k)		985		983
TOTAL ASSET-BACKED SECURITIES (Cost $691,259)				674,109
LOAN ASSIGNMENTS — 4.6%(l)
Aerospace & Defense — 0.0%(a)
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.93%, 10/4/2024(c)		457		437
TransDigm Group, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.25%), 2.42%, 12/9/2025(c)		3,816		3,487
				3,924

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Auto Components — 0.1%
Adient US LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.20%, 5/6/2024(c)		2,300		2,171
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024(c)		2,460		2,345
USI, Inc., Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.17%, 5/16/2024(c)		2,460		2,361
				6,877
Automobiles — 0.0%(a)
Scientific Games International, Inc., 1st Lien Term Loan B-5 ((ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%)), 3.48%, 8/14/2024(c)		4,987		4,454
Building Products — 0.0%(a)
Advanced Drainage Systems, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.63%, 7/31/2026(c)(m)		2,000		1,953
Summit Materials LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.17%, 11/21/2024(c)		2,382		2,278
				4,231
Chemicals — 0.1%
Gates Global LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/1/2024(c)		6,763		6,468
INEOS Enterprises Holdings Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 8/28/2026(c)		1,582		1,502
Momentive Performance, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.43%, 5/15/2024(c)		3,829		3,590
Starfruit US Holdco, 1st Lien Senior Secured Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.22%, 10/1/2025(c)		1,951		1,857
				13,417
Commercial Services & Supplies — 0.1%
Nielsen Finance LLC, 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 2.22%, 10/4/2023(c)		1,797		1,746
Prime Security Services Borrower LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 9/23/2026(c)		6,015		5,855
				7,601
Communications Equipment — 0.1%
API Group Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 2.67%, 10/1/2026(c)		1,940		1,861
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.43%, 12/15/2024(c)		1,909		1,773
CommScope, Inc., 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 3.25%), 3.42%, 4/6/2026(c)(m)		4,849		4,649
Plantronics, Inc., 1st Lien Term Loan ((ICE LIBOR USD 1 Month + 2.50%; ICE LIBOR USD 3 Month + 2.50%)), 2.79%, 7/2/2025(c)		1,138		906
				9,189
Construction & Engineering — 0.0%(a)
Zekelman Industries, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 2.42%, 1/24/2027(c)		3,100		3,000
Containers & Packaging — 0.2%
Berry Global, Inc., 1st Lien Term Loan W (ICE LIBOR USD 1 Month + 2.00%), 2.22%, 10/1/2022(c)		900		886
Berry Global, Inc., 1st Lien Term Loan X (ICE LIBOR USD 1 Month + 2.00%), 2.22%, 1/19/2024(c)		1,669		1,634
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.56%, 4/3/2024(c)		12,138		11,038
Consolidated Container, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 5/22/2024(c)		3,826		3,688
Flex Acquisition Co., Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 4.43%, 12/29/2023(c)		919		866
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.92%, 2/5/2023(c)		4,791		4,636
Viskase Cos., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.70%, 1/30/2021(c)		1,363		1,101
				23,849
Diversified Consumer Services — 0.1%
Allied Universal Holdco LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.42%, 7/10/2026(c)		2,000		1,938

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Conservice LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.59%, 12/31/2100(c)(m)		1,970		1,901
Diamond Sports Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.42%, 8/24/2026(c)		3,856		3,301
St. George’s University Scholastic Services LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.25%, 7/17/2025(c)		4,295		4,081
				11,221
Diversified Financial Services — 0.1%
Duff & Phelps Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 4/9/2027(c)		2,275		2,228
Nestle Skin Health SA, 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 4.25%), 5.32%, 10/1/2026(c)		4,219		4,037
Quidditch Acquisition, Inc., 1st Lien Cov-Lite Term Loan (ICE LIBOR USD 3 Month + 7.00%), 8.45%, 3/21/2025(c)		882		734
				6,999
Diversified Telecommunication Services — 0.3%
Centurylink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.42%, 3/15/2027(c)		16,225		15,548
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024(c)		5,578		5,525
Dawn Acquisition LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 5.20%, 12/31/2025(c)		1,277		1,170
Getty Images, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 4.69%, 2/19/2026(c)		3,905		3,443
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 5/16/2024(c)		760		723
Intelsat Jackson Holdings, 1st Lien Term Loan (Luxembourg) (1-MONTH PRIME + 2.75%), 6.00%, 11/27/2023(c)		6,340		6,369
				32,778
Electric Utilities — 0.0%(a)
Carroll County Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.95%, 2/16/2026(c)		2,384		2,259
Electrical Equipment — 0.1%
Brookfield WEC Holdings Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.40%, 8/1/2025(c)		3,772		3,681
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.33%, 3/2/2027(c)		4,755		4,553
				8,234
Electronic Equipment, Instruments & Components — 0.1%
II-VI, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.67%, 9/24/2026(c)		8,131		7,819
VeriFone Systems, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.38%, 8/20/2025(c)		1,893		1,531
				9,350
Entertainment — 0.0%(a)
AMC Entertainment Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.08%, 4/22/2026(c)		1,178		897
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 2.30%, 11/1/2023(c)		3,307		3,239
				4,136
Equity Real Estate Investment Trusts (REITs) — 0.0%(a)
GGP, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.67%, 8/27/2025(c)		2,451		1,853
VICI Properties 1 LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.92%, 12/22/2024(c)		3,250		3,095
				4,948
Food & Staples Retailing — 0.0%(a)
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.43%, 4/1/2024‡(c)		504		504
Moran Foods LLC, 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 4/1/2025‡(c)		3,955		3,097
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.42%, 10/22/2025(c)		1,083		1,016
				4,617

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Food Products — 0.1%
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/6/2024(c)(m)		12,332		12,042
Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.69%), 3.86%, 5/23/2025(c)		1,331		1,274
JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.00%), 3.07%, 5/1/2026(c)		1,587		1,531
				14,847
Health Care Providers & Services — 0.5%
Air Medical Group Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 3/14/2025(c)		9,900		9,444
DaVita Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.92%, 8/12/2026(c)		3,050		2,975
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 3.92%, 10/10/2025(c)		13,465		8,758
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 4.20%, 6/7/2023(c)		8,832		8,466
Sound Inpatient Physicians Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.92%, 6/27/2025(c)		2,000		1,889
Sound Inpatient Physicians Holdings LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 6.92%, 6/26/2026(c)		537		498
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 2/6/2024(c)		4,786		3,471
U.S. Renal Care, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 5.19%, 6/26/2026(c)		3,201		3,045
WIRB Copernicus Group, Inc., 1st Lien term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.24%, 1/8/2027(c)		4,066		3,949
				42,495
Hotels, Restaurants & Leisure — 0.2%
1011778 BC ULC, 1st Lien Term Loan B (Canada) (ICE LIBOR USD 1 Month + 1.75%), 1.92%, 11/19/2026(c)		2,235		2,143
Caesars Resort Collection LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.92%, 12/23/2024(c)		808		728
CEOC LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.17%, 10/7/2024(c)(m)		3,000		2,912
Golden Nugget, Inc., 1st Lien Term Loan B ((ICE LIBOR USD 2 Month + 2.50%; ICE LIBOR USD 3 Month + 2.50%)), 3.46%, 10/4/2023(c)		1,207		1,034
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 2/5/2025(c)(m)		3,250		3,053
Stars Group Holdings BV, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.95%, 7/10/2025(c)(m)		1,500		1,479
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 4/29/2026(c)		8,264		7,909
Whataburger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.01%, 7/31/2026(c)		772		740
				19,998
Household Products — 0.1%
Clover Merger Sub, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 3.67%, 9/26/2024(c)		3,174		3,024
Kik Custom Products, 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 4.00%), 5.00%, 5/15/2023(c)		6,020		5,740
Reynolds Consumer Products, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 1.75%), 1.92%, 2/4/2027(c)(m)		5,000		4,903
				13,667
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp., Term Loan (ICE LIBOR USD 1 Month + 2.25%), 2.43%, 1/15/2024(c)		4,735		4,634
ExGen Renewables IV LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 3.37%, 11/28/2024(c)		1,677		1,626
Invenergy LLC, Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.17%, 8/28/2025(c)		3,091		3,052
				9,312

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Insurance — 0.1%
Alliant Holdings I, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.92%, 5/9/2025(c)		2,470		2,353
Asurion LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.50%), 6.67%, 8/4/2025(c)		1,427		1,419
Asurion LLC, Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 3.17%, 11/3/2024(c)		5,551		5,387
HUB International Ltd., 1st Lien Term Loan B ((ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 2.75%)), 4.02%, 4/25/2025(c)		2,441		2,347
				11,506
IT Services — 0.1%
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.17%, 2/6/2026(c)		2,628		2,555
Ensono LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.25%), 5.42%, 6/27/2025(c)		726		693
Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 8.38%, 7/12/2023(c)		4,349		1,000
Rackspace Hosting, Inc., 1st Lien Term Loan B ((ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%)), 4.00%, 11/3/2023(c)		2,889		2,807
Zayo Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.17%, 3/9/2027(c)		4,680		4,497
				11,552
Leisure Products — 0.2%
Bombardier Recreational Products, Inc., 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 5.00%), 6.00%, 12/30/2023(c)(m)		2,590		2,571
Delta 2 SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 2/1/2024(c)		1,765		1,662
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.00%, 5/16/2022‡(c)		3,469		3,469
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100(c)(f)		10,206		—	(g)
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 4.67%, 12/22/2025(c)		11,192		8,369
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 2/14/2025(c)		5,752		5,325
				21,396
Life Sciences Tools & Services — 0.0%(a)
Albany Molecular Research, Inc., 1st Lien Term Loan ((ICE LIBOR USD 2 Month + 3.25%; ICE LIBOR USD 3 Month + 3.25%)), 4.25%, 8/30/2024(c)(m)		1,170		1,134
Machinery — 0.1%
Sundyne, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 3/17/2027(c)		2,370		2,119
Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.45%, 3/28/2025(c)		11,430		10,320
				12,439
Media — 0.6%
Altice Financing SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.92%, 1/31/2026(c)		4,806		4,531
CBS Radio, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.67%, 11/18/2024(c)		1,731		1,561
Charter Communications Operating LLC, 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 1.75%), 1.93%, 2/1/2027(c)		11,976		11,710
Cineworld Finance US, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 3.32%, 2/28/2025(c)		1,756		1,292
Clear Channel Outdoor Holdings Inc., 1st Lien Term Loan B ((ICE LIBOR USD 2 Month + 3.50%; ICE LIBOR USD 3 Month + 3.50%)), 4.26%, 8/21/2026(c)		12,487		11,589
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.92%, 10/10/2025(c)(m)		3,500		3,393
Hoya Midco LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.57%, 6/30/2024(c)		4,902		3,881

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
iHeartCommunications, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.17%, 5/1/2026(c)(m)		4,683		4,367
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.26%, 1/31/2025(c)		3,592		3,462
Midcontinent Communications., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 2.74%, 8/15/2026(c)		1,076		1,048
Numericable US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.69%), 3.87%, 1/31/2026(c)		2,437		2,325
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 7.45%, 9/25/2026(c)(m)		2,490		2,194
Sinclair Broadcast Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.43%, 1/3/2024(c)		795		770
				52,123
Multiline Retail — 0.0%(a)
Neiman Marcus Group Ltd., 0.00%, 12/30/2023‡(k)(m)		1,080		1,084
Neiman Marcus Group Ltd. LLC, 1st Lien DIP Term Loan (ICE LIBOR USD 3 Month + 1.12%), 5.70%, 5/11/2050‡(c)(m)		303		304
Neiman Marcus Group Ltd. LLC, Term Loan (ICE LIBOR USD 1 Month + 6.50%), 10.75%, 10/25/2023(c)		10,153		2,031
				3,419
Oil, Gas & Consumable Fuels — 0.2%
Buckeye Partners LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.12%, 11/1/2026(c)		3,300		3,201
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 12/31/2022(c)		5,637		1,431
CITGO Holding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 7.00%), 8.00%, 8/1/2023(c)		687		621
Epic Crude Services LP, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 5.37%, 3/2/2026(c)		7,025		5,251
Gulf Finance LLC, 1st Lien Term Loan B ((ICE LIBOR USD 1 Month + 5.25%; ICE LIBOR USD 3 Month + 5.25%)), 6.42%, 8/25/2023(c)		14,622		8,383
Kestrel Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 6/2/2025(c)		5,925		4,969
Oryx Midstream Services LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.17%, 5/22/2026(c)		1,991		1,683
Prairie ECI Acquiror LP, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.75%), 6.20%, 3/11/2026(c)		1,055		950
				26,489
Pharmaceuticals — 0.3%
Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 3 Month + 5.50%), 6.57%, 9/6/2024(c)(m)		5,000		4,428
Elanco Animal Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.00%), 2.00%, 2/4/2027(c)(m)		6,200		5,999
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.17%, 6/2/2025(c)		19,616		19,202
				29,629
Real Estate Management & Development — 0.0%(a)
CityCenter Holdings LLC, Term B Loan (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/18/2024(c)		3,054		2,857
Road & Rail — 0.0%(a)
Genesee & Wyoming, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.00%), 3.45%, 12/30/2026(c)		4,300		4,202
Software — 0.2%
Ascend Learning LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 7/12/2024(c)(m)		3,813		3,648
Barracuda Networks, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.52%, 2/12/2025(c)		804		776

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Cornerstone On Demand, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.35%, 4/22/2027(c)		850		837
Informatica LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.42%, 2/25/2027(c)(m)		2,350		2,236
Landesk Software Group, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 1/20/2024(c)		1,177		1,106
Landesk Software Group, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 9.00%), 10.00%, 1/20/2025(c)		2,220		1,872
Misys, Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 6/13/2024(c)		2,574		2,334
Qlik Technologies, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.38%, 4/26/2024(c)		1,275		1,208
Sonicwall, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 7.88%, 5/18/2026(c)		700		567
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 1.75%), 1.92%, 4/16/2025(c)(m)		2,188		2,116
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 1.75%), 1.92%, 4/16/2025(c)(m)		1,504		1,454
				18,154
Specialty Retail — 0.3%
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 8.42%, 12/18/2026(c)(n)		8,840		6,719
Petco Animal Supplies, Inc., 1st Lien Term Loan B-1 (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 1/26/2023(c)		8,657		5,968
PetSmart, Inc., Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 3/11/2022(c)		7,904		7,757
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.69%, 4/16/2026(c)		15,657		13,826
				34,270
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.75%, 9/19/2025(c)		4,987		4,894
Financial & Risk US Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.42%, 10/1/2025(c)		2,992		2,945
KDC US Holding Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.92%, 12/22/2025(c)		1,952		1,829
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 5.01%, 5/16/2025(c)		3,256		3,098
Quest Software US Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 8.25%), 9.01%, 5/18/2026(c)		1,104		903
				13,669
Wireless Telecommunication Services — 0.1%
T-Mobile USA, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.17%, 4/1/2027(c)(m)		10,010		10,008
TOTAL LOAN ASSIGNMENTS (Cost $560,789)				514,250
U.S. GOVERNMENT AGENCY SECURITIES — 2.3%
FHLB DN, 1.57%, 6/4/2020(o)(Cost $249,968)		250,000		249,998
	Shares (000)
CLOSED END FUNDS — 0.8%
BlackRock Corporate High Yield Fund, Inc.		3,392		34,121
Blackstone/GSO Strategic Credit Fund		1,247		13,907
Eaton Vance Floating-Rate Income Trust		557		6,265
Eaton Vance Senior Income Trust		742		3,898
Invesco Dynamic Credit Opportunities Fund		588		5,110
Invesco Senior Income Trust		345		1,185
Nuveen Credit Strategies Income Fund		1,670		9,970
Nuveen Floating Rate Income Opportunity Fund		499		3,904
PGIM Global High Yield Fund, Inc.		839		10,653
Voya Prime Rate Trust		452		1,807
TOTAL CLOSED END FUNDS (Cost $100,066)				90,820

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments		Principal Amount (000)		Value (000)
CONVERTIBLE BONDS — 0.8%
Banks — 0.0%(a)
Barclays Bank plc (United Kingdom)
Zero Coupon, 2/4/2025			540		581
Series VUN, Zero Coupon, 2/18/2025			1,125		1,131
					1,712
Biotechnology — 0.0%(a)
BioMarin Pharmaceutical, Inc. 0.60%, 8/1/2024			930		1,044
Exact Sciences Corp. 1.00%, 1/15/2025			1,198		1,618
Ionis Pharmaceuticals, Inc. 0.13%, 12/15/2024(b)			340		329
					2,991
Capital Markets — 0.0%(a)
Ares Capital Corp. 3.75%, 2/1/2022			1,314		1,277
Deutsche Bank AG (Germany) 1.00%, 5/1/2023			1,065		1,031
Orpar SA (France) Zero Coupon, 6/20/2024(p)	EUR		900		956
					3,264
Communications Equipment — 0.0%(a)
Lumentum Holdings, Inc. Series QIB, 0.50%, 12/15/2026(b)			784		784
Viavi Solutions, Inc. 1.00%, 3/1/2024			948		1,045
					1,829
Construction & Engineering — 0.0%(a)
Dycom Industries, Inc. 0.75%, 9/15/2021			341		323
Diversified Consumer Services — 0.0%(a)
Chegg, Inc. 0.13%, 3/15/2025			1,028		1,350
Electric Utilities — 0.0%(a)
NRG Energy, Inc. 2.75%, 6/1/2048			390		401
Electronic Equipment, Instruments & Components — 0.0%(a)
Vishay Intertechnology, Inc. 2.25%, 6/15/2025			1,537		1,408
Entertainment — 0.0%(a)
Bilibili, Inc. (China) 1.38%, 4/1/2026			338		468
Live Nation Entertainment, Inc. 2.50%, 3/15/2023			1,156		1,179
Zynga, Inc. 0.25%, 6/1/2024(b)			525		653
					2,300
Equity Real Estate Investment Trusts (REITs) — 0.0%(a)
Extra Space Storage LP 3.13%, 10/1/2035(b)			364		401
Health Care Equipment & Supplies — 0.0%(a)
DexCom, Inc. 0.75%, 12/1/2023			820		1,901
Insulet Corp. 0.38%, 9/1/2026(b)			1,304		1,398
					3,299
Hotels, Restaurants & Leisure — 0.0%(a)
Huazhu Group Ltd. (China) 0.38%, 11/1/2022			498		496
Household Durables — 0.0%(a)
Sony Corp. (Japan) Series 6, Zero Coupon, 9/30/2022	JPY		163,000		2,080
Interactive Media & Services — 0.0%(a)
JOYY, Inc. (China) 1.38%, 6/15/2026(b)			580		504
Snap, Inc. 0.75%, 8/1/2026(b)			1,512		1,617
Twitter, Inc. 0.25%, 6/15/2024			1,126		1,074
Zillow Group, Inc. 1.38%, 9/1/2026(b)			1,486		2,147
					5,342
Internet & Direct Marketing Retail — 0.1%
Booking Holdings, Inc. 0.75%, 5/1/2025(b)			2,369		2,924
Etsy, Inc. 0.13%, 10/1/2026(b)			433		497
IAC FinanceCo, Inc. 0.88%, 10/1/2022(b)			700		1,268
MercadoLibre, Inc. (Argentina) 2.00%, 8/15/2028			847		1,703
Pinduoduo, Inc. (China) Zero Coupon, 10/1/2024(b)			730		1,175
Wayfair, Inc. 1.13%, 11/1/2024			528		832
					8,399
IT Services — 0.2%
Akamai Technologies, Inc.
0.13%, 5/1/2025			1,365		1,689
0.38%, 9/1/2027(b)			545		597
Euronet Worldwide, Inc. 0.75%, 3/15/2049			686		622
MongoDB, Inc. 0.25%, 1/15/2026(b)			1,042		1,336
Okta, Inc. 0.13%, 9/1/2025(b)			1,447		1,767
Square, Inc. 0.50%, 5/15/2023			1,747		2,180
Twilio, Inc. 0.25%, 6/1/2023			615		1,716
					9,907
Life Sciences Tools & Services — 0.0%(a)
Illumina, Inc. 0.50%, 6/15/2021			1,343		1,968

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Repligen Corp. 0.38%, 7/15/2024		715		922
				2,890
Machinery — 0.0%(a)
Fortive Corp. 0.88%, 2/15/2022		480		458
Media — 0.0%(a)
DISH Network Corp.
2.38%, 3/15/2024		765		658
3.38%, 8/15/2026		2,253		1,986
Liberty Interactive LLC 1.75%, 9/30/2046(b)		439		698
Liberty Media Corp.
1.38%, 10/15/2023		1,124		1,242
2.13%, 3/31/2048(b)		547		520
				5,104
Multi-Utilities — 0.0%(a)
CenterPoint Energy, Inc. 4.57%, 9/15/2029(h)		1,101 Units		613
Oil, Gas & Consumable Fuels — 0.0%(a)
Chesapeake Energy Corp. 5.50%, 9/15/2026(h)		5,690		185
Golar LNG Ltd. (Bermuda) 2.75%, 2/15/2022		933		604
				789
Semiconductors & Semiconductor Equipment — 0.2%
Advanced Micro Devices, Inc. 2.13%, 9/1/2026		223		1,491
Inphi Corp. 0.75%, 4/15/2025(b)		975		1,208
Microchip Technology, Inc.
1.63%, 2/15/2025		1,126		2,229
1.63%, 2/15/2027		1,370		1,844
2.25%, 2/15/2037		452		591
ON Semiconductor Corp. 1.63%, 10/15/2023		1,029		1,141
Silicon Laboratories, Inc. 1.38%, 3/1/2022		859		999
				9,503
Software — 0.3%
Atlassian, Inc. 0.63%, 5/1/2023		1,088		2,486
Coupa Software, Inc. 0.13%, 6/15/2025(b)		1,457		2,238
CyberArk Software Ltd. Zero Coupon, 11/15/2024(b)		777		735
DocuSign, Inc. 0.50%, 9/15/2023		712		1,421
Guidewire Software, Inc. 1.25%, 3/15/2025		434		483
Nuance Communications, Inc. 1.00%, 12/15/2035		949		1,040
Palo Alto Networks, Inc. 0.75%, 7/1/2023		1,936		2,137
Pluralsight, Inc. 0.38%, 3/1/2024		403		352
Proofpoint, Inc. 0.25%, 8/15/2024(b)		896		906
RingCentral, Inc. Zero Coupon, 3/15/2023		796		2,651
ServiceNow, Inc. Zero Coupon, 6/1/2022		935		2,680
Splunk, Inc. 1.13%, 9/15/2025		1,501		2,109
Workday, Inc. 0.25%, 10/1/2022		1,262		1,712
Zendesk, Inc. 0.25%, 3/15/2023		403		594
				21,544
Specialty Retail — 0.0%(a)
Burlington Stores, Inc. 2.25%, 4/15/2025(b)		486		571
Technology Hardware, Storage & Peripherals — 0.0%(a)
Western Digital Corp. 1.50%, 2/1/2024(h)		653		604
TOTAL CONVERTIBLE BONDS (Cost $79,686)				87,578
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.5%
Harvest Commercial Capital Loan Trust Series 2019-1, Class M4, 4.64%, 9/25/2046‡(b)(k)		3,555		2,186
Lehman Brothers Small Balance Commercial Mortgage Trust Series 2007-2A, Class 1A3, 0.76%, 6/25/2037(b)(k)		2,782		2,704
Velocity Commercial Capital Loan Trust
Series 2014-1, Class M6, 8.28%, 9/25/2044‡(b)(k)		774		772
Series 2015-1, Class M3, 7.05%, 6/25/2045(b)(k)		5,819		5,789
Series 2015-1, Class M4, 7.40%, 6/25/2045(b)(k)		387		383
Series 2015-1, Class M5, 7.80%, 6/25/2045‡(b)(k)		2,924		2,784
Series 2016-1, Class M3, 6.81%, 4/25/2046‡(b)(k)		5,668		5,650
Series 2016-1, Class M5, 8.66%, 4/25/2046‡(b)(k)		5,151		4,918
Series 2016-1, Class M7, 8.66%, 4/25/2046‡(b)(k)		4,748		4,374
Series 2016-2, Class M2, 4.46%, 10/25/2046‡(k)		1,188		1,188
Series 2016-2, Class M3, 5.50%, 10/25/2046‡(k)		1,360		1,320
Series 2016-2, Class M4, 7.23%, 10/25/2046‡(k)		1,774		1,688
Series 2017-1, Class AFL, 1.42%, 5/25/2047(b)(k)		3,273		3,249
Series 2017-1, Class M3, 5.35%, 5/25/2047‡(b)(k)		2,802		2,725

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Principal Amount (000)		Value (000)
Series 2017-1, Class M4, 6.40%, 5/25/2047‡(b)(k)		3,231		3,128
Series 2017-1, Class M5, 7.95%, 5/25/2047‡(b)(k)		2,039		1,746
Series 2017-2, Class M4, 5.00%, 11/25/2047‡(b)(k)		3,277		2,749
Series 2018-1, Class M3, 4.41%, 4/25/2048‡(b)		1,226		1,109
Series 2018-1, Class M4, 5.01%, 4/25/2048‡(b)		813		692
Series 2018-1, Class M5, 6.26%, 4/25/2048‡(b)		435		356
Series 2018-2, Class M2, 4.51%, 10/26/2048‡(b)(k)		1,409		1,354
Series 2018-2, Class M3, 4.72%, 10/26/2048‡(b)(k)		1,358		1,282
Series 2018-2, Class M4, 5.32%, 10/26/2048‡(b)(k)		3,421		3,100
Series 2019-2, Class M1, 3.26%, 7/25/2049‡(b)(k)		3,825		3,682
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $64,632)				58,928
PRIVATE PLACEMENTS — 0.3%
Private Placements — 0.3%
8995 Collins LLC (ICE LIBOR USD 1 Month + 7.50%), 9.06%, 6/4/2020‡(c)(Cost $40,600)		40,600		33,191
FOREIGN GOVERNMENT SECURITIES — 0.3%
Export-Import Bank of Korea (South Korea)
(ICE LIBOR USD 3 Month + 0.58%), 2.16%, 6/1/2021(c)		15,470		15,423
(ICE LIBOR USD 3 Month + 0.53%), 1.74%, 6/25/2022(c)		12,660		12,584
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $28,130)				28,007
	Shares
CONVERTIBLE PREFERRED STOCKS — 0.2%
Automobiles — 0.0%(a)
General Motors Co.
5.25%, 3/6/2032‡		1,533		—	(g)
1.50%, 7/15/2033‡		1,545		—	(g)
				—	(g)
Banks — 0.2%
Bank of America Corp. Series L, 7.25% ($1,000 par value)		2		2,876
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		3		3,677
				6,553
Chemicals — 0.0%(a)
International Flavors & Fragrances, Inc. 6.00%, 9/15/2021 ($50 par value)		26		1,225
Electric Utilities — 0.0%(a)
American Electric Power Co., Inc. 6.13%, 3/15/2022 ($50 par value)		15		777
NextEra Energy, Inc.
4.87%, 9/1/2022 ($50 par value)		43		2,193
5.28%, 3/1/2023 ($49 par value)		12		551
				3,521
Equity Real Estate Investment Trusts (REITs) — 0.0%(a)
Crown Castle International Corp. Series A, 6.88%, 8/1/2020 ($1,000 par value)		1		1,828
Food Products — 0.0%(a)
Bunge Ltd. 4.88% ($100 par value)		9		832
Health Care Equipment & Supplies — 0.0%(a)
Danaher Corp. Series A, 4.75%, 4/15/2022 ($1,000 par value)		1		1,468
Life Sciences Tools & Services — 0.0%(a)
Avantor, Inc. Series A, 6.25%, 5/15/2022 ($50 par value)		12		745
Machinery — 0.0%(a)
Colfax Corp. 5.75%, 1/15/2022 ($100 par value)		4		535
Fortive Corp. Series A, 5.00%, 7/1/2021 ($1,000 par value)		1		803
				1,338
Multi-Utilities — 0.0%(a)
Dominion Energy, Inc. Series A, 7.25%, 6/1/2022 ($100 par value)		10		1,074
Sempra Energy Series A, 6.00%, 1/15/2021 ($100 par value)		19		1,973
				3,047
Semiconductors & Semiconductor Equipment — 0.0%(a)
Broadcom, Inc. Series A, 8.00%, 9/30/2022 ($1,000 par value)		3		3,047

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	Shares		Value (000)
Water Utilities — 0.0%(a)
Essential Utilities, Inc. 6.00%, 4/30/2022 ($50 par value)		14		843
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $23,998)				24,447
	Shares (000)
COMMON STOCKS — 0.2%
Aerospace & Defense — 0.0%(a)
Remington Outdoor Co., Inc.*‡		310		368
Capital Markets — 0.0%(a)
UCI Holdings LLC (New Zealand)*‡		136		2,933
Chemicals — 0.2%
Reichhold , Inc.*‡		9		8,195
Commercial Services & Supplies — 0.0%(a)
Remington LLC*‡		10,415		—	(g)
Communications Equipment — 0.0%(a)
Aspect Software, Inc., Class CR1*‡		275		—	(g)
Aspect Software, Inc., Class CR2*‡		111		—	(g)
Goodman Networks, Inc.*‡		213		—	(g)
				—	(g)
Energy Equipment & Services — 0.0%(a)
Telford Offshore Holdings Ltd. (Cayman Islands)*‡		204		77
Equity Real Estate Investment Trusts (REITs) — 0.0%(a)
VICI Properties, Inc.		187		3,671
Food & Staples Retailing — 0.0%(a)
Moran Foods Backstop Equity*‡		173		173
Health Care Providers & Services — 0.0%(a)
Intl Oncology Care, Inc.*‡		157		2,635
Media — 0.0%(a)
Clear Channel Outdoor Holdings, Inc.*		711		687
iHeartMedia, Inc., Class A*		35		307
				994
Oil, Gas & Consumable Fuels — 0.0%(a)
Battalion Oil Corp.*		19		111
Nine Point Energy Holdings, Inc.*‡		89		1
Penn Virginia Corp.*		37		325
Ultra Petroleum Corp.*		95		1
				438
Software — 0.0%(a)
Avaya Holdings Corp.*		21		309
Specialty Retail — 0.0%(a)
Claire’s Stores, Inc.*‡		6		3,219
TOTAL COMMON STOCKS (Cost $25,172)				23,012
PREFERRED STOCKS — 0.1%
Automobiles — 0.0%(a)
General Motors Co.
7.25%, 4/15/2041‡		170		—	(g)
7.38%, 5/15/2048‡		581		—	(g)
0.68%, 6/1/2049‡		175		—	(g)
7.38%, 10/1/2051‡		51		—	(g)
7.25%, 2/15/2052‡		687		—	(g)
Motors Liquidation Co. 7.25%, 7/15/2041‡		505		—	(g)
				—	(g)
Banks — 0.0%(a)
GMAC Capital Trust I Series 2, (ICE LIBOR USD 3 Month + 5.79%), 6.18%, 2/15/2040 ($25 par value)(c)		156		3,515
Communications Equipment — 0.0%(a)
Goodman Networks, Inc. (Preference) *‡		253		3
Internet & Direct Marketing Retail — 0.0%(a)
MYT Holding Co. 10.00%, 6/7/2029(b)		2,872		1,551
Oil, Gas & Consumable Fuels — 0.0%(a)
Nine Point Energy Holdings, Inc. *‡		2		2
Specialty Retail — 0.1%
Claire’s Stores, Inc. *‡		4		7,176
TOTAL PREFERRED STOCKS (Cost $11,179)				12,247
	No. of Warrants (000)
WARRANTS — 0.0%(a)
Aerospace & Defense — 0.0%(a)
Remington Outdoor Co., Inc.expiring 5/15/2022, price 1.00 USD*‡		108		14
Oil, Gas & Consumable Fuels — 0.0%(a)
Ultra Petroleum Corp.expiring 7/14/2025, price 1.00 USD (Canada)*		62		2
Wireless Telecommunication Services — 0.0%(a)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD*‡		265		2,122
TOTAL WARRANTS (Cost $4,750)				2,138

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Investments	No. of Rights (000)		Value (000)
RIGHTS — 0.0%(a)
Independent Power and Renewable Electricity Producers — 0.0%(a)
Vistra Energy Corp., expiring 12/31/2049*‡ (Cost $—)		1,110		1,193
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 41.8%
CERTIFICATES OF DEPOSIT — 0.4%
Norinchukin Bank (The) (Japan) (ICE LIBOR USD 1 Month + 0.07%), 0.24%, 8/27/2020(c) (Cost $49,000)		49,000		48,951
COMMERCIAL PAPER — 5.1%
BPCE SA (France) 1.70%, 6/3/2020(b)(o)		50,100		50,100
Exxon Mobil Corp. 1.62%, 6/2/2020(o)		268,850		268,848
Pfizer, Inc.
1.65%, 6/8/2020(b)(o)		94,000		93,999
1.65%, 6/9/2020(b)(o)		150,000		149,997
TOTAL COMMERCIAL PAPER (Cost $562,847)				562,944
	Shares (000)
INVESTMENT COMPANIES — 35.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.09%(q)(r) (Cost $3,900,966)		3,900,966		3,900,966
	Principal Amount (000)
REPURCHASE AGREEMENTS — 1.0%
Bofa Securities, Inc., 0.45%, dated 5/29/2020, due 7/20/2020, repurchase price $65,042, collateralized by Collateralized Mortgage Obligations, 3.18% - 6.00%, due 8/15/2031 - 1/25/2037, Municipal Debt Securities, 0.00% - 6.50%, due 7/1/2026 - 7/1/2036 and Sovereign Government Securities, 0.00% - 7.85%, due 4/22/2021 - 6/28/2117, with the value of $70,200.		65,000		65,000
Citigroup Global Markets Holdings, Inc., 0.48%, dated 5/29/2020, due 7/14/2020, repurchase price $45,112, collateralized by Sovereign Government Securities, 5.88% - 9.20%, due 2/21/2024 - 1/20/2050, with the value of $48,604.		45,000		45,000
TOTAL REPURCHASE AGREEMENTS (Cost $110,000)				110,000
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills 0.09%, 7/23/2020(o)(s)(Cost $5,570)		5,571		5,570
TOTAL SHORT-TERM INVESTMENTS (Cost $4,628,383)				4,628,431
Total Investments — 99.6% (Cost $11,239,198)				11,033,670
Other Assets Less Liabilities — 0.4%				46,328
Net Assets — 100.0%				11,079,998

Percentages indicated are based on net assets.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations

ABS	Asset-backed securities
CSMC	Credit Suisse Mortgage Trust
DN	Discount Notes
EUR	Euro
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
ICE	Intercontinental Exchange
JPY	Japanese Yen
LIBOR	London Interbank Offered Rate
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REMIC	Real Estate Mortgage Investment Conduit
SCA	Limited partnership with share capital
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

(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) Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of May 31, 2020.

(e) Security is an interest bearing note with preferred security characteristics.

(f) Defaulted security.

(g) Amount rounds to less than one thousand.

(h) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of May 31, 2020.

(i) Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.

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

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

(l) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

(m) All or a portion of this security is unsettled as of May 31, 2020. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

(n) Fund is subject to legal or contractual restrictions on the resale of the security.

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

(p) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(q) 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.

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

(s) 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 Strategic Income Opportunities 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 10 Year Note		1,090			09/2020		USD		151,578			539
												539
Short Contracts
3 Month Eurodollar		(108	)		06/2020		USD		(26,918	)		(720	)
U.S. Treasury 2 Year Note		(10	)		09/2020		USD		(2,209	)		(1	)
U.S. Treasury 5 Year Note		(40	)		09/2020		USD		(5,025	)		(9	)
U.S. Treasury 10 Year Note		(439	)		09/2020		USD		(61,048	)		(184	)
												(914	)
												(375	)

Abbreviations
USD	United States Dollar

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	962	USD	1,054	Citibank, NA		6/3/2020		14
USD	1,995	JPY	214,537	State Street Corp.		6/3/2020		5
USD	1,993	JPY	214,537	Citibank, NA		7/2/2020		3
Total unrealized appreciation								22
JPY	214,537	USD	1,992	Citibank, NA		6/3/2020		(3	)
USD	1,039	EUR	962	Merrill Lynch International		6/3/2020		(29	)
USD	1,055	EUR	962	Citibank, NA		7/2/2020		(14	)
USD	8,244	EUR	7,450	BNP Paribas		8/7/2020		(38	)
USD	12,173	EUR	11,110	Goldman Sachs International		8/7/2020		(177	)
Total unrealized depreciation								(261	)
Net unrealized depreciation								(239	)

Abbreviations
EUR	Euro
JPY	Japanese Yen
USD	United States Dollar

JPMorgan Strategic Income Opportunities 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 14,170		2,771			(2,176	)		595
ABX.HE.AAA.06-2		0.11		Monthly		Bank of America NA		5/25/2046		0.53		USD 6,970		1,310			(1,016	)		294
ABX.HE.AAA.06-2		0.11		Monthly		Barclays Bank plc		5/25/2046		0.53		USD 13,370		3,973			(3,411	)		562
ABX.HE.AAA.06-2		0.11		Monthly		Credit Suisse International		5/25/2046		0.53		USD 6,600		1,840			(1,562	)		278
ABX.HE.AAA.06-2		0.11		Monthly		Credit Suisse International		5/25/2046		0.53		USD 13,380		3,404			(2,842	)		562
CMBX.NA.A.6		2.00		Monthly		Barclays Bank plc		5/11/2063		2.75		USD 7,270		(117	)		1,308			1,191
CMBX.NA.A.6		2.00		Monthly		Citibank, NA		5/11/2063		2.75		USD 7,000		(56	)		1,203			1,147
CMBX.NA.A.6		2.00		Monthly		Goldman Sachs International		5/11/2063		2.75		USD 7,230		(109	)		1,293			1,184
CMBX.NA.A.6		2.00		Monthly		Goldman Sachs International		5/11/2063		2.75		USD 7,220		(128	)		1,311			1,183
CMBX.NA.A.6		2.00		Monthly		Morgan Stanley		5/11/2063		2.75		USD 7,260		(112	)		1,302			1,190
CMBX.NA.BBB-.4		5.00		Monthly		Citibank, NA		2/17/2051		44.18		USD 6,900		5,855			(5,854	)		1
CMBX.NA.BBB-.4		5.00		Monthly		Citibank, NA		2/17/2051		44.18		USD 10,550		8,434			(8,432	)		2
														27,065			(18,876	)		8,189

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 124,900		14,500			(3,870	)		10,630
CDX.NA.HY.34-V3		5.00		Quarterly		6/20/2025		5.48		USD 20,490		134			66			200
CDX.NA.HY.34-V3		5.00		Quarterly		6/20/2025		5.48		USD 20,480		(42	)		242			200
												14,592			(3,562	)		11,030
CDX.NA.IG.34-V1		1.00		Quarterly		6/20/2025		0.78		USD 184,330		(245	)		(2,116	)		(2,361	)
iTraxx.Europe.Main.33-V1		1.00		Quarterly		6/20/2025		0.72		EUR 348,170		(3,016	)		(3,118	)		(6,134	)
												(3,261	)		(5,234	)		(8,495	)
												11,331			(8,796	)		2,535

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

(b) Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

(c) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

(d) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

JPMorgan Strategic Income Opportunities 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 73,590

(283

)

307

24

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 71,780

(50

)

74

24

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 93,720

(312

)

324

12

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 109,972

(206

)

220

14

(851

)

925

74

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

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		27,065			8,189
OTC Total return swap contracts outstanding		(851	)		74
Total OTC swap contracts outstanding		26,214			8,263

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

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.

Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

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	$	—	$	123,685	$	550,424		$	674,109
Closed End Funds		90,820		—		—			90,820
Collateralized Mortgage Obligations		—		531,009		274,523			805,532
Commercial Mortgage-Backed Securities		—		12,125		46,803			58,928
Common Stocks
Aerospace & Defense		—		—		368			368
Capital Markets		—		—		2,933			2,933
Chemicals		—		—		8,195			8,195
Commercial Services & Supplies		—		—		—	(a)		—	(a)
Communications Equipment		—		—		—	(a)		—	(a)
Energy Equipment & Services		—		—		77			77
Equity Real Estate Investment Trusts (REITs)		3,671		—		—			3,671
Food & Staples Retailing		—		—		173			173
Health Care Providers & Services		—		—		2,635			2,635
Media		994		—		—			994
Oil, Gas & Consumable Fuels		437		—		1			438
Software		309		—		—			309
Specialty Retail		—		—		3,219			3,219
Total Common Stocks		5,411		—		17,601			23,012
Convertible Bonds		—		87,578		—			87,578
Convertible Preferred Stocks
Automobiles		—		—		—	(a)		—	(a)
Banks		6,553		—		—			6,553
Chemicals		1,225		—		—			1,225
Electric Utilities		3,521		—		—			3,521
Equity Real Estate Investment Trusts (REITs)		1,828		—		—			1,828
Food Products		832		—		—			832
Health Care Equipment & Supplies		1,468		—		—			1,468
Life Sciences Tools & Services		745		—		—			745
Machinery		1,338		—		—			1,338
Multi-Utilities		3,047		—		—			3,047
Semiconductors & Semiconductor Equipment		3,047		—		—			3,047
Water Utilities		843		—		—			843
Total Convertible Preferred Stocks		24,447		—		—	(a)		24,447
Corporate Bonds
Aerospace & Defense		—		3,493		—			3,493
Air Freight & Logistics		—		1,995		—			1,995
Airlines		—		160		—			160
Auto Components		—		36,533		—			36,533
Automobiles		—		383,887		—			383,887
Banks		—		1,195,285		—			1,195,285
Beverages		—		13,245		—			13,245
Biotechnology		—		79,998		—			79,998
Building Products		—		7,518		—			7,518
Capital Markets		—		444,201		—			444,201
Chemicals		—		34,951		—	(a)		34,951

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Commercial Services & Supplies	$	—	$	11,969	$	—	$	11,969
Communications Equipment		—		8,202		—		8,202
Construction & Engineering		—		1,993		—		1,993
Consumer Finance		—		349,134		—		349,134
Containers & Packaging		—		15,455		—		15,455
Distributors		—		1,407		—		1,407
Diversified Consumer Services		—		1,394		—		1,394
Diversified Financial Services		—		10,143		—		10,143
Diversified Telecommunication Services		—		102,371		—		102,371
Electric Utilities		—		28,183		25		28,208
Electrical Equipment		—		3,193		—		3,193
Electronic Equipment, Instruments & Components		—		8,062		—		8,062
Energy Equipment & Services		—		4,889		—		4,889
Entertainment		—		7,109		—		7,109
Equity Real Estate Investment Trusts (REITs)		—		22,961		—		22,961
Food & Staples Retailing		—		10,453		—		10,453
Food Products		—		83,230		—		83,230
Health Care Equipment & Supplies		—		2,255		—		2,255
Health Care Providers & Services		—		124,446		—		124,446
Health Care Technology		—		969		—		969
Hotels, Restaurants & Leisure		—		55,855		—		55,855
Household Durables		—		2,493		—		2,493
Household Products		—		12,944		—		12,944
Independent Power and Renewable Electricity Producers		—		16		—		16
Insurance		—		113,607		—		113,607
Internet & Direct Marketing Retail		—		18,841		—		18,841
IT Services		—		35,656		—		35,656
Leisure Products		—		13,548		—		13,548
Life Sciences Tools & Services		—		2,289		—		2,289
Machinery		—		18,076		—		18,076
Media		—		87,874		—		87,874
Metals & Mining		—		18,954		—		18,954
Multiline Retail		—		2,918		—		2,918
Multi-Utilities		—		33,421		—		33,421
Oil, Gas & Consumable Fuels		—		130,094		—		130,094
Personal Products		—		1,930		—		1,930
Pharmaceuticals		—		63,397		—		63,397
Professional Services		—		610		—		610
Road & Rail		—		7,373		—		7,373
Semiconductors & Semiconductor Equipment		—		7,410		—		7,410
Software		—		533		—		533
Specialty Retail		—		19,138		—		19,138
Technology Hardware, Storage & Peripherals		—		58,057		—		58,057
Textiles, Apparel & Luxury Goods		—		2,247		—		2,247
Tobacco		—		22,208		—		22,208
Trading Companies & Distributors		—		22,178		—		22,178
Wireless Telecommunication Services		—		49,013		—		49,013
Total Corporate Bonds		—		3,799,764		25		3,799,789

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Foreign Government Securities	$	—	$	28,007	$	—	$	28,007
Loan Assignments
Aerospace & Defense		—		3,924		—		3,924
Auto Components		—		6,877		—		6,877
Automobiles		—		4,454		—		4,454
Building Products		—		4,231		—		4,231
Chemicals		—		13,417		—		13,417
Commercial Services & Supplies		—		7,601		—		7,601
Communications Equipment		—		9,189		—		9,189
Construction & Engineering		—		3,000		—		3,000
Containers & Packaging		—		23,849		—		23,849
Diversified Consumer Services		—		11,221		—		11,221
Diversified Financial Services		—		6,999		—		6,999
Diversified Telecommunication Services		—		32,778		—		32,778
Electric Utilities		—		2,259		—		2,259
Electrical Equipment		—		8,234		—		8,234
Electronic Equipment, Instruments & Components		—		9,350		—		9,350
Entertainment		—		4,136		—		4,136
Equity Real Estate Investment Trusts (REITs)		—		4,948		—		4,948
Food & Staples Retailing		—		1,016		3,601		4,617
Food Products		—		14,847		—		14,847
Health Care Providers & Services		—		42,495		—		42,495
Hotels, Restaurants & Leisure		—		19,998		—		19,998
Household Products		—		13,667		—		13,667
Independent Power and Renewable Electricity Producers		—		9,312		—		9,312
Insurance		—		11,506		—		11,506
IT Services		—		11,552		—		11,552
Leisure Products		—		17,927		3,469		21,396
Life Sciences Tools & Services		—		1,134		—		1,134
Machinery		—		12,439		—		12,439
Media		—		52,123		—		52,123
Multiline Retail		—		2,031		1,388		3,419
Oil, Gas & Consumable Fuels		—		26,489		—		26,489
Pharmaceuticals		—		29,629		—		29,629
Real Estate Management & Development		—		2,857		—		2,857
Road & Rail		—		4,202		—		4,202
Software		—		18,154		—		18,154
Specialty Retail		—		34,270		—		34,270
Technology Hardware, Storage & Peripherals		—		13,669		—		13,669
Wireless Telecommunication Services		—		10,008		—		10,008
Total Loan Assignments		—		505,792		8,458		514,250

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Preferred Stocks
Automobiles	$	—		$	—		$	—	(a)	$	—	(a)
Banks		3,515			—			—			3,515
Communications Equipment		—			—			3			3
Internet & Direct Marketing Retail		—			1,551			—			1,551
Oil, Gas & Consumable Fuels		—			—			2			2
Specialty Retail		—			—			7,176			7,176
Total Preferred Stocks		3,515			1,551			7,181			12,247
Private Placements		—			—			33,191			33,191
Rights		—			—			1,193			1,193
U.S. Government Agency Securities		—			249,998			—			249,998
Warrants
Aerospace & Defense		—			—			14			14
Oil, Gas & Consumable Fuels		—			2			—			2
Wireless Telecommunication Services		—			—			2,122			2,122
Total Warrants		—			2			2,136			2,138
Short-Term Investments
Certificates of Deposit		—			48,951			—			48,951
Commercial Paper		—			562,944			—			562,944
Investment Companies		3,900,966			—			—			3,900,966
Repurchase Agreements		—			110,000			—			110,000
U.S. Treasury Obligations		—			5,570			—			5,570
Total Short-Term Investments		3,900,966			727,465			—			4,628,431
Total Investments in Securities	$	4,025,159		$	6,066,976		$	941,535		$	11,033,670
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	22		$	—		$	22
Futures Contracts		539			—			—			539
Swaps		—			7,650			—			7,650
Total Appreciation in Other Financial Instruments	$	539		$	7,672		$	—		$	8,211
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(261	)	$	—		$	(261	)
Futures Contracts		(914	)		—			—			(914	)
Swaps		—			(34,397	)		—			(34,397	)
Total Depreciation in Other Financial Instruments	$	(914	)	$	(34,658	)	$	—		$	(35,572	)

(a) Amount rounds to less than one thousand.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

	Balance as of February 29, 2020			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of May 31, 2020
Investments in Securities:
Asset-Backed Securities	$	586,095		$	(196	)	$	(23,744	)	$	834		$	10,322	$	(53,792	)	$	30,905	$	—		$	550,424
Collateralized Mortgage Obligations		205,596			—			(6,794	)		43			95,828		(46,060	)		25,910		—			274,523
Commercial Mortgage-Backed Securities		53,709			—			(6,534	)		(5	)		—		(367	)		—		—			46,803
Common Stocks — Aerospace & Defense		217			—			151			—			—		—			—		—			368
Common Stocks — Capital Markets		3,137			—			(204	)		—			—		—			—		—			2,933
Common Stocks — Chemicals		9,676			—			(1,481	)		—			—		—			—		—			8,195
Common Stocks — Commercial Services & Supplies		—	(a)		—			—			—			—		—			—		—			—	(a)
Common Stocks — Communications Equipment		—	(a)		—			—			—			—		—			—		—			—	(a)
Common Stocks — Energy Equipment & Services		77			—			—			—			—		—			—		—			77
Common Stocks — Food & Staples Retailing		—			—	(a)		30			—			143		—			—		—			173
Common Stocks — Health Care Providers & Services		542			(387	)		2,711			—			—		(231	)		—		—			2,635
Common Stocks — Oil, Gas & Consumable Fuels		582			—			(55	)		—			—		—			—		(526	)		1
Common Stocks — Specialty Retail		3,512			—			(293	)		—			—		—			—		—			3,219
Convertible Preferred Stocks — Automobiles		—	(a)		—			—			—			—		—			—		—			—	(a)
Corporate Bonds — Chemicals		—	(a)		—			—			—			—		—			—		—			—	(a)
Corporate Bonds — Electric Utilities		31			—			(6	)		—			—		—			—		—			25
Corporate Bonds — Health Care Providers & Services		4,500			—			—			—			137		(4,637	)		—		—			—
Corporate Bonds — Wireless Telecommunication Services		2,428			309			(240	)		1			—		(2,498	)		—		—			—
Loan Assignments — Food & Staples Retailing		—			—			1,605			85			1,911		—			—		—			3,601
Loan Assignments — Health Care Providers & Services		1,576			—			(8	)		1			—		(1,569	)		—		—			—
Loan Assignments — Leisure Products		3,467			—			—			—			2		—			—		—	(a)		3,469
Loan Assignments — Multiline Retail		—			—			9			—			1,379		—			—		—			1,388
Preferred Stocks — Aerospace & Defense		4,830			710			(3,477	)		—			—		(2,063	)		—		—			—
Preferred Stocks — Automobiles		—	(a)		—			—			—			—		—			—		—			—	(a)
Preferred Stocks — Communications Equipment		3			—			—			—			—		—			—		—			3
Preferred Stocks — Oil, Gas & Consumable Fuels		1,546			—			(1,544	)		—			—		—			—		—			2
Preferred Stocks — Specialty Retail		6,933			—			243			—			—		—			—		—			7,176
Private Placement		40,600			—			(7,409	)		—			—		—			—		—			33,191
Rights — Independent Power and Renewable Electricity Producers		1,188			—			5			—			—		—			—		—			1,193
Warrants — Aerospace & Defense		—	(a)		—			14			—			—		—			—		—			14
Warrants — Road & Rail		—	(a)		—			—	(a)		—			—		—			—		—			—
Warrants — Wireless Telecommunication Services		3,714			—			(1,592	)		—			—		—			—		—			2,122
	$	933,959		$	436		$	(48,613	)	$	959		$	109,722	$	(111,217	)	$	56,815	$	(526	)	$	941,535

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

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

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2020, which were valued using significant unobservable inputs (level 3), amounted to approximately $(44,577,000).

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

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)
	$	11,004		Market Comparable Companies	EBITDA Multiple (b)	1.5x — 7.5x (7.5x)
		2,933		Comparable Transaction	Transaction Price	$21.50 ($21.50)
		—	(c)	Pending Distibution Amount	Discount for potential outcome (d)	100.00% (100.00%)
Common Stock		13,937
		2		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	30.00% (30.00%)
		3		Market Comparable Companies	EBITDA Multiple (b)	5.0x — 5.0x (5.0x)
					Discount for potential outcome (d)	0.00% — 0.00% (0.00%)
		—	(c)	Pending Distibution Amount	Discount for potential outcome (d)	100.00% (100.00%)
Preferred Stock		5
		—	(c)	Market Comparable Companies	EBITDA Multiple (b)	7.5x (7.5x)
		—	(c)	Pending Distibution Amount	Discount for potential outcome (d)	100.00% (100.00%)
Corporate Bond		—	(c)
		550,424		Discounted Cash Flow	Constant Prepayment Rate	0.50% — 40.00% (9.01%)
					Constant Default Rate	0.00% — 6.00% (2.79%)
					Yield (Discount Rate of Cash Flows)	0.86% — 12.74% (3.44%)
Asset-Backed Securities		550,424
		274,523		Discounted Cash Flow	Constant Prepayment Rate	10.00% — 30.00% (11.44%)
					Constant Default Rate	0.00% — 5.60% (0.18%)
					Yield (Discount Rate of Cash Flows)	1.61% — 7.72% (3.63%)
Collateralized Mortgage Obligations		274,523
		33,819		Discounted Cash Flow	Constant Prepayment Rate	100.00% (100.00%)
					Constant Default Rate	0.00% — 7.00% (2.57%)
					Yield (Discount Rate of Cash Flows)	4.21% — 13.49% (8.34%)
Commercial Mortgage-Backed Securities		33,819
		14		Pending Distribution Amount	Expected Recovery	100.00% (100.00%)
Warrants		14
		503		Terms of Exchange Offer	Expected Recovery	100.00% (100.00%)
		3,098		Market Comparable Companies	EBITDA Multiple (b)	6.0x (6.0x)
Loan Assignments		3,601
Total	$	876,323

# The table above does not include certain level 3 securities that are valued by brokers and pricing services. At May 31, 2020, the value of these investments was approximately $65,212,000. 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) Amount rounds to less than one thousand.

(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.

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 Securities Lending Money Market Fund Agency SL Class Shares(a)	$	59,010	$	32,000	$	90,961	$	(46	)	$	(3	)	$	—		—	$	46	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)		7,757		44,206		51,963		—			—			—		—		6		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.09%(a)(b)		650,359		3,762,358		511,751		—			—			3,900,966		3,900,966		1,322		—
Total	$	717,126	$	3,838,564	$	654,675	$	(46	)	$	(3	)	$	3,900,966			$	1,374	$	—

(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 Strategic Income Opportunities 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, index 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.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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.